Author: Mei Ling Tan

  • Pork prices push November inflation to 9-year high

    Pork prices push November inflation to 9-year high

    Rising prices of pork and processed meat raised the November consumer price index (CPI) a record 0.96 percent over the previous month.

    Dwindling supply of pork following the African swine flu outbreak in Vietnam saw prices of pork and other processed meat products to soar in November, leading to the biggest CPI increase in 9 years, according to the latest report by the General Statistics Office (GSO).

    However, over the last 11 months, the CPI had only risen by 2.57 year-on-year, the lowest increase in the last three years. The CPI in November, compared to December-end 2018, had increased by 3.78 percent.

    Speaking to VnExpress, merchants in Ho Chi Minh City said that prices of pork substitutes such as beef and seafood rose as customers made the switch, coupled with heightened demand as the New Year approaches.

    Vietnam has had to cull 5.9 million pigs infected with African swine fever since the beginning of the year, equivalent to 337,000 tons of pork, according to Phung Duc Tien, Deputy Minister of Agriculture and Rural Development.

    This has resulted in pork prices rising by 19 percent since last November and could rise by a further 10-15 percent by the end of this year with an expected shortage of 200,000 tons, according to the GSO.

  • Ministry proposes major upgrade to airport in central Vietnam

    Ministry proposes major upgrade to airport in central Vietnam

    The Dong Hoi Airport’s capacity should be increased four-fold to 2 million passengers a year, the Transport Ministry says. Le Dinh Tho, Deputy Minister of Transport, said at a meeting Thursday, adding that the airport’s current capacity of 500,000 was too low, given Quang Binh Province’s strong tourism potentials.

    The domestic Dong Hoi Airport, rebuilt in 2008, is located on a 173-hectare plot. Last year, it exceeded its capacity by 200,000 passengers, according to official figures.

    The Airports Corporation of Vietnam (ACV) had proposed to Quang Binh authorities in July that the airport be upgraded at a cost of VND2 trillion ($86.3 million), making it capable of receiving international flights and up to 3 million passengers a year.

    Quang Binh is home to Son Doong Cave, the world’s largest, and other spectacular cave systems. The province welcomed over 4 million visitors in the first nine months, up 28 percent year-on-year.

    ACV last year proposed a VND56.7 trillion ($2.4 billion) upgrade to 16 of the 21 state-owned airports in the country to meet rising air travel demand.

  • New Apple Music subscribers receiving six months of service for free

    New Apple Music subscribers receiving six months of service for free

    Apple is trying to make Shazam, its rather new acquisition, more popular among audiophiles and music lovers in general. The Cupertino-based company now offers a six-month trial to all new Apple Music subscribers, but the redeeming procedure goes through the Shazam app.

    From now until Cyber Monday, if you’ve never been subscribed to Apple Music you’ll be getting six months of service for free. If you for some reason dropped your subscription, you’re still eligible for the deal, it’s just that you’ll receive three months of free Apple Music instead of six when you resubscribe.

    To redeem the Black Friday offer, you’ll need to download the Shazam app on your iOS device via the App Store. Then, simply open the Shazam app, head to Library and a pop up with the Limited Time offer should appear in the column of Recent Shazams.

    According to Apple, the Apple Music promo offer is available until December 2 only for iOS users in the following countries: Canada, USA, and the UK .

  • Nokia will reveal its plans for 5G phones

    Nokia will reveal its plans for 5G phones

    A little more than a week ago, Nokia first teased that it will be launching its next smartphone on the 5th of December. Of course, no details were given — whether it would be a flagship or not is left to speculation. Luckily, we have a new leak that lets us speculate at will!

    Chief Product Officer Juho Sarvikas has tweeted out that he will be getting up on stage at the upcoming Qualcomm Snapdragon Tech Summit — the event where Qualcomm will talk about its future chips. According to Mr. Sarvikas, we will also get to learn about Nokia’s plans for 5G phones. The exact date when this would happen is Tuesday, December 3rd.

    So, Nokia is talking about its 5G plans on the 3rd and launching a new phone almost immediately, on the 5th of December. Could the latter actually be Nokia’s first 5G-equipped flagship?

    We’d wager chances are thin. Earlier rumors suggest that Nokia is, indeed, planning to release a value-priced 5G top-tier phone, but that’ll happen at MWC 2020. Heads up, though — that’s actually happening in late February, so it won’t be a long wait. The Qualcomm conference on the 3rd of December might at least reveal if this is really happening.

  • Over 100 million Americans had their personal data exposed

    Over 100 million Americans had their personal data exposed

    What we are going to tell you is something that is bound to get your mind thinking back about any embarrassing texts you might have written. Or whether you might have sent some personal information via text like your social security or credit card numbers, passwords or even PINs.

    The database belongs to an American outfit named TrueDialog. The latter provides “Enterprise-Grade SMS Texting Solutions.” The information available from the breached database not only includes tens of millions of texts from hundreds of millions of American users, but it also contained millions of usernames, passwords (some in cleartext, others encoded but easy to decrypt) and more. The report puts the blame for the data breach directly on TrueDialog for failing to protect the database. It also notes that discovering the identity of the database owner was not difficult. Over 100 million American citizens could be impacted by this data breach.

    The number of people affected by the breach is huge and the possibility that these texts could be read by bad actors is a very major deal; that puts companies like TrueDialog on the defensive. As vpnMentor notes, “Some affected parties deny the facts, disregarding our research or playing down its impact. So, we need to be thorough and make sure everything we find is correct and true. In this case, it was quite easy to identify TrueDialog as the database owner. Their host ID “api.truedialog.com” was found throughout. However, it was also clear that this was a huge data breach, compromising the privacy and security of over 100 million U.S. citizens across the country.”

    The database is hosted by Microsoft Azure and runs in the U.S. on the Oracle Marketing Cloud. It contains 1 billion entries adding up to 604GB of data. This data includes information about TrueDialog’s business, its business clients and the latter’s customers. All of this information could have been used by bad actors to steal identities and money from those with information exposed in the breach. Additionally, all of this data could have been sold to marketers and scammers. Knowing all of this information would make it easier for bad actors to engage in phishing schemes.

    Perhaps you have yet to understand the seriousness of this. Tens of millions of SMS messages that were sent via TrueDialog were leaked revealing the full names of message recipients, account holders and users of TrueDialog’s services. But even worse, the content of messages, email addresses, and recipients’ phone numbers were viewable along with the date and time that these messages were sent.

    TrueDialog itself could face a negative backlash because of this leak. The company’s reputation will take a hit and companies that pay it for providing leads will stop doing business with it if they fear that those leads will get leaked for free. And the amazing thing is that vpnMentor was able to discover the breach because the database was not only unsecured, it also was unencrypted. TrueDialog has been in business for ten years, says vpnMentor, works with more than 990 cellphone operators and reaches 5 billion subscribers globally.

    The date that vpnMentor discovered that the database was leaked was on November 26th. Two days later, it spoke with TrueDialog to report its findings while also offering to help it in the aftermath of the discovery. On November 29th, TrueDialog closed the database but never did get in touch with vpnMentor. While the database is now closed, it isn’t known whether any information that was exposed was stolen by a scammer, spammer, bad actor, or hacker.

  • Cyberattack-Prone Banks Risk Over Half of Profits in Singapore

    Cyberattack-Prone Banks Risk Over Half of Profits in Singapore

    Banks that lack measures to withstand cyberattacks risk up to 65 percent of their quarterly profits, according to a recent stress test study by the Monetary Authority of Singapore.

    Direct and indirect impact from cyberattacks against banks is estimated to cause losses of 35-65 percent and 20-50 percent of quarterly profits, respectively. According to the study, profit declines are attributable to reputational impact, funds were stolen, legal charges and marketing expenses.

    The stress tests revealed likely vulnerabilities from theft and disruption-related cyberattacks. Examples of theft-related attacks include hacking of ATMs to dispense cash and bank payment systems. Disruption-related impact includes denial-of-service (DoS) attacks to prevent access to the internet and mobile banking apps or disruption to internal payment processing systems. Damage or corruption of client data was also cited as another example of a cyberattack.

    The aforementioned figures reflect costs without contingency measures and when included, risks are significantly improved with banks expected to lose quarterly profits of 20-35 percent and 12-25 percent from direct and indirect impact, respectively. In order to reduce risks from cyberattacks, banks have adopted multiplied layers of security controls to protect data and funds; added DoS mitigation measures such as clean pipe services; and backed up critical data regularly.

    In-house measures aside, it is also heeding greater attention to third-party service providers. Periodic audits are made to verify the ongoing effectiveness of existing security and business continuity measures are in place for a switch to an alternative provider or to in-house operations in the event of a disruption.

  • Myanmar Opens Doors to Foreign Insurers

    Myanmar Opens Doors to Foreign Insurers

    In a significant move towards financial liberalization, the country issued its first-ever licenses to five foreign fully owned life insurers. It also awarded licenses to six joint ventures to operate in the country.

    Myanmar’s Financial Regulatory Department has issued full licenses to Prudential, Dai-ichi Life, AIA, Chubb and Manulife to issue life insurance policies through fully-owned subsidiaries in the country, «The Myanmar Times» reported on Thursday.

    The five firms were granted provisional licenses in April.

    With a fast-growing middle class and an urbanized and tech-savvy population, the domestic insurance market is a lucrative one. The country currently has one of the lowest insurance rates globally with only 4 percent of the population having any cover, but could be worth some $2.66 billion in 10 years, the report said, citing data by local insurer IKBZ Insurance.

    A total of six licenses were also awarded to joint ventures between foreign and local firms.

    Licenses were granted to three life insurance JVs: Capital Life Insurance and Taiyo Life Insurance; Citizen Business Insurance and Thai Life Insurance; and Grand Guardian Life Insurance and Nippon Life Insurance.

    Licenses were granted to three non-life insurance JVs: AYA Myanmar General Insurance and Sompo Japan Nipponkoa Insurance; Grand Guardian General Insurance and Tokio Marine & Nichido Fire Insurance; and IKBZ Insurance and Mitsui Sumitomo Insurance.

     

  • Finantix Expands to Australia

    Finantix Expands to Australia

    Finantix, a global provider of trusted technology to the wealth management, insurance, and banking industries, opened an office in Sydney to further support its expansion in the Asia-Pacific region.

    The Sydney-based office will be run by Martin McCabe who joins Finantix as sales country manager for Australia and Todd Yarrow, senior business development executive for Australia, according to a media release on Friday.

    Australia’s sophisticated financial services sector and ideal position as a key hub for the Asia-Pacific region makes Australia a very attractive market, the firm further said. In addition, the wealth management sector has identified automation as an opportunity to do more with less as a response to rising expectations by Australian consumers, Damien Piper, APAC director at Finantix, said.

    This means that the potential for technology to assist with the remediation of the underlying pain points remains largely unrealized, representing an important growth opportunity for us, he added.

    Martin McCabe has over 20 years of experience in financial technology sales, starting his career at Lloyds of London, before moving to Australia 16 years ago. Since his move, he has worked with IBM servicing the big four banks, was a client director at DST and most recently was with FIS where he was responsible for significantly growing the policy admin/wealth platform business across Asia-Pacific.

    Todd Yarrow brings extensive business development experience to the firm, having previously held a similar role at Iress where he worked with clients in the wealth management and stockbroking markets. He is passionate about introducing next-generation software solutions to the Australian financial services market and is keen to share the benefits of the Finantix portfolio offering with clients to deliver technology solutions across their prospect base.

  • HSBC Grants Extra Day Off in Hong Kong

    HSBC Grants Extra Day Off in Hong Kong

    Due to «unprecedented circumstances» British lender, HSBC is giving its Hong Kong employees an extra day off in 2020. The bank employs about 21,000 people in the city.

    In a gesture of encouragement as six months of continuing street protests have roiled the financial hub, British bank HSBC is giving its Hong Kong employees an extra day off next year. The decision was announced in an internal memo on Monday by Diana Cesar, the bank’s local chief executive. The memo was confirmed by a bank spokeswoman.

    Thanks to your perseverance and dedication, HSBC has been able to sustain our operation and stand by our customers in these unprecedented circumstances, Cesar said in the memo. HSBC employs about 21,000 people in the city and makes around 90 percent of its profit in Asia.

  • Kerry Logistics wins Junzi Corporation Award

    Kerry Logistics wins Junzi Corporation Award

    Kerry Logistics Network Limited is honoured to receive for the first time the Junzi Corporation Award (the ‘Award’) presented by the Hang Seng University of Hong Kong (‘HSUHK’), which recognises Kerry Logistics’ resolute adherence to the highest standards of business ethics.

    Kerry Logistics also collected the iMoney Corporate Governance Award, jointly conferred by HSUHK and Hong Kong financial publication iMoney.

    Organised for the ninth year, the Award acknowledges corporations that value business ethics and “Junzi’s Five Virtues” – Benevolence, Rightness, Propriety, Wisdom and Trustworthiness – based on Confucian concept, as well as Western ethical theories of business that emphasise integrity and fairness.

    The iMoney Corporate Governance Award is the accolade given by one of the media partners of the Award to winners.

    William Ma, Group Managing Director of Kerry Logistics, said: “We are delighted by the honour HSUHK has granted us. We always strictly abide by the highest ethical code in all of our operations.

    “We will continue to engage in socially responsible practices and contribute to the welfare of the societies in which we operate as a global enterprise.”

    Kerry Logistics operates its business with integrity, transparency and accountability, and has committed itself to serving the community by leveraging its talents, resources and networks. Its community involvement focus demonstrates its care towards the youth, the underprivileged and the environment.

    To raise awareness and identify opportunities for improvement, Kerry Logistics has established and implemented environmental management systems accredited to the ISO14001 standard, and supported community initiatives run by different charitable organisations.

  • Cebu Pacific profit surges by 143%

    Cebu Pacific profit surges by 143%

    The operator of budget airline Cebu Pacific saw its net income surge by 143 percent in the first nine months of the year as earnings were lifted by strong passenger bookings and stable costs.

    Cebu Air Inc., a subsidiary of the Gokongwei family’s JG Summit Holdings, said on Tuesday that net income from January to September hit P6.75 billion versus P2.78 billion during the same period last year.

    Cebu Air has been ramping up capacity to meet the rising demand for air travel. Passenger revenue during the nine-month period went up 17.9 percent to P46.6 billion. Some 16.7 million flyers used Cebu Air during the period, representing a growth of 10.4 percent.

    Moreover, average fares went up 6.7 percent to P2,794, the budget airline said. Other revenue sources such as cargo and ancillary also went up 5.3 percent and 22.2 percent, respectively.

    Overall, Cebu Air’s revenue increased by 17.7 percent to P63.62 billion.

    Cebu Air said expenses were mostly kept in check during the period. Operating expenses increased 7.8 percent to P53.81 billion, in line with expanded operations.

    Flying operations alone went up 2.5 percent to P22.56 billion. Cebu Air said this was mainly due to pilot training costs as it took delivery of new planes. Fuel expenses also dropped 1.4 percent or P260.67 million during the period.

    For the third quarter alone, Cebu Air posted a net loss of P384.3 million, narrower than the previous year’s loss of P518.43 million. Revenue of P18.92 billion, up 16.7 percent, alongside stable operating costs helped lower losses during the third quarter of 2019.

    Cebu Air ended September with 72 planes. Its fleet was comprised of 31 Airbus A320, seven Airbus A321 CEO, three Airbus A320 NEO, two Airbus A321 NEO, eight Airbus A330, eight ATR 72-500 and 13 ATR 72-600.

    Its network spanned 80 domestic routes and 41 international routes with a total of 2,727 scheduled weekly flights.

  • DHL to Invest more in Sustainability and Tech

    DHL to Invest more in Sustainability and Tech

    DHL Express recently unveiled its Strategy 2025 putting digitalization, e-commerce and sustainability in focus as it aims to further expand sustainably.

    John Pearson, CEO DHL Express, made the announcement at the opening of DHL’s €123 million (US$135 million) state-of-the-art hub at Cologne-Bonn Airport saying the “many new technologies” at its Cologne hub shows the basis of our new Strategy 2025.

    “By investing more than €1 billion (US$1.1 billion) annually in technology and infrastructure and by putting the new green logistics center into operation, DHL clearly demonstrates its ambitions,” the international courier said in a statement.

    In particular, it noted the ice energy storage system with over 1.3 million liters holding capacity and 18 kilometers of piping that ensures the hub stays cool in the summer and warm in the winter in its facility and the heat pump and solar panels on the roof making it “an entirely emissions-free solution.”

    “As the experts in export and import, we can only grow by ensuring top quality, which is why we invest more than a billion euros each year in employee training, infrastructure, and digitalization. The main goal here is to increase our transport and delivery capacity for time-sensitive TDI shipments to meet the ever-growing customer demand in the area of e-commerce. At the same time, we’re continuously improving on process efficiency,” Pearson said, noting that its recent quarterly results “show pretty clearly that we’re on the right track.”

    DHL completed the upgrade of its air hub at Cologne-Bonn Airport in August 2019 following a two- year building and renovation phase. In the hub’s 15,000 m2 sorting center, with its 12,000 m2 warehouse and 3,000 m2 office space, several new technologies allow DHL Express to process up to 20,000 shipments per hour on its 2.5-kilometer-long conveyor belt. A number of other additions, including 3D scanners and vacuum lifters, help make life easier for the hub’s 340 employees, who hail from 34 different countries.

    “The €123 million (US$135 million) investment in our new hub clearly shows our commitment to the Cologne-Bonn region and ensures the future of a lot of jobs here,” says Detlef Schmitz, Managing Director of the DHL.

    “This also makes the hub an even more important part of DHL’s international network. With the new direct route between Hong Kong and Cologne, 28 daily flight movements, and our use of state-of-the-art technologies, we are proud to be contributing – sustainably – to the worldwide growth of DHL Express,” he added.

    DHL Express has a presence in over 220 countries and territories. It transports over 400 million shipments per year with 22 hubs worldwide and over 260 dedicated aircraft, 17 partner airlines, and a capacity for over 3,000 flights daily to over 500 airports.

    Fleet modernization

    “We expect continued growth in the coming years, especially in cross-border e-commerce trade,” says Travis Cobb, EVP DHL Global Network Operations.

    “By modernizing our air fleet, we can increase our intercontinental connections and do so with reduced carbon emissions and less fuel consumption. Next year, we will deploy another six brand-new planes from our Boeing order.”

    In 2018, DHL announced its plans to add 14 new Boeing 777 aircrafts to its own fleet.

  • KitchenAid India launches its first brand-new Experience Store in India

    KitchenAid India launches its first brand-new Experience Store in India

    KitchenAid India, An International Premium Home Appliances Brand has launched its first & exclusive Experience Store in Ghitorni, New Delhi. They organized an event, “Where Makers Unite” to celebrate the inauguration of the store.

    Passionate makers from different locations of Delhi NCR came to Ghitorni to explore the design & performance of KitchenAid’s premium appliances, LIVE. The demonstration of each product was discovered through a special recipe cooked by MasterChef Ashish Singh. He immersed the audience with his innovative flavors that included mulled wine green tea, mushroom walnut Galouti, and various other delicacies. They also hosted an expert mixologist, Gaurav Chauhan on the floor, who was seen crafting fresh & enticing drinks with the powerful performance of the KitchenAid Blender. His recipes included plum pudding, salted caramel shake, and many more mouth-watering drinks.

    With their Experience Store, people had the opportunity to explore the design of every product and delve into the specific features from the iconic collection of Stand Mixers, Blenders, Food Processors, Toasters, Hand Blender and various other premium appliance. All the appliances showcased at the store are designed with ease and ergonomics in mind, KitchenAid’s chic and sturdy metal structures come in a wide range of signature colors, known for their placid and versatile performance – the Stand Mixer has its unique ‘planetary’ motion and the powerful 10-speed motor. With this inauguration, KitchenAid gave them an opportunity to learn new cooking tips & recipes with their wonderful range.

    Vivek Chaudhary, Country Head, KitchenAid, shared a few words about the store & the launch – “It was a delight to see such passionate people at the event. The Experience Store is a space to unearth the beauty of each appliance & learn about their performance. KitchenAid Appliances are known for their elegant features of exceptional craftsmanship, durability, quality of material and robustness.”

    “We aspire to bring an incredible experience to the makers with a complete range of premium countertop kitchen appliances. With this attempt we aim to expand our reach and become the number one choice for not just chefs but also passionate makers”, he added.

  • Vietjet Announces New Routes to Seoul to Celebrate 30th Anniversary of ASIAN – South Korea Relations

    Vietjet Announces New Routes to Seoul to Celebrate 30th Anniversary of ASIAN – South Korea Relations

    To celebrate the 30th anniversary of the relations between the Association of Southeast Asian Nations (ASEAN) and South Korea, as well as the recent Mekong – South Korea summit, new-age carrier Vietjet has announced plans for new routes that will connect some of Vietnam’s largest and fast-growing tourist destinations, such as Da Lat, Can Tho, Nha Trang and Phu Quoc with Seoul.

    The announcement ceremony took place during the Vietnam – South Korea Business Forum on 28 November 2019 in Seoul, South Korea, and was attended by Prime Minister of Vietnam Nguyen Xuan Phuc, Deputy Prime Minister of South Korea Hong Nam-Ki and senior leaders from both the South Korean and Vietnamese governments.

    Connecting Seoul, the dynamic capital of South Korea, with Dalat in Vietnam’s Central Highlands, Can Tho in Southwest Vietnam’s Mekong Delta, Nha Trang on the south-central coast of Vietnam and Phu Quoc, also known as Vietnam’s “Pearl Island”, means that Vietjet’s new routes will boost tourism and trade in the two regions. It will also boost cultural exchanges between the two countries while forging closer ties between South Korea and ASEAN, one of the world’s fastest-growing economic blocks.

    Starting from January 2020, the new Seoul (Incheon) – Can Tho route is planned to operate three return flights per week, while the new Seoul (Incheon) – Da Lat route will fly four return flights per week, each with a flight time of more than five hours per leg. The two current routes linking Seoul (Incheon) to Nha Trang and Phu Quoc will also increase frequencies to meet the increasing passenger demands.

    Speaking at the ceremony announcing the launch of the new routes, Vice Chairman of Vietjet Nguyen Thanh Hung thanked the governments of Vietnam and South Korea for creating opportunities for business investment and cooperation between the countries. He also pledged that the airline will continue its mission to offer more flights with new upcoming routes with Vietjet’s modern fleet. He added that all Vietjet passengers can look forward to being served by a team of dedicated and friendly cabin crew, pointing out Vietjet’s stellar standards for safety and technical reliability.

    Mr. Nguyen Thanh Hung also expects that the close relations between Vietnam, the rest of ASEAN and South Korea will contribute to the expansion of the regional aviation sector around the globe.

    With the two new routes, Vietjet operates the most number flights connecting Vietnam and South Korea with a total of 11 routes and up to 480 flights per month. The airline’s growing network has helped to boost bilateral ties and improve strategic cooperation between the two nations, creating a positive impact on the relations between ASEAN and South Korea.

  • Startup launches liquor delivery service in Christchurch

    Startup launches liquor delivery service in Christchurch

    Delivery startup Give Me Bread has added liquor delivery in Christchurch along with its restaurant food delivery services.

    To order, the Give Me Bread app allows customers to tap a photograph of what he or she wants and place an order in which the drivers will then deliver directly to the customer’s doorstep in 30 minutes. Orders can also be placed on the retailer’s site.

    Liquor orders can be made with or without meals.

    “Our customers love how easy it is to order their favorite drink in seconds,” said Abhay Pratap, Give Me Bread marketing manager. “We have repeat orders every week from busy professionals who want the simplicity of their favorite beverage arriving at the door – perfect for when visitors arrive unexpectedly.”

    Pratap started the business with Chandhi Jain, the company’s operations manager, in 2017

    “Many people are so busy that some days they just don’t want to spend half an hour making dinner, or another half an hour doing the dishes. That’s where we come in,” Jain said.

    Give Me Bread have dedicated drivers who deliver the liquor and meals all over the city.