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  • Vietnam private carriers seek zero interest loans

    Vietnam private carriers seek zero interest loans

    The Vietnam Aviation Business Association (VABA) has proposed an interest-free loan package for private airlines, similar to the one accorded national carrier Vietnam Airlines.

    The airlines are bearing high costs while revenue has declined drastically, but they have to maintain equipment and workforce so as to restart when the market recovers, VABA vice president and general secretary Bui Doan Ne, said at a recent meeting to discuss a bailout package for enterprises.

    Ne suggested stronger support from the government, including a preferential loan package with zero percent interest, similar to the one given to Vietnam Airlines.

    This year, the State Bank of Vietnam (SBV) has provided a refinancing loan of VND4 trillion ($173 million) at zero percent interest for one year to support Vietnam Airlines.

    The support for aviation businesses is necessary because this is an industry that has the ability to recover quickly when the economy opens and is also a major contributor to the state budget, Ne said.

    Vietnam Airlines, budget carrier Vietjet Air, the Airports Corporation of Vietnam (ACV), and the Vietnam Air Traffic Management Corporation (VATM) contributed over VND22 trillion in taxes and fees to the state budget in 2019.

    He said aviation development will spur tourism in particular and the economy as a whole. Some estimates say aviation growth of 2.5 percent will stimulate 1 percent of GDP growth.

    Nguyen Tuan Anh, head of the central bank’s Credit Department, said that it was planning a VND3 trillion aid package for enterprises.

    Nguyen Quoc Hung, general secretary of the Vietnam Banks Association, noted that not only airlines but a number of other businesses in the hospitality field were also severely affected by the pandemic and need support.

    “We should not support some industries while ignoring others as it would create inequality,” Hung said.

    The aviation industry has been among the hardest hit by the Covid-19 pandemic. In the first seven months of this year, Vietnamese carriers served 13.7 million passengers, down 32 percent year-on-year, according to the General Statistics Office.

  • HSBC Hires Digital Platforms Specialist in Singapore

    HSBC Hires Digital Platforms Specialist in Singapore

    The bank said the newly created role will help one of its key pillars of embedding its solutions into the digital platforms that its clients are adopting.

    HSBC has appointed Aman Narain as head of platforms for global commercial banking, a role in which he will lead its strategy, including the development, commercialization and innovation of propositions, according to an announcement on Wednesday.

    Narain joins the bank from Google, where he was instrumental in the build-out and commercialization of revenue-generating ecosystems, including the launch of Google Pay in Singapore and the design of the GooglePlex account in the U.S.. He previously led digital and marketing transformation for Schroders and held various leadership positions at Standard Chartered.

    Based in Singapore, Narain will report to Stuart Tait, regional head of commercial banking, Asia Pacific.

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  • Airlines want minimum fares, no one else does

    Airlines want minimum fares, no one else does

    While economists fear having lower limits for airfares will distort competition, some airlines worry safety is at stake. If fares do not make up even the fuel costs of a flight, aviation safety would be affected, Dang Ngoc Hoa, chairman of Vietnam Airlines, said at a meeting held on Monday to get feedback from economists on proposed minimum fares.

    The Civil Aviation Administration of Vietnam (CAAV) has proposed minimum fares of VND320,000-VND750,000 ($14.06 – $32.95) for domestic flights between November 1 and October 31 next year to help airlines overcome the difficulties caused by the Covid-19 pandemic.

    Too low prices would weaken all airlines, Hoa said. Many countries like China and India have floor prices for air tickets, he pointed out.

    He said amid the pandemic fares are very low at just 40 percent of those in 2018-19, and 250 airplanes are parked in airports, some of which are running out of parking space.

    But despite the low fares, airlines have to keep operating to maintain parking space, minimum cash flows and planes, he said.

    During the first Covid outbreak in March 2020, there were three flights a day in total, while during the fourth wave starting in April 2021, especially July-August, “there were no flights”, he said.

    All carriers have been hit and most airlines are facing losses, he said.

    Vietnam Airlines made a loss of VND7 trillion ($301.7 million) in the first half of the year, while private airlines reported losses of a trillion dong, he added.

    But despite his impassioned argument, economists at the meeting said minimum fares are not acceptable.

    Can Van Luc, chief economist of BIDV, said floor prices could cause confusion and be unfair to both state-owned and private enterprises, and even violate the Law on Prices and the Law on Enterprises.

    Nguyen Sy Dung, former deputy head of the Office of the National Assembly, said: “it is unfair to impose a floor price on air tickets”.

    If minimum fares are applied, a three-star airline must sell at the same price as a five-star airline, and no customer would spend money to travel in the former, he pointed out.

    “We might kill an airline through price policy. It’s unacceptable”.

    In a recent communication to the Ministry of Transport, three airlines agreed to apply floor prices airfares while two others disagreed.

    The Department of Transport admitted that since costs and services are not comparable, it would be difficult to determine common minimum fares applicable to all airlines.

    In the first seven months of this year Vietnamese carriers carried 13.7 million passengers, down 57.7 percent from the same period in 2019.

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  • Pulled Oat joins Australian plant-based foods menu

    Pulled Oat joins Australian plant-based foods menu

    Finnish plant-based food company Gold & Green joins the ranks of businesses offering alt-meat in Australia with the launch of Pulled Oats, an oat-based plant protein.

    As consumers become more aware of their food sources, the market for plant-based protein is rapidly increasing. In the past year alone, Australia’s plant-based meat sector retail sales increased by 46 percent.

    “Many are looking for non-soy-based alternatives, with high protein content and preferably without any weird ingredients they cannot pronounce,” said Annette Kauppinen, CMO, Gold & Green

    “Pulled Oats is a great answer to this as it contains only simple and familiar ingredients and offers great nutritional value and a good source of protein including a balanced amino acid composition.”

    Launching in Woolworths this month, the new plant-based protein is made from six simple ingredients: Nordic oats, faba (broad) bean, pea protein, water, oil, and spices. According to the company, the product is high in protein, can absorb flavor well and is versatile enough to be used as a meat alternative in favourite dishes without compromising taste.

    Founder and CIO of Gold & Green, Maija Itkonen, says she saw an opportunity to be part of the solution in the global environmental crisis after seeing the “untapped potential” of Nordic oats, one of the world’s most ecological crops. Afterwards, she teamed up with an oat scientist to develop a process that combines faba bean and yellow pea protein to create a highly nutritious plant-based protein with a simple ingredient list.

    Maija explains, “From the very beginning, our passion has been to change eating habits for healthier people and planet – with delicious new plant-based food.” she said

    “We wanted to create a protein that does not mimic anything but is a true plant-based alternative that stands on its own. It can be used like chicken, pork or beef, and we do have even some fish recipes, which are amazing.”

    Gold & Green Pulled Oats are available at Woolworths in two flavours, Nude and Tomato, for RRP $8.50 per 240g pack.

  • Vietnam’s Bamboo Airways to sign $2 bln deal with GE for engines on Boeing jets

    Vietnam’s Bamboo Airways to sign $2 bln deal with GE for engines on Boeing jets

    Vietnam’s Bamboo Airways will sign a deal valued at nearly $2 billion with General Electric to purchase GEnx engines to power Boeing 787-9 Dreamliner aircraft, the airline said on Tuesday.

    The GEnx engines, due to be delivered in 2022, will be used on the airline’s wide-body Dreamliner fleet to operate planned non-stop routes between Vietnam and the United States, the company said.

    “This new signing agreement will be an important milestone for the airline to expand its transcontinental flight network, connecting Vietnam with medium- and long-range markets,” the statement said.

    The airline said it will open a representative office in the United States and sign agreements with San Francisco International Airport and Los Angeles International Airport this week, paving the way for its first test of a non-stop flight between the countries on Thursday.

    Bamboo said it aims to finalise procedures for non-stop commercial flights to the United Sates early next year, pending government approvals.

    Bamboo said it is also seeking to expand its international flight network and open more routes to Australia, the United Kingdom and Germany, using its Boeing 787-9 Dreamliner aircraft.

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  • 5 Major Impacts IFRS 9 Will Have on Financial Institutions

    5 Major Impacts IFRS 9 Will Have on Financial Institutions

    Introduced in 2014 as a direct replacement for the International Accounting Standards Board’s IAS 39, IFRS 9 is the International Financial Reporting Standards’ most updated set of guidelines on classifying and measuring financial assets and liabilities. IFRS 9 offers exhaustive requirements for financial institutions like banks with regard to the following:

    • How to categorize financial instruments according to amortized cost, fair value through comprehensive income, or fair value through profit and loss;
    • How to sort accounts into IFRS 9-specific impairment stages based on each account’s unique credit risk characteristics, and;
    • How to do hedge accounting in accordance with IFRS 9 guidelines.

    At the heart of this admittedly complex standard is a desire to make financial institutions more risk-sensitive and more careful about taking on too much credit risk. And though the provisions may be initially difficult to adjust to—especially for smaller banks with modest regulatory tech infrastructure—investing in an IFRS 9 application and achieving compliance as early as possible will have its rewards.

    To illustrate, here’s a briefer on the five biggest ways that IFRS 9 will affect banks. If you intend to start your IFRS 9 compliance journey soon, these are the hurdles—as well as the victories—that your own bank can expect.

    It Will Lead Banks to Develop More Risk-Sensitive Temperaments

    One significant impact that IFRS 9 will have when it’s fully embraced by banks is that it will compel them to cultivate more risk-sensitive outlooks. IFRS 9 calls for a shift away from top-down and rules-based risk modeling approaches and advocates for risk modeling that’s more grounded in the present situation.

    Your bank can use IFRS 9’s guidelines on impairment stages as its basis for risk modeling and loss modeling of financial instruments. IFRS 9’s impairment classification will definitely give you cause to examine your current accounts and distinguish those whose credit quality and ability to make repayments may result in losses for you. This will allow you and your staff to prepare for the probability of default and to devise contingency plans according to your risk outlook.

    It Will Compel Banks to Be More Exhaustive with Their Regulatory Data Management Strategies

    IFRS 9 will also require banks to do intensive calculations for items like expected credit loss (ECL), expected interest rate (EIR), and effective interest spread (EIS). Of course, to achieve full accuracy and timeliness in the calculation of these, banks will need to be conscientious about the data that serves as their basis.

    For sure, it will be a challenge not only to handle massive volumes of risk-related data, but also to ensure that this data is clean, up to date, and properly reconciled. Your bank will have a much easier time managing all your IFRS 9 calculations from a consolidated platform. Consider a solution that can flexibly analyze data related to risk, such as an individual asset’s payment status, the home industry of the borrower, and the borrower’s internal and external credit scores. This mastery over your data will help you arrive at the clearest possible picture of your expected losses.

    It Will Require Banks to Fine-Tune Their Capital Management Strategies

    You can also expect the IFRS 9 guidelines to have an impact on your bank’s capital planning and capital management strategies for the near term. One clear example pertains to IFRS 9’s requirement of calculations for expected credit loss, or ECL. For a long time, banks subscribed to the Generally Accepted Accounting Principles’ (GAAP) incurred loss model, which prompted the calculation of losses only after they had already occurred. The current expected credit loss model, however, calls for the opposite—i.e., for banks to preemptively begin calculating all losses that are expected over the life of their financial instruments upon either their origination or their acquisition (except for those measured at fair value).

    Upon arriving at those calculations, your bank will be able to make important decisions like how much more to allot in your loan or loss reserves or how to adjust your pricing strategies to factor in these imminent credit losses. By no means are these easy decisions to arrive at, but having more foresight about your expected credit losses will definitely cushion the blows a little better.

    It Will Reward Compliant Banks with Regulators’ Trust

    The shift to IFRS 9 will initially be a stressful experience for banks, especially in terms of regulatory compliance. But banks that can complete the transition will be able to avoid steep penalties and experience fewer complications from rushed or late-stage compliance.

    Eventually, more banks will develop stronger foundations for complete and accurate financial reporting not only for IFRS 9, but also for related standards like the Financial Accounting Standards Board’s Accounting Standard Update 2016-13 and the Basel Committee on Bank Supervision’s Standard No. 239. If your organization can bolster its regulatory performance in this way, you’ll earn a coveted seal of approval from your regulators.

    It Will Increase Financial Transparency and Rainy-Day Readiness in Banks

    Lastly, IFRS 9 will impart banks with two things they need in this day and age: a strengthened commitment to financial transparency and readiness for unpredictable times. It must be remembered that the IFRS 9 accounting standard was conceptualized in the wake of the 2008 financial crisis. It was meant to serve as a wake-up call for banks to reevaluate the decisions they made amidst a volatile economy.

    Today’s banks need to be just as wary of risk and as prepared for critical losses in light of the financial crisis brought about by the global pandemic. At the same time, they must also heed the call for financial transparency and levelheaded financial housekeeping practices for the sake of their customers. Thus, it would be good for your bank to see IFRS 9 as more than just a compliance-related hassle and instead, as a means for attaining resilience and trustworthiness.

    Conclusion

    The IFRS 9 compliance journey will be hardest for banks when they are still adjusting to the requirements. But after they’ve undergone the necessary infrastructure upgrades and adjustments to their regulatory reporting protocols, they’ll be even readier to manage their repertoire of financial instruments in risky, unpredictable times. Give your bank a fighting chance at adjusting to the circumstances, and get a head start on your IFRS 9 compliance.

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  • Beijing Seeks Alipay App Break-Up

    Beijing Seeks Alipay App Break-Up

    There is more restructuring underway for Jack Ma’s Ant Group with Chinese authorities reportedly seeking to break up Alipay, its super app with over 1 billion users.

    Chinese officials want Ant to make its traditional credit card and small unsecured loans business – Huabei and Jiebei, respectively – into two separate apps, breaking up what used to be a single Alipay app.

    The plans also require Ant to turn over user data to a new partly state-owned credit scoring joint venture.

    The government believes big tech’s monopoly power comes from their control of data, said one source. It wants to end that.

    The reported deal that will make Zhejiang Tourism Investment a majority shareholder is considered favorable for Ant due to its relationship with its home province.

    Given the mutual trust between Ant and Zhejiang, the fintech group will have a big say on how the new JV operates, said an unnamed former Chinese central banking official. But the new set-up will also make sure that Ant listens to the party when it comes to critical decision-making.

    What does Zhejiang Tourism Investment Group know about credit scoring – nothing, said another source who noted while Ma’s team would lead the venture, there was concern about future loss of control.

    The Huabei and Jiebei businesses fall under a ‘CreditTech’ unit and is a leading revenue generator for the fintech giant.

    Last year, it issued about one-tenth of the non-montage consumer loans in the second-largest economy in the world.

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  • Instagram CEO says that there are no plans to create a native iPad app

    Instagram CEO says that there are no plans to create a native iPad app

    If you don’t own an iPad, you might not know that there is not an Instagram app for Apple’s tablets. But that might not be surprising since stablemate WhatsApp is only now developing an app for the iPad. Instagram chief Adam Mosseri responded to the question “Where’s the Instagram iPad app?” by saying, “I spent a bit of a time on an iPad because I was on a flight, but still no iPad app for Instagram. It would be nice to do, but there’s a lot to do and only so many people, so it hasn’t made the cut.”

    This response doesn’t make sense to many iPad owners. And back in June, Instagram started to allow those accessing the site from their computer to post to it from the desktop. Once iPadOS 15 is released (which could happen as soon as this coming week), a change will allow iPhone apps without an iPad counterpart to be viewed in landscape mode. The scaled-up iPhone version of Instagram will be able to switch orientation on the iPad following the release of iPadOS 15.

    Back in 2010 when the iPad was brand new, Apple wanted to bring apps to the tablet that were available on the iPhone but not yet developed for the iPad. This way iPhone users could purchase an iPad with the knowledge that their favorite apps would be available.

    Currently, Instagram does have a pair of camera apps for the Apple iPad. Hyperlapse creates time-lapse videos using Instagram’s in-house stabilization. This allows users to make time-lapse videos without requiring the use of a tripod or other gear. An entire sunrise can be captured in just a 10-second video and an entire video can be sped up to 12 times normal. Videos can be shared seamlessly over Instagram and Facebook or saved on the camera roll to be shared with any platform.

    The other Instagram camera app available for the iPad is Boomerang. With this app, you can record looping videos. As the App Store listing says, “Find something (or someone!) that’s moving, or create a video selfie by switching to the front-facing camera. There’s just one button. Tap it once and Boomerang does the rest: shoots a burst of 10 photos and turns them into a delightful mini video. Share it on Facebook and Instagram right from the app, or save your video to your camera roll to share later.”

    As delightful as this sounds, iPad users would prefer to have an Instagram app made specifically for the tablet. While Facebook and Messenger do have iPad versions of their apps, it is the rest of the Facebook app family that acts as though the iPad doesn’t exist. The WhatsApp for iPad native app is supposedly incoming but has yet to surface, and of course, there is the lack of an Instagram app for the tablets.

    Facebook purchased WhatsApp in a transaction valued at over $21 billion when it closed in 2014. A couple of years earlier, Facebook purchased Instagram for $1 billion in a deal that has become one of the best investments ever made in the tech space. Bloomberg estimates that Instagram now has a current valuation of $100 billion providing Facebook with a huge paper profit.

    Originally a photo filter, Instagram matured to become more of a social media/messaging app. One of the biggest moves it made was to steal away Snapchat’s stories feature which allows pictures and videos to remain posted for 24 hours before they are removed. Ironically, Instagram’s version of stories has been much more successful than Snapchat’s and other apps have joined the club by offering their own stories-like feature.

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  • Airlines sells in-flight blankets and pyjamas for ‘first-class’ experience

    Airlines sells in-flight blankets and pyjamas for ‘first-class’ experience

    As aviation geeks, many of us have a tendency to want to take some aspects of the flying experience home. For example, this is something United had a huge issue with when they introduced their new Polaris experience, as they found a lot of people were removing the blankets and pillows from the plane, given how comfortable they are.

    United then started selling some of the Polaris amenities online, and I know it has been popular with many. For example, I really love the Polaris duvet, and think it makes a great gift for any aviation geek (and it’s not horribly priced for a duvet either).

    It looks like Emirates is following in United’s footsteps, as Emirates is now selling some of their first-class amenities through their online store.

    The Emirates online store in general has some awesome merchandise for anyone who likes Emirates branded great, but the addition of some first class items is cool as well. Here are the first-class items you can expect to see online:

    Bowers & Wilkins PX Headphones

    The Bowers & Wilkins PX headphones are made to suit every environment you’re in. With 22 hours of battery life, and 3 noise cancellation modes – these headphones have you covered whether you’re in the office, city streets or any flight. Available in two colors with an exclusive Emirates travel case – grab a pair quickly before your next adventure!

    Available in all Emirates Official Stores and www.emirates.store, these must-have headphones retail at AED 1,799.

    Hydra-active Sleepwear (First Class Pyjamas)

    Relax in the world’s first moisturizing sleepwear range to ever be developed for an airline, and drift off like you’re up at 40,000 feet in hydra-active sleepwear pyjamas. Designed to prevent skin dehydration, you’ll feel rested and refreshed every morning. The fabric is crafted with the use of natural ingredients – Shea Buter and Argan Oil – which are released with every motion, keeping your skin moisturized and protected.  The patented Microcapsule Technology locks in the natural benefits, allowing you to wash the pyjamas and use them again them again.

    Catering to female and male sizes – the pyjamas come in four sizes and in a jersey travel pack. The dark grey men’s pyjamas come with wide leg pant and ribbed collar, while the female’s pyjamas come in a light grey tapered pant and reverse darker color collar.

    Available in all Emirates Official Stores and www.emirates.store, the First Class pyjamas retail at AED 200 per piece.

    First Class Blanket

    As the winter and the festive season approach, grab yourself a warm blanket for those special chilly nights spent at home with family and friends. When open, the cream-colored, furry blanket has armholes and pockets to keep hands and feet warm.  This essential item can also be converted into a travel pillow, providing ultimate comfort and support for the neck.

    Available in all Emirates Official Stores and www.emirates.store, the First Class blankets retail at AED 225.

    The Bowers & Wilkins PX headphones are good, but at the price I think there are better ones out there.

    I find Emirates’ new pajamas to not be particularly comfortable.

    And I also don’t think their blankets are great, and actually prefer the United Polaris duvet, if you are in the market for an airline blanket for home.

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  • Cambodia’s newest mall opens in Phnom Penh

    Cambodia’s newest mall opens in Phnom Penh

    The One Mall, a Chinese-backed three-storey shopping mall project in Phnom Penh, is expected to be completed in the second quarter of this year, after missing its scheduled December opening.

    In August, The One Mall Management (Cambodia) Co Ltd, which is a subsidiary of Chinese firm Ming Sheung International Investment Co Ltd and the developer of the project, announced that the mall would be officially opened in December.

    “It will be complete around April this year. Construction is moving along well. Workers are on the job day and night. Around 70 per cent has been completed so far,” a source close to the project told The Post on Wednesday.

    However, the source declined to comment when asked about the project’s delay.

    The project is constructed on a 12,000sqm plot at the site of the former container night market and near The Bridge building in Phnom Penh’s Tonle Bassac commune.

    The value of the firm’s investment has not been disclosed.

    In August, The One Mall Management announced that The One Mall will comprise of shops, a kid’s zone, a fitness centre, restaurants and clothing stores. The project’s construction began in June last year.

    Century 21 Mekong CEO Chrek Soknim told The Post on Wednesday that the retail market is very popular among the Kingdom’s middle-income earners.

    However, demand currently outstrips supply, he said. “Retail is currently making a strong foray into Cambodia – targeting Cambodians with good income and a need for better goods.

    “Mall construction [projects] has not yet met the demand, and it will lead to more retail construction,” he said.

    In August, The One Mall Management chairman Chris Wong said economic growth in the Kingdom prompted the company to invest in a large retail mall in the heart of Phnom Penh.

    He said The One Mall will play host to many local and international brands.

    “To date, we are heartened that The One Mall has received support from long-standing retail brands in the Kingdom.

    “The One Mall has a clear focus on offering different exposure to a social space where people spend their time experiencing, discovering and shopping,” Wong said.

    The company also announced a new mall in Sihanoukville to attract Chinese clientele there.

    A CBRE Cambodia report said there were a total of 19 buildings in Phnom Penh providing 314,000sqm of retail space as of the end of last year.

    At the end of 2018, there were 14 buildings in the capital providing 282,580sqm of retail space, it said.

    This year, CBRE Cambodia expects an additional 261,746sqm in retail space supply, bringing the total in Phnom Penh to 575,700sqm.

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  • Coca Cola Australia ways into first alcoholic beverage

    Coca Cola Australia ways into first alcoholic beverage

    Coca-Cola Australia has launched a drink unlike any other it has produced before.

    For the first time, the company will enter the alcohol market with its Topo Chico Hard Seltzer which blends sparkling water with alcohol and natural flavor.

    The hard seltzer category has seen huge growth over the last 12 months and the soft drink giant also wanted to jump on the bandwagon.

    Coca-Cola South Pacific vice president Robert Priest said their beverage will have a great appeal to those drinkers looking for something new and refreshing to enjoy.

    “We have a fantastic product in Topo Chico Hard Seltzer which is backed by fans in Latin America and Europe and we’re confident Australians will love the light, refreshing taste,” Mr. Priest said.

    He said the company is “very good at finding drinks” and finding a new direction, and understanding what people want to drink as well.

    The hard seltzer category has blown up in recent time with the IRI predicting sales in Australia could be as high as $300 million by 2025.

    The publication explained its appeal comes from its reported health and wellness profile and how it usually contains less than 100 calories and generally has a lower ABV at around 4-5 percent.

    Seltzer water is carbonated water, and a replacement for soda and other sugary drinks that can increase the chances of conditions such as obesity and type 2 diabetes.

    The new alcoholic beverage will be available in three flavors: Tangy Lemon Lime, Pineapple Twist, and Strawberry Guava — with each can containing 4.7 percent alcohol by volume (ABV) and under 104 calories.

    Its description reads that its also gluten-free with no artificial sweeteners.

    Dietitian Leanne Elliston said at the end of the day consumers need to be made aware it’s still alcohol.

    “There is absolutely no nutritional value in hard seltzers and as such, they do not contribute to a healthy diet whatsoever,” she said.

    “It would be a concern if younger Australians thought it was a healthier way to drink.

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  • UBS Replaces Veteran Intermediaries Head

    UBS Replaces Veteran Intermediaries Head

    The Swiss wealth manager is replacing the head of its business with financial intermediaries, after a 40-year veteran of the bank retires.

    Zurich-based UBS is appointing Thomas Frauenlob as the head of its business with other financial institutions such as independent asset managers, effective October 1, according to a memo seen by finews.com. The Swiss banker replaces Stefano Veri, who has overseen the so-called FIM business globally since 2015 and is retiring.

    Veri is uniquely heavyweight: he is a 40-year veteran of UBS’ private bank and part of a cadre of elite managing directors. A UBS spokesman confirmed the Ticino native’s retirement. Late last year, Veri was forced to postpone a push in Miami with intermediaries which is led by Mariana Gregori, who is responsible for international business.

    Frauenlob, Veri’s successor, is a former equities banker who moved into the wealth arm in 2016 when he was tasked with UBS’ business with Switzerland’s wealthy and family offices. The role was reduced to family office responsibilities in a restructuring 20 months ago. Frauenlob will be replaced by Josef «Joe» Stadler in this role, a spokesman said.

    In the wider FIM team, Andreas Moser last September replaced Severin Rupp in overseeing institutional intermediaries. Rupp defected to Vontobel, where he runs business with external asset managers.

    UBS’ remaining FIM management team besides Gregori is Claudio Scarfone for Switzerland, Beat Bachmann for Europe, and Hugo Kattendijke for Asia-Pacific.

    Frauenlob, who moves to the FIM business on Wednesday before taking over fully in October, will report to Anton Simonet, UBS head of wealth management in Switzerland as well as the FIM business, and to Iqbal Khan, who co-runs the wider wealth management unit together with Tom Naratil.

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  • How Do Online Casino Games Compare To the Real-Life Versions?

    How Do Online Casino Games Compare To the Real-Life Versions?

    Online casino games have become an integral part of today’s society, not just for recreation but also as a form of entertainment. However, with this huge influx of people looking for trouble at these online casinos comes a lot of scams and schemes. With so much information available on the internet and new players joining every day, there is simply no way for players to stay ahead.

    A close look reveals that the online casino games experience differs in key ways from the offline counterpart. To a great extent, both platforms do offer a certain number of games. The exact differences between the two could either make you win more or have different options for how you play.

    In general, online casinos are more advanced than brick-and-mortar casinos. Don’t take my word for it?  Here are a few things why you should think of playing online casino games.

    1) Online casino games accept different currencies as funds

    For example, Euro, Dollars and so on. Of course, every casino these days accepts both American and international credit cards for transactions. The main difference is that the online gambling platform allows you to cash your winnings in real-life currency (i.e. dollars or Euros), whereas it is not the case in the offline version.

    However, there is no legal requirement for an online casino to accept such currencies. Therefore, it is entirely up to you as a player to choose which currency you want to use for your winnings and a new online casino.

    2) Free money to practice casino games

    Many online casinos have free money offers to attract new players. No other gambling platform in the world can afford such a facility. The number of free chips offered by online casinos is often really high. Sometimes, they even give away entire bankrolls (in free money) to attract new players.

    The benefit of winning more from free money offers is that you can experience the real-life version of playing at the casino and winning big without having to spend a single dime.

    3) Complete freedom in the matter of time or place

    Online casinos have provided more and more options for scheduling your game sessions. These include:

    a. Start anywhere, anytime

    Many online casinos offer a feature called “start now,” where you can play the casino games (in the real-life version) whenever you want. There is no need to find a time that suits you the best when performing these casino games.

    b. Real-time gaming

    Online casinos have created an online platform where players can play their favorite casino games in their spare time. Thus, you can sit and play casino games anytime you want!

    c. 24/7 availability and accessibility

    All online casinos have provided an internet connection all the time without any restrictions imposed by the technicalities. Therefore, you do not have to be at a specific place to play casino games. You can play casino games from anywhere in the world, given that you have an active internet connection.

    d. Mobile gaming

    Some online casinos have provided mobile versions of their casino games so that you can play them on your smartphone if you are not at home or anywhere in between.

    e. A wide variety of casino games

    Online casinos offer a wider range of games than offline casinos do. These include but are not limited to online poker, live blackjack, online roulette, and craps. Online casino games are also available in multiple languages, with English being the most popular.

    4) It is easier to keep track of the budget

    Online casino software has been in the market for quite some time now. It is pretty common to see Facebook and Twitter screenshots of winning hands. For example, you can happily check your bankroll on Facebook or Twitter whenever you feel like changing it.

    Traditionally, casinos used to keep their information subtle and confidential, but they can no longer hide their success stories. Adding this to the fact that there is zero restriction on how much you can withdraw per day makes online gaming a preferred choice for most players instead of regular gambling.

    5) Greater customization of casino games

    Online casinos have given you more room than offline casinos have. This means that you can make multiple combinations of choosing how to play casino games. The number of options is much more. Online casinos have also offered a wider variety to gamers than offline casinos do. You can choose to play practically any game you want!

    6) Increased number of available casino games

    Online casinos have more games than their offline counterparts. They also offer a much better variety of them. Online casinos also have much more online slots than offline ones do. Online casinos offer more mobile games as well, especially for smartphone users. If you are interested in playing casino online with real money, don’t hesitate but go ahead and do it.

    7) Online casino games have different bonuses for newbies

    Every single online gambling site has some sort of incentive for new players. These include no deposit bonuses, welcome offers and more. You can also get free spins, cash backs and free play money. The benefits of these offers are endless. These could even go all the way up to giving you a full bankroll to start playing your favorite casino games.

    New players can also opt for signup packages in which they get special bonuses. For example, you could get 25 free spins if you join a casino through Facebook, Twitter, etc.

    8) Experience the real-life casino games

    Online casino games are just a representation of real-life casino games. You can have a good time playing this version (since you know what to expect) and win money in the process. All you need is to start playing with free chips and practice your skills till you become a pro. If you think this sounds like an impossible mission, consider an alternative–the probability of having money stolen from online casinos is high.

    9) Great casino games which are not available offline

    The number of casino games you can find online is far more than the ones you can find offline. These online versions are also much better and have added features that make them more interactive. Some of them even use advanced graphics, animation and sounds to make your gaming experience even better!

    10) More interactive environment than regular gambling

    Online casinos give you a more interactive environment to play casino games in. This is as compared to traditional gambling, which mostly focuses on luck. In this regard, online casino games rely on both luck as well as skill. You can put your skills to use to win more money from online casinos than you would from offline ones.

    Conclusion

    Although there are obvious risks in betting on online casinos, there are also many benefits. All players have to do now is to be prepared for the risks and take advantage of all opportunities available to enjoy a better gambling experience!

    Casino games do not require you to start with a large bankroll. It is even more advantageous if you first start playing with free chips and practice your skills at casino games so that you can get good at them before getting real money.

     

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  • How Are Online Casino Review Sites Beneficial To The Players?  

    How Are Online Casino Review Sites Beneficial To The Players?  

    When you’re trying to decide whether or not to gamble online, you should read online casino reviews. If you’re new to online gambling, then the stakes might be a bit higher for you. But suppose this is your first time playing a casino online game on your computer at home. In that case, it’s best that you rely on people who have been there and done that — especially when they know what they are talking about (which is the whole point of an online casino review).

    Online casino reviews are a good way to figure out a new online casino’s terms and concerns. It will also help you decide whether or not it’s worth gambling on with a casino online that you have never heard of before, even if the reviews are good.

    So, here are the top benefits of keeping an eye on some good online casino review sites:

    1. Customer Service – Take it or Leave It!

    You can often find in online casino reviews whether or not the customer service is as good as they say it is. You can’t afford to waste your time on a site where customer support leaves much to be desired. Some people also spend as much time and energy online gambling as they do at their jobs, and they can’t afford to spend too much of it dealing with these kinds of problems.

    The reviews will tell you about how good it is with its customer service, which is really important for any casino. It shows how well they respond to emails, phone calls, and other communications sent by players. Needless to say, it’s a major part of the whole online gambling experience for players.

    2. Bonus and Promotions

    It also pays to know about the online casino bonuses before you start playing there. Some casinos offer generous bonuses with any sign-up bonus that you get, but other casinos may only pay you out when you make the first deposit. Make sure that you are aware of the maximum amount that will be paid to players before starting to gamble.

    You should also be aware of the minimum amount required to cash out any wins you have gotten. Many online casinos will offer an opportunity for players to double their money, but it shouldn’t have a high wagering requirement. A site may also offer a whole host of promotions, which also helps to draw players in. Make sure that you know as much as you can about the promotions before making the first deposit. 

    3. Player-Friendly and Secure Site – Take it or Leave It!

    You might also find online casino reviews that provide information on whether or not their sites are player-friendly or not. You need to be able to trust a website, and it should at least feel secure while you are on its site. Reviews will tell you if it’s a good site for you or not.

    It should also be easy to use. There are a lot of things that can go wrong when you first start using a site, and it needs to work properly from the very beginning. Make sure to run a virus scan on your computer before gambling online. This helps to get rid of problems that might arise while playing online casino games for real money.

    4. Software and Software Providers

    More and more online casinos are moving to software that is well-respected around the industry. It’s not just up to a few people to make a good online casino, but there’s also a lot of work involved in everything that happens with each site. You need to see software providers and see what they are saying about the sites they are working with.

    You want to make sure that you get the highest quality gameplay possible. It’s one thing to be able to have fun, but a good place for online casino players should have top-of-the-line software. Cheap, quality online casinos are not difficult to find. However, it’s just as easy for a casino to be cheap and bad as it is for one to be of high quality. A casino that has been around the block is usually going to be a better option for players. 

    5. Player Reviews

    The third benefit that you can glean from reading reviews is the feedback from other players. These people share what they know about the casino and how well it performs with other players and gamblers. They will give you a good idea about what you’re going to run into with certain online casinos. It also tells you about common concerns that other players have.

    Have a look at some of the best online casino reviews and see if they match up with the information that you uncovered on your own. Keep in mind that when trying to decide whether or not to play, this is equally as important as any other factor to consider. 

    6. Slot and Table Games

    Online casino reviews also tell you what the slot and table games are like there and how much money they take from players. One thing that you should know about online casinos is how their slot games are going to affect your bankroll. People who try to play slot machines for real money will be thrilled if they can get even one decent payout.

    Players who make it a habit of playing slots online could find themselves out of luck in the long run. There are some casinos that have an awful reputation for the slot machines and other games that they offer, though this doesn’t mean that you will always encounter them there. Reviews can help give you an idea of whether or not the casino is worth your time.

    You don’t want to waste your time on a site that will pay you back nothing or is really hard to win. Get a good idea of the minimum and maximum wagering requirements. The faster you can get a win, the happier you will be. You need to know how much money you’re going to have available so that you know when it’s time to collect your winnings. 

    7. RNG and Random Number Generators

    Online casino reviews will also help you discover the random number generators used by the casinos, which can help you maximize your chances of winning. This is especially important for high rollers that are hoping to set a lifetime gambling record with one particular game. If the casino has a problem with their RNGs, it’s probably your only chance to win.The RNGs use software that is designed to ensure that you will never get the same winning combinations twice in a row. This can be very important for players who don’t have a lot of time to play. If you find yourself getting the same lucky run that you did the last time, you may be more likely to start betting higher and higher.

    Conclusion

    Online casinos are all different, but you should be able to find an online casino review that tells you all about a certain casino before you start gambling there. Online casinos have made it very easy to gamble from home, and it’s a good play for people who don’t like long drives.

    However, you must know what you are doing before playing an online casino game. If you spend time on some other websites, there are a lot of important things that you will understand about online gambling.

     

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  • Why is it not recommended to use a gambling website that does not seem legit?

    Why is it not recommended to use a gambling website that does not seem legit?

    People who want to bet on sports and use some of the latest betting features will have to pick one of the many gambling websites. Some of the leading operators have been a part of the iGaming industry for many years, making them a popular option for many users. Most brands that have been in the business for many years are legit, which means they have all of the needed features to safeguard their users.

    Unfortunately, some of the new online bookies want to cut corners when creating their platforms. As a result, they often don’t provide their users with any security features and other types of things. With that being said, here are several reasons why it is not recommended to choose a betting operator that does not seem legit.

    You may not be able to make a withdrawal

    One of the things that everyone should learn about the specific betting platform is its withdrawal process. For example, 1xbet seems to be legit according to this review (eb), which is why clients won’t have any problems withdrawing their winnings using all of the popular payment solutions available worldwide.

    Sadly, many betting platforms have problems in this department, especially those that don’t seem legit. For starters, they only provide several payment solutions and the processing time usually takes at least a couple of weeks. What’s even more annoying is the minimum requirement, which could be really high. The idea behind these conditions is to prevent users from making a successful withdrawal request.

    Sometimes, the bookies that are not legit won’t allow you to bet on the go

    Another thing that you can check after reading the 1xbet review by Efirbet is that the brand is mobile-friendly. This is really important in today’s world because almost everyone wants to bet on the go. Online bookmakers invest loads of money into their apps and mobile sites so that they can allow clients to have a fantastic betting experience.

    Usually, you won’t be able to take advantage of those things if you choose a betting operator that is not legit. These brands don’t care about their users’ experience, which is why they don’t have any mobile app or a website that works on handheld devices.

    The bonuses will try to convince you to make a substantial deposit

    The last reason why it is never a good idea to choose an online bookie that doesn’t seem legit is related to the operator’s bonus section. As you probably know, most betting websites offer all sorts of promotions to their new and existing users. Most of them require a deposit, which is usually around 10 EUR.

    Although there are some exceptions, the bookies that just want to get your money will impose a much higher minimum deposit amount. This is done on purpose so that you can make a more substantial transaction and ultimately lose more money. So, don’t rush to make a transaction until you read everything about the given bonus.