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Retail News Asia is committed to providing both local and global retailers with the latest Finance news throughout the Asian market. This on a daily base.

  • UBS Serves Up Crypto ETFs in Hong Kong

    UBS Serves Up Crypto ETFs in Hong Kong

    Switzerland’s largest bank is following in the tracks of HSBC by allowing wealthy clients to trade crypto exchange-traded funds in the city.

    A selection of three crypto-ETFs related to Bitcoin and Ethereum were available on a UBS trading platform for wealthy clients as of Friday.

    The funds had been approved by the Securities & Futures Commission (SFC), with the source, who requested to remain anonymous, indicating that clients could access educational material related to the funds. UBS declined to comment on the matter, the news agency showed.

    Hong Kong implemented a new digital licensing regime related to digital assets on June 1 to both promote digital asset trading while also ensuring that investors remain duly protected.

    Zug-based Seba Bank, one of two Swiss crypto-banks, was licensed by the SFC earlier this week. The step will allow it to engage in various activities and advisory services related to securities, OTC derivatives, and structured products related to underlying virtual or digital assets.

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  • Google Wallet will soon allow users to digitize their workplace IDs

    Google Wallet will soon allow users to digitize their workplace IDs

    In June, Google announced a series of new features that would slowly make their way to the Google Wallet app to make it a more comprehensive digital wallet solution. Most of these features have already launched, and one in particular was quietly added in a recent Google Play Services update.

    We are referring to the ability to add your workplace ID cards to the app, effectively eliminating the need to carry a physical ID or lanyard. This means that, unless your workplace insists that physical identification needs to be shown at all times, you may finally be able to leave your ID at home and use your phone to access your workplace facilities.

    As spotted by Android Police, the addition of workplace ID card support is part of a flurry of recent additions to Google Wallet. In the past few months, Google has added support for government-issued IDs in new states, easier tap-to-pay systems for commuters, and support for sharing passes. You can also digitize all the unsupported documents and passes, like library cards and gym memberships.

    This new capability is part of the Google Play Services app update to version 23.44 that began to roll out yesterday, as detailed in the app’s changelog. However, it doesn’t seem to have reached all users yet, not even those using the app’s beta version, which is now at version 23.44.14. Once rolled out, the feature will appear alongside the current options for adding a digital ID, such as a state driver’s license.

    In its June announcement, Google never specified a rollout timeline for the workplace ID card support, except for “later this year.” Hopefully, this means that it should start reaching users soon, making it easier for them to set up digital IDs for reliable use.
  • Coconut prices fall on bumper crop

    Coconut prices fall on bumper crop

    It is the coconut harvest in the Mekong Delta, but with exports falling, prices have halved from a year ago to VND1,500-2,900 (US$0.06-0.12) for a nut, causing farmers losses.

    Phan Van Dinh, 68, of Giong Trom District in Ben Tre, Vietnam’s biggest coconut-growing province, has an orchard of 2,000 square meters.

    “At present, we only manage to sell VND1 million worth of coconuts a month, enough only to cover costs, not profit,” he said.

    Traders are buying at VND2,500-2,900 apiece, down from VND5,000-5,800 a year ago, he said.

    Le Van Trong, owner of a 6,000-sq.m orchard in Ben Tre, does not want to sell the 2,500 fruits he has harvested because traders are offering only VND1,500, saying they are too small.

    He is now drying the coconuts to sell them as seedlings for cultivation.

    Huynh Quang Duc, deputy director of the Ben Tre Department of Agriculture and Rural Development, said it is the coconut harvest season with large output, causing prices to fall.

    Ben Tre has over 74,000 hectares of orchards, or 80% of the total coconut growing area in the delta and 50% of Vietnam’s.

    Besides some exports to the U.S., coconuts are mainly exported to China via border trade.

    “We are waiting for exports to China through the official quota with a much bigger volume, so that the life of coconut growers will improve,” Duc added.

  • Morgan Stanley Swiss Funds Business Gets New Head

    Morgan Stanley Swiss Funds Business Gets New Head

    US-based bank Morgan Stanley gives a former McKinseyan responsibility for funds distribution in German-speaking countries in Europe.

    Sebastian Roemer is the new distribution head for Morgan Stanley Investment Management in the German, Austrian, and Swiss markets. Based in Frankfurt, he will manage the regional activities of the bank’s fund subsidiary, the bank indicated in a release on Monday.

    The new appointee has more than 15 years of experience as an asset manager, with his last position being that of the head of Central and Eastern Europe for French-based institution Natixis Investment Managers (offices in Frankfurt, Munich, and Zurich). Before that, he was an investment specialist for Pimco and private markets investment company Apax Partners. Roemer started his career in 2005 with the McKinsey consultancy in Zurich. He holds an MBA from Harvard Business School and a Master of Science in Economics (MSc) from the London School of Economics.

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  • Gold prices continue to fall

    Gold prices continue to fall

    SJC gold price dropped 1.2% to VND69.5 million ($2,847.19) per tael on Monday morning.

    Gold ring price gained 0.08% to VND59.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally, gold prices held steady near the key $2,000-per-ounce level on Monday after weak U.S. jobs data raised hopes that the Federal Reserve is done raising interest rates, sending the dollar and bond yields lower.

    Spot gold was little changed at $1,990.43 per ounce by 0100 GMT and U.S. gold futures were steady at $1,997.60.

    SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.20% to 863.24 tonnes on Friday from 861.51 tonnes on Thursday.

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  • UBS Faces Pressure on Costs

    UBS Faces Pressure on Costs

    The dust has settled since Switzerland’s largest bank announced it would completely integrate all of Credit Suisse. The third quarter is likely to slip by far more quietly even though it still faces stiff challenges.

    The usual UBS earnings figures are expected to be in the spotlight on November 7. Revenues, inflows of new money, costs, and net profit will be the metrics by which many measure how the integration with Credit Suisse is going.

    The number of significant extraordinary items booked in the first half has also led many to assume that much has since been cleared out of the way. All in all, it was likely the usual kitchen sinking exercise to set a clean slate before really getting down to work.

    What is almost certain to be a matter of sharper focus are the inflows of net new money in September. The figures are not expected to be that surprising given that UBS previously communicated the trends it was seeing in the first two months of the quarter at the end of August. At the time, it had recorded about $8 billion in inflows in the new, combined Global Wealth Management (GWM) business.

    Iqbal Khan, as the head of the business, has a clear recipe for growth. In meeting employees working in various regions around the world, he reduced everything to three words: NNM, or Net New Money.

    According to Jefferies analyst Flora Bocahut, the bank needs to report a positive attributable net profit result together with declining risk-weighted asset (RWA) levels in order to achieve its targeted return on common equity Tier 1 levels. In the second quarter, RWAs fell by about $9 billion.

    Michael Klien is also focusing on attributable net profit, saying it will be an important figure. UBS is expected to break even in the quarter while seeing a return to profitability in the second half. According to him, the analyst consensus is currently too low.

    UBS can curry favor if it manages to cut risk-weighted assets quickly. The focus here will be on non-core and legacy businesses, mainly in Credit Suisse, headed by Beatriz Martin Jimenez. By 2026, the level of capital consumption in that business is expected to fall significantly.

    The investment bank is not expected to have a stellar quarter, particularly given the performance seen at the major US institutions. The Swiss business, however, could turn out to be a bright spot.

    Many will pay intense attention to costs. The numbers in the second half didn’t much impress investors. It is expected that job cuts and integration costs, particularly at Credit Suisse’s investment bank, will have an impact.

    That should also be reflected in headcount numbers globally. At the end of August, they were down by about 8,000, a number that includes both voluntary and involuntary departures.

    UBS is in the middle of an arduous integration process and job cuts, costs and further risk mitigation measures are likely to remain overarching themes in the next few quarters.

    The integration of Credit Suisse resulted in its business performance disclosures being consolidated and simplified, making it extremely difficult to make comparisons with previous quarters and years. However, starting in the third quarter they are expected to be included in the UBS divisional numbers (GWM, Personal & Corporate Banking (the Swiss business), Asset Management, and Investment Bank. Credit Suisse’s so-called bad bank will be reported in the abovementioned non-core and legacy business.

    It is questionable right now whether the quarterly numbers will help lift the bank’s share price. They have risen as high as  23.80 francs recently and currently, trade in the region of 21.70 francs.

  • BNP Paribas Moves to a Posh Address in Lugano

    BNP Paribas Moves to a Posh Address in Lugano

    BNP Paribas has opened its new headquarters in southern Switzerland on a fashionable shopping street in Lugano.

    According to a statement Friday, French bank BNP Paribas opens its new headquarters at Via Nassa 11 in Lugano, demonstrating the importance it attaches to developing its activities in Ticino.

    The inauguration ceremony was attended by BNP Paribas Suisse board members Yves Martrenchar and Marina Masoni, Enna Pariset, CEO of BNP Paribas (Suisse) and head of BNP Paribas Group in Switzerland, Beat Bachmann, CEO Wealth Management Switzerland & Emerging Markets and Fabio Spinelli, site manager Wealth Management Lugano.

    For BNP Paribas Wealth Management, it is a priority to support the development of the Ticino economy and its stakeholders, especially entrepreneurs and wealthy families, Bachmann said. BNP Paribas has been based in Switzerland since 1872 and employs 1,200 people nationwide.

  • Google Wallet adds Driver’s License and Digital ID support for more U.S. States

    Google Wallet adds Driver’s License and Digital ID support for more U.S. States

    Back in June, Google announced some forthcoming features for Google Wallet that we are just now seeing roll out. One of these was the ability to add a state ID or Driver’s License to facilitate TSA checkpoint procedures at select airports.
    However, when this feature launched, not all U.S. states were on board with the program. At the time, Maryland became the first state to support it, with the state ID literally becoming the poster child for the rollout, as can be seen in the marketing materials.
    Meanwhile, support for additional states was promised for a later date, with Arizona, Colorado and Georgia listed as the next ones slated to join the Digital ID program. Surprisingly, and without much fanfare, that day has arrived sooner than we thought.
    Google has quietly rolled out support for these three states already, joining Maryland in the Google Wallet app. You can already see these states pop up when attempting to add an ID Card on the app. Considering there hasn’t been a versioned update to the Google Wallet app since October 3rd, we are inclined to think that this is a server-side push.
    The setup process requires a photo scan of the front and back of your physical ID or Driver’s License, followed by a short video verification process. Once setup has been completed, the digital ID will be themed with artwork that represents the issuing state — such as a peach to represent Georgia.
    This update brings Google Wallet’s digital ID compatibility up to par with Apple Wallet, where the ability to have a mobile Driver’s License has been available in some states since last year. Samsung has also announced that this would be coming to Samsung Wallet later this year, and Google previously stated that more functionality will be added to digital IDs in the future, such as the ability to verify online accounts.
  • Google Wallet now rolling out option to digitize physical cards

    Google Wallet now rolling out option to digitize physical cards

    Google Wallet is finally rolling out a previously announced feature that lets you digitize your physical passes, like transit passes, gym memberships cards, parking passes, and library cards. The feature is currently only available on Pixel phones, but will hopefully be rolled out to other Android devices in the future.

    This feature was originally teased by Google back in June, among a list of “coming soon” features for Google Wallet, as a way to save passes from an image. This opened up the possibility of digitizing a number of items you couldn’t before, however, it isn’t to be confused with the ability to digitize ID cards, or the option to use a QR code to pay on phones without NFC that rolled out in some countries.

    It is important to note that this method of adding passes requires a photo of the physical pass (or screenshot), and for it to contain a barcode or QR code. For example, I was able to add my gym membership card, but only because I was able to capture a screenshot of it from the gym’s app and this screenshot contains the QR code I usually scan to gain entrance. You will receive an error explaining the issue if you attempt to add an image that does not contain the aforementioned requirements.

    According to Android Central, this feature is just now rolling out to Pixel devices after getting pushed back to become part of the September 2023 Pixel feature drop. This means it might take a while to reach all Pixel users as so far it has only been spotted on the Pixel 8 series and the Pixel Fold.

    Additionally, there is one more design element that is making its way to Pixels as part of this update. This minor design tweak adds a toggle to enable or disable “Success animations,” which appear after completing a transaction. These fun little animations were themed and, according to some, a time-waster when trying to purchase something quickly. Thankfully, Google now allows us to completely disable them within Google Wallet’s settings.

    The new feature is a convenient way to keep all of your passes in one place and a more secure way to carry your passes. You no longer have to worry about losing physical passes or have to fumble to through different apps in order to use them.

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  • UBS Axes More Investment Bankers in Hong Kong

    UBS Axes More Investment Bankers in Hong Kong

    Switzerland’s UBS has reportedly offloaded more investment bankers in Hong Kong amid a slowdown in China.

    UBS has cut about 7 percent of its global banking unit in Asia, according to a report citing unnamed sources, mainly related to China-focused roles based in Hong Kong. This has affected about two dozen investment bankers, including several managing directors.

    The cuts were initially planned for September but were postponed due to the Credit Suisse takeover. The final number of job losses in this current round of cuts has yet to be decided. In 2022, UBS axed half a dozen China-focused staff in Hong Kong.

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  • Lamborghini Wine makes its Australian debut

    Lamborghini Wine makes its Australian debut

    Lamborghini Wine has entered the Australian market after securing a distribution deal with importer Bon Vivant Global.

    Lamborghini Wine products are sourced directly from the Lamborghini family’s vineyards in Umbria, Italy.

    Wines now available in Australia include Metodo Classico Vintage Brut and Rose, Gold Brut, Platinum Brut, DJ Brut, Titano Cabernet Sangiovese, Campoleone Sangiovese Merlot, Torami Cabernet Sangiovese, Era Sangiovese, and Trescone Cabernet Merlot Sangiovese.

    “The Lamborghini range is luxe like we’ve never seen. Perfect for an A-list yacht party or a fancy dinner date, a Lamborghini Wine offers the highest quality produce paired with an exhilarating and unique customer experience,” said Matt Hanson, founder of Bon Vivant Global.

    Lamborghini Wine products are also sold in America, the UK and Europe.

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  • Eximbank names new acting CEO

    Eximbank names new acting CEO

    Lender Eximbank has appointed Nguyen Hoang Hai as acting CEO for a year to replace Tran Tan Loc who resigned Monday.

    Hai, 45, who has worked for ABBank and EVN Finance, had become deputy CEO of Eximbank in early August.

    Loc remains a director.

    Also on Tuesday the bank dismissed another deputy CEO, Pham Quang Dung.

    Last month it had appointed Nguyen Canh Anh as a director. He too has worked for EVN Finance in the past.

    It has been a game of musical chairs for the Eximbank leadership in recent years.

    Do Ha Phuong became its chairwoman in June in place of Luong Thi Cam Tu, who had only taken over in February 2022.

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  • Cake digital bank cooperates with VinFast to support e-bike buyers

    Cake digital bank cooperates with VinFast to support e-bike buyers

    Cake by VPBank and VinFast are working together to provide e-bike purchase loans at 0% interest, benefiting both customers and promoting environmental protection in line with green consumption trends.

    With this loan package, the customer experience will be simplified. They can sign up for loans without visiting a bank branch and receive approval results on the Cake app within a few minutes.

    The first priority group of customers to experience the development is Be Group’s tech drivers, who are familiar with consumer loan services on Cake.

    According to statistics from the Ministry of Industry and Trade, e-bike sales in Vietnam have increased by about 30–35% recently, making the country the largest market for e-bikes in ASEAN, and the runner-up in the world, just behind China.

    There is ample potential for electric vehicles, including e-bikes and electric cars, given that the world in general and Vietnam in particular are promoting green transformation trends in transportation and other fields.

    Ho Thanh Huong, CEO of VinFast Vietnam, said that the partnership agreement gives customers the opportunity to own and use smart, modern, and environmentally friendly e-bikes at optimal costs through simple and convenient procedures.

    This partnership offers customers access to a safe and civilized transportation alternative, contributing directly to the government’s net-zero carbon emission target by 2050.

    In the current context, the collaboration between the large-scale EV manufacturer and the digital bank Cake by VPBank is expected to bring benefits to the mass of customers on both sides.

    While Cake will expand its digital financial product line to include vehicle installment payment services, VinFast offers customers a “Buy Now, Pay Later” payment experience quickly, conveniently, and securely.

    Furthermore, this is also an opportunity to promote digital financial inclusion. Specifically, Cake by VPBank boasts a large and diverse digital ecosystem, while VinFast owns a nationwide distribution network with a diverse lineup of two-wheeler and four-wheeler models.

    According to Nguyen Huu Quang, CEO of Cake, in the coming time, Cake by VPBank will keep working with VinFast to research different financing packages tailored for customers looking to acquire electric vehicles across several channels.

    “We are in discussion to develop more diverse products to bring practical benefits to customers, thereby contributing to promoting comprehensive digital finance and green energy in Vietnam,” he said.

    The handshake between VinFast and Cake by VPBank digital bank will promote comprehensive digital services, popularize EVs, and foster environmental protection.

    Cake by VPBank is a testament to the trend of innovation in consumer finance products. Before venturing into the electric vehicle market, the digital banking app has already enabled its tech drivers to borrow cash online within a few minutes.

    Cake has rolled out niche lending products such as “Ung tien nhanh” with instant approval.

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  • Pernod Ricard taps banks to review of Australian, NZ wine business

    Pernod Ricard taps banks to review of Australian, NZ wine business

    Wine and spirits producer Pernod Ricard has hired Morgan Stanley and JPMorgan for a strategic review of its Australia and New Zealand business.

    Sales of the unit may be expected by late October, the Australian Financial Review reported. The company’s portfolio includes the Jacob’s Creek, St Hugo, and George Wyndham brands in Australia and the Brancott Estate and Stoneleigh brands in New Zealand.

    The AFR said the Jacob’s Creek brand could be expected to draw significant attention.

    In 2019, the Paris-listed company attempted to put a portfolio of its wine brands including Jacob’s Creek for sale, with the help of the two investment banks. The unit, which at that time was estimated to be valued at $1 billion, attracted interest from Accolade Wines, PAI Partners, Penfolds, Treasury Wine Estates, KKR, and TPG Capital.

    The AFR noted that Morgan Stanley and JPMorgan may remove Accolade Wines, owned by The Carlyle Group, from potential buyers this time as it faces a huge debt and has tapped Rothschild & Co for refinancing options.

    Pernod Ricard’s Australian and New Zealand business booked a 13 percent increase in net sales to €12.14 billion in the last financial year. Its assets include Chivas Regal, The Glenlivet and Jameson whiskeys, Absolut and Wyborowa vodkas, and Pernod and Ricard labels.

    Pernod Ricard’s strategic review comes as another wine company, Australian Vintage, launched a strategic review for its business due to economic pressures it faces.

    The report added that Accolade has sold its House of Arras sparkling wines brand and vineyards, and the Bay of Fires winery and cellar door in Tasmania to Handpicked Wines for an undisclosed amount.

  • UBS Helps European Banks Leave US Peers in the Dust

    UBS Helps European Banks Leave US Peers in the Dust

    European banks are more profitable than American ones for the first time in ten years. A study points to UBS being a key reason for that.

    The elite of Wall Street usually have their nose well ahead of the game in the perpetual battle between European and US finance industry giants. Or at least they did until the first half of this year. But now the winds have shifted, with a new EY analysis (German only) showing that profits for the main European banks have grown much faster than their American-based counterparts.

    Much of this was, of course, driven by UBS’s forced takeover of Credit Suisse, which returned the bank to the top of the heap on the continent. But beyond that, most of the banks on this side of the pond benefited handsomely from the European Central Bank’s move to sharply increase rates, which has helped fatten up interest rate margins.

    The cumulated net profit of the ten largest banks (going by balance sheet size) rose by 80 percent to 75 billion euros, according to EY. By contrast, US-based institutions saw profits rise by only 7 percent to about 82 billion euros. In Europe, UBS reported the most first-half profit at 27.4 billion euros ($29 billion in the second quarter alone, mainly related to negative goodwill from Credit Suisse) while in the US, JP Morgan led the pack with 24.8 billion euros in the first six months of the year (reported as $27.1 billion).

    There was also a significant change in general levels of profitability, with the rates of return on equity for European banks being at 15.5 percent at the end of June, corresponding to a 5.9 percentage point increase from the same period a year earlier. It was also by far the highest level of the last ten years. In fact, it was the first time in a decade that US banks posted lower RoE of 12.6 percent than their top ten European counterparts.

    Much of this was also due to UBS, which by itself would have recorded a more modest profit of 2 billion francs (same in euros) without the impact of having to rescue Switzerland’s second-largest bank.

    These positive trends are also having an impact on market capitalization levels. Since the beginning of the year, the value of European banks was up 14 percent at the end of August to sit at a heady 522.5 billion euros. In contrast, the cumulative market of the largest American banks fell by 6 percent to 1.15 trillion euros.

    On the SIX Swiss Exchange (SIX) the same was true. Since the start of July, UBS’s shares have only known one direction – up. Over the past three months, the shares have risen by almost 30 percent.