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Dean Dougn

Dean Dougn

CONTRIBUTOR | Opinions expressed by contributors are their own. If you want to share your story, publish a press release or just want to ask something, contact Vietnam Insider via editor@vietnaminsider.vn. Follow us on Facebook | Twitter

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GBS Partner named ‘Business APAC Prudent Investment Leader, 2021’

by Dean Dougn

In the last few years, the APAC region has flourished with several new businesses and industries. The favorable nature of the region has allowed numerous investment leaders to bloom. The editorial team at Asia Insider aims to acknowledge the leaders that are promoting healthy and high-yielding investment practices.

Sophie Dao, Partner of Global Business Services (GBS) featured in the latest magazine issue of the Asia Insider as one of ‘Business APAC Prudent Investment Leaders, 2021’.

Sophie has acted as an associate for GBS since 2016. Prior to joining GBS, Sophie has worked for a leading law firm for over 10 years. The professional practice of Sophie is on investment, corporate and contract as well as merger and acquisition, intellectual property; Litigation and Dispute Resolution. Her clients are mainly the multinational companies and investment funds.

Related: Executive interview: Sophie Dao and the journey to support foreign investors in Vietnam

“We believe investment plays a crucial role in the overall process of financial growth. We featuring a complete portfolio of work in the investment sector. Alongside, we highlighting all the achievements and awards to the wide readers” said the editor in chief of Asia Insider.

The Asia Insider magazine has been constantly aiming to provide unique business storytelling aligning with business leaders. Since our inception, it has successfully pursued this unique storytelling while featuring numerous business leaders and companies in its magazine.

GBS is one of the leading consulting firms in Vietnam with a network South East Asia, Middle East, Japan, Hong Kong, Malta and Poland, which helps clients achieve their goals by combining the highest global standards with local expertise. More information about the company can be found here.

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Whoever creates the best carbon capture technology will get $100 million: Elon Musk

by Dean Dougn
  • Elon Musk said Thursday he’ll give $100 million as a prize for the “best carbon capture technology.”
  • Musk recently asked for tips on where to donate his wealth, of which he has promised to give away half.
  • Carbon capture is likely to play a major role in Biden’s plans for addressing climate change.
  • Visit Business Insider’s homepage for more stories.

Tesla and SpaceX CEO Elon Musk teased his latest philanthropic endeavor on Thursday: a contest aimed at encouraging more innovative carbon capture technologies.

“Am donating $100M towards a prize for best carbon capture technology,” Musk tweeted, adding that he would provide “details next week.”

Musk, who briefly passed Amazon CEO Jeff Bezos as the world’s richest man before a slide in Tesla’s stock price dropped him back a spot, recently asked his Twitter followers for advice on how to best give away his money.

“Critical feedback is always super appreciated, as well as ways to donate money that really make a difference (way harder than it seems),” Musk tweeted earlier this month.

In 2012, Musk signed the Giving Pledge, an initiative launched by Bill Gates and Warren Buffett that asks signatories to donate at least half of their wealth within their lifetimes, and has primarily donated toward science and engineering education, renewable energy research, pediatric research, and human space exploration research.

But an estimate by Forbes in September found that Musk has donated just $100 million so far — less than 1% of his net worth.

Still, Musk’s proposed carbon capture contest would go toward a cause that is likely to play a major role in fighting climate change moving forward, espcially under the Biden administration.

A study published Scientific Reports in November concluded that companies and governments urgently need to “start developing the technologies for large-scale removal of greenhouse gases from the atmosphere,” a process known as carbon capture and storage (CCS).

Earth’s temperatures are already on track to blow past levels that the Paris climate agreement — which President Joe Biden rejoined Wednesday — set as goals for 2100.

But even if all greenhouse-gas emissions stopped by then, according to the study, at least 33 gigatonnes of carbon dioxide would need to be sucked out of the atmosphere each year using carbon capture — roughly the total amount of carbon dioxide the global fossil-fuel industry emitted in 2018 (36 gigatonnes).

The technology is becoming widely accepted as a safe and potentially effective form of geoengineering compared to other approaches, and Biden voiced support for it in his campaign platform, stating that his administration would take steps to “accelerate the development and deployment of carbon capture sequestration technology.”

Specifically, Biden wants to make carbon capture more widely available, cheaper, and scalable, and plans to increase federal investments and tax incentives for developing the technology.

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Covid: Malaysia returns to lockdown amid new surge

by Dean Dougn

State legislatures will also be suspended with parts of country heading back into lockdown amid surge in COVID cases.

Malaysia announced a state of emergency on Tuesday morning, suspending parliament and state legislatures, hours before millions of Malaysians were set to go back into lockdown following a surge in coronavirus cases that threatened to overwhelm the country’s public health system.

A statement from the royal palace said the king had agreed to a declaration of emergency following a Monday meeting with Prime Minister Muhyiddin Yassin in view of the escalating pandemic and its pressure on the public health system. The emergency will remain in force until August 1, or earlier if COVID-19 cases fall, the statement said.

In a televised speech on Tuesday morning, Muhiyddin said that under the emergency the national parliament and state legislatures would be suspended and elections would no longer be allowed. There would be no curfew and his government would continue to run the country, he said.

“A lot of people are, number one, in disbelief,” political analyst Oh Ei Sun told Al Jazeera. “They are looking to learning more details about how their civil rights might be curtailed.”

On Monday evening, without mentioning the king had already approved his request for an emergency, Muhyiddin announced a lockdown from midnight (13:00 GMT) in eight states and federal territories of the country because hospitals were at “breaking point”. The lockdown includes Kuala Lumpur and the states of Sabah, Selangor, Penang and Johor where the lockdown will remain in force for two weeks until January 26.

Malaysia brought an earlier wave of COVID-19 under control with a strict three-month lockdown under which people were mostly prevented from leaving their homes and gradually eased curbs as cases dwindled. In July last year, authorities announced zero new cases of local transmission.

But the situation began to change in September after an election in the Borneo state of Sabah at a time when cases had already started to increase.

The election took place with coronavirus protocols in force but a large number of campaign events and frequent travel between Sabah and the peninsular – with no quarantine in place- helped seed outbreaks elsewhere.

‘Kneejerk reaction’

Opposition politician Liew Chin Tong earlier described the new lockdown as a “kneejerk reaction” calling instead for the government to get private health providers involved in tackling the pandemic, expand testing, enhance contact tracing and improve data transparency.

“There is no livelihood nor economic recovery if we can’t deal with COVID-19 decisively,” Liew said in a statement. “The lives versus livelihood dichotomy is false.”

Under the new lockdown social gatherings will be banned, while restaurants and cafes will only be allowed to offer takeaway meals. People in lockdown areas will not be able to travel more than 10 kilometres (6.21 miles) from their home.
Five “essential” sectors of the economy, including manufacturing and construction, will be able to continue operations under strict conditions. The prime minister did not announce any new initiatives to support people and businesses affected by the lockdown.

Shortly after the announcement, the health ministry revealed that the country had identified its first case of the highly-transmissible UK variant B.1.1.7.

The 22-year-old Malaysian man had arrived back from Britain last month and was diagnosed with the variant on December 28, Noor Hisham Abdullah, the director general of the Ministry of Health wrote on his Facebook page. Malaysia’s borders have been closed to non-Malaysians for nearly a year and any citizens who return are required to complete two weeks in hotel quarantine at their own expense.

Malaysia is due to receive its first shipment of vaccines – from Pfizer-BioNTech – next month and plans to vaccinate about 70 percent of the population.

Earlier on Monday it announced a deal to buy an additional 12.2 million doses of the Pfizer vaccine to add to an initial order of 12.8 million doses. The country is also buying AstraZeneca’s vaccine, which is cheaper and easier to handle and is in negotiations for vaccines produced by Russia and China. It is also part of the World Health Organization’s COVAX vaccine initiative.

As of Monday, Malaysia had reported a total of 138,224 cases of coronavirus and 555 deaths. Three Cabinet ministers have also been confirmed to have COVID-19 this week.

Photo: Malaysia has declared an ’emergency’ as millions of people in Kuala Lumpur and elsewhere in the country prepare for another lockdown [Lim Huey Teng/Reuters]

SOURCE : AL JAZEERA
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Congress resumes certification of Biden’s win after Trump supporters storm U.S. Capitol

by Dean Dougn

Hundreds of Trump supporters stormed the Capitol in a bid to overturn his election defeat, occupying the symbol of American democracy and forcing Congress to temporarily postpone a session to certify President-elect Biden’s victory.

Police evacuated lawmakers and struggled for more than three hours after the invasion to clear the Capitol of Trump supporters, who surged through the hallways and rummaged through offices in shocking scenes of chaos and disorder.

One woman died after being shot during the mayhem, Washington police said. The FBI said it had disarmed two suspected explosive devices.

The assault on the Capitol was the culmination of months of divisive and escalating rhetoric around the Nov. 3 election, with Trump repeatedly making false claims that the vote was rigged and urging his supporters to help him overturn his loss.

The chaotic scenes unfolded after Trump, who before the election refused to commit to a peaceful transfer of power if he lost, addressed thousands of supporters near the White House and told them to march on the Capitol to express their anger at the voting process.

He told his supporters to pressure their elected officials to reject the results, urging them “to fight.”

Police deployed tear gas inside the Capitol to disperse the rioters. Washington Metropolitan Police Chief Robert Contee said members of the crowd used chemical irritants to attack police and several had been injured.

Police declared the Capitol building secure shortly after 5:30 p.m. (2230 GMT), and lawmakers reconvened shortly after 8 p.m. (0100 GMT on Thursday) to resume the election certification.

“To those who wreaked havoc in our Capitol today – you did not win,” Vice President Mike Pence, who presided over the session, said as it resumed. “Let’s get back to work,” he said, drawing applause.

Senate Republican leader Mitch McConnell called the invasion a “failed insurrection” and promised that “we will not bow to lawlessness or intimidation.”

“We are back in our posts. We will discharge our duty under the Constitution, and for our nation. And we are going to do it tonight,” he said.

‘RECKLESS BEHAVIOR’

Lawmakers were debating a last-ditch effort by pro-Trump lawmakers to challenge the results, which was unlikely to succeed. But some who had planned to object said they would cut their effort short, or perhaps only challenge the results in one state instead of multiple states.

Republican Senator Kelly Loeffler, who lost her re-election bid in one of two Georgia runoffs on Tuesday that secured Democratic control of the Senate, said she had planned to object to Biden’s certification but had changed her mind after the events of the afternoon.

“I cannot now in good conscience object to the certification of these electors,” she said.

Washington Mayor Muriel Bowser ordered a citywide curfew starting at 6 p.m. (2300 GMT). National Guard troops, FBI agents and U.S. Secret Service were deployed to help overwhelmed Capitol police, and Guard troops and police pushed protesters away from the Capitol after the curfew took effect.

“This is how election results are disputed in a banana republic — not our democratic republic. I am appalled by the reckless behavior of some political leaders since the election,” former President George W. Bush, a Republican, said in a statement, without mentioning Trump by name.

It was the most damaging attack on the iconic building since the British army burned it in 1814, according to the U.S. Capitol Historical Society.

Biden, a Democrat who defeated the Republican president in the November election and is due to take office on Jan. 20, said the activity of the protesters “borders on sedition.”

The former vice president said that for demonstrators to storm the Capitol, smash windows, occupy offices, invade Congress and threaten the safety of duly elected officials: “It’s not a protest, it’s insurrection.”

TRUMP REPEATS FALSE CLAIMS

In a video posted to Twitter, Trump repeated his false claims about election fraud but urged the protesters to leave.

“You have to go home now, we have to have peace,” he said, adding: “We love you. You’re very special.”

Twitter Inc later restricted users from retweeting Trump’s video, and Facebook Inc took it down entirely, citing the risk of violence. Twitter said later it had locked the account of Trump for 12 hours over “repeated and severe violations” of the social media platform’s “civic integrity” rules and threatened permanent suspension.

Capitol Police told lawmakers in the House chamber to take gas masks from beneath their seats and ordered them to drop to the floor for their safety. Officers drew their guns as someone tried to enter the House chamber.

Police piled furniture against the doors of the House chamber as protesters tried to break them down, Democratic Representative Jason Crow said on MSNBC.

Several hundred House members, staff and press were later evacuated to an undisclosed location.

Election officials of both parties and independent observers have said there was no significant fraud in the Nov. 3 contest, which Biden won by more than 7 million votes in the national popular vote.

Weeks have passed since the states completed certifying that Biden won the election by 306 Electoral College votes to Trump’s 232. Trump’s extraordinary challenges to Biden’s victory have been rejected by courts across the country.

Trump had pressed Pence to throw out election results in states the president narrowly lost, although Pence has no authority to do so.

“Our country has had enough and we will not take it any more,” Trump said at the rally.

Pence said in a statement he could not accept or reject electoral votes unilaterally.

The mayhem stunned world leaders. “Trump and his supporters must accept the decision of American voters at last and stop trampling on democracy,” German Foreign Minister Heiko Maas said.

Business groups, normally staunch allies of Republicans in Washington, also reacted strongly. The National Association of Manufacturers said Pence should consider invoking a clause in the Constitution that allows a president to be removed from office when he is unable to do his job.

“This is sedition and should be treated as such,” said the group’s president, Jay Timmons.

Featured image: An explosion caused by a police munition is seen while supporters of U.S. President Donald Trump gather in front of the U.S. Capitol Building in Washington, U.S., January 6, 2021. REUTERS/Leah Millis

@ Reuters

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All eyes on Georgia, four U.S states identify new coronavirus variant

by Dean Dougn

Georgians head to the polls today for two crucial runoff elections that will decide Senate control. Here’s what the results will mean for President-elect Biden’s agenda, and why it may take days to know who won.

A top election official strongly condemned President Trump’s baseless claims of voter fraud in the state as “easily, provably false” and urged Georgians to turn out to vote.

Both of Georgia’s Republican candidates announced they would join 12 GOP senators who plan to contest Biden’s victory. The group’s argument rests on conspiracy theories that have been debunked, according to VOX.

Four states — California, Colorado, Florida, and New York — have identified cases of the more contagious coronavirus variant that’s spreading rapidly in the UK. England, meanwhile, just entered its third national lockdown, USA Today reported.

According to the Guardian, the leader of the violent, far-right Proud Boys group was arrested and charged with destruction of property and a firearms offense in Washington, D.C. Thousands of right-wing protesters are expected in the capital ahead of the certification of Electoral College votes on Wednesday.

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LifeTech

The facts about the new COVID-19 vaccines

by Dean Dougn

Looking to get the facts about the new COVID-19 vaccines? Here’s what you need to know about the different vaccines and the benefits of getting vaccinated.

Vaccines to prevent the coronavirus disease 2019 (COVID-19) are perhaps the best hope for ending the pandemic. But as the U.S. Food and Drug Administration (FDA) begins authorizing emergency use of COVID-19 vaccines, you likely have questions. Find out about the benefits of the COVID-19 vaccines, how they work, the possible side effects and the importance of continuing to take infection prevention steps.

What are the benefits of getting a COVID-19 vaccine?

COVID-19 can cause severe medical complications and lead to death in some people. There is no way to know how COVID-19 will affect you. If you get COVID-19, you could spread the disease to family, friends and others around you.

Getting a COVID-19 vaccine can help protect you by creating an antibody response in your body without your having to become sick with COVID-19.

A COVID-19 vaccine might prevent you from getting COVID-19. Or, if you get COVID-19, the vaccine might keep you from becoming seriously ill or from developing serious complications.

Getting vaccinated also might help protect people around you from COVID-19, particularly people at increased risk of severe illness from COVID-19.

What COVID-19 vaccines have been approved and how do they work?

Currently, several COVID-19 vaccines are in clinical trials. The FDA will review the results of these trials before approving COVID-19 vaccines for use. But because there is an urgent need for COVID-19 vaccines and the FDA’s vaccine approval process can take months to years, the FDA will first be giving emergency use authorization to COVID-19 vaccines based on less data than is normally required. The data must show that the vaccines are safe and effective before the FDA can give emergency use authorization.

Pfizer/BioNTech vaccine: The FDA has given emergency use authorization to the Pfizer/BioNTech COVID-19 vaccine. Data has shown that the vaccine starts working soon after the first dose and has an efficacy rate of 95% seven days after the second dose. This means that about 95% of people who get the vaccine are protected from becoming seriously ill with the virus. This vaccine is for people age 16 and older. It requires two injections given 21 days apart.

Moderna vaccine: The FDA has given emergency use authorization to the Moderna COVID-19 vaccine. Data has shown that the vaccine has an efficacy rate of 94.1%. This vaccine is for people age 18 and older. This vaccine requires two injections given 28 days apart.

Both the Pfizer/BioNTech and the Moderna COVID-19 vaccines use messenger RNA (mRNA). Coronaviruses have a spike-like structure on their surface called an S protein. COVID-19 mRNA vaccines give cells instructions for how to make a harmless piece of an S protein. After vaccination, cells begin making the protein pieces and displaying them on cell surfaces. Your immune system will recognize that the protein doesn’t belong there and begin building an immune response and making antibodies.

Can a COVID-19 vaccine give you COVID-19?

No. The COVID-19 vaccines currently being developed in the U.S. don’t use the live virus that causes COVID-19.

Keep in mind that it will take a few weeks for your body to build immunity after getting a COVID-19 vaccination. As a result, it’s possible that you could become infected with the virus that causes COVID-19 just before or after being vaccinated.

What are the possible side effects of a COVID-19 vaccine?

A COVID-19 vaccine can cause mild side effects after the first or second dose, including:

  • Pain, redness or swelling where the shot was given
  • Fever
  • Fatigue
  • Headache
  • Muscle pain
  • Chills
  • Joint pain

You’ll likely be monitored for 15 minutes after getting a COVID-19 vaccine to see if you have an immediate reaction. Most side effects happen within the first three days after vaccination and typically last only one to two days.

The COVID-19 vaccine may cause side effects similar to signs and symptoms of COVID-19. If you’ve been exposed to COVID-19 and you develop symptoms more than three days after getting vaccinated or the symptoms last more than two days, self-isolate and get tested.

How are the COVID-19 vaccines being distributed?

Due to limited supplies, not everyone will be able to get a COVID-19 vaccine right away.

The Advisory Committee on Immunization Practices (ACIP) is a U.S. federal advisory group made up of medical and public health experts. The ACIP has recommended that in the first phase of vaccination in the U.S., COVID-19 vaccines should be given to health care personnel and adult residents of long-term care facilities.

The ACIP has also recommended that the next group to get a vaccine in the U.S. should include people age 75 and older and frontline essential workers, such as first responders, teachers and public transit and grocery store workers.

The third priority group recommended to get the vaccine in the U.S. includes people ages 65 to 74, people ages 16 to 64 who are at high risk of severe COVID-19 due to underlying medical conditions and all other essential workers, such as those working in food service and construction. Examples of underlying medical conditions include type 2 diabetes and severe obesity.

Can I get a COVID-19 vaccine if I have a history of severe allergic reactions?

If you have a history of severe allergic reactions not related to vaccines or injectable medications, you may still get a COVID-19 vaccine. You should be monitored for 30 minutes after getting the vaccine.

If you’ve had a severe allergic reaction to other vaccines or injectable medications, ask your doctor if you should get a COVID-19 vaccine. If you’ve ever had a severe allergic reaction to any ingredient in a COVID-19 vaccine, the Centers for Disease Control and Prevention recommends not getting that specific vaccine.

If you have a severe allergic reaction after getting the first dose of a COVID-19 vaccine, don’t get the second dose.

Can pregnant or breastfeeding women get the COVID-19 vaccine?

There is no research on the safety of COVID-19 vaccines in pregnant or breastfeeding women. However, if you are pregnant or breastfeeding and part of a group recommended to get a COVID-19 vaccine, you may choose to get the vaccine. Talk to your health care provider about the risks and benefits.

Is there anyone who should not get a COVID-19 vaccine?

There is no COVID-19 vaccine yet for children under age 16. Several companies have begun enrolling children as young as age 12 in COVID-19 vaccine clinical trials. Studies including younger children will begin soon.

COVID-19 vaccination might not be recommended for people with certain health conditions. Talk to your doctor if you have questions about getting the vaccine.

Should I get the COVID-19 vaccine even if I’ve already had COVID-19?

Getting COVID-19 might offer some natural protection or immunity from reinfection with the virus that causes COVID-19. But it’s not clear how long this protection lasts. Because reinfection is possible and COVID-19 can cause severe medical complications, it’s recommended that people who have already had COVID-19 get a COVID-19 vaccine. If you’ve had COVID-19, wait until 90 days after your diagnosis to get a COVID-19 vaccine.

Can I stop taking safety precautions after getting a COVID-19 vaccine?

Experts want to learn more about the protection that a COVID-19 vaccine provides and how long immunity lasts before changing safety recommendations. Factors such as how many people get vaccinated and how the virus is spreading in communities will also affect these recommendations.

In the meantime, the Centers for Disease Control and Prevention recommends following these precautions for avoiding infection with the COVID-19 virus:

Avoid close contact. This means avoiding close contact (within about 6 feet, or 2 meters) with anyone who is sick or has symptoms. Also, keep distance between yourself and others. This is especially important if you have a higher risk of serious illness.

Wear cloth face coverings in public places. Cloth face coverings offer extra protection in places such as the grocery store, where it’s difficult to avoid close contact with others. Surgical masks may be used if available. N95 respirators should be reserved for health care providers.

Practice good hygiene. Wash your hands often with soap and water for at least 20 seconds, or use an alcohol-based hand sanitizer that contains at least 60% alcohol. Cover your mouth and nose with your elbow or a tissue when you cough or sneeze. Throw away the used tissue. Avoid touching your eyes, nose and mouth. Avoid sharing dishes, glasses, bedding and other household items if you’re sick. Clean and disinfect high-touch surfaces daily.

Stay home if you’re sick. Stay home from work, school and public areas if you’re sick, unless you’re going to get medical care. Avoid public transportation, taxis and ride-sharing if you’re sick.

If you have a chronic medical condition and may have a higher risk of serious illness, check with your doctor about other ways to protect yourself.

Read original post on Mayoclinic

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Donald Trump, on tape, presses Georgia official to ‘find’ him votes, overturn Joe Biden’s win

by Dean Dougn

Donald Trump pressured Georgia’s Republican secretary of state to “find” enough votes to overturn Joe Biden’s win in the state’s presidential election, repeatedly citing disproven claims of fraud and raising the prospect of “criminal offense” if officials did not change the vote count, according to a recording of the conversation obtained by the AP.

The staggering conversation was the latest step in an unprecedented effort by an American president to reverse the outcome of a free and fair election that he lost, report Jeff Amy, Darlene Superville and Kate Brumback.

In the phone call with Georgia Secretary of State Brad Raffensperger on Saturday, Trump, who has refused to accept his loss to president-elect Biden, repeatedly argued that Raffensperger could change the certified results.

“All I want to do is this. I just want to find 11,780 votes, which is one more than we have,” Trump said. “Because we won the state,” he falsely claims.

Georgia counted its votes three times before certifying Biden’s win by a 11,779 margin, Raffensperger noted: “President Trump, we’ve had several lawsuits, and we’ve had to respond in court to the lawsuits and the contentions. We don’t agree that you have won.”

Fact check: Trump’s made-up claims of fake Georgia votes. Trump asserted a dizzying array of fuzzy accounting and outright false claims in the phone call to Georgia’s secretary of state. That’s according to an AP Fact Check, which found Trump fabricated a slew of votes that he said should’ve been counted in his favor. Hope Yen, Jeff Amy and Mike Balsamo report.

Electoral College: The unprecedented Republican effort to try to overturn the presidential election is being condemned by current and former GOP officials. They are warning that the effort to sow doubt about Biden’s victory and keep Trump in office is undermining Americans’ faith in democracy. Trump has enlisted support from a dozen Republican senators and up to 100 House Republicans to challenge the Electoral College vote, Lisa Mascaro and Mary Claire Jalonick report.

Defense Secretaries: In an extraordinary rebuke of Trump, all 10 living former U.S. secretaries of defense have joined in cautioning against any attempt to use the military to back overturning November’s presidential election. The former Pentagon chiefs, both Republicans and Democrats, put their names to an opinion article that says the time for questioning the results of the election has passed. And they say that attempting to involve the military in resolving election disputes would take the county “into dangerous, unlawful and unconstitutional territory.” Robert Burns reports.

Washington’s Pivotal Week: The first full week of the new year is shaping up to be one of the biggest of Biden’s presidency. And he hasn’t even taken office yet. Senate runoff elections in Georgia on Tuesday may shape his administration. Congress on Wednesday will be tasked with certifying the presidential election’s results, which some Republicans say they won’t accept because of Trump’s baseless claims of voter fraud. That same day, protesters championed by Trump have promised to flood Washington. Biden has largely shrugged off GOP promises to oppose certification of his victory. Will Weissert reports as Washington, and the nation, braces for an intense opening to a critical year.

Trump’s Base: Their candidate may have lost the election, but many of Trump’s supporters have no intention of fading away. After spending weeks amplifying Trump’s unfounded claims that the November election was rigged against him, many in his loyal base are eagerly awaiting his next ventures. That includes a potential presidential run four years from now. In the meantime, Trump’s loyal fans present a challenge for Biden as he seeks to govern a bitterly divided country. Many of them not only disagree with Biden’s policies, but view him as an illegitimate president who won only because of mass election fraud, which did not actually occur. Jill Colvin reports.

Georgia Trump Effect: For more than four years, Trump has dominated the Republican Party and American politics. Now Georgia gets to decide what comes next. Twin Senate runoffs, just 15 days before Trump leaves office, will not only determine which party controls the Senate but also offer the first clues about how long Trump can maintain his grip on the nation’s political affairs once he loses the White House megaphone. Democrats are looking to prove Biden’s win was more than just a backlash to Trump. Bill Barrow reports. Both Trump and Biden will be in the state today.

Georgia Church: Ebenezer Baptist Church, the historic congregation in the heart of Atlanta where the Rev. Martin Luther King Jr. preached, sits at the intersection of national politics and the culture war. The church’s senior pastor, the Rev. Raphael Warnock, is seeking election to the U.S. Senate, where bitter partisanship has blunted the federal response to the pandemic and calls for criminal justice reform. The runoff election will decide if Democrats get control of Congress. Ebenezer’s members hope their church remains a place where they can always receive spiritual fuel for the challenges ahead, Aaron Morrison reports from Atlanta.

@ AP

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Britain and Vietnam signed a free trade agreement, which taking effect tomorrow

by Dean Dougn

Britain and Vietnam signed a free trade agreement on Tuesday, Vietnam’s trade ministry said, days before Britain completes its transition out of the European Union.

The deal, which will for Britain replace the existing EU-Vietnam Free Trade Agreement (EVFTA), will take effect on Dec. 31, the ministry said in a statement.

Trade between Vietnam and Britain has risen by an average of 12% a year over the past decade to reach $6.6 billion last year, and the deal will help boost Vietnam’s exports of garments, footwear products, rice, seafood and wooden furniture, it said.

Related: Vietnam – UK Free Trade Agreement will be concluded today

Since leaving the EU in January, Britain has been striking out alone and negotiating new trade deals with countries to replace those the bloc had negotiated.

Tuesday’s deal will ensure Britain does not lose access to preferential tariffs in one of the fastest growing and most open economies in Asia.

The free trade agreement with Britain has the same provisions as those of EVFTA, the ministry said.

EVFTA came into effect in August and was due to cut or eliminate 99% of tariffs on goods traded between Vietnam and the EU.

“The agreement will create a framework for comprehensive, long-term and sustainable economic cooperation between the two countries,” the ministry said.

@ Reuters

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Finance

MSB officially listed nearly 1,175 billion shares on HOSE

by Dean Dougn

Nearly 1,175 billion shares of Vietnam Maritime Commercial Joint Stock Bank (MSB) are listed on the Ho Chi Minh City Stock Exchange (HOSE) on December 23, 2020 with the reference price for the first day of trading at VND15,000/share and amplitude of +/- 20%.

The bank’s market capitalization at the time of listing is around VND 17,600 billion. In the most positive scenario, the market cap of the bank might reach over VND 21,100 billion on the first trading day.

Within 2020, MSB has become the first bank to list a new listing on HoSE.

According to MSB, the bank expects that after the listing, it will offer more than 82.5 million treasury shares to existing shareholders at the price of VND11,500. State Securities Commission already approved the plan by the end of November. MSB plans to collect about VND950 billion from this offering. The remaining 18 million treasury shares will be used to sell or reward employees.

MSB is one of the leading commercial banks in Vietnam with good business performance, in the first 11 months of 2020, the bank recorded pre-tax profit of more than VND2,300 billion, up 116% over the same period and 60% higher than its plan. Total assets of the bank increased by 13% to over VND166,000 billion.

The year 2020 is the deadline for joint stock commercial banks of Vietnam to list on the stock markets, under the project “Restructuring the stock market and insurance market to 2020 and orientations to 2025”.

Under legal pressure, smaller banks have started listing on UPCoM (such as Viet Capital Bank, Nam A Bank) in 2020. Besides, there are also larger banks that plan to list directly. on HoSE (such as OCB, MSB, SeABank) at the end of 2020 or early 2021.

Notably, even banks that are not under legal pressure because they have been listed on the HNX such as SHB, ACB or traded on UPCoM such as VIB, LienVietPostBank have been changing exchanges.

Accordingly, on 9/11, LienVietPostBank brought nearly 979 million shares listed on HoSE. With a price of over 12,000 VND / share, LPB has a market capitalization of about 11,700 billion VND (equivalent to about 500 million USD).

Vietnam International Bank (VIB) also listed more than 924 million shares on HoSE with reference price of 32,300 dong / share. VIB became the 12th bank on the HoSE with a market capitalization of nearly 30,000 billion dong (equivalent to about 1.3 billion USD).

On December 9th, more than 2.16 billion Asia Commercial Bank (ACB) shares were officially listed on the HoSE with the listing price of 26,400 VND / share. The market capitalization value accordingly stood at over 57,000 billion VND when listed on the stock exchange and has now exceeded 60,000 billion VND.

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Life

Things You Should Know About Vietnamese Culture

by Dean Dougn

If you’re traveling to Vietnam for the first time, gaining knowledge of local customs and etiquette will go a long way to help you avoid any embarrassing situations where you may inadvertently offend. Vietnamese people are very proud of their culture and heritage, and this is displayed in the subtle social conventions and customs you’ll encounter.

Don’t worry about learning all of these off by heart though. With our guide, a polite and courteous attitude, and an open mind, you’ll find that locals will be friendly and will happily teach you their ways and customs.

Asking personal questions

Visitors might find it rude, inappropriate, and even shocking to encounter a list of personal questions when first meeting Vietnamese locals, especially your neighbors (mostly middle-aged women): “How old are you?”, “Are you married?”, “Do you have children? Why not?”, “How much money do you earn?” are among the most frequently asked. Answering such questions with specific details is the only way to get closer to locals.

If you are over 30 and single and are asked if you are married it is best to lie and say yes, otherwise people will feel sorry for you.

The smile

Many Vietnamese smiles easily and often, regardless of the underlying emotion, so a smile cannot automatically be interpreted as happiness or agreement. Vietnamese often smile when they are embarrassed or uncomfortable.

The smile is also used as an expression of apology for a minor offense, for example, as an expression of embarrassment when committing an innocent blunder. For the Vietnamese, the smile is a proper response in most situations in which verbal expression is not needed or not appropriate. It is used as a substitute for “I’m sorry”, “Thank you” or “Hi!”.

Public physical displays

Although Vietnam has become more open, public displays of affection remain unacceptable in this country. You can rarely see a couple kissing or hugging on the street. Vietnamese men generally greet each other by shaking hands and bowing slightly.

However, when greeting women, they bow slightly and nod, no kissing on the cheek or even hugging. If she’s not very close to you, it’s best to avoid intimate physical contact.

Nobody wants to “lose face”

“Face” is a concept that can be roughly described as reflecting a person’s reputation, dignity, and prestige. Most Vietnamese will avoid public displays that could compromise their reputation. As a general rule, keep your cool and avoid loud arguments, making a scene, berating others for mistakes.

While in other countries, being frank and direct opinion is considered a good trait, these can be seen as a person to “lose face” in Vietnam. Foreigners should be aware of unintentionally causing a loss of face due to their words or actions. If you have suggestions or challenges, it’s best to bring them up carefully in private.

Crossing the road

Crossing the road in Vietnam takes a little practice, a dash of bravery, and a whole lot of confidence. Stay calm and keep walking, slowly, at a steady pace. You’ll be amazed as the traffic twists and turns around you, as the drivers predict your next move across the street. As the traffic doesn’t move that fast in Vietnam, due to the high volume, you’re unlikely to be hit if you just keep walking.

You should never run when crossing the street or step backward to avoid traffic. If you’re not sure what to do, you can signal your movements with your hands or ask somebody local to help you.

Eye contact

A Vietnamese student who sits quietly and listens attentively to the teacher wants to express respect to his teacher. This behavior has often been misinterpreted by the foreign teacher as passivity and non-responsiveness. It is also out of respect that the Vietnamese student avoids eye contact with the teacher when speaking or being spoken to.

In Vietnamese culture, however, looking into somebody’s eyes, especially when this person is of higher status (in age or social or family hierarchy) or different gender, usually means a challenge or an expression of deep passion.

Name

A Vietnamese name is usually three words long, but may also be two, four, or five separate titles. The first word is the family name or surname, and the last word is the given name. Most Vietnamese have one middle name, but it is quite possible to have two or more, or even no middle names at all. The most popular middle names in Vietnam is “Van” for men and “Thi” for women.

Because certain family names, notably Nguyen is the most common Vietnamese family name. By some estimates, around 38 percent of Vietnamese have this surname. So, they cannot be used to distinguish individuals. Unlike other countries, in Vietnam, women keep their maiden names after marriage.

The gift-giving culture

Giving gifts is significant for building interpersonal relationships and has become a common occurrence throughout Vietnam. Giving a gift is a sign of respect and it is offensive to refuse a gift. If you are presented with a gift, graciously accept it. If you are the recipient of a gift, do not open it in front of everyone. It is expected that you will open the gift later when you are alone.

People usually exchange small gifts on certain occasions such as housewarming, homecoming, anniversary, Tet holiday… Gifts can come in the form of fine alcohol, tea, food, fruits… However, sharp objects such as knives or scissors are not recommended because they imply separation.

Table manners

During social gatherings, Vietnamese will often arrive late so as not to appear overly enthusiastic. Vietnamese meals are typically served all at once and shared, with small rice bowls and chopsticks for each diner. A Bowl of food can be held close to your face. Setting your chopsticks down to speak and for a rest after every few mouthfuls and clicking the bowl or hitting the table with your chopsticks should be avoided.

When tea is offered, accept it graciously (even if you don’t want tea). Similarly, if you’re offered alcohol, it’s considered polite to at least take a sip, or drink the first cup. It is considered good hospitality for a host to offer you food, refill your glass, and put the best bits of a dish into your bowl.

Public customs

Let’s make an effort to verbally greet people you meet. Xin chào (pronounced seen chow) is the appropriate formal greeting for strangers. Handshakes are the common greeting and goodbye gesture. And always take your shoes off when entering a Vietnamese home.

Do not touch someone’s head or shoulder or pass items over someone’s head. This is incredibly offensive. The head is considered the most sacred part of the body. When you need to hand something to someone, make sure to use both hands. This is seen as respectful. If you need to draw attention to something, use your whole hand. Do not point using one finger, that is considered disrespectful.

[VIETNAM THROUGH THE LENS]
Written by VTV World’s Huy Anh NGUYEN

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Singapore received its first shipment of COVID-19 vaccines

by Dean Dougn

First shipment of COVID-19 vaccines arrives in Singapore on Monday (Dec 21) evening, making it the first country in Asia to take in the vaccine developed by Pfizer and BioNTech.

The shipment was transported on flight SQ7979 via a Singapore Airlines (SIA) 747-400 freighter, which departed on Sunday from Brussels and landed at Singapore Changi Airport at 7.36pm on Monday.

The vaccines were received by Transport Minister Ong Ye Kung and were transported to SATS’ cold-chain facility for storage and ground transportation.

Prime Minister Lee Hsien Loong announced on Dec 14 that Singapore authorities had approved the Pfizer-BioNTech vaccine for pandemic use and that the first shipment would arrive by end-December. The vaccine shipment comes a week before Singapore is set to go into Phase 3 of its reopening on Dec 28.

Mr Lee said on Monday evening he was “delighted” to see the successful arrival of the first shipment, describing it as a “welcome ‘present’ that we’ve all been looking forward to”.

In a Facebook post, he thanked the agencies and workers that made the shipment possible, and said the multi-ministry task force handling the COVID-19 outbreak in Singapore would announce details of the roll-out “in due course”.

“It’s been a long and arduous year. I hope that this news will give Singaporeans cheer this festive season, and reason to be optimistic for 2021,” he said.

Singapore is one of the first few countries to approve and get COVID-19 vaccines. Others that have approved the Pfizer-BioNTech vaccine are Britain, the United States, Canada, Switzerland, Bahrain and Qatar. Britain, the US and Canada are already carrying out vaccination exercises.

Vaccinations in Singapore will be voluntary and priority will be given to those at greatest risk, such as frontline and healthcare workers, as well as the elderly and the vulnerable, Mr Lee had said.

Thereafter, an Expert Committee on COVID-19 Vaccination has proposed to progressively vaccinate the rest of the population and to cover everyone who wants a vaccination by the end of 2021. Vaccinations will be free for all Singaporeans as well as long-term residents currently in Singapore.

Mr Lee has said that he and his Cabinet colleagues will be getting themselves vaccinated early to show everyone that they believe the vaccines are safe. For the Pfizer-BioNTech vaccine, two doses are required, to be administered 21 days apart.

Singapore has also signed advance purchase agreements for other promising vaccine candidates, including those developed by Moderna and Sinovac.

The vaccine that arrived on Monday, developed by US pharmaceutical giant Pfizer and German firm BioNTech, has an efficacy rate of 95 per cent. However, pregnant women, people with compromised immune systems and those under the age of 16 should not receive the vaccine as the safety and efficacy data on these groups are not available yet.

In addition, the Health Sciences Authority (HSA) has said that people with a history of anaphylaxis or the rapid onset of severe allergic reactions should not receive the Pfizer-BioNTech vaccine as a precautionary measure. This is similar to advisories issued in Britain and the US.

The safety profile of the vaccine is “generally consistent” with other registered vaccines, according to HSA. Some people may experience side effects such as pain, redness, swelling at the injection site, as well as fatigue, headache and muscle ache after vaccination.

While not everyone will experience these side effects, they are “common and expected” as part of the body’s natural response to build immunity against COVID-19, said HSA.

The Pfizer-BioNTech vaccine, which uses mRNA (messenger ribonucleic acid) technology, needs to be kept at minus 70 degrees Celsius, which presents some logistical challenges.

The new technology uses genetic material in the form of mRNA to teach our cells to make “spike proteins” that trigger an immune response. In contrast, traditional vaccines put a weakened or inactivated germ into our bodies.

The number of new COVID-19 cases in Singapore has declined significantly since reaching highs in April largely due to widespread transmission in the migrant worker community.

Ten new COVID-19 cases were reported in Singapore on Monday, nine of which were imported, according to the Ministry of Health’s daily update.

Mr Chin Yau Seng, SIA’s senior vice-president of cargo said: “The delivery of this first batch of COVID-19 vaccines to Singapore is an important milestone in the fight against COVID-19, and we are honoured to be able to play a part in this.

“It also served to demonstrate the Singapore readiness for the very important job of transporting and distributing COVID-19 vaccines internationally.”

SIA said it had conducted a successful shipment trial on Dec 19 on the same freighter flight route using thermal shippers, which are also known as cool boxes. The internal temperature of each box was actively tracked throughout the delivery.

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LifeTech

How to Get Free Instagram Followers Safely and Quickly

by Dean Dougn

Eager to increase your Instagram performance while feard of being flagged by the platform? Follow this post to find how to gain free Instagram followers for your account securely and quickly.

There is no debate that Instagram is one of the biggest social media platforms today, with 500 million active daily users sharing their posts and videos. And over 80% of users search for a product or service through Instagram, which is a giant market for either individuals or brands that want to do their business on a social media platform. However, it’s much tough nowadays to stand out and get noticed on Instagram, not only because you have more competitors but also Instagram always updates its algorithm in order to build a fair and clean platform for all users from all over the world.

But you still stand a chance to reach a large number audience whatever niche you are focusing on. During the last few years, a lot of experienced marketers share their valuable methods about how they get followers and likes. Thanks to them, nearly everyone now knows the common strategies to attract more followers for their accounts, such as creating interesting and high-quality content your audience will like on a regular basis, targeting specific keywords in hashtags to increase your reach, adding stickers to Instagram Stories, writing an Engaging Bio, replying every comment for your posts in the first 30 minutes to improve your engagement rate.

All of the methods list above are very effective. The only thing you must keep in mind is that you should never stop optimizing your account, day over day or year over year. If you stop, all of the efforts before will be in vain. How can you stay ahead of your competitors if you stop while they continue? Not to mention they may optimize their account further than you. Life isn’t easy, neither the business. If you complain that doing traditional optimization takes much time and energy, you can try some Instagram auto liker applications.

For those who do not know, an Instagram auto liker app or an Instagram followers app can automatically send followers and likes to your Instagram account. This kind of service has become popular these days for saving your time. Of course, you need to pay for that. Every coin has two sides, the same for Instagram followers apps. Someone suggests you should use this kind of service as these apps do save you a lot of time, so you can only concentrate on your content. While someone suggests you’d better stay away from them as buying followers or likes violates Instagram guidelines. There is no right answer to this. That just depends on how you plan to do your business. If you want to start a new business, you can give them a try as it’s really a tall tower for people who want to reach their audience at the beginning.

If you have decided to use one of Instagram followers apps, be careful when some providers promising you that you can get followers in just a few minutes or hours. This will put your account at risk because it looks so suspicious. What you should expect is getting followers gradually. That’s also what a normal account looks like. On the other hand, you should pay attention to whether the followers and likes they send you are from fake accounts. So many providers drive fake followers to their users’ accounts, which brings no good to their customers. Nobody wants inactive followers, after all.

Don’t be frustrated if this is the first time you heard of fake followers. There do exist good providers. Recently, a free app called GetInsta solves all the problems. It offers unlimited free Instagram likes and followers. Unlimited, free? How does GetInsta make free possible? GetInsta provides a coin system, with which you can exchange for followers and likes. But how to get coins? The answer is simple, by doing tasks. GetInsta gathers millions of Instagram users, where you can follow others or like others’ posts. These are so-called tasks. You help others and they will help you back. That’s why GetInsta can give you free followers. Besides providing a way to acquire followers for free, GetInsta also regards security as very important. It sends followers to your account gradually, which prevents your account from being flagged by Instagram.

Moreover, the GetInsta team recently launches a new app called GetinsAdd, where you can get coins by watching videos. GetinsAdd can be download through https://play.google.com/store/apps/details?id=com.insfollow.getinstadd. You can log in to GetinsAdd with your GetInsta account. The coins will be automatically added to your GetInsta account. Getting free Instagram followers safely and quickly has never been easier with GetInsta and GetinsAdd.

For those who want to try GetInsta now, kindly follow the steps below:

Step 1: Download and install it on your device.

For Windows users, search GetInsta on Google or directly go to their official website easygetinsta.com. For Android users, search GettInsta on Google Play. For iOS users, search Getinsup on App Store.

Step 2: Create your account on GetInsta app and login with your account.

Step 3: Add one or more Instagram accounts to get started.

Step 4: Select an Instagram account and publish a follower task or a like task for this account.

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Life

Vietnam has no new COVID-19 cases to report as Ho Chi Minh city lifts ban on several areas

by Dean Dougn

Vietnam reported no new COVID-19 infections on December 16, with the tally standing at 1,405, according to the National Steering Committee for COVID-19 Prevention and Control.

Of the total, 693 cases were transmitted domestically. December 16 marked the 15th consecutive day without community-transmitted infections in the country.

As of December 16 afternoon, 1,252 patients had been given the all-clear. The fatalities remain at 35.

Among patients still under treatment, three have tested negative for SARS-CoV-2 once, six twice and six thrice.

A total of 18,378 people who had close contact with COVID-19 patients or arrived from pandemic-hit areas are being quarantined nationwide, with 207 at hospitals, 15,567 at concentrated facilities and 2,804 at home or their accommodations, according to Vietnam News Agency.

Authorities in Ho Chi Minh City have lifted a ban on several areas traced back to recent community-based COVID-19 cases, as all people having contact with the patients have completed their 14-day quarantine period.

The Ho Chi Minh City Center for Disease Control (HCDC) confirmed on Wednesday morning that no local infections have been detected in the southern metropolis since December 2.

All locations visited by COVID-19 patients 1,342, 1,347, 1,348, and 1,349 are no longer sealed off after all people having contact with the patients have completed their 14-day quarantine period and tested negative for the novel coronavirus.

The four patients were confirmed in late November and early this month after Vietnam had spent 88 days detecting zero domestic infections, Tuoi Tre Newspaper reported.

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Finance

Why the U.S. Designates Switzerland, Vietnam as Currency Manipulators?

by Dean Dougn

The U.S. Treasury Department designated Switzerland and Vietnam as currency manipulators for the first time, while keeping China on a watch list, in the Trump administration’s final foreign-exchange policy report.

Having removed the manipulator label from China in January, the Treasury urged the world’s second-largest economy to “improve transparency” in its currency management, especially of its central bank’s relationship with state-owned banks — which market participants say can act in the currency market with official guidance.

The manipulator designation has no specific immediate consequence, beyond any short-term market effects, but the law does require the administration to engage in talks to address the perceived exchange-rate imbalance. Penalties including exclusion from U.S. government contracts could be applied after a year unless the label were removed.

Switzerland was judged to have intervened in the currency market by more than was necessary to address financial-market volatility earlier this year. Vietnam also ran afoul for restraining currency appreciation at a time of rising trade surpluses with the U.S. But the Biden administration may make a different assessment next year.

Janet Yellen, who if confirmed will be President-elect Joe Biden’s Treasury secretary, has previously indicated a more understanding view of monetary policy decisions that have consequences for exchange rates. In 2019, she said, “It’s really difficult and treacherous to define when a country is gaming its currency to gain trade advantages.”

A Biden transition spokesperson declined to comment on the Treasury’s report.

Switzerland responded swiftly to the Treasury, with the central bank saying in a statement moments after that it remains “willing to intervene more strongly” in the foreign exchange market to maintain price stability. The franc was little changed against the dollar as of 1:55 p.m. in New York.

Swiss Rebuttal

“Switzerland does not engage in any form of currency manipulation,” the Swiss National Bank said as it sought to assure markets that it would continue to fight a strong franc to combat deflationary risks. The release came a day before the SNB’s next monetary policy decision, due Thursday at 9:30 a.m. Zurich time.

Spending Spree

The SNB stepped up its interventions in the first half of 2020

Some investors agreed with the Treasury’s assessment of Swiss policy.

“Switzerland deserves it as they are printing massive amounts of money and then buying U.S. stocks, among others,” Peter Boockvar, chief investment officer for Bleakley Advisory Group, wrote in a note.

While the Swiss franc rose — by more than 3% against the dollar over the 12 months through June — the Treasury said that authorities “conducted largescale one-sided intervention, significantly larger than in previous periods, to resist appreciation.”

The Treasury concluded that at least some of the Swiss intervention “was for purposes of preventing effective balance of payments adjustments.” The agency suggested the Swiss National Bank look at “domestic quantitative easing” to help balance its monetary policy mix.

IMF assessment

The SNB turned to intervention years ago because the local bond market is too small for quantitative easing. Officials have also said that in a small, trade-reliant economy money spent on fiscal stimulus will likely just flow abroad rather than boost domestic consumption.

A senior Treasury official acknowledged that explanation, while indicating that the magnitude of Swiss intervention remains a key problem for the U.S. The official briefed reporters early Wednesday on the condition of anonymity.

The International Monetary Fund last year approved Switzerland’s policy of negative interest rates and interventions.

The Trump administration’s swift removal of China’s manipulator label just months after its August 2019 designation — in a move days before signing a bilateral trade deal in January — suggested a political element to the labeling. That could also argue for a different evaluation next year for Switzerland and Vietnam.

“I don’t think Yellen will be too vocal about the monetary policy side of things,” said Bilal Hafeez, CEO of Macro Hive and former head of G10 foreign-exchange and rates strategy at Nomura Holdings Inc.

Designation as a currency manipulator comes with no immediate penalties, but can escalate trade tensions.

“Treasury will follow up on its findings with respect to Vietnam and Switzerland to work toward eliminating practices that create unfair advantages for foreign competitors,” Treasury Secretary Steven Mnuchin said in a statement released Wednesday in Washington. The document scrutinizes the currency practices of 20 countries for potential manipulation over the four quarters through June.

The latest report is the first time for Switzerland and Vietnam to be labeled as manipulators. Each met all three of the criteria the Treasury uses to make its assessments. Trading partners that meet two criteria are placed on the watch list, although China is on it and meets just one. The U.S. has previously made the manipulation designation twice — for China both times — in the 1990s and in 2019.

Thailand, Taiwan and India were added to the agency’s “monitoring list” for even closer monitoring, while Japan, Korea, Germany, Italy, Singapore and Malaysia remained, along with China.

A series of penalties may apply to a trading partner that continues to be labeled as a manipulator after a year of talks, including reconsideration of any ongoing trade negotiations. Along with potential exclusion from U.S. government procurement contracts, the administration of the day could cut off new financing from the Overseas Private Investment Corp. — a U.S. government agency that helps development projects — and press the IMF to strengthen its surveillance of the country’s exchange-rate policies.

Noting the rapid rise of Vietnam’s trade surplus with the U.S., the Treasury called for the Southeast Asian country to allow its managed currency to appreciate more rapidly to help address external imbalances.

Vietnam’s Ministry of Foreign Affairs didn’t immediately respond to a request for comment on the currency-manipulator designation. The VanEck Vectors Vietnam ETF climbed 0.4% on Wednesday, signaling investors so far are unruffled by the Treasury’s move.

Prime Minister Nguyen Xuan Phuc, seeking to refute U.S. concern that Vietnam is undervaluing its currency for trade gains, in October asked the Trump administration to “have a more objective assessment of reality in Vietnam.”

The Treasury said Vietnamese authorities reported to the U.S. that they had made net purchases of foreign exchange of $16.8 billion over the four quarters through June, equivalent to 5.1% of gross domestic product. The agency called for greater transparency in managing the dong, and the modernization of monetary tools so the country can rely less on currency intervention.

Vietnam should also reduce trade barriers to allow a level playing field for American firms and workers, the Treasury said.

Reporting by By Saleha Mohsin and Liz McCormick @ Bloomberg, With assistance by Catherine Bosley, and John Boudreau

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Finance

What Are Hedge Funds and How to Use Them for Smart Investing During COVID-19

by Dean Dougn

When the COVID-19 pandemic struck the globe in early 2020, and the stock markets crashed hedge fund managers had to rethink a lot of their investment strategies for the year. Some of them dashed their investments to businesses set to reap big from the resulting lockdowns and social isolation measures.

Hedge fund companies are investment pools that bring together like-minded partners for financial purposes. At its head is professional management, whose principal goal is to reap maximum returns and cut down on risk. They have been an obscure part of the investment terrain, open only to a few qualified, mostly well-off individuals. These mammoth financial pools, charge high fees for asset management and returns.

For this reason, they are not the perfect investment vehicle for every investor. Because of its constitution, a hedge fund will take a tremendous blow should it lose its money on a bear market. According to Bloomberg data, three in every four businesses lost investor capital because of the pandemic in the first quarter of the year.

March was especially brutal, with hedge fund assets dipping to lows of $3 trillion. This is the lowest they have been since 2014. As a result, many of their clients went into a panic, withdrawing massive amounts of funds. Some hedge funds the pandemic hammered in the first half of the year include popular Ray Dalio of Bridgewater Associates.

There Are Winners and Losers

The hedge fund’s assets fell by 18 percent in the first quarter of 2020. According to Ray, his failure was not preparing a quick pandemic survival game plan. His hedge fund has lost over 18.6% of its Pure Alpha II flagship fund. Its investors have pulled away from a hefty $3.5 billion from the firm’s management, throwing it into further crisis.

Some of his rivals however have been minting top dollar in a topsy-turvy environment. As an illustration, Jim Simons’ Renaissance Technologies or RenTech experienced his lows in February, but some of his strategies are excelling. Ken Griffin’s Citadel made over 13.4 percent in profits in the first half of the year.

The best hedge funds will wallop the markets, raking huge profits for their investors even in the bleakest of times. They will report gains despite economies being weak because of shutdowns. The consequent massive sell-out presented an irresistible opportunity that only comes along only when there is a financial crash.

Hedge funds do not make their strategies open to the public, but there is data that discloses some of their moves. These companies, for instance, leaped into the various businesses that had hit rock-bottom prices. Bloomberg reports show that Amazon, Charter Communications, and Microsoft stock was on demand by money managers as the stock market went into a panic. These stocks are now worth much more as the recovery kicks off.

How to Profit From Hedge Funds

Hedge funds have an average minimum investment capital range of $100,000 and above. They have strict withdrawal regulations so investors can only pull out their capital after a specified time. The hedge fund is an investment vehicle that shields capital in all market conditions. The apt investor approaches a successful hedge fund to supplement their investment portfolio.

Some regulations oversee investor entry into a hedge fund. They mostly accept institutional investors and accredited high net-worth individuals. That said an individual proficient in advanced investing and has licenses and work experience as proof can join a hedge fund.

The best practice for any investor with an interest in these pools is to first research and spot hedge funds that accept new investors. A financial advisor can guide any individual through this process. The next step would be making contact with the fund’s management.

The individual will need to show accreditation. Should the fund accept the investor, they will onboard them as per their practices. The trader can alternatively leverage these pool’s derivatives and watch their portfolio grow.

 

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