Tag: asia

  • Tata Motors Expands EV Focus

    Tata Motors Expands EV Focus

    Tata Motors is placing a significant emphasis on the electric vehicle (EV) sector with a series of product launches in a bid to substantially increase its market share by 2030. According to the company’s recently published annual report for the fiscal year 2022-23 (April-March), Tata Motors anticipates that EVs will account for 25 percent of its product portfolio within five years and reach 50 percent by 2030.

    In the March quarter, Tata Motors achieved a major milestone by surpassing annual EV sales of 50,000 units, constituting 12 percent of its overall sales. Over the past three years, Tata Motors, as the leading player in India’s EV market, witnessed a remarkable surge in volumes, escalating from 1,300 units to over 50,000 units.

    The company foresees a considerable surge in EV demand as more options become available to consumers. During the fiscal year 2023-24, Tata Motors aims to focus on achieving substantial volume growth, making strategic investments, maintaining healthy underlying unit economics, and remaining competitive in the market. N Chandrasekaran, Chairman and Non-executive Director, expressed confidence in the company’s future prospects, asserting that Tata Motors is rebounding after several challenging years and remains committed to fulfilling its financial obligations while contributing to a greener future.

    Tata Motors presently boasts the widest range of EV offerings in India, encompassing hatchbacks, sedans, and sports utility vehicles (SUVs) catering to both premium and mass market segments. Moving forward, the automaker intends to capitalize on this strategic advantage by expanding its EV sales and after-sales network, as well as charging infrastructure throughout the country. By implementing these initiatives, Tata Motors aims to tap into the untapped potential and broaden its customer base.

    Jaguar Land Rover (JLR), Tata Motor’s subsidiary, is also making significant strides in the EV domain. The company has set its sights on transforming Jaguar into a fully electric luxury brand, and its strategic plan is progressing as intended. Adrian Mardell, the interim CEO, announced that the first new all-electric Jaguar vehicle will be unveiled in 2024, with customer deliveries commencing in 2025. Later this year, JLR plans to commence pre-orders for the inaugural pure electric Range Rover. Despite the challenging market conditions, JLR remains committed to delivering on its “Reimagine” strategy and is confident in the unwavering support and dedication of its skilled workforce.

  • Domino’s app has a new feature that will deliver pizza to places without an address

    Domino’s app has a new feature that will deliver pizza to places without an address

    So let’s say you’re at a nondescript park playing in a pick-up softball game and after the game is over, you want to reward your teammates by ordering a few pizza pies. However, there is a little problem. The park you’re at doesn’t have a name and there isn’t an address for it that you know of. Well, if you order your pizza from the Domino’s app, you’re still okay even if you don’t have an address to accompany your order.
    That’s because Domino’s Pizza announced today a new feature called Pinpoint Delivery that when selected as a delivery option on the Domino’s app will allow the user to drop a pin on a map. This will allow the world’s largest pizza company to deliver a Pizza to a park (like our example), a baseball field (also part of our example), the beach, a pool, a campfire and other locations. If you don’t mind sharing your pizza with seagulls, this could prove to be a great idea.

    Christopher Thomas-Moore, Domino’s senior vice president – chief digital officer, said, “Domino’s is proud to be the first quick-service restaurant brand in the U.S. to deliver food to customers with the drop of a pin. We’re always striving to make customers’ experiences even better and more convenient, and Domino’s Pinpoint Delivery does exactly that.” The Pinpoint Delivery feature allows Domino’s to deliver to “a countless number of dynamically created hyper-local spots without a typical address.”

    While using this feature, consumers will still be able to track their order using Domino’s Tracker, see the GPS location of the driver, and have an ESTPA (estimated time of pizza arrival). When the driver arrives at the pickup spot, the customer will receive an alert. After the alert is received, the customer will activate a visual signal on his phone to help the driver spot him.
    Domino’s says “Domino’s Pinpoint locations are delivery locations without traditional addresses selected by customers who order online, pre-pay with credit, debit, or Domino’s gift cards, and agree to receive up to five text notifications that provide updates on their order. Customers and delivery experts will meet at specific locations designated in the Domino’s app that may be adjacent to places like parks, baseball fields, and beaches. Message and data rates may apply.”
    So the next time you’re lying on a towel at the beach and you get a message from your stomach that it wants you to order a pizza, using the Domino’s app and Pinpoint Delivery can make it happen. You can download the Domino’s app for iOS by tapping on this link, or for your Android phone by clicking on this link.
  • Chinese increased demand boosts Vietnam’s durian exports

    Chinese increased demand boosts Vietnam’s durian exports

    Vietnam’s durian export value reached more than US$500 million in the first five months, an increase of more than 18 times against the same period last year.

    According to the General Department of Customs, during the period, vegetable and fruit exports stayed at $2.03 billion, up 43% over the same period last year.

    The main contributor to the increase in Vietnam’s farm exports was durian.

    In May, the export value of durian reached the highest level ever, at $332 million, more than 10 times higher than the previous month.

    In the first five months, durian export value hit $503.4 million, more than 18 times higher than the same period last year. Among the import markets, China was the biggest buyer with a value of $477 million.

    China controls its technical barriers for food safety and hygiene, but the quality of Vietnamese goods has increasingly improved and consumers favor their competitive prices, a representative of a fruit and vegetable export company in HCMC, who wants to stay unnamed said.

    Vietnam currently has 293 farming areas and 115 durian packing facilities granted with official codes to export to China.

    In May, Vietnamese durian entered its harvest season, contributing to increasing export volume and value.

    Two weeks ago, some 700 trucks, most of them carrying durian, were stuck trying to enter China from Vietnam’s Lang Son Province, prompting Vietnamese authorities to negotiate with their Chinese counterparts to solve the congestion.

    China has agreed to extend the working time for customs clearance of farm products from Vietnam by two more hours to 10 p.m. (Hanoi time).

  • 15-inch MacBook Air to be launched in Vietnam in mid-July

    15-inch MacBook Air to be launched in Vietnam in mid-July

    First MacBook Air laptops with 15-inch screens will be officially sold in Vietnam in the second or third week of July at a starting price of VND32.99 million (US$1,398), some Apple authorized resellers said.

    Vietnam will be the second group of markets selling the latest laptop model of Apple.

    In the U.S. market, 15-inch MacBook Air laptops were pre-ordered right after its launching ceremony on June 6 and delivered to users one week later.

    15-inch MacBook Air is like the enlarged 13-inch version with no design changes. But many people has been waiting for this model because it is Apple’s only thin and light laptop with a large screen and good prices.

    Four configuration versions of 15-inch MacBook Air will be sold in Vietnam, with the 8-GB RAM, 256-GB memory version costing VND32.99 million, and the 512- GB memory version costing VND37.99 million.

    The device is available in four colors: blue, black, silver, gray and gold.

  • Changi Airport outlines top priorities for cargo

    Changi Airport outlines top priorities for cargo

    Singapore Changi Airport saw muted cargo volumes in March compared to the same period last year, as the Asia Pacific hub recorded 152,000 tonnes. For the first quarter, air freight movements at Changi totalled 417,000 tonnes, sliding 9 percent year-on-year. The group said demand remained soft, especially in the first two months of the year, no thanks to global economic uncertainty and inflationary pressures. Collegues talk to Lim Ching Kiat, executive vice president for air hub and cargo development, to find out more about the group’s top priorities for cargo.

    What are Changi’s top priorities for cargo? What’s the group’s overall direction?
    While global air cargo demand has weakened, Changi Airport remains optimistic on long-term growth, especially in Southeast Asia. Despite the recent economic headwinds, Southeast Asia’s air trades with the rest of the world continued to expand over the past four years. Given the expectation of strong long-term progress with urbanisation and industrialisation, Southeast Asia is primed for growth in manufacturing, trade and logistics. Singapore, being in the heart of Southeast Asia, will have a critical role to play in global supply chains, contributing to the flow of international goods.

    Towards this end, while cargo connectivity remains critical for Changi Airport to anchor its position as a leading air cargo hub, our other priorities are to raise service quality in cargo handling and unlock capacity for long-term sustainable cargo growth by leveraging automation and digitalisation. At the same time, we are also putting in place steps to reduce the carbon impact of cargo activities in order to strengthen our resilience and secure our competitiveness as an air cargo hub.

    To raise service quality in cargo handling, we firmly believe in taking a collaborative approach by working closely with our partners in the air cargo community. One key development is Changi Airport Group’s introduction of a cloud-based community data-sharing platform—the Changi Air Cargo Community System (ACCS). This is an open ecosystem of collaborative and community-based applications that aggregates data from all parties involved in the cargo handling process. Within that system, we developed a truck dock slot booking (TDSB) application, which aims to even out cargo lodgement and collection at our cargo handler’s air freight terminals, thereby reducing waiting time, optimising resources, and providing greater insights to airport landside activities. This move to digitalise provides greater predictability for forwarders, trucking companies, and cargo handlers. It also supports Changi Airport’s sustainability efforts to reduce carbon and tailpipe emissions. We have since completed the pilot and plans are underway for community-wide implementation later this year.

    In the area of automation, CAG, together with our partners, has been investing in resources to trial autonomous solutions like autonomous tractors to reduce the manpower resources required for point-to-point transportation of baggage and cargo. Ongoing trials are promising and we expect to trial fully driverless operations for baggage delivery by 2024. On the digital front, solutions such as the tracking of all motorised ground support equipment will help optimise equipment deployment, boosting productivity and improving the quality of cargo handling capabilities. Additionally, we are working closely with our cargo handlers on warehouse automation and digitalisation projects to improve productivity and efficiency, as well as increase capacity.

    Can you share more about the recent partnership on cargo with Brussels Airport? What are the opportunities in the Asia-Europe market?
    In 2022, Europe remained Changi’s second largest region by air trades. Belgium-Singapore is a key air trade lane for high-value cargo such as biopharmaceuticals. Both countries place strong importance on international trades and advanced manufacturing, and have been established as key trusted pharmaceutical hubs in Asia and Europe respectively. Changi Airport and Brussels Airport share similar ambitions in shaping our air cargo hub and place strong priorities in areas such as cargo operations excellence and digitalisation.

    Under the MOU signed on 2 March 2023, Changi Airport and Brussels Airport will jointly drive initiatives to enhance capabilities in pharmaceutical logistics, undertake studies and trials in the fields of digitalisation and sustainability, as well as exchange best practices in the handling of special cargo segments and community-wide cargo initiatives to transform the air cargo supply chain.

    On the environmental sustainability front, under the ambit of Pharma.Aero, both airports will be actively participating in the Green Air Pharma Logistics project. Together with other Pharma.Aero members, we aim to define the parameters and framework for a green air pharma lane and develop a set of standards and measurements to quantify and qualify the lane.

    How important is the refinery expansion by Neste for Changi and Singapore?
    To enable the adoption of sustainable aviation fuel (SAF), CAG had been working closely with industry and regulatory partners on stakeholder engagement, as well as facilitating trials. Neste’s refinery expansion will provide for up to one million tonnes of annual SAF production capacity in Singapore. Having domestic SAF production will enable Changi Airport’s airline partners to achieve their sustainability objectives with lower carbon footprint compared to importing SAF from other production locations. In addition to building this production capability, Neste has established an SAF supply chain to Changi Airport to offer blended SAF directly to airlines operating at Singapore Changi Airport.

    Since July 2022, Singapore Airlines and Scoot flights out of Changi Airport have been using a blend of regular jet fuel and SAF as part of a year-long trial. With Neste’s refinery expansion, we look forward to working with more airline partners to promote the acceleration of SAF uplift in Changi Airport.

    How has the concept of sustainability evolved from an airport perspective? Can ‘sustainable’ be ‘profitable’ in the long run?Over the past years, sustainability has evolved into a license to grow for many businesses and industries. Although airports account for only about 2 percent of global aviation emissions, we form the common platform upon which a multitude of aviation partners operate. As such, it is a priority for us to work hand in hand with the airport community to achieve responsible and sustainable growth.

    Over 99 percent of CAG’s Scope 1 and Scope 2 emissions come from the use of electricity in operating our passenger terminals. As such, we concentrate our efforts in raising building energy efficiencies through constant upgrading of our systems to the best-in-class energy efficient models. For example, past upgrading of our chiller plants has seen up to 30 percent savings in energy consumption, which achieves not only cost savings but also carbon emissions reduction. We are also expanding on-site generation of solar energy, which offers energy resilience against the backdrop of fluctuating energy prices and volatile macro-economic conditions.

    Most of our efforts in reducing Scope 3 emissions centre around working with airline partners and ground handling agents at Changi Airport. Our recent development on SAF (detailed above) is one example. As an industry, more work has to be done to address the SAF price premium through balancing supply and demand. Different types of policy levers are being employed around the world, ranging from mandates to incentives. We are in close engagement with the Civil Aviation Authority of Singapore in its development of a Singapore Sustainable Air Hub Blueprint, which will set out tangible pathways to achieve sustainability goals for the Singapore aviation industry.

    To decarbonise ground operations including those pertaining to air cargo, we started working with our ground handling agents in 2017 to transition towards electric baggage tractors. Today, we have installed a network of more than 100 EV charging points to support a 100 percent electric baggage tractor fleet at Changi Airport. Moving forward, all new airside light vehicles, tractors and forklifts will have to be electric from 2025. This target was developed with cost parity and availability of viable electric variants in mind. In the longer term, we aim to have all airside vehicles running on cleaner energy by 2040. In tandem, we are working towards a community roll-out of the TDSB initiative, which aims to reduce truck waiting time, hence reducing carbon and tailpipe emissions.

    CAG is committed to zero carbon growth up to 2030, with absolute emissions to be capped at 2018 levels even as we continue to grow our business and strive for cost parity while stepping up our sustainability efforts. At the same time, we will aspire for net zero carbon emissions by 2050 as Singapore transitions towards renewable energy and through technological advancement.

    What can you say about Singapore’s status as a major logistics hub? Do you see any opportunities with intermodal operations?
    In today’s highly dynamic environment, intermodal transport has emerged as an alternative and risk mitigation transportation strategy. The utilisation of intermodal operations can provide companies with more transportation options. It provides a middle ground between cost, transit time and efficiency. It could also help overcome geographical challenges, enable cost efficiencies in transporting products to new markets, while also securing supply chain resilience.

    Singapore is home to the world’s 2nd busiest container port and 10th busiest international air cargo airport. Changi Airport has been working closely with PSA Singapore to drive intermodal transportation cargo flows through Singapore. Singapore’s modern port infrastructure, state-of-the-art air cargo facilities and close proximity between the air and sea ports allow seamless intermodal transshipments. During the Covid-19 pandemic which saw different transportation disruptions, Singapore’s uninterrupted operations and ability to handle intermodal transportation was a source of helpline for global shippers and logistics players.

  • Seafood exporters situation more dire than during Covid

    Seafood exporters situation more dire than during Covid

    Seafood exporters are seeing orders plummet and facing even greater difficulties than during the Covid-19 pandemic.

    In the first five months of this year their exports fell by 28% to $3.37 billion and companies saw a decline of 20-50% in export orders, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    Prices too have been falling due to the low demand, making it harder for companies to repay bank loans and manage other expenses.

    A severe shortage of raw fish and shrimp is expected in early 2024, VASEP said.

    Seafood exports this year are projected to be $9 billion, or nearly $2 billion less than last year.

    To mitigate the industry’s problems, VASEP has called on the government to reduce bank lending interest rates and make credit more accessible to it.

    It wants the interest rates on U.S. dollar loans to be reduced to below 4% and on dong loans to under 7%.

    It has demanded a rollover of loans by four to six months and a special credit package for small seafood producers.

    It has also proposed that a VND10-trillion stimulus package for the Mekong Delta region that is under consideration should be disbursed early so that exporters can start stockpiling raw materials early.

    Prime Minister Pham Minh Chinh had instructed the State Bank of Vietnam in April to consider such a package.

  • AirAsia X expands medium-haul network to Northern India

    AirAsia X expands medium-haul network to Northern India

    AirAsia Aviation Group’s medium-haul affiliate airline, AirAsia X, continues to expand its network with renewed direct services from Kuala Lumpur to Amritsar in Northern India.

    Its chief executive officer, Benyamin Ismail said the restart of the route is part of the company’s effort to strengthen AAX’s position in South Asia, complementing its robust network in North Asia.

    “We are optimistic that this route relaunch will not only enhance our medium-haul destination offering with affordable fares but also contribute to the overall business growth,” he said in a statement today.

    The renewed direct services will be scheduled four times weekly, effective from Sept 3, 2023, with access to Amritsar, a destination known for its religious significance, tourism attractions, commercial opportunities, and trade prospects.

    “As the second destination to India after New Delhi, this route will deliver an additional annual capacity of 157,263 seats between Kuala Lumpur and Amritsar for AAX,” it said.

    To celebrate the route recommencement, AAX is offering promotional all-in fare from RM299 one-way for the economy seat and RM999 one-way for the Premium Flatbed.

    In addition, guests travelling to/from Amritsar will also enjoy 50 per cent off check-in baggage when they book from today until July 2, 2023, for the travel period between Sept 3, 2023, and March 30, 2024.

  • Alibaba aims to expand local business in Europe

    Alibaba aims to expand local business in Europe

    Alibaba Group will make Europe top priority as it focuses on building local businesses and online platforms outside China, the president of the e-commerce giant said on Thursday.

    “What we will focus more for the future is to build local businesses, so you will see something called TMall which we have in China become TMall in Europe, which means we will serve local brands and local customers in local markets,” J. Michael Evans told a technology conference in Paris.

    “We have started with a pilot project in Spain which we will expand across Europe,” he said.

    Alibaba announced in March it would split into six units and explore fundraising or listings for most of them, following a two-year regulatory crackdown on China’s tech sector.

    Its e-commerce business is to be split, with one side covering Alibaba’s domestic-facing e-commerce marketplaces and the other its overseas e-commerce marketplaces such as Lazada, which serves Southeast Asia, and AliExpress.

    Taobao and TMall are China’s dominant e-commerce marketplaces in China.

    Asked about Alibaba founder Jack Ma, China’s best known entrepreneur who withdrew from public view in late 2020 after giving a speech criticising China’s regulatory system, he said Ma remained Alibaba’s biggest shareholder and still cared very much about the company.

    Ma left mainland China in late 2021 for stints in Japan, Spain, Australia and Thailand, according to photographs, but returned in March a day before Alibaba announced its restructuring. He has not made any public comments during that period.

    “Jack is alive, he is well, he is happy. He is teaching at a university in Tokyo and spending more time in China,” Evans said.

    “He is the largest shareholder at Alibaba. This is his company, he cares as much about this company today as he did when he started it and I expect this to continue for as long as Alibaba and Jack Ma are here.”

  • Facebook updates enhance reels creation, audience growth, and content monetizing

    Facebook updates enhance reels creation, audience growth, and content monetizing

    Meta is rolling out new updates to Facebook to attract more creators and generate more video content for the platform. While nearly 3 billion people worldwide currently use Facebook, Meta still has to compete with social media giants like TikTok, especially considering its continuous growth among younger generations.

    The latest Facebook updates are designed to simplify the process of creating reels on the platform, provide new features in ProMode to assist creators in expanding their following, offer valuable insights for content creation, and broaden monetization options across the platform.

    Facebook has introduced an Inspiration Hub within the Professional Dashboard to make creating reels easier. This hub brings together popular reels, hashtags, topics, and music to inspire creators in their content production. Additionally, a mobile app update combines audio, music, and text into a unified editing screen, streamlining reel editing process.

    Another aspect Facebook has improved is audience growth. Any Facebook user can switch to Professional Mode and become a creator. ProMode creators can appear in the ‘Creators to Follow’ unit on the feed, increasing their chances of being discovered by more people. Moreover, when ProMode creators comment on public posts, a follow button may appear alongside their name, allowing them to attract new followers through conversations.

    And, of course, if you want to be a creator, you are probably interested in how to monetize your content. The new update lowered some of the monetization eligibility requirements, and creators now need to have garnered 500 followers over the past 30 days to qualify for monetization, compared to the previous requirement of 1,000 followers in 60 days. This trend of expanding income opportunities aligns with YouTube’s recent adjustments.

    Facebook’s objective is clear: to entice more creators to the platform by simplifying content production, enabling monetization, and fostering the growth of followers. Most new updates are available only for users in ProMode, but the company is saying that they hope to bring them more broadly over time.
  • Spotify owes a $5.4 million fine to the EU

    Spotify owes a $5.4 million fine to the EU

    Spotify is one of the top-choice apps when it comes to music streaming. The company has had a ton of experience and it has just begun to expand its feature-set. Podcasts and ebook support are just two of the new reasons the platform gives you to install it on some of the best phones out there.

    But then it mishandled user data, so the EU had to fine it for $5.4 million.

    The European Union spent a long time arranging the specifics of how companies of all shapes and sizes are to handle user data. We won’t bore you with the specifics, but the requirements are hefty and ranging from where the data should be handled to how it should be stored.

    This, of course, is regarding the type of data that can be associated with an individual in order to recognise them as a person. When not handled correctly, this GDPR data may be used for nasty things like mass marketing or scams, so it is actually an important topic.

    The fine in question comes from the Swedish Authority for Privacy Protection and is based on a complaint from way back in 2019. Talk about a blast from the past! It turns out that at one point, Spotify failed to provide customer data upon request, which is part of a user’s rights as per EU regulations.

    But then it gets even better worse: Spotify failed to explain how they were using the data in question, which raised tons of concerns. And for context: this isn’t anything weird for the EU. When a company fails to give a good reason why it needs a certain type of data, a lot of EU citizens will be eager to pursue their rights.

    In addition to the fine, Spotify is expected to present the complete set of requested data to the individual who submitted the complaint — even though at this point years have passed — along with the written process for data handling.

    The Swedish PDA’s investigation concluded on the bright side, as it found that Spotify is doing things properly. That, however, won’t save the company from the aforementioned fine, so Spotify responded with intent to appeal this decision in the future.

  • Indonesia sharply increases agricultural imports from Vietnam

    Indonesia sharply increases agricultural imports from Vietnam

    So far this year Indonesia has imported 15 times the rice it did from Vietnam last year and nearly triple the coffee due to unfavorable weather.

    According to Vietnam Customs, it has bought US$181 million worth of rice, accounting for 9.5% of Vietnam’s exports this year and jumping from eight to third place in the list of its biggest rice buyers, behind the Philippines and China.

    Indonesia’s coffee imports from Vietnam have been worth over $76 million, up 185%.

    Its vegetables imports rose by 20% at $2.44 million, and seafood imports by 70% to $7.83 million.

    Indonesia’s Ministry of Agriculture said agricultural imports have shot up due to El Nino, which is causing drought between May and July.

    The government has decided to import two million tons of rice this year.

    The U.S. Department of Agriculture said global coffee, rice and seafood outputs are going flat due to El Nino and there is a risk of further decline, which would cause countries to increase stockpiles.

    The El Nino-Southern Oscillation is a recurring climate pattern caused by changes in water temperature in the central and eastern tropical Pacific Ocean.

  • Construction steel prices lowest in two months

    Construction steel prices lowest in two months

    Prices of construction steel have dropped by VND200,000 (US$8.50) per ton, the 10th decline in a row, to VND14.5 million, the lowest rate in the last two months.

    Companies like Hoa Phat, Viet Y, Viet Duc, and Viet Nhat have cur prices by a cumulative VND1.5 million per ton since early April.

    The Vietnam Steel Association attributed the lower prices to weak demand.

    However, the price reduction has helped boost production and demand in the last two months. Over 812,000 tons of construction steel were produced in May, up 14% from April, while 927,000 tons of the product were sold, up 26%, the highest growth rate since the beginning of this year, according to the association.

    Hoa Phat Group, which holds one-third of Vietnam’s construction steel market share, said it sold 530,000 tons of steel of all kinds in May, up 16% against April. Specifically, it sold 284,000 tons of construction steel, up 33%.

    Steelmakers said they experienced hardship in the second half of last year, saw improved performance in the first quarter of this year, and would make profits in the second quarter.

    However, VNDirect Securities Corporation said steel demand would remain weak throughout 2023.

    Total sales of construction steel and galvanized steel are likely to decrease by 9.2% and 7% this year to 9.5 million tons and 3.9 million tons, respectively, it predicted.

  • China’s biggest automaker SAIC eyes sales of 100,000 units in Vietnam

    China’s biggest automaker SAIC eyes sales of 100,000 units in Vietnam

    China’s biggest auto brand SAIC Motor will build a factory in Vietnam next year and hopes to achieve sales of 100,000 units a year within five years.

    “With 100,000 cars sold a year, SAIC can be the third biggest auto company in Vietnam,” SAIC Vietnam director of business and marketing, Tran Nam Thang, said.

    SAIC Vietnam is a subsidiary of Chinese state-owned company Shanghai Automotive Industry Corporation.

    It also plans to start selling MG cars in Vietnam in July, taking it over from Malaysian distributor Tanchong.

    SAIC owns MG, originally a U.K. company.

    The goal of selling 100,000 cars a year is considered bold, given that Toyota, the biggest player in Vietnam, sold only 91,000 vehicles last year, followed by Hyundai with 81,000 units.

    Last year only around 4,300 MG cars were sold in Vietnam.

    Selling more than one brand will be a key strategy to achieve this goal.

    “The plan to build a factory in Vietnam will help reach the goal,” Thang said.

    “SAIC owns many brands and can develop its products quickly to meet a range of demands.”

    The company is considering locating the plant in the north and completing it by 2025. It will not just manufacture cars for the Vietnam market but also for other Southeast Asian countries.

    SAIC is the third Chinese company to announce plans to build a plant in Vietnam after BYD and Chery.

    The latter plans to sell its first cars in the country by the end of this year.

    SAIC sold 5.3 million cars last year and has been the biggest auto company in China for 17 years.

  • Bamboo Airways’ accumulated loss bigger than Vietnam Airlines, Vietjet

    Bamboo Airways’ accumulated loss bigger than Vietnam Airlines, Vietjet

    Bamboo Airways posted an accumulated loss of VND3.2 trillion ($136 million) last year, higher than that of Vietnam Airlines and Vietjet.

    Although the company saw revenue tripling to VND11.73 trillion, costs still exceeded that figure due to difficulties in the Northeast Asia market and the Russia-Ukraine conflicts, which drove up fuel expenses, according to the company’s financial disclosure.

    Other airlines also posted accumulated loses last year. Vietnam Airlines lost VND2.64 trillion, an improvement from VND10 trillion recorded in 2021, thanks to revenues recovering to 70% of pre-pandemic levels.

    Vietjet posted an accumulated loss of VND1.99 trillion last year. Bamboo Airways leaders, however, are optimistic about the future of the company.

    Chairman Nguyen Ngoc Trong said that the airline nearly reached its breakeven point in the first quarter as its fleet of 30 aircraft operated at full capacity.

    Bamboo Airways is set to post profit in 2025, he added. The airline targets a growth rate of 15-20% this year. It is considering plans to expand its fleet and routes and increase occupancy.

    New routes are being considered to Europe, Northeast Asia, Southeast Asia and Australia.

    The airline is seeking the government’s permission to increase its fleet size to more than 30.

    Bamboo Airways is set to select a new board of directors for the 2023-2028 period on June 21.

    The five directors of Bamboo Airways have asked to resign, and the airline will select a new board of seven directors at the upcoming general meeting.

  • Avaloq Partners With World’s Largest Asset Manager

    Avaloq Partners With World’s Largest Asset Manager

    Swiss banking software maker Avaloq is partnering with Blackrock. Together, the companies aim to make their services available to private banks and wealth managers.

    According to a joint announcement Wednesday, Avaloq and Blackrock are entering into a strategic partnership. Furthermore, Blackrock has acquired a minority stake in Avaloq. Details of the Deal were not disclosed.

    Under the agreement, Avaloq’s software will dock onto Blackrock’s investment engine Aladdin, with the aim of giving private banks and wealth managers access to comprehensive end-to-end technology and investment solutions, it said.

    Streamline Processes

    Avaloq’s leading core banking is used by institutions with a total of approximately $4 trillion in assets under management and will now be linked to Blackrock’s, Aladdin.

    This partnership will help us empower our clients to streamline processes, enhance risk analytics, and make more informed portfolio decisions, ultimately delivering greater value to their clients, Avaloq’s Co-CEO Martin Greweldinger,  said.

    With the Avaloq partnership, Blackrock will gain access to the core banking IT system which is widely used in Europe and Asia. At the same time Avaloq can benefit from Blackrock’s platform, which collects data from all accessible investments and is used to calculate the risk of around 10 percent of all assets under management in the world. In Switzerland, users include UBS.

    BlackRock and Avaloq joining forces will help clients reduce the complexity and friction inherent in many of today’s digital transformations. Our combined offering will make it extremely convenient for clients to implement and adopt Aladdin Wealth’s industry-leading capabilities as it will be deeply integrated with Avaloq’s core banking solutions, Venu Krishnamurthy, Global Head of Aladdin Wealth Tech, said.

    With the new offering, the two partners want to appeal to both new customers and existing users of Aladdin and the Avaloq software, they said. The joint solution, which will be sourced from the data cloud as a pure «software as a service» offering, is currently being implemented into two of Avaloq’s customers.

    The combined offer also meets Swiss data protection requirements, the statment said, adding that Aladdin Wealth anonymizes the client portfolios that the technology creates on behalf of third parties.

    For Avaloq in particular, the collaboration with the US giant is the first of a new slate of offerings the company is working on under the wing of its parent company NEC.

    Avaloq no longer sees itself as a mere software supplier, but increasingly as a coordinating force that orchestrates emerging digital ecosystems in finance.