Retail News CRM

Author: Mei Ling Tan

  • TikTok wants you to stay away from the app some time

    TikTok wants you to stay away from the app some time

    TikTok wants its users to find other things to do instead of spending all day creating short-form videos and browsing through the app. In a message to the TikTok community that the company disseminated on Thursday, TikTok announced some steps it is taking to help users develop positive digital habits. Users can already set daily screen time limits and in a few weeks, they will be able to control the amount of time that they spend on TikTok in a single setting by enabling regular screen time breaks.
    These prompts will remind TikTok users to take a break from the app after a certain amount of uninterrupted screen time has passed. The amount of screen time can be set as long or as short as the user desires. TikTok members aged between 13 and 17 who have used the app for more than 100 minutes in a single day will be reminded the next time they open TikTok that they can use the screen time limit tool.
    Carolyn Bunting MBE, CEO of Internet Matters, said, “The research showed that younger users would welcome the introduction of built-in features and settings that prompt them to both think critically about the time that they are spending online, but also encourage them to use settings to actively manage the time they spent on the app. It is important that they feel in control of their online experiences and are helped to make considered choices. We look forward to TikTok developing further features that will put children’s wellbeing at the heart of their design choices.”

    The Digital Wellbeing screen time summary shows the amount of time users spent on TikTok during the daytime and during the night. As TikTok recently stated, “We love working with talented creators to educate the TikTok community about online safety, wellbeing, and the tools and options available to them. The energy and enthusiasm these creators have for their community helps them connect with other users and leads to a better understanding of the platform.”

    TikTok was the most downloaded app globally during the first quarter of 2022. It also was just the fifth app in history to record lifetime installations of more than 3.5 billion; the other four apps were all developed by Meta (Instagram, Facebook, WhatsApp, and Messenger).
    Earlier this year, TikTok made some major changes to its short-form video platform. Looking to take on YouTube, TikTok increased the length of its maximum videos from 60 seconds to 180 seconds (or from one minute to three minutes). It then increased the video length once again from 180 seconds to six hundred seconds (3 minutes to ten minutes). Now, the more than one billion monthly active users on the app have a reason to spend some more time on TikTok.
    On August 1st, 2020, then President Donald Trump, in the middle of his trade war with China, announced that “We’re looking at TikTok, we may be banning TikTok. We may be doing some other things. There’s a couple of options. But a lot of things are happening, so we’ll see what happens. But we are looking at a lot of alternatives with respect to TikTok.”
    Eventually, Trump decided that he wanted TikTok to be owned by a U.S. company and said that for the app to be allowed to be used in the states, it would have to have U.S. ownership. Three U.S. firms appeared to be interested including (quite surprisingly) Oracle and Walmart. Microsoft also had a strong interest in buying the U.S. version of TikTok.
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  • Telegram announces new Premium plan coming in June

    Telegram announces new Premium plan coming in June

    What started as a rumor a few months ago has become reality this week: Telegram is going Premium. Well, the free tier will remain available as is, but a paid tier will also be added which will offer some extra features, resources and speed.

    Telegram’s founder and CEO, Pavel Durov, announced today that his company will introduce a Premium tier this month, but he did not make any mentions regarding the price. Previous rumors pointed to a possible $5/month subscription for those who want Telegram Premium, but the information hasn’t been confirmed yet.

    What we do know is that all existing features will remain free, and even users who don’t subscribe to Telegram Premium will get some of its benefits, such as the ability to view extra-large documents, media and stickers sent by Premium users, as well as the option to tap to add Premium reactions already pinned to a message to react in the same way.

    The addition of a Premium tier is meant to keep existing features free while offering those who want more the chance to acquire those extra features they need, at least according to Telegram. On top of that, a Premium subscription will allow users to support eh app and receive new features before those who use Telegram for free.

    We will probably never know whether the move is meant to simply support the extra resources Telegram will spend to add those new features or the company plans to actually make money to pay the bills. The bottom line is that even Telegram’s CEO believes that the app “should be funded primarily by its users, not advertisers,” which implies that the amount of ads will remain limited.

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  • Why E-commerce Is the Future of Retail

    Why E-commerce Is the Future of Retail

    Over the past few years, the growth of mobile technologies and a shift to remote work caused a significant increase in the global adoption rate of e-commerce strategies. Retail businesses found themselves having to adapt to these transformative changes or face the prospect of being left behind.

    Transformation is never easy, and the shift to customer-oriented, mobile service is a costly investment that can only be made after careful deliberation. Choosing e-commerce can be a risky move at the best of times, but the potential for profitability is well-documented at this point.

    Whether it’s social media campaigns, fashion Influencers, digital storefronts, or mobile app development, e-commerce strategies can be used simultaneously. These strategies define the current era, but what does this mean for the future of retail?

    Will brick-and-mortar establishments continue to decline in popularity? Or is there a chance that we’ll reach an inflection point and find a better balance between e-commerce and on-premise shopping? Let’s take a look at three factors that can inform our understanding of this unprecedented situation.

    New normals

    Unfortunately, there’s no way of knowing when dramatic changes in consumer behavior will occur. The amount of people who prefer online shopping has risen faster than anyone could expect, and the survival of the retail industry has largely depended on its ability to respond to these changes timeously.

    Reaction speed has become paramount to commercial success in an age defined by fast service and modern conveniences. Online shops are open around the clock, facilitating the sale and delivery of an astonishing amount of goods every second of every day.

    In 2021, e-commerce profits in the US amounted to over $850 billion. Compared to 2019, that’s over 50% growth in less than two years. Clearly, consumers are drawn to the convenience and simplicity of online retail, and the simple truth is that traditional retail is incapable of meeting this demand.

    To make the most of this thriving market, forward-thinking retailers have found that a combination of on-premise and e-commerce is the most effective strategy. Each strategy is able to function independently, which gives consumers the ability to follow their preferences freely.

    Accessibility

    It’s hard to overstate how important convenience is. Everyone wants fast service and premium quality, and no one wants to have to leave home to experience that quintessential shopping experience.

    Desiring that level of convenience doesn’t mean we shouldn’t have physical storefronts. In fact, it means quite the opposite. Both forms of retail have to work in unison, and the extent to which each is applied should be based on the target market’s needs and preferences.

    By prioritizing consumer-centric strategies, retail companies can ensure that they provide the best in service delivery. Failing to implement these services in time will likely result in a loss of market share, and there are many well-established companies that had to learn that lesson the hard way.

    Contrary to popular belief, e-commerce strategies aren’t meant to replace the traditions of brick-and-mortar shopping. They add to established infrastructure, essentially creating a network of access points for consumers to get what they want when they want it.

    Much like courier and delivery services, the technology behind e-commerce merely allowed us to fill a gap in the retail market. Consumers will always want on-premise shopping, as the experience of physically going out to buy a product is a need that commerce isn’t able to meet.

    Data-driven solutions

    Looking at the evidence is a key factor for success. This is another way in which technology can give retailers the upper hand. Mobile and analytics technologies have advanced in leaps and bounds, and scalable cloud platforms open up a world of possibilities for dynamic market influencers.

    At this point, you may have noticed that a combined strategy will likely be the best solution for most businesses. After all, time and time again, analyzing consumer behavior shows that profitability is the result of being able to provide the type of experience your target market seeks.

    From rewards-based behavior to online browsing habits, we have access to the kind of data marketers could only dream of back in the day. Retailers should use this knowledge to their full advantage, reacting to consumer attitudes instead of trying to manipulate them.

    For the retail industry to attain the best possible outcome, a combination of technology and tradition must be implemented as early as possible. The signs of this inevitability are all around us, and no matter which way you look at it, all clues point to e-commerce being a fundamental influence on the retail industry for a long time to come.

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  • New TikTok update brings screen time dashboard and additional time limit settings

    New TikTok update brings screen time dashboard and additional time limit settings

    Popular video-sharing social media website TikTok is now following in Instagram’s footsteps by introducing ways to remind users to take breaks from their TikTok binge. Engadget reports that the app is getting more screen time controls and a new in-app dashboard for tracking how much you spend watching videos on there.

    The social media app is now getting a dedicated dashboard where you can monitor the time you spend on the app. The page shows statistics that can help you better manage your time on TikTok and understand what your habits with the app are.

    On top of that, the dashboard will allow you to set a time limit for how much time you want to be spending on TikTok in any one sitting.

    Before this update, TikTok had screen time controls, but those timed out after a set daily limit. This new setting allows you to choose the app to remind you to take a break if you’ve opened it for an extended period of time.

    The thing is, apps such as TikTok and Instagram have been under scrutiny for the impact they have on the mental well-being of their users, especially teenagers.

    To address those concerns, TikTok is also introducing additional screen time restriction options for teens (between the ages of 13 to 17). Teens will now be getting digital well-being prompts and additional screen time reminders for any given day.

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  • Fruit exports to China slump on tightened Covid-19 restrictions

    Fruit exports to China slump on tightened Covid-19 restrictions

    Vietnam’s vegetable and fruit exports to China fell 28 percent year-on-year to $625 million in the first four months as the major importer extended its zero Covid strategy.

    The plunge resulted in a 14 percent drop in total fruit and vegetable export value, as China accounts for over 50 percent of Vietnam’s $1.17 billion worth of fruits and vegetables export.

    China has been tightening control over imported agro products through stricter monitoring of farm and packing facilities, said Le Thanh Tung, deputy head of the Department of Crop Production under the agriculture ministry.

    Its stringent lockdowns have also lengthened the export negotiation process, with Chinese experts unable to inspect farming areas in person.

    Chinese authorities have also strengthened quarantine regulations and clearance procedures, causing congestion of fruit trucks at border gates.

    On May 23, some 815 and 287 trucks were stuck in the northern provinces of Lang Son and Quang Ninh, respectively, with 35 percent of them carrying fresh fruits.

    Tung also pointed out that Vietnamese farmers were suffering skyrocketing input costs, driven by higher fertilizer and pesticide prices.

    Vietnam mainly exports fresh fruits and other agricultural produce due to limited domestic capacity in processing, so the sector has been severely impacted by adverse conditions.

    Tung called on the agriculture ministry to restructure the production chain of agro produce, including issuing guidelines on building chain-based logistical supply systems.

    It is also necessary to boost cooperation with global partners to open up new markets, he said.

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  • Cult skincare brand MooGoo launches into New Zealand

    Cult skincare brand MooGoo launches into New Zealand

    As of this month New Zealanders are now able to walk into pharmacies across the country and buy one of Australia’s most popular skincare lines, MooGoo, as the number of Kiwis with skin disorders is on the rise.

    New Zealand has one of the highest incidence of eczema in the world, with the skin condition now affecting one in three Kiwis, and around 15% of children.

    MooGoo CEO Melody Livingstone says the brand’s expansion into New Zealand was driven by strong interest from local customers.

    “Given the climate in New Zealand, with so many people suffering from skin conditions, we fast-tracked our entry,” says Ms Livingstone.

    “The climate is very similar to Ireland, which per capita is our biggest market outside of Australia,” she added.

    MooGoo has more than 45 natural products that help a range of skin problems, including eczema and psoriasis. All of them are now available online in New Zealand, and more than half the range will be stocked on shelves.

    In Australia demand for the products has skyrocketed, with the company seeing some 30% growth and it’s now stocked in just about every pharmacy across the country.

    “Consumers are becoming a lot more knowledgeable about product ingredients and are increasingly seeking natural and eco-friendly treatments and remedie,” explains Ms Livingstone.

    “There’s also been a lot of anxiety surrounding the pandemic, which seems to have caused an increase in eczema, psoriasis and other skin flare-ups.

    “We’re also hearing a lot of people talking about acne and perioral dermatitis, caused by heat, moisture, friction, trapped dirt and bacteria from wearing a mask for long periods of time and also suffering with painful cracked hands from continuous hand sanitising and washing.

    “The crazy weather conditions haven’t been helping either.”

    In Australia, MooGoo products are also used in neonatal, paediatric and oncology wards and in the UK the business is supported by the British equivalent of the Medicare – the NHS.

    “At MooGoo, our ingredient philosophy is simple – to make effective products with healthy ingredients for you, your loved ones and the environment,” adds Ms Livingstone.

    “We understand all consumption has an impact, and our goal has always been to minimise our impact on the environment.”

    MooGoo products can now be purchased at 58 New Zealand pharmacies and health stores, it is also available online at www.moogoo.com.au

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  • Deliveroo set to deliver MasterChef treats in TV tie-in

    Deliveroo set to deliver MasterChef treats in TV tie-in

    Food delivery company, Deliveroo, in partnership with MasterChef Australia, delivers an Australian first integration campaign via Mediabrands Content Studio.

    Deliveroo will deliver 21,504 mini bacon me go nuts choc-tops – inspired by last night’s episode of MasterChef Australia – for customers to enjoy from the comfort of their couch.

    Mediabrands Content Studio handled the partnership, choc-tops production, packaging and distribution to 128 Deliveroo restaurant partners nationally.

    Olivia Warren, managing director of Mediabrands Content Studio said: “Every year clients want bigger and better integrations when sponsoring TV properties.

    “The ask to do something no other brand has done and create an amazing customer experience for Deliveroo’s 3rd year sponsoring MasterChef was just the sort of problem we love to tackle.

    “It’s always amazing when clients are not afraid of brave ideas – this has been months in the planning and it’s extremely exciting to see this partnership truly come to life and connect with the viewer like never before.”

    Laura Wilson, head of marketing at Deliveroo, said: “MasterChef’s bacon me go nuts choc-top creation is adding a delicious twist to this much-loved treat.

    “So we are very excited to partner with them and enable our customers to enjoy this exclusive experience, Deliveroo’d straight to their couch.”

    Tamar Hovagimian, head of effect at Paramount ANZ, said: “We’re excited that viewers can, for the first time ever, experience a dish inspired by what they have seen in the show immediately after the winner has been announced!

    “All without having to leave the comfort of their living room – it’s the magic of television come to life and Deliveroo and MBCS have made that possible.”

    To get your hands on the limited edition bacon me go nuts choc-tops, you’ll just need to search MasterChef on Deliveroo platforms and spend over $20 with participating restaurants from Thursday 9 June while stocks last.

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  • Netflix could buy the streaming service Roku

    Netflix could buy the streaming service Roku

    It’s tough times to be in the video streaming business. Netflix, the company that, as we may say, pioneered the whole thing, is now rapidly losing subscribers and is trying to find as many ways as possible to keep its users.

    The streaming giant is under such pressure from its competitors that it revealed its intentions to launch an ad-supported plan soon, despite refusing to do so for years. And now, a new report hints that Netflix might use the streaming service and TV box manufacturer Roku for its new ad-supported tier. But how? Well, by just buying Roku.

    In recent weeks, employees at Roku have been discussing the possibility of Netflix buying the smaller streaming service. This “possibility” comes after Roku’s stock dropped by 80% since July last year.

    Interestingly, according to people inside Roku, the company has prohibited its employees from selling their company stock. Of course, the reasons for doing that could be many, but usually companies do that before releasing important information to prevent inside trading. Could that be because of a potential buyout? It’s a possibility, yes.

    However, it should be noted that there is no official word about Netflix acquiring Roku to back up the claim of a possible acquisition. But according to experts, this is precisely the perfect time for a buyout.

    First of all, Roku’s valuation is now below $13 billion, which makes it very attractive for a buyout. Also, Roku’s video-advertising platform generated $647 million in first-quarter revenue. To understand how big of a deal that is, Roku’s video advertising generated seven times more profit than its video-streaming boxes and other devices that the company sells. In a potential acquisition, Netflix could use Roku’s know-how and video-advertising platform to improve its ad-supported plan, thus generating more profit.

    Of course, with buying Roku, Netflix will also get Roku’s hardware business. In previous years, Reed Hastings, a Netflix co-founder and co-CEO, has said that selling hardware is not something Netflix wants to do. However, as Business Insider pointed out, Roku has access to more than 61 million active accounts through its TV boxes. This will give Netflix the ability to know what users prefer to watch, which could then be used to create better strategies against the competition.

    Although it sounds like a great deal, some experts don’t think that Netflix will actually buy Roku. According to some of them, since investors are currently pressuring Netflix to find a way to increase revenue growth and keep its subscribers, buying such a company at this time won’t be a wise move. Furthermore, according to one industry analyst, Netflix could have problems with antitrust regulators if it tries to buy Roku.

    Also, according to one expert, Netflix hasn’t decided yet what it intends to accomplish in terms of advertising and may not know at this moment if it needs to acquire Roku or not. Furthermore, it looks like Netflix prefers to keep its distance from large buyouts. It acquired a few video game developers, but that was it.

    It will be interesting to see if Netflix will indeed buy Roku or if these were simply empty words from people who wish for a potential Netflix-Roku merger.

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  • Spotify will try to conquer the audiobook market

    Spotify will try to conquer the audiobook market

    Audible, you should start preparing for a serious competition because Spotify is eager to conquer the audiobook market as well. Yes, as the streaming service firmly stated at its Investor Day 2022, from now on, one of its main goals will be to increase its share in the audiobook market.

    Spotify’s CEO, Daniel Ek, stated that the global size of the book market is around $140 billion, with audiobooks having only about a 6%-7% market share. But, in the markets where audiobooks are more popular, they represent around 50% of the market. Also, the audiobook category is growing by 20% every year. This is why, according to Ek, the audiobook industry is an “annual opportunity of $70 billion dollars” for Spotify to expand and “eventually compete for.”

    Nir Zicherman, Spotify’s head of Audiobooks and Gated Content Vertical, stated that an expansion in the audiobook market “presents a really unique opportunity” to “drastically expand” that industry and to “introduce music and podcast listeners around the world to audiobooks.”

    Zicherman added that Spotify will soon be a place where you can buy and listen to your favorite audiobooks directly on the platform. This offering, as he stated, will reach Spotify’s global audience of over 422 million users.

    You can currently listen to audiobooks on Spotify, but until recently, they didn’t seem like that big of a priority for the streaming service. However, in 2021, Spotify purchased the audiobook platform Findaway, implying that it may be considering expanding in that segment as well. The streaming service is convinced that it can not only just grow the audiobook industry but also significantly innovate it and even transform it. As to whether Spotify will be able to do what it says, only time will tell, but it sure sounds promising.

     

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  • Goodyear To Recall Over 1.7 Lakh Recreational Vehicle Tyres In The US

    Goodyear To Recall Over 1.7 Lakh Recreational Vehicle Tyres In The US

    Tyre firm Goodyear on Tuesday said that it would be recalling 1.73 lakh G159 recreational vehicle (RV) tyres in the US. As per a report by Reuters, the recall was issued because of the potential for catastrophic tread separations and after mounting pressure from the U.S. auto safety regulator, the National Highway Traffic Safety Administration (NHTSA). Under the recall, Goodyear dealers will be replacing the tyres installed on RVs along with providing consumers with $60 vouchers. The company is also offering a refund of $500 for tyres not installed on vehicles. The recall only applies to the firm’s G159 tyres of the size 275/70 R22.5.

    The NHTSA opened a preliminary investigation into the tyres in 2017 to review allegations raised in lawsuits that some of the tires had defects causing RV (motorhome) crashes resulting in deaths and injuries. The safety regulator had asked the company to recall the tyres earlier this year though the company had declined the request at the time.

    The company in a filing now said that it had now agreed to recall the tyres “to address concerns that some of these tires may still be in the marketplace or in use.” The company though has said that there were no safety defects in its product and cited that few if any remained on the road with the affected tyres last manufactured in 2003.

    “While these tires are no longer being produced, some RV owners may have the tires on their vehicle, or set aside as a spare, and do not know. NHTSA urges anyone who owns, rents, or uses an RV or truck with 22.5-inch rims to ensure these tires are not in use on their vehicle,” the safety regulatory body said in a statement.

    Additionally, in a separate recall demand latter, the NHTSA said that the company knew of the defect as far back as in 2002 but did not issue a recall.

  • H&M, Lululemon back $250 million Fashion Climate Fund

    H&M, Lululemon back $250 million Fashion Climate Fund

    Lululemon Athletica and H&M Group are among backers of a $250 million fund aiming to speed up efforts to cut carbon emissions in the fashion industry’s supply chain, non-profit group Apparel Impact Institute said on Wednesday.

    Bringing together clothing brands, philanthropic donors and other industry stakeholders, the institute’s Fashion Climate Fund also hopes to unlock a further $2 billion in funding once effective solutions have been found and scaled up.

    Other early backers include the H&M Foundation and the Schmidt Family Foundation. More are expected to be announced in the coming months, with the fund hoping to raise $10 million from each.

    “The urgency to address the climate issues has never been more acute. Early-stage innovations and new solutions play a critical role, but the impact does not happen before they can be scaled, and the industry starts adopting and implementing them,” said the H&M Foundation’s Christiane Dolva.

    “The Fashion Climate Fund will support new programmes and solutions with a structured pipeline for getting from pilot to scale. We believe it provides a powerful mechanism to overcome the challenges of getting new solutions implemented by the industry, and thereby accelerate the progress on climate action.”

    While many of the world’s leading companies have committed to reaching net-zero emissions across their businesses by mid-century and to halving emissions by 2030, the Apparel Impact Institute said many large barriers remain.

    A recent study it conducted with the World Resources Institute found 96% of the fashion industry’s emissions come from third-party farms and factories used by multiple firms.

    The fund will help finance a range of initiatives including expanding the use of renewable energy, developing next-generation materials, ditching the use of coal in manufacturing and improving energy efficiency.

    It hopes that the use of philanthropic capital to help fund early stage projects and the forging of partnerships with retailers to scale up successful initiatives will encourage other industry participants to help meet future funding needs.

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  • Nike says to end run club app in China

    Nike says to end run club app in China

    Nike is deactivating its Run Club app in China, becoming the latest Western company to reconfigure its business in the world’s second largest economy.

    The US sportswear giant posted a notice to runners in mainland China, saying the app will “cease service and operation” there starting July 8. A Nike spokesperson said that it would roll out a “localized” platform for Chinese runners in future, and continue to invest in updating its digital platforms in China.
    “We are creating an ecosystem from China for China, specifically catered to the region’s unique consumer needs,” the representative said.
    China is one of Nike’s top markets. The company made nearly $8.3 billion in revenue in Greater China, which includes Hong Kong and Taiwan, in the last fiscal year, according to its most recent annual report. That was more than its sales in the rest of Asia Pacific and Latin America combined.
    China is also a key manufacturing hub for the brand, with about a fifth of Nike’s footwear and apparel being made there.
    Nike Run Club, which allows users to track their runs and perform challenges with friends, has more than 8 million users in China who have collectively covered more than 600 million kilometers (nearly 373 million miles), according to a company statement on the app.
    Nike has notified its 8 million users of the Run Club app in China that the platform will be discontinued soon.
    Local users will be able to export their fitness data, Nike said.
    The move is the latest in a series of changes big Western companies have made to their businesses in mainland China in recent months. Last week, Amazon announced the closure of its Kindle bookstore in the country, as well as the discontinuation of Kindle device sales to retailers.
    This summer, Airbnb will take down all its listings in the country and concentrate instead on outbound travelers. The company made the decision because of mounting costs that were worsened by Covid-19.
    Last October, LinkedIn said that it would shut down the local version of its platform in China, citing a “significantly more challenging operating environment” and compliance hurdles. The platform, which is owned by Microsoft has decided to introduce an all-new, even more localized service, called InJobs.
  • E-commerce, online services strip Vietnam of tax revenues

    E-commerce, online services strip Vietnam of tax revenues

    Vietnam is failing to effectively tax e-commerce and online services as it struggles to make tech giants set up abroad fulfill their taxation duties.

    “Taxing e-commerce and digital platforms is a new and difficult challenge. There is huge loss of tax in this area as servers are placed abroad,” Minister of Finance Ho Duc Phoc told the National Assembly on Wednesday.

    E-commerce sellers are based both in Vietnam and other countries, and it is difficult to locate and tax them, he added. Phoc was responding to lawmakers’ concerns about tax avoidance in online business.

    Nguyen Thi Le Thuy, a lawmaker from the southern province of Ben Tre, estimated that around 85 percent of tax from digital giants like Facebook and Google are lost annually.

    Other lawmakers said that the tax that Vietnam has been able to collect from these tech firms recently is not appropriate to their revenues in the country.

    Cross-border platforms like Facebook and Google have paid VND5.1 trillion ($220 million) in taxes for the period between 2018 and 2021, according to the finance ministry.

    Phoc said that his ministry has set up payment portal and explained to e-commerce platforms and tech giants their tax duties, but taxing them remains a difficult task.

    The ministry is considering the best method to tax e-commerce trade, and the long-term goal is to establish an online automatic taxing system.

    Vietnam has over 100 e-commerce platforms, including 41 that sell goods and 98 providing services.

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  • Vietnam urges banks to merge, become more competitive

    Vietnam urges banks to merge, become more competitive

    The Vietnamese government is urging banks to merge and increase their scale toward becoming more competitive. It wants to make Vietnam an ASEAN leader in the banking sector.

    The government wants banks to have a capital adequacy ratio of at least 10-11 percent by 2023, and 11-12 percent by 2025, according to a recent plan to restructure credit organizations and handle bad debts during the 2021-2025 period.

    The capital adequacy ratio is a measure of how much capital a bank has available to handle a certain amount of loss before facing the risks of becoming insolvent.

    The government has said it wants Vietnam’s banking sector to become a top four leader in the ASEAN bloc. It has asked banks to make plans to increase their charter capital and improve their management.

    Big banks should have a minimum charter capital of VND15 trillion by 2025, and small and medium banks, VND5 trillion, it said.

    The government also wants banks to have a bad debt ratio of under 3 percent by 2025.

    Vietnam has 31 domestic commercial banks, with the biggest in terms of charter capital being state-owned lenders BIDV, Vietinbank and Vietcombank, according to the State Bank of Vietnam.

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  • Instagram now lets you pin posts and Reels to your profile

    Instagram now lets you pin posts and Reels to your profile

    On Twitter and TikTok, you have this cool feature to ‘pin’ certain posts on your profile. The pinned items will stay on top of your posts, and whenever a user visits your profile, these will be the first items they see. So, you get to present your profile with the exact highlights you want people to notice. And now, this cool feature just came to Instagram as well.

    As Instagram announced, it’s rolling out a “pin” option, which will enable you to pin up to three posts or Reels on your profile. The pinned objects will appear at the top of your profile grid and will remain over the rest of your posts.

    But how to pin a post or a Reel to your Instagram profile? Well, to do that, simply choose what you want to pin and tap on the three dots located at the top-right corner of the publication. After that, tap on “Pin to your profile.”

    Now, if you return to your profile, you will see the post at the top-left corner of your grid with a white pin on it. Keep in mind that if you pin more posts, the already pinned ones will be shifted to the right, so the order of attachment matters.

    However, Instagram introducing such a feature doesn’t come as a surprise. We already knew that such an option was coming.

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