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Category: Living

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

  • YouTube will now show you the number of views and likes a video has in real-time

    YouTube will now show you the number of views and likes a video has in real-time

    Google is changing the “likes” and “views” counters on YouTube to refresh automatically when a video is viewed. Currently, if you’re watching a video on the platform, the number of likes and views won’t change while viewing the clip. But with this update, those two metrics will rise and show a cool animation of a rolling number counter whether the video is being played or is paused. And the animation will be played even if you switch to another app and return to YouTube.

    Android Police came across this new behavior on YouTube. They couldn’t find any reference to it except for a post on Reddit from back in October from user nonotan who wrote, “I’m watching a video, and I keep getting distracted by an animation where the view counter is rolling over to a new number as if it were a physical click counter. I have not seen this behavior before today, and I’d like to disable it.”

    The same Redditor was so bothered by the effect that he added the following line to his filters, which stopped the animation and the count from advancing in real-time: https://www.youtube.com/youtubei/v1/updated_metadata*.

    Others also had similar posts about the feature, such as Reddit user Reyh, who said, “Distracting indeed and IMHO not beneficial at all. I saw it on Tuesday for the first time, using Firefox. The first few times I only noticed some movement at the bottom left of the videos. I wondered if it was in the video itself. Then I observed the area for a while and saw the new counter animation.”

    It seems that this feature is being tested with the help of a minimal number of YouTube users globally. Those who see the feature will notice the number of views and the number of likes rolling up on the screen to a higher number while they are viewing the video. Google calls this progress and for some of you, it may be.

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  • Gasoline price falls third time in a row

    Gasoline price falls third time in a row

    On Thursday, prices of the popular gasoline RON95 dropped for the third time this month while diesel slid to a four-month low.

    RON95 fell 0.13% to VND22,990 ($0.95) per liter, while biofuel E5 RON92 rose 0.46% to VND21,790.

    This was RON95’s third straight decline this month.

    Diesel declined for the fourth time in a row by 0.44% to VND20,190, lowest since Jul. 21.

    Global oil price was little changed on Thursday as investors remained cautious ahead of expected production cuts by the OPEC+ group, and as weaker-than-expected Chinese factory data underscored slowing growth in the world’s second largest economy.

    Since last Thursday RON92 has risen 0.72% to $91.75 per barrel while RON95 dropped 0.16% to $97.11. Diesel fell 0.5% to $101.94.

  • Gasoline, diesel prices drop

    Gasoline prices went down for the second time in a row Thursday, while diesel declined for the third straight time.

    The popular gasoline RON95 fell 2.17% to VND23,020 ($0.95) per liter.

    Diesel went down 2.87% to VND20,280.

    Starting this week, the government will adjust retail fuel prices every Thursday instead of every 10 days as before.

    Global fuel prices dropped slightly in the last ten days due to a decline in demand caused by economic recessions and rising U.S. crude oil inventory.

    RON92 fell 2.9% to $91.09 per barrel, while RON95 dropped 2% to $97.26. Diesel declined 2.4% to $105.15.

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  • IT workers surplus to plans for many companies

    IT workers surplus to plans for many companies

    Many IT employees are being laid off or forced to quit and struggling to find new jobs due to a decline in demand due to the economic downturn.

    After a payment project was unexpectedly canceled in July as the company, a big tech brand in HCMC, no longer had the cash to keep it running, IT manager Quang Vu had no choice but to start looking for a new job, just many of his peers in the industry.

    “Many people I know in e-commerce, e-wallet and delivery companies are being affected by a wave of restructuring,” he said, adding that the layoffs are often not publicly announced.

    Dinh Ngo, who works at an IT job, said his German employer has stopped looking to hire for certain positions and is not extending contracts with people in those jobs.

    “Projects that are not profitable will be suspended.”

    A recent report by recruitment platform VietnamWorks said most companies have reduced their recruitment budget for IT employees this year.

    It surveyed non-tech companies that need IT staff and tech and IT businesses.

    It said only 61.3% of employees in tech companies believe they have stable jobs.

    At non-tech companies, 21.6% of IT workers have quit this year.

    Around 22.2% of companies in HCMC have reduced IT staff recruitment and 14.7% in Hanoi have reduced their salaries and bonuses.

    IT is among the three sectors with the biggest drop in recruitment in the last three years — at 23% — according to a report by consulting firms Talentnet and Mercer.

    Industry insiders attributed this to the impact of global economic challenges.

    Cai Dang Son, director of products and engineering at recruitment company Navigos Group, said businesses are focused on coping with the current difficulties.

    The biggest decline in hiring is seen at e-commerce and ride-hailing companies.

    Investment in Vietnamese tech startups dropped by 82% to US$66 million in the first half of this year.

    Tung Lam, a former product manager who has been jobless for six months, said “Compared to before Covid-19, the number and diversity of jobs have plummeted.”

    The VietnamWorks report also pointed out that more than 25% of IT staff have difficulty finding jobs, with new graduates all but ignored.

  • Gasoline, diesel prices fall

    Gasoline, diesel prices fall

    Gasoline prices dropped slightly, while diesel slid to a three-month low Monday afternoon.

    The popular fuel RON95 fell 1.63% to VND23,530 ($1), while biofuel E5 RON92 dropped 1.5% to VND22,270.

    Diesel plunged 4.83% to VND20,880.

    In the last 13 days fuel prices have fluctuated globally due to tightened supply after Russia and Saudi affirmed production cuts, the strengthening of the U.S. dollar, and the Middle East conflict.

    RON92 fell 1.5% to $93.78 per barrel, while RON95 dropped 1.6% to $99.20. Diesel declined 3.6% to $105.29 per barrel.

  • Vietnam’s power prices increase by 4.5%

    Vietnam’s power prices increase by 4.5%

    Starting Thursday, Vietnam’s power prices increased by 4.5% to over VND2,000 (8.2 U.S. cents) per kWh, the second time they went up this year.

    Average power prices have increased from VND1,920.37 to VND2,006.79 per kWh, just six months after prices increased by 3% in May, state-owned Vietnam Electricity (EVN) announced.

    Nguyen Quoc Dung, head of the business department of EVN, said the government would continue to support those in circumstances through cash financially, their values being 30 kWh worth of power use a month.

    Nguyen Dinh Phuoc, EVN’s head accountant, said that power prices for domestic use are still lower than those for industrial use after the increase. He also said EVN proposed the 4.5% increase to ensure social security and socio-economic criteria.

    The price increase will help EVN earn an additional VND3.2 trillion (US$131.39 million) until the end of this year.

    EVN said certain factors impacted its costs this year, including hydropower production dropping by 17 billion kWh, while fuel prices remain high.

    Production costs account for 83% of energy pricing, it said. The firm adds that with current fuel prices, each kWh of energy produced costs around VND2,098.

    Last year, EVN reported over VND26 trillion of losses.

    In a recent report by the Ministry of Planning and Investment, its losses have increased by another VND28 trillion in eight months.

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  • Gasoline prices go up

    Gasoline prices go up

    Gasoline prices went up for the second time in over a week, while diesel prices dropped slightly.

    The popular fuel RON95 went up 1.79% to VND23,920 per liter.

    Biofuel E5 RON92 rose 2.08% to VND22,610.

    Diesel dropped 2.46% to VND21,940.

    Global prices have fluctuated in the last 10 days amid Middle East tension and the U.S. increasing oil supply.

    RON92 went up 1.3% to $95.25 per barrel, while RON95 rose 1.9% to $100.8. Diesel dropped 2.65% to $111.8.

  • Universal Music opens concept store in Japan for music ‘super-fans’

    Universal Music opens concept store in Japan for music ‘super-fans’

    Universal Music Japan (UMJ), a subsidiary of Universal Music Group (UMG), has opened a concept store to cater to music enthusiasts.

    The four-storey store in the centre of Tokyo’s hip contemporary fashion destination Harajuku, provides a platform for artists to express their creative ideas and share them with their audience through activity programs.

    The store also ranges the brand RS No.9, which gained extensive notice from fans of The Rolling Stones worldwide for its apparel, merchandise, and unique collaborations, both in-store and online, after launching in London in 2020.

    “ This store represents an exciting new venture for UMG, and celebrates the incredible impact and role, that fans play in supporting their favorite artists,” said Naoshi Fujikura, president, and CEO of Universal Music Japan.

    “In the coming months, the store will offer unique fan experiences for our artists, both domestic and international, creating new commercial opportunities for our artists and business.”

    The new store displays the Rolling Stones’ “Lips and Tongue” logo and a variety of products on display and for sale. The Rolling Stones’ first new studio album in 18 years, Hackney Diamonds, was released alongside the launch of RS No.9 Harajuku, which also sells exclusive original Japanese-only clothing and items.

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  • Hanoi Railway Transport reports record profit

    Hanoi Railway Transport reports record profit

    The Hanoi Railway Transport Joint Stock Company has reported record after-tax profits of VND54 billion (US$2.2 million) mainly due to a nonrecurring revenue item, interest in bank deposits.

    It received interest of VND245 billion on deposits, but also managed to trim expenses, according to its latest financial statements. Gross profit rose 40% year-on-year to VND110 billion. However, total revenues were down 5% to VND637 billion.

    The company has improved its profits for three consecutive quarters, but still has accumulated losses of VND285 billion after 11 quarters of losses during the Covid pandemic.

    For the year to date it had revenues of VND1.895 trillion and profits of VND98 billion, the former only slightly up year-on-year but the latter surging 2.8-fold.

    This year the company is promoting cargo transportation and joining hands with major travel agencies to transport foreign tourists.

    The company, one of the two biggest subsidiaries of the Vietnam Railways Corporation, operates northern and the Hanoi-Ho Chi Minh City routes and international transportation of goods and passengers through two northern border gates.

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  • Power shortage in Vietnam looms until 2050

    Power shortage in Vietnam looms until 2050

    With the construction of many large power plants stalling or slowing and the dependence on imports for energy increasing, electricity shortages are possible until 2050, lawmakers fear.

    According to a report on energy development in 2016-21 done recently by a supervisory team form the National Assembly Standing Committee, Vietnam’s primary energy resources are increasingly depleting with hydropower being fully tapped and oil and gas output in some major fields decreasing rapidly.

    Generation varies between regions with some power projects like Na Duong II, Quynh Lap I, Cam Pha III, Ca Voi Xanh, LNG Thi Vai, and LNG Son My slow to be completed, and some others grinding to a halt. The delays led to shortages in the north in May and June.

    A World Bank report published in August estimated Vietnam’s losses due to the electricity shortages at US$1.4 billion, or 0.3% of GDP.
    Experts warn about continuing shortages in the north since no new plants are going on stream in the next two years.
    The risk of power shortages, especially in 2024-25, was also flagged by Vietnam Electricity (EVN) in a recent report to the Ministry of Industry and Trade.
    It expected there would be “basically enough electricity” in 2024, but said in 2025 the north could face a shortage of 6.8 billion kWh during the peak dry season in May-July. But a slew of new plants is scheduled to go on stream at the end of 2025.
    Besides facilitating the construction of power plants and undertaking grid works to transmit electricity to the north, EVN also plans to step up power purchases from Laos.

    Also according to the report, investment in power plants and power grids in 2016-21 was inadequate. The grid connection and power transmission capacities did not meet the needs of renewable energy plants in the central region.

    Power generation is insufficient in the north and a stable and efficient linkage with Southeast Asia has yet to be set up.
    According to the report, annual electricity output and imports increased 50.8% between 2015 and 2020 to 247 billion kilowatt-hours. Consumption also rose 50% to nearly 217 billion kilowatt-hours.

  • Ikea sticks with China despite slowing economy

    Ikea sticks with China despite slowing economy

    China is still a key growth market for budget furniture retailer IKEA despite the world’s second-largest economy showing signs of strain, executives at the biggest IKEA store owner said on Thursday (Oct 12).

    China was for several years the fifth biggest market by revenue for Ingka, which runs most IKEA stores globally, but it has now slipped to tenth position, accounting for 3.6 per cent of global sales in its 2023 financial year, which ended Aug. 31.

    Ingka Group remains committed to China, CEO Jesper Brodin told Reuters, even as some Western companies are seeking to reduce their exposure to the country whose post-pandemic recovery has been sluggish.

    “There is no middle way, you have to either believe and invest or you don’t, and in our case we are committed to China and the growth and development,” Brodin, who visited China last month, said in an interview.

    China’s weight as a market for Ingka Group has diminished: in the 2022 financial year it made up 4.3 per cent of global sales, while as recently as 2018 it accounted for 6 per cent, the same share as the UK. The company has 37 IKEA stores in China, out of a total of 537 locations worldwide.

    Ingka Group overall saw 697 million visits to its IKEA stores in the 2023 financial year, up 7.4 per cent from the previous year. The rate of increase was much higher in China, Brodin said, as stores reopened and shoppers returned.

    Ingka sees potential for China to make it back into its top five markets, based on sales in recent weeks.

    China’s sheer size makes it a key opportunity, said Tolga Oncu, head of IKEA Retail at Ingka Group.

    “Considering the size of the home furnishing industry in China and our existing market share, I am not, from the IKEA point of view, concerned so much about what’s happening in the macroeconomics,” Oncu said.

    He shrugged off economic data showing weaker consumer demand and high youth unemployment in China.

    “Normally in these circumstances, IKEA outperforms the rest,” Oncu said.

    China is also a key market for new retail technologies, Brodin said. As social media livestreaming as a shopping channel booms in China, he said Ingka is experimenting with live shopping there and plans to expand it to all its markets.

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  • Gasoline prices down after 2 months

    Gasoline prices down after 2 months

    Gasoline and diesel prices declined in Vietnam Wednesday afternoon, following a similar trend globally.

    The popular RON 95-III dropped 7.24% to VND23,040 ($0.94) per liter.

    Biofuel E5 RON92 fell 6.8% to VND21,900 ($0,90).

    Diesel decreased by 5% to VND22,410.

    The average price of RON 92 dropped 1.5%, to $86.78 per barrel, while RON 95 fell 1.8%. to $91.59 per barrel. Diesel also declined by 0.5% to $92.16.

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  • Vietnam probes wind towers imported from China, weighs anti-dumping tax

    Vietnam probes wind towers imported from China, weighs anti-dumping tax

    Vietnam’s industry ministry has launched an investigation that could lead to anti-dumping duties on wind towers originally from China, following a complaint by domestic producers, the government said on Saturday.

    Producers in Vietnam have claimed that dumping of Chinese-origin towers has caused “significant damage” to them, the government said in a statement, without elaborating.

    “In case of necessity, based on preliminary investigation results, the trade ministry can apply temporary anti-dumping measures to prevent dumping activities that hurt domestic manufacturing,” the statement added.

    The government gave no timeline for completing the investigation.

    Neither Vietnamese customs nor the statistics office provide data on wind tower imports.

    According to the trade ministry, local producers were proposing an anti-dumping tax rate of 97%.

    Wind towers imported to Vietnam currently enjoy a most-favored nation (MFN) tariff of 3%.

    Vietnam is looking to boost wind energy as it begins the transition to becoming carbon-neutral by mid-century, aiming for wind, most of it onshore, to account for 18.5% of the total power mix by 2030.

    The Chinese embassy in Hanoi did not immediately respond to a request for comment outside of business hours.

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  • EVN seeks to speed up electricity imports from Laos

    EVN seeks to speed up electricity imports from Laos

    Vietnam Electricity (EVN) is seeking approval from the government to speed up the import of electricity from Laos since shortages are forecast in the northern region.

    It plans to import electricity equivalent to 225 MW from the Nam Mo and Houay Koauan hydropower plants.

    It is also seeking permission to link up the Savan 1 and 2 wind power plants in Laos with the Vietnamese grid.

    Until 2025 no new major power plant is set to enter the grid in northern Vietnam, which is expected to face shortages.

    By 2025 the shortage is estimated to be 3,630 MW.

    Purchasing from Laos is economical since its hydropower costs only 6.95 cents per kilowatt-hour, lower than local prices, EVN said.

    In August Prime Minister Pham Minh Chinh approved a proposal to import 2,698 MW worth of power from Laos, with EVN signing purchase contracts for around 83% of it.

    The north suffered a crippling power shortage in summer this year, with many localities resorting to load shedding. Imports from Laos and China met 10% of demand during the period.

     

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  • Spotify launches pilot Voice Translation for podcasts

    Spotify launches pilot Voice Translation for podcasts

    While everyone is anxious to learn more about Spotify’s HiFi tier, the streaming company announced the launch of a much smaller new feature: Voice Translation for podcasts.

    The pilot Voice Translation for podcasts is a new feature powered by AI, which does exactly what the name suggests: it translates podcasts into additional languages in podcaster’s voice.

    Developed in partnership with OpenAI, Voice Translation will match the original speaker’s voice for a more authentic listening experience. Thanks to the new feature, a podcast episode originally recorded in English will be available in other languages while keeping the speaker’s speech characteristics.

    In the same piece of news, Spotify announced that it has worked with popular podcasters such as Dax Shepard, Monica Padman, Lex Fridman, Bill Simmons, and Steven Bartlett as part of the pilot.

    According to Spotify, the first voice-translated episodes from pilot creators will be available worldwide to Premium and free users. However, the initial bundle of translated episodes will only be available in Spanish, with French and German rolling out in the coming days and weeks.

    Starting today, the following podcast episodes will be rolled out to users on the respective Now Playing View:

    • Lex Fridman Podcast – “Interview with Yuval Noah Harari”
    • Armchair Expert – “Kristen Bell, by the grace of god, returns”
    • The Diary of a CEO with Steven Bartlett – “Interview with Dr. Mindy Pelz”

    In other news, Spotify revealed that more than 100 million people regularly listen to podcasts on its streaming platform, which shows that there’s a huge audience for those willing to create this type of content.

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