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Tag: asia

  • AirAsia expands Asia presence with Penang-Hong Kong route

    AirAsia expands Asia presence with Penang-Hong Kong route

    AirAsia continues to expand its presence in Asia with a route to Hong Kong from its third biggest hub in Penang starting 10 August 2023.

    This route marks the airline’s seventh direct international route from Penang and is set to further boost regional inbound tourism to the state, bolstering an already thriving state tourism industry. The three weekly flights will add to a total of 217 flights weekly from Penang to both domestic and international destinations.

    The route was announced by YB Yeoh Soon Hin, Penang State EXCO for Tourism and Creative Economy (PETACE); Ooi Chok Yan, CEO of Penang Global Tourism (PGT); and Kenneth Tan, Director, Government Relations (Northern Region) at AirAsia at Komtar, Penang.

    YB Yeoh Soon Hin, Penang EXCO for Tourism and Creative Economy (PETACE) said: “We are confident that the addition of three weekly flights from Hong Kong will not only reinforce Penang’s status as a top tourist hotspot in Malaysia but will also contribute significantly to the island’s overall appeal. Hong Kong is part of China’s Greater Bay Area (GBA) which refers to the Chinese government’s scheme to link their rapidly developing regions together into an integrated economic and business hub. By connecting with China’s GBA, it would be advantageous for Penang to attain higher tourism and economic growth.”

    “The Penang State Government firmly believes that through collaborative efforts with industry players such as AirAsia, we can harness the full potential of our local tourism industry.Forging strong partnerships with private sectors, implementing innovative marketing strategies and investing in infrastructure development will undoubtedly boost visitor arrivals, extend their length of stay and enhance their overall travel experience.”

    Riad Asmat, AirAsia Malaysia CEO said: “We are excited to reconnect Penang to Hong Kong after launching it for the first time in 2009 where we established Penang as a hub at the same time. We are also thrilled to be the only low-cost carrier connecting both islands directly, providing more value and greater accessibility to our guests. This is an exciting historical route for AirAsia and we anticipate a remarkable response from both leisure and business travellers alike.

    “AirAsia Group has the largest international connectivity from Penang with a market share of 40%. This expansion not only strengthens AirAsia’s foothold beyond Asean but also reinforces our commitment to fostering economic growth through tourism. We look forward to working closely with the state government to support the tourism industry and stimulate air travel to the Pearl of the Orient.”

    In celebration of the route announcement, the airline is offering incredible promotional fares starting today from RM299 all-in* one-way for travel period from 10 August 2023 to 26 October 2023. Click on the ‘Flights’ icon on the airasia Superapp or website for booking and explore the iconic Hong Kong for a steal!

    AirAsia Group operates 217 flights weekly via ten routes to Penang from Kuala Lumpur (67x weekly), Johor Bahru (28x weekly), and Langkawi (21x weekly) as well as Singapore (35x weekly), Ho Chi Minh City (7x weekly), Jakarta (11x weekly), Bangkok (14x weekly), Medan (28x weekly), Surabaya (3x weekly), and Hong Kong (3x weekly).

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  • SEA driving $20 bn in e-commerce revenue for TikTok

    SEA driving $20 bn in e-commerce revenue for TikTok

    ByteDance-owned TikTok hopes to more than quadruple the size of its worldwide e-commerce operations to as much as $20 billion in merchandise sales this year, relying on growth in Southeast Asia, Bloomberg News reported on Wednesday, citing people familiar with the matter.

    The increase compares to last year’s $4.4 billion in gross merchandise value, representing the worth of total goods sold through its online marketplace TikTok Shop, the report said, adding that the company is betting on markets such as Indonesia.

    TikTok’s e-commerce platform lets customers purchase goods through links on the app during live broadcasts.

    The development comes as the Chinese-owned company faces scrutiny from governments and regulators because of concerns that China could use the app to harvest user data or advance its interests.

    The report said the company is also working to expand its sales in the US and Europe.

    Financial Times had last year reported that TikTok is due to enter a partnership with Los Angeles-based TalkShopLive to launch its live shopping platform in North America by outsourcing its operations.

  • YouTube TV shares upcoming updates to address existing playback sync and other issues

    YouTube TV shares upcoming updates to address existing playback sync and other issues

    YouTube TV is rolling out a few updates to address some recent issues that were present with the streaming service throughout the month of May. These were announced today via the YouTube Reddit community and follow the updates that were announced back in April for Apple TV, although this new round is for all the different platforms where YouTube TV is available.

    First on the list is to address the audio and video synchronization problems during Live playback. This was already addressed on Apple TV, but in the coming weeks, we should see the implementation of several solutions for this everywhere else. YouTube TV is encouraging its users to submit feedback once these are rolled out and for the community to provide screenshots or a picture of the “Stats for Nerds” page along with device information right on the Reddit thread where the update was announced.
    Additionally, YouTube says that they are developing a separate solution for similar audio/video sync issues for Video on Demand (VOD) content. No rollout date was provided for this particular solution, only that the team is currently working on it.

    Speaking of Apple TV fixes, the post also addressed that the issue last month with the first generation 4k Apple TV crashing during extended playback sessions has already been resolved. Additionally, the company fixed the issue with the DVR functionality being temporarily affected by an outage last month, resulting in some transient delays.

    As fixes to the service continue to be rolled out, new issues continue to be pointed out by users via their feedback. The Library, for example, is undergoing changes and fixes will be pushed to improve the relevancy of the “Catch Up on your Favorites” feature, as well as correcting badging errors and the order of recently recorded content.

    YouTube TV also shared that, thanks to customer feedback, it now grants access to unlimited NFL Sunday Ticket streams inside the home and two additional streams outside the household. This is a welcome change that I’m sure Football fans will appreciate.

    Finally, the company asked us to stay tuned for more updates on the promised multiview feature and more improvements to video quality, which should be coming up next month. As YouTube TV’s price tag continues to increase, it is somehow comforting that the service continues to address pressing issues and hasn’t stopped rolling out new features to make it better.
  • Kuehne + Nagel and HSBC Filling Void Left by Credit Suisse

    Kuehne + Nagel and HSBC Filling Void Left by Credit Suisse

    Next week, Credit Suisse shares will be delisted, bringing a 167-year history to an end. Two firms are lined up to fill the void.

    On June 12, Credit Suisse shares are to be delisted from the Swiss stock exchange. The following day its shares will drop out of the Swiss blue-chip SMI, to be replaced by freight forwarder Kuehne + Nagel, according to the stock exchange operator SIX.

    Semiconductor supplier Meyer Burger moves up in the SMIM index of mid-sized companies, while chocolate producer Lindt & Spruengli moves up in the Swiss Leader Index SLI.

    In Asia, HSBC is replacing Credit Suisse at one of the major financial events in In Hong Kong, where the Swiss bank held the annual Asia Investment Conference, of which the 26th and final one was held in March.

    HSBC is planning to hold a conference in Hong Kong from April 8 to 10 and expects more than 2,000 visitors. The event will be held at the Conrad Hotel, the same venue where Credit Suisse held its Asia conference for years.

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  • Swiss National Bank Expands Activities in Singapore

    Swiss National Bank Expands Activities in Singapore

    The SNB takes a step to better optimize operations in a number of different currencies, markets, and time zones.

    The Swiss National Bank’s operating unit will start a two-year pilot project from August 2023 under which it will split operations between Zurich and Singapore, according to information received by finews.com. With that step, it intends to improve processing and execution in different currencies, markets, and time zones, an SNB spokesperson confirmed.

    As part of that, two individuals will be based there to handle securities, currency, and derivatives transactions while managing overall financial market asset inventories. In Singapore, the central bank employs 11 people in total and it is currently the SNB’s only foreign branch.

    Carolin Reiss leads it and has been since October 2022, when she succeeded Marco Huwiler, who subsequently returned to Switzerland. Reiss has been working for the SNB for ten years, mainly in the currency trading department and as an advisor for its so-called Department III (money markets and foreign exchange, asset management, banking operations, and information technology).  She is a native German citizen from Hannover who previously worked at Commerzbank and she possesses a Masters’s Degree from Humboldt University in Berlin although she also studied at the University of Zurich.

    The Singapore branch has stood the test of time given that it is celebrating ten years of existence this year. Its presence in the city-state allows it to more efficiently manage currency reserves in Asia and Oceania in local time zones while assisting with monetary policy operational requirements in foreign exchange markets. Its close proximity to regional market participants allows it to profit from a network of local institutions and market participants.

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  • UBS Expects to Ink Government Loss Guarantee Tomorrow

    UBS Expects to Ink Government Loss Guarantee Tomorrow

    In a regulatory filing with the SEC, UBS said it expects to wrap up its agreement with the Swiss government over loss guarantees as part of its government-orchestrated takeover of Credit Suisse.

    When UBS agreed to take over troubled Credit Suisse at the behest of the Swiss government, part of the deal was for the federal government to absorb up to nine billion Swiss francs ($9-9 billion) of losses related to Credit Suisse after UBS shouldered the first five billion.

    That agreement, which is one of the final pieces of the puzzle that needs to be completed for the takeover, is expected to be finalized tomorrow.

    UBS Group AG expects that the Loss Protection Agreement will be finalized by June 7, according to a filing with the US Securities and Exchange Commission (SEC), which will allow it to proceed with the takeover.

    UBS said it expects to complete its formal acquisition of Credit Suisse as soon as June 12, subject to the registration statement being declared effective by the Securities and Exchange Commission (SEC) and to the satisfaction, or waiver by UBS of remaining closing conditions. The shares will then be delisted on the SIX Swiss and New York Stock exchanges.

    A great deal of complexity surrounds the completion of the deal. So much so that UBS is said to be considering delaying its interim results, according to additional reporting by finews.com.

    Losses over 14 billion francs which were not included in the Special Ordinance making the merger possible, «requires a separate legal basis in the form of a parliamentary approval in the ordinary legislative procedure as well as the commitment credit,» the SEC filing said.

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  • Vietnam excluded from Apple Store plans for Asia-Pacific

    Vietnam excluded from Apple Store plans for Asia-Pacific

    Vietnam does not figure in Apple’s plans for launching 15 new or rebuilt stores in the Asia-Pacific region from now through 2027.

    The U.S. tech giant plans to either build, remodel or relocated 15 sites in China, five in Japan, three in India, two in South Korea, and one each in Malaysia and Australia.

    This means Malaysia will be the next Southeast Asian country to get an Apple Store after Singapore and Thailand.

    Last month, Apple launched an online store for Vietnamese customers, and analysts expected this to lead to the opening of brick-and-mortar stores in the country.

    Apple has been showing increasing interest in the Vietnamese market in recent years. Last year it appointed a country manager for the first time, and set up an official YouTube channel.

    It also mentioned Vietnam as achieving double-digit growth in its financial report for the second half of last year.

    There are over 520 Apple Stores in 26 countries.

  • 1Password rolls out support for Passkeys in beta for browsers

    1Password rolls out support for Passkeys in beta for browsers

    Following its announcement that 1Password was all in on passkeys and were ready to say goodbye to the old-fashioned password, the company is now rolling out passkey support to its users. This initial roll out will only be available in beta, with some caveats.

    Just as major players such as Google, Apple, and Microsoft have joined the FIDO alliance in order to come up with a solution that can replace the use of passwords, and therefore make logins more secure, 1Password made the move last year to join as well. This solidified 1Password’s commitment to taking the next big step and provide passkey support in its very popular password manager.
    Today, the company announced that the day is here and that its users can now begin to save and sign in to online accounts using passkeys. This can only be accomplished using the beta version of the 1Password extensions for Chrome, Firefox, Edge, and Brave (on MacOS, Windows and Linux), and Safari on MacOS.
    Additionally, the 1Password apps for Mac, iOS, Windows, Android, and Linux have also been updated so that users can view, modify, move, share, and delete any passkey that have already been generated using the beta extensions. Also, 1Password’s Watchtower feature — which alerts you when a site has been hacked and recommends when you should change your password — has also been updated in beta to alert you when a site that you log in to has added passkey support.
    To get started with using passkeys on 1Password, you will first need to make sure you have installed the beta extension for the supported browsers mentioned above. Once installed and logged in to, you should be able to open a passkey-enabled website.
    If this is the first time you visit that site, you can create an account for it with the option to use a passkey instead of a password. However, if you are visiting a site you already have an account for, you can sign in as usual and then search for the passkey login option in your account settings and update/save your passkey credentials.
  • WhatsApp beta for Android begins rollout of redesigned emoji keyboard

    WhatsApp beta for Android begins rollout of redesigned emoji keyboard

    WhatsApp, the popular messaging app, is experimenting with a new redesigned Emoji keyboard that divides emoji, GIFs and stickers into three categories on the top. This keyboard was first spotted as being in development but now it’s starting to roll out in the latest version of WhatsApp beta for Android v2.23.12.13 from the Google Play Store.

    This development is being reported by WABetaInfo along with images of what the new keyboard looks like. The rollout is not global though and it looks like it’s being gradually pushed server-side to beta users.
    With this new keyboard, WhatsApp users will be able to scroll up on the keyboard and enjoy a full-screen view of the emoji list. However, you must first initiate a chat to check if your account has this capability. Additionally, a select number of beta testers may also notice a reorganization of the media sharing and emoji keyboard buttons.
    Besides the changes to the keyboard, this latest beta also adds a new feature called “Community Settings,” which lets community admins choose who can add groups. This group setting is set to “Only community admins” by default, but you can change it to allow community members to add their own groups.
    Unfortunately, the beta version of WhatsApp on the Google Play Store is perpetually full and rarely open for new users to sign up for. However, if you were lucky enough to grab a spot, you should definitely update to the newest version to try this out. Likewise, if you are able to sign up in the future, you must definitely sign up as well so you can secure your spot to beta test.
    Emojis have become an integral part of digital communication, allowing users to express emotions, convey messages, and add a touch of personalization to their conversations. By enhancing the emoji keyboard, WhatsApp hopes to elevate the way users engage and enhance the user experience.
  • Vietnam spends over $2B on animal feed, material imports in 5 months

    Vietnam spends over $2B on animal feed, material imports in 5 months

    Vietnam spent US$2.04 billion to import animal feed and raw materials for the production of this kind of commodity in the first five months of this year, according to the Ministry of Agriculture and Rural Development (MARD).

    The figure marks a year-on-year decrease of 2%.

    Animal feed and raw materials from Argentina to Vietnam accounted for 25.8% of the total market shares, followed by India (18.3%) and the U.S. (15.2%).

    Compared to the same period last year, the imports from the three countries increased by 3.9%, 130%, and 28.3%, respectively.

    MARD recommends that to reduce reliance on imported animal feed, farmers in localities should make use of available domestic raw materials, produce animal feed by themselves to reduce cost, and find sources of raw materials for animal feed production.

    Ministries and agencies were asked to tighten control over the import of meat and by-products, support importers to reduce the costs of products, as well as create favorable conditions for the development of material zones for animal feed production.

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  • Gold prices drop

    Gold prices drop

    SJC gold price fell 0.07% to VND66.95 million ($2,851.06) per tael Saturday morning.

    Gold ring price dropped 0.26% to VND56.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold slipped on Friday as hotter-than-expected U.S. jobs data lifted Treasury yields, but was on track for a weekly gain as a higher unemployment reading kept alive hopes that the Federal Reserve would pause interest rate hikes.

    Spot gold was down 1.4% at $1,951.13 per ounce after hitting a seven-session high earlier. U.S. gold futures settled 1.3% higher at $1,969.6.

    Bullion has gained 0.2% so far this week, and is set to break a three-week losing streak.

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  • Vietnam-grown Musang King durian prices plunge by half

    Vietnam-grown Musang King durian prices plunge by half

    Vietnam-grown Musang King durian has seen prices plunging by half in Vietnam in over two months due to abundant supply.

    Loan in Ho Chi Minh City’s District 8 is selling a kilogram of Musang King durian flesh at VND650,000 ($27.68), down by half from early March.

    This is the lowest price of the variety she has seen in five years selling the fruit.

    “There is an abundant supply from southern localities. Two years ago I had to order a week in advance, but now I can source them daily.”

    A vendor in District 1 has been sourcing two or three kilograms of each shipment amid falling prices.

    “I have been buying four times as much as in March,” the vendor said.

    On social media sellers are offering “unprecedentedly low prices” at VND700,000 per kilogram of flesh.

    In the south, farmers are selling their Musang King durian at around VND130,000-150,000 per kilogram for the whole fruit.

    Oanh in Can Tho said she recently sold a ton at VND150,000, down 40% in price from a month ago.

    Dang Manh Khuong, a trader in the same city, said that the abundant supply has caused durian prices to fall by 50-70% in recent months, depending on the variety.

    Although durian is now in harvest season in Mekong Delta provinces, Chinese buyers have been cutting their purchases, causing a price drop.

    Malaysia’s Musang King is considered the “best durian in the world” and grown by Vietnamese farmers in the Central Highlands and the Mekong Delta.

    Industry insiders estimate that the Musang King production in Vietnam has surged by up to fivefold in the last few years.

  • Chanel takes over Capitol Centre’s massive retail space, Singapore

    Chanel takes over Capitol Centre’s massive retail space, Singapore

    Capitol Centre, located on 5-19 Jardine’s Bazaar in Causeway Bay, Hong Kong, is one of the most coveted locations for luxury retail brands. Victoria’s Secret once leased the prime location, but the lingerie brand pulled out early, leaving the 50,000 square-foot space unoccupied. However, after the opening of the Mainland and Hong Kong border, the market has seen a surge in demand for retail space, and CHANEL has now taken over the lease of Capitol Centre’s massive retail space.

    The lease signed last month by CHANEL covers the ground floor, basement, and the advertisement space on the exterior of the building, totalling approximately 19,000 square feet. The monthly rent for the space is estimated to be over HK$3 million, or roughly HK$158 per square foot, making it the largest lease transaction since the border reopening and the largest retail lease in Hong Kong in the past three years since the outbreak of COVID-19.

    The lease period is three years, from mid-May 2023 to May 2026, with an option for renewal. The annual rental cost for the space is over HK$36 million, adding up to a total of over HK$1.08 billion for the three-year lease period.

    Capitol Centre has seen many tenants over the past 20 years, including major brands such as Watsons, Fairwood, and Giordano. In 2010, the U.S. clothing chain Forever 21 secured the space with a rental amount of HK$10.8 million per month, or HKD 211 per square foot, making it the most expensive retail space in Hong Kong at the time. The rental amount was later increased to HK$13.78 million per month, or HK$269 per square foot.

    In November 2016, Forever 21 announced that it would vacate the Causeway Bay store in August 2017, and Victoria’s Secret took over the space for a rental amount of around HK$7 million per month, a significant decrease from Forever 21’s rental amount. However, Victoria’s Secret was hit by the COVID-19 pandemic and vacated the space in May 2020, with more than seven years left on its lease. After Victoria’s Secret’s departure, the space remained vacant until last year when Market Place, a supermarket chain, rented the basement for around HK$600,000 per month, or HK$86 per square foot.

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  • Malaysian coffee chain OldTown White Coffee enters The Philippines

    Malaysian coffee chain OldTown White Coffee enters The Philippines

    The Philippines becomes OldTown White Coffee’s fourth international market, after Singapore, Indonesia and Hong Kong, with the coffee chain also targeting further outlet growth across Malaysia in the second half of 2023

    The Ipoh-based coffee chain, which has approximately 200 outlets across Malaysia, joins The Coffee Bean & Tea Leaf, CoCo Fresh Tea & Juice, Tealive and Wouldulike Specialty Coffee at the shopping centre. In January 2023, OldTown White Coffee announced plans to open 50 new outlets across Malaysia this year, targeting growth in the country’s northern and eastern suburban regions. The coffee chain also has stores in Singapore, Indonesia and Hong Kong.

    OldTown White Coffee, which also manufactures and distributes packaged instant coffee products to supermarkets across southeast Asia, was acquired by JDE Peet’s for $361m in 2017.

    World Coffee Portal research forecasts the Filipino branded coffee shop market will exceed 2,000 outlets by 2025.

    OldTown White Coffee is the latest branded coffee chain to enter the Philippines in the last 12 months, with Paris-based boutique café group Café Kitsuné and South Korea’s value-focused Paik’s Coffee among those to debut in the country.

    Japan’s % Arabica has also announced it will relaunch in the Philippines this year with two stores in Manila’s Bonifacio Global City financial business district.

    Further demonstrating opportunities for branded coffee chains in the Philippines, in April 2023 domestic start-up Pickup Coffee raised more than $26m to scale its value-focused coffee shop concept.

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  • Electric guitar maker Fender to open its first Japan store

    Electric guitar maker Fender to open its first Japan store

    U.S. guitar maker Fendi will open its first-ever store in Japan at the end of this month, opting for the nation’s capital, Tokyo, to make its global retail debut.

    Located in The Ice Cubes building, in the trendy Harajuku-Omotesando district, the 1,068-square-metre, four-storey Fender Tokyo flagship store will open its doors on June 30.

    Commissioned by Klein Dytham Architecture, the store will feature the full range of Fender products, including Fender Custom Shop , Made in the U.S. and Made in Japan models, acoustic guitars, ukuleles, amplifiers, pedals and more.

    In conjunction with the store opening, Fender will also launch a brand new Made-in-Japan fashion brand, F Is For Fender, available for purchase in the Fender Tokyo flagship store.

    On the basement floor, the flagship store will house an original coffee shop, Fender Cafe powered by Verve Coffee Roasters, and an event space hosting various events such as broadcast shows, panel discussions, performances and workshops.

    The first floor will feature newly released and featured products including electric and acoustic guitars, basses, artist signature models, and accessories. Visitors will discover all-new, original merchandise exclusive to Fender Flagship Tokyo, which includes clothing, hats, home and office items, stationary, and other lifestyle goods, including the F Is For Fener line, an apparel collection for all men and women inspired by the history of guitar in music culture with an urban, modern spin. All products are sourced and made in Japan and will come in small lot productions.

    The second floor of the store will showcase high-quality guitars and basses, made in the USA and Japan, and amplifiers. This floor will also have a soundproof room where visitors can try out instruments on a wide range of amps, while Fender’s third floor will showcase the renowned Fender Custom Shop, also known as the Dream Factory.

    “We are excited to share more details on what consumers can experience at our first flagship endeavor opening June 30,” said Edward Cole, president Fender APAC.

    “We’ve left no stone unturned in planning and designing every aspect of the musical journey to deliver a complete 360-degree experience for all visitors. Our deep gratitude goes out to our partners, whose unwavering support has helped turn this vision into a reality.”

    The global electric guitars market grew from USD 2.84 billion in 2022 to USD 3.04 billion in 2023 at a compound annual growth rate (CAGR) of 7.1 percent, with Asia-Pacific the largest region in the electric guitar market last year, according to Report linker.

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