Jetstar executives questioned in Vietnam over $34 million

News Com Au 08/01/2010

TWO senior Jetstar Pacific executives are reportedly being questioned in Vietnam and are not allowed to leave the country.

The chief operating officer, Daniela Marsilli, and the chief financial officer, Tristan Freeman, are being questioned over the loss of almost $34 million linked to petrol reserves costs, the ABC reports.

Jetstar Pacific's former chief executive, Luong Hoia Nam, was arrested yesterday.

A spokeswoman for Australia's Department of Foreign Affairs and Trade said authorities had prevented two Australian employees of the company from leaving Vietnam.

Vietnam Fights Rising Sea Levels, Protects Economic Growth

VOA News Vietnam Fights Rising Sea Levels, Protects Economic Growth

Farmers try to adjust to the effects of climate change

Vietnam is one of the world's fastest growing economies. But the country is also experiencing the effects of climate change. Scientists say parts of the country would be inundated within 40 years because of rising sea levels. The community in Ca Mau province grapples with the threat to its environment and livelihood.

Vietnam's economy grew by 8.5 percent in 2007 and is expected to expand by 6.5 percent this year, despite the global slowdown

The country's young population, a key factor in its economic rise, is visible in Ca Mau, the southernmost province.

This coastal region sits mostly less than a meter above the sea, and many people depend on shrimp breeding and rice growing. And they are learning just how bad the damage from coastal erosion and rising ocean waters can be.

They used to live where those poles are some years ago, says this resident.

"Every year it erodes little by little," Vhan Thn Thanh said. He is deputy director of Ca Mau's Natural Resources and Environment Department. "And the erosion here happened four years ago. Until now, the erosion is about 40 or 50 meters," he added.

"The problem along the coasts was coastal erosion and loss of coastal land, shorelines. That to some degree can be attributed to sea level rise," Dr. Anond Snidvongs said.

Thai businesses fear closure of border

Bangkok Post

As the Thai-Cambodian media skirmish continues, Thai executives are starting to fear their operations will suffer.

Thai exports to Cambodia last year were worth 67 billion baht, while imports from Cambodia were only 3 billion baht

Vietnam benefits from close proximity with Cambodia, with significant border trade. Vietnam's exports to Cambodia have soared from US$178 million in 2002 to $1.43 billion last year.

Gamblers are staying away from casinos in Koh Kong and Poipet, while tourist numbers are on the slide. Kasikorn Research Center said the escalating tensions could affect businesses and populations on both sides of the border.

The conflict between the Thai and Cambodian governments recently reached a new and alarming level when both countries withdrew their ambassadors after Cambodia named fugitive former prime minister Thaksin Shinawatra as an economic adviser and refused to extradite him when he visited the country.

But the Thai-Cambodian border remains open so the border trade, which accounts for as much as 80% of bilateral trade, continues as usual.

If the conflict is quickly resolved without either side resorting to force, trade will not be disrupted, said K-Research.

Even a temporary border closure, similar to that caused by the earlier Preah Vihear temple dispute, would only have a limited impact, the researchers said. But a prolonged closure would inevitably damage trade, causing Thai exporters to lose their share in Cambodia's market.

Thai exports to Cambodia last year were worth 67 billion baht, while imports from Cambodia were only 3 billion baht.

Thailand's trade surplus reflects Cambodia's inability to supply its market's demand, while Cambodian consumers are accustomed to imported Thai products such as sugar, beverages, cosmetics, soaps and related products. The Cambodian business sector also relies on imported processed oil and cement.

Thailand is currently the largest exporter to Cambodia, supplying 23% of its imports, followed by Vietnam with 17% and China with 15%.

Like Thailand, Vietnam benefits from close proximity with Cambodia, with significant border trade. Vietnam's exports to Cambodia have soared from US$178 million in 2002 to $1.43 billion last year. The country is now competing directly with Thailand in oil, sugar and cement.

Chinese goods, currently in third place, also have good opportunities for growth due to the strength of the Chinese economy and the development of the logistics system linking China and Asean.

But Cambodia would also face losses from this scenario. Materials and intermediate goods from other countries for its production sector would likely have higher prices due to the logistics costs. Similarly, Cambodian consumers would likely have higher living costs.