Cubans lined up at notary offices and banks Thursday to do deals or lay the groundwork for them on the first day they could legally buy and sell houses in more than half a century. They said they welcomed the chance to finally make money off their property in a step away from the doctrinaire communism they have lived under since Cuba's 1959 revolution. The change was the result of a reform announced last week by the government, which is liberalizing the Soviet-style economy in hopes of keeping one of the world's last communist states afloat. Last month, it gave its citizens the right to freely buy and sell cars for the first time since 1959. Previously, Cubans could legally only trade their home for others in what they call a "permuta, although often the transactions included payments under the table. Cubans said the reform offered something many have not had for a long time -- a chance to improve their lives. "This is now or never. It's an opportunity and you have to … [Read more...] about Cubans line up to buy, sell homes under new reform
Buy sell trade cars
Cuba's government has given Cubans the right to buy and sell their homes for the first time since the early days of the 1959 revolution in a long-awaited reform that creates a real estate market and promises to put money in people's pockets. The reform, published on Thursday in the government's Official Gazette, is one of the most substantial undertaken by President Raul Castro to liberalize the island's Soviet-style command economy while maintaining the communist system. Castro has promised the change for a while and Cubans have looked forward to it as a way of finally being able to cash in on the value of their homes, which for five decades could not be sold but were swapped through a legal subterfuge. As word of the new rules spread, visions of big money danced in the eyes of Cubans who earn an average salary equivalent to $18 a month. "I could probably sell my house for $100,000. If I had that kind of money I could do a lot of things, include get out of here if my family … [Read more...] about Cuba to permit buying, selling of real estate
After a decade of development, often through buying or benchmarking foreign technology and know-how, Chinese automakers are looking with greater ambition at selling their cars in major Western markets. Improvements in car design, technology and marketing at firms including Geely (0175.HK), GAC Motor and Great Wall Motor (601633.SS) have brought them a bigger share in their home market, the world’s largest, and give them a better chance of survival in competitive markets in Europe and the United States. Once distant dreams of staking a claim in Western strongholds may now be edging nearer. “We have in the Western world an outrageous arrogance. We think we’re ahead. It’s going to change,” says Alain Visser, Senior Vice President of Lynk & Co, a new brand set up by Geely. “China is passing you at a speed that in our arrogance we don’t even see,” Visser told Reuters earlier this month. Hangzhou-based Geely, which owns Volvo Cars and Lotus … [Read more...] about Are China’s cars finally going to make inroads in Western markets?
VietNamNet Bridge - Vietnamese can buy bitcoin and other virtual currencies on some trading floors, but as Vietnam doesn’t recognize bitcoin as an official currency, Vietnamese are facing risks when conducting transactions.The bitcoin price has increased by two times compared with September 15, and soared by 600 percent compared with the beginning of the year.This explains why many Vietnamese still buy bitcoins despite the warning about risks.They are also buying bitcoins because they hope it will be recognized in Vietnam, though the central bank has been called on to prohibit it. The current laws do not recognize bitcoin as a currency with payment function, but do not prohibit the trading and possessing of bitcoin.Vietnamese can buy and sell bitcoin on markets held on the internet. The groups of people on social networks gather bitcoin buyers and sellers. Users need a bitcoin wallet, which is free of charge, for transactions. Those who want to sell/buy bitcoin will make … [Read more...] about Where are Vietnamese buying bitcoin?
Many Vietnamese are buying new cars financed by soft loans widely offered by local banks, reflecting demand for serviced cars, especially Uber, as they find joining the U.S-headquartered app-based car service provider will give them a good source of income. Uber, which connects passengers and drivers via a smartphone app, started offering services in Vietnam on July 31, with rides now available in both Hanoi and Ho Chi Minh City. Customers use the Uber app on their smartphones to request rides and track their reserved vehicle's location. Uber riders will be informed of the fare and ETA (estimated time of arrival) before they get in the car, and the complete fare is automatically billed to the customer's credit card at the end of a ride. The transport firms that own the cars will receive 80 percent of the payment, while 20 percent goes to Uber. Many banks told Tuoi Tre (Youth) newspaper that they are also promoting car loans, as though the lending is not as high as it was … [Read more...] about Rising demand for Uber cars, cheap loans boost car sales in Vietnam
Prices of imported used cars will possibly be equal to 30 per cent or 50 per cent of new locally made cars, said Bui Duy Thuc, director of Haiphong Import-Export Co., implying more pressures will be put on local carmakers' pricing mechanisms. The import of used cars will further drive down prices of locally made cars, which are reportedly at least 1.5-2 times higher than prices in regional countries. Prices of used cars depend on brands, models and operational lifetimes. However, in general, they are quite low, Thuc said. Following Toyota's announcement to reduce prices for its popular models, Ford and Vidamco, which have not made official price cuts, are selling their cars at prices lower than their quotations. For example, a US$46,400 Ford Mondeo 2.0 was offered a discount of US$3,500, a $41,900 Ford Escape 2.3L has a discount of $2,000 and a $47,900 Ford Escape 3.0 was discounted $3,000. Vidamco, a branch of GM Daewoo Auto & Technology Co., said it offers discounts up to $3,000 … [Read more...] about Prices of Used Cars Equal Third or Half of Local Cars: Dealer
The Debt and Asset Trading Corporation (DATC), under the Ministry of Finance, has considered providing a maximum sum of VND250 billion (USD12 million) to handle the debt of beleaguered seafood company Bianfishco, its CEO Pham Quang Thanh told Tuoi Tre. Workers at Bianfishco Thanh said the debt-ridden company is expected to return to operations next month, functioning as an outsource manufacturer for other seafood exporters to maintain work and income for its 3,000 workforce. There are two solutions for Bianfishco to restart, added Thanh. The first option is to sell Bianfishco, he said, adding that many investors from Japan and the US are showing interest in the company for its modern technology and high economic potential. “DATC will act as an intermediary if there is any deal,” he said. In the second plan, DATC will consult, intermediate, and propose solutions for Bianfishco and its creditors, most of which are the credit institutions, to negotiate for the … [Read more...] about Debt trading firm to help settle Bianfishco’s debts
Status hungry agencies continue to plea for new cars despite billions of dong being spent, and 7,000 perfectly good vehicles remaining unused. Agencies are wasting public money on excessive numbers of new cars State agencies bought 611 new cars valued at a gigantic VND603bn (USD27m) in 2015 according to the Ministry off Finance, while 7,000 state-owned vehicles remained unused. The Ministry of Agriculture and Rural Development led the list with 176 cars, with the Ministry of Industry and Trade in second with 57 cars. There were 29 unused cars in Binh Thuan Province and 73 cars in Quang Ninh Province. Vietnam has about 40,000 state-owned cars which are valued at VND13trn (USD590m) a year in terms of maintenance and driver wages. About 30% of the fleet is out-dated. This huge fleet was purchased using tax money yet have been left to deteriorate. In addition, lots of money is also being wasted on idle drivers, yet many agencies have refused to sell older cars while asking to buy … [Read more...] about Huge money wasted on unused state cars
VGP - The Ministry of Finance on January 27, 2014 issued Circular No. 04/2014/TT-BTC (Circular 04) guiding some regulations on international goods trading activities and agent activities of buying, selling, processing and conducting goods transit with foreigners. Imports under tariff quotas Circular 04 stipulates four types of imported goods under tariff quotas including salt, tobacco, poultry eggs, refined sugar and raw sugar. Importing under tariff quotas is applied by the principle that the items on the list of imports under tariff quotas shall be subject to requirement of an import license for the entitlement to import duty rate of the tariff quotas. The items on the import tariff quota applying list without any license from the Ministry of Industry and Trade shall be subject to a tax rate outside of the tariff quota; meanwhile the tobacco import outside of the tariff quota aimed at producing cigarettes shall be performed under the guidance of the Ministry of … [Read more...] about Regulations on int’l goods trading activities
Car sales in September plummeted, according to the Vietnam Automobile Manufacturers’ Association (VAMA). While the new car market has witnessed a downward trend in sales and selling price, the used car market is, however, quite busy, even though the car import tax from ASEAN will be reduced to zero per cent from January 1, 2018. — Photo baoquangninh.com.vn VAMA’s report revealed 21,216 units were sold, down four per cent from the previous month and down 20 per cent against the same period last year. The sale included 11,637 passenger cars, 8,700 commercial vehicles and 879 special purposed vehicles. Domestic car production reached 14,739 vehicles, down five per cent from the previous month and the number of imported vehicles was 6,477 vehicles, decreasing by two per cent from the previous month. Cumulative total sales of the whole market in the first nine months of this year reached 198,246 units, … [Read more...] about New car sales fall, used cars sales remain robust