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Railway to ruin: Hanoi train factory fades from glory

2018-07-11T22:37:01Z

ElissaPugh35325:

The Gia Lam train factory in Hanoi was the first in the then-French territory established to bolster the expanding rail network of the time Built by the French to fix trains for their [http://Wideinfo.org/?s=fast-developing%20Vietnamese fast-developing Vietnamese] colony, the Gia Lam factory later churned out weapons to fuel the country's independence fight, and then survived the onslaught [http://www.vtr.org.vn/cam-nang-du-lich-bac-kinh-5-ngay-4-dem.html tour bắc kinh từ hà nội] of American bombers during the war. But the storied Hanoi plant is now in decline, a victim of the rising consumer power of Vietnam's middle classes as passengers turn from trains to planes. The storied Hanoi [http://www.vtr.org.vn/cam-nang-du-lich-bac-kinh-5-ngay-4-dem.html du lịch Bắc Kinh] plant is now in decline, a victim of the rising consumer power of Vietnam's middle classes as passengers turn from trains to planes "In the past, I was proud to work here because this factory was the biggest in Indochina," repairman Au Duy Hien told AFP. Opened in 1905, Gia Lam was the first train factory in the then-French territory, which spanned modern-day Vietnam, Cambodia and Laos. Mechanics used the base to first fix and then assemble the engines and carriages that served the region's rapid push toward industrialisation. The factory was taken over by the Vietnamese in the 1940s, expanding production to make bazookas and grenades for revolutionaries fighting the colonial rulers who were finally thrown out in 1954 The factory was taken over by the Vietnamese in the 1940s, expanding production to make bazookas and grenades for revolutionaries fighting the colonial rulers who were finally thrown out in 1954. And then it continued to make weapons during the Vietnam War -- even as it was bombed by US planes targeting Communist-backed revolutionaries in northern Vietnam. - Running out of steam - Output at the factory is down more than 90 percent since its 1990s heyday and it is now mostly used to repair old trains, with little demand for new carriages on the country's vast but outdated rail network But today, output is down more than 90 percent since its 1990s heyday. It is now mostly used to repair old trains, with little demand for new carriages on the country's vast but outdated rail network. The industry is struggling to keep pace with the lure of low-cost air travel. For many, the choice between a clanging, slow-moving train or a quick -- and cheap -- plane is a no-brainer. In 2015, 31 million people travelled by air, more than double the number in 2010, according to official statistics. Train use remained steady at 11 million for the year. Today, some companies are seeking to [http://www.vtr.org.vn/cam-nang-du-lich-bac-kinh-5-ngay-4-dem.html vtr.org.vn] revive the colonial romance of rail travel, offering first-class trips, wood-lined cabins with restaurant car. The air travel industry in Vietnam has taken off in recent years, aided by the launch of low-cost airlines offering cheap tickets. In 2015, 31 million Vietnamese took to the skies, more than double the number who flew in 2010 "If rail transportation isn't developed, then the railway industry cannot be revived," union boss Nguyen Anh Tuan told AFP. Some lawmakers recently called for private investment into the state-controlled sector, and the country's parliament is currently considering revising the law. But unless the industry sees a major upturn in fortunes, Gia Lam employees fear it will soon run out of steam. Advertisement

Healthy Fats Contribute Using A Woman s Lifelong Vitality

2018-06-14T03:36:28Z

ElissaPugh35325:

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Dragon bets on blockchain to cut costs for Asia s gambling business

2018-06-13T20:56:56Z

ElissaPugh35325:

By Farah Master HONG KONG, Dec 7 (Reuters) - Dragon Inc, which is looking to raise more than $400 million in what would be the world's largest initial coin offering (ICO), is betting its focus on Asia's booming gambling industry can lure investors despite mounting concerns over a bubble forming in the virtual currency bitcoin. Dragon Chief Executive Chakrit Ahmad [http://www.vtr.org.vn/cam-nang-du-lich-bac-kinh-5-ngay-4-dem.html vtr.org.vn] told Reuters the company had secured four junket partners - operators that connect China's wealthy punters to casinos in Macau and elsewhere - who had already committed a total $265 million in a private sale of the tokens, accounting for more than half of those available. In a proposal paper reviewed by Reuters, Dragon said its business model uses blockchain technology to get around the costly credit processes often used by the opaque junket industry, which contributes to more than half of gambling revenues in the Chinese territory of Macau. The use of blockchain technology means transaction costs are around 1 percent, rather than typical junket transaction fees of around [http://www.vtr.org.vn/cam-nang-du-lich-bac-kinh-5-ngay-4-dem.html tour bắc kinh từ hà nội] 5-7 percent. "We provide a better, more convenient and more cost-effective solution for them. If they (gamblers) want to exchange their winnings into fiat currency and then carry it themselves, they are free to do so. But the likelihood is they will revert back to digital currencies," Ahmad said. The public sale of the tokens on December 8 comes amid explosive growth of ICOs to raise money in cryptocurrencies. An ICO allows the issuer to raise funds without having to fulfil often rigorous regulatory requirements that would have to be met by venture capitalists or companies in mainstream markets. Some regulators say such schemes lack transparency and carry major risks. ICOs and bitcoin are banned in mainland China. Dragon investors will get tokens that can be exchanged for gambling chips in Dragon-affiliated casinos or they can hold the tokens for investment purposes. The proceeds raised will initially be used to support Dragon's junket operators by providing them with funds to establish systems that will exchange Dragon's digital tokens for gambling chips. The ultimate goal stated in the proposal is to fund the construction of a floating casino hotel which would only accept Dragon tokens. Some Macau watchers are sceptical of the business model due to increased scrutiny from Beijing and as more than 90 percent of punters in Macau originate from the mainland. "If it facilitates funds moving out from China it is subject to China's view on it," said Ben Lee, managing partner at Macau- based consultancy IGamiX. Macau's Monetary Authority said it had told financial institutions not to provide services directly or indirectly for tokens and virtual currencies due to considerable risks, including money laundering and terrorist financing. Macau's Gambling Inspection and Coordination Bureau did not respond to repeated requests for comment. Dragon's Ahmad said the ICO would not be affected by China's ban as many investors hail from Hong Kong and Macau as well as Japan, South Korea and Russia. FORMER GANG BOSS Junket operators, also known as VIP room promoters, act as facilitators for Macau's huge casino resorts, such as those run by Wynn Macau and Sands China, and operate in a [http://www.ehow.com/search.html?s=legal%20grey legal grey] area where they are not permitted to provide credit facilities and collect debts in the Chinese mainland. Instead, they utilize an opaque network of agents - making it harder to regulate the businesses. Dragon's Ahmad said the company planned to start operations in Indochina in January and Macau by the first quarter of 2018. The ICO grabbed attention when former Macau gang boss Wan "Broken Tooth" Kuok-koi, who served 14 years in jail for attempted murder, loan sharking and money laundering, attended a signing ceremony in September. Ahmad said that Wan was not tied to Dragon's junket partners. Lawrence Ho, head of Melco Resorts - with casinos in the Philippines and Macau - told Reuters he would be fine with junkets operating in his casinos using digital currencies, provided it was allowed by the regulator. Still, a Macau gaming consultant who declined to be named due to the sensitivity [http://www.vtr.org.vn/cam-nang-du-lich-bac-kinh-5-ngay-4-dem.html tour bắc kinh từ hà nội] of the issue, said the ICO would likely set off alarm bells in Beijing. "It is clearly aimed at mainland players, who make up 90 percent of gaming volumes, giving them a digital way to circumvent the country's forex controls," he said. (Reporting by Farah Master; Additional reporting by Thomas Wilson in Tokyo; Editing by Martin Howell) Advertisement

User:ElissaPugh35325

2018-06-13T20:56:48Z

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