Heart-breaking, worried and flustered
Record gold prices, the sinking of an overloaded tourist boat in Russia and Thailand’s Prime Minister-elect Yingluck Shinawatra being accused of breaking election laws were the notable events of the past week.
*** Gold prices continue to set new records
>> Gold prices hit VND39.12 million per tael
At the weekend, the domestic price of gold reached a new peak of VND39.13 million per tael and many gold investors were selling. Gold stores didn’t have enough cash to make payment so businesses had to reduce gold prices on July 16.
In the world market, the price of gold hit US$1,594.10 per ounce, resulting in domestic gold rising by VND200,000 per tael.
Over the past week, gold prices have surpassed VND39 million per tael twice and increased by VND1 million per tael, compared to the previous week.
According to Sacombank, the demand for Vietnam dong (VND) grows when deposit interest rates are higher than US dollar deposit interest rates. When gold prices reached VND39 million per tael, the gold market became very attractive and investors wanted to sell gold and collect VND.
*** NA to consider the Government’s tax relief proposal for 2011
>> 13th NA's first session to focus on personnel work
>> Legislators consider tax exemption and reduction plans
The 42nd session of the National Assembly (NA) Standing Committee considered the Government’s proposals for tax exemptions and reductions in 2011.
The Government will present its proposals for the NA's final decision in the first session of the 13th NA.
The risk of instability occurs when the economy is in difficulty and inflation is high. Therefore, It is necessary to reduce taxes, and exempt them in certain cases, to make things easier for both businesses and individuals.
It is most important to focus on areas in particularly difficult situations. Solutions to such issues will bring justice to society and minimize State misuse of policies to gain profits.
*** Third phase of 2011 university entrance exams concludes
>> Second phase of university entrance exams concludes
>> More than 680,000 candidates enter first day exam
Candidates completed final exams on July 16, closing the 2011 university entrance exams.
130 colleges and universities held entrance exams for all groups A, B, C and D.
The final phase of the exams took place in a safe orderly and serious manner.
*** More than 100 dead in the Volga River
>> Condolences over Russian ship tragedy
>> Dead toll of Volga river accident rises to 128
>> Boat sinks in Volga River, over 100 missing
A total of 208 passengers died on Russia’s Volga River in an accident involving a tourist boat with a legal capacity of only 120 people.
The sinking of the old, overloaded boat was the worst river accident in Russia for three decades.
President Dmitry Medvedev announced that any person who allowed such a boat to leave port will be accused of breaking the law, regardless of their position.
*** Thailand: Prime Minister-elect Yingluck Shinawatra accused of vote-buying
>> Future Thai PM denies being brother's ‘puppet’
On July 12, the Election Commission of Thailand announced it will not confirm Yingluck Shinawatra's victory in the national elections that took place July 3.
Ms. Yingluck won 265 of the 500 house seats in the election. The Election Commission is currently investigating 142 candidates to see if they violated election laws.
*** US in deadlock over a huge deficit
>> US deficit: Obama in further congressional crisis talks
US President Barack Obama held more private meetings with congressional leaders, trying to avert a US debt default.
The US must raise its US$14.3 trillion debt ceiling if it is to be able to pay its bills and continue borrowing beyond August 2.
Cross-party talks have so far failed to make a breakthrough and Mr Obama warned that time is running out.
President Obama said he is prepared to cut benefits and welfare programmes but would need Republicans to consider tax increases in return.
*** Also over the past week, the world witnessed bombings in Pakistan, India, and Iraq, as well as escalating conflict in Libya, which caused hundreds of deaths. Many innocent people have suffered in these clashes.
>> Five killed in US drone strike in Pakistan
>> India PM vows to bring Mumbai bombers to justice