Author: Mei Ling Tan

  • Vietnam nuclear power program needs 2,400 workers for revival, shortage feared

    Vietnam nuclear power program needs 2,400 workers for revival, shortage feared

    Vietnam needs around 2,400 engineers, scientists and other personnel to revive its defunct nuclear program with two plants in Ninh Thuan Province, but officials flag a likely shortage.

    A typical nuclear power plant with two reactors requires 600-1,200 personnel, according to the International Atomic Energy Agency, Ly Quoc Hung, director of the Department of Science and Technology, said at a forum Thursday.

    Another 350 people with expertise in nuclear development and regulations are needed, he added.

    The National Assembly approved last November revival of the nuclear program eight years after it was scrapped.

    Nuclear power is expected to help Vietnam diversify its energy sources, ensure energy security and meet its net zero target by 2050.

    But it lacks personnel in terms of both numbers and capability, particularly scientists, according to a report by the Department of Science and Technology.

    The number of professors in nuclear science and technology is limited, and the facilities and equipment available for teaching and research are outdated, it said.

    When the Ninh Thuan nuclear power project was being considered in 2010, the government planned to produce 2,400 engineers and 350 master’s and doctoral graduates in nuclear power and send 13% of them overseas for training.

    While 55 Vietnam Electricity engineers were sent to Russia and Japan for training, most quit the state-owned company or have shifted to other areas after the program was binned in 2016.

    Human resources are critical to the success of the program, Minister of Industry and Trade Nguyen Hong Dien said.

    He emphasized the importance of proactive planning to churn out scientific, technological and technical personnel.

    “This is not just about the program but about building a nuclear power ecosystem and technology for the future.”

    He has directed relevant agencies to make plans for meeting personnel requirements and creating specialized training programs by the first quarter of 2025.

    “The Ministry of Industry and Trade and the Ministry of Education and Training will establish standardized training programs for nuclear power personnel.”

  • WhatsApp working on a new “Chat with us” feature for faster human support through its web app

    WhatsApp working on a new “Chat with us” feature for faster human support through its web app

    WhatsApp is making it easier for users to get help with a new “Chat with Us” feature that’s being developed for the web app. This feature is designed to streamline the process of getting support by letting users quickly connect with the WhatsApp support team.

    In the past, getting help through WhatsApp often involved navigating through a long list of frequently asked questions (FAQs). This could be time-consuming and might not always provide the specific answer users were looking for. With the new “Chat with Us” feature, users will be able to bypass the FAQs and directly contact the support team.

    When users click on the “Chat with Us” option in the Help section, they’ll be notified that they’ll soon receive a message from the support team in a WhatsApp chat. The support team might initially respond with an AI-generated message or an automated response. However, users can request to chat with a human representative if needed.

    For those not in the know, WhatsApp’s web version can be used on devices that don’t support its Android or iOS apps. This means you can use WhatsApp on your tablet, Chromebook, or desktop computer. However, the web app works by connecting to your WhatsApp account on your phone using a QR code, so it’s basically like an extension of your phone’s WhatsApp app.

    I think this direct access to human support could be a game-changer for users who need quick solutions to their problems. It’ll be interesting to see how this feature is implemented and how effectively it addresses user queries. While AI and automated responses can be helpful for common issues, having the option to connect with a human representative provides a level of reassurance and personalized assistance that’s often needed for more complex problems.

    It’s also good to see WhatsApp paying so much attention to its web app lately by adding new features. One of the most interesting ones is a reverse image search feature that’s currently in development. This will let users search for images they’ve received in chats, which could be super useful for finding the source of an image or tracking down information about it.

    With all these new features, WhatsApp is making its web app more and more useful. It’s becoming a real alternative to the mobile app, especially for people who spend a lot of time working on their computers. I’m excited to see what other features WhatsApp adds to its web app in the future.

  • Apple TV+ is free for everyone to view on these two days

    Apple TV+ is free for everyone to view on these two days

    While we didn’t expect Apple to make this announcement until next weekend, the tech giant announced today that Apple TV+ will be free for everyone to stream on Saturday, January 4th, and Sunday, January 5th. On X (formerly Twitter), Apple wrote, “This weekend, see for yourself. Stream for free Jan 4-5.” On the tweet Apple embedded clips from shows such as Presumed Innocent starring Jake Gyllenhaal as a prosecutor who becomes a suspect in a murder.

    Other Apple TV+ content included in the tweet include Wolfs starring George Clooney and Brad Pitt. The action-comedy film about a pair of “fixers” had a limited theatrical run last September and now can be viewed on Apple TV+. The long awaited second season of Severance is also teased. Starring Adam Scott, Britt Lower, and Patricia Arquette, the psychological thriller is about a procedure that allows employees of a mystery company to separate their work and personal lives.

    You might want to take advantage of the two free days of streaming to watch some of the platform’s more well-known titles include Ted Lasso (starring Jason Sudeikis), The Morning Show (with Jennifer Aniston and Reese Witherspoon), and Shrinking (starring Jason Segal, Harrison Ford, and Wendie Malick. This is a comedy about a recently widowed therapist who tells clients exactly what he thinks in a bid to help them.

    Just this past Saturday, we told you that Apple had been dropping hints about the upcoming two days of free Apple TV+ by releasing promos with the “See for yourself” tagline. This is the first time that Apple is opening up the Apple TV+ app for a full weekend of free streaming. At the same time, Apple is promoting the seven-day free trial it is offering new Apple TV+ subscribers as well as the longer trials given as a reward to those purchasing certain new Apple devices.

    A one month subscription to Apple TV+ costs $9.99 after the aforementioned one week free trial. The subscription can be shared with as many as five family members. Apple is hoping that the two free days of Apple TV+ gets non-subscribers hooked on some of the platform’s content leading them to subscribe to the service.

  • Vietcombank Remittance named best remittance company in Vietnam

    Vietcombank Remittance named best remittance company in Vietnam

    Vietcombank Remittance was honored as “Remittance Company of the Year – Vietnam” for the third consecutive time by Asian Banking & Finance on Dec. 24.

    This achievement affirms the quality of services and the growth of Vietcombank Remittance, recognizing the company’s efforts and demonstrating its position in both the domestic and international remittance markets.

    Vietcombank Remittance is the only remittance company in Vietnam to organize the Client Conference for three consecutive years successfully. This year’s event featured participation from strategic partners in Taiwan, South Korea, the United States, and several other countries, highlighting the company’s role in fostering international cooperation and collaboration.

    The company consistently supports government agencies in developing policies to enhance remittance resources. Vietcombank Remittance actively participates in programs organized by the Overseas Vietnamese Committee of Ho Chi Minh City to promote collaboration among stakeholders and increase the efficiency of remittance flows. The company has also significantly contributed to Ho Chi Minh City People’s Committee’s project on “Optimizing the Effectiveness of Remittance Resources.”

    Vietcombank Remittance is committed to collaborating with the Ho Chi Minh City People’s Committee to implement specific initiatives such as supporting the improvement of policy mechanisms and facilitating convenient conditions for overseas Vietnamese to send money home. It collaborates closely with regulatory agencies to create clear legal frameworks and facilitate the use of technology in remittance operations.

    The company is leading initial efforts to establish the Vietnam Remittance Association to elevate the industry’s position on the international stage. This association is expected to serve as a bridge between the government, businesses, and the overseas Vietnamese community, ensuring policies are geared toward sustainable development.

  • Thailand’s Telecom Revenue to Hit USD 11.2 Billion by 2029

    Thailand’s Telecom Revenue to Hit USD 11.2 Billion by 2029

    According to GlobalData, a prominent data and analytics company, mobile voice service revenues are expected to decrease due to a decline in mobile voice service ARPU, with operators offering unlimited free voice minutes in bundled plans.

    On the other hand, mobile data service revenues are forecasted to increase by 5.2% annually, fueled by the growing adoption of smartphones, mobile internet subscriptions, and the utilization of mobile data services. This is expected to grow in tandem with 5G services.

    GlobalData Telecom Analyst, Kantipudi Pradeepthi, noted that, while 4G services dominated mobile subscriptions in 2024, 5G subscriptions are expected to surpass 4G subscriptions by 2026. This shift is being driven by the increasing demand for 5G services and operators’ efforts in expanding their 5G networks.

    For example, True plans to upgrade 10,000 sites and achieve 95% 5G coverage by the end of 2025. In the fixed communication services sector, fixed voice services are declining due to a drop in circuit-switched subscriptions.

    However, fixed broadband service revenue is projected to grow by 2% annually from 2024 to 2029, supported by the increasing adoption of Fiber-to-the-Home/Business (FTTH/B) broadband subscriptions.

    Pradeepthi explained that the growing demand for high-speed broadband, the expansion of FTTH networks in urban areas, government initiatives to expand fiber network coverage, and the phasing out of DSL services serve as factors driving the growth of fiber broadband subscriptions.

    The revenue from pay-TV services in Thailand is expected to grow by 6.6% annually, driven by the growth in IPTV subscriptions and a steady increase in DTH and cable TV subscribers.

    In conclusion, Pradeepthi acknowledged that True is expected to lead the mobile service segment in 2024, while AIS will lead in the fixed broadband market, particularly in the FTTH segment.

  • Vietnam Introduces Decree 163 to Modernize Telecom Services

    Vietnam Introduces Decree 163 to Modernize Telecom Services

    The decree, comprising seven chapters and 86 articles, is applicable to both domestic and foreign entities involved in telecommunications activities in Vietnam. While most provisions took effect on December 24, 2024, regulations specific to data centers, cloud computing, and internet-based basic telecommunications services will be enforced starting January 1, 202

    According to the Telecommunications Authority under the Ministry of Information and Communications, Decree 163 is a significant step in operationalizing the Telecommunications Law. It aims to foster market growth, enhance competition, and promote the development of advanced and integrated telecommunications infrastructure.

    Additionally, the decree supports the modernization of subscriber registration processes, including online registration, aligning with the nation’s digital transformation goals.

    These provisions aim to accelerate digital infrastructure and economic growth while ensuring public safety and cybersecurity.

    Decree 163 stipulates the rights and responsibilities of foreign service providers under a light management framework, striking a balance between regulatory oversight and market flexibility. It also mandates the secure handling of user data shared during service agreements and emphasizes the secure utilization of these services by government entities.

    Standardized Digital Transformation

    As part of Vietnam’s digital transformation strategy, Decree 163 brings significant changes to mobile subscriber management processes:

    • Telecom providers are now authorized to enable online registration through mobile applications.
    • Subscriber information must align with the National Population Database.
    • Registration for additional SIM cards requires OTP verification for added security.
    • Identity verification during registration may utilize video call technology.

    To promote fair competition, the decree sets clear criteria for identifying dominant telecommunications companies and outlines their obligations.

    It also introduces rules for managing prepaid mobile cards, mobile accounts, and the resale of telecom services. These measures are designed to reduce risks, prevent misuse, and ensure compliance with regulations for mobile payment systems.

    The decree prioritizes the advancement of telecommunications services and infrastructure while safeguarding public safety and information security. It encourages business innovation and competition while addressing the challenges posed by emerging technologies with a balanced and responsible approach.

  • Japanese restaurant chain Pepper Lunch to launch in Mongolia

    Japanese restaurant chain Pepper Lunch to launch in Mongolia

    Japanese restaurant chain Pepper Lunch plans to open its first store in Mongolia next year, as part of its global expansion strategy.

    The brand has signed a franchise deal with local distributor Bluemon Group, making Mongolia its 17th country.

    “We signed a master franchise agreement with our Mongolian franchise partner yesterday,” Yuto Tago, global CEO of Pepper Lunch wrote on his LinkedIn account.

    “I cannot wait to see the first restaurant opening next year!”

    Pepper Lunch is a DIY casual eating concept with more than 400 locations around Japan, Asia, and Australia. Founded by a trained chef, Kunio Ichinose, the restaurant focuses on premium steaks, pasta, and cheese curry rice.

    Pepper Food Service sold the Pepper Lunch franchise to J-Star Investment Fund for US$79 million in 2020.

  • Jim Thompson’s new lifestyle store heralds the brand’s global ambition

    Jim Thompson’s new lifestyle store heralds the brand’s global ambition

    Jim Thompson, a global lifestyle brand from Thailand, has opened a stunning lifestyle store in Bangkok. For the first time, the store showcases the brand’s stylish blend of on-trend fashion for men and women, homewares, and contemporary Thai cuisine in a single mall location.

    The 550sqm duplex in the newly opened One Bangkok shopping centre, near the Thai capital’s embassy and expat hub of Silom-Sathorn, is home to the new store that telegraphs the fast-rising company’s global aspirations as a lifestyle brand, entering a new era of refinery and haute couture – without the price tag.

    Founded by James H.W. Thompson in 1951 as The Thai Silk Company, Jim Thompson was a visionary and the driving force behind the current-day emergence of Thailand’s silk industry. For decades, his apparel was popular with tourists. Elephant motifs – the quintessential Thai icon – featured prominently on shirts, ties and other apparel.

    While the brand has been trying to expand beyond that somewhat tourist-driven design element, elephants still have their place in the range, whether as tiny motifs in a silk tie or subtly embroidered into polo shirts or t-shirts.

    “Some tourists still like the elephants because it is distinctly Thai. So we still keep the elephant, but we have made it more sophisticated, like this,” Panjarat Limpinon, chief commercial officer at Jim Thompson, told Inside Retail.

    Jim Thompson is now entering a new era, epitomised by its new brand positioning slogan, ‘Beyond Silk,’ that symbolises an evolution beyond its world-renowned Thai silk heritage to embrace a more comprehensive lifestyle approach that covers all business units – fashion, home furnishings, and hospitality – and its embrace of linen and cotton fabrics, and silk blends.

    “This new store aligns with Jim Thompson’s mission to offer our customers an immersive shopping experience that combines a wide range of products, dining options, and cultural experiences,” said Frank Cancelloni, Group CEO at Jim Thompson.

    “This opening marks another milestone in our transformation journey to become Asia’s first global lifestyle brand.”

    Limpinon told Inside Retail during an exclusive tour that the One Bangkok lifestyle store is the first location in a shopping mall to combine food, fashion and homewares. The three were also linked in the upgraded Jim Thompson Heritage Quarter, where the Jim Thompson House is located, which officially opened last year. The Quarter features a retail store, cafe, bar, restaurant, and event space alongside Thompson’s home on the banks of the Khlong Saen Saep (canal).

    “We are offering the immersive Jim Thompson experience of retail and dining culture.”

    At the Jim Thompson Lifestyle Store at One Bangkok, that experience starts downstairs with a towering entranceway and dazzling displays of men’s and womenswear, including scarves.

    The designs of Jim Thompson’s famous silk scarves are so intricate and striking that customers often buy them to be framed and mounted on walls as art. The One Bangkok store features framed scarves to inspire visitors.

    Upstairs, accessed by a stylish glass lift or stairs, the homewares include cushions, throws, dining tableware, and a limited-edition range of outdoor chairs created in partnership with Thai furniture brand Kitt.Ta.Khon.

    Next to that is a mini-exhibition with a vintage silk loom at its heart, highlighting the brand’s rich heritage. Interactive tablet screens show the process of producing silk at Jim Thompson’s farm several hours outside the capital and share the story – and the mystery – of Jim Thompson, the man.

    “You can see the story from the beginning of our brand history to today,” explains Jirames Suriwongsewarakul, senior manager of retail operations for Jim Thompson.

    “While the Heritage Quarter site focuses on the story of the man, the One Bangkok display focuses more on how Jim Thompson built a company around using Thai silk to make fine garments and furnishings.”

    There is also a display showing some high-profile projects worldwide in which architects and designers have specified Jim Thompson fabrics and furnishings for upmarket hotels, resorts, restaurants, and luxury retail spaces.

    A colour wall created from multiple spools of coloured silk arranged like a rainbow serves as a backdrop for selfies and Instagram photos.

    Food is a growing focus for Jim Thompson, which considers hospitality a key brand element.

    “When we decided to become a global lifestyle brand, we wanted to combine everything: food, art, culture and the retail experience, all in the same place,” explains Limpinon. “That started in the Jim Thompson Heritage House, and now we will roll out this idea to other locations.”

    In preparation for the evolution, Jim Thompson closed down restaurants it operated in Singapore and Japan around the Covid era as it worked to reform the brand in Thailand and create a new offer that could then be rolled out in selected Thai locations before being exported to other markets in the future.

    Jim’s Terrace, the One Bangkok restaurant and bar, serves crafted beverages and delicious Thai foods to be enjoyed with panoramic views over One Bangkok’s green landscape and The Wireless House One Bangkok – Thailand’s first telegraph station built in 1914, revived with a modern contemporary exhibition.

    In design terms, Jim Thompson has been careful to retain what it considers its iconic style. The colours, elements such as the cushion covers, the wooden floors (upstairs) and the framed hero portrait of the brand’s late founder all lend a familiarity to any customer who has experienced the company’s multi-storey Bangkok flagship store or the newer showcase within the heritage compound.

    In time, products will be created exclusively for the store, along with collaborations with other One Bangkok tenants and partners that are already in planning.

  • Inditex posts solid nine-month revenue growth

    Inditex posts solid nine-month revenue growth

    Apparel giant Inditex says its net revenue grew by 7.1 per cent, reaching US$29.04 billion (€27.4 billion) for its first nine months.

    The company says the results reflect strong growth for its physical stores and online channels.

    Inditex’s gross profit increased by 7.2 per cent, totalling $17.33 billion (€16.3 billion), while its EBITDA jumped by 9.3 per cent, reaching $6.09 billion (€5.7 billion).

    The company continued its expansion, with 45 new store openings across multiple markets. By the end of the period, Inditex operated 5659 stores globally.

    Looking ahead, Inditex said it’s focused on its long-term growth, with an investment of $951 million (€900 million) annually in logistics for this year and the next. This investment aims to improve the company’s logistics capacity and enhance its integrated business model.

    Zara, Inditex’s flagship brand, continues to lead the portfolio, along with other brands such as Bershka, Massimo Dutti, Oysho, Pull&Bear, Stradivarius, Uterqüe, and Lefties.

  • Hanoi aims to create 169,000 new jobs in 2025

    Hanoi aims to create 169,000 new jobs in 2025

    Hanoi plans to create 169,000 new jobs, reduce urban unemployment rate to below 3%, and increase the proportion of trained workers to 75% in 2025, its People’s Committee said.

    The city will implement policies and solutions to support the comprehensive recovery and development of the labor market, with a focused and targeted approach.

    Vu Thu Ha, the committe’s vice chair, said to achieve the targets, the city will focus on ensuring social welfare, developing the labor market, and strengthening the workforce.

    At the same time, efforts will be made to promote economic growth, improve the quality of human resources, and raise the efficiency of job-creation loan programs funded by the city budget through the Vietnam Bank for Social Policies’s Hanoi branch, the official added.

    A total of 255 job fairs are planned throughout the year, aiming to create 50,600 job opportunities, including 4,600 positions overseas.

    The People’s Committee has asked the Department of Labour, Invalids, and Social Affairs to take measures to boost the labor market, create jobs, and continue sending workers abroad.

    In 2024, the city generated about 225,000 new jobs, surpassing the set target by 36.3%. The number of participants in mandatory social insurance exceeded 2.1 million, an increase of 4.5% compared to 2023. Meanwhile, 107,000 people joined voluntary social insurance, a rise of 21.2% year-on-year.

  • Spotify searches return explicit videos after moderation systems fail to spot them

    Spotify searches return explicit videos after moderation systems fail to spot them

    Spotify has a moderation problem on its hands at the moment. Searching for popular artists on the music streaming platform instead sometimes returns explicit videos and audio posted by unmoderated accounts. The situation recently came to light when users started reporting the problem on social media and The Verge reached out to Spotify for comment.

    This isn’t the first time something like this has happened to Spotify. However, previous instances usually consisted of explicit audio clips. Accounts posting those clips have apparently grown more brazen in recent months and have started posting videos instead. The ‘Video’ tab in particular has multiple examples of explicit content being uploaded to the platform.

    A Spotify representative has said that the examples recently brought to light have been removed. How these videos made it past the content moderation systems in the first place is a mystery. I’d have thought these systems would be a lot more effective now with AI powering them but apparently that might not be the case.

    Spotify is hardly the only platform suffering from behavior like this: YouTube has had a similar problem for a very long time. Videos on YouTube marketed towards children have been found to contain some awful content not suitable for those ages in the slightest. Dozens of accounts pop up in a short amount of time and post hundreds of these videos to flood YouTube feeds.

    The Spotify and YouTube issue is also a symptom of a larger matter in my opinion: a lack of care. Yes, both platforms do have systems in place to detect content like this before it’s uploaded but over the years I’ve seen companies care more about ridiculous copyright laws.

    YouTube in particular has a big problem when it comes to this. Advertising containing explicit content runs free on the site while someone humming a song for five seconds is enough to get their video a copyright strike. Their priorities just aren’t where they should be.

    The examples posted by users online may have been taken down but I’d wager that many more are soon to follow. I don’t know what these accounts get from doing this — aside from views perhaps — but they’re unlikely to stop anytime soon.

  • Vietnam’s coconut industry eyes billion-dollar markets

    Vietnam’s coconut industry eyes billion-dollar markets

    Coconut has emerged as a key economic driver for the Mekong Delta and south-central coastal regions as it gains entry into billion-dollar markets such as the U.S. and China.

    According to the Ministry of Agriculture and Rural Development, Vietnam currently boasts over 200,000 hectares of coconut cultivation. Coconut is now one of the six key crops included in the national program for industrial crop development by 2030. From generating US$180 million in export revenue in 2010, coconut exports reached $900 million in 2023, and the sector is expected to surpass the billion-dollar mark in 2024. With this trajectory, the ministry aims to enhance the scale and quality of the coconut industry for further global expansion.

    On the global map of coconut production and exports, Vietnam ranks sixth among the top ten coconut-producing countries, with an annual output of nearly 2 million tons. The country’s coconut quality and yield place it among the global leaders, with coconut meat making up 35% and coconut water 27%, both surpassing the global average by 5%. Dr. Tran Thi My Hanh, from the Southern Horticultural Research Institute (SOFRI), highlighted these exceptional figures.

    In terms of coconut cultivation, the Mekong Delta province of Ben Tre is the largest producer, with over 80,000 hectares dedicated to the crop. Huynh Quang Duc, Deputy Director of the Ben Tre Department of Agriculture and Rural Development, noted that the province is the coconut capital of the nation, accounting for 42% of Vietnam’s total coconut area. Coconut farming is a vital source of income for over 200,000 rural households in the province. In recent years, many farmers have switched from less profitable rice farming to coconut cultivation, boosting incomes and providing a sustainable livelihood. Ben Tre’s coconut products are expected to generate $500 million in export revenue in 2024, contributing over 50% of the nation’s total coconut export value.

    The Chinese market is seen as a significant opportunity for Vietnamese coconuts. China, with its large population, has a high demand for coconut-based products, including fresh coconuts, coconut water, coconut oil, and processed coconut products. With its proximity to Vietnam, the country enjoys a competitive advantage in shipping costs compared to Southeast Asian and African competitors. Additionally, free trade agreements between ASEAN and China have facilitated easier access to this lucrative market. Vietnam’s large coconut production capacity, particularly from Ben Tre and the Mekong Delta, ensures a stable supply for China.

    It is estimated that China consumes around 4 billion coconuts annually, with approximately 2.6 billion being fresh. Despite the high demand, China’s domestic production is insufficient, presenting an opportunity for Vietnam’s coconut exports to fill this gap.

    Maximizing the value of coconut

    While the Vietnamese coconut sector has several advantages, experts in the coconut processing industry warn that strict management of production and exports is crucial to sustaining growth. Nguyen Phong Phu, technical director of Vina T&T Group, emphasized that the approval of Vietnam’s fresh coconut exports to China has opened up significant economic opportunities. However, to maintain this success, both government authorities and producers must work together to manage production standards and combat fraudulent practices. The government must implement digital systems for managing export regions and enforce strict penalties against fraudulent activities to protect the reputation of Vietnamese coconut products.

    Coconuts offer high economic value not only through the export of fresh fruits to markets like the US, Australia, and China, but also through by-products such as coir, activated carbon, and coconut-based handicrafts. Nguyen Thi Kim Thanh, chairwoman of the Vietnam Coconut Association, pointed out that of the 200,000 hectares of coconut plantations across the country, 120,000 are dedicated to the processing industry. To increase coconut value, Vietnam must invest in quality coconut varieties while also focusing on maintaining a strong processing industry.

    Currently, Vietnam is emerging as a supplier of raw coconut materials to global processing markets. However, infrastructure improvements are needed in rural coconut-growing areas to reduce intermediaries and shorten the supply chain. This would allow farmers to access the market more directly, enhancing their income and creating incentives to continue growing coconuts.

  • IFC and Partners Invest USD 900 Million in Malaysia Data Center

    IFC and Partners Invest USD 900 Million in Malaysia Data Center

    The consortium, which includes DBS, Deutsche Bank, Global Infrastructure Partners (BlackRock subsidiary), HSBC, ING, and Natixis CIB, joined IFC in funding the first phase of the project in Johor Bahru. This initial 98-megawatt facility is part of a larger 72.5-acre campus that aims to deliver 300 megawatts of critical IT capacity upon completion. Once operational, the campus is expected to become one of the largest and most advanced data centers in the Asia Pacific, addressing the region’s surging demand for data processing capabilities.

    In May, 2024, the IFC initially announced a USD 150 million financing package for the project, which included a USD 50 million bridge loan that proved to be instrumental in advancing the development and attracting additional funding from the consortium. The IFC has now committed its second tranche (totaling USD 100 million) as part of this latest financing round, marking a significant milestone in the project’s development.

    “Our Johor campus is a landmark development for Yondr and will become an important part of Asia’s infrastructure as demand for capacity continues to grow in the region, driven by the acceleration of artificial intelligence (AI) and digital services,” said Chester Reid, Chief Financial Officer at Yondr. “Our success in securing a substantial loan facility to help complete the first phase of this campus highlights trust in the Yondr brand from leading financial institutions, following a number of major project milestones we have delivered this year in Europe and North America.”

    The hyperscale data center campus in Johor Bahru will be certified under the Excellence in Design for Greater Efficiencies (EDGE) program—the IFC’s flagship green building certification system. The certification highlights the project’s commitment to resource efficiency and sustainable design.

    The IFC served as the mandated lead arranger (MLA) for the financing package, with DBS, Deutsche Bank, HSBC, ING, and Natixis CIB also acting as MLAs, underwriters, and bookrunners.

    This marks IFC’s third investment in Malaysia since establishing its operations in the country in 2023.

    Judith Green, the World Bank Group’s Country Manager for Malaysia, is satisfied with the IFC’s commitment to a second tranche of financing for Yondr’s data center campus in Malaysia, stating, “This project will not only help to accelerate the digital transformation of the wider Asia-Pacific region, but also serves as a strong example of how IFC’s tailored financing solutions can de-risk projects and drive private-sector investment into emerging markets.”

  • Taiwan blocks Uber’s $950M Foodpanda deal over competition concerns

    Taiwan blocks Uber’s $950M Foodpanda deal over competition concerns

    Taiwan has blocked Uber Technologies’ $950 million purchase of Delivery Hero’s Foodpanda business on the island because of concerns it would be anti-competitive, the Fair Trade Commission (FTC) said on Wednesday.

    Uber and Foodpanda did not immediately respond to requests for comment outside regular business hours.

    Delivery Hero said in a statement Uber may either appeal the commission’s decision or terminate the acquisition.

    In a media briefing, the commission said the merger’s negative impact would outweigh the overall economic benefits, and corrective measures would not be able to address the competition concerns.

    “In the food delivery platform market, UberEats’ main competitive pressure comes from Foodpanda. The merger would eliminate this competitive pressure,” Chen Chih-min, vice chairman of Taiwan’s FTC, said.

    “Post-merger, UberEats would be less constrained by competition, giving it more incentive to raise prices for consumers and even increase commissions for restaurant operators.”

    Chen added that post-merger, the combined market share of both companies in Taiwan would exceed 90%.

    Uber and Delivery Hero announced in May the Taiwan deal that included a separate agreement for Uber to purchase $300 million worth of newly issued shares of the German food delivery firm.

    The U.S. company expected the acquisition to contribute at least $150 million annually to the adjusted core profit of its delivery business within a year of the deal’s closing, which was seen likely in the first half of 2025.

    Online food delivery platforms represent a small fraction of Taiwan’s competitive food delivery market. Foodpanda’s operations on the island were break-even in terms of adjusted core earnings for the 12 months ended March 31, 2024, the companies said.

  • Gasoline prices slip from 3-month high

    Gasoline prices slip from 3-month high

    Gasoline and diesel prices both fell Thursday afternoon, hovering around the same level since mid-October, after reaching a three-month peak last week.

    The popular fuel RON95 dropped 2.19% to VND20,540 (US$0.81) per liter.

    Diesel declined by 0.53% to VND18,630.

    Regulators said that fuel prices in the last seven days were affected by the European Union’s adoption of a sanction package against Russia, geopolitical tensions in the Middle East, and the ongoing military conflict between Russia and the Ukraine.

    RON95 dropped 3-3.1% in the period while oils fell 0.8-1.9%. RON95 is now priced at $83.7 per barrel and diesel at $88.8.