Retail News CRM

Author: Mei Ling Tan

  • Vietnam Gold Prices Plunge Amid Record Global Bullion Weekly Losses

    Vietnam Gold Prices Plunge Amid Record Global Bullion Weekly Losses

    In Vietnam, the price of gold witnessed a decline on Friday morning, following the global trend where bullion rates are experiencing the steepest weekly fall in six years. The price of a gold bar from Saigon Jewelry Company fell by 0.34%, coming down to VND174.9 million ($6,645.9) per tael. This rate was echoed by other sellers in the market.

    Locally, bullion prices have seen a 9% decrease from the peak of VND191.3 million per tael, which was recorded in January. Despite the recent slip, the prices are still 10% higher on a year-on-year basis. Currently, the local rates are approximately VND26.5 million per tael more than the global rates.

    The price of gold rings followed a similar pattern, slipping to VND174 million per tael. It is important to note that a tael is equivalent to 37.5 grams or 1.2 ounces.

    On a global scale, spot gold rose by 0.8% to $4,686.97 an ounce on Friday. However, cumulatively for the week, it has fallen close to 7%, marking the largest weekly loss since March 2020. This trend has been attributed to the escalating conflict in the Middle East, which has increased energy prices and subsequently led to dampening expectations for rate cuts.

    Historically viewed as a safe haven, the precious metal has seen a decline every week since the conflict broke out last month. Factors contributing to this trend include strengthening Treasury yields and the U.S. dollar, investors selling bullion to offset losses elsewhere, and outflows from gold-backed exchange-traded funds.

    Daniel Ghali, a commodity strategist at TD Securities, commented on the situation. He noted that gold, a popular choice for institutional investors, has seen its position waver due to the ongoing debasement trade. Ghali further added that there is a significant potential for gold to experience further selling off, even while maintaining its bull market era trend support.

    Questions & Answers

    What is the current trend in global gold prices?
    Answer: Global gold prices are experiencing a significant fall, marking the largest weekly loss since March 2020.

    How has the conflict in the Middle East impacted gold prices?
    Answer: The escalating conflict in the Middle East has led to increased energy prices and dampened expectations for rate cuts, contributing to a decline in gold prices.

    What factors have contributed to the decline in gold prices?
    Answer: Several factors have contributed to this decline, including strengthening Treasury yields and the U.S. dollar, investors selling bullion to offset losses elsewhere, and outflows from gold-backed exchange-traded funds.

  • Durian and Lobster Exports to China Skyrocket: A Boost for Vietnam’s Agro-Forestry and Fisheries Sector

    Durian and Lobster Exports to China Skyrocket: A Boost for Vietnam’s Agro-Forestry and Fisheries Sector

    In the initial two months of 2026, durian exports to China have seen a significant upsurge, increasing by 469% compared to the previous year. Lobster exports have also witnessed a substantial rise, growing by 65% during the same period. The sale of durian fruit alone contributed $300 million to the economy, aiding the steady progress of fruit and vegetable exports while other goods experienced a downturn.

    High-Quality Durian and Lobster Exports

    High-quality Monthong durian is being purchased at orchards for VND140,000–150,000 ($5.7) per kilogram, while Ri6 durian is priced at VND80,000–84,000, indicating a 30–50% increase from the previous year’s rate.

    Lobster exports, particularly of the green variety, have brought $259 million to the economy, growing by 32%.

    China continues to be an important market for fresh produce, particularly in the period surrounding the Lunar New Year, which typically falls between mid-January and mid-February.

    Increasing Competitiveness and Demand

    The competitiveness of lobsters has been enhanced due to improvements in quality, increased transparency concerning their origin, and better traceability.

    The Vietnam Fruit and Vegetable Association’s Secretary General, Dang Phuc Nguyen, attributes the surge in durian exports to the resolution of quarantine-related issues and seasonal advantages.

    While several countries have concluded their fruit harvest period, Vietnam’s off-season supply coincides with China’s peak demand during the Lunar New Year, triggering a significant increase in orders.

    The Ministry of Agriculture and Environment credits the growth to sustained demand for Vietnam’s agricultural, forestry, and fishery products, indicating promising opportunities for market expansion.

    Challenges and Constraints

    Despite these positive figures, there are challenges to overcome. The supply of fisheries, for instance, is limited. A number of shrimp farmers in the south-central region have reported that storms towards the end of the last year affected their farms.

    Additionally, this year’s off-season durian production has decreased by 30–40% owing to adverse weather conditions.

    Questions & Answers

    What has caused the increase in lobster competitiveness?
    Improvements in quality, greater transparency about origin, and higher traceability have all contributed to the increased competitiveness of lobsters.

    Why is there a surge in durian exports to China?
    The rise in durian exports is attributed to the resolution of quarantine-related bottlenecks and seasonal advantages, combined with Vietnam’s off-season supply coinciding with China’s peak demand during the Lunar New Year.

    What challenges are currently faced by the fishery and fruit sectors in Vietnam?
    The fishery sector is struggling with limited supply due to storms that affected shrimp farms in the south-central region last year. The fruit sector, particularly the durian industry, has seen a decrease in off-season production by 30-40% due to unfavorable weather conditions.

  • Boucheron Debuts Extravagant Flagship Store in Shanghai: French Elegance Meets Chinese Charm

    Boucheron Debuts Extravagant Flagship Store in Shanghai: French Elegance Meets Chinese Charm

    Boucheron, the renowned French jewelry house, has inaugurated its first-ever flagship store in China. This significant milestone marks the brand’s expansion into the mainland market, with the store situated in Shanghai’s Xintiandi district.

    The New Store

    The expansive store spans 278 square meters, making it Boucheron’s third global flagship store, following successful outlets in Paris and Tokyo. The brand’s decision to launch in China underscores the crucial role Asia holds in its growth and expansion strategy.

    The new store is housed in a carefully restored 19th-century shikumen building. This architectural style is an intriguing blend of Chinese and Western influences, creating a unique and memorable shopping environment for customers.

    Design and Aesthetics

    The interior design of the store mirrors the architectural fusion expressed in the building’s exterior. It incorporates a harmonious balance of French and Chinese style elements, creating a rich and engaging shopping experience. One of the key design highlights includes nature-inspired elements featured throughout the store, adding a serene and organic feel to the luxury retail space.

    This design approach is in line with the ongoing trend among global luxury retailers. More and more, brands are striving to tailor their physical stores to resonate with local markets while simultaneously maintaining a coherent and recognizable brand identity.

    Previous Endeavors

    Boucheron’s venture into China is not the brand’s first foray into the Asian market. In the previous year, the luxury jewelry brand opened a boutique in Thailand’s Siam Paragon. The design of this store was inspired both by its flagship store located in Place Vendome in Paris and traditional Thai temples.

    Questions & Answers

    What is Boucheron’s latest venture in its expansion strategy?
    Boucheron’s latest venture is the launch of its first flagship store in China, located in Shanghai’s Xintiandi district.

    What is unique about the design of the new store?
    The new store is located in a renovated 19th-century shikumen building, and the interior design is a combination of French and Chinese influences with nature-inspired elements throughout.

    Has Boucheron opened stores in other Asian countries?
    Yes, prior to the launch in China, Boucheron opened a boutique in Thailand’s Siam Paragon. The design of this store was inspired by its flagship store in Paris and traditional Thai temples.

  • Misto Holdings Boosts Q4 Sales Amid US Business Restructuring: Fila & Acushnet Show Strong Performances

    Misto Holdings Boosts Q4 Sales Amid US Business Restructuring: Fila & Acushnet Show Strong Performances

    In the fourth quarter, Misto Holdings, the parent company of Fila, Titleist and FootJoy, announced an increase in sales growth following a restructuring of its U.S. operations. The firm, based in South Korea, saw a 6.3% year-on-year boost in revenue during this period, reaching KRW915.2 billion (US$612 million). This follows a 3.7% uplift in sales reported in the third quarter.

    Company executives attribute this growth to a combination of factors, despite the prevailing macroeconomic uncertainty. These include a focus on profitability-driven operations, the positive outcomes of restructuring, and robust performance from Acushnet.

    Segment Performance

    Revenue from the Misto segment, which includes Fila and other lifestyle brands, fell by 9.6%. This decrease was primarily due to restructuring and inventory clearance in the U.S. market. However, operating profit improved significantly, reaching KRW74.7 billion, marking a notable recovery from the previous year.

    The Greater China market has emerged as a new area of growth for the company, driven by the expansion of prominent K-fashion brands. In South Korea, demand for Fila’s footwear franchise models remained stable.

    The Acushnet segment reported a sales growth of 10.9%, bolstered by strong sales of golf equipment, such as Titleist T-Series irons and SM10 wedges. Additionally, higher average selling prices for FootJoy golf shoes contributed to this growth.

    Yearly Overview

    For the entirety of FY25, the company’s consolidated revenue grew by 4.7% to reach KRW4.47 trillion. Operating profit surged by 31.6% to KRW 474.8 billion.

    Ho Yeon (Aaron) Lee, CFO of Misto Holdings, reflected on the past year, saying it was a significant period that saw the company reinforce its identity as a global brand portfolio company following a corporate name change.

    He noted that the expansion of the Greater China business, improved profitability in the Misto segment, and solid growth in Acushnet have all contributed to the stability of the company’s earnings.

    Questions & Answers

    What factors led to the growth of Misto Holdings in the fourth quarter?
    The growth was attributed to profitability-focused operations, the restructuring of the U.S. operations, and strong performance from Acushnet.

    How has the Misto segment performed amidst the company’s restructuring?
    Despite a decrease in revenue by 9.6% due to restructuring and inventory clearance, the Misto segment saw an improvement in operating profit, marking a significant turnaround.

    What contributed to the sales growth of the Acushnet segment?
    Increased sales of golf equipment, particularly Titleist T-Series irons and SM10 wedges, along with higher average selling prices for FootJoy golf shoes, supported the 10.9% growth in the Acushnet segment.

  • ThongSmith: Thailand’s Premium Boat Noodle Brand Sets Sail in Hong Kong’s Dining Scene

    ThongSmith: Thailand’s Premium Boat Noodle Brand Sets Sail in Hong Kong’s Dining Scene

    Bangkok-based noodle brand, ThongSmith, has taken a step onto the international stage by launching its first overseas venture in Wan Chai, Hong Kong. With a reputation in Thailand for its upscale approach to traditional boat noodles, ThongSmith is bringing a touch of Thai street cuisine with a lavish twist to Hong Kong.

    Reimagining Street Food

    ThongSmith has carved a niche for itself in Thailand by enhancing traditional boat noodles. This reinvention involves slow-simmering broths and the inclusion of high-grade proteins such as Wagyu beef and Kurobuta pork, setting ThongSmith apart from the usual inexpensive vendors.

    Menu Adaptation

    The menu in Hong Kong follows the same pattern as in Bangkok, providing noodle dishes in addition to rice meals, grilled meats, and desserts. However, these offerings are subtly modified to cater to local tastes.

    ThongSmith’s latest venture represents its inaugural foray beyond Thailand’s boundaries. This move indicates the burgeoning interest of Southeast Asian F&B entrepreneurs in penetrating the fiercely competitive casual dining scene in Hong Kong.

    Brand Growth

    ThongSmith, which was established in 2018, now runs over 20 outlets across Bangkok.

    Questions & Answers

    What is ThongSmith known for in Thailand?
    In Thailand, ThongSmith is renowned for its upscale twist on traditional boat noodles, featuring slow-simmered broths and premium proteins like Wagyu beef and Kurobuta pork.

    How does ThongSmith cater to Hong Kong’s local tastes?
    ThongSmith modifies its Bangkok menu to suit local preferences in Hong Kong, while maintaining its signature noodle dishes, rice meals, grilled meats, and desserts.

    What does ThongSmith’s expansion into Hong Kong signify?
    ThongSmith’s expansion into Hong Kong reflects the growing interest of Southeast Asian F&B operators in entering Hong Kong’s competitive casual dining market.

  • Vietnamese Fruit Market Takes a Hit: Prices Plummet Amid Weak Demand and Strict Chinese Import Controls

    Vietnamese Fruit Market Takes a Hit: Prices Plummet Amid Weak Demand and Strict Chinese Import Controls

    Fruit prices in Vietnam, including watermelon and orange, have drastically dropped to VND1,000–5,000 (3.8-19 U.S. cents) per kilogram. This decrease is attributed to a slump in domestic demand coupled with strict quality control enforced by China, a major importer.

    Farming Woes in Gia Lai

    In Gia Lai, a province located in the central region of Vietnam, watermelons are currently fetching VND1,000-VND5,000 per kilogram. Only high-quality fruits are attracting significant prices as traders are exercising selectivity in their purchases. This situation has led to considerable financial losses for local farmers. One farmer noted a seasonal loss exceeding VND50 million, while another reported losses of VND500 million from her eight-hectare watermelon farm.

    Farmers have pointed to a significant decrease in domestic demand this year, alongside slow exports to China, unlike in previous years where sales often surged post-Lunar New Year holidays. If prices continue to dip, the situation in Gia Lai could worsen, given that over 90% of watermelon farms spanning 2,733 hectares are due for harvesting in the coming months.

    Plight of Other Fruits

    Similarly, the price of oranges in the southern province of Vinh Long has slumped to VND1,000-3,000 per kilogram. This has resulted in farmers experiencing losses of VND100-200 million per hectare. One farmer, who cultivates nearly a hectare of oranges, is considering switching crops after incurring severe losses this year.

    This price drop has pushed traders to sell their goods at heavily discounted rates on the streets of Ho Chi Minh City. Here, piles of oranges and watermelons are stacked up for sale at VND5,000 per kilogram and VND10,000 respectively. Prices of other produce such as tomatoes, green beans, and okra have also halved within a month, with tomatoes trading between VND10,000-25,000.

    Export Challenges

    Dang Phuc Nguyen, the general secretary of the Vietnam Fruit and Vegetable Association, attributes the drastic price drop to China imposing stricter quarantine controls and quality standards. As Vietnam’s largest agriculture produce buyer, these new measures have a significant impact on the local market.

    Furthermore, local testing laboratories in Vietnam are overwhelmed, leading to longer inspection times and an increase in risks for traders. The ongoing conflict in the Middle East has also led to a 50-66% surge in logistics costs. Consequently, exporters who cannot bear these costs are opting to sell their products domestically, causing a supply glut.

    The Binh Thuan Province Dragon Fruit Association reported a significant increase in air freight costs to Europe, which has jumped from $1.5 per kilogram to $7-8. This price surge has forced many traders to sell domestically at discounted prices. Exporters are looking into new Asian markets such as Japan and South Korea, but they acknowledge that these markets cannot immediately compensate for the loss of traditional markets.

    Questions & Answers

    What has led to the drastic drop in fruit prices in Vietnam?
    The fall in prices can be attributed to decreased domestic demand and China’s stricter quality control measures, which have slowed exports.

    What is the impact of the falling fruit prices on local farmers and traders?
    Falling prices have led to significant financial losses for farmers and forced traders to sell their goods at heavily discounted prices.

    What steps are Vietnamese exporters taking in response to the current situation?
    Exporters are seeking new markets in Asia, such as Japan and South Korea, and selling their produce domestically due to increased logistics costs and extended inspection times.

  • Jollibee’s Record-Breaking Q4: Global Sales Soar, Boosted by Impressive Coffee and Tea Segment Growth

    Jollibee’s Record-Breaking Q4: Global Sales Soar, Boosted by Impressive Coffee and Tea Segment Growth

    In a solid display of global retail growth, Jollibee Group (JFC) concluded its financial year of 2025 with impressive fourth-quarter earnings and continued expansion worldwide. The group successfully enhanced its store network and achieved robust growth in both domestic and international markets.

    Driving Factors behind Growth

    JFC’s CEO, Ernesto Tanmantiong, credited the sturdy consumer demand as a key element propelling growth. The company saw a considerable rise in its consolidated revenue, with a 9.8 per cent increase in the fourth quarter and a 13 per cent upturn for the entire financial year.

    Tanmantiong noted, “The impressive sales momentum we experienced during the fourth quarter led to an even more significant expansion in our operating income, which saw a 41.9 per cent growth for the quarter. This signifies our strongest fourth-quarter operating performance in JFC’s history.”

    The company’s systemwide sales for the whole year exhibited a 16.6 per cent growth, with notable contributions stemming from both the Philippine and international businesses.

    Performance of Different Segments

    The coffee and tea segment played a pivotal role in driving growth, recording a 44.9 per cent surge in revenue. This was mainly backed by successful brands such as Highlands Coffee, The Coffee Bean & Tea Leaf, Milksha, and Compose Coffee.

    Vietnam, being JFC’s biggest overseas market in terms of store count, reflected a substantial sales growth of 40.4 per cent and a same-store sales growth of 23.9 per cent.

    Additionally, other international markets demonstrated significant gains, including Jollibee in the US with a 17.3 per cent growth, and the EMEAA region, where Philippine brands saw a 22.1 per cent increase.

    In the domestic market, the Philippines, JFC marked a sales surge of 9.6 per cent, bolstered by core brands such as Jollibee, Chowking, and Mang Inasal, which grew 10.4 per cent, 6.1 per cent, and 15.6 per cent, respectively.

    Expansion of Store Network

    Over the course of the past year, JFC launched 1126 new stores, elevating its total store count to 10,341.

    Looking ahead, Tanmantiong expressed the group’s commitment to maintaining profitable growth, enhancing operational efficiency, and generating long-term value for stakeholders in the forthcoming fiscal year.

    Questions & Answers

    What contributed to Jollibee Group’s growth in FY25?
    Steady consumer demand, an expanded store network, and growth in both domestic and international markets contributed to Jollibee Group’s growth in FY25.

    Which segment played a pivotal role in driving Jollibee Group’s revenue growth?
    The coffee and tea segment was a key driver of Jollibee Group’s revenue growth, with successful brands like Highlands Coffee, The Coffee Bean & Tea Leaf, Milksha, and Compose Coffee leading the way.

    What is Jollibee Group’s focus for the upcoming fiscal year?
    Jollibee Group aims to sustain profitable growth, enhance operational efficiency, and create long-term value for its stakeholders in the upcoming fiscal year.

  • Guess Joins Fashion Exodus: All Mainland China Stores Shutting Down

    Guess Joins Fashion Exodus: All Mainland China Stores Shutting Down

    US-based fashion behemoth, Guess, has announced plans to shutter all its outlets in Mainland China by the end of this month. This move is seen as a continuation of the trend witnessed in recent years where multiple foreign labels have ceased operations in the region.

    Guess has let its customers know of this impending closure through text messages, stating that both its brick-and-mortar and online stores will be affected. Consequently, the company has already ceased the sale of its products on its Tmall online flagship stores.

    The fashion giant has hinted towards a strategic repositioning within the Chinese market, utilizing an innovative model. However, specifics of this new strategy have not been divulged yet.

    Guess first set foot in Mainland China back in 2007, launching its inaugural store in Shanghai. The brand witnessed impressive growth, boasting around 250 stores in the region at its peak in 2019.

    Guess’s withdrawal from China echoes the actions of various international brands over the past few years. Prominent labels including Old Navy, Topshop, Bershka, Pull&Bear, Stradivarius, and Oysho have all left the Chinese market.

    Questions & Answers

    Why is Guess closing its stores in Mainland China?
    Guess is following the trend of many foreign brands that have exited the Chinese market in recent years. Specific reasons for Guess’s decision have not been provided.

    What is the company’s future plan in the Chinese market?
    Guess plans to reposition itself in the Chinese market with a new business model, although the company has not released any details regarding this plan.

    Which other foreign brands have exited the Chinese market recently?
    Several foreign brands have closed their operations in China in the past few years, including Old Navy, Topshop, Bershka, Pull&Bear, Stradivarius, and Oysho.

  • Singtel Faces Back-to-Back Disruptions: Singapore’s Largest Mobile Network Grapples with Connection Issues

    Singtel Faces Back-to-Back Disruptions: Singapore’s Largest Mobile Network Grapples with Connection Issues

    On Tuesday, customers of Singtel, the largest mobile network in Singapore, faced connectivity issues for the second consecutive day. These disruptions followed a Monday outage that lasted more than eight hours and impacted thousands of users, creating significant inconvenience for customers and affecting crucial services such as payments, ride-hailing, and food delivery.

    Singtel revealed that a “small number” of customers were experiencing connectivity issues, but clarified that these problems were unrelated to the Monday outage. By 5 p.m. on Tuesday, connectivity had been restored. The company issued an apology for the inconvenience caused to its customers.

    The Infocomm Media Development Authority (IMDA), in a recent statement, confirmed that initial investigations into the two incidents found no evidence of any cyber-related issues. They emphasized that they seriously view any service disruptions and pledged to thoroughly investigate both incidents. They also sternly warned that they would not hesitate to take stringent regulatory action against Singtel if any lapses were identified.

    Previous Disruption and Cyber Attack

    On Monday, Singtel experienced a severe network outage that lasted more than eight hours. This disruption led to many Singtel users reporting issues with their mobile services. Some were even unable to make payments or use mobile data for work-related tasks.

    Last month, the authorities in Singapore reported that all four major telcos, including Singtel, had been targeted in a cyberattack by UNC3886. This assault, disclosed last year, enabled the attackers to access critical systems at the telcos. However, no sensitive customer data was compromised.

    Continuing Issues and Customer Dissatisfaction

    Despite the restoration of services, many Singtel and GOMO users reported that they were still unable to reconnect on Tuesday. They expressed frustration over the slow customer service responses. GOMO is a budget-friendly sub-brand of Singtel.

    Priscilla Wee, a 56-year-old homemaker, shared her ordeal of repeatedly turning her phone off and on and reloading her GOMO e-SIM. However, her efforts were in vain. Out of frustration, she terminated her GOMO line on March 17 and switched to StarHub. She stated, “The trust factor with Singtel is now gone.”

    Aaron Ang, chief technology officer of Cyber Leaders Nexus, a Singapore-based cybersecurity company, commented on the situation. He suggested that engineers responding to a significant outage often resort to restarting systems, rerouting traffic, or implementing quick fixes. Such remedial actions can put stress on other parts of the system or reveal hidden issues, potentially causing a second, separate outage.

    Questions & Answers

    What was the cause of the recent Singtel disruptions?
    The company stated that they were unrelated incidents and not associated with any cyber-related issues.

    What were the consequences of these disruptions?
    Thousands of users were affected, with some unable to use essential services such as payments, ride-hailing, and food delivery, leading to significant inconvenience.

    What is the IMDA’s stance on these incidents?
    The Infocomm Media Development Authority takes a serious view of service disruptions, pledging to thoroughly investigate both incidents and warning of stringent regulatory action if any lapses are identified.

  • Coles Bids Farewell to Swaggle: The Unexpected Turn in Australia’s Pet Care Industry

    Coles Bids Farewell to Swaggle: The Unexpected Turn in Australia’s Pet Care Industry

    Swaggle, a pet care subsidiary of supermarket titan Coles, will be shutting down after a two-year run, it has been confirmed. Swaggle marked Coles’ entry into the thriving pet care industry which is currently valued at over $33 billion annually in Australia.

    Headquartered in Victoria, Swaggle was supervised by Chad Burke, previously a category manager at Coles Group. The online marketplace boasted an extensive inventory of items, featuring both niche and prominent brands in the industry.

    Despite its initial promise, Coles has decided to cease Swaggle’s operations beginning from April, just over two years after its inception.

    A representative from Coles praised Swaggle as one of the company’s most important innovation projects. The representative stated, “The venture demonstrated our ability to quickly ideate and trial in the market, and highlighted what a dedicated, nimble team can achieve when they stay attuned to the customer’s needs and are willing to experiment.”

    The company plans to investigate options for relocating Swaggle’s workforce within its group, while providing support to others during the transition.

    The representative further added, “It also serves as a reminder of the need to acknowledge market shifts and to redirect our focus and capital to ensure the continued execution of our strategy.” The spokesperson went on to express, “As the pet market’s demands have transformed and client needs have developed, we have made the difficult decision to close down our Swaggle Pet business from the beginning of April.”

    Questions & Answers

    Why is Coles closing down its pet care business, Swaggle?
    Coles is closing down its pet care business, Swaggle, due to evolving customer needs and shifting demand in the pet market.

    What will happen to the employees of Swaggle after its closure?
    Coles is exploring opportunities to relocate Swaggle employees within its group and promises to support others during the transition period.

    What was the significance of Swaggle to Coles?
    Swaggle was one of the most significant innovation initiatives at Coles, demonstrating the company’s ability to quickly create and test in the market, and highlighting the achievements of a small, talented team.

  • Vietnamese Dong Bolsters Against US Dollar Amid Easing Global Crude Oil Prices

    Vietnamese Dong Bolsters Against US Dollar Amid Easing Global Crude Oil Prices

    On Wednesday morning, the U.S. dollar saw a slight decrease against the Vietnamese dong, while maintaining a steady position against other major currencies. Vietcombank reported a 0.004% drop in the greenback’s value, selling it at VND26,320. Concurrently, the currency experienced a 0.44% decline to approximately VND26,993 in the informal currency market.

    Global Currency Developments

    Worldwide, the dollar paused for breath as a reduction in crude oil prices ignited a glimmer of risk appetite in markets prior to several crucial central bank decisions. The dollar index, which provides a measure of the U.S. currency’s strength against a selection of global currencies, experienced a slight increase of 0.06%, rising to 99.61 following a two-day decrease. Meanwhile, the euro experienced a slight decrease of 0.05%, trading at $1.1532.

    The Japanese yen also saw a minor weakening of 0.01% against the U.S. dollar, trading at 159.00 per dollar. In contrast, the British sterling maintained its value at $1.3355.

    Upswing for Antipodean Currencies

    Antipodean currencies, the Australian and New Zealand dollars, saw a slight increase in value against the greenback. The Australian dollar strengthened by 0.1%, trading at $0.7109. Similarly, New Zealand’s kiwi saw a 0.05% rise, trading at $0.586 against the U.S. dollar.

    Last week, the U.S dollar reached a 10-month high as conflicts in the Middle East and escalating oil prices pushed investors to seek the relative safety of U.S. assets.

    According to Hirofumi Suzuki, Chief FX Strategist at Sumitomo Mitsui Banking Corporation, although the rise in crude oil prices seems to have momentarily paused, the overall situation has not improved significantly. Nevertheless, markets appear to be demonstrating some recovery.

    Questions & Answers

    What was the exchange rate of the US dollar to the Vietnamese dong on Wednesday?
    The US dollar was sold at VND26,320 by Vietcombank on Wednesday.

    How did the US dollar perform against the Euro and the yen?
    The US dollar experienced a slight increase against the Euro, which traded at $1.1532, and against the yen, with the latter trading at 159.00 per dollar.

    What event last week caused the US dollar to reach a 10-month high?
    The conflicts in the Middle East and escalating oil prices prompted investors to seek the relative safety of U.S. assets, causing the US dollar to reach a 10-month high.

  • 11 Macau Satellite Casinos Shut Down, Leaving More Than 6,000 People Out Of Work

    11 Macau Satellite Casinos Shut Down, Leaving More Than 6,000 People Out Of Work

    A total of 11 satellite casinos operating under Macau’s three licensed gaming concessionaires officially ceased operations on 31 December last year. The closures followed the end of a three-year transition period introduced after Macau revised its Gaming Law in 2022. Around 6,000 employees were affected, including about 5,600 local workers and around 400 foreign employees.

    After receiving formal notice from gaming operators last June, the Macau government instructed the companies to make proper arrangements for affected staff and protect their legal rights.

    With the full closure of these satellite casinos, an operating model that had been used for decades has now come to an end. Meanwhile, Macau’s gaming industry has completed another major phase of restructuring.

    The growth of online gambling

    As technology continues to advance and consumer behaviour keeps changing, the global online casino market has expanded rapidly in recent years.

    Hong Kong has long been one of Macau’s most important visitor sources, with Hong Kong travellers accounting for more than one-fifth of inbound visitors. Because of this, the market is closely watching whether the shutdown of satellite casinos will lead to changes in entertainment habits.

    Some observers believe that, after the closures, certain players may become more open to using licensed online casinos in Hong Kong as an alternative, rather than travelling to Macau in person for gambling activities. This possibility has drawn attention as the wider gaming sector moves further into the digital era.

    A new era for the gaming sector

    According to information published by the Macau government, the 11 satellite casinos that ended operationsincluded Casino Casa Real, Casino Emperor Palace, Casino Fortuna, Casino Kam Pek Paradise, Casino Landmark, Casino Le Royal Arc, Casino L’Arc Macau, Casino Ponte 16, Casino Rio, and Casino Waldo under SJM Resorts, as well as Waldo Casino under Galaxy Entertainment Group and Grand Dragon Casino under Melco Resorts & Entertainment.

    A “satellite casino” refers to a smaller venue operated by a non-licensed party under the authorisation of a licensed gaming company. This model first emerged in the 1990s and, at its peak, there were more than 20 such casinos in Macau.

    However, Macau’s revised Gaming Law in 2022 required all casinos to be directly managed and controlled by licensed concessionaires, effectively bringing the authorisation model to an end.

    For many years, satellite casinos formed part of the city’s broader gaming ecosystem and helped extend casino operations to different commercial properties. However, regulators have now moved to tighten control over the sector, strengthen compliance, and create a more standardised framework for future development.

    Changing visitor spending patterns

    On top of the legal change, visitor spending habits have also shifted. According to Sands China, its gaming revenue fell from about US$8.362 billion in 2014 to US$5.346 billion in 2024, a decline of around 36%. Over the same period, revenue from hotel rooms, dining, and shopping recorded strong growth.

    Analysts say that although visitor arrivals to Macau have recovered, gambling spend per visitor has not returned to past peak levels. Besides, the contraction of the VIP gaming segment has further weakened the business case for the satellite casino model. In other words, even as tourism rebounds, the old structure is becoming harder to sustain.

    This trend suggests that Macau is no longer relying on gaming alone in the same way it once did. Visitors today may be more interested in integrated travel experiences that include accommodation, food, luxury shopping, live entertainment, and family-friendly attractions.

    Push towards non-gaming development

    Over the past decade, the Macau government has been actively promoting more diversified economic development. It has required the city’s six major gaming operators to invest more than MOP118.8 billionbetween 2023 and 2032. Of that amount, only around MOP10.1 billion is allocated to gaming facilities, while the rest is being directed towards culture, entertainment, and sports-related projects.

    Many gaming operators have also increased investment in hotels, retail, and dining in order to attract more family and business travellers. For example, French luxury brand Hermes expanded and renovated its store in Macau last year, strengthening the city’s position as a tourism and lifestyle destination rather than only a gaming hub.

    This policy direction shows that Macau wants to build a more balanced economic model. By expanding non-gaming attractions and reducing reliance on casino revenue, the city hopes to improve resilience and create new sources of growth over the long term.

    Regional connectivity may support tourism

    Cross-border transport links within the Greater Bay Area continue to improve. Earlier, the Hong Kong government released a transport strategy blueprint proposing further study and promotion of measures such as mutual recognition of commercial vehicle licences across Hong Kong, Macau, and Guangdong. It also called for better sharing of cross-border public transport information to make trip planning easier for families and business travellers.

    These improvements could provide better connectivity and bring more visitors to Macau, even as the city continues shifting away from older gaming structures and towards a broader tourism and leisure model.

     

    Source: https://pixabay.com/photos/casino-entertainment-venues-936910/

     

    ALT Text: the slot machines in a macau’s casino

  • Exploring Australia’s Potential Crackdown on Infant Formula Ads: A Move to Protect Breastfeeding Rates

    Exploring Australia’s Potential Crackdown on Infant Formula Ads: A Move to Protect Breastfeeding Rates

    The Australian federal government is currently seeking public feedback on the possibility of enacting laws to regulate the marketing of infant formula in the country. This consultation process is open for submissions until the 10th of April.

    The Background

    Prior to February 2025, a voluntary agreement had been set in place in which Australian formula brands pledged not to advertise formula products for infants aged 12 months or less. This agreement was instituted as part of an effort to encourage and safeguard breastfeeding practices. However, recent statistics have shown that the rates of breastfeeding in Australia are not as high as desired. This has prompted the government to consider not renewing the voluntary agreement and instead, exploring more stringent measures.

    These proposed measures are not intended to explicitly promote breastfeeding. The main objective is to curb marketing practices that present formula as a better or equivalent alternative to breastfeeding.

    The Problem with Formula Advertising

    Breastfeeding offers numerous health benefits for both the mother and child. These include protection against gastrointestinal and respiratory infections for newborns, decreased risk of obesity and type 2 diabetes later in life for the child, and a lower risk of ovarian and breast cancer for the mothers.

    In light of these benefits, Australian guidelines propose exclusive breastfeeding for the first six months of a child’s life. Additionally, the World Health Organization recommends continued breastfeeding for the first two years.

    Despite high rates of breastfeeding at birth in Australia, these rates significantly decrease over time. In 2022, it was reported that only 37% of babies were exclusively breastfed by the time they reached six months.

    There are various reasons why mothers choose not to breastfeed, but the advertising of formula products is a key area of concern. It has been found to muddle parents’ understanding of the nutritional benefits of breastfeeding versus formula, reduce the initiation and duration of breastfeeding, and position formula as a more favorable solution to breastfeeding challenges.

    The Role of Online Advertising

    Online advertising operates differently from traditional forms of advertisement. Online ads target individuals based on their search history, browsing activities, or significant life events. As such, they can reach new or expectant parents at times when they may be most uncertain or susceptible to suggestions.

    Analysis of Infant Formula Ads

    An analysis of online formula advertisements targeting parents in Australia was conducted by the ADM+S Australian Ad Observatory. The study found that formula brands used various tactics to appeal to parents. These included highlighting positive customer reviews, offering free downloadable resources such as cookbooks and baby proofing guides, and partnering with prominent retailers to direct individuals to online shopping platforms.

    Potential Government Actions

    The government is contemplating several options, including maintaining the status quo with no regulation, introducing legislation that mirrors the former voluntary agreement, or introducing legislation that also restricts the marketing of toddler milk for children aged one to three years.

    Questions & Answers

    What are the benefits of breastfeeding for mothers and children?
    Breastfeeding offers significant health benefits, including protection against gastrointestinal and respiratory infections for newborns, decreased risks of obesity and type 2 diabetes later in life for the child, and a reduced risk of ovarian and breast cancer for the mother.

    Why is the advertising of infant formula products a concern?
    Advertising can confuse parents about the nutritional benefits of breastmilk versus formula, decrease the initiation and duration of breastfeeding, and present formula as a more favorable solution to breastfeeding challenges.

    What potential actions is the Australian government considering?
    The government is considering several options including maintaining the status quo with no regulation, introducing legislation that mirrors the former voluntary agreement, or introducing legislation that also restricts the marketing of toddler milk for children aged one to three years.

  • Will Australia Clamp Down on Infant Formula Ads? Exploring New Federal Consultation on Marketing Restrictions

    Will Australia Clamp Down on Infant Formula Ads? Exploring New Federal Consultation on Marketing Restrictions

    Australian Government Considers Infant Formula Marketing Regulations

    The Australian federal government recently invited public responses to a consultation paper, exploring the potential introduction of laws to limit or completely halt the marketing of infant formula across the country. This open consultation has been set to terminate by April 10.

    Since February 2025, manufacturers of Australian infant formula have been adhering to an agreement, albeit voluntary, to avoid advertising formula milk products for babies who have not yet reached their first birthdays. The unstated goal of this agreement was to encourage and safeguard the practice of breastfeeding.

    However, with recent statistics indicating a lower-than-expected rate of breastfeeding in the country, the government has decided against renewing the voluntary arrangement. Instead, it is now considering implementing stricter measures.

    While these new measures do not directly advocate breastfeeding, they are designed to curb marketing strategies that present formula milk as a similar or better alternative.

    Our evaluation of online ads for infant formula aimed at Australian parents shows that companies exploit parental fears. This also illustrates the issues arising from a voluntary arrangement.

    The Problem with Formula Advertising

    Breastfeeding offers substantial health benefits to both the mother and baby. These include safeguarding newborns from gastrointestinal and respiratory infections, lowering the risk of obesity and type 2 diabetes in later life, and reducing the likelihood that mothers will develop ovarian and breast cancer.

    For these reasons, Australian guidelines advise exclusive breastfeeding for the first six months after birth. The World Health Organization recommends continued breastfeeding for the first two years.

    In Australia, while breastfeeding rates are high at birth, they swiftly decline. Only 37% of babies were reported to be exclusively breastfed by six months in 2022.

    There are various factors contributing to a mother’s decision not to breastfeed, but advertising of formula products is a key concern. Such advertising has been shown to create confusion among parents about the nutritional benefits of formula versus breast milk, decrease breastfeeding initiation and duration, and present formula as a superior choice in the face of breastfeeding difficulties.

    Formula milk is crucial and often the only option for those who cannot breastfeed. However, it is also costly and can place financial stress on families, especially during the first year of a child’s life.

    Online advertising differs significantly from traditional ads. Online, ads are targeted based on people’s search and browsing histories or life events, reaching new or expecting parents at times when they may be most uncertain or susceptible to suggestion.

    Infant Formula Advertisements: What Are They Promising?

    The ADM+S Australian Ad Observatory, which we and our colleagues manage, collects data on ads encountered by Australians online in order to understand how digital advertising systems work.

    In 2022, we collected ads from 1200 Australian adults who voluntarily installed a plug-in on their browsers to capture ads while they browsed Facebook. Since 2025, we have been collecting ads from about 300 Australians who use an app to share ads that appear while they scroll through Facebook, Instagram, TikTok and YouTube on their phones.

    In this analysis, we studied ads collected in both years and identified 158 ads promoting formula products from local and international brands.

    We found brands used various tactics to attract parents. Some highlighted positive customer reviews or offered complimentary downloadable cookbooks and baby-proofing guides for homes.

    Other ads were in collaboration with prominent retailers, directing people to online shopping interfaces with “buy now” buttons.

    Most formula brands made some claims about the nutritional or behavioural benefits of their products. These claims exploit the anxiety parents often feel about their children meeting nutritional, sleep and developmental milestones.

    Some manufacturers claimed their product was fortified with vitamins and prebiotics that would “improve gut health” or help a toddler sleep longer at night.

    Others claimed their formula would give mothers “a moment of calm” or strengthen their toddler’s immune system. This is despite scientific evidence showing that breast milk can provide necessary antibodies to a sick child in real time.

    Starting early: The Problem with the Voluntary Advertising Agreement

    Many ads used images of very young toddlers who could easily be mistaken for infants aged 12 months or under. In one case, we found an ad explicitly promoting formula designed for babies under 12 months.

    This, along with the use of images of very young children to market ‘toddler milk’ (formula marketed for children aged one to three years), underscores some of the problems with a voluntary advertising agreement.

    Since toddler milk marketing was exempt, brands could target parents of newborns. This would generate brand awareness and consumer trust, potentially leading a parent to choose to start their child on formula instead – or earlier than they otherwise would.

    Enforcement has also been a challenge. The penalties for violating the agreement – listing the breach on the Department of Health website – have not been viewed as severe enough by the Australian Competition and Consumer Commission.

    Moreover, the digital advertising environment offers little visibility into what marketing is actually in circulation or who is being exposed to it.

    Outside of specialised research tools like our Ad Observatory and the Australian Internet Observatory, there is no systematic method for observing infant formula ads appearing on personalised social media feeds.

    Potential Government Actions

    The government is mulling over several options:

    Maintaining the status quo – no regulation.
    Introducing legislation mirroring the former voluntary agreement, preventing promotion of infant formula (for babies aged 12 months or under).
    Introducing legislation that also restricts toddler milk marketing (for children aged one to three years).
    We have provided all our data to the government to assist in the decision-making process. However, while the ads we discovered provide a glimpse behind the scenes, they likely underestimate the extent of formula marketing happening online.

    Infant formula can be a critical, sometimes life-saving, intervention for families in need. However, health interventions do not require persuasive advertising to fulfil their purpose.

    The essential policy question is whether a product designed to support infants should be promoted through the same marketing systems selling snack foods, cosmetics and financial products.

    Questions & Answers

    Why is the Australian government considering legislation to restrict infant formula marketing?
    The Australian government is considering this move due to concerns over lower-than-expected rates of breastfeeding in the country. There is a belief that marketing strategies by formula manufacturers might be presenting formula as a preferable choice to breastfeeding, potentially influencing parents’ decisions.

    What are the key issues with formula advertising?
    Formula advertising may cause confusion among parents about the nutritional benefits of formula versus breast milk. Ads may also suggest that formula is a superior alternative when facing breastfeeding challenges. Furthermore, these ads may exploit parents’ anxieties about their children’s nutritional and developmental needs.

    What are the potential options the government is considering regarding the regulation of infant formula marketing?
    The government is considering several options: maintaining the current situation with no regulation; introducing legislation similar to the former voluntary agreement that prevents the promotion of infant formula for babies aged 12 months or under; or introducing legislation that also restricts the marketing of toddler milk for children aged one to three years.

  • Funday and Barbie Unveil ‘Berry Kisses’ Gummies: Experience Fun and Wellness in a Bite!

    Funday and Barbie Unveil ‘Berry Kisses’ Gummies: Experience Fun and Wellness in a Bite!

    Funday, a popular confectionery company, has joined forces with Mattel’s iconic doll brand, Barbie, to introduce a new product titled ‘Berry Kisses’. These gummies are infused with a mixed berry flavour, inspired by Barbie’s bright and playful theme.

    Details about the Collaboration

    The highly anticipated gummies are characteristically shaped like kisses and boast a natural pink hue from red radish extract. The product has been formulated with prebiotic fibre and other gluten-free ingredients, ensuring that it does not contain any added sugar. This combination of elements makes ‘Berry Kisses’ a healthy and delicious snack option.

    Founder of Funday, Daniel Kitay, expressed his excitement about this unique collaboration. He commended the partnership for its joyous, bold, and playful nature that allows Funday to explore Barbie’s vibrant world. Yet, he pointed out that the collaboration aligns with Funday’s core values.

    Availability and Pricing

    This new product will be sold in 50g bags with a recommended retail price (RRP) starting from $4.50. The ‘Berry Kisses’ gummies will initially be available online and at Chemist Warehouse from March. Subsequently, they will be rolled out to Woolworths, Ritchies, and independent grocers nationwide in April.

    Last month, Funday expanded its product portfolio by venturing into the chocolate category, further demonstrating its commitment to providing diverse and creative confectionery options.

    Questions & Answers

    What are the main features of the ‘Berry Kisses’ gummies?
    The gummies are shaped like kisses, with a natural pink colour derived from red radish. They are formulated with prebiotic fibre, gluten-free ingredients, and contain no added sugar.

    When and where will the ‘Berry Kisses’ gummies be available?
    They will first be available online and at Chemist Warehouse from March. Starting April, they will be rolled out to Woolworths, Ritchies, and independent grocers nationwide.

    What new category did Funday venture into recently?
    Funday recently launched products in the chocolate category.