Retail News CRM

Author: Mei Ling Tan

  • Alibaba to apply for primary listing in Hong Kong

    Alibaba to apply for primary listing in Hong Kong

    Alibaba will apply for a primary listing in Hong Kong and keep its US listing, the first big company to take advantage of a rule change allowing high-tech Chinese firms with dual-class shares to seek dual primary listings in Hong Kong.

    Shares in Alibaba rose 4 percent in Hong Kong upon market opening in response to the news.

    Already present on the Hong Kong bourse with a secondary listing since 2019, Alibaba said it expects the primary listing to be completed by the end of 2022. Chief Executive Daniel Zhang said the dual listing would foster a “wider and more diversified investor base.”

    Seeking a dual primary listing will also allow Alibaba to apply for the Stock Connect scheme that will permit Chinese mainland investors to buy the company’s shares more easily.

    The move comes after the Hong Kong Stock Exchange in January changed its rules to allow innovative Chinese companies with weighted voting rights or variable interest entities (VIE) to carry out dual primary listings in the city.

    Under a VIE structure, a Chinese company sets up an offshore entity for overseas listing purposes that allows foreign investors to buy into the stock.

    “Hong Kong is also the launchpad for Alibaba’s globalization strategy, and we are fully confident in China’s economy and future,” Alibaba CEO Zhang said in a statement.

    Alibaba listed on the New York Stock Exchange in September 2014, marking what was at the time the largest IPO in history.

    In order to switch to a dual primary listing, the HKEX said companies had to have a good track record of at least two full financial years listed overseas, and a capitalization of at least HK$40 billion (US$5.10 billion) or a market value of at least HK$10 billion plus revenue of at least HK$1 billion for the most recent financial year.

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  • % Arabica China franchisee raising funds at $1.2 billion valuation

    % Arabica China franchisee raising funds at $1.2 billion valuation

    The China operator of coffee chain % Arabica is weighing a new funding round and could seek a valuation for its business in the country of as much as $1.2 billion, according to people familiar with the matter.

    Lucky Ace International Ltd., which holds the exclusive franchise of the Japanese coffee retailer in Greater China, is looking to raise about $300 million to bankroll its expansion and has reached out to potential investors for the round, the people said. Lucky Ace was valued at about $800 million to $900 million in its last funding round, said the people, who asked not to be identified as the information is private.

    Deliberations are ongoing and the proposed funding size and valuation could still change, the people said. A representative for PAG declined to comment, while % Arabica didn’t immediately respond to requests for comment via email and its website.

    Founded in Kyoto in 2014, the gourmet coffee brand entered China in 2017 with the opening of two Hong Kong stores, and launched in Shanghai the following year, according to the operator’s website. There are 61 locations across the country, the parent’s website shows. Private equity investors PAG and General Atlantic are among the chain’s backers.

    China’s coffee market is growing, though it remains a niche beverage in a nation of tea drinkers, Bloomberg Intelligence analysts Angela Hanlee and Kai Lin Choo wrote in April. Annual consumption is just 5.3 cups per capita versus 51.1 cups elsewhere in Asia Pacific. Starbucks Corp. and Luckin Coffee. have increased coffee awareness in the country, with their more than 5,000 and 6,000 stores in China respectively.

    Shanghai-based Manner Coffee, which counts ByteDance Ltd. and a venture arm of food delivery giant Meituan as backers, is considering an initial public offering in Hong Kong that could raise at least $300 million.

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  • Grocery delivery app Instacart founder Mehta to step down as chairman

    Grocery delivery app Instacart founder Mehta to step down as chairman

    Grocery delivery app Instacart said on Friday founder Apoorva Mehta would step down from his role as chairman and leave the company once it goes public.

    Chief Executive Fidji Simo, the former head of Meta Inc’s Facebook app, will succeed Mehta. She joined Instacart as CEO in August 2021 after Mehta transitioned to executive chairman.

    Mehta said in a Twitter post that stepping down from the company’s board would allow him to pursue other opportunities.

    However, there will be no change in his ownership in the company, a source close to Instacart said.

    Instacart in May said it had confidentially filed with the US securities regulator to go public. Reuters had reported that the company was considering going public through either a direct listing or a traditional IPO.

    In March, the San Francisco-based firm slashed its valuation by nearly 40% to about $24 billion, following market turbulence that impacted leading technology companies.

    Launched in 2012, Instacart benefited from the pandemic-led boom for doorstep delivery, although it faced stiff competition from companies such as DoorDash Inc and SoftBank-backed delivery startup GoPuff, which is also gearing up for a US IPO.

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  • Eat more avocados, as supplies soar

    Eat more avocados, as supplies soar

    Australia’s avocado glut is “just the beginning” with domestic production tipped to jump by 40 percent in the next five years.

    A supply boom means households have been enjoying more avocados at cheaper prices.

    But agribusiness bank Rabobank suggests Aussies will need to eat and export even more, as growers grapple with soaring production growth over the next five years.

    This year alone, the per capita supply of avocados is estimated to be up 26 percent on the previous year, equating to 22 avocados for every Australian, according to the bank’s analysis.

    A bumper crop, mainly in Western Australia and Queensland in 2021-22, caused a national oversupply which led retail prices to plunge to a record low $1 each in June last year, and again in early July.

    Retail prices this year are 47 percent below the five-year average for the fruit, putting pressure on farmers already dealing with rising production costs and labor shortages, RaboResearch associate analyst Pia Piggott said in the report.

    The volume of avocados eaten by Aussie households jumped 31 percent in 2021-22 compared to the previous year, while they spent 29 percent less on them due to the lower prices.

    At the same time, export volumes rose by more than 350 percent in the past year, the Rabobank report said.

    Domestic production will expand by 40 per cent, or 50,000 tonnes in the next five years, industry forecasts suggest, with all of Australia’s avocado regions expecting growth.

    It means Aussies and overseas markets will need to love locally grown avocados even more to use up the extra production in coming years.

    “Ramping up exports will be critical in ensuring the market finds a better balance to support sustainable prices for growers,” the report said.

    The representative body for Australia’s avocado industry has urged people to stock up on the fruit, which is rich in healthy, good fats.

    “Like all growers, avocado growers have also been experiencing high input costs from increases in the cost of fertiliser, fuel and labour shortages,” Avocados Australia CEO John Tyas said last month.

    “Despite this, avocados are being sold at prices that are offering excellent value for shoppers at the moment.

    “While households are feeling the pinch with inflation, we recommend that shoppers take advantage of the health-giving properties of avocados.”

  • Luxury bakery chain Lady M shuts stores in Mainland China

    Luxury bakery chain Lady M shuts stores in Mainland China

    Luxury confections brand Lady M will close all outlets on the Chinese mainland by September 10 but plans to return with a new business strategy later.

    The New York-based patisserie brand has 27 licensed stores in Chinese cities including Shanghai, Beijing, Shenzhen and Xiamen, as well as three food-processing plants.

    Customers who own prepaid cards and vouchers can still use them to make offline and online purchases before September 10.

    They can also claim a refund between September 1 and September 15 through its mini-program on WeChat mini program.

    The company announced earlier this month that it plans to pursue a direct company-owned strategy in China to strengthen business and drive growth.

    Lady M did not renew the license agreement with Shun Lee Shanghai Commercial Management Co for five provinces, which expired on April 9.

    “We have built up a significant business presence in the past five years and regret any inconvenience caused by the closing of the license stores,” Shanghai Muxin Catering Service Management Co, a wholly unit of Shun Lee, said in an announcement on Wednesday.

    Lady M’s stores at high-end shopping malls and popular areas always attract large crowds, with people queuing up for a taste of its handmade multi-layered crêpe cakes and gourmet desserts.

    The first Lady M boutique store in China was launched at the IFC Mall in the Lujiazui area of ​​​​Shanghai in September 2017.

    Microblog user “Lovley Butter” has been ordering birthday cakes from Lady M for the last few years as an avid lover of its signature multi-layered crêpes.

    But new bakery and dessert stores have continued to emerge in recent years, which have done better at catering to local tastes and providing seasonal offerings.

    Lady M said it is looking forward to taking a direct role in elevating the China business, a market that is pivotal to its growth strategy, said CEO of Lady M, Ken Romaniszyn, in a press release on July 14.

    It plans to focus on developing the China market with new concept boutiques and innovative product offerings, allowing the company to maintain the highest quality and consistency for its customers.

  • KFC operator in Thailand explores sale of business

    KFC operator in Thailand explores sale of business

    Restaurants Development Company is exploring the sale of its KFC franchise business in Thailand, valued at roughly $300 million, as revenue rebounds with a recovery in Southeast Asia’s second-largest economy, three sources aware of the matter said.

    The Bangkok-based firm, backed by a consortium led by Southeast Asian focused private equity firm AIGF Advisors Pte Ltd, is in talks with at least one advisor on the potential sale, said the sources, who asked not to be named as they were not authorised to speak to the media.

    Restaurants Development was considering the sale of its KFC business in 2020 but the process was shelved due to the impact of the coronavirus pandemic, two of the sources said.

    Restaurants Development and AIGF did not respond to a request for comment.

    The revival of the sale comes with a pick up in Thai consumer confidence in June, for the first time in six months, boosted by improved economic activity following an easing of COVID-19 curbs.

    Restaurants Development recorded its highest ever quarterly sales in the first three months of 2022, it said on its website, and also the highest annual same-store sales growth rate.

    Its KFC business is expected to grow further over the next few quarters on the back of the economic recovery and easing of travel restrictions, one of the sources said.

    Two sources said potential suitors could include Central Restaurants Group and The QSR of Asia Co Ltd, a unit of Thai Beverage, which run the other KFC franchises in Thailand.

    Thai Beverage declined to comment and there was no response from Central Group to a request for comment.

    Founded in 2016, Restaurants Development employs more than 5,000 people and operates more than 240 restaurants across Thailand. This compared with the 4,000 people and 200 restaurants it employed and managed two years ago.

    It currently owns 236 KFC stores, according to its website.

    As in other markets, Southeast Asian mergers and acquisitions activity is going through a soft patch, hit by high inflation, rising interest rates and weak equity markets.

    Last week, Thailand’s central bank chief said the central bank will ensure the recovery is not interrupted by efforts to tackle higher inflation, amid expectations of an increase in interest rates.

  • India’s Zomato shares tumble to record low

    India’s Zomato shares tumble to record low

    Shares of Indian food-delivery company Zomato plunged 14.3 per cent to a record low today, as a one-year lock-in period for promoters, employees and other investors came to an end following last year’s listing.

    Zomato made a stellar debut on July 23 last year in the Mumbai market, but its shares have lost more than 60 per cent of their value since then.

    “Investors are concerned about the sell-off through employees and promoters,” said Prashanth Tapse, VP of research at Mehta Equities.

    Investors are also not comfortable with the acquisition of Blinkit, he said, adding that the fundamentals of the company were still good.

    Including Monday’s losses, Zomato shares have lost nearly 30 per cent since the company announced its deal to buy local grocery delivery startup Blinkit in June.

    Today, the stock posted its biggest intraday percentage drop since Janaury 24 in heavy-volume trade of 2.7 times the 30-day average.

    The company now has a market value of 366 billion rupees ($4.58 billion), compared with 1.29 trillion rupees at its peak in November.

    Analysts say Zomato needs to pump more money into Blinkit as the quick-commerce sector grows at a rapid clip, with rivals Swiggy, Reliance Industries-backed Dunzo, Tata-backed BigBasket and Zepto making big investments.

    Zomato is scheduled to report its first-quarter results on August 1. The company had reported a 75 per cent jump in fourth-quarter revenue in May, while gross order value – or the total value of all food delivery orders on its online platform – surged 77 per cent year-on-year to a record high.

    On Friday, Reuters reported that Domino’s Pizza’s India franchise will consider taking some of its business away from Zomato and Swiggy if their commissions rise further.

    In February, Zomato reported a smaller third-quarter loss, helped by a one-time gain from a stake sale, while revenue jumped due to increased demand for restaurant meals.

    Zomato’s dining out business, which offers customers discounts and offers when they eat out at partner restaurants, strengthened as eateries and bars reopened following a drop in Covid-19 cases during the quarter, while the company’s core food delivery business continued to grow.

    “The revival of in-restaurant dining (in the third quarter) led to some green shoots in our dining-out ad-sales business,” the Gurugram-based firm said in a regulatory filing.

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  • Starbucks plans rapid expansion in Thailand

    Starbucks plans rapid expansion in Thailand

    Starbucks Thailand has announced an expansion strategy, which calls for opening 30 new coffee shops in Thailand every year until 2024 – 90 in all – according to Bangkok Post.

    The company claims to be prepared to expand again this year, after sales improved during the first half of this year. In addition, Starbucks Thailand also says it will concentrate on expanding its digital platform channels, add more drive-thru locations, and introducing novel beverages.

    Nednapa Srisamai, MD of Starbucks Thailand, told the Bangkok Post that the brand’s well-known profile in the country created an opportunity to expand the network. While a major regional tourist destination, Thais also have a coffee-drinking culture.

    Starbucks began its operation in Thailand by opening its first coffeehouse in July 1998 and was acquired under the joint venture between Dairy Farm subsidiary Maxim’s and Singapore-headquartered Fraser & Neave (F&N) in 2019 in a deal valued at US$500 million.

    Last year, the brand introduced its largest store in the region, Starbucks Reserve Chao Phraya Riverfront, located at IconSiam in Bangkok.

    Starbucks also plans to strengthen its digital presence after partnering with Grab earlier this year to launch Starbucks Rewards aiming to enhance the customer experience in Southeast Asia’s six largest markets – the Philippines, Thailand, Singapore, Malaysia, Indonesia and Vietnam.

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  • SEBA to Add More Than a Dozen Staff in Asia

    SEBA to Add More Than a Dozen Staff in Asia

    Julius Baer-backed crypto bank SEBA will reportedly take advantage of the selloff as a buying opportunity, with plans to add more than a dozen staff in Asia.

    SEBA will grow its headcount in Hong Kong and Singapore from around seven to more than 20, according to a report citing its Asia head of corporate development Eugene Sun. The Zug-headquartered crypto bank will hire legal, compliance, and relationship manager staff alongside plans to also obtain licenses in both cities.

    We are finding the selloff to provide an opportunity commercially and in the war for talent, as clients and talent alike seek a more secure and more regulated platform for the promising future of digital assets, Sun said.

    One of SEBA’s headline partners is LGT which announced a partnership in pay to provide crypto to clients domiciled in their home market of Liechtenstein or Switzerland. SEBA is also preparing to launch with LGT in Asia, according to the report which did not provide additional details.

    Private banks generally are going to start to embrace crypto, said Sun.

    SEBA Bank was founded in 2018 and now supports 25 markets worldwide with financial backers that include Julius Bear and DeFi Technologies.

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  • Asia Pacific Spotlights on 5G for Growth

    Asia Pacific Spotlights on 5G for Growth

    As a region, Asia Pacific is poised to become the fast-growing in terms of 5G adoption. Representing two-thirds of the global population, GSMA reports that 5G mobile connections will grow by about 150 million to reach 1,789 million subscribers in 2025. Of which, South Asia will account for the largest growth.

    During this time, GSMA reports that 4G will remain the dominant technology in the region, while 5G takes off, propelled by national digital strategies that have identified digital transformation as a key pillar for economic growth. For instance, Indonesia has launched the Indonesia Digital Roadmap for 2021 to 2024.

    In the region, 14 markets have already launched 5G commercial services, namely Australia, Bhutan, Guam, Indonesia, Japan, Laos, Malaysia, Maldives, New Zealand, North Mariana Islands, Philippines, Singapore, South Korea and Thailand. On the other hand, 5G is still undergoing planning for countries including Nepal, Bangladesh, Brunei, Cambodia, Myanmar, Vietnam, Sri Lanka, Samoa, Pakistan and India. South Korea takes the lead in terms of average and peak 5G download speeds according to market research firm Statista.

    The Bangladesh Telecommunication Regulatory Commission (BTRC) for instance, is preparing to launch 5G after holding its auction for licenses in 2.3 GHz and 2.6 GHz bands in April 2022. In India, spectrum auctions will be held in late July, with spectrum to be allocated not only for telecom operators Reliance Jio, Airtel and Vodafone Idea, but also for private networks to enable enterprise 5G to address demands in Industry 4.0 applications.

    Also gearing up for 5G momentum after months of tussle, six of Malaysia’s telecom operators have finally reached a consensus with stated-owed Digital Nasional Bhd (DNB) to collectively own a 70% equity stake in the country’s 5G network infrastructure. As part of the nation’s digital ambitions, Malaysia plans to extend 5G nationwide to 80% in populated precincts by 2024. In Thailand, the Digital Economy Promotion Agency (DEPA) has recently established the Thailand 5G Alliance to promote commercial 5G use and grow the country’s 5G ecosystem, aimed to elevate Thailand to become a digital hub for ASEAN.

    Growing 5G Revenue with More Commercially Viable Solutions

    According to Frost & Sullivan, 5G revenue in the region is expected to grow from $2.13 billion in 2020 to $23.89 billion in 2025, representing a 62.2% CAGR, attributed by accelerated 5G connectivity. Network slicing will play a big part in growing 5G capabilities and delivering 5G services for enterprises.

    A notable trend is the rise of 5G private networks to ensure enhanced security and control, especially critical in growing smart factories and furthering Industry 4.0. In Southeast Asia, 5G private networks are expected to grow from $83.35 million in 2021 to $1,93 billion by 2030, at a CAGR of 41.9%, based on an analysis by Allied Market Research. In the region, mobile operators have embarked on commercial 5G private networks to capture new market opportunities created by growing demands for low latency, high-speed connectivity, as well as increased usage of artificial intelligence and other smart connected devices. In 2020, Indonesia contributed the highest market share in terms of revenue, accounting for 40% of Southeast Asia’s private 5G market. Being the fast-growing digital economy, Indonesia is projected to maintain its lead in the private 5G market until 2030, with Malaysia forecasted to report the largest CAGR of 48.6% during this period.

    In Malaysia, for instance, Cisco will be partnering with Telekom Malaysia to build a 5G-as-a-service center to springboard 5G adoption and develop proof of concepts for enterprises and vertical industries to help them gain strategic and competitive advantages. This is in line with the country’s digital goals to grow 5G adoption among Malaysia’s SMEs to positively impact the digital landscape.

    Offloading Towers to Grow High-Cost 5G

    A growing trend in the past couple of years, some operators are offloading towers to raise capital for high-cost 5G investments. For instance, PLDT in the Philippines has received six bids to sell off half of its mobile towers, amounting to 6,000 towers. In Singapore, Singtel sold off 70% sale of Australia Tower Network, a wholly-owned subsidiary that operates Optus, to raise funds for 5G rollout and growth. Elsewhere, New Zealand’s Spark finalized a deal to sell 70% stakes in its tower business to raise $900 million.

    In Australia, Telstra and TPG have struck a network sharing deal over 10 years to share RAN for both 4G and 5G services. This has since been hotly contested by Optus, as well as Commpete, a telco industry alliance that advocates greater industry competition, with claims by Commpete that the agreement can be perceived to be a merger of sort. As of the end of June 2022, Telstra is Australia’s incumbent with a 5G network that covers about 80% of Australia’s population.

    Regarding the adoption of 5G mobile services, Moodys’ revealed in a report that its adoption will be uneven across the region, with 5G frontrunners including China, South Korea, Australia and Japan forging ahead in their 5G pursuits, and pioneer 5G markets able to boost revenue with the launch of 5G services. In China, the country’s fourth carrier, China Broadnet debuted 5G mobile services in June 2022 after being granted a 5G commercial license by the Ministry of Industry and Information Technology.

    Moving forward, mobile operators will stay focused on growing 5G capabilities and services to monetize and ensure competitiveness.

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  • Infovista, PCTEL Joint Solutions Focus on 5G Network Testing

    Infovista, PCTEL Joint Solutions Focus on 5G Network Testing

    Infovista and PCTEL, global leaders in network lifecycle automation (NLA) and wireless connectivity, announced a strategic collaboration to co-develop joint 5G network testing use cases for mobile operators and industry regulators.

    The joint use cases will bring together PCTEL’s 5G scanning receivers, including its flagship Gflex® and Infovista’s market-leading TEMS software to create differentiated and simplified solutions that address specific customer needs and requirements. The initial set of use cases covers 5G C-Band interference monitoring, autonomous testing, beamforming configuration validation, automatic site location detection and automated interference detection.

    Faiq Khan, President of Global Networks of Infovista said, “Mobile operators and regulators are facing new and specific challenges as 5G spectrum is licensed and networks rolled out. Their complexity requires new approaches to network testing, using the latest in AI, automation and cloud-native technologies to reduce the time and cost of network testing and monitoring while also being more accurate and valuable to the business.”

    One of the first joint solutions sees Infovista and PCTEL combining to deliver automated interference source detection and location. Leveraging Infovista’s NLA cloud platform for automated cross-domain troubleshooting, the solution uses network and service performance data from Infovista Ativa™ and its AI/ML analytics engine to rapidly identify and geo-locate cells affected by interference. With the approximate area of the interference identified, Infovista’s precision drive testing algorithms determine an optimal drive route and diagnostics workflow. After which, a tester is dispatched with a PCTEL scanner and guided workflow to quickly find the source of the interference.

    Arnt Arvik, Vice President and Chief Sales Officer of PCTEL said, “Today, effective network testing and monitoring requires purpose-built scanning receivers to measure hundreds of channels across a broad spectrum including 5GNR and mmWave. Testing needs to be fast and accurate, conducted in multiple environments, and it needs to be capable of simultaneously testing multiple technologies and operator networks.”

    Together, Infovista and PCTEL will bring the power of two customer-focused teams to co-develop joint 5G testing use cases and solve tangible challenges their customers face, both today and in the future.

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  • Ooredoo Plans To Exit Myanmar

    Ooredoo Plans To Exit Myanmar

    Qatari telecoms giant Ooredoo is considering selling its Myanmar unit, a source with knowledge of the matter told Reuters, following the exit of Norwegian carrier, Telenor, in March this year.

    Ooredoo is now the only foreign telecoms service provider operating in Myanmar amid the increasing pressure on the local industry, the result of the military coup launched in February 2021.

    According to sources cited by Reuters, Ooredoo has notified the local regulator, Myanmar’s Posts and Telecommunications Department (PTD), of its plans to sell its Myanmar unit for an undisclosed amount.

    One insider also told Reuters that potentially interested investors could include local conglomerate Young Investment Group, Singapore-headquartered network infrastructure operator Campana Group, and telecoms company SkyNet.

    No final decision has yet been made regarding the potential buyers.

    Reuters said the Doha-based telecom firm did not immediately respond to its emailed inquiry. The news agency also said it tried to reach the interested investors, but no immediate comment has been given.

    The departure of Telenor earlier this year took place after Reuters last year reported that the PTD has issued a directive, which bans senior foreign executives of major telecommunications firms from leaving Myanmar without permission. After this ban, the junta then released a second order instructing telecoms firms to fully implement an intercept surveillance technology, enabling authorities to monitor various communication channels.

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  • Huawei Joins Sisvel Wi-Fi 6 Patent Pool as Founding Member

    Huawei Joins Sisvel Wi-Fi 6 Patent Pool as Founding Member

    Huawei has joined Sisvel Wi-Fi 6 patent pool as one of its founding members. This new patent pool provides an avenue for Wi-Fi 6 standard essential patents of Huawei and other innovators to be shared. Huawei has also concurrently become a licensee of the pool.

    “Huawei is excited to share our innovative Wi-Fi technologies with the industry,” said Alan Fan, Head of Huawei’s Intellectual Property Rights Department. “Wi-Fi technologies are widely used in fields like consumer electronics, smart homes and industrial enterprises. The patent pool will increase the transparency of patent licensing and reduce licensing disputes. Implementers can obtain a license under all patents in the pool at one time, which increases licensing efficiency and reduces licensing costs.”

    Fan added that Huawei has long advocated for innovations to be properly rewarded. Patent pools can help companies, especially SMEs, license their patents and invest licensing revenue into more innovation activities. Huawei hopes the successful operation of this patent pool will encourage more companies to invest in the next-generation Wi-Fi technologies.

    Mattia Fogliacco, President of Sisvel International, commented, “We are thrilled to welcome Huawei among the patent owners of our new pool. During the past two years of facilitation, we have created a framework that we feel will benefit the markets for technology as a whole, removing friction and aligning interests of innovators and implementers: Huawei accepting to become a founding member and a licensee/licensor offers a strong validation for this approach. We trust that this, together with the quality of the IP contributed by Huawei and the other participating patent owners, will quickly attract additional licensees and possibly additional patent owners.”

    Huawei remains open to entering direct licenses with other companies through bilateral discussions, thus giving implementers the choice of obtaining the license of Huawei’s Wi-Fi 6 patents through either the Sisvel Wi-Fi 6 patent pool or a direct license with Huawei.

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  • Bank of America eyes Vietnam return

    Bank of America eyes Vietnam return

    Bank of America is seeking permission to set up a $50 million branch in Ho Chi Minh City, its executive vice chair of global corporate and investment banking Madhu Kannan has said.

    In a meeting with HCMC Chairman Phan Van Mai who is visiting the U.S., Kannan sought support for the bank’s return to Vietnam after closing its Hanoi office in 2002 when the parent company initiated systemic reforms.

    In response, Mai said that inviting Bank of America to HCMC was one of his goals during this trip. He said he was committed to helping the bank establish a branch in the city. He noted that HCMC planned to become an international financial hub, Mai said.

    The city also welcomes U.S businesses to invest in the financial, technology, education and healthcare sectors, he added.

    Kannan said that his bank’s activities would align with the city’s development path.

    Founded in 1904, Bank of America is the second largest U.S. lender.

  • Vietjet Air, Boeing restructure 200 aircraft deal

    Vietjet Air, Boeing restructure 200 aircraft deal

    Vietjet Air and Boeing have officially signed a restructuring agreement to continue a contract to purchase 200 Boeing 737 aircraft.

    Under the agreement signed at the 2022 Farnborough International Airshow from July 18-22, Boeing and budget carrier Vietjet Air have agreed on a flexible delivery schedule in line with Vietjet’s global business plan to complete this important deal.

    The first aircraft of the deal will be delivered to Vietjet Thailand, the Vietnamese carrier’s Thai subsidiary.

    The agreement affirms Boeing’s commitment to support Vietjet with training, technical services, technology transfer, research and investment, facilitating long-term development and sustainability of both corporations.

    In 2016, Vietjet signed a deal to purchase 100 Boeing aircraft when the then US President Barack Obama was visiting Vietnam. Three years later, both sides agreed to raise the total number of aircraft to 200 when the then US President Donald Trump visited Hanoi.

    The deal is being resumed this year after the hiatus triggered by an unexpected incident with the Boeing 737 Max aircraft and the Covid-19 pandemic.

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