Former U.S. President George HW Bush dead at age 94

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George H.W. Bush, the 41st president of the United States and the father of the 43rd, was a steadfast force on the international stage for decades, from his stint as an envoy to Beijing to his eight years as vice president and his one term as commander in chief from 1989 to 1993.

The last veteran of World War II to serve as president, he was a consummate public servant and a statesman who helped guide the nation and the world out of a four-decade Cold War that had carried the threat of nuclear annihilation.

His death, at 94 on Nov. 30, also marked the passing of an era.

Although Mr. Bush served as president three decades ago, his values and ethic seem centuries removed from today’s acrid political culture. His currency of personal connection was the handwritten letter — not the social media blast.

He had a competitive nature and considerable ambition that were not easy to discern under the sheen of his New England politesse and his earnest generosity. He was capable of running hard-edge political campaigns, and took the nation to war. But his principal achievements were produced at negotiating tables.

“When the word moderation becomes a dirty word, we have some soul searching to do,” he wrote a friend in 1964, after losing his first bid for elective office.

Despite his grace, Mr. Bush was an easy subject for caricature. He was an honors graduate of Yale University who was often at a loss for words in public, especially when it came to talking about himself. Though he was tested in combat when he was barely out of adolescence, he was branded “a wimp” by those who doubted whether he had essential convictions.

This paradox in the public image of Mr. Bush dogged him, as did domestic events. His lack of sure-footedness in the face of a faltering economy produced a nosedive in the soaring popularity he enjoyed after the triumph of the Persian Gulf War. In 1992, he lost his bid for a second term as president.

“It’s a mixed achievement,” said presidential historian Robert Dallek. “Circumstances and his ability to manage them did not stand up to what the electorate wanted.”

His death was announced in a tweet by Jim McGrath, his spokesman. The cause of his death was not immediately available. In 2012, he announced that he had vascular Parkinsonism, a condition that limited his mobility. His wife of 73 years, Barbara Bush, died on April 17.

The afternoon before his wife’s service, the frail, wheelchair-bound former president summoned the strength to sit for 20 minutes before her flower-laden coffin and accept condolences from some of the 6,000 people who lined up to pay their respects at St. Martin’s Episcopal Church in Houston.

Mr. Bush came to the Oval Office under the towering, sharply defined shadow of Ronald Reagan, a onetime rival for whom he had served as vice president.

No president before had arrived with his breadth of experience: decorated Navy pilot, successful oil executive, congressman, United Nations delegate, Republican Party chairman, envoy to Beijing, director of Central Intelligence.

Over the course of a single term that began on Jan. 20, 1989, Mr. Bush found himself at the helm of the world’s only remaining superpower. The Berlin Wall fell; the Soviet Union ceased to exist; the communist bloc in Eastern Europe broke up; the Cold War ended.

His firm, restrained diplomatic sense helped assure the harmony and peace with which these world-shaking events played out, one after the other.

In 1990, Mr. Bush went so far as to proclaim a “new world order” that would be “free from the threat of terror, stronger in the pursuit of justice and more secure in the quest for peace — a world in which nations recognize the shared responsibility for freedom and justice. A world where the strong respect the rights of the weak.”

Mr. Bush’s presidency was not all plowshares. He ordered an attack on Panama in 1989 to overthrow strongman Manuel Antonio Noriega. After Iraqi dictator Saddam Hussein invaded Kuwait in the summer of 1990, Mr. Bush put together a 30-nation coalition — backed by a U.N. mandate and including the Soviet Union and several Arab countries — that routed the Iraqi forces with unexpected ease in a ground war that lasted only 100 hours.

However, Mr. Bush decided to leave Hussein in power, setting up the worst and most fateful decision of his son’s presidency a dozen years later.

In the wake of that 1991 victory, Mr. Bush’s approval at home approached 90 percent. It seemed the country had finally achieved the catharsis it needed after Vietnam. A year-and-a-half later, only 29 percent of those polled gave Mr. Bush a favorable rating, and just 16 percent thought the country was headed in the right direction.

The conservative wing of his party would not forgive him for breaking an ill-advised and cocky pledge: “Read my lips: No new taxes.” What cost him among voters at large, however, was his inability to express a connection to and engagement with the struggles of ordinary Americans or a strategy for turning the economy around.

That he was perceived as lacking in grit was another irony in the life of Mr. Bush. His was a character that had been forged by trial. He was an exemplary story of a generation whose youth was cut short by the Great Depression and World War II.

The early years

George Herbert Walker Bush was born in Milton, Mass., on June 12, 1924. He grew up in tony Greenwich, Conn., the second of five children of Prescott Bush and the former Dorothy Walker.

His father was an Ohio native and business executive who became a Wall Street banker and a senator from Connecticut, setting a course for the next two generations of Bush men to follow. His mother, a Maine native, was the daughter of a wealthy investment banker.

Mr. Bush’s early years were hard ones for the country, although his family — which had a cook, a maid and a chauffeur — felt none of it. He attended the private Phillips Academy in Andover, Mass. The close-knit Bushes spent summers at the family house at Walker’s Point, Maine, and Christmases at his grandfather’s shooting lodge in South Carolina.

At a prep school party during the 1941 Christmas season, he spotted a girl in a red-and-green dress. He asked another boy to introduce him to Barbara Pierce, whose father was head of the McCall’s publishing empire.

“I thought he was the most beautiful creature I had ever laid eyes on. I couldn’t even breathe when he was in the room,” Barbara Bush would later say, adding, “I married the first man I ever kissed.”

Prescott Bush wanted his son to go right to Yale upon graduation from Andover. But Mr. Bush said his father had also insisted that privilege carried a responsibility to “put something back in, do something, help others.”

His own time to serve came on his 18th birthday, when he enlisted in the Navy; within a year, he received his wings and became one of the youngest pilots in the service.

Sent to the Pacific, he flew torpedo bombers off the aircraft carrier San Jacinto. On Sept. 2, 1944, his plane was hit by Japanese ground fire during a bombing run on Chichi Jima in the Bonin Islands in the western Pacific. He pressed his attack even though his plane was aflame.

Mr. Bush bailed out over the ocean and was rescued by a submarine. His two crewmen were killed. The future president was awarded the Distinguished Flying Cross.

After the war, he went to Yale, where he was a member of Skull and Bones, the university’s storied secret society, and captain of the baseball team. Barbara took their baby son, George W., to the games.

In 1948, following his graduation, he was rejected for a post he wanted with Procter & Gamble. So he moved to Texas to go into the oil business, snagging an entry-level job through a family connection.

His political career

Mr. Bush began his political career as chairman of the Harris County Republican Party at a time when being a Republican in Texas was as much an electoral liability as having Northeastern roots.

In 1964, he ran for the U.S. Senate and was defeated by Democrat Ralph Yarborough. In 1966, after selling his interest in his oil company, Mr. Bush was elected to the first of two terms in Congress from a House district in Houston.

In 1970, at the request of President Richard M. Nixon, who wanted to shore up Republican fortunes in Texas and elsewhere in the Sun Belt, he made a second run for the Senate and lost to Democrat Lloyd Bentsen.

Mr. Bush recruited his longtime friend James A. Baker III — a nominal Democrat with little interest in politics — to run that campaign, in part to help Baker get through his bereavement after the death of his wife. Baker switched parties, and their friendship became an alliance that would help shape policy and politics for decades.

After Mr. Bush’s 1970 Senate defeat, there came a rapid progression of high-profile jobs that began when Nixon named him ambassador to the United Nations. In 1973 and 1974, Mr. Bush served as chairman of the Republican National Committee during the waning days of the Watergate scandal that would result in Nixon’s resignation.

He was disappointed when Nixon’s successor, Gerald R. Ford (R), chose Nelson Rockefeller, rather than him, as vice president in 1974. In 1974 and 1975, Mr. Bush was the chief U.S. envoy to China. In early 1976, he became head of the CIA. He was well regarded but left no great mark in any of those jobs. Nor did he commit any major blunders.

After former Georgia governor Jimmy Carter (D) defeated Ford in the 1976 presidential election, Mr. Bush returned to private life and began preparing for his most audacious move yet: a run for president.

During the 1980 primaries, Mr. Bush positioned himself as a moderate, pragmatic alternative to Reagan, and he derided as “voodoo economics” the former California governor’s vow to simultaneously cut taxes, boost defense spending and balance the budget.

Mr. Bush pulled off a surprise win in the Iowa caucuses and declared he had “big mo’  ” that would carry him to the nomination. Ultimately, he proved no match for Reagan and the conservative forces that had come to dominate the party.

Yet he found another opening at the Republican National Convention that year, when he emerged as the consensus choice to be Reagan’s running mate, after party elders botched an effort to put together a Reagan-Ford ticket.

It took no small amount of adjustment for Mr. Bush to remold himself according to Reagan’s brand of conservatism. Among other things, he changed to Reagan’s positions on abortion and supply-side economics. The cartoon “Doonesbury” later described him as having put “his political manhood in a blind trust.”

The ticket won in back-to-back landslides in 1980 and 1984. Once elected, Mr. Bush maintained a relatively low-profile role as vice president — chairing a number of task forces, offering counsel on foreign policy — while sharpening his bona fides and his political organization to make another run for the presidency.

Mr. Bush was barely brushed by Iran-contra, the major scandal of the Reagan presidency. He said he had been “out of the loop” when decisions were made to sell military equipment to Tehran to gain the release of U.S. citizens held hostage by pro-Iranian terrorists in Lebanon. This was contrary to Reagan’s declared policy of never dealing with terrorists. The profits from the sales were used to provide aid to the anti-communist contra rebels in Nicaragua, which was a violation of U.S. law.

Never fully accepted into the Reagan inner circle, Mr. Bush established some distance from his former boss in his 1988 Republican National Convention speech, when he promised a “kinder, gentler nation.” Reagan’s wife, Nancy, was widely reported to have bristled, asking: “Kinder and gentler than whom?”

In the 1988 election, Mr. Bush’s Democratic opponent was Massachusetts Gov. Michael S. Dukakis, who captured his party’s nomination largely on the strength of the “Massachusetts Miracle,” a surge of technology-driven economic growth.

The Bush campaign turned Dukakis into an object of scorn, raising questions about his patriotism, his competence, his environmental and fiscal records and, most damaging, his attitude toward criminals.

Dukakis had supported a program that allowed convicted murderers in Massachusetts prisons to earn furloughs for good behavior. One who did so was Willie Horton, who, while on furlough, went to Maryland and raped a woman after beating and knifing her fiance. Dukakis was appalled and promptly shut the program down.

After receiving “The Prez” guitar — a present — from Sam Moore of the former Sam and Dave soul duo, President Bush, left, plays the instrument with Republican National Committee Chairman Lee Atwater on Jan. 21, 1989. (Rick Lipski/The Washington Post)
To Lee Atwater, Mr. Bush’s chief campaign adviser, Horton was an irresistible opportunity. Horton was black, and his elevation into a national figure by Bush supporters was widely denounced as a crude appeal to racism. Atwater himself expressed regrets about the 1988 campaign before he died of cancer, at 40, in 1991.

Mr. Bush won the election with 53 percent of the vote. He carried 40 states and received 426 electoral votes. He was the first sitting vice president elected to the nation’s highest office since Martin Van Buren succeeded Andrew Jackson in 1837.

‘The vision thing’

As president, Mr. Bush worked long hours and had a penchant for detail. Fred Malek, his campaign manager in 1992, described him as “a guy who wanted to do everything well.” But in stark contrast to his predecessor, Mr. Bush failed to articulate an overarching view of the principles by which he governed.

“The vision thing,” as he called it, eluded him. “Some wanted me to deliver fireside chats to explain things, as Franklin D. Roosevelt had done,” he confided to his diary. “I am not good at that.” He was, he said, a “practical man,” who preferred “what’s real,” not “the airy and abstract.”

Mr. Bush espoused generally conservative economic and social programs: lower taxes, regulatory reform, more support for commercial development and access to foreign markets. He negotiated the North American Free Trade Agreement with Canada and Mexico, a measure that was ratified by the Senate in President Bill Clinton’s first term.

Mr. Bush supported voluntary prayer in public schools and adoption rather than abortion. He also supported gun owners’ rights. “Let’s not take away the guns from innocent citizens,” he said in a speech. “Let’s get tougher on the criminals.”

Faced with Democratic control of both houses of Congress, Mr. Bush followed what became known as his “veto strategy.” In all, he vetoed 44 bills. Ten of them were intended to ease restrictions on abortions. The others concerned various regulatory, tax and spending measures. All but one of his vetoes — of a bill to regulate the cable television industry — were sustained.

But Mr. Bush could not allay suspicions in some quarters that he lacked core beliefs. To critics, particularly in the right wing of the GOP, he seemed willing to say whatever was necessary to get elected.

His was a team of seasoned advisers who forged an active but pragmatic foreign policy and set a less divisive and less ideological course on domestic matters.

Mr. Bush placed a high value on loyalty and on cultivating relationships that became part of the through line of his career.

Chief among them was Baker, who at various points served as Mr. Bush’s campaign manager, secretary of state and White House chief of staff. Baker also did stints as Reagan’s chief of staff and treasury secretary, and in the messy aftermath of the 2000 presidential election, led the Republican team monitoring the Florida recount that put Mr. Bush’s eldest son, George W. Bush, over the finish line.

Other relationships would also link the two Bush presidencies. After his first choice for defense secretary, Sen. John G. Tower (R-Tex.), failed to be confirmed by the Senate, Mr. Bush tapped another old friend, Richard B. Cheney, a conservative Republican congressman from Wyoming, for the job. For chairman of the Joint Chiefs of Staff, he picked Gen. Colin L. Powell, who had been national security adviser in the Reagan White House.

Baker, Cheney and Powell played central roles in U.S. interventions in Panama and the Persian Gulf during Mr. Bush’s presidency. Cheney and Powell went on to hold high office in George W. Bush’s administration: Cheney as vice president and Powell as secretary of state.

One of Mr. Bush’s more impulsive selections was his choice of Dan Quayle, the junior senator from Indiana, to be his running mate in 1988. Mr. Bush made the move without consulting even his closest aides, leaving his campaign unprepared for what followed.

There were immediate questions about Quayle’s service in the Indiana National Guard during the Vietnam War. He also attended law school at Indiana University during that period. Critics noted that he had never practiced law and suggested that he had used the Guard to avoid the draft.

Quayle never fully laid to rest those questions or the broader doubts about his qualifications for stepping into the presidency. While the vice president earned high marks as the administration’s emissary to conservatives, Mr. Bush wrote in his diary that he “blew” the decision on Quayle in 1988. But in 1992, he refused to replace him on the ticket.

Mr. Bush made two nominations to the Supreme Court. The first was David H. Souter, a federal appeals court judge, who was confirmed without difficulty. The second was Clarence Thomas, an African American who was a member of the U.S. Court of Appeals for the D.C. Circuit.

Thomas was appointed to succeed Thurgood Marshall, the first African American to serve on the high court. Anita Hill, a former aide to Thomas, accused him of sexual harassment. After rancorous hearings by the Senate Judiciary Committee in 1991, the full Senate confirmed him by a vote of 52 to 48, the closest margin since the 19th century.

Foreign policy work

It is not possible to appreciate the signature foreign policy achievements that occurred on Mr. Bush’s watch without viewing them in the context of the four decades that preceded them.

In the era after World War II, the United States sought to contain Soviet influence around the world. The nation fought divisive and demoralizing wars in Korea and Vietnam, headed the NATO alliance that stood against Warsaw Pact forces in Europe and engaged in a global nuclear standoff with the Soviet Union that infused the era with existential dread.

Within a year of Mr. Bush’s inauguration, the international situation changed almost beyond recognition. What Reagan had called “the evil empire” was collapsing, and the Soviet Union was lurching toward dissolution.

Mr. Bush approached the changing world with a view that was pragmatic rather than ideological. He had little faith in the so-called Star Wars anti-ballistic missile system that Reagan believed would protect the nation from nuclear attack, so he signed two nuclear disarmament agreements with Moscow.

As Reagan had, Mr. Bush saw an ally and a kindred spirit in Mikhail S. Gorbachev, the leader who tried to reform the Soviet system through “glasnost” (openness) and “perestroika” (economic reform). Mr. Bush said that he “could sit down and just talk. I thought I had a feel for his heartbeat. Openness and candor replaced the automatic suspicions of the past.”

In June 1989, Gorbachev announced that he would not enforce the Brezhnev Doctrine, under which Moscow reserved the right to intervene in satellite countries. Poland, Hungary and Czechoslovakia were escaping Soviet domination; the Baltic states were moving toward independence. Hungary opened its frontier with Austria. Thousands of East Germans used this route to defect to the West.

President George Bush, left, and Soviet counterpart Mikhail Gorbachev confer during their joint news conference on July 31, 1991, in Moscow concluding the two-day U.S.-Soviet summit dedicated to disarmament. (Mike Fisher/AFP/Getty Images)
On Nov. 9, 1989, the Berlin Wall, a symbol of communist oppression, was breached. East Germany collapsed. Two years later, the Soviet Union voted itself out of existence.

Mr. Bush played a quiet role as Gorbachev and Chancellor Helmut Kohl of West Germany settled terms for the reunification of Germany. The deal was sealed when Kohl agreed to pay billions of dollars to shore up the Soviet economy and cover the cost of removing Soviet forces.

Mr. Bush helped convince Kohl that a reunited Germany should stay in NATO. Similarly, he agreed with French President François Mitterrand that German reunification was a matter for the Germans to decide and that only a “united Europe” could keep Germany in check. Prodded by former president Nixon, Mr. Bush gave economic aid to Moscow.

He was always mindful of Russian sensibilities. When the Berlin Wall came down, he told reporters that he did not “think any single event is the end of what you might call the Iron Curtain.”

Mr. Bush also put a high premium on stability, as evidenced by his measured — critics said inadequate — reaction to the Chinese crackdown on demonstrators in Tiananmen Square in June 1989. He suspended military sales and contacts with China but sent national security adviser Brent Scowcroft and Lawrence Eagleburger, the undersecretary of state, to Beijing to discuss the situation with Chinese leaders.

“What I certainly did not want to do was completely break the relationship we had worked so hard to build since 1972,” when Nixon opened relations with China, Mr. Bush wrote in his memoirs. “We had to remain involved, engaged with the Chinese government, if we were to have any influence or leverage to work for restraint and cooperation. While angry rhetoric might be temporarily satisfying to some, I believed it would deeply hurt our efforts in the long term.”

In Latin America, Mr. Bush ended U.S. support for the contra guerrillas in Nicaragua. In exchange for economic aid, the leftist Sandinista government agreed to free elections. A year later, the Sandinistas were voted out of power.

Reagan’s preoccupation with communism in Central America had been a major factor in the Iran-contra scandal. As Mr. Bush left office, he issued pardons for Caspar W. Weinberger, Reagan’s secretary of defense, and five other officials who had faced charges for their Iran-contra roles.

Invading Panama

Although he had an affinity for diplomacy, Mr. Bush’s legacy will also be defined by his decisions to go to war.

In Panama, Noriega had once been a valued anti-communist asset of the United States, and for several years he was on the CIA payroll. As his power grew, he enriched himself at the expense of the Panamanian public, and he became a kingpin in the drug trade. In 1988, he was indicted on drug charges by a U.S. grand jury.

On May 7, 1989, Noriega overturned an election in which his slate was defeated. Three days later, the opposition staged a protest.

The Bush administration moved to protect the Panama Canal and U.S. civilian and military personnel living in the canal zone. In October, a Panamanian major staged an anti-Noriega coup. It was immediately suppressed. Tensions between the United States and Panama escalated, as U.S. forces in the canal zone were beefed up.

On Dec. 16, 1989, one day after Panama passed a resolution saying a state of war existed between the two countries, a U.S. Marine officer was killed by Panama Defense Force troops as he and three other officers drove away from a PDF roadblock. A Navy officer and his wife who witnessed the incident were taken into custody, interrogated and threatened with death before being released.

On Dec. 17, 1989, Mr. Bush ordered U.S. forces to invade. The action began Dec. 20 with air attacks and a spectacular nighttime parachute assault.

The fighting was over in a matter of hours. On Christmas Eve, Noriega took refuge in the residence of the papal nuncio, where he remained for 10 days, during which time U.S. forces surrounded the Vatican Embassy and blasted it with ultra-loud rock music. Noriega surrendered Jan. 3, 1990. He was flown to Miami, tried and convicted of an array of drug offenses.

Desert Storm

Mr. Bush met his greatest international challenge in the Persian Gulf, where U.S. policy was driven by an insatiable need for oil. In 1990, about a quarter of U.S. oil imports came from the gulf states. A quarter of that total came from Iraq.

With stability in the region a paramount concern, Iran was regarded as the primary threat to U.S. interests after the revolution that overthrew the shah and brought the Ayatollah Khomeini to power in the late 1970s. The United States turned to Iraq as a counterweight to Tehran and supported it throughout an eight-year war with Iran.

The Bush administration continued the pro-Iraqi policy, and in 1989 the United States provided $500 million in agricultural credits to the Baghdad regime, with plans for more. The aid continued despite increasingly hostile statements directed toward Israel by Saddam Hussein, the Iraqi dictator.

Hussein had long coveted Kuwait, Iraq’s tiny neighbor to the south, which held 10 percent of the world’s known oil reserves. In the summer of 1990, Hussein massed troops on the Kuwaiti border, and in August he invaded.

The United States was caught by surprise, but the response of the Bush administration was quick. Comparing Hussein to Hitler, the president vowed that the invasion would not stand. Working the telephones and relying on his personal contacts, he organized the 30-nation Desert Shield coalition.

He obtained a mandate from the United Nations and another from a divided Congress that was haunted by the role it had played in getting the United States into Vietnam. The resolution supporting the war passed the Senate by five votes, with all but 10 Democrats voting against it. Israel was persuaded to stay on the sidelines for fear of offending the Arabs.

Gen. Norman Schwarzkopf and President Bush watch the national victory parade in Washington on June 8, 1991. Schwarzkopf led his troops in the parade, then joined Bush in the reviewing stand. (Ron Edmonds/Associated Press)
On Jan. 17, 1991, U.S. and allied planes struck Iraqi targets, and Desert Shield became Desert Storm.

The ground war commenced Feb. 24, and Iraqi forces were quickly routed. Mr. Bush ordered a cease-fire 100 hours after the fighting began. He had the support of Cheney, the defense secretary; Gen. H. Norman Schwarzkopf, the allied commander; and Powell, the chairman of the Joint Chiefs.

Iraq agreed not to develop nuclear, chemical and biological weapons, and U.N. inspectors were to monitor compliance. Schwarzkopf let the Iraqis keep their armed helicopters.

In the eyes of the American public and its military, the seemingly effortless victory marked the turning of a page from the national mortification endured in Vietnam.

But Hussein remained in power. He still had at his disposal the formidable Republican Guard, which had not been involved in the fighting. When Shiite Muslims in southern Iraq and Kurds in the north revolted, the guard used the helicopters to crush them.

The fighting had scarcely ended when Mr. Bush came under criticism for not pushing on to Baghdad and deposing Hussein. It was also said that he had urged the Iraqis to revolt and then abandoned the Shiites and the Kurds to a brutal fate.

The president’s answer was that the U.N. mandate called for expelling Iraq from Kuwait, not for invading Iraq or eliminating Hussein.

“Trying to eliminate Saddam, extending the ground war into an occupation of Iraq,” Mr. Bush wrote in his memoirs, “would have violated our guideline about not changing objectives in midstream, engaging in ‘mission creep,’ and would have incurred incalculable human and political costs.”

Ultimately, it was Mr. Bush’s son who achieved Hussein’s removal from power, with a war that he launched in 2003, on what turned out to be inaccurate information that the Iraqi dictator had weapons of mass destruction.

The second Iraq conflict was part of what the younger Bush called the “war on terror,” launched in the wake of attacks on New York and the Pentagon on Sept. 11, 2001. It led to prolonged military engagements in both Iraq and Afghanistan. Foreign policy experts say the effort had the unintended consequence of further destabilizing the Muslim world, leading to the growth of new terrorist movements.

Mr. Bush bristled at the often-made suggestion that one of his son’s motivations was taking care of the family’s unfinished business. The elder Mr. Bush told Time magazine in 2003 that whether to go to war is a lonely call for any commander in chief: “It is the toughest decision a president has to make, to send the sons and daughters of Americans into harm’s way.”

The Gulf War was not the end of Mr. Bush’s foreign policy legacy. He subsequently sponsored talks in Madrid between Israel and the Palestine Liberation Organization that formed the basis of a decade-long effort to forge peace in the Middle East. In his last days in office, he ordered U.S. troops to Somalia, an African country in political chaos, to deal with devastating famine.

‘No new taxes’

As the 1992 presidential election approached, the attention of the American public was turning homeward, and Mr. Bush’s political standing came crashing to earth. Eighteen months after his triumph in Iraq, his approval rating plummeted, and only 16 percent of those polled thought that the country was headed in the right direction.

Mr. Bush had promised a “kinder, gentler” America. He signed into law the Americans With Disabilities Act, a broad civil rights measure that prohibited discrimination in employment, public services and public accommodations on the basis of physical or mental disability. Among his other accomplishments were far-reaching amendments to the Clean Air Act that had been stalled in Congress for years.

But he also was confronted with threats on the economic front, one of which was a menacing budget deficit, which grew from the Reagan years and clouded every aspect of the Bush presidency, domestic and foreign. The president acknowledged as much in his inaugural address when he told the nation, “We have more will than wallet.”

Another major economic problem inherited from the Reagan era was a savings-and-loan industry crisis, which threatened the stability of the banking system. (It was also a source of embarrassment to the president because of his son Neil’s connection to a Denver S&L that failed.) Mr. Bush quickly organized a rescue package.

The deficit proved a greater challenge. Holding the line on taxes was a basic tenet of the conservative wing of the Republican Party, and Mr. Bush made it the centerpiece of his 1988 campaign. Although he feared that it might tie his hands as president, he made a pledge to cheering delegates at the GOP nominating convention:

“The Congress will push me to raise taxes, and I’ll say no, and they’ll push, and I’ll say no, and they’ll push again. All I can say to them is: Read my lips. No new taxes.”

But the nation’s accounts continued to hemorrhage red ink, and Mr. Bush decided he had to act. In 1990, he made a budget deal with the Democratic-controlled Congress, which raised taxes.

When he ran for reelection in 1992, Mr. Bush said the 1990 budget had been “a mistake,” but the damage was done. Conservatives never forgave him.

Meanwhile, as recession ravaged the economy, the president’s efforts to connect with the struggles of average Americans came off as hollow and sometimes laughable. During the Christmas season of 1991, his White House staged an infamous photo op of the president buying four pairs of socks at J.C. Penney and exhorting Americans to shop their way out of bad times. At one point, he told a town hall meeting in hard-hit New Hampshire: “Message: I care.”

In November 1992, Mr. Bush was defeated by a relative newcomer to the national scene, then-Gov. Bill Clinton of Arkansas, whose campaign took as its major theme, “It’s the economy, stupid.”

In a three-way race that included independent candidate H. Ross Perot, Clinton received 43 percent of the vote, to Mr. Bush’s 38 percent and Perot’s 19 percent.

Eight years after Mr. Bush moved out of the White House, however, he and Clinton were on a platform together at a presidential inauguration at the U.S. Capitol — this time at the swearing-in of Mr. Bush’s eldest son, George Walker Bush, as Clinton’s successor.

Only once before had the offspring of a president been so elevated, when John Quincy Adams, the son of John Adams, took office in 1825.

The inauguration of the younger Bush was a triumphant and moving occasion for members of one of the nation’s most prominent political families. Mr. Bush’s second son, Jeb Bush, served as governor of Florida from 1999 to 2007.

Jeb Bush was considered an early front-runner for the 2016 Republican presidential nomination. He lost to New York billionaire Donald Trump, who then defeated another dynastic candidate, Democratic nominee and former first lady Hillary Clinton, to be elected the nation’s 45th president. The elder Bush did not publicly support Trump and was reported to have voted for Clinton. A spokesman declined to confirm those reports, saying that Mr. Bush’s ballot was a private matter.

His private side

In 1988, Mr. Bush gave a list of the qualities he most cherished to Peggy Noonan, who wrote his speech accepting that year’s Republican presidential nomination. They were: “family, kids, grandkids, love, decency, honor, pride, tolerance, hope, kindness, loyalty, freedom, caring, heart, faith, service to country, fair (fair play), strength, healing, excellence.”

Mr. Bush viewed his family as part of his legacy. He was intensely proud of the sons who followed him into public service.

One of his greatest assets was his earthy and blunt first lady. Barbara Bush’s openness and wit made good copy for the media. Answering a question about her matronly appearance, she said, “My mail tells me a lot of fat, white-haired, wrinkled ladies are tickled pink.”

Mr. Bush enjoyed the perquisites of the presidency: Marine helicopters and Air Force One, Camp David, the Oval Office with its view of the Rose Garden in summer and blazing logs in the fireplace in winter.

He was also a hunter, fisherman and dedicated jogger, who was known to run between holes on the golf course for extra exercise. He loved barbecue, horseshoes and country music. He told reporters that he had never liked broccoli and that because he was president, he did not have to eat it.

Colleagues often commented on his charm and natural decorum. A friend remarked that as vice president, he had conducted himself with a “deferential Episcopalian tilt.”

He possessed a legendary Rolodex and called aides and colleagues at all hours of the day and night. He wrote thousands of notes to world leaders, friends, reporters and ordinary citizens.

The Bushes had six children. In addition to George W. Bush and Jeb Bush, their offspring included Neil Bush, Marvin Bush and Dorothy Bush Koch.

A daughter, Pauline Robinson “Robin” Bush, died of leukemia in 1953, two months before her 4th birthday. Her parents considered her death the greatest sorrow they ever experienced.

“There was about her a certain softness,” Mr. Bush wrote to his mother. “Her peace made me feel strong, and so very important. . . . But she is still with us. We need her and yet we have her. We can’t touch her, and yet we can feel her.”

In the years after the White House, Mr. Bush wrote his memoirs and divided his time between Houston and the family compound in Kennebunkport, Maine, where he was a vestryman of St. Ann’s Episcopal Church. He chose College Station, the home of Texas A&M University, as the site of the George Bush Presidential Library and Museum.

After the earthquake and tsunami that devastated African and Asian nations in 2005, Mr. Bush collaborated with Bill Clinton, his former adversary, to lead private relief efforts that raised nearly $2 billion in the United States.

So close did the unlikely friendship of the 41st and 42nd presidents become, that the 43rd joked: “My mother calls him my fourth brother.”

In 1997, Mr. Bush made a parachute jump for the first time since bailing out over the Pacific. He did it again in 2000 to mark his 75th birthday — and still again for his 80th, 85th and 90th ones.

“Old guys can do neat things,” he said.

9 sentenced to death for heroin trafficking in Vietnam

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A court in northern Vietnam has sentenced nine people including three women to death after finding them guilty of heroin trading and possession.

Three others were given life sentences while the court in Ha Nam province, 60 kilometers (38 miles) south of Hanoi, handed down jail terms between 12 to 20 years to nine others on the same charges at the end of the five-day trial Friday.

The official Vietnam News Agency says they were convicted of trading and possessing nearly 19 kilograms (42 pounds) of heroin between June 2016 and March 2017.

Vietnam has one of toughest drug laws in the world where trafficking 100 grams of heroin or 600 grams of opium is punishable by death.

Vietjet plane loses wheels on landing in Central Highlands

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Six passengers were hospitalized Thursday after the nose wheels of a Vietjet plane flew off while landing.

Passengers were forced to escape via emergency doors after a flight from Ho Chi Minh City made a rough landing at the Buon Ma Thuot Airport in the Central Highlands.

The plane wobbled and made a loud noise as it landed, the Civil Aviation Authority of Vietnam (CAAV) confirmed with local media Friday morning.

The cabin crew carried out emergency procedures, with 207 passengers on board forced to leave all baggage behind and escape the plane through emergency doors.

Six of the passengers who suffered injuries were rushed to a local hospital for treatment, the CAAV said. Four of them have since been discharged and others are in stable condition.

A Vietjet Air representative said the aircraft’s nose wheels went missing upon landing, but it managed to come to a complete halt safely on the runway.

On Friday morning, one nose wheel has been found, 100 meters (330 feet) from the runway.

The budget air carrier is actively working with relevant agencies to deal with the issue, the representative said.

An unnamed passenger told VnExpress the plane had lost balance when it was about to touch down.

“I heard a loud noise and the plane suddenly stopped,” the 48-year-old man said.

Five minutes later, the flight attendants urged all passengers on board to leave the plane through emergency exits.

“It was extremely chaotic with lots of screams. People were scared and they jostled each other to escape as soon as possible. I could not manage to put on my shoes,” he said.

It took everyone three minutes to leave the aircraft, he said, adding that he saw a long scratch caused by the plane’s steering rod on the runway.

Media reports said Vietjet received the aircraft from Airbus two weeks ago.

Airport authorities have launched an urgent investigation into the accident.

Following the accident, the Buon Ma Thuot Airport was temporarily closed for eight hours and is scheduled to resume operations from noon on Friday.

Several flights to Buon Ma Thuot, around 200 kilometers (124 miles) north of resort town Da Lat, were canceled, airport officials said.

Vietnam’s aviation industry has experienced rapid growth in recent years. The country served more than 53 million air passengers in the first half of this year, up 14 percent from a year ago.

Doan Loan report on Vnexpress

Saigon becomes a top expat destination

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Affordable housing and cheap cost of living have made Saigon a top 10 destination of choice for expats.
Ho Chi Minh City has claimed fourth position on the 2018 Expat City Ranking by InterNations, the world’s largest network for people who live and work abroad.

Affordability of housing and low cost of living are major draws that pushed Saigon ahead of other Asian metropolises like Tokyo (38th), Seoul (41st), Shanghai (45th) and Hong Kong (49th).

In compiling the rankings, InterNations invited more than 18,000 expats from 187 countries and territories to share their opinions on the city they were currently living in, in terms of their satisfaction with quality of urban living, getting settled, urban work life, finances, housing.

Most expats in Vietnam felt satisfied with the lower cost of living in Ho Chi Minh City that helped them to balance the books and ease the financial burden of living overseas.

Of the expats questioned, 77 percent said they found it easy to find low-cost housing in Saigon, well above the global average of 37 percent.

More than four in five expats, or 82 percent, also said they have enjoyed the best cost of living.

Taipei has been named as the best choice to live for expats in the global ranking, followed by Singapore and Panama.

The rest of the top 10 comprise Bangkok, Kuala Lumpur, Aachen, Prague, Madrid, and Muscat.

New York came in 46th. The worst cities for expats, languishing at the bottom of the rankings, were Stockholm, London, Paris, Dublin, Stuttgart, Johannesburg and Milan, the survey found.

Around 82,000 foreigners live and work in Vietnam. Recent surveys have shown that the country is a good place for foreigners to settle.

A recent survey done by Go Overseas, a U.S.-based listing and reviews site for programs abroad, revealed that Vietnam was among the world’s nine countries paying the highest salaries for ESL (English as a Second Language) teachers.

With data updated until May this year, the survey found that a foreign English teacher can earn from VND22.7 million to VND45.5 million ($1,000 to $2,000) a month in Vietnam.

The InterNations’ 2018 Expat Insider survey, published in March this year, ranked Vietnam among the 10 friendliest places on earth for expats.

An annual HSBC survey published last month ranked Vietnam 16th in the world for expat earnings at an annual average of $90,408, which is around 40 times higher than the per capita income of Vietnam at $2,385 last year.

Source: Vnexpress

November 30: VN-Index down as HNX-Index up

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Trade marked by unpredictability throughout day.

Morning trading on November 30 was quite dramatic. After the VN-Index fell more than five points in the middle of the morning, the market then gradually recovered.

Increases in large caps such as VRE, PNJ, VPB, PLX, VNM, VCB, BHN, BVH, and MBB were the main factors behind the recovery. MBB was the most notable, increasing VND600 ($0.02) to VND21,500 ($0.92) on more than 13 million units.

The afternoon session was also unpredictable. After falling sharply in the first half, the market suddenly rebounded after 2pm thanks to bluechips such as BVH, GAS, and PLX.

The VN-Index, however, closed down, by 0.25 point (0.03 per cent) to 926.54 points, while the HNX-Index rose slightly. Market liquidity improved significantly, with a matching order value of VND3.5 trillion ($150.1 million).

BVH hits its ceiling price in rising to VND101,600 ($33.45), but by the end of the session had cooled to VND95,800 ($4.1), but it nonetheless gave support to the VN-Index.

Bluechips such as HPG, MSN, VJC, VHM, MWG, and VRE fell sharply, putting the market under pressure.

Vinamilk’s VNM and GTNfoods continued to increase. Unofficial information on dairy exports to China from next year drove investors’ expectations over the future of the dairy industry.

Foreigners were net buyers overall by VND20 billion ($857,810) today. On HSX, they net sold by over VND13 billion ($557.5 million), most from net selling the iShare MSCI ETF capital.

My Van report on Vneconomictimes

Vietnam jailed two former police generals for role in gambling ring

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A court in northern Vietnam on Friday Vietnam jails 2 ex-police generals for protecting a multimillion-dollar online gambling ring as the Communist government steps up its crackdown on graft.

Former national police chief Phan Van Vinh and former head of hi-tech crimes police department Nguyen Thanh Hoa were sentenced to nine and 10 years respectively after being convicted of abuse of power at the end of the three-week trial by the People’s Court in Phu Tho province.

Two gambling ring leaders, Nguyen Van Duong, former chairman of the private company CNC, and Phan San Nam, former chairman of VTC Online joint stock company, were sentenced to 10 and five years respectively for organizing gambling and money laundering.

The ring had operated from April 2015 until it was broken up in August last year with some $425 million having been gambled online. The ring made $200 million in illegal profits, according to the government.

They were among 92 defendants involved in the case.

“Vinh’s acts have caused discontent among the public, reduced the reputation of the police force and people’s trust,” state-run Tuoi Tre newspaper quoted the verdict as saying. “Vinh had intentionally covered up the crimes committed by Duong and his accomplices.”

Vinh, who was general director of the General Department of Police under the Ministry of Public Security until his retirement two years ago, was arrested in July while Hoa was arrested a month earlier. Following their arrests, the ministry stripped both men of their ranks.

The two allowed CNC company to rent an office from the General Department of Police, which indirectly facilitated the crimes and hindered their staff and other agencies in investigating the gambling ring, the verdict said.

During the hearing, prosecutors quoted Duong as telling police investigators that he bribed Vinh with $2.8 million, a $7,000 Rolex watch and gave Hoa $936,000, state media reported.

The verdict, however, said there has been no evidence to prove the two former police generals were involved in bribery.

The foreign media were not allowed to cover the trial.

Vietnam’s unprecedented crackdown on graft had previously focused on corruption at the state energy giant PetroVietnam and the banking sector but appears to be spreading to the police force.

Scores of PetroVietnam senior officials and bankers have been brought to trial, the most high-ranking of them being Dinh La Thang, a former Politburo member who was sentenced to a total of 31 years in prison for mismanagement in two separate cases earlier this year dating to his time leading PetroVietnam.

He was the first Politburo member to be jailed in decades.

HAX – Gross Profit Margin of the Automobile Business May Peak in 2018

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By Vy Nguyen, VDSC, Email: vy.ntk@vdsc.com.vn

In 9M 2018, HAX experienced a growth of 9% YoY in NPAT as gross profit margin (GPM) in the automobile business segment which improved significantly. We believe that GPM of this activity will remain good in 4Q 2018, resulting in an expectation of strong performance in the last quarter of this year.

4Q 2018 GPM of the automobile business may remain as high as that of the two recent quarters.

GPM of HAX’s core business has benefited from difficulties in the automobile market since 2Q 2018. Although CBU cars could not enter the Vietnamese market from January 2018 due to Decree 116, the lack of automobile supply has just started to become evident since 2Q 2018. In 1Q 2018, HAX had a large number of inventories, which were cars from 2017. Hence, HAX offered a discount to clear its old inventories. However, since 2Q 2018, as other automobile brands, supply of Mercedes – Benz brand could not meet pent-up demand. In 2Q and 3Q 2018, the firm therefore did not have to give customers a discount to boost sales as they did in 1Q 2018, leading to an uptick in GPM. Given this, GPM of this segment increased from 2.2% and 4.7% in 2Q and 3Q 2017 to 6.0% and 5.6% in 2Q and 3Q 2018, respectively.

In the last quarter of 2018, the shortage of automobiles may remain supportive of GPM, HAX’s core business. Currently, Mercedes – Benz Vietnam has not had enough CBU and CKD vehicles to meet the high domestic demand. In terms of CBU cars, long inspection time has forced the firm to delay deliveries to customers. According to Decree 116, once vehicles arrive in Vietnam, a sample is selected from every batch of imports to run tests for emission, quality and technical safety. The inspection is repeated shipment after shipment even if it is the same car model. Therefore, after arrival at the port, it takes around two to three months for delivering vehicles to customers. Regarding CKD automobiles, change in VIN convention of GLC car line, which is the key car line of Mercedes – Benz Vietnam (MBV), has made MBV postpone registry for those cars in recent months. Hence, delivery of these cars has been delayed. To sum up, as Mercedes – Benz cars demand exceeds supply, we expect that selling price will remain favorable for HAX in 4Q 2018. We forecast that GPM of the automobile business in 4Q 2018 will remain high, at around 5.6%. As a result, the figure in 2018 is expected to reach the peak of 4.9% seen over the last few years.

Figure 1: Gross profit margin of the automobile business per quarter

Source: HAX, RongViet Securities

 

Incentives could be significant in 4Q 2018.

Due to the lack of automobile supply, MBV decided to decrease sales KPIs for its dealers. We estimate that MBV would cut down by 20% the sales targets of its dealers. Therefore, adding forecasted sales volume of 625 cars in 4Q 2018 to sales volume of 1,645 cars in the first three quarters of 2018, we believe that HAX can achieve MBV’s 2018 sales KPIs. However, in 2018, MBV has faced challenges in importing CBU cars and change in VIN convention of the key car line (GLC). We expect that the amount of incentives may decrease by 20% YoY to VND 87 billion. However, excluding incentives in the first three quarters of this year, the figure in 4Q 2018 may still increase by 10% YoY to 28 billion.

We believe that the 4Q 2018 performance will remain strong.

Although in 4Q 2018, supply of Mercedes – Benz cannot meet the high demand, we still believe a growth of 9% YoY in sales volume in the quarter is possible. Therefore, revenue in 4Q 2018 may reach VND 1,250 billion (+16% YoY). We expect that NPAT could witness a significant growth of 73% YoY to VND 45 billion in the fourth quarter thanks to improved profit margin of the core business and the high amount of incentives. Therefore, although earnings of HAX in the first three quarters were not so impressive, we still expect 2018 NPAT to reach VND 108 billion (+29% YoY), corresponding to an EPS of 3,085 VND/share.

At current market price, HAX is trading at a P/E ratio of 5.2x, which we consider quite attractive given the bright outlook in 4Q 2018 and 2019. In the short – term, we believe that the estimated strong performance in 4Q2018 could be a catalyst to support the stock price. Furthermore, we also expect a slight improvement in 2019 results thanks to anticipated growth in the automobile market next year. We have an accumulate recommendation on the stock.

Company Formation in Vietnam

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Despite a decreasing global trend, the amount of foreign direct investment (FDI) in Vietnam grew by 92.2 percent, surpassing 15 billion dollars in the first 10 months of 2018.

The Ministry of Planning and Investment (MPI) indicated on Monday that during this period, 2,458 new projects were authorized under this regime, and of the already existing ones, 954 increased their capital or bought shares for 6.543 billion dollars, a year-on-year growth of 35.8 percent

If you need any support to start your business in Vietnam, working with Global Business Service Company in Vietnam (GBS) will be a good choice.

With GBS’s comprehensive legal understanding of the international business environment in Vietnam, GBS can supply clients with fundamentally beneficial legal advice in areas of foreign investments. Whether it is:

  • Setting up a 100% foreign invested or joint venture enterprise, joint stock company
  • Registration and de-registration of branches, businesses and representative offices
  • Finding partnerships, settling negotiations
  • Review and drafting of legal documents…

Hereunder some key terms and conditions for our Company Incorporation Services:

Pre-licensing services:

(i). Consulting:

  • Attending various meetings with client to explain and confirm the main principles for setting up the Company;
  • Preparing a list of legal documents required for the appraisal of the Company. Based on the information provided by client, GBS will review and incorporate these documents into the application file;

(ii). Drafting documents:

  • Drafting the application form for the Investment Certificate;
  • Drafting the Charter of the Company;
  • Drafting an outline of the Feasibility Study for the establishment of the Company based on the client’s business intention which shall include descriptions of the activities and operational scope of the Company, the invested capital, the scale of services, and the efficiency of the Company.

Incorporating:

Reviewing and assembling all required documents to be included in the application file for the Investment Certificate;
Representing client to submit the application files for the Investment Certificate; and
Acting as client’s attorney to follow up with the competent authorities regarding the establishment of the company and obtaining the Investment Certificate.

Post-licensing services:

Upon the issuance of Investment Certificate of the Company, GBS shall assist the newly established Company in complying with post licensing requirements:

  • Registering and obtaining the Company’s seal;
  • Preparing necessary dossiers and representing the Company to submit the application for the Company’s Tax Code and Customs Code with the competent tax authorities.

Additional services:

Together with the legal services as aforementioned, GBS would be happy to assist client various legal issues related to business, including:

  • Advisory services on opening bank account;
  • Personal income tax registration, declaration and finalization for expatriate and local employees;
  • Advisory services on employee recruiting and labor issues; Drafting and registering statutory labor collective agreement and internal labor regulations.

Given the experience in working with various international and local companies, the GBSs  assistance to client’s business in Vietnam would be of great assistance to the establishment of the Company.

Contact:

Global Business Services (GBS) Company

  • iMessage | SMS | Whatsapp | Viber | Call: +84903189033
  • Email: info@gbs.com.vn | website: https://gbs.com.vn

Vietnam Seed Industry Outlook to 2018 – Rice Seed and Hybridization to Drive Future Growth

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Future Growth of Seed Market in Vietnam is Expected to be Led by Rice Seed and Surging Hybridization Rate: Ken Research

  • Vietnam Seed Market is expected to reach USD 442 Million by 2018.
  • The market leaders in rice seed market, NSC and SSC are expected to maintain focus on research and development of high quality and high yielding hybrid rice seeds to compete with other players in the seed industry.

Ken Research announced its latest publication on “Vietnam Seed Industry Outlook to 2018 – Rice Seed and Hybridization to Drive Future Growth” which provides a comprehensive analysis of the seed market in Vietnam. The report covers various aspects such as market size of seeds by sales value and production volume, market segmentation on the basis of hybrid and non hybrid seeds, by types of seeds (rice, corn, inbred and Vegetables, Cotton, Soybean seeds) and by formal and informal types of market structures. The report is useful for seed producers, wholesalers, distributors of seeds and new players venturing in the market.

The seed market in Vietnam has witnessed a growth in the recent years on account of rising demand for seeds especially rice and corn in domestic and international seed markets, fueled by growing participation of foreign players in the Vietnam seed market. The market revenue has grown at a CAGR of 1.7% from 2008-2013. The surge in growth is majorly originated from growth in rice seed production in the country. NSC and SSC are the major players in the rice seed market whereas Syngenta, Bioseed and other foreign players which dominate the corn seed market in the country. According to the research report, the Vietnam seed market will grow at a CAGR of 2.5% from 2013-2018 and will reach USD 442 million by 2018.

“While increasing domestic and international demand for rice and corn seeds will result in increased production of these seeds in Vietnam, rising competition due to increasing foreign players in the seed industry in the country would be one of the major challenges which will affect the growth of this industry in the future”, according to the Research Analyst, Ken Research.

Key Topics Covered in the Report:

Vietnam Seed Industry
– Market Size by seeds sales value and production volume
– Market Segmentation by
o Hybrid and Non Hybrid Seeds
o Types of Seeds (Rice, Corn and Others)
o Formal and Informal Market Structure
– Trends and Development
– SWOT Analysis
– Competition and Market Share
– Future Outlook and projections
– Macro Economic Parameters

Key Products Mentioned in the Report:
Rice Seeds
Corn Seeds
Hybrid Rice Seeds
Hybrid Corn Seeds
Other Seeds (Vegetables, Cotton, Soybean and Others)

Companies Covered in the Report:
VINASEED
Southern Seed joint Stock Company
Syngenta
Bioseed
Monsanto

To Know More Click On Link Below:
https://www.kenresearch.com/agriculture-and-animal-care/seed/vietnam-seed-market-research-report/553-104.html

Related Reports By Ken Research:-
https://www.kenresearch.com/agriculture-and-animal-care/seed/india-seed-industry-research-report/372-104.html
https://www.kenresearch.com/agriculture-and-animal-care/seed/global-seed-research-report/277-104.html
https://www.kenresearch.com/agriculture-and-animal-care/seed/asia-pacific-seed-research-report/276-104.html

Contact:

Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com | +91-9015378249

Vietnam enter top 100, Thailand gain three spots of FIFA World Rankings

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The latest edition of the FIFA World Rankings has been updated, and it makes for some interesting viewing. The list, which is regularly updated to ensure that the recent performances of International football-playing nations are considered, has yet again thrown up some surprises. What is noteworthy however, is where the top Southeast Asian countries rank on this list.

From what we can see, it is the AFF Suzuki Cup 2018 semifinalists Vietnam (100) who are currently the highest-ranked team from the region as per the FIFA Rankings. The Golden Dragons have had a terrific run leading up to the AFF Suzuki Cup, and have performed admirably so far in the tournament as well. Fox Sport Asia reports.

Philippines, who will face Vietnam in the semifinal, are place at 114 while another semifinalist Thailand are ranked 118. Myanmar are 139, Indonesia are 160, Singapore are 165 and Malaysia are 167 in the rankings table.

Keisuke Honda’s Cambodia is further behind at 172 with Laos occupying the 184 position. It is hard to ignore the strides made by Southeast Asian football in recent times, but owing to the recent glory that has been enjoyed, the teams would have liked to be slightly further up the field.

The top 10 teams in the ASEAN region is as follows:

100. Vietnam

114. Philippines

118. Thailand

139. Myanmar

160. Indonesia

165. Singapore

167 Malaysia

172. Cambodia

184. Laos

196. Brunei

197. Timor-Leste

The top 15 in the Asian rankings looks like this:

29. Iran

41. Australia

50. Japan

53. Korea Republic

69. Saudi Arabia

74. Syria

76. China PR

79. UAE

81. Lebanon

83. Oman

88. Iraq

91. Kyrgyz Republic

93. Qatar

95. Uzbekistan

97. India

At the very top of the rankings, the usual suspects rule the roost. Belgium are ranked first, followed by World Cup winners France and Brazil round off the podium spots on the rankings as we speak.

Read full article on FoxSportAsia

A shooting instructor in Saigon has been arrested

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Police in Lam Dong, the Central Highlands province has confirmed that they had apprehended Do Danh Hien, 33, a shooting coach from Saigon.

Hien was previously a professional shooter on the national team.

He is also a teacher at a Middle School and a shooting instructor at a sports center in Saigon.

According to Tuoi Tre, a local media report, Hien introduced a group of buyers from Lam Dong Provice to an arms dealer at a hotel in Saigon on November 22.

The group purchased a Glock 19 pistol, and Hien later received VND20 million ($864) for brokering the deal.

On November 23, police identified the buyers and conducted an administrative inspection upon their return to Lam Dong.

Officers found the handgun in the suspects’ luggage, along with 55 bullets, two cans of pepper spray, a folding knife, and a dagger.

The Institute of Criminal Sciences under the Ministry of Public Security examined the gun and classified it as a military weapon.

The suspects were later identified as Pham Van Tai, 36, Ho The Quyen, 27, and Nguyen Minh Tuan, 23.

According to their statements, they wanted to buy a gun and contacted a man Saigon, the man asked Hien, the shooting instructor, to find a dealer.

Police officers have expanded their investigation to identify the original origin of the weapon.

Vietnam bans civilians from storing, using or trading guns and ammunition in any form.

 

Read full article on Tuoi Tre

Tran Bac Ha, former chairman of Vietnam’s BIDV has been arrested

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The Ex-Chairman of Vietnam’s BIDV, the second largest listed bank has been arrested for alleged violations of banking regulations, the Southeast Asian country’s public security ministry said on Thursday.

Tran Bac Ha, former head of the state-owned Joint Stock Commercial Bank for Investment and Development of Vietnam, or BIDV, was accused of “violating regulations on banking operations”, the Ministry of Public Security said on its website.

According to local media reports, Vietnam’s police have arrested two other former senior executives at the bank and placed another under house arrest for alleged involvement in the case, the ministry said without elaborating.

Ha, who retired from his position at the bank in 2016, was not reachable by phone.

BIDV said in a statement shortly after the announcement of Ha’s arrest that it had been reporting violations by the four executives to Vietnamese authorities.

“BIDV affirms that its entire operations are not negatively affected by the above information,” the bank said.

Vietnam’s central bank said in a statement the violations happened “several years ago”.

“All BIDV operations are normal with stable liquidity and all benefits of customers and depositors are ensured,” the State Bank of Vietnam said.

The arrests come amid a widening crackdown on corruption in Vietnam, which has seen the Communist-ruled government launch investigations into hundreds of public officials, and several executives at state-owned enterprises jailed.

BIDV, 95.28 percent owned by the central bank is Vietnam’s second-largest listed bank by market value after Vietcombank.

Last month, BIDV said it wanted to issue new shares to KEB Hana Bank, a unit of Hana Financial <086790.KS>, which would give the South Korean bank a 15 percent stake.

In June, the Communist Party of Vietnam said Ha and two other executives at the bank had committed violations in lending 4.7 trillion dong ($201 million) to 12 companies involved in a corruption case at Vietnam Construction Bank.

Vietnam has opened 427 corruption cases this year to investigate 889 officials, its chief government inspector said this month.

 

Reporting by Khanh Vu and Mai Nguyen; Editing by James Pearson and Nick Macfie on Reuters

Vietnam has expressed concerns over interest rates charged by China for its loans

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Vietnam, a neighbor of China has expressed concerns over interest rates charged by China for its loans.

Interest rates from Chinese official development assistance (ODA) loans are nearly double those of other countries, coupled with less attractive loan terms. Vietnam’s Ministry of Planning and Investment (MPI) has expressed concern over ODA loans from China, according to reports in local media.

According to a report by By Dipanjan Roy Chaudhury on India Times, Chinese ODA loans carry interest rates of 3% per year, higher than that of Japan (0.4 – 1.2%), South Korea (0 – 2%), or India (1.75%).

According to the ministry, preferential credit loans from China are similar to export credit, which are conditional loans, referring to the recipient country needing to adhere to a number of project-related demands regarding the use of Chinese contractors, among others, coupled with less attractive loan terms compared to other donors.

This would some point make the actual loan amount much higher than cases with competitive biddings.

Moreover, Chinese loans are subject to 0.5% of commitment fee and 0.5% of administrative fee, while loan’s duration and grace period are shorter than those of other donors, standing at 15 years and 5 years, respectively.

All Chinese preferential loans are provided through the Export-Import Bank of China (Exim Bank).

“Chinese preferential loans are only suitable for projects with direct source of income and repayment capacity,” the MPI stated.

Moreover, some projects using Chinese ODA, contractors and equipment are experiencing delay, low quality and increasing investment capital. The most notorious case is the Cat Linh-Ha Dong skytrain project in Hanoi, which has four times extended the initial deadline and incurred a cost overrun of US$316 million to US$868 million.

Notably, one third of the 12 large-scale loss-making projects of the Ministry of Industry and Trade are financed by Chinese ODA loans, including Ninh Binh fertilizer plant, Ha Bac fertilizer plants, and Chemical, and Thai Nguyen Iron and Steel plant- phase 2.

VIB became the first Vietnam’s private commercial bank formally apply Basel II

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Vietnam International Bank (Upcom: VIB) has received approval from the State Bank of Vietnam (SBV) to apply capital adequacy ratio following Basel II standards.

This approval followed SBV’s Circular No 41/2016/TT-NHNN on regulating capital adequacy ratio for banks, branches of foreign banks, effective from January 1, 2019.

“Meeting strict Basel II standards, VIB is capable of operating safely in accordance with advanced general rules of developed countries around the world to prevent credit, market and operation risks,” said Mr. Han Ngoc Vu, CEO of the bank.

Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision.

Basel II comprises minimum capital requirements, supervisory review and market discipline. It aims to enhance competition and transparency in the banking system and make banks more resistant to market changes.

Three years ago, SBV selected the first 10 commercial banks to pilot Basel II standards. To date, the only private bank is VIB and Vietcombank – a state-owned one are the two banks among 10 to join the pilot scheme successfully.

“The successful implementation of Basel II helped VIB develop business strategies and better form customer, products, risk management and price policy to optimize capital and risk assets,” Vu added.

Previously, in July 2018, VIB became the fifth bank in Vietnam’s banking system to completely purchase all bad debts sold to Vietnam Asset Management Company (VAMC) to bring its real balance sheet back to “one number” – an important step to implement Basel II.

Vietnam to open up casino gambling to locals

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Vingroup to handle pilot project slated for launch next year on Phu Quoc Island

Vietnamese citizens will be permitted to gamble in a casino on Phu Quoc Island in a three-year pilot program expected to start next year, following approval by the central government, according to authorities in Phu Quoc, a popular tourist destination in the southern province of Kien Giang.

According to a report on Nikkei, the approval paves the way for other projects, including more casinos and auto and horse racing facilities, to cater to demand for betting entertainment in the country.

Leading Vietnamese real estate developer Vingroup’s facilities were chosen as the location for the casino pilot program, as the company is the sole investor and has developed related facilities on the island.

The casino, with capital investment of more than $2 billion, is part of an ecotourism and entertainment complex funded by Phu Quoc Tourism Investment and Development, a subsidiary of Vingroup.

The company’s resort and entertainment complex has been completed and is awaiting an official license to run the casino business, which is scheduled for startup early next year, according to a source in the company. The schedule for opening the casino was initially planned last December. The process to issue casino licenses in Vietnam requires several steps, such as investment and operations businesses.

The approval for the Phu Quoc facility was announced after criticism mounted about illegal gambling. Starting in March 2017, the government allowed locals to gamble at home in principle, but the relevant bodies are still working on details, including which casinos will be allowed to participate in the pilot project’s first stage.

Vietnamese who want to use the casinos must be over 21, able to prove a monthly income over 10 million dong ($427) and have no criminal record. But players will also have to pay a $50 entry fee and purchase a monthly permit costing $1,100.

In Vietnam, seven casino projects — Doson in the city of Haiphong, Aristo International Hotel & Casino in Lao Cai Province, Phoenix International Club in Bac Ninh, Crown International Club in Danang, the Grand Ho Tram Strip in Ba Ria-Vung Tau Province, and the Loi Lai Casino and Royal International Gaming Club in Quang Ninh Province — have been licensed for operation, but only foreigners will be permitted. Three others — Laguna Lang Co in Hue, Nam Hoi An in Quang Nam Province, and Corona Resort & Casino on Phu Quoc Island — are either under construction or awaiting operating licenses. Those projects have attracted investors from Canada, Australia, Hong Kong, Macau, Singapore and Vietnam.

Casino operators across Vietnam have applied to provide services to locals, but the Phu Quoc facility is the first to receive approval from the central government.

The legalization process for betting and gambling in Vietnam has been sped up as part of the government’s attempts to diversify sources of tax revenue, as access to international loans has been drying up.

The loosening of casino and sports betting is expected to attract both foreign direct investment and local private money to the industry. In May, Vietnam received $875 million for the first-stage development of a resort complex in Thua Thien-Hue Province from Singapore-based Banyan Tree Holdings. The investment scale is projected to increase to $2 billion by 2022, including an international-level casino. Some other investors, including U.S.-based Las Vegas Sands, Vietnam’s private cable operator Sungroup and golf resort operator FLC, are also showing interest in casino projects.

The gaming industry in Vietnam, including lotteries, slot machines, casinos and other betting, is expected to be a solid tax contributor if the activities are legalized and tightly controlled. The lottery segment, which is run by 64 state-owned companies, reported 64 trillion dong in revenue in 2014, contributing 20 trillion dong to the national coffers. Casino revenue in 2014 officially contributed 336 billion dong on revenue of 1.37 trillion dong, according to the Ministry of Finance. However, the casino market in Vietnam is estimated to be worth $1.2 billion, according to Union Gaming Securities Asia.

In a survey by the Institute of Regional Sustainable Development in 2015, more than 50% of respondents said allowing Vietnamese to gamble at home would boost tax revenue and eliminate the need to gamble overseas. It was reported that Vietnam loses around $800 million annually in foreign currency due to Vietnamese players travelling to Cambodia to gamble.

Industry observer and gaming professor Augustine Ha Ton Vinh said the move will significantly help boost foreign direct investment, improve local and regional tourism, and develop new skilled labor for the industry.

Meanwhile, Vietnamese authorities are handling a major online gambling case, after a crackdown on “using the internet to appropriate assets, organize gambling, gamble, illegally trade invoices and launder money” across the country. The case involved many organizations and persons who took advantage of information technology and the internet to organize online gambling through betting or card games. They attracted more than 42.95 million gambling accounts. The operators earned more than $384.4 million during the 28 months of operation.

Senior officials at the Ministry of Public Security, including former Lieutenant General and former Director General of the Police General Department Phan Van Vinh, and former director of the Anti-high-tech Crime Police Department Nguyen Thanh Hoa, were sentenced to prison for “abusing their position and power while performing their duties” in activities related to the online gambling ring.

At the meeting in November, Nguyen Anh Tri, a member of the national assembly, urged the government to place all gambling activities under its control and allow locals to bet and gamble, as long as they followed official regulations and legal frameworks, in order to reduce the illegal activities.

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