Retail News CRM

Author: Mei Ling Tan

  • Whisky-Backed Securities Trading Goes Live in Singapore

    Whisky-Backed Securities Trading Goes Live in Singapore

    Hg Exchange went live this week with whisky-based asset-backed securities trading, becoming Southeast Asia’s first bourse with the offering.

    Five whisky-linked securities were actively traded through the blockchain-based bourse for the first time yesterday, according to a statement, with total volumes valued at 700,000 British pounds ($956,000).

    Hg Exchange’s (HGX) is a private bourse that features not only whisky-linked securities but also other financial securities such as private equity, venture capital funds, and real estate.

    Its founding partners include Asia-focused financial firms PhillipCapital and PrimePartners alongside private tech platform Fundnel and blockchain platform Zilliqa.

    Demand from Asia in fine whiskeys has grown in recent years concurrently with persistent wealth accumulation. There was a most notable surge in the region during the mid-2010s after the release of the Japanese television series Massan, then a popular drama about a whisky distiller, sparking widespread demand.

    The strongest returns yielded from HGX’s first trading day was from the Port Ellen which saw over 30 percent gains yesterday.

    We are delighted by the positive reaction to this whisky-based asset-backed securities from accredited investors in Singapore, across Asia and around the world, said Gerald Ong, deputy chairman and executive director of PrimePartners Corporate Finance Holdings.

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  • UBS Profits Double in APAC Wealth Unit

    UBS Profits Double in APAC Wealth Unit

    Asia Pacific profits in the fourth quarter of 2020 more than doubled year-on-year at UBS, driven by a strong increase in invested assets.

    Profits before tax at UBS’s APAC unit increased by $95 million to reach $169 million – a nearly 130 percent increase – driven by an increase in both transaction-based income and recurring net fee income from a strong increase in invested assets.

    Asia’s largest private bank by far, UBS saw another strong quarter of net new money with $13.2 billion, outpacing all other regions. Invested assets in the region reached $560 billion, a $57 billion increase compared to the last quarter.

    Worldwide, invested assets at UBS Global Wealth Management grew an additional $262 billion to reach $3 trillion, a 10 percent increase compared to the third quarter, as markets continue to reach new highs amid a coronavirus pandemic.

    Overall, the world’s largest wealth manager also posted net new money of $21.1 billion, with net inflows from all regions.

    Asia’s lead over other regions was helped in no small part by a single inflow of $4 billion, already more than the combined net inflows of the Americas ($1.4 billion) and Switzerland ($700 million).

    While an operating income increase of $60 million played no small role in the surge in profits, cost control was also a significant factor.

    Cost/income ratio at UBS’s Asia wealth unit saw a sizable decrease from 85.6 percent to 70.5 percent.

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  • Lotus Confirms New Series Of Sports Cars

    Lotus Confirms New Series Of Sports Cars

    A new series of sports cars is confirmed, with prototype production of the Lotus Type 131 to commence this year from the manufacturing facility in Hethel, Norfolk. The new manufacturing investment is part of Lotus’ Vision80 strategy, which will also see the relocation of two Lotus sub-assembly facilities into one efficient central operation in Norwich city to support higher volumes.

    To accompany the Euros 100-million-plus investment into Hethel’s facilities, Lotus will be recruiting some 250 new employees. This is in addition to the 670 to have joined Lotus since September 2017, when shareholders Geely and Etika took ownership of the company.

    Lotus has released an image that hints at the new generation of products that will follow Elise, Exige and Evora, which have entered their final year of production in 2021. A full program of activities is planned to celebrate the current range of three sports cars, starting with the elder, the iconic Lotus Elise.

    The Elise, Exige and Evora have contributed greatly to the Lotus business over the years.

    Phil Popham, CEO, Lotus Cars, said, “This year will be hugely significant for Lotus with new facilities coming on stream, a new sports car entering production and new levels of efficiency and quality that only a new car design and the factory can deliver. Despite the continuing global challenges, Lotus has emerged from 2020 strong and on track in the delivery of our Vision80 business plan.”

    The Elise, Exige and Evora have contributed greatly to the Lotus business over the years, and by the time the last of these models leaves the assembly line, they will have sold a combined circa 55,000 units.

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  • Suit accuses Apple of profiting from illegal gambling

    Suit accuses Apple of profiting from illegal gambling

    Hearing that Apple is being sued is not a surprise since it seems to happen often. Every attorney has the phone number of Apple General Counsel Katherine Adams in his or her Rolodex. Today, a lawsuit against Apple was filed in the U.S. District Court for the Northern District of California. The complaint alleges that Apple is making money and profiting from illegal gambling.

    The suit, focuses on free-to-play casino apps that allows users to buy in-game currency using real money. These so-called “social casino apps” allow smartphone and tablet owners to experience Vegas-style gambling using virtual slot machines. However, Chips won can only be used by players to continue playing the virtual slot machines. While players can’t make real money, Apple is since it gets 30% of in-app purchases including those for casino chips. The complaint says, “By utilizing Apple for distribution and payment processing, the social casinos entered into a mutually beneficial business partnership.”

    The lawsuit points out that through the App Store, Apple helps in the distribution of these apps, gives developers data and other info on users, and uses its in-app payment platform to process in-app payments. The plaintiffs argue that Apple ends up with a cut that is higher than what the house earns in a real-life casino.

    The plaintiffs also state that “The result (and intent) of this dangerous partnership is that consumers become addicted to social casino apps, maxing out their credit cards with purchases amounting to tens or even hundreds of thousands of dollars.” According to the filing, $6 billion was spent by consumers on virtual casino chips last year. The lawsuit seeks class-action status adding that Apple is in violation of California law which bans slot machines. It also accuses Apple of racketeering and collection of unlawful debts.

    The plaintiffs, Donald Nelson, and Cheree Bibbs, spent at least $15,000 each in virtual casino currency both of whom are social casino users who have spent “at least $15,000 each” in virtual casino currency. The plaintiffs want Apple’s actions to be ruled unlawful. They also want damages in the number of their losses and want the court to order Apple to give up its “ill-gotten gains.”

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  • L’Occitane launches first sustainability #MEGA concept store in Hong Kong

    L’Occitane launches first sustainability #MEGA concept store in Hong Kong

    The new Sustainability Concept Store focuses on reducing plastic waste and supporting local sustainability projects.

    Located at Pacific Place in Hong Kong, the new store aims to engage the public in a fun way by undertaking green tasks and earning points through the new #MEGA Sustainability Reward Program. Tasks as simple as recycling their beauty empties in the on-site recycling bins or making a commitment with the Tree of Wishes will earn customers rewards.

    As part of the brand’s ongoing commitment to sustainability and recycling, the new #MEGA Sustainability Concept Store offers customers low waste products, such as soaps and Aromachologie hair care. Alongside this, the new store will host a number of sustainability-focused workshops to encourage customers and the wider public to engage in recycling.

    Nathaëlle Davoust, General Manager of L’Occitane Hong Kong and Macau, commented: “In L’Occitane, our societal and environmental commitment focuses on the protection of biodiversity and reduction of our environmental carbon and plastic footprint. The #MEGA Sustainability Concept Store is like our invitation to the Hong Kong public to explore how we can reduce plastic pollution together.”

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  • Developing Original Based On F1 Featuring Robert De Niro & John Boyega

    Developing Original Based On F1 Featuring Robert De Niro & John Boyega

    Netflix has gone all-in on F1. Apart from it being the progeny behind the “drive to survive” F1 documentary series that has been airing for the last two years, it has also promised a biopic series on the legendary Ayrton Senna. More recently, it even had a documentary on the life of 5-time world champion Juan Manuel Fangio. Now, it has roped in legendary actor Robert De Niro and John Boyega of Star Wars fame to develop a fictional thriller based on F1 called the Formula.

    The story of the Formula revolves around an American F1 driver who gets involved with the mafia and is forced to serve as a getaway driver to save his family. Interestingly, the original will be written, directed, and produced by Gerard McMurray who has also worked on Burning Sands which won the grand jury prize at the 2018 Sundance Festival.

    Netflix has roped in the legendary Robert De Niro for one of the lead roles

    McMurray recently also formed Buppie productions with the intent of “developing and producing stories featuring black characters for a mainstream film and television audience.”

    “Our company is constantly reinventing itself while charting a path to influence popular culture. We are the heroes and the villains, the good guys, bad guys, femme Fatales and girls next door,” he said.

    “Feels amazing to see this idea in my head finally come to life that I’m writing, directing, and producing,” he wrote. “My new production company Buppie Productions is teaming up with Tribeca Films and Netflix to bring to you a dope original film coming soon called THE FORMULA starring two of my favorite actors, John Boyega and Robert De Niro,” added McMurray.

    “It’s the story of a young man from Detroit who becomes an international racing star in the world of Formula 1 under the tutelage of his mentor with old mob ties,” he revealed.

    Netflix is home to the new Juan Manuel Fangio documentary apart from it developing a biopic on Senna.

    Of course, the CV of Robert De Niro is unprecedented who is best known for his work in the Godfather trilogy and also movies like Taxi Driver, Casino, Heat, and more recently the Netflix original the Irishman.

    John Boyega rose to fame only five years ago thanks to his central role in the Star Wars sequel trilogy with Disney.

    In the last decade with the advent of the Senna documentary, movies about motorsports have become popular with Rush based on the Nikki Lauda and James Hunt rivalry gaining popularity in the last decade alongside Ford vs Ferrari more recently from 2019.

  • AirAsia Group plans to raise US$113 million in private share sale

    AirAsia Group plans to raise US$113 million in private share sale

    AirAsia Group announced it plans to raise $113 million in a private share sale to improve its financial performance and to address its cash flow position. The company said in a stock exchange filing that the sale would be used “expeditiously for working capital purposes, as well as marketing expenses and technology expenditure for the initiatives under AirAsia Digital.

    AsiaAsia, like other airlines around the world, has been struggling to survive as the COVID-19 pandemic has severely curtailed air travel. The company reported a fifth consecutive quarterly loss in November. The proposed sale includes the issuance of up to 20 percent of its total existing shares, or 668.4 million shares, to be placed with third-party investors to be identified later, the airline group said in the filing. AirAsia said it will continue to explore other fundraising options or corporate proposals to improve the group’s financial performance in the longer term.

    The company said this latest share sale will “not fully address the group’s current financial concerns as the estimated gross proceeds…would not be sufficient to meet its long-term cash flow requirements. However, the proposed private placement will serve as an interim measure to address the immediate cash flow requirements of the group while the management of the company continues to explore other available options and/or corporate proposals to be undertaken with the intention to improve the group’s financial performance in the longer term”.

  • South Korean online platforms face scrutiny over unfair business practices

    South Korean online platforms face scrutiny over unfair business practices

    South Korea has launched an antitrust investigation into Google over its plans to enforce commission fees for in-app purchases made through its mobile application store, a top official said Thursday.

    The U.S. tech giant has come under intense scrutiny from South Korean regulators after it updated its global policy late last month to make all apps on its Play store use its proprietary billing system.

    Under the new policy set to take effect in October next year, Google will take a 30 percent commission on all digital purchases by consumers.

    South Korean app developers have >voiced strong opposition against the move, arguing that it could be in violation of local fair trade and telecommunications laws.

    Joh Sung-wook, chairperson of the Korea Fair Trade Commission (KFTC), told lawmakers during a parliamentary audit that Google’s plan is currently being reviewed.

    “I believe that competition isn’t working properly in this industry,” she said. “In order to restore competition, we are currently investigating for anti-competitive actions.”

    Google holds a tight grip over local app store sales, with a 63.4 percent share of the total last year at 6 trillion won (US$5 billion), according to the Korea Mobile Internet Business Association.

    Han Sang-hyuk, head of the Korea Communications Commission, echoed Joh’s concerns, and called for inter-agency cooperation over the issue.

    “We need to monitor the response from other countries and also create a structure for cooperation between local agencies,” Han told lawmakers in a separate audit.

    The country’s telecommunications regulator is conducting a separate investigation into Google over its in-app payment policy.

    Google has argued that it is committed to an open system by offering other app stores on its Android platform and that it will comply with local laws.

    In response to growing frustration, Google has established a support fund worth $100 million for local app developers and users.

    On Wednesday, ICT Minister Choi Ki-young brushed off the fund, telling lawmakers that it is not enough in the long run.

    Choi said the ICT ministry will wrap up its review of fees imposed by online platform operators, primarily directed at Google, by the end of this month.

    Amid growing scrutiny over Google’s app store fees, local rival One Store, under the country’s top mobile carrier SK Telecom Co., said it would exempt in-app payment fees by 50 percent for app developers with monthly transactions of less than 5 million won until the end of next year.

    One Store already undercuts Google’s Play store, taking up to 20 percent in commission for in-app purchases.

  • NBA signs licensing deal with Decathlon, entering 1200 stores globally

    NBA signs licensing deal with Decathlon, entering 1200 stores globally

    DECATHLON, one of the world’s largest sporting goods retailers, and the National Basketball Association (NBA) today announced a new multiyear merchandising partnership that makes DECATHLON an official licensee of the NBA across Africa, Asia, Europe, the Middle East and Latin America and marks DECATHLON’s first partnership with a North American sports league.

    The partnership will feature a dedicated range of NBA team and league-branded base layers, accessories and footwear* designed by DECATHLON and sold under their basketball brand “TARMAK.” The collection will be sold exclusively in more than 1,200 DECATHLON stores worldwide and online at Decathlon.com. Products will be available for pre-order beginning in March 2021 ahead of the April 2021 launch in stores.

    “Since the creation of TARMAK four years ago, it has been our dream to collaborate with the NBA, the greatest basketball league in the world,” said TARMAK Leader Damien Dezitter. “We have a common objective to develop basketball all over the world, so it’s natural to work together to make this possible.”

    “We are excited to partner with DECATHLON, a leader in sporting goods retail with a global footprint,” said NBA EME Director, Global Partnerships Steve Griffiths. “Through this partnership, NBA fans and basketball players around the world will have access to an exciting and innovative range of merchandise to help them get in the game.”

    Fans can download the official NBA App on iOS and Android for the latest news, updates, scores, stats, schedules and videos and follow the NBA on Instagram at NBAEurope.

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  • MySale’s first half exceeds expectations

    MySale’s first half exceeds expectations

    Online retailer MySale has reported first-half trading ahead of management expectations after positive trading momentum continued. It said group EBITDA for the six-month period to 31 December 2020 is trading ahead of management expectations at A$2.5 million, an improvement of A$6,1 million from the A$3.6 million loss in the prior-year period.

    Group revenues were A$63.3 million, up 14% on the prior-year period, excluding discontinued channels, reflecting the changes made to its operating model and the increased focus on its ‘ANZ First’ strategy and inventory light marketplace platform. Its cash balance on 31 December 2020 was A$15.8 million.

    Chief executive Carl Jackson said: ‘We have made excellent progress in the last six months and are beginning to see the benefits of our ‘ANZ First’ strategy come through. ‘The board remains very confident about the group’s attractive positioning as an off-price specialist, with a clear customer offering built around MYSALE Solutions.’

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  • Shopee scales up Brazil operations, eyes Latam potential – sources

    Shopee scales up Brazil operations, eyes Latam potential – sources

    Shopee, the e-commerce arm of Southeast Asia’s SEA Ltd, is scaling up its operations in Brazil and evaluating the long-term potential of Latin American markets, according to two people with knowledge of the matter.

    Shopee, the largest e-commerce platform in Southeast Asia according to market researchers, launched a small presence in Brazil in late 2019 as a pilot initiative of its cross-border team.

    The company is now growing its presence and moving executives from Southeast Asia to Brazil said the sources who were briefed on the matter but declined to be identified as they were not authorized to speak to media.

    The Singapore-headquartered technology group’s shares surged more than 400% in 2020, taking its market capitalization to $120 billion. It raised close to $3 billion in a stock offering last month.

    On Linkedin, Shopee is currently recruiting for over three dozen positions in Brazil. Pine Kyaw, formerly country managing director for Shopee’s high-growth Vietnam unit, is listed on the job platform as having become Shopee Brazil country head. Kyaw could not be reached for comment.

    SEA Chief Corporate Office Yanjun Wang told an investor call in November that Shopee Brazil, while cross-border driven, was now being used by local sellers.

  • China’s Fintech Balancing Act

    China’s Fintech Balancing Act

    Days after the public reappearance of Alibaba founder Jack Ma, top Beijing authorities are facing a balancing act between reining in the dominance of internet giants while keeping the fintech industry sufficiently free to innovate.

    Investigations into fintech giant Ant Group will not undermine the firm’s business development nor does it signal a move against private businesses in mainland China, according to recent comments from Liang Tao, vice president of the China Banking and Insurance Regulatory Commission (CBIRC).

    In fact, banks and insurance agencies are encouraged to continue cooperation with internet platforms, said Liang in a recent press conference where he also credited the sector’s contributions to fintech advancements as well as improved financial efficiency and inclusiveness in China.

    Separately last month, the People’s Daily – the Chinese Communist Party’s official newspaper – published an editorial that downplayed political factors in the ongoing antitrust investigations, adding that the strengthening of anti-monopoly supervision will not bring about a ‘winter’ in the industry, but rather a new starting point for better and healthier development.

    Despite comments from state media and the CBIRC that tightening would have limited impact, China’s central bank recently signaled government intervention into payments providers deemed to dominant with the possibility of breakups should their market share be too high.

    The People’s Bank of China (PBoC) defined a digital payments monopoly as any non-bank provider with at least half of the market share for online transactions; any two non-bank providers with a two-thirds; or any three providers with three-quarters.

    The PBoC also proposed last week that it could advise the state council’s antitrust committee to take action should non-bank institutions severely hinder the healthy development of the payment service market».

    Following the scrapped $35 billion Ant IPO, the formation of a dedicated task force for the firm and the three-month disappearance of Jack Ma, Beijing’s top watchdogs signal a renewed take on the mainland’s fintech sector with hopes of controlling growth without obstructing innovation.

    Should Ma’s Ant Group be forced to break up as a result of the antitrust investigations, it remains to be seen how the outlook for the broader industry would be impacted but fintech giant could see its valuations slashed significantly.

    According to estimates from «Bloomberg Intelligence», Ant’s payment arm Alipay could see its value halved under the draft regulatory proposals. This could result in the overall Ant Group’s valuation plunging to around $108 billion, down from the original $320 billion before the IPO pullout, with further decreases should a breakup occur.

  • HSBC’s Noel Quinn Faces Questions from British MPs

    HSBC’s Noel Quinn Faces Questions from British MPs

    HSBC chief executive Noel Quinn is scheduled for a virtual session tomorrow with the U.K.’s Foreign Affairs Committee where he is expected to face tough questions about the bank’s relationship with Beijing.

    HSBC’s Noel Quinn alongside chief compliance officer Colin Bell will face questioning from the British parliament’s Foreign Affairs Committee (FAC) this week regarding political developments in Hong Kong.

    This occurs just days after self-exiled activist Ted Hui called on British member of parliament (MP) to investigate the British lender over frozen accounts and an apology from Quinn saying he had «no choice» after being instructed by Hong Kong police.

    The virtual session between FAC and top HSBC executives is scheduled for tomorrow with a private meeting followed by a public one at 2:30 pm in the U.K.

    The FAC meeting is expected to cover a number of recent events in Hong Kong including the passing of the national security law and the freezing of accounts belonging to activists involved in local protests.

    On Quinn’s emailed apology to Hui last week, Conservative MP and FAC chair Tom Tugendhat called the response «extraordinary» adding that the HSBC CEO was clearly defending his actions by denying responsibility, according to a  report.

    Companies listed in London should expect to be scrutinized according to the values we hold, not those of a foreign dictatorship,» he said.

    According to Hui, who self-exiled to the U.K., he has recently shared evidence and detailed information regarding the recent account freezes, as requested by FAC members.

    Any banks, businesses or organizations helping the communist tyranny to suppress the freedom of Hong Kong people will inevitably pay a heavy price internationally, Hui said in a social media post over the weekend.

    I will do everything I can to make these organizations face the consequences.

  • VinFast introduces self-driving car models

    VinFast introduces self-driving car models

    Vietnamese automaker VinFast introduced Friday three new electric self-driving car models that will hit the market this year.

    The rollout of the new models is part of its plan to become a global major in electric car manufacturing.

    Two of the three models, all SUVs, also have a fuel version, the company said in a release.

    The cars, named VF31, VF32, and VF33, have several self-driving systems including steering assistance, adaptive lane control, and automatic parking.

    Depending on the model, the electric cars can go 300-500 kilometers per full charge.

    The premium versions of these cars have 14 cameras capable of detecting objects nearly 690 meters away, and the company claims its self-driving system is eight times faster than that of existing self-driving car models.

    The cars can find their own parking spots and can be summoned by drivers when needed.

    VinFast said the cars meet the highest safety standards in the world including a five-star rating of the U.S. National Highway Traffic Safety Administration and a five-star rating of the European New Car Assessment Programme.

    The standard version of the VF31 can be ordered in Vietnam starting this May and will be delivered in November.

    For the VF32 and VF33 models, customers can order starting September and delivery will begin in February 2022.

    The company will also sell these cars in the U.S., Canada, and the E.U. with orders opening in November and delivery in June next year.

    VinFast, a unit of Vietnam’s biggest private conglomerate Vingroup, entered the auto industry three years ago. It has an auto plant in the northern province of Hai Phong and research and development centers in Australia, Germany, and the U.S.

    The company said the manufacturing of electric bikes, buses, and cars is part of its strategy to become a favorable hi-tech auto manufacturer in the global market and to help develop green transportation by reducing emissions.

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  • Vietnam power utility unit to go public

    Vietnam power utility unit to go public

    A $2-billion power generation unit of state-owned utility Vietnam Electricity (EVN) will have an initial public offering on the country’s main bourse next month.

    The Power Generation Corporation 2 (EVNGENCO 2), based in the southern city of Can Tho, will issue nearly 580 million shares on the Ho Chi Minh City Stock Exchange, or nearly 49 percent of its charter capital, on February 8.

    The offering will have a reference price of VND24,520 ($1.05) per share.

    Tran Phu Thai, chairman of EVNGENCO 2, said at a forum Thursday that the company, wholly-owned by EVN, was valued at around VND46.1 trillion ($2 billion) as of January 1, 2019. No updated valuation was available at the time of publishing.

    The company, which has been operating for seven years, had an installed capacity of 4,421 megawatts by the end of last year, accounting for 15.1 percent of EVN’s output.

    It is also developing 59 megawatts of renewable energy.

    Over half of its non-renewable energy capacity comes from coal-fired plants, 30 percent from hydropower plants, and the rest from oil-fired plants.

    Last year, its profits exceeded the annual target by 59 percent at nearly VND3.93 trillion.

    The IPO is part of EVN’s effort to equitize its subsidiaries. It had earlier completed the equitization of EVNGENCO 3 and is in the process of equitizing EVNGENCO.

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