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HANOI :Vietnam is aiming to grow its economy by at least 10 per cent a year over the 2026-2030 period, according to a document prepared by the country’s ruling Communist Party for its upcoming five-year congress, released on Wednesday. It is also aiming to bring gross domestic product per capita up to $8,500 by 2030, according to the document posted on the party’s website, up from the $4,700-$5,000 target for the 2021-2025 period.The congress is held every five years and sets the main policies for the country as well as deciding new leadership for the party and the government. The…

Likely beneficiaries of the spat are shipowners that are neither Chinese nor American, such as Singapore-based players[SINGAPORE] With the US levying fees on Chinese-related vessels and China retaliating with tit-for-tat port fees on US-affiliated ships, the shipping market is now experiencing a wave of refinancing activity.Likely beneficiaries of the spat are shipowners that are neither Chinese nor American, such as Singapore-based players. Ali Susanto, global head of corporate finance at the world’s largest privately owned ship broker SSY, told The Business Times that there is a flurry of refinancing going on in the market, triggered by port fees levied by…

There was a reason Brian Callahan was No. 1 on FOX Sports’ most recent list of NFL coaches on the hot seat. And it didn’t take a well-embedded league source to understand why.The Tennessee Titans made that clear on Monday when they fired him, just six games into this season and 23 games into his tenure. Callahan departs with an unseemly record of 4-19 (1-5 this season), while the Titans get a head start on their search for a coach they believe will be better suited to developing potential franchise quarterback Cam Ward.But while Callahan was the first coaching casualty…

Investors are pricing in a near-certain chance of a 25-basis-point Fed rate cut in both October and December[BENGALURU] Gold rose to a fresh high just shy of the US$4,200-per-ounce level on Wednesday (Oct 15), buoyed by rising expectations of further US rate cuts, while renewed US-China trade worries also boosted safe-haven demand.Spot gold was up 0.8 per cent at US$4,173.56 per ounce, as at 10.52 am, after hitting a record high of 4,186.68 earlier in the session. US gold futures for December delivery gained 0.7 per cent to US$4,192.90.US President Donald Trump said on Tuesday that his administration planned to…

WASHINGTON — WASHINGTON (AP) — The ongoing government shutdown is delaying the announcement of the annual Social Security cost-of-living adjustment for tens of millions of beneficiaries.Originally scheduled for Wednesday, the 2024 Social Security COLA announcement will now be Oct. 24. It is timed to the September Consumer Price Index, which also has not yet been released.The agency adjusts its benefits every year based on inflation. The postponement of the announcement is the most recent example of how the government shutdown, entering its third week and with little progress made toward a resolution, has made it more difficult for people to…

USA-CHINA/AIRLINES (UPDATE 2):UPDATE 2-Chinese airlines oppose Trump plan to stop flying over Russia on US routes[WASHINGTON] Major Chinese airlines on Tuesday (Oct 14) urged the Trump administration to abandon a plan to bar them from flying over Russia on US flights, saying it would increase flight times, raise air fares and could disrupt some routes.Last week, the US Transportation Department (USDOT) proposed banning Chinese airlines from flying over Russia on routes to and from the United States, saying the reduced flight time puts American carriers at a disadvantage.China Eastern, one of six Chinese airlines that sent letters, said in a…

Three new joint labs will develop new capabilities for high-value sectors such as aerospace and semiconductors [SINGAPORE] Ultra-precise valves, coatings worth more than the surface they are on, and a material that can resist extremes – these are some of the advanced manufacturing innovations that three Singapore companies are working on with the Agency for Science, Technology and Research (A*Star).Launched on Oct 3, the joint research projects will yield new technologies in surface treatment, advanced coatings, and precision manufacturing.These can then be applied to sectors such as aerospace, semiconductors, and life sciences. These “focused, deep partnerships” help smaller companies “develop…

Johnson & Johnson is narrowing its focus again, nearly four years after peeling off its consumer health business.The health care giant said Tuesday that it will separate its orthopedics business into a standalone company known as DePuy Synthes. The move leaves J&J focused on its pharmaceutical and MedTech segments, which make prescription drugs, contact lenses and technology to treat cardiovascular disease and help with surgeries.The orthopedics business will be led by Namal Nawana, a former CEO of the medical technology business Smith & Nephew, which makes products for sports medicine and wound management and also focuses on orthopedics.J&J’s orthopedics business…

Chinese companies have pulled back from listing in the U.S. this year in a clear pivot to Hong Kong amid rising tensions between Beijing and Washington, and higher regulatory thresholds in New York. Chinese initial public offerings in the U.S. have slumped 4% year-on-year in terms of deal value so far this year, raising just $875.7 million from 23 deals. That’s down 93% from the $13 billion across 39 listings during the same period in 2021, according to data provider Dealogic. In 2021, Chinese IPOs in the U.S. were on track hit a record high, before Beijing moved to intensify…