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Tag: asia

  • 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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  • Indonesia AirAsia launches Jakarta-Perth route

    Indonesia AirAsia launches Jakarta-Perth route

    Indonesia AirAsia has launched its inaugural flights on the Jakarta-Perth route, becoming the only airline to offer direct flights between the two cities post-pandemic. The new route, supported by the Western Australian Government and Perth Airport, initially operates four times a week, providing over 1,400 visitor seats weekly.

    The demand for travel between Indonesia and Australia is high due to convenient flight times and the appeal of both destinations for various activities, including shopping, dining, adventure, beaches, and education.

    Eddy Krismeidi Sumawilaga, Head of Indonesia Affairs and Policy of Indonesia AirAsia, expressed excitement about the new route and reported positive occupancy rates for the inaugural flights. The airline expects the Jakarta-Perth route to be popular among leisure travellers and Indonesians visiting Perth for business, leisure, education, and visiting friends and family. The route also offers Australians the opportunity to explore popular tourist destinations in Indonesia. With the support of Tourism Western Australia and Perth Airport, the airline anticipates strong demand for this new connection.

    The Western Australian Minister of Tourism, the Hon. Roger Cook MLA, highlighted the significance of the Jakarta-Perth flight in strengthening the relationship between the two destinations and enhancing Western Australia’s reputation as a gateway. Kate Holsgrove, Acting CEO of Perth Airport, emphasized the positive impact of the new service on Western Australia’s business, student, and tourism sectors, with the potential to attract more visitors and students from Jakarta.

    The Consul General of the Republic of Indonesia in Perth, Listiana Operananta, expressed support for the new route and encouraged more West Australians to explore Indonesia and vice versa, noting the potential for further exploration between Jakarta and Perth due to their similarities and short flight duration.

    The flights between Jakarta and Perth are operated on Airbus A320 aircraft with a capacity of 180 seats. The flight duration is approximately 4.5 hours, and the frequency is four times a week.

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  • LVMH chief Bernard Arnault to visit China in June

    LVMH chief Bernard Arnault to visit China in June

    LVMH.PA chief Bernard Arnault is set to visit China, two sources told Reuters on Thursday, as European luxury goods makers closely track the pace of recovery of the key market following three years of COVID disruptions.

    One of the sources close to the matter said Arnault’s visit to the all-important Chinese market, which comes after high-profile visits to the country this week by JPMorgan Chase & Co JPM.NCEO Jamie Dimon and Tesla chief Elon Musk, will take place later this month.

    LVMH, home to brands ranging from Moet to Givenchy, declined to comment.

    The sources didn’t give a reason for the trip or say where in the country Arnault was likely to visit.

    The LVMH chairman and chief executive met with Chinese Commerce Minister Wang Wentao in Paris in April at the Avenue Montaigne flagship store of the group’s Christian Dior label.

    Arnault’s daughter Delphine Arnault, CEO of Dior, as well as other top LVMH executives attended the meeting, and the group pledged take part in China’s International Import Expo, which will be held in Shanghai in November.

    Chinese officials have been eager to emphasize the country is open for business since lifting lockdowns in December. The recovery has been patchy but the luxury sector has outperformed other consumer categories as wealthy consumers have maintained their spending habits on the Mainland.

    The planned visit for Arnault comes at a critical time for LVMH’s reboot of U.S. jeweler Tiffany, its largest acquisition ever, which it seeks to expand in China as part of a strategy to catch up with larger rival Cartier.

    A rebound in China helped lift LVMH’s first-quarter sales, which grew 17%.

    Executives from other luxury companies are also emphasizing China, especially as sector sales in the United States show signs of easing off of a strong, post-pandemic surge.

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  • Gasoline prices rise

    Gasoline prices rise

    Gasoline prices rose by around 2.4% while diesel prices dropped marginally on Thursday afternoon.

    The popular gasoline RON95 went up 2.42% to VND22,010 ($0.94) per liter.

    Biofuel RON92 gained 1.90% to VND20,870 per liter.

    Diesel dropped 0.06% to VND17,940 per liter.

    The government said that fuel prices have been fluctuating globally due to OPEC+’s production cuts, concerns of the U.S. public debt, stagnant industrial activity and high interest rates.x

    Prices of gasoline products increased by 2.7-3.1% globally in the last 10 days, while oil fell 0.14-2.5%.

    RON92 increased by 2.7% to $87.44 per barrel, while RON95 rose 3.1% to $92.43. Diesel fell 0.14% to $89.06.

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  • Vietnam seeks to expand overseas markets for lychees

    Vietnam seeks to expand overseas markets for lychees

    The Ministry of Industry and Trade held a meeting with Vietnam Trade Offices abroad on May 31 to discuss ways to boost the exports of lychees and longans as many northern localities are harvesting the fruits.

    Speaking at the event, Director of the Bac Giang provincial Department of Industry and Trade Tran Quang Tan said the province’s total lychee production is estimated at a record of over 180,000 tonnes this year. The harvesting period is scheduled from May 25 to July 30.

    Apart from the traditional market of China, its promising markets include the US, the European Union, Japan, the Republic of Korea, Australia, Malaysia, the United Arab Emirates, Singapore, the Middle East, Thailand and Hong Kong (China).

    Director of the Hai Duong provincial Department of Industry and Trade Tran Van Hao said the province now has nearly 9,000ha of lychees and expects to harvest around 61,000 tonnes this year, about 31,000 tonnes of them are early-ripening lychees.

    Deputy Minister of Industry and Trade Do Thang Hai asked relevant units to regularly update the situation of farm produce and overseas demand for these products, including lychees and longans.

    The Vietnam Trade Offices abroad were assigned to closely follow the market situation, trade policies and export requirements for key commodities, thus providing timely advices for the ministry’s leaders to support localities, associations, and businesses.

    The Vietnam Trade Promotion Agency (Vietrade) must step up policy research and forecasting to offer all possible support to enterprises in trade promotion and export-import activities, he said.

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  • Cooking gas prices fall in June

    Cooking gas prices fall in June

    Cooking gas prices have decreased on June 1 following the falling prices in world market.

    The retail prices of Petrolimex gas (including VAT) in June in Hanoi is VND371,600 ($15.82) per 12 kg cylinder; down VND33,640.

    Nghiem Xuan Cuong, head of the Commercial and Civil Gas Sales Department under Petrolimex Gas JSC said that the average contract gas price in the world in June is at $445 per tonnes, down $110 per tonnes compared to May.

    From the beginning of the year, the retail gas prices in the domestic market have declined four times in January, March, April, and June and increased twice in February and May.

    On the world market, at 8 am on May 31, the price of gas futures contracts delivered in July 2023 is at $2,319 per mmBTU, down $0.004 per mmBTU due to falling demand for natural gas in Europe as the winter is over and demand for electricity in summer peak has not yet begun. Gas consumption by industries also weakened.

    According to data from Gas Infrastructure Europe, as of May 24, natural gas storage sites in the EU was 66.71% full.