Financial Wire

Vietnam Approves Zero Fuel Taxes Through June

-- Vietnam's National Assembly approved a resolution to cut environmental protection, value-added and excise taxes on petrol, oil and aviation fuel to zero, state media, Vietnam News Agency reported Sunday.

The measure covers petrol, diesel, kerosene, mazut and aviation fuel, while input VAT remains deductible for businesses.

The resolution takes effect from April 16 to June 30, and allows the government to adjust its duration or provisions based on market conditions, subject to reporting to parliament, the report said.

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Australian Banks Back Interest-Free Loans Under Australian Government Program

Australian banks support the roll-out of interest-free loans to businesses through the government's AU$1 billion Economic Resilience Program under the National Reconstruction Fund, the Australian Banking Association said in a statement on Monday.Businesses in identified priority sectors with an annual turnover of AU$100 million or less can secure a zero-interest loan of up to AU$5 million under the program, the banking group said.Banks participating in the program include the Commonwealth Bank of Australia (ASX:CBA), National Australia Bank (ASX:NAB), Westpac Banking (ASX:WBC, NZE:WBC), and ANZ Group (ASX:ANZ, NZE:ANZ), per the statement.Commonwealth Bank shares fell nearly 1% in morning trade in Australia, while National Australia Bank shares were down past 3%.Meanwhile, Westpac Banking and ANZ Group shares fell nearly 1% in recent trade in New Zealand.

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Karoon Energy Says Fitch Affirms 'B' Rating, Revises Outlook to Negative; Shares Down 4%

Karoon Energy (ASX:KAR) said that Fitch Ratings has affirmed its long-term issuer default rating at "B" while revising the outlook to negative from stable, according to a Monday filing with the Australian bourse.Fitch also reaffirmed the company's $350 million senior secured notes at a "B+" rating, per the filing.The rating reflects the company's low-cost production base, strong liquidity, and absence of near-term debt maturities, but is offset by operational disruptions at key assets and an expected natural decline in production, the filing said.Fitch expects the company to sustain moderate leverage and generate positive free cash flow to meet its obligations, while the negative outlook reflects concerns about production sustainability and the timing of project execution, the filing added.Karoon Energy's shares were down 4% in recent Monday trade.

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Viva Energy Group Reports Over 5% Increase in Q1 Sales Volume; Shares Down 6%

Viva Energy Group (ASX:VEA) reported a 5.1% year-over-year increase in first-quarter sales volume to 4,302 megaliters, driven by an increase of 7.1% in commercial and industrial fuel volume, according to a Monday filing with the Australian bourse.The company said its Geelong refinery does not typically source Middle Eastern crude. The refinery's current crude supply flows mainly from North America, South America, South-East Asia, and Australia have not been impacted by the Iran conflict, and the plant has firm crude supply through to July "with high confidence that this supply can continue."The Geelong refinery operated at full production during the first quarter, but will be operating at a reduced capacity over the short term due to a fire that broke out on April 15. Roughly a third of Viva Energy's transport fuel sales are typically sourced from the Geelong refinery, per the filing.Meanwhile, regional refining margins are expected to remain higher through the second quarter due to the impact from the Middle East conflict. Commercial and infrastructure sales and margins are also expected to remain robust through the second quarter, with aviation demand expected to be impacted by the conflict, Viva Energy said.The company's shares have resumed trading following a halt after the fire incident, and were down nearly 6% in recent Monday trade.

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