Retail News CRM

Author: Mei Ling Tan

  • Vietnam goes past Thailand, becomes Israel’s biggest tuna supplier

    Vietnam goes past Thailand, becomes Israel’s biggest tuna supplier

    Vietnam surpassed Thailand in the first half of this year to become the biggest exporter of tuna to Israel.

    It accounted for 31 percent of Israel’s imports while that country became Vietnam’s third largest market behind the U.S. and Italy.

    Israel bought less tuna from most countries amid the Covid-19 pandemic, but increased its imports from Vietnam, the Vietnam Association of Seafood Exporters and Producers (VASEP) said.

    Latest data from VASEP shows that Vietnam’s exports to Israel jumped by 34 percent during the year until Aug. 15 to nearly $25 million.

    Eight companies ship tuna fish to Israel, but have all complained about Covid-related restrictions hurting their production in recent months.

    VASEP has repeatedly been petitioning the government to quickly vaccinate workers in the fisheries sector to ensure the supply chain is not disrupted.

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  • Facebook has always known how toxic Instagram can be

    Facebook has always known how toxic Instagram can be

    Most of us social media users are aware it’s not a good idea to be drawn in too much by the “perfect lifestyle,” “perfect body” illusions that Instagram throws at us on a daily basis. Doing so often leads to a lack of satisfaction and disappointment in ourselves, so it’s always a good idea to know when to time out from the platform.

    However, there is one group of users that is particularly vulnerable to Instagram’s deceptions, and that is young teenage girls, who are often prone to body image issues triggered by the bombardment of such unrealistic figures. And Facebook has known about it all along, according to recently discovered documents.

    A detailed report by Wall Street Journal elaborates on these details. Apparently, Facebook has been very well aware of this damage caused to young girls at least for the last three years, with researchers constantly bringing up very worrying statistics—which have been kept secret and seemingly ignored.

    Facebook’s internal findings were discovered by WSJ , and they show that Facebook was in on everything, even while downplaying the harsh reality in public, and refusing to share any of its research openly.

    Various slides from multiple presentations from past research laid bare the harm done. “We make body image issues worse for one in three teen girls,” openly declared one 2019 slide.

    Putting this harm into solid numbers, another slide from a 2020 presentation revealed that “thirty-two percent of teen girls said that when they felt bad about their bodies, Instagram made them feel worse. Comparisons on Instagram can change how young women view and describe themselves.”

    “Teens blame Instagram for increases in the rate of anxiety and depression,” the presentation posted to Facebook’s internal message board continued. “This reaction was unprompted and consistent across all groups.”

    If this doesn’t sound bad enough, the findings get worse. According to a different presentation, Facebook’s researchers had discovered that among young people who struggle with suicidal thoughts, 13% of British teens and 6% of American teens felt that the source of these thoughts of self-destruction was none other than Instagram.

    WSJ’s story is accompanied by the testimony of one Anastasia Vlasova from Virginia, who signed up to the social media platform at 13. Not long after, she found herself consuming unrealistic body images and ideals a full three hours a day. By 18, Anastasia was in therapy struggling with an eating disorder.

    While back in May, Adam Mosseri (head of Instagram) had reported that Instagram’s negative effects on young teens was actually “quite small,” he seems to have turned over a new leaf after these new findings became public.

    “In no way do I mean to diminish these issue Some of the issues mentioned in this story aren’t necessarily widespread, but their impact on people may be huge.”

    “I’ve been pushing very hard for us to embrace our responsibilities more broadly,” Mosseri insisted recently. “For me, this isn’t dirty laundry. I’m actually very proud of this research,”

    It remains to be seen whether or not initiatives will be taken in the coming future to actually change these statistics. Making these findings public about the reality of Instagram’s effect on young people would be a start, for certain.

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  • Covid causes first monthly loss for garment giant Thanh Cong

    Covid causes first monthly loss for garment giant Thanh Cong

    Major garment company Thanh Cong has reported its first monthly loss this year in August as housing workers at its plants as a precaution against Covid-19 spread increased costs.

    The company, formally known as Thanh Cong Textile Garment Investment, also saw revenues plummet by 26 percent year-on-year to $10 million, and, together with the ballooning expenses, this caused a loss of $282,000 for the month.

    The company said production fell due to a shortage of workers amid the tightened social distancing requirements in HCMC despite having many of them stay on-site.

    Its monthly net profit has not dipped below $600,000 this year. Its year-to-date profit is $5.48 million, only 44 percent of the full-year target.

    Thanh Cong’s biggest export markets are the U.S., South Korea, Japan, and China.

    It is looking for new buyers in Europe and countries that have signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

    It is also pushing head with e-commerce sales after tying up with U.S. e-commerce giant Amazon last year.

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  • Nokia partners Uniti Group for first commercial launch of WiFi Beacon in Australia

    Nokia partners Uniti Group for first commercial launch of WiFi Beacon in Australia

    Nokia and Uniti Group’s retail brands including FuzeNet, HarbourISP and UnitiBroadband, have announced the first commercial launch in Australia of Nokia’s WiFi Beacon.

    Utilizing mesh technology, Nokia’s Beacon 1.1 solution will allow Fuzenet and HarbourISP to provide residential customers with superfast and reliable Wi-Fi coverage throughout the home.

    Kurt Magner, Chief, Consumer & Small Business at Uniti Group, said: “As the digital revolution enters our living rooms, kitchens and offices, so must our Wi-Fi networks. Nokia’s WiFi solution ensures uninterrupted connectivity and high speeds into every corner of our subscribers’ homes, transforming them into true digital homes. We are thrilled to be the first service provider to offer a Nokia WiFi Beacon solution in the country.”

    Anna Wills, Managing Director of Australia and New Zealand at Nokia, said: “Service providers often have no visibility of poor in-home network issues. A sub-standard Wi-Fi experience inside the home negates the benefits of excellent broadband service promised by providers and is increasingly the leading cause of consumer complaints. Consumers who are seeking uniform in-home coverage with no disruptions. The Nokia solution, which is a combination of local and cloud-based Wi-Fi optimization, helps achieve the best overall Wi-Fi performance for residential customers.”

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  • Singapore and India to Link Real-Time Payment Systems

    Singapore and India to Link Real-Time Payment Systems

    The link will facilitate instant, low-cost fund transfers directly from one bank account to another between Singapore and India.

    Singapore will be linking its national e-payments system PayNow to India’s Unified Payments Interface (UPI) by mind-2022, according to an announcement by the Monetary Authority of Singapore on Tuesday.

    This means that users in Singapore will be able to make fund transfers to users in India using a UPI virtual payment address. Transfers from India to Singapore can be made using the user’s mobile phone number.

    The linkage will provide for increased volumes of remittance traffic, multi-entity participation, automation of capital control rules, and enriched message formats to accommodate future innovation by linkage participants, the announcement said.

    As the cost and inefficiencies of remittances between Singapore and India is expected to be substantially reduced, MAS said the link will further anchor the substantial trade, travel and remittance flows between the two countries.

    Earlier this year, Singapore and Thailand connected their payments infrastructures to enable cross-border peer-to-peer transactions of up to S$1,000 or THB25,000 using just their mobile numbers.

  • Payments Platform 2C2P Partners Atome to Grow BNPL Reach

    Payments Platform 2C2P Partners Atome to Grow BNPL Reach

    The regional partnership will support thousands of merchants across Southeast Asia, as competition in the Buy Now Pay Later (BNPL) space heats up.

    Global payments platform 2C2P is partnering Buy Now Pay Later (BNPL) brand Atome, which will allow its network of online and offline merchants across the region to offer BNPL as an alternative payment method to their customers.

    Merchants using 2C2P’s platform in Singapore and Malaysia will be able to offer their customers the option to pay using Atome, either online or in-store, which allows them to make payments over three months with zero interest, service fees or annual fees.

    Headquartered in Singapore, Atome has a presence across Southeast Asia, India and Greater China. The platform was launched in 2019, and currently partners over 5,000 online and offline retailers in nine markets.

    Its partnership with 2C2P is expected to roll out in other markets such as Thailand, Philippines and Indonesia in the near future, the announcement said.

    BNPL payment methods have seen surge in popularity, particularly among millennials and Gen Z consumers. Merchants are also tapping on its growth to increase customer conversion, average order size and repeat sales.

    The market is estimated to grow to $33.6 billion by 2027, with Asia being the fastest-growing regions due to increasing rates of mobile Internet penetration, according to a 2020 study by Coherent.

    Earlier this month, U.S. fintech giant PayPal announced a mostly cash deal to acquire Japan BNPL platform Paidy for ¥300 billion (about $2.7 billion). Square, run by Twitter CEO Jack Dorsey bought Australian BNPL platform Afterpay for $29 billion last month.

  • DBS Stalwart Joins OCBC to Head Wholesale Banking

    DBS Stalwart Joins OCBC to Head Wholesale Banking

    A DBS veteran will take on a new key position at OCBC, which is part of the bank’s plans to grow and expand across its key markets.

    OCBC has appointed Tan Teck Long as group head of wholesale banking, according to a filing with Singapore Exchange (SGX) on Wednesday.

    Tan joins from DBS Bank, where he has been group chief risk officer since 2018. His previous roles at the bank, which he joined in 2003, include group head of corporate investment banking, China head of institutional banking group based in Shanghai and group head of real estate, building and construction industry.

    In his new role, Tan will have global responsibilities for global corporate banking, global commercial banking, global transaction banking, emerging business, global financial institutions, group investment banking and mezzanine capital unit, the announcement said.

  • Deutsche Bank Wealth Management Hires Ex-DBS Duo

    Deutsche Bank Wealth Management Hires Ex-DBS Duo

    Deutsche Bank Wealth Management has hired two former executives from DBS Private Bank to bolster its South Asia business.  Shankar Jha joins the German private bank’s global South Asia (GSA) team in Singapore as a managing director and group head, according to a statement, reporting to global South Asia head Amrit Singh.

    Jha has over 20 years of private banking experience, most recently with DBS Private Bank where he spent six years, last as a senior director and team leader. Previously, he also worked for UBS Wealth Management and Citi Private Bank.

    Deutsche Bank Wealth Management also hired Sachin Thussu as a director and senior investment advisor.

    Based in Singapore, he will be part of the investment management team and report to head of investment management global GSA Ritesh Goenka.

    Thussu has over 20 years of experience across financial markets – most notably, FX and precious metals – and cross-asset advisory. Prior to joining Deutsche Bank, he worked for DBS Private Bank, Credit Suisse, Standard Chartered Private Bank and Citi covering private wealth and quasi institutional clients from London, Zurich and Singapore.

    Year-to-date, Deutsche Bank’s GSA unit has hired 14 relationship managers across Dubai, Geneva and Singapore.

    Notable additions include ex-Julius Baer bankers Dhananjay Rathore as a managing director and Rajasekar Ayyalu as a director based in India where four relationship managers have been hired thus far this year. Other newly hired directors include Richard Van-Dirmen, Hervé Alykhan Ladak, Randeep Singh and Harshin Shah.

    The GSA unit also added three investment advisors in Dubai and Singapore.

    At Deutsche Bank Wealth Management, we value the importance of the GSA market to the Bank’s Asia strategy, and will continue investing, said Singh in the statement.

  • Fresh soup brand DariKay rebrands as Dari’s

    Fresh soup brand DariKay rebrands as Dari’s

    Australia’s leading freshly made soup brand DariKay is changing its name to DARI’S, with a brand-new look including a new logo, colours, and new ‘Feel at Home’ tagline. 

    The rebranded DARI’S Soups will start to appear in Woolworth’s chillers in September, followed by Coles and independent retailers from November, phasing out the old DariKay packaging through a gradual roll-out. 

    The rebrand from DariKay to DARI’S celebrates the real people behind the soups – Dari and Yehiel Kaplan and family. The couple started their Dari’s Kitchen food business in their home kitchen in 2004, beginning with Pilpel dips, followed by DariKay fresh, small-batch soups in 2007, which has grown to become Australia’s top chilled soup brand.

    All soup recipes are developed, tried, and tested by Yehiel, using his skills as a chef to create a range of flavors to suit different taste preferences and dietary needs. The soups are stocked by major supermarkets and independent retailers across Australia.

    Dari Kaplan, co-founder, says: “Our soup rebrand to DARI’S is a big change but a very exciting one. We felt that DARI’S better connects us to our consumers, it lets people know that a real family is making these soups, to our recipes, just like we do at home.

    “It’s the same DariKay soup that people know and love – the flavors, size, and ingredients are exactly the same – but with a new look and a new name, that reflects who we are.”

    A major part of the rebrand is the launch of a new website, www.darissoups.com.au, which has photographs from the Kaplan family albums and tells the story of how Dari and Yehiel’s business began

    Dari adds: “People can now get a glimpse into our family and how we started all those years ago, with our children as our taste testers, and our little kitchen blender. We’re very proud of how we started because that is how we got here. We hope that when people share a DARI’S soup, they feel the love and care of our family, because that’s what we’re all about, and that will never change.”

    The flavors of the new rebranded DARI’S Soups will remain the same as the current DariKay soup line-up. There are 13 fresh soups in the range including vegetarian, poultry, meat, and seafood varieties, with gluten-free, dairy-free, and preservative-free options.

    The soups are made in small batches at the family’s kitchen HQ in Marrickville, New South Wales, using carefully selected quality ingredients such as free-range chicken and aged beef brisket. Flavors in the range include Chicken Noodle, Chicken & Corn, Beef & Barley, Mushroom, Lentil, and Spicy Prawn.

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  • Beijing Seeks Alipay App Break-Up

    Beijing Seeks Alipay App Break-Up

    There is more restructuring underway for Jack Ma’s Ant Group with Chinese authorities reportedly seeking to break up Alipay, its super app with over 1 billion users.

    Chinese officials want Ant to make its traditional credit card and small unsecured loans business – Huabei and Jiebei, respectively – into two separate apps, breaking up what used to be a single Alipay app.

    The plans also require Ant to turn over user data to a new partly state-owned credit scoring joint venture.

    The government believes big tech’s monopoly power comes from their control of data, said one source. It wants to end that.

    The reported deal that will make Zhejiang Tourism Investment a majority shareholder is considered favorable for Ant due to its relationship with its home province.

    Given the mutual trust between Ant and Zhejiang, the fintech group will have a big say on how the new JV operates, said an unnamed former Chinese central banking official. But the new set-up will also make sure that Ant listens to the party when it comes to critical decision-making.

    What does Zhejiang Tourism Investment Group know about credit scoring – nothing, said another source who noted while Ma’s team would lead the venture, there was concern about future loss of control.

    The Huabei and Jiebei businesses fall under a ‘CreditTech’ unit and is a leading revenue generator for the fintech giant.

    Last year, it issued about one-tenth of the non-montage consumer loans in the second-largest economy in the world.

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  • HSBC lowers Vietnam’s growth forecast

    HSBC lowers Vietnam’s growth forecast

    Lender HSBC has lowered its growth forecast for Vietnam from 7.1 percent to 5.1 percent given the ongoing fourth Covid-19 wave that has disrupted key economic activities.

    “The impact of the Delta variant as it spread across the country and in particular the economic heartland of Vietnam in the south meant a swift re-introduction of lockdowns and travel restrictions,” said CEO of HSBC Vietnam Tim Evans in a recent note.

    He forecast GDP growth would be in the range of 5-5.5 percent, depending on the speed and effectiveness of the vaccination rollout, re-opening of the economy and recovery and resumption of major export markets.

    But growth could only reach 3.5-4 percent if the vaccination programme is not fast enough and lockdown and social distancing continue to be lengthened, he said.

    This will cause more adverse impacts on the economy amid increased pressure on supply chains, he added.

    Vietnam in recent months has seen unprecedented disruption to its supply chain, which has caused declining industrial production while key global brands struggled to keep manufacturing going.

    In August, mobility in the country fell 60 percent on average from pre-pandemic levels, which resulted in a 40 percent year-on-year drop in retail sales, HSBC data shows.

    But there are positive signals that indicate an imminent recovery. Ho Chi Minh City, the Covid-19 epicenter, has given the first Covid-19 vaccination dose to nearly 90 percent of its population and is set to have the majority of residents fully vaccinated by the end of this month.

    The State Bank of Vietnam (SBV) has increased credit growth for some commercial banks from 10-12 percent to 14-15 percent this year, which would allow banks to lend more.

    Vietnam remains a highly attractive investment destination in the medium term, given the recent reports of investment from Samsung and LG Display, Evans said.

    “Strong foreign currency reserves coupled with a stable currency, inflation being under-control, continued strong FDI inflows with an emphasis on the manufacturing sector all position Vietnam will for the future.”

    HSBC forecasts next year’s GDP growth at 6.8 percent. It was 2.9 percent last year.

    Several other organizations including the World Bank and Asian Development Bank have lowered their growth forecast for Vietnam because of Covid-19.

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  • Covid restrictions put the brakes on car sales

    Covid restrictions put the brakes on car sales

    The Vietnam Automobile Manufacturers Association said its members sold only 7,714 vehicles in August, the lowest number in seven years.

    Their sales were down 68 percent year-on-year for the month and 47 percent from July.

    The Vietnam Automobile Manufacturers Association said its members sold only 7,714 vehicles in August, the lowest number in seven years.Their sales were down 68 percent year-on-year for the month and 47 percent from July.

    It marked the fifth consecutive month of decline for the industry, which attributed the slump to social distancing amid Covid-19 in many provinces and cities, especially Hanoi and Ho Chi Minh City.

    The country’s largest automaker and non-member TC Motor, which assembles Huyndaicars, saw sales plummet by 60 percent year-on-year in August to 2,182.

    VAMA members have sold 157,777 vehicles so far this year, up 8 percent from 2020.

    Car sales increased sharply in the second half of 2020 after a 50 percent cut was made to registration fees, which are substantial at 10-12 percent of the vehicle price. There have been no rate cuts this year.

    TC Motor’s sales for the year were down 2 percent to 40,248 units, the first time ever its sales have declined.

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  • Inmarsat launches Velaris for unmanned aviation industry

    Inmarsat launches Velaris for unmanned aviation industry

    Inmarsat announced the launch of its advanced new Velaris connectivity solution, which is uniquely positioned to serve as a catalyst for the safe and rapid growth of the unmanned aerial vehicles (UAVs) industry.

    Powered by the Inmarsat ELERA global satellite network, Velaris will provide secure communications for commercial UAVs – commonly known as drones – to fly beyond visual line of sight (BVLOS) and seamlessly integrate with aircraft in commercial airspace. Backed by military-grade cybersecurity, it allows operators to send their UAVs on long distance flights and access various applications, such as real-time monitoring, to ensure safe integration with other air traffic. In addition, Velaris allows a single pilot to remotely operate multiple UAVs at scale, making operations more commercially viable.

    Over the next seven years, the commercial UAV market is projected to increase from $2.32 billion in 2021 to $11.29 billion in 2028, marking a compound annual growth rate (CAGR) of 25.39% during this period. This will have a far-reaching impact on various aspects of business and society, ranging from cargo delivery, urban transport and surveillance to emergency services and disaster relief, including the supply of critical items such as medicine, test kits and food for remote communities.

    To support this fast-paced growth, Velaris will unlock unprecedented new digital automation capabilities within the UAV industry, leading to significant advances in safety, productivity, customer service, location access and accuracy, while also reducing the overall cost of operations. Importantly, it will also support the transport of people and goods in an environmentally friendly manner.

    Anthony Spouncer, Inmarsat’s Senior Director of UAVs and Unmanned Traffic Management, said: “Commercial UAVs have the potential to revolutionise a vast array of different industries throughout the world. However, to truly unlock their potential on a commercial scale, it is imperative that autonomous vehicles and unmanned aviation are safely and securely integrated into managed commercial airspace. That’s exactly what Velaris, as Inmarsat’s first global UAV connectivity solution, will deliver.

    “Inmarsat’s unparalleled experience in air traffic management and aviation safety, combined with our established track record in civil and military UAV communications, ensures that we can support global regulators, air navigation service providers and UAV operators with seamless airspace integration. In addition, thanks to our ambitious and fully-funded technology roadmap, including our brand new ORCHESTRA communications network of the future, Velaris will continue to develop and evolve alongside the UAV industry, remaining its gold standard connectivity solution for decades to come.”

    Inmarsat was recently crowned winner at the prestigious Air Traffic Management (ATM) Magazine Awards for its Pop-Up Unmanned Traffic Management (UTM) Platform, developed with Altitude Angel. Furthermore, Inmarsat is well-integrated in the air traffic management industry as a consortium member of Cranfield University’s recently opened Digital Aviation Research and Technology Centre (DARTeC). The company participates in several projects that aim to revolutionise the future of flight, including the UK Government funded Project HEART (Hydrogen Electric and Automated Regional Transportation) – which is developing the country’s first automated, zero carbon regional air transportation network – and Airspace of the Future (AoF) – which focuses on integrating UAV services with the wider UK transport ecosystem.

    “We work with our global partner ecosystem to develop UAV terminals that deliver smaller, more cost effective multi datalink solutions,” added Spouncer. “These are optimised for a wide range of use cases so that our customers can always have the highest possible standard of connectivity. I’m pleased to launch Velaris today. Coming soon after the launch of Inmarsat ORCHESTRA and ELERA, this truly emphasises Inmarsat’s long-term commitment to the commercial UAV market.”

  • Tesla Rolls Out FSD Beta V10 To Early Access Fleet

    Tesla Rolls Out FSD Beta V10 To Early Access Fleet

    Predictably, and for once on time, Tesla has rolled out the v10 of the full self-driving beta software which Elon Musk described as mind-blowing just a few weeks ago. Perhaps, as most have noticed, the most mind-blowing thing is that Tesla and Musk delivered.

    The software enables the self-driving capability for Tesla’s EVs that have the full self-driving package, but this capability is still adorned with astrix of level 2 autonomous capability, not level 4 which is the bare minimum number for self-driving cars that can operate in a hands-free manner.

    Elon Musk had indicated earlier that the full self-driving software will be deployed soon when it hits v10 which now it has at least for the early access fleet, but soon if it is bug-ridden, it could be deployed to a wider audience. Many users have started reporting that they have received the update and posted screenshots of the same on Twitter.

    One of the more notable changes is that the driver visualizations have been updated with a more modern and minimal look. Elon Musk has promised that it could be there for many other users by the end of the month with a download button in the offing but Musk has flattered to deceive not once but on numerous occasions.

    Tesla announced earlier in the year that will stop using radars on its cars and will have a vision-based self-driving system that will use algorithms trained on its Dojo supercomputer which are processed on the device on the FSD computer on the vehicle itself. This has led some authorities to downgrade the safety rating of Tesla vehicles.

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  • Citi Nets Ex-Goldman Southeast Asia Investment Banker

    Citi Nets Ex-Goldman Southeast Asia Investment Banker

    Citigroup has reportedly hired the former Southeast Asia head of investment banking from Goldman Sachs.

    Harry Naysmith will join Citi as its vice chairman of banking, capital markets and advisory for Southeast Asia.

    Naismith joined Goldman Sachs in 2013, last as its Southeast Asia head of investment banking. Previously, he also spent five years with ABN AMRO.

    Naysmith is the second Goldman head of Southeast Asia investment banking to join Citi in recent years.

    12-year Goldman executive and former Southeast Asia investment banking co-head Udhay Furtado left in September 2018 to join Citi as its co-head of equity capital markets.

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