Retail News CRM

Author: Mei Ling Tan

  • UBS’s Sergio Ermotti Lines Up Wall Street Gig

    UBS’s Sergio Ermotti Lines Up Wall Street Gig

    Sergio Ermotti is returning to his roots in high finance – cashing in on a boom in a niche style of stock-listing with potentially huge payoffs.

    The long-standing CEO of UBS, Sergio Ermotti, isn’t abandoning Wall Street altogether when he leaves the wealth manager next week: He is listed as the chairman of a so-called black-check company, which is seeking to raise $350 million, from January 1, citing U.S. securities filings.

    The 60-year-old Swiss banker is a veteran City trader who began his career in investment banking in 1987 in equity derivatives and capital markets at Merrill Lynch. Ermotti, who is withdrawing from UBS altogether after he hands over to successor Ralph Hamers next week, already took a board job at Swiss Re, where he is poised to take over as chairman in April.

    Ermotti is the latest potent financial sponsor to put his name on a Spac, which has raised eyebrows for their opaque set-up, huge fees, and tendency to attract short-term shareholders versus long-term investors. The highest-paid banker in Europe, Ermotti has realized more than 50 million francs in pay since taking the helm at UBS in 2011.

    He is also passionate about the wealth manager’s prospects and apparently still a trader at heart: nearly two years ago, he doubled down with a $13 million personal bet on his own stock – effectively, one year’s pay worth of UBS shares. Ermotti is the biggest UBS shareholder in top management (4 million shares, or 0.2 percent voting rights).

    Once relegated to a corner of Wall Street, the blank-check playbook is to create a shell company, seek a public listing for it, and then use the money raised through the listing to merge with an actual business.

    The potentially lucrative special-purpose acquisition companies, or Spacs, have emerged primarily in the U.S. equity market. That is about to change: a Spac focused on European targets raised $600 million this month.

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  • Guardian unveils revamped Singapore store

    Guardian unveils revamped Singapore store

    Beauty Flash: Grooming giant Guardian’s latest and largest store, christened Guardian Plus, had officially opened at Takashimaya Shopping Centre, and boasts a number of firsts sure to make any beauty buff excited.

    For starters, the store at 6,000 square feet is an expansive wonderland of products and cool features, most notable of which is an interactive section outfitted with tablets and touchscreens. With a few swipes of their fingers, shoppers can pinpoint the location of a particular brand or product they’re looking for, as well as research on brands, compare prices and print out their own shopping lists.

    Another nifty touch is a Play, Trial & Test area. Here, you’ll get to test-drive products before you commit, get your skin analyzed by high-tech gadgets, and consult a power team of nutritionists, health, and beauty advisers.

    Choose from over 150 skincare brands and 85 haircare labels, some of which include insider favorites like No7, Mark Hill, Skincode, and Rodial. Guardian says that a mind-boggling 20,000 health and beauty products will be lining the aisles at Guardian Plus, so grab a girlfriend or two and have fun browsing over the weekend!

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  • CapitaLand income tumbles as tenants granted rent waivers

    CapitaLand income tumbles as tenants granted rent waivers

    Property giant CapitaLand said it will further waive and potentially defer rent for qualifying small and medium-sized enterprise (SME) tenants, though this will lead to an “adverse impact” on its earnings this year.

    The move is in accordance with the latest Covid-19 (Temporary Measures) (Amendment) Bill in Singapore, which requires landlords to provide SME tenants with additional rental relief amid the pandemic.

    The timing and payment of the rental rebate and any deferral are dependent on the authorities’ assessment of the eligibility of the group’s SME tenants, said CapitaLand in a statement on Monday (June 8).

    CapitaLand group chief financial officer Andrew Lim noted that the financial strain from the Bill “remains high”, despite assistance to defray the group’s ongoing operating costs through measures such as the Jobs Support Scheme and other specific measures for Singapore real estate investment trusts (Reits).

    “The financial strain that the measures mandated by the Act will place on the group remains high and will have an adverse impact on CapitaLand’s financial performance this year. We, therefore, maintain our conviction that the impact of the regulatory intervention be applied objectively, transparently and proportionally, as a shared responsibility across all stakeholders, so that the commercial real estate ecosystem can continue to be competitive locally and internationally after the crisis,” he added.

    Under the Government’s new rental relief framework, SMEs that have seen a significant drop in their average monthly revenues will receive an additional two months’ waiver of base rental for qualifying commercial properties, and an additional one month’s waiver of base rental for industrial and office properties.

    These additional rental waivers will be borne by the landlord, and be applied to June and July 2020 for SMEs in qualifying commercial properties, and May 2020 for SMEs in industrial/office properties, as long as their leases or licenses were in force on April 1.

    Before the Bill was passed, CapitaLand said it had already provided some level of rental relief and committed to pass on any government property tax rebates and cash grants to eligible tenants when informed.

    CapitaLand Mall Trust has committed a rental relief package of approximately $114 million, which translated into rental waivers in April and May for almost all its shopping mall tenants, inclusive of the value of property tax rebates

    Additional rental waiver was granted from March 27 to 31 for tenants ordered to close their premises since March 27. Some tenants were also granted a waiver on their turnover rent and were permitted to use the one-month security deposit to offset their rents in March, said the group.

    Inclusive of the Government’s property tax rebate and additional rental assistance, Ascendas Reit – which is under the CapitaLand group – had waived two months’ rent (from April to May) for retail and food and beverage tenants within individual buildings and amenity centres in its portfolio.

    CapitaLand Commercial Trust also extended rental relief to retail, F&B and services tenants whose businesses have been hit, on top of passing down the applicable property tax rebate to eligible tenants.

    “CapitaLand remains committed to working with our tenants through these trying times. It is in our interest to see our tenants ride through this with us. We are all in this together because everyone in the ecosystem has been impacted,” said Mr Lim.

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  • Adidas in talks to lay off Reebok

    Adidas in talks to lay off Reebok

    For some sneakerheads who may be unaware, Reebok is owned by Adidas. Back in 2005, the brand was bought by the Three Stripes for a large sum of $3.8 billion and they have been sharing warehouses and website assets, ever since. Now, however, this business relationship could very well be coming to an end, based on a brand new report from Manager Magazin.

    This publication is based out of Germany and typically has the inside track when it comes to what’s happening over at Adidas Headquarters. Based on the report, it noted that the brand is putting together a team that will try to have Adidas sell-off Reebok by early 2021. This news comes in the midst of a disappointing Q2 sales report that showed Reebok’s revenues dip by 42 percent as a result of COVID-19.

    As for potential buyers, Manager Magazin claims Anta Sports in China or the VF Corporation are suitors. The VF Corporation is certainly an interesting candidate as it boasts properties such as Timberland, Vans, and The North Face.

    So far, Adidas nor Reebok has commented on this story. Keep it locked to HNHH as we will be sure to keep you updated on this story. Also, stay tuned as plenty of other sneaker content is coming down the pipeline.

  • Ripple Shortlists Singapore for Move

    Ripple Shortlists Singapore for Move

    The blockchain payments company could leave the U.S. over lack of regulatory clarity. San Francisco-based Ripple is considering a move out of the U.S. as authorities there remain divided on whether to treat cryptocurrencies as a commodity, currency, property or security, according to a report on Thursday.

    The firm has shortlisted Japan and Singapore as potential destinations, along with Switzerland, Britain and the United Arab Emirates. The common denominator between all of them is that their governments have created a clarity about how they would regulate different digital assets, different cryptocurrencies, chief executive Brad Garlinghouse said.

    Ripple operates a blockchain-powered real-time gross settlement system, currency exchange, and remittance network. Japan is one of its fastest-growing markets, and works with Japanese financial conglomerate SBI Holdings in a joint venture offering global payment services driven by blockchain technology.

    Southeast Asia, however, is also an important market for the firm, driven by the advent and growth of digital banking in the region. Among the firm’s customers in the region are Siam Commercial Bank in Thailand, CIMB in Malaysia, and Nium, formerly known as InstaReM, in Singapore.

    In March, the company appointed a senior executive as head of Southeast Asia operations to oversee Ripple’s expansion in the region, and spearhead efforts to drive the growth of its customer base.

    In 2019, Ripple and the National University of Singapore opened the FinTech Lab, part of the company’s $50 million University Blockchain Research Initiative.

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  • Face unlock support coming soon to WhatsApp on Android

    Face unlock support coming soon to WhatsApp on Android

    WhatsApp already offers users security features that allows the lock of the app using various methods. The easiest form of protection involves the fingerprint sensor, but there’s another one that’s just as easy to use, yet unavailable for WhatsApp users: face unlock.

    It looks like WhatsApp is recognizing that there are phones that don’t feature a fingerprint sensor, so owners have to rely on other methods of protecting their WhatsApp conversations. If your phone does feature support for face unlock, you’ll be happy to know that you’ll soon be able to use it with WhatsApp.

    A new WhatsApp update has been submitted through the Google Play beta program, which adds two important features. The first one is the ability to join a group call even after you missed the initial invitation.

    The second major feature we expect WhatsApp to release soon is face unlock support. A new “Biometric lock” menu has been added in the new beta version of WhatsApp, which will replace the current “Fingerprint lock” menu.

    The new panel confirms that WhatsApp will let users authenticate with fingerprint, face, or other unique identifiers to open the app. As the title says, the new security features have been spotted in the Android version of WhatsApp, although there’s no telling when they will be available for everyone.

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  • Tesla’s Release Of New ‘Self-Driving’ Software Closely Watched By U.S. Regulator

    Tesla’s Release Of New ‘Self-Driving’ Software Closely Watched By U.S. Regulator

    The U.S. auto safety regulator said on Thursday it was closely watching Tesla Inc’s release of a software version intended to allow its cars to drive themselves, saying it stood ready to protect the public against safety risks. Tesla on Tuesday night released a beta, or test version, of what it calls a “Full Self Driving” software upgrade to an undisclosed number of “expert, careful” drivers. The release prompted online posts by excited recipients who shared video snippets of their car driving apparently autonomously on city streets at night.

    During a Tesla earnings call on Wednesday, Chief Executive Elon Musk said the latest upgrade was planned to be widely released by the end of this year, with the system becoming more robust as it collected more data.

    “NHTSA has been briefed on Tesla’s new feature, which represents an expansion of its existing driver assistance system. The agency will monitor the new technology closely and will not hesitate to take action to protect (the) public against unreasonable risks to safety,” the National Highway Traffic Safety Administration said in a statement.

    NHTSA in July said its special crash investigation team had “looked into 19 crashes involving Tesla vehicles where it was believed some form of advanced driver assistance system was engaged at the time of the incident.”

    Musk for years has promised self-driving for the company’s vehicles but missed several self-imposed deadlines.

    Researchers, regulators and insurance groups say true self-driving is still years away and more complex than companies anticipated several years ago. They have criticized Tesla’s promotion of its existing semi-automated Autopilot system as dangerously misleading.

    A consortium of self-driving technology companies, Partners for Automated Vehicle Education (PAVE), which includes Ford Motor Co, General Motors Co and Google’s self-driving unit Waymo, criticized Tesla’s approach.

    “Public road testing is a serious responsibility and using untrained consumers to validate beta-level software on public roads is dangerous and inconsistent with existing guidance and industry norms,” PAVE said in a Thursday statement.

    Autopilot and similar advanced driver assistance systems can provide steering, braking and acceleration support under limited circumstances, generally on highways.

    Tesla’s website describes the new software release as “Autosteer on City Streets,” saying the system requires active driver supervision and does not make the car autonomous.

    Tesla owners can purchase “Full Self Driving” for $8,000 in hopes of eventually receiving the upgrade. Musk said early Thursday the price would rise by $2,000 on Monday, but later in the day tweeted U.S. price hikes would be pushed to Thursday next week. Similar price increases will apply in other countries as the test version was released there, he added.

    On Twitter, Tesla owners receiving the test version posted videos of their experience, claiming the car “literally sees everything,” setting indicators on its own and navigating turns even without clear lane markings. https://bit.ly/3kpgvUu

    They also posted a picture of the software update release notes, which said the system “may do the wrong thing at the worst time,” urging drivers to keep their hands on the wheel and pay extra attention.

    Reuters could not reach Tesla for comment on NHTSA’s statement and to confirm the authenticity of the release note.

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  • HCMC real estate business group wants Airbnb-like services legalized

    HCMC real estate business group wants Airbnb-like services legalized

    The Ho Chi Minh City Real Estate Association has called for regulating accommodation-sharing services like Airbnb for better management and taxation.

    Such services have become popular in Vietnam in recent years as they help meet the large demand for low-cost accommodation from tourists and fetch homeowners an income from spare apartments and rooms, it said in a report

    HoREA pointed out that since this kind of business is still not regulated authorities are losing an opportunity to collect taxes and having difficulty managing it.

    There have even been cases of people using accommodation provided by such websites for criminal activities, it said.

    It called for modifying the law to allow homeowners to rent them as long as they register the business and pay taxes.

    There were 40,000 Airbnb listings in the country in January this year compared to 1,000 in 2015, according to tourism development consulting firm Outbox Consulting.

    HoREA also wanted restrictions on the number of days homeowners could rent out in a year and apartment management fees to be increased since it increases management work.

    The number of Airbnb units in Ho Chi Minh City as of the last quarter was 13,200, down 37 percent year-on-year due to the Covid-19 pandemic, according to data from market research firm AirDNA.

    In Hanoi, the figure was down 27 percent to 10,600.

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  • 3 Stocks Set To Capitalize On The Booming Sports-Betting Industry

    3 Stocks Set To Capitalize On The Booming Sports-Betting Industry

    After a difficult start to the year, the world economy is finally trying to open up. A good example is the online casino bets and gambling stock, which have taken Wall Street by storm in the recent past as the sports economy reopens and the return of live sports. In this article, you’ll discover three stocks that are positioned to take advantage of the booming sports-betting trend. 

    DraftKings

    DraftKings benefited greatly from the stay-at-home measures that lead to an increase in online sports betting and gambling on online platforms like Betway. When it announced recently that they have a partnership deal with ESPN and Michael Jordan had joined its board as a special advisor, their shares bounced. 

    According to reports, activities on the platform have surged by over 400% since going public on April 24. The DraftKings reported mixed earnings for the second quarter on August 14 as most of the major leagues remained on the break due to the global pandemic. They reported revenue of 75 million USD, surpassing the consensus estimates of 66.4 million USD.  

    Penn National Gaming

    Penn National was in the limelight at the beginning of the year when they expanded into sports media and online betting. They acquired a 36% stake in Barstool Sports, a renowned sports media company that operates up to 41 casinos and racetracks in 19 states across the US. As a result, Penn National’s stock jumped 166% since the beginning of the year.

    Reports indicate that Penn is projected to beat earnings and revenue expectations in the second quarter despite a staggering opening of some of its properties and a lack of live sports. In a statement during the release of the company’s earnings on August 6, The President and CEO, Jay Snoden, reiterated that even though visitation had not returned to pre-COVID levels yet, spend per visit had been strong, leading to better revenues than expected. 

    Apart from EPS and revenue, investors will be eager to hear reports on the Barstool Sportsbook app’s success that was launched in mid-September in Pennsylvania. 

    Boyd Gaming 

    Boyd Gaming is a company based in Nevada that operates sportsbooks in most of its casinos. It runs 29 casinos in 10 states and owns 5% in the Fan Duel, which is an online sports betting platform similar to Betway. 

    Reports reveal that the regional casino operator’s shares have recovered impressively after hitting unprecedented lows during the pandemic’s peak in March. While reporting their second-quarter earnings, Boyd CEO Keith Smith revealed that the company is off to a great start since the reopening. He also said that they managed to do better than had been projected. 

    Bottom Line

    With the return of live sports action, the stock markets are expected to respond positively. Even though many people took to online sports betting sites like Betway during the pandemic, live sports’ return gives them more options. Therefore, in the next few months, you should expect to see the boom in the sports betting market to continue.   

     

  • The Five Best Online Casinos in Asia

    The Five Best Online Casinos in Asia

    Where can you find the best online casinos in Asia?

    Asia is one of the most beautiful and exotic places on earth. It has long been a mysterious land to Westerners but has some of the most incredible culture and natural wonders you will find. After all, some of the earliest civilizations were founded in this ancient land and have helped to spur legends and stories that still exist today.

    It truly is a spectacular land to say the least, but Asia is no longer a mysterious, forbidden land. It has now become as technologically advanced as any other place on earth, offering residents and visitors the opportunity to enjoy entertainment and adult activities that are as enjoyable as they would be any other place on earth.

    Incredible Local and Online Casinos

    Asia has much to offer to tourists and other visitors. Whether you are coming to the continent on business or for pleasure, you can be sure that there is an abundance of activities that will keep you entertained for your entire visit. This is especially true for those who enjoy playing casino style games. 

    Areas like Hong Kong, Macau, the Philippines, Singapore, Malaysia, and Vietnam all offer great resort-casinos where players can enjoy slot machines, roulette, baccarat, poker, blackjack, and much more. These casinos are fantastic and provide beginners and experienced players a multitude of great games to pass the night away.

    However, you may not be looking for an extended amount of time spent at the casino. In fact, you may not even be near where one is located, but you would still love play. This is where online casinos are the perfect option. 

    These websites offer players the opportunity to play their favorite casino style game, no matter what it is, and to do so legally. They have followed a procedure to gain a licensure to operate within the country, giving players a means to play these games.

    In Malaysia, for example, you can see that there is already a plethora of choices regarding online casinos that are legal for people within the country or in the surrounding areas to enjoy. This is true of a lot of the countries in Asia, including the Philippines, Vietnam, and Macau.

    Choosing an Online Casino

    There is a lot to like about Asia. As governments are getting a handle on Covid-19, retail shops are up and running, hotels are beginning to spring to life once again, and it may not be long before tourists are flocking to these countries. 

    Casinos are opening too, but you may not want to spend your vacation time inside one of these facilities at the moment. You want to enjoy these mysterious lands so an online casino could be a much better option for you. If this is what you are looking for, here are some options for you to consider when visiting Asia.

    Casino Site Number of Games Welcome Bonus Site Rating
    1xBet 2,200+ 100% up to €1,500 welcome bonus + 150 free spins 4.95/5
    Bit Starz 2,700+ 100% up to €100 + 180 Free Spins 4.95/5
    888Casino 1,100+ 100% up to €200 Welcome Bonus 4.9/5
    Royal Panda 3,200+ 100% up to €100 Welcome Bonus 4.9/5
    Casino of the Gods 1,000+ Up to $1,500 Welcome Bonus + 300 spins 4.85/5

     

    1xBet

    1xBet has one of the largest collections of games available, over 2200. They offer many of the most common and popular table games, including blackjack, craps, roulette, and poker, but also offer slots and video poker. They are available in Hong Kong, the Philippines, Singapore, and in India. The online casino offers limits and many other more popular games, including €0.50 – €1,750 for poker.

    The welcome bonus is a solid one, offering you a large initial deposit bonus as well is 150 free spins. 1xBet has a great reputation across the globe, and that is seen in the operations of their website. The site is available via their mobile app, which you can download to any mobile device. 

    The banking options are exceptional. This includes bank wire transfer, and you can also have money withdrawn and transferred to your bank. Exceptional customer support that is available 24 hours a day. They clearly set themselves apart from their competitors.

    Bit Starz

    Bit Starz offers one of the largest selections of online casino games you are going to find, over 2700 with 2200 slots available. They offer traditional table games, such as craps, blackjack, and poker, and add the additional feature of the live dealer. This makes it so you can watch the action live and jump in. Live dealer games include roulette, blackjack, and baccarat.

    The site is available across Asia, including in India and Japan. They offer a decent welcome bonus, and the 180 free spins was a nice touch. One thing that really set them apart from the others was the acceptance of bitcoin payments and how quick withdrawals are processed. There is just a 10-minute withdrawal processing time before you receive your funds back on your card or in your bank account.

    Bit Starz also offers exceptional customer support. It is available 24 hours a day.

    888 Casino

    For players who have been using online casinos for some time, 888 Casino is a name that is well-recognized. They have over 20 years of experience in the online casino business, which is probably one of the reasons why their welcome bonus is not particularly big. They know that their reputation is one of providing exceptional games and a great user-friendly experience, so they do not feel as compelled to entice customers to the site. They know the reputation does that for them.

    888 Casino offers over 1100 games and they do keep customers by offering a number of promotions and great programs that keep people returning. For example, players can earn a 100% bonus to be used on roulette and poker tables when they use slot machines. They are available in Malaysia and a couple of other locations in Asia, plus they are available in several locations across the globe as well.

    There are over 30 different methods a player can use to deposit funds into their account. One major detractor was that it takes three days to process withdrawal requests.

    Royal Panda

    Royal Panda is available in Japan and India as well as some other parts of Asia. They are looking to expand operations and have some features that make them a very good choice. For high-stakes players, there are very high max limits to their popular games and they also offer live dealers. Live dealer options are available in eight different types of games, including roulette, blackjack, and game shows.

    The site has the largest array of games available, over 3200 with over 3000 of those being slot machines. For those who are mobile users, you still have more than 2500 games available, but there is not a mobile app available for Royal Panda. You have to access their online casino through your browser. One thing that was good about this site was that they offered very high maximum withdrawal limits, far higher than competitors.

    Casino of the Gods

    This site offers a great welcome bonus that includes 300 free spins. This gives you plenty of opportunity to learn how to use the casino and you cannot argue with that amount of matching initial deposit they offer. There are over a thousand games available, with some of the best table game options you are going to find. This includes baccarat, blackjack, and Texas Hold’em, but they also have a number of great theme-based slot machines as well.

    One thing that players will like is that they allow you to do your banking in the currency of your country. This ensures that you do not have to try to figure out what the currency conversion rate is. They also accept a large range of different currencies, including two of the more popular currencies in Asia, the Chinese yuan and the Indian rupee. 

    Common Games Available

    For players, there are thousands of different options available to play. As seen, some sites have literally thousands of slot machines for players, but there are also many of the more popular casino style games that players enjoy. Three types of games that players enjoy include:

    Roulette
    The game which everyone enjoys and understands. Roulette has been the most popular casino game since its creation because of its simplicity, dynamic and luck-based gameplay. There are very few games which are so eye-catching like the roulette table. 

    Poker

    For those who love poker, there are not only options available at every one of these online casinos, but they offer different versions of the popular card game. This includes Texas Hold’em, which is growing even more popular with each passing year.

    Slot Machines

    One thing we really liked was the availability of slot machines. They have become very popular and many casino patrons enjoy them. Fairly simple, effortless, and luck-based games. There are variations of the game available online as well.

    Conclusion

    While these are considered by us to be the top five online casinos in Asia, understand that there are dozens of options available. Malaysia, the Philippines, and Macau, for example, have more than a dozen great options to choose from. Plus, they are great areas where you will love the culture and the sites. Asia is great no matter where you go, but these three are definitely the spot to go if you are traveling in the continent and want to enjoy some amazing casinos.

     

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  • Tiffany sees earnings bump during legal case

    Tiffany sees earnings bump during legal case

    In the midst of a legal stoush with one-time suitor LVMH, luxurious chain Tiffany has seen constructive gross sales momentum carry it by means of the final two months.

    Though worldwide web gross sales fell barely, working earnings grew 25 percent during August and September in comparison with the identical interval final 12 months. And e-commerce gross sales continued to point out resilience, making up virtually 13 percent of complete gross sales for the interval – virtually double the August – September interval final 12 months.

    “While we still expect full-year results to be substantially impacted by Covid-19, we are very pleased with the way the business has rebounded following the first quarter and continues to rebound in the third quarter, especially in Mainland China, and to recover in the United States,” stated Tiffany chief government Alessandro Bogliolo

    The enterprise does, nonetheless, anticipate fourth-quarter gross sales to be below these seen final 12 months, however expects greater earnings to proceed.

    The earnings announcement got here because the enterprise continues its legal battle with LVMH, which dedicated to buying Tiffany & Co. however pulled out on the grounds the enterprise had been mismanaged during the pandemic and that the French authorities had requested it to delay the acquisition – one thing Tiffany claims by no means amounted to a legal restraint.

    “LVMH’s specious arguments are yet another blatant attempt to evade its contractual obligation to pay the agreed-upon price for Tiffany,” Tiffany’s chairman Roger Farah stated in a press release final month.

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  • Vietnam to tax Netflix’s local revenues

    Vietnam to tax Netflix’s local revenues

    The General Department of Taxation has asked streaming giant Netflix to furnish details about its revenues in Vietnam since its entry in 2016 to assess its taxes.

    The country’s Cybersecurity Law requires all foreign businesses which have income from online activities in Vietnam to store its data in the country and submit their business figures to tax authorities for collection, Vu Manh Cuong, director of the inspection agency under the department of taxation, said at a press briefing Tuesday.

    “Netflix has been working with the Ministry of Finance and the General Department of Taxation to set up a representative office and servers in Vietnam to declare tax,” he added.

    Netflix was not immediately available to comment.

    Vietnamese authorities had earlier said that U.S.-based Netflix, which has around 300,000 subscribers in Vietnam and demand a monthly subscription of VND180,000-260,000 ($7.75-11.19), has never fulfilled any tax duty in the country.

    The country in recent years has been making efforts to collect taxes from internet giants such as Facebook, Google and Netflix.

    Its cybersecurity law, which came into effect this year, also requires foreign businesses to provide users’ data to the Ministry of Public Security if it asks in writing to facilitate investigation of any infringement of the new law.

    The law bans internet users from organizing, encouraging or training other people for anti-government purposes.

    Taxing Vietnamese for their online revenues is another priority of authorities.

    Cuong of the taxation department said that in Hanoi alone there are over 18,300 organizations and individuals making a total of VND1.46 trillion from online sales via Google, Facebook and YouTube, according to data from 45 commercial banks, Tax authorities have so far collected nearly VND14 billion from them, he said.

    He added that in the first eight months they also collected over VND93 billion from organizations and individuals making a total revenue of over VND5 trillion from online booking services such as Booking, Agoda and Airbnb.

    Other Southeast Asian countries have also been making moves to tax Netflix and other internet giants. Indonesia in July imposed a 10 percent value-added tax on sales by technology firms including Amazon, Netflix, Spotify and Google, while Singapore since January has required subscribers of Netflix and other overseas digital services to pay a 7 percent goods and services tax.

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  • Vietcombank profit plunges

    Vietcombank profit plunges

    The pretax profit of state-owned lender Vietcombank in the third quarter fell over 20 percent to VND4.9 trillion ($210.9 million) over pandemic impacts.

    The bank said that provision for bad debt, which rose 35 percent year-on-year to VND2.02 trillion, and lower net interest income were the main reasons for the profit slump.

    Although the bank remains the most profitable lender in the country, its bad debt increased 15 percent in the first nine months to nearly VND7.9 trillion.

    Rising bad debt has become a major concern for Vietnamese lenders this year as the Covid-19 pandemic crippled key industries. With businesses finding it very difficult or impossible to repay loans, banks are forced to increase their bad debt provisions.

    Banks have lowered deposit interest rates from 7 percent earlier this year to 5.8 percent after the State Bank of Vietnam cut policy rates four times, seeking to boost lending to revive the economy, which has posted decade-low growth in the second and third quarters.

    Vietcombank, the fourth-largest lender in Vietnam in terms of assets, also reported that its Q3 revenue fell to near 4 percent year-on-year to VND11.6 trillion.

    The research unit of top brokerage SSI Securities Corporation has recently forecast that the bank’s pretax profit is set to fall by over 13 percent year-on-year to VND20 trillion due to Covid-19 impacts.

    The State Bank of Vietnam in April ordered state-owned lenders to cut profits by 30-40 percent this year to lower lending rates and support economic recovery.

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  • Fast Retailing bullish about recovery as Asian expansion pays off

    Fast Retailing bullish about recovery as Asian expansion pays off

    Uniqlo father or mother Fast Retailing might have reported a 12-per-cent drop in gross sales in its full-year outcomes, however, that decline was far lower than predicted as not too long ago as July as a result of the Greater China and Japanese markets recovered at a sooner rate than anticipated.

    The firm reported full-year revenue of US$1.426 billion, down 42 percent, on gross sales of $19.185 billion worldwide.

    Same-store annual gross sales throughout Uniqlo shops declined by 6.8 percent in Japan, whereas fourth-quarter gross sales in Greater China have been up 20 percent yr on yr.

    In South Korea, the place the corporate has been impacted by a broad boycott of Japanese manufacturers by native customers for the final yr or so, gross sales fell sharply and Fast Retailing recorded a loss, regardless of closing its poorest-performing shops.

    Elsewhere, gross sales and revenue have been down throughout most of Southeast Asia and in Australia and India, however, Singapore, Malaysia, Thailand, and Australia recovered favorably within the fourth quarter. Losses have been reported in each North America and Europe.

    Sales by the GU model rose 3 percent for the yr, however working revenue was down by 22.5 percent.

    Looking ahead

    Given the quick recovery to this point for the reason that peak of the Covid-19 pandemic in Asia-Pacific, Fast Retailing is now projecting a 9.5-per-cent enhance in total income for the 2021 fiscal yr and revenue attributable to shareholders of $1.58 billion, which might characterize a rise of 82.6 percent on the yr simply ended.

    Revenue is predicted to say no within the first half as a result of persevering with the effect of Covid-19, “but we forecast large revenue and profit gains in the second half assuming the virus is brought under control,” the corporate stated in its outcomes announcement. “All business segments are forecast to generate full-year revenue and profit gains.”

    Quick revenue

    During the final monetary yr, Fast Retailing has continued its expansion into new markets, opening the primary Uniqlo in Milan in September final yr, the primary in New Delhi a month later, and making its Vietnam debut in Ho Chi Minh City in December.

    “While all those markets were impacted by Covid-19, Uniqlo Italy managed to post a full-year profit, and the Vietnam operation, which was only launched in December, turned a profit in the second half.”

  • Irvins Salted Egg expands into the US via DTC route

    Irvins Salted Egg expands into the US via DTC route

    Singaporean cult snack brand Irvins Salted Egg has expanded online in the US and launching at several Asian specialty stores including 99 Ranch, Seafood City and H Mart.

    The popular brand, which has a cult following in Singapore and Hong Kong, especially, has pop-up style brick-and-mortar stores and sell-through in nine Asian countries. By going online it has taken a direct-to-consumer approach to competing with American snack brands.

    In Australia, it is sold through the e-commerce site Snack Affair.

    “We are ecstatic about our expanded availability in the US. Irvins Salted Egg products bring a distinctive flavor and premium quality to the American snack food market, and we look forward to earning a place in the conversation as more people can try our product,” said Yosuke Yazawa, Irvins chips business development manager of North America.

    Irvins will offer flavors online such as Salted Egg Potato Chips, Spicy Salted Egg Potato Chips, Salted Egg Cassava Chips, Spicy Salted Egg Cassava Chips and Salted Egg Crunchy Roll.

    The salted-egg flavored chips are made in Singapore using Asian flavors such as the salted duck egg yolk, curry leaves, and red chilli pepper without preservatives.

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