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Category: General

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

  • AirAsia Philippines expects demand for foreign flights to rise

    AirAsia Philippines expects demand for foreign flights to rise

    Low-cost carrier AirAsia Philippines has already booked close to 300,000 seats for January 2023 as it begins its quest to return to pre-pandemic capacity and boost international travel.

    Based on data, AirAsia Philippines said that forward bookings for January had already reached 285,000. This is 70 percent higher than the seats booked a year ago.

    With only a few days left in 2022, AirAsia Philippines CEO Ricky Isla said AirAsia Philippines appears on track to end the year strong.

    On the domestic side, Isla said AirAsia Philippines had posted a load factor of 93 percent as of Dec.19. This means that nine in every 10 seats per flight were booked. Zamboanga remains to be the top performer with a load factor of 98 percent, followed by Puerto Princesa and Roxas with 95 percent each.

    On the other hand, Bangkok tops the list among international routes of AirAsia Philippines with a load factor of 92 percent.

    Isla said Incheon placed second with 90 percent.

    AirAsia Philippines expects demand for overseas travel to rise in 2023, fueled by the downward trend in ticket prices and the continuous lifting of border restrictions.

    “We are seeing a robust travel demand for next year, especially as travelers now become more comfortable with locking their trips ahead of time,” Isla said.

    “A more relaxed protocol for international destinations has also set the pace for outbound travel, which we expect to pick up next year as we open new exciting destinations,” he said.

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  • South Korea’s SK Group may sell some Southeast Asia assets

    South Korea’s SK Group may sell some Southeast Asia assets

    South Korea’s second-largest conglomerate SK Group said on Monday it is considering selling some of its assets in Southeast Asia and reinvesting in other businesses in countries in the region, including Vietnam.

    An SK Group spokesperson said in a statement that the conglomerate plans to decide which assets to sell depending on buyers’ offers, and is considering reinvesting some of the proceeds from any stake sales in local firms.

    The statement didn’t disclose details of which assets might be sold.

    The comments came after South Korean newspaper the Korea Economic Daily reported SK’s plans late on Sunday citing unnamed investment banking sources.

    Assets held by SK Group’s Southeast Asia investment firm that could be sold, according to the paper, include stakes in Vietnam’s Vingroup, Masan Group, retail pharmacy chain Pharmacity, retailer VinCommerce and consumer retail platform The Crown X.

    The paper said it also has a stake in Malaysian fintech company Big Pay.

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  • Uber, Motional Launch Robotaxi Service In Las Vegas

    Uber, Motional Launch Robotaxi Service In Las Vegas

    U.S. ride-hailing firm Uber Technologies Inc and driverless tech-maker Motional have launched their public robotaxi service in Las Vegas on Wednesday.

    Tough regulatory scrutiny and delayed commercial adoption of autonomous vehicle technology have delayed the deployment of robotaxi services, leaving investors worried.

    The launch is part of a non-exclusive 10-year agreement between both companies for driverless vehicles, with a rollout in Los Angeles expected to follow.

    In the multi-market deal, Motional’s autonomous vehicles would also ferry both passengers and delivery items for Uber and its Uber Eats division.

    The companies said they would have vehicle operators for now, but are working to make a fully driverless experience available to the public next year.

    Suppose an autonomous vehicle is available to complete the trip. In that case, Uber will match the rider to the vehicle and they will receive an offer to opt-in before the autonomous trip is confirmed and dispatched to pick them up.

    Uber is rekindling its robotaxi plans following a brief hiatus after selling its autonomous vehicle research division to San Francisco-based startup Aurora in 2020.

    Uber has also signed a 10-year deal with autonomous driving startup Nuro to use the company’s driverless delivery pods in California and Texas.

    Last month, rival Lyft said it would launch the robotaxi service in Los Angeles after it had rolled out in Las Vegas earlier this year.

    Motional, which uses Hyundai Motor Co’s IONIQ5 electric car for the robotaxi service, is a joint venture between the South Korean manufacturer and automotive technology company Aptiv, and has been testing autonomous vehicles without safety drivers for a couple of years.

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  • Indonesia aim to export natural gas to Vietnam in 2026

    Indonesia aim to export natural gas to Vietnam in 2026

    Indonesia aims to export natural gas to Vietnam starting 2026 from the Tuna offshore block located near the Indonesian and Vietnamese maritime border, the country’s energy minister said on Friday.

    Southeast Asia’s biggest economy may deliver 100 to 150 million standard cubic feet per day of gas through a gas pipeline from the Tuna block operated by Harbor Energy, energy minister Arifin Tasrif told reporters.

    The company’s website shows that the Tuna oilfield, with around 100 million barrels of oil equivalent, was discovered in April 2014.

  • Steel sector sees gloomy performance in 11 months

    Steel sector sees gloomy performance in 11 months

    The local steel market continued to be gloomy, with reductions in production and consumption in the past 11 months, a report published by the Vietnam Steel Association (VSA) this week revealed.

    Finished steel production saw a yearly decline of 11.3% to 27.12 million tonnes between January and November. According to the report, sales of finished steel also plunged 7% year-on-year to 25.1 million tonnes.

    In November alone, finished steel production reached over 1.82 million tonnes, down 11% month-on-month and 37% year-on-year while consumption of all kinds of steel hit above 1.94 million tonnes, up 3% month-on-month but down 16.2% year-on-year.

    In terms of exports, 7.54 million tonnes of steel were shipped abroad in the past 11 months, earning a turnover of $7.4 billion, year-on-year decreases of 38.1% in volume and 32% in value, according to the General Statistics Office. Sluggish consumption and high inventories caused factories to reduce their production capacities or halt production.

    According to the company, the prospect of recovering global steel demand continued to face difficulties when inflation was high. Moreover, the implementation of tight monetary policy in many countries would affect the prospect of world economic recovery in December.

    Meanwhile, the domestic market had not shown any clear signs of recovery and the real estate market faced many challenges. That would have a great influence on the steel consumption.

    All businesses were looking for ways to restore output and improve profit results in the last month of 2022, resulting in fiercer competition among factories and pushing up the selling prices of steel.

    In the recent report on the prospects of the steel industry, RongViet Securities Corp also said that the sector had little chance to recover in 2023 due to weak consumption, the pressure of the exchange rate and interest rate on financial costs.

    In 2023, the Government would foster investment in infrastructure projects with the goal of ensuring economic growth that could support domestic steel demand, especially for construction steel.

    However, the real estate industry which might not recover after a gloomy year could not help domestic steel demand rebound next year, experts have said.

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  • Thailand’s New Year spending to hit $2.9B

    Thailand’s New Year spending to hit $2.9B

    Consumer spending during the New Year holiday is expected to reach 103 billion baht ($2.96 billion), pushed by the country’s continued economic recovery from the pandemic.

    The estimated spending is an expansion of 20.1% from the 85.7 billion baht posted during the previous New Year period, the highest increase since 2007 and the first time in three years consumption exceeds 100 billion baht.

    “Consumer spending is expected to be the most active in three years during the upcoming New Year festive season, boosted in part by the government’s recently approved ‘Shop Dee Mee Khuen’ tax rebate scheme,” said Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce (UTCC). “This will be good for the economy.”

    On Tuesday, the cabinet approved a series of stimulus packages to increase consumer spending during the New Year period, including the Shop Dee Mee Khuen tax rebate scheme, under which consumers can claim up to 40,000 baht in tax deductions for goods and services purchased between Jan 1 and Feb 15.

    The maximum spending eligible for tax deduction is split into two parts: 30,000 baht for products or services for shoppers who receive paper tax invoices, and another 10,000 baht for shoppers who ask for electronic invoices.

    The measure does not cover the purchase of some products and services, including alcoholic beverages, cigarettes, cars, motorcycles, boats, hotel rooms, tour guide fees, utility bills, mobile phone bills, internet service bills and insurance premiums.

    According to Mr Thanavath, the tax rebate scheme is expected to generate about 60 billion baht worth of spending, which would help drive the country’s economic growth in the first quarter of next year by 0.1-1.0 percentage points.

    Saowanee Thairungroj, a member of the UTCC’s advisory board, said most of the spending will be slated for parties, overseas travel and merit- making. Spending on luxury goods and popular New Year gifts is predicted to increase from the previous year, she said.

    Ms Saowanee said average spending is estimated at 33,944 baht per person, up from 30,634 baht in the same period last year.

    Luxury products represent 45.8% of average spending, followed by travel at 18.4%, durable goods at 14.4%, parties at 11.3%, garments and shoes at 3.9%, liquor/wine at 3.5%, merit-making at 2.6%, and others for the remainder.

    The survey found notably higher consumer spending on luxury products, travel, durable goods, liquor/wine and parties, with spending on luxury products increasing to 15,556 baht per person from 14,142 baht last year.

    Spending on travel rose to 6,262 baht from 5,445 baht, durable goods gained to 4,899 baht from 4,082 baht, parties increased to 3,835 baht from 3,335 baht, and liquor/wine rose to 1,173 baht from 656 baht in the previous New Year season.

    In terms of requests from the government, most respondents cited tackling corruption, more consumer spending stimulus measures, a reduced cost of living and higher daily wages.

    For 2023, people also expressed concerns about increased use of drugs, the economic outlook, the high cost of living, unemployment, debt and fresh Covid-19 outbreaks.

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  • Vietnam’s Elon Musk challenger turns heads in 2023

    Vietnam’s Elon Musk challenger turns heads in 2023

    Vietnam is an unlikely home of the next Elon Musk. That’s why Le Thi Thu Thuy is one person to watch in 2023. The 48-year-old is at the wheel of VinFast, a money-losing electric-vehicle maker racing the U.S. entrepreneur’s Tesla on Western roads. It’s a complicated route.

    VinFast has made its name selling gas guzzlers in the Southeast Asian nation, where its parent Vingroup is the top conglomerate. Now Thuy is heading in an entirely new direction by turning the carmaker fully electric, and by taking its brand global. Within a year, she plans 70 showrooms across the United States, Canada and the European Union to sell cars like the VF9 sports utility vehicle, which is priced at $76,000, around 15% more than Tesla’s comparable Model Y.

    The former Lehman Brothers investment banker is leaning on sophisticated suppliers like battery-maker Contemporary Amperex Technology and electronic products-outfit Aptiv rather than counting on VinFast to develop proprietary technology. It is building a local factory in the United States too, something that’s hard for Chinese auto rivals like Nio and Xpeng to replicate as tensions fester between Washington and Beijing. An expensive marketing campaign is starting to yield results: VinFast reported 58,000 reservations as of December.

    A planned initial public offering in New York is key to fund the expansion. Thuy must convince investors that the company isn’t desperate for money. Hanoi’s crackdown on the real estate sector is a drag on the property-heavy Vingroup. That makes it look like VinFast has a weak parent at a time when the auto business is also deep in the red: its net loss almost doubled to 34.5 trillion dong ($1.48 billion) in the first nine months of 2022.

    Yet accessing Vietnam’s stock market is tricky and, to date, only nine Vietnamese companies have listed overseas, raising less than $1.5 billion in total, Refinitiv data shows. VinFast’s listing would, therefore, present a rare opportunity to tap an economy the International Monetary Fund expects will grow 6.2% in 2023. Thuy can at least count on a scarcity premium to fuel her big drive.

    Context news

    Vietnamese electric-car maker VinFast is planning a U.S. initial public offering, an initial prospectus published on Dec. 6 shows.

    VinFast reported a net loss of 34.5 trillion dong($1.48 billion) for the nine months to the end of September, against 18 trillion dong for the same period a year earlier. Revenue fell to 10.5 trillion dong, down from 11.2 trillion dong.

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  • Tesco faces legal claims over worker conditions at Thai clothing factory

    Tesco faces legal claims over worker conditions at Thai clothing factory

    A group of 130 former employees at VK Garment Factory in Thailand are suing the supermarket and auditing specialists Intertek.

    The workers, represented by law firm Leigh Day in the UK, claimed that they were paid up to £4 a day, working seven days a week, and “trapped in a cycle of forced labour and debt bondage”.

    VK Garment Factory, which is located in Mae Sot, employs a workforce of predominantly Burmese migrant workers.

    The legal claim said that the unlawful practices were not identified, despite both Tesco and Intertek carrying out audits at the factory.

    Tesco conducted operations in Thailand from 1998 to 2020 but sold its Thai and Malaysia interests for £8bn at the end of 2020.

    A Tesco spokeswoman said: “Protecting the rights of everyone working in our supply chain is absolutely essential to how we do business. In order to uphold our stringent human rights standards, we have a robust auditing process in place across our supply chain and the communities where we operate.

    “Any risk of human rights abuses is completely unacceptable, but on the very rare occasions where they are identified, we take great care to ensure they are dealt with appropriately, and that workers have their human rights and freedoms respected.

    “The allegations highlighted in this report are incredibly serious, and had we identified issues like this at the time they took place, we would have ended our relationship with this supplier immediately. We understand the Thai labour court has awarded compensation to those involved, and we would continue to urge the supplier to reimburse employees for any wages they’re owed.”

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  • Google Voice update will put users on the best quality Cellular or Wi-Fi network automatically

    Google Voice update will put users on the best quality Cellular or Wi-Fi network automatically

    If you need a second number that will still ring through to your smartphone, you might consider the Google Voice app. Subscribers to the service can also make phone calls using this second number, and send/receive text messages. The second phone number could be used for personal calls, or if you have a business that you don’t want to have connected with your personal number, you can use the second phone number for that. This way, calls made to your business number will be sent directly to your smartphone even if you’re on the go.
    Using Google Voice for personal use is free anworks withth Android and iOS-flavored devices. It also will work on the web. As long as you use the phone number provided by Google to make or take a call once over a six-month period, you will keep that phone number for the following six months. Once you go more than six months without using the assigned number, it reverts back to Google to give out to another Voice subscriber.
    Besides using the app to make and take calls and send/receive texts, Google Voice will also save your voicemail. In fact, not only will it save your voicemail, Voice will also transcribe these messages and save the transcriptions or share them with others.
    If you are using Google Voice for business, pricing for the “Starter” tier is $10 per month per user with a 10-user maximum. Calls can be made to 10 domestic locations. The “Standard” tier with unlimited domestic calls will cost $20 per month per user with no cap on the number of users. And the Premier tier, which offers unlimited domestic and international calls, is priced at $30 per month per user with no cap on the number of users.
    Google has just made a useful change to Google Voice. According to a Google Workspace support page, “To ensure the best call experience, Google Voice now automatically switches ongoing calls between cellular data service and Wi-Fi when it determines that one network type will lead to better call quality. Previously, Voice identified the ideal network only at the time the call was placed and did not make any corrections for changes in network performance that might occur during the call.”
    In other words, before the update, if you were in the middle of a Google Voice call made over cellular and the call quality deteriorated, you were out of luck since you could not switch to a Wi-Fi connection in the middle of the call. But now, after the update, Google Voice will switch automatically to the network offering the best call quality. The new feature is now available to all Google Voice users.
    To install Google Voice tap this link for Android handsets and press on this link for iOS-powered phones.
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  • Societal Benefits of Online Casino Gaming

    Societal Benefits of Online Casino Gaming

    Most people assume that online casino gaming is all about having fun and playing; however, the community has diverse benefits. The idea that casinos are only based in urban areas is entirely incorrect. The introduction of internet technology in online casinos significantly changed the casino gaming industry as there was an increase in the popularity of the industry, which led to legalization in many countries. A high number of people now understand the profitability of the business.

    These developments are the reason behind the nonstop competition. New and old casinos are now incorporating the latest trends in the industry to accommodate the latest features in the industry. Therefore, for online casinos to keep up with the changes, they must keep upgrading their systems by adding recent games, graphics, and sound effects. You are probably wondering, what are the benefits of graphics and sound in a casino gaming site? Well, when casinos have a great site interface, the higher the chances of players interacting with the site are.

    Gamers enjoy different games in a casino, including the judi slot online. To increase the interaction of the different provided games, a casino has to enhance its graphics and logo, among other aspects of the website. Now, let us walk through the societal benefits of online casino gaming.

    Increased employment rate

    Anytime a business grows, it translates to an increase in job opportunities to help attend to the customers’ demands. More workforce is required to help offer guidance and solutions to people whenever a need arises. Some critical employment sectors in any casino include customer service, website developers, and technological experts. All this enables a casino to operate smoothly without inconveniencing the clients.

    An increase in the country of operation tax revenue

    Regardless of the mode of operation, either online or land-based, casinos have to remit the tax to the government in every country of operation. In addition, for the business to be legalized, it has to go through all the provided business processes, which are mostly paid for upfront. Therefore, the next time you enjoy situs judi slot gacor, know that you are contributing to tax revenue in your country.

    The rise in economic activities

    Anytime there is an increase in job opportunities, it translates to an increase in people’s living standards. When citizens of any country have improved living standards, they can afford their basic day-to-day needs. In addition, crime rates are reduced as people are busy and have a source of income.

    In conclusion, there are great benefits from online casino gaming to society. The collection of taxes from the casinos helps support a country’s operations. Casinos have now secured their system of operations for people who are usually concerned about their security. When gaming, it is important to ensure you have a budget to avoid losing all your money. The most important thing is to have a working strategy to help you hit that jackpot.

     

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  • YouTube introduces a new feature to battle abusive comments

    YouTube introduces a new feature to battle abusive comments

    While browsing YouTube’s comment section, you might find some offensive comments. And to battle spammers and users using abusive language, the platform has improved its spam detection and bot detection in live chats and added a new feature

    In a new blog post, YouTube announced that its new feature notifies users when the platform has detected and removed some of their comments for violating its Community Guidelines. Furthermore, if a user doesn’t stop their offensive behavior, they may receive a “timeout,” which makes them unable to post comments for up to 24 hours. YouTube shared that its tests have shown that these warnings and temporal restrictions reduce the possibility of users writing abusive comments again.

    At the moment, the notification is only available for comments written in English, but YouTube hopes to expand it to more languages in the coming months. As the platform stated, its goal is to protect creators from users with ill intent and to offer more transparency to people whose comments have been removed for violating the platform’s Community Guidelines. Of course, since algorithms could also make a mistake, YouTube’s team encourages users who receive such warnings to give feedback. This will help it further improve its systems.

    Meanwhile, it looks like YouTube is working on another new feature, but this time with the intent to make the watching experience more pleasant. The platform is currently testing an Add to queue function for its Android and iOS apps.

    If you watch YouTube on your computer, you are probably familiar with the Add to queue option. This enables you to create a temporary playlist (known as a queue) that will play the added videos one after another. This is great if you are browsing YouTube and find something you want to watch after you finish the video you are watching right now.

    On Android and iOS, we don’t have this option. We only have “Save to Watch Later” and “Save to Playlist.” Both create queues, yes, but save them as permanent playlists in our libraries.

    When YouTube launches the Add to queue feature on Android and iOS, you will be able to add a video to your queue by just tapping the clip’s three-dot menu and selecting “Play last in queue.” After you choose the option, the app will create a watchlist at the bottom. In the newly created panel, you will be able to rearrange the viewing order by dragging the videos, and by swiping left, you will be able to remove them from the temporary playlist. You will also have the ability to repeat and shuffle playback.

    We must note, however, that at the moment, only Premium users have access to the test of the Add to queue option. Furthermore, it appears that YouTube advertises this function as a “Premium feature,” implying that it will most likely be available only to Premium users once the platform launches it.

    If you are a YouTube Premium subscriber and want to test the Add to queue option yourself, you can do that until January 28th. To sign up for the test, tap your profile button in the top-right corner, press Settings, and tap on Try new features. After that, you just need to wait for the app to load the new function.

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  • Gold prices edge up

    Gold prices edge up

    SJC gold prices 0.3% to VND67 million ($2,841.39) per tael Friday morning.

    But gold ring prices declined by 0.37% to VND53.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Global gold prices inched up but were bound for a weekly loss as the U.S. Federal Reserve projected higher interest rates for a longer period.

    Spot gold rose 0.2% to $1,780.63 per ounce.

    “Gold’s fall this week is in the aftermath of the Fed meet. Also, with recession risks rising, the U.S. dollar will emerge as the preferred safe haven,” said Ilya Spivak, head of global macro at Tastytlive.

    The Fed on Wednesday raised interest rates by 50 basis points as expected, but Chair Jerome Powell said the central bank would deliver more hikes next year even as the economy slips towards a recession.

    Although gold is traditionally known as a hedge against inflation and economic uncertainties, higher interest rates tend to dim bullion’s appeal by increasing the opportunity cost of holding the non-yielding metal.

    Central banks in Europe followed the Fed in slowing the pace of interest rate increases but offered a similar stark message that financial conditions will continue to tighten even as economic performance deteriorates.

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  • Vietnam collects $146M from online platforms such as Facebook, Google

    Vietnam collects $146M from online platforms such as Facebook, Google

    Forty-two foreign suppliers, including Facebook, Google and TikTok, have paid VND3.44 trillion ($146.40 million) in taxes to Vietnam this year, according to the new portal of the General Department of Taxation.

    The portal was established in March to make it easier for cross-border giants to pay their taxes in Vietnam, the department said in a report released Thursday.

    Vietnam is forecast to collect VND1,460 trillion in taxes and fees this year, exceeding its earlier estimate by 24.3%. This is an 8.5% increase from 2021.

    Sixteen out of 19 tax areas recorded growth for the year, such as state-owned companies (up 8.7% year-on-year), foreign direct investment (2.5%), and the private economy (1.4%).

    Hanoi and Ho Chi Minh City each collected over VND300 trillion in taxes and fees for the year.

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  • Retailers expand operations, sales see steady recovery

    Retailers expand operations, sales see steady recovery

    Many retail chains opened new stores this year even as retail sales of consumer goods and services saw a year-on-year rise of 20.5% in the first 11 months.

    Despite weakening external factors, continued domestic demand brought some relief, according to a report by HSBC.

    But though the pace started to slow down, retail sales remained a strong pillar of growth in November, the lender said.

    Total retail sales of consumer goods and services grew by 17.5% over November 2021.

    In recent months, while many factories laid off, furloughed or gave workers an early Tet (Lunar New Year holidays) service businesses such as F&B, retail and tourism expanded their operations.

    GS25 Vietnam, a joint venture between South Korea’s GS25 and local retailer Son Kim Group, has opened 200 franchised stores.

    Conglomerate Masan Group has bought another 34% in beverage chain Phuc Long Heritage to increase its ownership to 85%.

    “The two years of the Covid pandemic can be compared to a market research period and this year is the right time to launch expansion plans as well as to make a breakthrough in the retail race,” Trang Do, head of the retail services department at property consultancy Colliers, said.

    Tourism is reviving gradually, and contributing to the growth of retail services.

    The number of foreign arrivals was nearly three million in the first 11 months.

    Securities brokerage SSI said domestic consumption has recovered though not to pre-Covid levels, partly because of inflation.

    Inflation began to accelerate at the end of the second quarter, notably with a 17% increase in housing rents in September and October, and then 2% in November. This has affected domestic consumption.

    Last month headline inflation was 4.4% while core inflation was close to 5% due to a rapid recovery in demand.

    According to HSBC, rising inflation is a matter of concern and would increase in the next few quarters, forcing the central bank to take monetary measures.

    SSI said inflation would gradually rise in the first half of 2023, especially when the government considers adjusting prices of goods and services it manages such as electricity, healthcare and education.

    Do said large retailers are very interested in the Vietnamese retail market after the pandemic. However, the biggest difficulties for foreign investors in the retail sector are to find suitable premises in terms of location and area, and carrying out investment and license procedures.

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  • Gold prices gain

    Gold prices gain

    SJC gold prices went up 0.3% to VND67.1 million per tael Wednesday.

    Gold ring prices inched up 0.37% to VND54.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Global gold prices traded in a narrow range on Wednesday, as investors awaited the U.S. Federal Reserve’s policy decision later in the day after softer-than-expected inflation data fanned expectation of a moderate interest rate hike path.

    Spot gold was little changed at $1,810.99 per ounce after hitting a more than five-month high on Tuesday as a smaller-than-expected rise in U.S. consumer prices buoyed bets for a slowdown in rate hikes.

    Softer U.S. inflation data saw the dollar weakening and gold rallying in the last session, but bullion price action will be quiet currently as the market awaits the Fed decision, said Ajay Kedia, director at Kedia Commodities in Mumbai.

    “Gold might hit $1,832 if the Fed sounds dovish. But there is strong resistance at the $1,820 level and prices should trade around this range for the rest of the year.”

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