Retail News CRM

Author: Mei Ling Tan

  • End of an Era: T2 Tea Shutters Last Singapore Stores, Signaling Market Withdrawal

    End of an Era: T2 Tea Shutters Last Singapore Stores, Signaling Market Withdrawal

    T2 Tea has announced that it will be shutting down its remaining three stores in Singapore, bringing an end to a nine-year presence in the market. The closures, which will occur between March 20 and 25, involve outlets located in VivoCity, 313@Somerset, and Suntec City. The company has been offering substantial discounts of up to 70% off as part of its closing sales, details of which have been widely shared across various social media platforms.

    Established in 1996, T2 Tea, originally based out of Melbourne, was purchased by Unilever in 2013 for a reported sum of approximately $60 million. In 2022, the company underwent another shift in ownership when Unilever sold its tea division to the private equity firm, CVC Capital Partners. The division was subsequently renamed as Lipton Teas and Infusions.

    T2 faced significant changes in 2023, shortly after the deal with CVC Capital Partners. The company decided to close its operations in the UK and the US to concentrate its efforts on markets in Australia, New Zealand, and Singapore. The move was a response to the “unprecedented changes” that had been experienced in the previous years.

    T2 Tea had a substantial footprint in Asia, with retail partnerships in the Philippines and a flagship e-commerce platform in Mainland China. Leaf Beverages, its official retailer in the Philippines, operates from kiosks and shopping centers. Meanwhile, the company primarily used the Tmall Global Flagship platform to distribute its products in China.

    Multiple local news reports have covered the story of the brand’s departure from the region. A spokesperson for the business informed a popular news outlet that the stores will be closing “indefinitely”. However, the spokesperson also noted that the brand would be open to assessing potential opportunities to make a comeback in the Singaporean market in the future. T2 Tea has been contacted for additional comments regarding the closure.

    Questions & Answers

    Why is T2 Tea closing its outlets in Singapore?
    The decision to close the outlets comes as part of a strategic shift for the company, although specific reasons behind their exit from the Singaporean market have not been disclosed.

    What were the major changes that T2 Tea experienced?
    In 2023, T2 Tea decided to close its operations in the UK and the US to concentrate on markets in Australia, New Zealand, and Singapore. This move was in response to “unprecedented changes” the company had been facing.

    Could T2 Tea re-enter the Singaporean market in the future?
    While the stores are closing “indefinitely”, a spokesperson for the business has noted that the company would be open to evaluating potential opportunities to return to Singapore in the future.

  • Siddhartha Shukla Exits Lanvin: A Shift in Luxury Fashion Leadership Amid Market Volatility

    Siddhartha Shukla Exits Lanvin: A Shift in Luxury Fashion Leadership Amid Market Volatility

    Siddhartha Shukla is set to leave his position as deputy CEO of the high-end fashion label Lanvin after a four-year tenure. Shukla, who has extensive experience in the luxury industry, joined Lanvin towards the end of 2021 with a vision to assist in the brand’s transition.

    Shukla’s Background

    Prior to his role at Lanvin, Shukla held the position of chief brand officer at the prestigious US label, Theory. His expansive career also includes over ten years at notable fashion houses such as Gucci and Saint Laurent.

    Lanvin’s Leadership

    In the wake of Shukla’s departure, Lanvin Group, the parent company of the fashion brand, announced that Andy Lew, the group’s executive president and Lanvin’s chairman and CEO, will continue to maintain control of the brand and its strategic aspirations.

    Leadership Changes Within the Group

    The exit of Shukla is the latest in a series of leadership changes within the group. Recently, Mandy West was designated as CEO of women’s clothing brand St John Knits, and Marco Pozzo took on the role of CEO at Wolford.

    Strategic Decisions

    Additionally, the group has taken significant strategic steps towards focusing on its central brands, primarily due to the ongoing fluctuations in the luxury market. This includes the divestment of the Italian menswear label Caruso, which was sold to MondeVita Italy, a subsidiary of the Mondevo Group.

    Recent Financial Performance

    In terms of fiscal performance, the group experienced a downturn in the first half, noting a 22% decline in revenue. The Lanvin brand, in particular, witnessed the most considerable decrease, with a fall of 42%.

    Questions & Answers

    Why is Siddhartha Shukla leaving Lanvin?
    The specific reasons for Siddhartha Shukla’s departure from Lanvin have not been disclosed.

    Who will take over Shukla’s responsibilities at Lanvin?
    Andy Lew, the group’s executive president and Lanvin’s chairman and CEO, will continue to oversee the brand and its strategic ambitions.

    How has Lanvin’s financial performance been recently?
    In the first half of the fiscal year, Lanvin’s revenue saw a significant decrease of 42%.

  • No Brand Korean Retail Concept Makes Grand Debut in Thailand through Central Food Retail Partnership

    No Brand Korean Retail Concept Makes Grand Debut in Thailand through Central Food Retail Partnership

    Central Food Retail, a division of Central Retail, is broadening its operations via a collaboration with Emart, a South Korean retailer, to introduce No Brand, a store model focused on value, in Thailand.

    First No Brand Store in Thailand

    The No Brand store, the first of its kind in Thailand, will commence operations at Central Bangna on March 31. This move signifies the official entrance of the brand into the Thai market. The forthcoming Bangkok outlet will stock over 2,200 items, encompassing Korean treats, essential pantry items, and household products.

    According to Central Food Retail, the No Brand concept appeals to customers who are after value but do not want to sacrifice quality. The store concept aims to leverage the ongoing popularity of Korean culture and products in Thailand.

    Broadening Retail Offerings

    MD Thanawat Jirajariyavej stated that the alliance with Emart forms part of their strategy to expand the group’s retail offering while meeting the demand for value-oriented products among Thai consumers. “This initiative signifies another crucial step in enhancing our portfolio towards becoming a global grocery destination through a value-driven retail model that consistently delivers quality, design, and value to our consumers,” Jirajariyavej stated.

    He also added that this partnership underscores Thailand’s potential as a strategic consumer hub in Southeast Asia, a region that continues to exhibit steady growth and attract top-tier brands to extend their reach in this area.

    About No Brand and Central Food Retail

    Emart launched No Brand in South Korea, and the chain now operates over 270 stores in the country. The brand has also extended its operations to other international markets, including the Philippines and Laos, and exports its products to more than 20 countries.

    Central Food Retail manages grocery and specialty retail formats, such as Tops, Tops Food Hall, Tops Daily, Tops Online, Tops Care, and Matsukiyo.

    Questions & Answers

    What is the new initiative of Central Food Retail in Thailand?
    Central Food Retail is expanding its portfolio through a partnership with South Korean retailer Emart to launch the value-focused store concept No Brand in Thailand.

    What is the aim of the No Brand store concept?
    The No Brand concept targets consumers seeking value without compromising on quality, and seeks to leverage the continued popularity of Korean culture and products in Thailand.

    What does the collaboration with Emart signify for Central Food Retail?
    The collaboration forms part of Central Food Retail’s strategy to expand its retail offering while meeting the demand for value-oriented products among Thai consumers. It also highlights Thailand’s potential as a strategic consumer hub in Southeast Asia.

  • Sudden Closure: Itacho Sushi Bids Farewell to Singapore, Winding Up Operations Following Founder’s Death

    Sudden Closure: Itacho Sushi Bids Farewell to Singapore, Winding Up Operations Following Founder’s Death

    Itacho Sushi, a restaurant chain originally established in Hong Kong, has abruptly shut down all its branches in Singapore. The unexpected closure was brought to light when the brand’s outlets at Ion Orchard, Bugis Junction, The Star Vista, and Novena Square 2 were listed as permanently closed on Google Maps.

    The sushi chain first launched in Singapore in July 2009. Since then, it has been a popular choice for sushi enthusiasts in the city. However, it was recently discovered that the company’s website and its respective social media channels for the Singapore branches have been deactivated, fueling speculation about its closure.

    Interestingly, the closure of outlets in Singapore follows the company’s departure from its home turf, Hong Kong. Itacho Sushi, which is under the ownership of Taste of Japan Group, has been gradually ceasing its operations since the passing of its founder, Ricky Cheng, in April 2024, who was 57 at his time of death.

    Taste of Japan Group is remembered for running other notable food chains including Itamae Sushi, Ajisen Ramen, Pancake House, and Sushi Raku. The current status of these franchises remains uncertain following the closure of Itacho Sushi.

    Questions & Answers

    When did Itacho Sushi make its debut in Singapore?
    Itacho Sushi was launched in Singapore in July 2009.

    Why are there speculations about Itacho Sushi’s closure in Singapore?
    The speculations arose when Itacho Sushi’s outlets in Singapore were listed as permanently closed on Google Maps. Additionally, the company’s website and Singapore-specific social media channels have been deactivated.

    Who was the founder of Itacho Sushi and when did he pass away?
    The founder of Itacho Sushi was Ricky Cheng, who passed away in April 2024 at the age of 57.

  • Dingdong Appoints Song Wang as New CEO: A Fresh Leadership in Chinese E-Grocery Space

    Dingdong Appoints Song Wang as New CEO: A Fresh Leadership in Chinese E-Grocery Space

    Dingdong, a fresh grocery e-commerce organization, recently announced the appointment of Song Wang as its new CEO. This change in leadership comes after Changlin Liang, the company’s founder, stepped down from his role as CEO, though he will maintain his position as chairman of the board.

    Experience in Leadership

    Before stepping into his new role, Wang has been a part of Dingdong since 2023 and held several significant leadership positions within the company. He has served as SVP, CFO, and director. Additionally, last year, Wang was named the chairman of the Dingdong Guyu Business Group, a division of the company focusing on private-label products.

    According to Dingdong, Wang’s involvement in crucial sectors of the company such as product development, supply chain construction, and financial strategy has been invaluable. The e-commerce firm lauds his strong leadership skills within finance and operations.

    Future Plans for Dingdong

    Upon his appointment, Wang expressed his intentions to continually prioritize enhancement of the product and supply chain abilities of the business. He emphasized his commitment to work with his team to build on the company’s differentiated product strengths and enhance supply chain capabilities. He also pledged to uphold Dingdong’s user-centric service philosophy.

    Questions & Answers

    Who has been appointed as the new CEO of Dingdong?
    Song Wang has been appointed as the new CEO of Dingdong.

    Who did Song Wang replace as CEO?
    Song Wang replaced Changlin Liang as CEO, who remained as the chairman of the board after his resignation.

    What are Song Wang’s plans for the future of Dingdong?
    Wang plans to focus on enhancing the company’s product strengths and supply chain capabilities. He has pledged to uphold the company’s user-centric service philosophy.

  • Starbucks Reaches New Heights: Unveils Asia’s Highest Coffeehouse on Vietnam’s Fansipan Peak

    Starbucks Reaches New Heights: Unveils Asia’s Highest Coffeehouse on Vietnam’s Fansipan Peak

    Starbucks has inaugurated a new outlet at the peak of Fansipan, making it the highest Starbucks branch in Asia.

    Location and Significance

    Positioned 3063 meters above sea level, the store is a part of the Sun World Fansipan Legend tourism complex in Sa Pa, located in the northern region of Vietnam. This new Starbucks outlet not only broadens the company’s presence in popular tourist destinations, but also signifies another milestone in its market expansion.

    Regarding this notable accomplishment, Chi Nguyen, Starbucks Vietnam’s Public Affairs Manager, stated, “This achievement signifies the unwavering support from our customers and partners. The store, with its stunning location and design that embraces both the local culture and Starbucks’ craftsmanship, will unquestionably become a must-visit spot for travelers from Vietnam and from around the globe.”

    Design and Décor

    The design of the outlet draws inspiration from architectural elements typical of Sapa. The exterior showcases a sage-green facade and integrates local textiles. In contrast, the interior utilizes wood textures, neutral tones, and greenery to replicate the surrounding highland scenery.

    Additionally, a personalized sandblasted glass artwork positioned above the bar illustrates the contours of Fansipan and Vietnam’s coffee-growing regions. The seating areas are purposefully arranged to provide visitors with a panoramic view of the surrounding mountains.

    New Beverage Introduction

    To celebrate the inauguration, Starbucks Vietnam has launched a limited-time Cloud Macchiato beverage series. These beverages will be available in both hot and iced versions at Starbucks outlets throughout the nation.

    Starbucks made its first entry into Vietnam in 2013, opening in Ho Chi Minh City. The brand now boasts over 150 stores spread over 25 cities and provinces in the country.

    Questions & Answers

    Where is the highest Starbucks store in Asia?
    The highest Starbucks store in Asia is located at the peak of Fansipan in northern Vietnam.

    What unique design elements does the Fansipan Starbucks store feature?
    The Fansipan Starbucks store embraces local architectural influences, featuring a sage-green exterior that incorporates local textiles. The interior uses wood textures, neutral tones, and greenery to reflect the surrounding highland landscape.

    What special beverage series has Starbucks Vietnam introduced to celebrate the new store opening?
    To commemorate the opening of the new store, Starbucks Vietnam has introduced a limited-time Cloud Macchiato beverage series, available in both hot and iced versions.

  • Apple Slashes App Store Commission Fees in China: A Big Win for Developers and Consumers

    Apple Slashes App Store Commission Fees in China: A Big Win for Developers and Consumers

    Apple will decrease the commission fees it collects from App Store transactions in mainland China, marking a substantial victory for Chinese developers. This decision comes in response to the perceived pressure from regulators in the U.S. technology behemoth’s second-largest market.

    Lowered Commission Fees

    Beginning Sunday, the California-based company will reduce fees for in-app purchases and paid transactions to 25%, down from the present 30%, according to a statement on the company’s website. For developers in Apple’s small business and mini apps partner programmes, in-app purchase transaction fees will be decreased to 12% from the current rate of 15%.

    The term ‘mini apps’ denotes smaller applications that function within a larger parent application, such as Tencent’s WeChat.

    Significant Impact for Chinese Developers

    This change is a significant advancement for Chinese app developers, including operators of ‘super apps’ such as Tencent and ByteDance, the owner of TikTok. These platforms offer numerous smaller apps developed by third-party creators.

    The reduction could potentially save Chinese developers more than 6 billion yuan (US$873 million) in annual operating costs. The measure has been presented as a win for Chinese digital consumers.

    Improved Consumer Choices

    The adjustment will enhance consumer choices and information transparency. The premium for digital goods and services within iOS will gradually decrease, and prices for membership subscriptions, game charges, live broadcast tips, mini programs, and other scenarios are predicted to drop, potentially saving consumers up to nearly 1 billion yuan per year.

    Global Scrutiny of Apple Tax

    The 30% ‘Apple Tax’ continues to be a significant target of regulatory scrutiny worldwide. In the U.S., Apple permits users to pay in-app fees using alternative payment methods, while the EU implemented new legislation in 2024 that mandated Apple to reduce commission fees to a range of 10% to 17% for developers.

    In China, Apple has been in discussion with the IT ministry and other departments about reducing their fees.

    World Consumer Rights Day

    The reduced commission fees will take effect on World Consumer Rights Day, a day often marked by Chinese state media spotlighting domestic and foreign companies accused of consumer rights violations. Apple was targeted by this campaign in 2013, when its after-sales service was criticized, compelling the company to issue a public apology.

    Going forward, the Chinese government may require Apple to collect App Store revenues within China, rather than overseas, and increase regulatory oversight of foreign apps published in China.

    Previously, Apple has removed apps such as virtual private networks (VPNs) from its China App Store at the Chinese internet regulators’ request.

    International Developers Also Benefit

    Apple’s fee reduction also extends to international developers whose apps are available on the China App Store. As an example, Duolingo, the highest-grossing education app in China, stands to save a substantial amount of money given its annual revenue from the Chinese market is around US$50 million.

    Questions & Answers

    What is the new commission fee rate for in-app purchases and paid transactions in mainland China?
    The new commission fee rate in mainland China is being reduced to 25% from the previous 30%.

    Who stands to benefit from these reduced commission fees?
    Chinese developers and operators of ‘super apps’ such as Tencent and ByteDance, along with international developers with apps available in the China App Store, will benefit from these reduced commission fees.

    When will the fee reduction take effect?
    The fee reduction will take effect on World Consumer Rights Day, which falls on Sunday.

  • Joybuy’s European Invasion: JD Challenges Amazon with Major eCommerce Expansion

    Joybuy’s European Invasion: JD Challenges Amazon with Major eCommerce Expansion

    On Monday, JD, a top-tier e-commerce powerhouse from China, announced the expansion of its Joybuy online marketplace into several European markets. By extending its reach into the United Kingdom, Germany, France, the Netherlands, Belgium, and Luxembourg, JD is significantly enhancing its global footprint and setting itself up as a formidable competitor against Amazon, the current market leader.

    JD’s international growth strategy gained momentum last year with the agreed purchase of Germany’s Ceconomy, the parent company of popular electronics retailers MediaMarkt and Saturn, in a deal worth 2.2 billion euros (US$2.52 billion).

    Chinese Retailers Expand Global Reach

    This move by JD is part of a broader trend of Chinese retailers and brands seeking to establish themselves in foreign markets. With the retail landscape in China marked by intense competition and tepid consumer demand, businesses are increasingly turning to countries in North America and Europe as potential sources for scalable growth.

    Joybuy, both on its website and mobile app, will offer a wide range of products from various categories, including technology, appliances, beauty, home goods, and groceries. The platform will also host dedicated stores for several household brands such as L’Oreal, Braun, DeLonghi, BRITA, and Bodum. JD has promised that pricing on Joybuy will be “competitive.”

    Fast Delivery as a Selling Point

    According to Matthew Nobbs, Joybuy’s UK Managing Director, the company’s formidable delivery service will be one of its key selling points. Customers in major cities who place their orders by 11 am can expect to receive their purchases on the same day, while orders placed before 11 pm will be delivered the following day.

    Joybuy’s same-day delivery will be available to more than 15 million households across Europe and the UK from the get-go. The company offers free delivery on orders over 29 euros ($33.21) or 29 pounds ($38.52) and plans to challenge Amazon Prime with its own delivery subscription service. Known as ‘JoyPlus’, this service will provide subscribers with unlimited free delivery for a monthly fee of 3.99 euros or 3.99 pounds.

    While Mr. Nobbs did not disclose the amount invested by JD in this ambitious project, he did confirm the involvement of 60 warehouses and depots across Europe and a dedicated last-mile delivery service. It is worth noting that JD’s previous bids to penetrate the UK market, including a potential takeover of consumer electronics retailer Currys and a bid to acquire Argos from the Sainsbury’s supermarket group, have fallen through.

    Questions & Answers

    What is JD’s latest venture?
    JD has expanded its Joybuy online marketplace into the UK, Germany, France, the Netherlands, Belgium, and Luxembourg.

    What types of products will Joybuy offer in these new markets?
    Joybuy will sell products across various categories, including technology, appliances, beauty, homeware, and grocery.

    What is Joybuy’s delivery policy?
    Joybuy offers fast delivery, with orders placed by 11 am arriving the same day and orders placed before 11 pm arriving the next day. Free delivery is available on orders over 29 euros or 29 pounds, and an unlimited free delivery subscription service, ‘JoyPlus’, is available at a monthly fee of 3.99 euros or 3.99 pounds.

  • VinFast Shatters Records: Skyrocketing EV Sales and Revenue Propel Vietnamese Automaker into Global Spotlight

    VinFast Shatters Records: Skyrocketing EV Sales and Revenue Propel Vietnamese Automaker into Global Spotlight

    Vietnamese electric vehicle manufacturer, VinFast, achieved record-breaking figures in both revenue and EV deliveries during 2025. The impressive results, which saw a 102% increase in electric cars delivered compared to 2024, were fueled by a global surge in demand for the company’s products and swift expansion into significant markets.

    VinFast’s unaudited financial results, released on Monday, revealed that the company generated VND90.43 trillion (US$3.6 billion) last year, a year-on-year increase of 105.4%. These results surpassed the company’s goal to double deliveries from the preceding year, marking the highest annual delivery volume in the company’s history.

    Final Quarter Analysis

    In the final quarter of 2025 alone, VinFast delivered 86,557 electric cars, an increase of 127% from the previous quarter and 63% year-on-year. The company’s Green brand and EC Van vehicles accounted for approximately 49% of deliveries during this quarter.

    International markets also saw considerable growth, contributing to about 18% of total global deliveries.

    Growth in Electric Motorbike and E-bike Segment

    VinFast also reported a substantial growth in its electric motorbike and e-bike segment. According to the released data, 171,962 units were delivered in the final quarter of 2025, a 43% increase from the previous quarter and a staggering 452% year-on-year increase. Throughout the entire year of 2025, the segment’s total deliveries reached 406,498 units, marking a 473% hike compared to 2024.

    Robust Revenue Growth

    VinFast’s revenue growth remained robust throughout the year. In the fourth quarter alone, the company’s revenue reached VND39.41 trillion, a 138.9% year-on-year increase and an increase of 117.7% from the previous quarter.

    By the end of 2025, VinFast had grown its global retail network to 424 showrooms worldwide, making its EVs more accessible to customers in various markets.

    Questions & Answers

    What was the year-on-year increase in VinFast’s electric vehicle deliveries in 2025?
    The increase in electric vehicle deliveries in 2025 compared to 2024 was 102%.

    What percentage of VinFast’s deliveries in the final quarter of 2025 were made up of its Green brand and EC Van vehicles?
    Approximately 49% of the deliveries in this period were VinFast’s Green brand and EC Van vehicles.

    How much did VinFast’s electric motorbike and e-bike segment grow in 2025 compared to the previous year?
    VinFast’s electric motorbike and e-bike segment grew by a striking 473% in 2025 compared to the previous year.

  • US Dollar Skyrockets Against Vietnamese Dong Amid Global Inflation Fears and Iran Conflict Developments

    US Dollar Skyrockets Against Vietnamese Dong Amid Global Inflation Fears and Iran Conflict Developments

    On Tuesday morning, the U.S. dollar experienced an unexpected surge against the Vietnamese dong in the black market trading. The greenback appreciated by 0.74%, hitting a record high of VND27,390 at unofficial exchange platforms.

    Maintaining the Rate

    Despite the fluctuation in the black market, Vietcombank decided to keep its exchange rate steady at VND26,321.

    Global Market Influence

    Globally, the behavior of the U.S. dollar was somewhat uncertain on Tuesday. Traders were contemplating the potential implications of the evolving conflict in Iran. Meanwhile, the Australian dollar weakened marginally in anticipation of a potential rate hike by the nation’s central bank later in the day.

    The euro dropped 0.12%, falling to $1.1492 during the Asian trading session. Sterling also declined slightly by 0.1%, trading at $1.33. This slight decrease offset the substantial gains earned during the previous trading session. The dollar index, a measure of the U.S. dollar relative to a basket of foreign currencies, remained relatively stable at 99.913.

    Impact of Surging Oil Prices

    The escalation of oil prices, triggered by the U.S. and Israel’s attack on Iran, has raised concerns about inflation among investors. This anxiety has led to a drastic reevaluation of rate outlooks worldwide. Consequently, the U.S. dollar has appreciated against a majority of global currencies.

    Questions & Answers

    What caused the surge in the U.S. dollar against the Vietnamese dong?
    The surge in the U.S. dollar against the Vietnamese dong was primarily driven by the uncertainty surrounding the Iran conflict and the expected rate hike from Australia’s central bank.

    What was the impact of the surging oil prices on the global currencies?
    The surging oil prices, due to the U.S. and Israel’s attack on Iran, have raised global inflation concerns among investors. This has triggered a significant reevaluation of rate outlooks, strengthening the U.S. dollar against most global currencies.

    How did the euro and sterling perform during the Asian trading session?
    During the Asian trading session, the euro fell 0.12% to $1.1492, and sterling also saw a slight decrease of 0.1%, trading at $1.33.

  • Vietnam’s Gold Market Rises Slightly Amidst Steady Global Rates: A Look at 2022’s Gold Price Trends

    Vietnam’s Gold Market Rises Slightly Amidst Steady Global Rates: A Look at 2022’s Gold Price Trends

    On Monday afternoon, there was a marginal increase in Vietnam’s gold prices, while international rates remained virtually unchanged. Gold bars offered by Saigon Jewelry Company witnessed a 0.27% rise, settling at VND183.1 million (US$6,964.49) per tael. Simultaneously, the cost of gold rings also saw a slight hike of 0.27%, reaching VND182.8 million per tael. So far this year, the gold prices in Vietnam have experienced an escalation of 19.8%.

    Global Gold Rates

    Internationally, gold prices maintained a steady position on Monday. After experiencing a nearly 1% drop earlier in the session, the rates recouped due to a softer dollar and the appeal of safe-haven investments. These factors effectively balanced the declining hope of immediate U.S. interest rate cuts, which was triggered by high energy prices.

    Spot gold saw a minor rise of 0.2%, standing at $5,027.98 per ounce. This marked a recovery from a more than three-week low experienced earlier in the session. On the other hand, U.S. gold futures for April delivery experienced a 0.6% decline, arriving at $5,031.60.

    A small decrease in the U.S. dollar paved the way for commodities priced in greenback, such as bullion, to become cheaper for holders of other currencies.

    Analyst’s Take

    “Gold prices are maintaining a broad stability as the market navigates through conflicting macro forces. The continuous geopolitical tensions are driving the safe-haven demand, thereby providing support. However, the surge in oil prices has rekindled concerns about inflation,” explained Christopher Wong, a strategist at OCBC.

    Questions & Answers

    What was the percentage increase in Vietnam’s gold prices?
    The gold prices in Vietnam saw a marginal increase of 0.27%.

    What factors contributed to the steady state of global gold prices?
    A softer dollar and the demand for safe-haven investments helped keep the global gold prices steady.

    What impact did the decline of the U.S. dollar have on commodities?
    The drop in the U.S. dollar made commodities priced in greenback, such as bullion, cheaper for holders of other currencies.

  • Indonesia’s Economic Leap: Poised to Join Global Top 5 Economies by 2050

    Indonesia’s Economic Leap: Poised to Join Global Top 5 Economies by 2050

    According to the Coordinating Minister for Economic Affairs, Airlangga Hartarto, Indonesia possesses the potential to rank among the top five global economies by the year 2050 provided it continues its current growth trajectory and structural reformation efforts.

    Indonesia’s Economic Outlook

    Airlangga is optimistic for the short-term, forecasting a growth rate of around 5.4% for the Indonesian economy by 2026. He bases this prediction on the stability of the domestic economy, citing a 69-month long trade surplus, a healthy level of foreign currency reserves, and inflation successfully kept within target bounds.

    Government Strategy for Economic Growth

    The Indonesian government is currently focusing on fortifying coordination between public and private sectors, encouraging industrialization, digital transformation, and sustainable economic growth. Key policy areas include strategic infrastructure, downstream mineral resources, development of electric vehicles, renewable energy, and strengthening the domestic supply chain.

    Regional Partnerships and Global Economy

    Airlangga highlighted that Indonesia is eager to extend collaboration with regional partners, particularly within the Association of Southeast Asian Nations (ASEAN) framework and free trade agreements. This is with the aim of boosting the resilience of the global economy in the face of geopolitical fluctuations.

    Airlangga further noted that Asia has the capacity to emerge as the principal economic powerhouse globally, given its commitment to open and inclusive regional cooperation. He projected that by 2050, the region could contribute around 52% of the global GDP.

    Long-Term Economic Forecasts

    Long-term forecasts cited by Airlangga suggest that by 2050, China could have a GDP of US$58 trillion, India could reach $44 trillion, and Indonesia could achieve $10-11 trillion. These figures would place Indonesia third in Asia and among the top five economies worldwide.

    In order to actualize this, Indonesia needs to sustain an annual growth rate exceeding 5%, expedite institutional reforms, enhance the quality of its human resources, and boost labor productivity. The nation’s young population, large domestic market, and plentiful resources are seen as vital drivers for the expansion of Southeast Asia’s biggest economy.

    Questions & Answers

    What are the key factors driving Indonesia’s potential as a global economic powerhouse?
    Indonesia’s potential is driven by its young population, large domestic market, and abundant resources. Additionally, the government’s ongoing efforts towards industrialization, digital transformation, and green economic development have a significant role.

    What are the main policy areas of the Indonesian government?
    The main policy focus includes strategic infrastructure, downstream mineral resources, electric vehicle development, renewable energy, and strengthening the domestic supply chain.

    What is the projected GDP of Indonesia by 2050?
    It is projected that by 2050, Indonesia could reach a GDP of $10-11 trillion, potentially making it the third-largest economy in Asia and one of the five largest economies globally.

  • UBS Asset Management Bolsters China Equities Team with Former Invesco Pro, Raymond Ma

    UBS Asset Management Bolsters China Equities Team with Former Invesco Pro, Raymond Ma

    UBS Asset Management has recently augmented its China equities team with the addition of Raymond Ma, a veteran portfolio manager formerly linked to Invesco. Ma will be serving as deputy to Bin Shi, the head of China equities, and will be stationed in Hong Kong.

    Ma most recently held the position of Chief Investment Officer for mainland China and Hong Kong at Invesco. He was responsible for the management of several of the company’s China and Greater China funds during his tenure. Even before his stint at Invesco, Ma had a significant 15-year run at Fidelity in Hong Kong, where he made a substantial impact as a principal China portfolio manager.

    A Long-standing Professional Bond

    Bin Shi and Raymond Ma have shared more than just their professional pursuits. They have known each other for over two decades, serving as important figures in the industry. Additionally, they share a fundamental approach towards investing, which will likely foster a strong partnership in their roles at UBS.

    Questions & Answers

    Who has recently joined UBS Asset Management’s China equities team?
    Raymond Ma, a former portfolio manager from Invesco has recently joined UBS Asset Management’s China equities team.

    Who will Raymond Ma serve as deputy to at UBS?
    Raymond Ma will serve as deputy to Bin Shi, the head of China equities at UBS.

    What was Raymond Ma’s role at Invesco?
    At Invesco, Raymond Ma held the position of Chief Investment Officer for Mainland China and Hong Kong and managed several of the firm’s China and Greater China funds.

  • Citi Boosts ASEAN Real Estate Team with Ex-UBS Investment Banking Leader, Indran Thana

    Citi Boosts ASEAN Real Estate Team with Ex-UBS Investment Banking Leader, Indran Thana

    Indran Thana, an experienced investment banker, is set to join Citi as the managing director and head of real estate for the Association of Southeast Asian Nations (ASEAN) segment. The appointment, effective from June 2026, will see Thana, a former UBS employee, operating from Singapore.

    In his new role, Thana will report to Matthew Nimtz, the head of ASEAN investment banking, as well as Ben Connolly, the Asia head of real estate investment banking and co-head of capital markets and advisory for Australia and New Zealand.

    During his tenure at UBS, Thana held the position of managing director and head of real estate, lodging & leisure for Asia. His professional experience also includes stints at DBS, Maybank, and Amanah Capital.

    In an internal memo, Citi lauded Thana for his “deep client relationships, proven track record, and comprehensive expertise across traditional and emerging real estate sectors.” The corporation expressed confidence that his skills and experience will allow them to increase their market share and strengthen partnerships with critical institutional and corporate clients throughout Southeast Asia.

    Questions & Answers

    Who is Indran Thana?
    Indran Thana is an experienced investment banker who has previously worked for UBS, DBS, and Maybank, among others. In June 2026, he will join Citi as the managing director and head of their ASEAN real estate business.

    What will be Thana’s role at Citi?
    As the managing director and ASEAN head of real estate for Citi, Thana will be expected to use his extensive expertise in the real estate sector to increase Citi’s market share and strengthen existing partnerships with key clients across Southeast Asia.

    What previous positions has Thana held?
    Thana has held several high-ranking positions in financial industries. Notably, he was previously the managing director and head of real estate, lodging & leisure for Asia at UBS.

  • DBS Warns Investors: Traditional Stock Strategies May Falter Amid Ongoing Mideast Conflict

    DBS Warns Investors: Traditional Stock Strategies May Falter Amid Ongoing Mideast Conflict

    Historically, US equities have demonstrated strong performance following significant conflicts. However, DBS asserts that the current Middle East conflict may not follow this trend, warning investors against complacency in this situation.

    The Ongoing Conflict in Iran

    The war in Iran, now in its third week, has resulted in thousands of casualties with no definitive end in sight. DBS advises investors to exercise caution and avoid putting too much stock in historical trends concerning American equities.

    DBS states, “While history may suggest that US equities often yield positive returns after major conflicts, complacency is not advisable given the current Middle East conflict.”

    As the conflict continues to unfold, DBS encourages investors to implement risk management strategies in their portfolio construction. This could involve increasing their exposure to gold and partially substituting US equity exposure with the S&P 500 Low Volatility Index.

    Predicted Themes for Q2 2026

    DBS has identified three themes they believe will heavily influence narratives in the second quarter of 2026.

    Firstly, oil continues to be a significant factor due to the ongoing military crisis in the Middle East, especially considering Iran’s role as the fourth largest OPEC producer. Rising energy prices could pose problems for risk assets.

    Secondly, the policy stance of Kevin Warsh, the nominee for Fed chair, indicates a potential reset with an increased likelihood for “renewed quantitative tightening,” which could lead to a steepening of the yield curve.

    Finally, diversification beyond crowded trades is encouraged, with recent profit-taking seen as “transitory.” A “return to fundamentals” is expected, with a focus on pre-crisis themes like precious metals and technology. These are driven by “dollar debasement” and “AI supremacy”, respectively.

    Emerging Markets and Japanese Equities

    In terms of diversification, DBS suggests investors consider increasing their exposure to emerging markets (EM) and Japanese equities. EM equities are likely to benefit from Fed rate cuts, dollar weakness, robust earnings growth, and light positioning. Conversely, Japanese equities are set to gain from fiscal stimulus, governance reforms, and an attractive yield gap.

    DBS concludes, “Global markets are currently navigating through an unusual convergence of geopolitical challenges and technological opportunities. The paradoxical nature of this situation reflects the complex yet potentially rewarding market conditions investors are currently navigating—an era where traditional strategies may no longer apply.”

    Questions & Answers

    What is the advice from DBS regarding the current Middle East conflict?
    DBS advises investors not to rely excessively on the historical trends of stock market performances following major conflicts, warning that complacency is unwarranted in this instance.

    What are the three themes DBS identified for Q2 2026?
    The three themes are the role of oil in the military crisis in the Middle East, the potential policy reset implied by Fed Chair nominee Kevin Warsh, and the need for diversification beyond crowded trades.

    What are DBS’s recommendations for diversification?
    DBS suggests investors consider increasing their exposure to emerging markets and Japanese equities, which are set to benefit from several factors including Fed rate cuts, dollar weakness, robust earnings growth, light positioning, fiscal stimulus, and governance reforms.