Author: Mei Ling Tan

  • HSBC Job Cuts Reach Asia

    HSBC Job Cuts Reach Asia

    HSBC’s cost-saving drive is reportedly set to accelerate even in its most profitable markets in Asia following the departure of its global head of equities. Hossein Zaimi is leaving HSBC, according to a report citing two unnamed sources, after joining the bank more than 16 years ago. Zaimi also took on the additional role of co-head of securities financing in March shortly after HSBC revealed plans for its investment bank overhaul.

    Adrian Lewis, EMEA head of equity capital markets (ECM), has also left to pursue opportunities outside of the industry, the report added. Lewis will be succeeded by Andrew Robinson, head of EMEA equity syndicate, reporting to Ed Sankey who was named global head of ECM in June 2019.

    While the lion’s share of cost cuts reside in Europe, the report noted that Asia – the most profitable region for HSBC – will not be immune to restructuring. Following Zaimi’s departure, more exits are expected in the region in the coming weeks.

    The bank originally planned to cut 35,000 jobs, $4.5 billion in costs, and $100 billion in risk-weighted assets before postponing the overhaul in March due to the coronavirus pandemic. In June, HSBC reportedly resumed such activities in June and was considering deeper cuts including more job losses or the possible sale of some businesses.

    Simultaneously, the bank is also expanding its newly created wealth and personal banking unit – a combination of the whole private client business from retail to ultra-high net worth (UHNW) individuals – with around half of its $4 trillion in assets from Asia.

    Since 2017, the bank has hired 800 employees for its affluent and emerging high net worth client businesses – Premier and Jade, respectively – across Hong Kong, Singapore, and mainland China including relationship managers, investment counselors, UHNW solution specialists, and product specialists.

  • Scary Android malware targets hundreds of popular apps

    Scary Android malware targets hundreds of popular apps

    Another day, another major Android threat discovered by security researchers as it lurks in the shadows in anticipation of its time in the mischievous limelight. In a way, this BlackRock malware detected and rigorously documented by the folks over at ThreatFabric can be considered even scarier and more dangerous than the Joker virus that made headlines recently or other similar security vulnerabilities found to stem from largely shady apps in the past.

    That’s because BlackRock was exposed as targeting a long list of reputable and crazy popular Android apps, including everything from PayPal to Gmail, Yahoo Mail, Uber, Netflix, eBay, Amazon, Telegram, WhatsApp, Twitter, Snapchat, Skype, Instagram, Facebook, YouTube, Reddit, TikTok, Tumblr, Pinterest, Tinder, Grindr, and even Google’s own Play Store. In total, we’re talking no less than 337 potential victims.

    For many people, that might be pretty much everything they use on their mobile devices on a regular basis, so obviously, the solution to this problem is not to delete all these apps and seek less popular alternatives. Instead, you should merely be careful about what you install and especially where you install your apps and updates from.

    As you can imagine, the aforementioned apps, social networking, communication, and dating services are not dangerous by themselves, rather being targeted precisely due to their worldwide success and mass appeal by a banking Trojan that hasn’t managed to slip through Google’s Play Store filters yet.

    In other words, you have nothing to worry about, at least as far as this particular virus is concerned, if you download everything from an official source. The danger surfaces when you’re prompted to install “Google updates” from third-party sources, which is a massive red flag.

    Unfortunately, it’s not entirely clear what you can do to clean your phone of the BlackRock malware if you fall prey to such a vicious and insidious attack that will quickly spread across your system without leaving a trace. That’s because the Trojan will prevent most antivirus programs from starting in addition to phishing everything from your financial information to social media usernames and passwords.

    Naturally, the main goal is to steal credit card details, but various app credentials will also do for the bad actors behind BlackRock, and you can expect your text messages to be hijacked as well.

    While far from new or innovative at its core, this chilling banking Trojan does a few things differently from its forerunners, dubbed LokiBot, MysteryBot, Parasite, and Xerxes. Instead of adding new features and increasing its complexity, which is usually the case in this dark and malevolent world, BlackRock is actually keeping things simpler than ever, with a focus on the most “useful” functions in terms of stealing personal information.

    What is expanded compared to previous banking malware is the target list, with an unusually high number of “trending” social and dating apps joining the typical group of financial services from institutions located in the US, as well as Australia, Canada, and various European countries.

    Basically, BlackRock is casting a wider net than any of its predecessors, making sure pretty much no one that uses an Android phone nowadays is safe, no matter where you live, what device you use, how you like to connect with friends and make new ones, or what online banking channel you prefer.

    Still, the simplest, safest, and most foolproof way to stay protected from this type of threat remains to never rely on a third-party app store, as well as install a reliable antivirus solution before suspecting a cyberattack, and periodically check your app permissions, as well as your credit card statements for any unauthorized or shady transactions.

  • Zoom sets a new App Store record during the second quarter

    Zoom sets a new App Store record during the second quarter

    If there ever was an app tailor-made for the coronavirus it is Zoom. The video conferencing app can host video chats consisting of up to 100 participants. During the three months from April through June, when COVID-19 was keeping most Americans inside, Zoom generated a new App Store record 94 million installs on iOS. During the first quarter, just before the pandemic became a major issue in the states, short-form video app TikTok had the previous record with 67 million App Store installations.

    How amazing are those achievements made by Zoom and TikTok? Before this year, no non-game iOS app ever had more than 50 million downloads in a single quarter. And when you throw in the number of downloads sourced from the Google Play Store during the second quarter, Zoom was installed over 300 million times during the three months from April through June. Also topping 300 million installs during the quarter was TikTok; the latter was downloaded 71 million times from the Apple App Store during Q2; that is a 154% gain year-over-year.

    During the second quarter, total downloads in the U.S. App Store (2.2 billion) beat out downloads in the Chinese App Store (2.1 billion) for the first time in years. On an annual basis, the number of iOS app downloads in the U.S. was up 27% compared to Q2 compared to just 2% in China. Globally, App Store downloads rose by 22.6% in the second quarter to 9.1 billion. Second-quarter downloads in the Google Play Store worldwide hit 38.7 billion, up 34.9%.

    With many Americans communicating through Zoom as the pandemic continues to wreak havoc in the states, the app should continue to show strong growth during the current quarter. TikTok also should continue to show growth in the U.S. as Americans create TikTok videos to distract themselves from all of the stress caused by COVID-19.

  • FairPrice Finest launches in-store radio network with SPH

    FairPrice Finest launches in-store radio network with SPH

    Singapore supermarket chain FairPrice Finest has launched an in-store radio network in partnership with SPH Radio.

    The new channel, live in all 26 stores, will offer FMCG companies another channel in which to advertise to shoppers in-store, as well as music and content from SPH radio stations.

    The station will reach an estimated 2.5 million shoppers every month.

    “Partnering with SPH Radio will not only help us improve our shopper experience via aural ambiance but also provide a wider range of touchpoints for our retail partners to engage with our shoppers in an integrated manner,” said Kelvin Tan, head of customer & marketing (retail business), at FairPrice Group.

    “As Singaporeans are making more frequent trips for their groceries, this will be a viable platform for our retail partners to reach shoppers in their shopping journey.”

    The new channel marks SPH Radio’s first foray into in-store entertainment programming.

  • Marie France Van Damme launches online platform to support artisans

    Marie France Van Damme launches online platform to support artisans

    Hong Kong designer Marie France Van Damme has launched a new online lifestyle and e-commerce platform Curated by MF.

    The site is designed to support the designer’s personal network of boutique designers, businesses and craftspeople, listing globally sourced curated products and exclusive private label pieces.

    “In a time of health crisis and economic uncertainty, as small business owners, we have to support one another to weather the current downturn,” said Van Damme

    “I have been traveling the world for the past 40 years. On my journey, I have developed relationships with craftspeople from the Souks of Marrakesh, with traders in the bustling streets of Hong Kong and Bangkok, and with small business owners from around the globe. Let me introduce you to my very talented friends who share my passions. They work with the finest artisans, their creations are limited, beautiful, and are ethically sourced.”

    Curated by MF features pieces from L’Objet to Jay Ahr’s limited-edition collection of vintage hand-embroidered Vuitton and Hermes Birkin, Kelly and Constance handbags, among many other boutique items. Van Damme introduces a new designer, featuring a curated selection of their artisanal items, on a fortnightly basis. The snake at the top of this story is a US$10,000 necklace from Lotus Arts de Vivre.

    The designer is known for her globally influenced line of luxury resort, ready-to-wear, and swim garments.

  • Tigers appoints Jana Schebera as new managing director for its China operations

    Tigers appoints Jana Schebera as new managing director for its China operations

    Tigers has appointed Jana Schebera as its new Managing Director, China, adding a further layer of freight forwarding expertise as the logistics provider continues to find growth in Asia.

    Prior to moving to Tigers, Jana spent more than a decade in the industry holding positions that included Managing Director for Hong Kong and South China at Rhenus Logistics, and business development roles at M+R Spedag Group.

    “What attracted me to join Tigers was the strong focus on IT solutions and the emphasis on adding value for our customers through technology which is quite different from traditional freight forwarding and logistics,” said Jana.

    “Furthermore, Tigers has a strong global footprint in B2C logistics, which I definitely see as the future of the industry.”

    Based in Tigers’ Tsing Yi e-commerce fulfillment facility in Hong Kong, Jana holds a Master’s degree from Humboldt University of Berlin, Germany, in Economics and Chinese Studies, and is currently working towards a second Master’s degree in Carbon Management from the University of Edinburgh, UK.

    “Jana brings a sound forwarding knowledge to the China team and having spent a few years in Shanghai not only understands the region well, but is fluent in Mandarin too,” said Andrew Jillings, Chief Executive Officer at Tigers.

  • Mastercard and WeLab Bank Announce the Launch of  Numberless WeLab Debit Card

    Mastercard and WeLab Bank Announce the Launch of Numberless WeLab Debit Card

    Mastercard and WeLab Bank Limited (“WeLab Bank”), a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”), today announced a partnership to launch a numberless bank card that is part of a simple, intuitive and fully digital banking service that specifically caters to the tech-savvy needs and lifestyles of people all over Hong Kong.

    While WeLab Bank services are purposely designed to be 100 percent operated from the mobile phone, a physical card may have wider acceptance and provide added convenience to consumers’ daily lives, such as when making payments at certain merchants or withdrawing cash. Unlike traditional bank cards, the WeLab Debit Card is available for use immediately after opening a WeLab Bank account in the form of a virtual card from the WeLab Bank app, followed by the delivery of a physical card.

    The physical card is also good-looking and sleek, adopting a minimalist design with only the embedded multi-function chip and cardholders’ name to compliment the Mastercard and WeLab Bank logos, with all other information accessed safely from the mobile app. This is made possible by Mastercard’s fast, secure and reliable global network, providing WeLab Bank cardholders with robust, multi-layered protection when making purchases.  Some highlights are:

    • Private and secure – No card number, no card validation code (CVC2), no expiry date displayed on the physical card. Everything can be accessed privately and securely from within the WeLab Bank app.
    • Hassle-free lost card reporting – Simply open the WeLab Bank app and tap on “report lost card” to deactivate the card immediately. New card credentials will be issued to customers shortly thereafter, allowing them to continue making transactions straight away.
    • No hidden fees – No annual card fee, no reissuance fees for lost card, and no hidden transaction fees.
    • Accepted everywhere – offline or online 24/7 – Purchase items offline with a simple tap of the card, or online by copying the debit card number located in WeLab Bank’s app and your order can be completed swiftly, even from 10,000 miles away!
    • Easy access to cash withdrawals – Withdraw cash from any JETCO ATM in Hong Kong and CIRRUS ATMs that accept Mastercard cards worldwide.

    Looking at the transactions processed over the last few months, over 51 percent of physical card transactions were for Food & Beverages, followed by 31 percent for Groceries. Unsurprisingly, the daily average usage on weekends was about 1.5 times more than the volume on weekdays, consistent with the boost seen in restaurants since the most recent relaxation of social-distancing rules. Online transactions were much more diverse,  with the top two categories – Food & Beverage (leading at 31 percent) and Entertainment (13 percent) – accounting for just 44 percent compared to offline transactions where they totaled 82 percent. Both top categories are closely tied to the increased propensity to stay at home.

    Beyond local spending, over 30 percent of online transactions were processed by merchants outside of Hong Kong, powered by the worldwide acceptance and processing capabilities of Mastercard’s global network. Such data insights from customers’ behavior can further bolster WeLab Bank’s partnership with Mastercard, as well as the bank’s relationship with merchants, enabling them to deliver more relevant offers to customers.

    Ensuring further reliability for local consumers, WeLab Bank takes pride in being a homegrown virtual bank licensed by the HKMA and a member of the Deposit Protection Scheme, which means that customers’ eligible savings at WeLab Bank are protected up to a limit of HKD500,000 per depositor.

    “We want to empower the Hong Kong people by bringing them a more digital, secure and seamless banking experience, and it all starts with the card. We understand that people don’t want a traditional bank card, but a card that can bring excitement and fit with their daily lives. While Mastercard is a global leader in digital payments and WeLab Bank is a fintech pioneer entrenched in Hong Kong, we trust that our partnership combines the best of both worlds, allowing us to continue designing innovative tools for the future. We hope our customers enjoy using their gorgeous cards just as much as we have enjoyed building it.” said Adrian Tse, Chief Executive of WeLab Bank.

    “More and more Hong Kong people are adjusting their lifestyles to become technologically savvier. Understanding their evolving needs, Mastercard has partnered with WeLab Bank, a homegrown virtual bank that shares the Mastercard vision of providing a new digital banking experience where technology and innovation are the backbone. This collaboration also showcases Mastercard’s progressiveness as a leader in the payments industry, especially in safety and security, as well as its dedication in pushing forward the development of Hong Kong as a smart city,” said Helena Chen, Managing Director, Hong Kong and Macau, Mastercard.

    As a result of this collaboration between WeLab Bank and Mastercard, Hong Kong people will be able to embrace a digital lifestyle, enjoying a safe, secure and convenient banking experience.

  • Dean & Deluca owner bids to buy back business it bankrupted

    Dean & Deluca owner bids to buy back business it bankrupted

    Thailand’s Pace Corporation, the firm responsible for bankrupting its gourmet grocery business Dean & Deluca earlier this year, has bid US$10 million to buy back the firm.

    The firm has offered to use half of the investment as a gesture towards creditors, owed $26.5 million by the failed business, which would represent a payout of less than 20 cents in the dollar.

    “Dean & Deluca overexpanded and lost what made them special,” debt expert Adam Stein Sapir said. “But if they can bring it back to its former glory with a smaller footprint, it has a lot of potentials.”

    The firm’s financial distress dates back well before the advent of the Covid-19 pandemic, with a history of legal filings against Dean & Deluca for nonpayment of bills going back to 2018 after Pace had spent $240 million on expansion. Its self-owned US retail stores and online shopping portal have been closed since the middle of last year.

    The original Dean & Deluca US store opened in Soho in 1977, earning the nickname “museum of fine food”. It claimed to be the first retailer in the US to sell radicchio, balsamic vinegar and sun-dried tomatoes. But over time its exclusivity waned – as one food writer observed: “You can buy extra virgin olive oil on Amazon now”.

    The brand’s value has shrunk from $55 million to $12 million since the closures of the majority of its outlets.

    Meanwhile, Dean & Deluca continues to expand across Asia via its separate Asian entity and partnerships with franchisees and JV partners, although a recent foray into airport stores has been hit by the Covid-19 pandemic.

  • NBA joins branded-mask trend, selling across Asia

    NBA joins branded-mask trend, selling across Asia

    North America’s National Basketball Association (NBA) has launched a face-mask collection online, supporting communities impacted by Covid-19.

    The NBA face masks, produced by NBA licensee Foco and e-commerce partner Fanatics, will feature designs of all 30 NBA teams.

    According to the company, proceeds from the sales of the masks will be contributed to Direct Relief, a humanitarian organization committed to improving the health and lives of people affected by poverty or emergencies.

    The NBA face mask line will be introduced at the league’s e-commerce sites in Europe and 10 countries across Asia-Pacific, including Australia, New Zealand, Japan and Vietnam.

    Face masks are no longer just a medical product. In some countries, wearing a mask was a cultural norm long before the Covid-19 pandemic arrived. Face masks have gone mainstream in the fashion industry as many labels are introducing their own face mask line, including New Balance and Pendleton.

  • Tesco, Tata invest US$9 million in Indian JV

    Tesco, Tata invest US$9 million in Indian JV

    British grocery retailer Tesco and Indian conglomerate Tata have invested another US$8.9 million into their joint venture Trent Hypermarket.

    The move marks the first major capital investment in the business by the partners in two years, and comes on the heels of the appointment of new CEO Martin Bailie.

    While revenues expanded 22.5 percent to $164 million in the previous financial year, the business’s losses have also grown. According to IGD Retail Analysis head of insight – Asia Pacific Nick Miles, Tata has been in talks with Walmart for renewed investment, following concerns over Trent’s relatively modest expansion in the territory.

    “The renewed investment from both parties should put talks on any new investors on hold for a while,” said Miles.

    “Having exited – or in the process of selling its operations in – China, Thailand, Malaysia and Poland in the past 12 months, perhaps Tata was nervous of Tesco’s commitment to the market. However, the investment signals that it remains committed to the JV.”

  • Next likely to become Victoria’s Secret UK partner

    Next likely to become Victoria’s Secret UK partner

    British multinational clothing retailer Next has been selected as the intended UK franchise partner for Victoria’s Secret by the brand’s administrators.

    A Next partnership would give Victoria’s Secret UK access to a sophisticated digital and delivery capacity and the chance to partner with Next’s property team to bolster expansion within the territory.

    The deal is currently awaiting confirmation pending the brand’s store landlords agreeing to key lease restructures, taking into account the impact of the coronavirus pandemic on sales. The firm has, however, secured an exclusivity agreement to take the brand that is guaranteed until the end of September. Some of the brand’s 25 stores in the UK could be permanently shuttered.

    Next currently holds apparel brands Abercrombie & Fitch, Boss and Under Armour within its portfolio. According to media reports in the UK, Next pipped department-store chain M&S to become the preferred franchise partner.

    Victoria’s Secret UK collapsed into administration last month. The US parent L Brands has launched a strategic review of the brand’s presence in China, which has already resulted in the closure of the Hong Kong flagship store. In the US, L Brands plans to close about 250 stores to right-size the business.

    Victoria’s Secret made operating losses of US$214 million in the year to 20 February.

  • Microsoft announces new features coming to Outlook mobile

    Microsoft announces new features coming to Outlook mobile

    Microsoft revealed a bucketload of new features that will be coming to Outlook mobile. Many of these improvements have already been released, while others will be added very soon. It’s also important to mention that most of them focus on two aspects: online meetings and video calls.

    First off, we have a brand new feature called Meeting Insights, which offers Outlook for Android users a first glance at email messages and files that could be relevant for their meetings. All the information is shown in the event details on the calendar, which makes it easier and faster to find what you need.

    Another nifty improvement added is the option to join a meeting online by default, so you won’t forget to add the Teams link. You’ll find the new option in the Settings menu in Outlook mobile; just make sure to select all your meetings to be created online by default.

    Furthermore, Microsoft confirmed that Outlook mobile users will start getting suggestions to Send Availability or Schedule Meeting when someone wants to meet them. They don’t show up at the moment, but these suggested replies should pop up in Outlook mobile very soon.

    Next, we’ll be talking about the option to snooze an email message for later. In Outlook mobile, you can now swipe on a message to snooze it, which means that it will show up at the top of your inbox until you reply to it.

    The latest Outlook for iOS update adds the ability to create a task from an email message received on a phone. All new tasks are synced across Microsoft 365 and will use the same email subject. Also, they will include the original email and ling to the conversation in Outlook.

    Last but not least, Microsoft has added another Cortana-related feature called Play My Emails. As the name suggests, the new functionality lets Cortana read out new email messages.

  • Volkswagen Sees Mild Growth In China’s Premium Car Segment This Year

    Volkswagen Sees Mild Growth In China’s Premium Car Segment This Year

    German automaker Volkswagen AG expects slight growth in China’s premium car segment this year despite a slide in broader market sales, a senior executive said.

    Volkswagen Group’s China chief, Stephan Woellenstein, made the remarks to reporters in Beijing on Friday.

    Volkswagen replaced Herbert Diess as chief executive of the VW brand on Monday and installed Chief Operating Officer Ralf Brandstaetter to lead cost-cutting efforts.

    In China, the world’s biggest auto market, Volkswagen has joint ventures with local partners including SAIC Motor, FAW Group, and JAC.

  • Toyota To Resume Production At Its Bidadi Plant From July 20

    Toyota To Resume Production At Its Bidadi Plant From July 20

    Toyota Kirloskar Motor (TKM) has announced that it will resume vehicle production at its Bidadi plant, in Karnataka, from July 20. Following a directive issued by the Government of Karnataka, earlier this month, the company had announced that it will stop production at its plant from July 14 (second shift) to July 22nd (first shift). The directive was issued as part of the State Government’s efforts to fight the spread of the coronavirus, and the rising Covid-19 positive cases in Karnataka.

    However, under a revised directive from the Karnataka Government, Toyota can now officially resume production earlier, on July 20 itself. While many employees had left for their hometowns following the announcement of lockdown, Toyota says that at any given point, only 40 to 45 percent of the production workforce has been attending work to maintain all forms of social distancing.

    Additionally, Toyota has undertaken several measures to maintain safety and hygiene at the workplace, and it has already announced guidelines for both its factory employees and its dealer partners. All employees must also self-declare their health condition on a daily basis. If there is a situation where an employee tests Covid-19 positive, the company also takes adequate measures to quarantine those employees who might have come in contact with the infected employee through appropriate contact tracing.

    Toyota was one of the first carmakers to halt production in March, even before the Government of India issues the lockdown. The company officially resumed production around mid of May after a hiatus of over 6-weeks. In April, the company for the first time, like most OEMs, saw zero sales in India. In May, after the lockdown was relaxed, the company sold 1639 units in India, which more than doubled in June 2020, with the company selling 3866 units vehicles in India.

  • Apple could be fined up to $26 billion as EU investigates Siri

    Apple could be fined up to $26 billion as EU investigates Siri

    Children are told often that when they fall off their bikes, the best thing to do is to get right back on them and ride again. And the same advice is apparently taught to adults.  Take   European Union Competition Commissioner Margrethe Vestager. Just yesterday Vestager had a ruling go against her as a lower European Union court in Luxembourg found in favor of Apple in a case involving $14.9 billion in back taxes that the EU claimed that Apple owed Ireland. From 1991-to 2005, Apple paid little to no taxes on profits it made doing business in the country.

    But Vestager has climbed back on the horse and is looking for information from 400 companies to see if there are any issues with voice assistants such as Apple’s Siri, Google’s Assistant, and Amazon’s Alexa that could result in the filing of antitrust charges. Such inquiries have to lead to cases and hefty fines imposed against other industries including energy, financial, and pharmaceutical firms.

    Vestager told a news conference that by seeking information from 400 companies, it gives Apple, Amazon, and Google the message that the EU is watching them closely to make sure that they toe the line. The commissioner said that the UK became interested in investigating the voice assistants because of the large amount of consumer data used in “Internet of Things” devices. the EU wants to make sure that the leading players in the voice assistants game don’t use their control of this data to break rules, prevent competition, and harm rivals. Vestager said, “Interoperability is of the essence if we want to make this market accessible.”

    If the EU finds that one of the companies’ voice assistants broke rules regarding competition, it can be fined up to 10% of its global revenue. For example, Apple had revenue of approximately $260 billion for its latest fiscal year. That means that it could be fined as much as $26 billion if found to have broken EU rules.

    There is no guarantee that Vestager and her team will find any issues that require the EU courts to get involved. And it will probably take some time to complete the investigation. So with this in mind, all we can add at this juncture is “stay tuned.”