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Tag: asia

  • Tesla Appoints Vaibhav Taneja As Chief Financial Officer

    Tesla Appoints Vaibhav Taneja As Chief Financial Officer

    Tesla has announced that they have appointed Vaibhav Taneja as a new Chief Financial Officer (CFO). He will succeed Zachary Kirkhorn who has stepped down from the position. Taneja is of Indian descent and has been serving as the Chief Accounting Officer (CAO) of Tesla since March 2019. In addition to his new role as CFO, he will also retain his responsibilities as CAO.

    Kirkhorn will continue to support a smooth transition until the end of the year. Kirkhorn himself took to LinkedIn to announce his departure from the role of Tesla’s CFO. He shared his pride in the accomplishments made during his tenure and expressed his appreciation towards the employees and the leadership of CEO Elon Musk. Kirkhorn’s transition underscores Tesla’s steps to sustaining its momentum while integrating new leadership. Zachary served as CFO for 4 years and as a Vice President for 4 months at Tesla.

    Vaibhav Taneja’s journey within Tesla is marked by a series of progressively responsible roles. He has held the position of Corporate Controller since May 2018 and previously served as Assistant Corporate Controller from February 2017 to May 2018. His association with Tesla traces back to its acquisition of SolarCity Corporation in 2016. Taneja held various finance and accounting positions since March 2016 in SolarCity.

    Before joining Tesla, he worked at PricewaterhouseCoopers in both India and the US over a period of nearly two decades. Taneja is an alumnus of Delhi University where completed his Bachelor of Commerce (B.Com). He gained a license to practice as a Chartered Accountant (CA) from the Institute of Chartered Accountants of India in 2000.

  • Netflix is making rating shows and movies on mobile much easier

    Netflix is making rating shows and movies on mobile much easier

    Many of us, including myself, often forget to rate a show or movie after watching it. While not necessary, it can help improve your suggestion list. Now, Netflix is simplifying the process for users to rate movies and shows on mobile devices.

    Netflix has updated the rating feature on its mobile app, enabling you to rate a show while still watching it. Instead of returning to a show or movie page to give a thumbs-up or thumbs-down, you can now tap the screen while watching, whether it’s in the middle or at the end. You can click the thumbs buttons at the top and keep watching.

    The new update will probably encourage more users to use the feature, which will help Netflix suggest more personalized recommendations based on users’ watch history and what they have liked or disliked. Or, to put it in a few words, you are helping Netflix’s algorithm understand you better by rating what you are watching.

    The system that suggests new movies and shows on Netflix uses two different data sets to make personalized recommendations for what you might want to watch. The first data comes from what you’ve watched before and the kinds of genres you prefer, while the second is based on your ratings.

    On the mobile app, you can rate using three reaction buttons: a thumbs up, a thumbs down, and a double thumbs up button. The latter was introduced last year to teach Netflix’s algorithm not only which movies or shows you like or don’t like but also which you love.

    Based on which movies and shows received your double thumbs-up reaction, Netflix’s algorithms will better recommend similar ones. With the improved rating feature, now more user-friendly on mobile devices, starting to use it could lead to receiving more accurate and tailored suggestions.

  • Fuel imports rise over 60% this year

    Fuel imports rise over 60% this year

    Vietnam spent nearly $5 billion importing fuel in the first seven months of 2023, up 61% year-on-year, to ensure adequate supply as its biggest refinery Nghi Son is set to shut down for major maintenance.

    Its biggest import markets were South Korea, Singapore and Malaysia.

    Nghi Son in the central province of Thanh Hoa, which accounts for around 35-40% of domestic fuel supply, will undergo its first major maintenance since establishment starting from August 25. The maintenance will last around two months.

    The Ministry of Industry and Trade said it has carefully monitored fuel supply this year to prevent shortages.

    Vietnam exported 1.26 million tons of fuel worth around $1 billion in the first seven months of this year.

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  • Citizen database helps reduce credit default risks

    Citizen database helps reduce credit default risks

    A trial credit scoring model that encompasses the national citizen database has proven useful for lenders as it reduces lending risks by up to 20%.

    The model, which is built on the standards of global credit scoring company FICO, is now almost complete with 18 citizen data fields, Vu Van Tan, deputy head of the citizen administration unit under the Ministry of Public Security, said at a meeting on August 7.

    The model was tested by MB’s consumer loan unit MCredit on 10,000 data fields, PVcombank with 20,000 fields, and fintech firm Datanest with 60,000 fields.

    These companies saw their credit risks reduced by 7-20%.

    “After the trial, these companies all want to encompass the model in their operations officially,” Tan said.

    Banks and the Ministry of Public Security have long been working together to authenticate and synchronize the personal ID and credit information of over 40 million bank customers.

    The partnership also helped banks to launch money withdrawal services using ID cards at ATM. Bank customers can also use their electronic ID account to confirm identity.

    But as this partnership had its limitations in building an effective credit scoring system, the Ministry of Public Security has collaborated with the Hanoi University of Science and Technology to build the trial model using FICO standards.

    Deputy governor of the State Bank of Vietnam Pham Tien Dung said that credit scoring in Vietnam is gaining popularity among banks as it helps them to predict the probability of getting their money back from a borrower, and this only works with a precise database.

    A representative of state-owned lender BIDV said that the authentication of a third-party organization, especially a state-owned entity, plays an important role in credit scoring, ensuring that the data bank employees have collected is precise.

  • American cherry prices fall to new low in Vietnam

    American cherry prices fall to new low in Vietnam

    American cherry prices have fallen to a new low of VND250,000 ($10.53) per kilogram in Vietnam.

    Loan in Ho Chi Minh City, who usually consumes imported fruits, said she recently bought half of last year’s American cherry prices.

    Stores now sell red cherries at VND250,000-340,000 and yellow cherries, considered more premium, at VND350,000.

    My Hanh, a seller in HCMC’s Tan Binh District, said she now sells a box of five kilograms for VND1.2 million, the lowest price at which she has ever sold.

    “I imported 500 boxes this year, 30% more than last year. The low prices attract many customers.”

    Lan Anh, another seller in Binh Thanh District, said sales are up 30% year-on-year.

    She added that even low-income people could now afford the fruit, which is usually considered expensive.

    Retail chains such as Co.opmart, MM Mega Market and Go! are selling it at around VND300,000 per kilogram.

    Importers said it is the cherry season now in the U.S. and supply is high.

    According to the USDA National Agricultural Statistics Service, output is expected to be 371,000 tons this year, up 60% from 2022.

    The U.S. consulate in HCMC said American authorities are working with their partners in Vietnam to introduce high-quality American products to consumers.

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  • Snapchat facing a possible $184 million fine

    Snapchat facing a possible $184 million fine

    Social media platforms don’t have it too easy these days, and Snapchat is no exception to that. Snapchat owner Snap Inc could face a formal investigation and, if found guilty, be fined some $184 million. All of this – over mismanaging and not enforcing strict enough policies to remove underage users from its platform.

    Ofcom is the UK’s communications regulator – last year it found out that in the UK, the most popular app for underage social media users was none other than Snapchat. According to their data, more than half (approximately 60%) of kids that are aged between 8 and 11 had “at least one social media account, often created by supplying a false date of birth”. UK’s data protection law states that social media companies need consent from the parents, if in need to process data of kids under 13.

    So far Snapchat has not issued an official statement on the matter of reducing the number of underage users. A Snap person says the company does strive towards ensuring that “digital platforms are age appropriate and support the duties set out in the Children’s Code”. Before starting an official investigation, ICO (Information Commissioner’s Office) has to gather information and may ask the company to aid the investigation.

    A report from Reuters in March claimed that Snapchat had only removed “a few dozen” under-13 accounts from its platform in Britain last year. Ofcom estimates Snapchat has “thousands of underage users”. If an investigation launches and if found guilty, Snap Inc could be fined an equivalent to up to 4% of its annual global turnover.

    On a side note, the NSPCC (National Society for the Prevention of Cruelty to Young Children), said that figures it had obtained showed that Snapchat accounted for 43% of cases in which social media was used to distribute indecent images of children.

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  • TV boxes disappear as smart TVs and phones take over

    TV boxes disappear as smart TVs and phones take over

    The popularity of smart TVs and smartphones have left TV boxes, or set-top boxes, high and dry.

    This month a leading electronics retail chain stopped selling TV boxes. Others sell only two of them: Xiaomi Mi Box and Apple TV.

    Even a few years ago there were no less than five TV box brands with dozens of models.

    “The golden age of TV boxes in Vietnam was in 2017-18,” Tien Vuong, manager of a electronics store on Hang Bai Street, Hanoi, says. “Now there are few buyers and sales are less than a 10th of the peak time. Those who want low prices choose Xiaomi devices, while those who love the Apple ecosystem will buy Apple TV.”

    The set-top boxes mostly used the Android operating system and were Chinese or Vietnamese brands made in China.

    But since 2019 demand for them has steadily decreased.

    The appearance of Mi Box from Xiaomi at reasonable prices and excellent configurations has caused other Chinese brands to almost disappear.

    In China, the world’s largest TV box market, too sales have plummeted over the years, according to Chinese tech news site Gizchina.

    The first half of this year saw a year-on-year fall of 30% to 929,000 units. In 2016, some 14 million TV boxes had been sold.

    Soon after smart TVs appeared, set-top boxes were favored because they could make old TVs smarter and more convenient.

    Smart TVs had their own operating systems, but only high-end models had hardware good enough to satisfy users.

    So many people chose to spend VND1-2 million (US$42-84) to buy a set-top box instead of tens of millions on high-end smart TVs.

    Now, all TVs on the market are smart, and even the cheapest models are good enough to run YouTube, and OTT media services and applications like Netflix.

    All three popular TV operating systems, Google TV, webOS of LG and TizenOS of Samsung, have well-stocked software stores, enough for the entertainment needs of smart TV users.

    According to technology expert Nguyen Minh Tien, another reason for the gradual disappearance of TV boxes is that people are spending less and less time watching TV, and more and more time on smartphones.

    “People may still buy and use TV sets as a habit, but the demand for this product is not as high as before.”

  • Batik Air Malaysia, AirAsia X Cleared To Launch Central Asia Routes

    Batik Air Malaysia, AirAsia X Cleared To Launch Central Asia Routes

    The Malaysian Aviation Commission (MAVCOM) has granted air traffic rights to Batik Air Malaysia and AirAsia X, enabling them to expand their networks into Central Asia.

    Under these newly awarded rights, Batik Air has received approval to initiate scheduled flights linking Kuala Lumpur and Tashkent, Uzbekistan. Concurrently, AirAsia X has been given the go-ahead to inaugurate a route connecting Kuala Lumpur with Almaty, Kazakhstan. The move paves the way for both Batik Air and AirAsia X to launch their first flights to Central Asia.

    According to data provided by OAG Schedules Analyser, Batik Air has already scheduled the launch of the Tashkent service, with flights set to operate twice a week from Nov. 1 using Airbus A330 aircraft. The carrier will compete on the sector with Uzbekistan Airways, which resumed the route in November 2022 after a hiatus of more than two years because of the pandemic. It currently provides a 2X-weekly service aboard A321neos.

    In the Kuala Lumpur-Almaty market, AirAsia X will be the sole operator of nonstop flights between the cities if the route launches as planned. Air Astana previously provided a direct link, but last operated the flights in October 2020.

    Alongside awarding the traffic rights for Kuala Lumpur-Tashkent and Kuala Lumpur-Almaty, MAVCOM says it approved 55 other requests between April and June 2023, consisting of 43 international and 12 domestic routes. The total represented an 87.5% increase year-on-year, signalling “an invigorated momentum within the aviation sector.” The number of air traffic applications during the second quarter of 2023 was also 5.3% higher than during the same period in 2019.

    “As part of the commission’s continued efforts to ensure that Malaysia’s aviation industry remains dynamic and responsive to global travel trends, we have approved [air traffic rights] for various new destinations as well as to establish new hub connections,” says MAVCOM Executive Chairman Datuk Seri Hj. Saripuddin Hj. Kasim.

    “These decisive measures are specifically tailored to enhance connectivity, spur economic growth and catalyse the recovery of the aviation sector. We are particularly encouraged to see airlines seizing these opportunities for expansion.”

    In addition to securing permission to fly to Tashkent, Batik Air also gained rights to serve Okinawa, Japan. The airline intends to open a Kuala Lumpur-Taipei, Taiwan-Okinawa route on Aug. 16, operating four times per week using Boeing 737-800s.

    Elsewhere, Malaysia Airlines’ LCC subsidiary Firefly has been approved to launch flights from Kota Kinabalu, on the island of Borneo, to Tokyo Narita and Taipei, while AirAsia has been awarded a host of rights, including a routing from Kuala Lumpur to Jaipur, India, and from the northwestern Malaysian state of Penang to Hong Kong.

    MYAirline has also been cleared to serve several destinations in Indonesia, Thailand and Vietnam from Kuala Lumpur. These include Ho Chi Minh City and Da Nang, Vietnam; Jakarta, Indonesia; and Krabi, Thailand. Airlines are required to utilize the air traffic rights allocated within six months from the approved date.

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  • AirAsia India takes over Air India Express Sharjah flights

    AirAsia India takes over Air India Express Sharjah flights

    AirAsia India will begin operating flights to Sharjah on behalf of Air India Express on August 28. This follows the carrier beginning to operate codeshare flights on Air India’s behalf earlier this month.

    According to ch-aviation schedules data, from August 28, AirAsia India will deploy one of its A320-200Ns onto a daily Delhi International – Sharjah – Varanasi – Sharjah – Delhi rotation, replacing the B737-800 service operated by Air India Express. It comes ahead of the merger of the two low-cost airlines. Following recent approval from India’s Directorate General of Civil Aviation, that merger is now expected to finalize in early 2024. The Sharjah flights also mark AirAsia India’s sole foreign foray. Presently, it only flies within India.

    As recently reported in ch-aviation, AirAsia India also began operating some domestic codeshare flights for Air India on August 1. AirAsia India is putting the full-service carrier’s flight designator on selected flights between Bangalore International and Bhubaneswar, Mumbai International – Goa Dabolim, Delhi International – Lucknow, and Delhi International and Pune.

    The closer cooperation comes as Tata Sons seeks to consolidate its Indian airline interests. In addition to the AirAsia India – Air India Express merger, it also intends to merge Vistara with Air India, in the process creating one large low-cost carrier and one large full-service carrier.

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  • L’Occitane enters trading halt ahead of probable takeover bid

    L’Occitane enters trading halt ahead of probable takeover bid

    Hong Kong-listed cosmetics giant L’Occitane International has entered a trading halt – fuelling speculation that the company’s controlling shareholder is about to launch a takeover bid ahead of a delisting.

    Bloomberg reported on July 25 that L’Occitane’s Austrian billionaire chairman Reinold Geiger, whose interests control 70 percent of the issued stock, was mulling buying out minority shareholders. The news agency cited sources that requested anonymity.

    Today, Bloomberg said an offer is “possible” at about US$4.48 per share, representing a 37 percent premium to the company’s closing price on Tuesday.

    In June, the company reported 19.8 percent growth in net sales for the year to March 31 to surpass US$2.33 billion, but a decline in operating profit of 23 percent to $261.12 million, largely due to impairments. During the past year, L’Occitane’s share price has shed 20 percent of its value to about $4 billion.

    L’Occitane’s recent sales growth has been largely driven by its Brazilian brand Sol de Janeiro – now the group’s second-largest label behind its namesake, achieving sales growth of 135.2 percent last year – and another spinoff brand, Elemis collagen creams. At the end of March, L’Occitane bought Australian skincare brand Grown Alchemist for an undisclosed sum and promptly set about expanding its reach and store network. Its other labels include the Korean skincare brand Erborian and the French organic beauty label Melvita.

    This would not be the first time the company has considered going private. In late 2018, US-based private equity group Advent International – which this week acquired a majority stake in Australian fashion brand Zimmermann – reportedly enquired about acquiring the company, which then had an estimated market value of US$2.7 billion.

    According to Bloomberg data, L’Occitane was listed in 2010 with an IPO that raised $787 million. The news agency said Geiger was also considering relisting the business in Paris or another European market as early as next year.

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  • Heytea opens first store outside Asia in London

    Heytea opens first store outside Asia in London

    Chinese tea brand Heytea has launched its first store outside of Asia in London’s Chinatown, accelerating its international expansion.

    The London Heytea store is located on Shaftesbury Avenue in the neighbourhood of Soho, close to Leicester Square, the Prime Minister’s Office, and Buckingham Palace.

    The expansion follows the brand’s success when launching its first overseas store in Singapore in 2018.

    Heytea reportedly announced the opening of applications for overseas business partnerships earlier this year, including plans to open in countries including the UK, the US and Canada.

    Established in 2012 and headquartered in Nanshan District, Shenzhen, Heytea is one of the most popular tea brands in China due to its modern interior design, photogenic packaging and innovative drinks.

    Heytea currently operates more than 1000 stores in China and four locations in Singapore. The brand launched its convenience-store-like concept in Singapore in 2021, as part of its strategy to attract more young customers, especially Gen Z.

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  • Chinese car Lynk & Co to come to Vietnam in October

    Chinese car Lynk & Co to come to Vietnam in October

    Lynk & Co cars will be sold in Vietnam from October, according to their distributor GreenLynk Automotive.

    The brand is jointly owned by China’s Geely and Volvo Car, who develop the cars on the compact modular architecture Evo platform with engines produced in Sweden and the vehicles assembled in China, GreenLynk said.

    Its models have serial numbers rather than names, and currently the range extends from 01 to 09.

    04 is a foldable electric scooter. GreenLynk said it would be selling 01, 03, 05 and 09. 01 is a C-segment SUV, 03 is a C-segment sedan, 05 is also a C-segment SUV but with a coupe-like hybrid design, and 09 is a midsize SUV developed with Volvo.

    GreenLynk is an affiliate of transport infrastructure developer Tasco, which fully owns car distribution giant SVC Holdings.

    It can thus take advantage of the 83 car showrooms SVC Holdings has, but has not said if it would use them for the Lynk & Co cars.

    Lynk & Co was founded by Geely in 2016, six years after it bought Volvo from Ford.

    In Europe, Lynk & Co does not sell cars in the traditional manner: Its customers do not own the cars, but pay a monthly or other usage fee.

    It is the latest Chinese car brand to enter Vietnam in the last few months after Wuling and Haval.

    According to experts, the wave of Chinese cars flooding Vietnam has become overwhelming this year though the vehicle market is dormant due to the economic situation.

     

  • iPhone 14 Pro Max price down 24%

    iPhone 14 Pro Max price down 24%

    After 10 months of being sold in Vietnam, iPhone 14 Pro Max has seen its selling price fall by 24% to VND25.7 million (US$1,089).

    In early August, some Apple authorized resellers (AARs) in Vietnam lowered the price of iPhone 14 Pro Max to less than VND26 million, the lowest since its launch in October 2022.

    Di Dong Viet is selling iPhone 14 Pro Max for VND25.7 million, Hoang Ha Mobile for VND25.9 million, CellphoneS and FPT Shop for VND26.4 million, and The Gioi Di Dong (Mobile World) for VND26.7 million.

    The current price of iPhone 14 Pro Max at AARs is some VND5 million lower than the smartphone sold at Apple Store Online Vietnam.

    Phung Phuong, a manager of Di Dong Viet, said the price decline stemmed from both Apple’s assistance given to AARs and their own efforts.

    Besides iPhone 14 Pro Max, other models of Apple have seen selling prices drop by VND300,000-500,000 per unit. The prices of iPhone 14, iPhone 14 Plus, and iPhone 14 Pro currently are at least VND18.5 million, VND21 million and VND23.6 million, respectively.

    The manager of a big AAR said the prices of iPhone 14 models have decreased the most drastically.

    After 10 months of being sold in Vietnam, the price of iPhone 13 Pro Max declined by 15.7% to VND26.9 million from VND31.9 million.

    The third quarter is always a quiet period for the market as users wait for a new model of iPhone, usually launched in September and sold in October in Vietnam.

    However, this year the price competition has become more intense, forcing AARs to offer big discounts to attract users.

    “This may be the bottom price of iPhone 14 Pro Max, and the price race is showing signs of ending,” a manager of Hoang Ha Mobile said.

    In addition to smartphones, AARs have lowered selling prices of other Apple products by VND0.5-1 million per unit to lure customers before the new school year starts in September.

    This year, AARs in Vietnam not only compete with each other but also with Apple when its online store is offering students many incentives and promotions.

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  • Gold prices down

    Gold prices down

    SJC gold price fell 0.07% to VND67.35 million ($2,838.18) per tael Tuesday morning.

    Gold ring price was stable at VND57 million per tael.

    Globally gold prices rose on Friday after a slightly weaker-than-expected U.S. jobs report pushed the dollar and Treasury yields lower, offering some respite to bullion which was still on track for its worst week in six.

    Spot gold was up 0.4% at $1,940.86 per ounce by 2:52 p.m. Bullion, however, was down 0.9% so far this week.

    U.S. gold futures settled 0.4% higher at $1,976.10.

    “The jobs report has allowed the market to propose that the Federal Reserve is not as likely to raise interest rates. As a result, we’ve seen bond yields drop along with the dollar and that is certainly supporting the price of gold,” said David Meger, director of metals trading at High Ridge Futures

    Following the data, the dollar fell 0.5% against its rivals, making gold less expensive for other currency holders. Benchmark U.S. 10-year yields retreated from a nine-month high.

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  • UBS Welcomes Top Credit Suisse Investment Bankers in Asia

    UBS Welcomes Top Credit Suisse Investment Bankers in Asia

    In the coming months, UBS will look to downsize Credit Suisse’s investment banking unit globally. Within Asia, the top regional leaders have reportedly been unveiled.

    UBS appoints Kuan-Ern Tan as co-head of Asia coverage, alongside John Lee, according to a report citing an internal memo. Tan will also partner with Nicolo Magni, head of global banking Southeast Asia & India, to build the business in Southeast and South Asia.

    Tan was the former co-head of investment banking for Asia Pacific at Credit Suisse while Lee is the existing head of Greater China at UBS.

    Kyungin David Lee joins from Credit Suisse as head of global banking for Korea and vice chair for Asia. In the latter role, he will support cross-border activities between North Asia and Southeast Asia.

    24-year Credit Suisse vet Christian Deiss has also been named co-head of the global industrials group for Asia, alongside Eileen Chan.

    The note also includes appointments for sector and product coverage in the region including Allan Chu as APAC co-head of technology, media, and telecom division with UBS’s Axel Granger and Tim McKessar.

    Aaron Tan will lead Southeast Asia’s energy transition and global industries group. Tan was the former head of APAC energy and transition at Credit Suisse. Credit Suisse’s ex-director of energy and transition Fabrice Delacroix will head renewables at UBS.

    Aaron Oh, former co-head of Credit Suisse’s Asia financing group, will head structured origination within capital markets. The equity-linked team will report to Oh. Jennifer Choi joins as co-head of equity-linked Asia, alongside UBS’s Brian Chau.

    Credit Suisse’s former APAC co-head of equity capital markets (ECM) Cheun-Hon Ho has been appointed a vice chair of ECM Asia.

    Following the UBS takeover of Credit Suisse in June, the enlarged Swiss giant has been focusing on integration, and the latter lender’s investment banking arm has been highlighted for risk reduction worldwide.

    In Asia, there are plans to reportedly cut two-thirds of headcount – around 200 jobs – and keep 100 investment bankers in the region. Those retained will mainly be focused on markets outside of Hong Kong, where about 80 percent of staff will be laid off with cuts reportedly commencing this week.

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