More News, Rumors and Opinions Thursday Afternoon 5-27-2021
TNT:
Harmabe: Vietnam +: Moody's affirms credit ratings for four Vietnamese banks
(5/27/21)
Credit rating agency Moody's on May 26 affirmed its long-term domestic and foreign currency deposit and issuer ratings of four Vietnamese banks.
Accordingly, the Orient Commercial Joint Stock Bank (OCB), Tien Phong Commercial Joint Stock Bank (TPBank), Vietnam International Bank (VIB) have been assigned B1, while the Vietnam JSC Bank for Industry and Trade (VietinBank) at Ba3, because of stable credit profiles that underpinned the affirmation of their respective Baseline Credit Assessments (BCA) and Adjusted BCAs at b1.
According to Moody's, the affirmation of the ratings of TPBank and VIB reflects the banks' stable and good asset quality; good profitability; and adequate capitalisation. Meanwhile, the affirmation of OCB's ratings reflects the bank's strong capital position; above-average profitability; and elevated asset risks.
Moody's report said TPBank, VIB and OCB are reliant on market funding, a result of their small domestic franchises, but the high levels of liquid assets in their balance sheets mitigate this risk.
Moody's expects the asset quality of TPBank and VIB will remain stable in the next 12-18 months, as reflected by the declines in their respective nonperforming loan (NPL) ratios to 1.2 percent and 1.7 percent as of the end of 2020, from 1.3 percent and 2.0 percent as of the end of 2019.
Meanwhile, OCB's asset risks will likely remain elevated in the next 12-18 months.
A common risk factor for the three banks is their rapid loan growth, which increases their risk of credit losses due to a higher level of unseasoned loans. Moody's expects profitability for the three banks to remain stable, supported by good yields from their retail and SME loans, and growing bancassurance fee income.
Meanwhile, the affirmation of VietinBank's ratings reflects improvements in the bank's asset quality; its average profitability; weak capitalisation; and good deposit franchise, with Moody's expecting the bank's its asset quality to remain stable in the next 12-18 months.
The Moody's report said that it could upgrade the long-term ratings of the four banks if the Vietnamese Government's sovereign rating or the banks' BCAs are upgraded.
The banks' BCAs could be upgraded if there are material and sustainable improvements in their solvency metrics. Moody's could downgrade the long-term ratings of these banks if their credit fundamentals severely deteriorate, including a spike in NPLs leading to higher loan loss provisions that will weigh on the banks' profitability and capital. A significant deterioration in the banks' funding and liquidity could also be negative for the ratings.
https://en.vietnamplus.vn/moodys-affirms-credit-ratings-for-four-vietnamese-banks/202114.vnp
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KTFA:
Samson: Iraq is a deputy for the Middle East Committee for World Tourism Systems
05/27/2021 13:45:53
Iraq won the confidence of Arab and regional countries participating in the work of the forty-seventh meeting of the Middle East Committee for World Tourism Systems, which was held in Riyadh.
A statement by the Ministry of Culture, Tourism and Antiquities, of which the Euphrates News Agency received a copy, stated that "Iraq has been elected to the position of Vice Chairman of the Committee, while Egypt was elected to chair the Regional Committee. Lebanon also elected a second deputy with the approval of the Kingdom of Saudi Arabia to host the next World Tourism Conference." He added, "Iraq was re-elected at the request of the Iraqi delegation after negotiations with a number of ministers of the countries participating in bilateral meetings."
The meeting was launched in Riyadh today, Thursday, with the participation of the Minister of Culture, Tourism and Antiquities, Hassan Nazim, and the ministers of a number of Arab and regional countries.
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Courtesy of Dinar Guru
Frank26 Kurdistan knows that they're about to raise the value. That's why Kurdistan has been in the news and been in Baghdad so much. Because before they release the budget Kurdistan want's their proper share of it according to the oil prices that have gone up. They already got the HCL. They already go the salaries. They know the value is going to go up and it'll be purchasing power for the citizens...think about it. Where is the HCL? In the budget. And what does the HCL that's in the budget need? The new exchange rate...that's what you call the last 3 seconds on the clock.
Petra They are aggressively going after the bad guys in parliament which I love reading about. There is so much money to claw back to put back in the Iraqi coffers that has been stolen from them I think a lot of parliamentarians might not show up on Saturday because they have to divulge all their activities...
Taiwan Hit By Power Outages, Water Limits And Other Restrictions As Semiconductor Shortage Builds
Silver Report Uncut: May 27, 2021
In Taiwan the Nikkei describes a crescendo of smartphones buzzing due to a national alert: electricity blackouts were coming due to a malfunction at a power plant in the south of the island.
They cited a manager who was at work at the time "I was talking to my clients... but our building suddenly blacked out. The air conditioning as well as WiFi crashed completely, so I went home early," a manager with the surname of Lin working in the Neihu Science Park in Taipei, where many top tech companies have offices, told Nikkei Asia.
"Many traffic lights on my way home were out and my home was dark too." "We could only use candles and have instant noodles for dinner, and there was no hot water for showers," a resident in the southern city of Tainan told Nikkei.
"It's been like living in ancient times." The issue we face is the shortage of semiconductor chips which are mainly manufactured in Taiwan.
Another couple of shocking updates about the nation show they are in a world of chaos because it didn't stop with just the power.
They are also on a water rationing plan due to a major drought.