Tag: asia

  • Vietnamese tech workers high and dry amid layoffs in Silicon Valley

    Vietnamese tech workers high and dry amid layoffs in Silicon Valley

    Hoang Tu said his “American Dream” lasted only six months. He was let go from Google two days before the Lunar New Year.

    “This is the worst Tet (Lunar New Year) of my life,” he said.

    The 27-year-old joined Google’s new project development team in Silicon Valley last year after passing a series of rigorous interviews.

    This Tet, which began on January 22 this year, he took time off work to visit his family in Vietnam.

    On January 20, however, he received a shocking email dismissal letter.

    “Before I was fired, I didn’t hear a word from the management team. I didn’t have time to ask my coworkers what was going on because I was too busy with other things during Tet. I didn’t know what to tell my loved ones about this news,” he lamented.

    Since his H-1B visa, a work visa with a cumulative maximum duration of six years, is set to expire in 60 days, he cut short his vacation and came back to the U.S. to complete the paperwork and get ready to start looking for a new job.

    Similar frustrations were felt by former Meta employee Hong Anh, who was in the U.S. with only a few weeks left on her visa when she was let go by the company.

    She said the Vietnamese engineering community in Silicon Valley isn’t as worried about money as it is about finding work in order to keep visas valid.

    “Getting an H-1B visa is really hard now, especially for recent graduates,” she said, adding that she had recently applied for positions at more than twenty companies but hadn’t heard back from any of them.

    Tech workers from Vietnam face tough competition from their counterparts in China, India, and even within the U.S.’s own IT community.

    Anh, an IT professional with three years of experience, said she would accept lower pay at smaller companies in exchange for a sponsorship that would allow her to remain in the country.

    There are no official numbers yet on how many Vietnamese tech workers were laid off during Silicon Valley’s record downsizing, but experts estimate the figure to be in the thousands.

    Meta software engineer Tai Nguyen revealed that even those such as himself who haven’t been laid off are anxious and making plans for the worst.

    He said that in his more than 15 years living in the U.S., this is the worst job cut he has ever seen.

    Those who are already working in the U.S. on an H-1B visa and whose spouses are able to lawfully remain in the country with the help of the sponsorship program are under even more stress, he added.

    “If the sacked H-1B worker doesn’t find a new job within 60 days, the whole family will have to leave the U.S.,” he said.

    The great downsize

    Mass layoffs have hit the tech industry in Silicon Valley recently.

    Both small businesses and multinational conglomerates like Microsoft, Google, Meta, Amazon, etc., have announced job cuts.

    Around 150,000 tech workers in the U.S. may have lost their employment in January. Many engineers and skilled workers who entered the U.S. on H-1B visas are anxious they could lose both their jobs and their visas at the same time.

    From October 2020 through September 2021, United States Citizenship and Immigration Services (USCIS) reported that around 407,000 H-1B applications had been approved. Citizens of Asia submitted the vast majority of applications.

    Some 74.1% were of Indian descent, 12.4% were of Chinese descent, and the rest were citizens of other countries.

    Vietnamese tech workers who have been laid off now have three choices.

    Firstly, they need to start by rapidly securing new employment before their H-1B visas expire. In an effort to streamline the application process, they frequently target small and medium-sized companies. If they are not married to anyone, they can “prolong the American dream” by changing their visa status to that of a tourist and continuing to look for work in the U.S. under the B-2 category.

    Then there’s a second option for recent graduates like Hoang Tu.

    While waiting for an opportunity to present itself, he intends to return to school in order to renew his visa and further his education. He will be able to keep studying for over a year thanks to his savings and the severance pay he will receive from the company after being let go. However, he’ll have to apply and get into school first, which is no easy task, and also takes time.

    The third option is going back to Vietnam to look for jobs at home or elsewhere in Southeast Asia, like Singapore.

    If her visa deadline passes and Hong Anh still hasn’t landed the job she wants, she plans to return to Vietnam to take a break before looking for work again.

  • Amorepacific Group’s net profit halved last year

    Amorepacific Group’s net profit halved last year

    On April 28, Amore Pacific Group announced key figures for Q1 FY2022, with the Korean beauty giant reporting sales of $997 million, down 9% year-on-year, operating profit of $136 million, down 13.4% year-on-year, and net profit of $104 million, down 25.2% year-on-year.

    The earnings report noted that domestic sales in Korea continued to account for the largest share of sales at 62.9%, down 9.9% year-over-year, while overseas sales fell 6.1%. In addition, in its fiscal 2021 earnings report, it noted that the Korean beauty giant’s sales rose 8% to $4.26 billion in 2021, which ended on December 31 last year, while operating profit soared 136.4% to $286 million, with sales up 8% year-over-year to $4.2 billion and net profit of $240 million , a 1224% jump compared to 2020.

    For the reason that its revenue decreased 10%, Amore Pacific Group said pure domestic (Korean) revenue increased from strong online sales growth (over 20%) but travel retail revenue declined by double digit (24% of total revenue).

    In the first quarter of 2022, group revenue in Asia fell 10% to $300 million due to revenue decline from resurgence of COVID-19 and restructuring of offline stores.

    Notably, in Asia, Amore Pacific’s premium brand Sulwhasoo contributed accounting 35% in its Luxury Subsidiary. Sulwhasoo strengthened representative anti-aging solution line of Sulwhasoo strengthened its representative anti-aging solution line of “Concentrated Ginseng Renewing Serum Ex, eye cream”.

  • Volkswagen Jetta gets a facelift

    Volkswagen Jetta gets a facelift

    Volkswagen’s D-segment fighter has just been given a facelift. The Jetta has features like Xenon headlamps with integrated washers, LED daytime-running lamps, dual-zone Climatronic air-con and 16-inch alloy wheels. It also gets a 12-way electrically adjustable driver’s seat, front and rear parking sensors, and cruise control.

    Volkswagen’s D-segment fighter has just been given a facelift. The Jetta gets some additional features to make it more competitive and desirable.

    The Jetta now comes with additional features like Xenon headlamps with integrated washers, LED daytime running lamps, dual-zone Climatronic air-con and 16-inch alloy wheels. It also gets a 12-way electrically adjustable driver’s seat, front and rear parking sensors, and cruise control.

    There are no changes regarding the engine and the car is available in a 2.0-litre TDI and 1.4-litre TSI avatar. The new Jetta will be made available in 3 trims. Both engines come with a six-speed manual transmission, and the 2.0-litre TDI also gives you an option of a six-speed DSG automatic gearbox with paddle shifters.

    Commenting on the launch of the new Volkswagen Jetta, Arvind Saxena, managing director, Volkswagen Group Sales India, said, “With Volkswagen’s acclaimed engineering expertise, we are able to build some of the most comfortable, safe, fuel-efficient and performance-oriented luxury sedans, which offer outstanding power delivery and driving dynamics. We are sure that the new Jetta, with its range of petrol and diesel engine options and optional 6-speed DSG automatic transmission, will offer a delightful driving experience for premium-segment car buyers in the Indian market.”

  • JD Sports to quit South Korean after five years

    JD Sports to quit South Korean after five years

    UK activewear label JD Sports is set to withdraw from South Korea after five years of operation, according to Edaily.

    The retailer was reported to have experienced a deepening deficit since the Covid-19 pandemic, which led to the decision. The source said JD Sports Korea had notified all employees of the exit plan.

    JD Sports entered South Korea in 2017 through a joint venture deal with South Korean footwear company Shoemarker. The first JD Sports store was opened in April 2018. Currently, the company operates 14 directly managed stores nationwide, including at Lotte World Tower in Jamsil, Seoul and Starfield Goyang.

    Meanwhile, the UK retailer has recently been the target of a cyber attack that resulted in unauthorised access to a system containing customer data relating to online orders between November 2018 and October 2020. The affected JD Sports group brands are JD, Size?, Millets, Blacks, Scotts and MilletSport.

    Earlier this year, British retailer Frasers Group bought shares in JD Sports for about US$57.7 million, as the Mike Ashley-owned company continues its drive into a more premium market.

  • Tiffany & Co collaborates with Nike on ‘Legendary’ kicks

    Tiffany & Co collaborates with Nike on ‘Legendary’ kicks

    Tiffany & Co has collaborated with Nike to release the Nike x Tiffany & Co Air Force 1 1837 sneakers and a limited-edition sterling silver accessories range.

    The sneakers, which will be available on March 7, are made of premium black suede, have a Tiffany Blue-coloured Swoosh, and co-branded silver elements over each heel.

    The Nike x Tiffany & Co Air Force 1 1837 will be available in women’s and men’s sizes, with a retail price of $356.98. The sneakers can be found in New York City Tiffany & Co locations: The Tiffany Flagship Next Door and Tiffany & Co SoHo, and globally via Nike’s SNKRS app and select Nike partner retail stores in North America.

    The brands said the collaboration is a continuation of the Air Force 1’s 40th anniversary and the businesses’ first collaboration on a “legendary pair”. Nike also partnered with Louis Vuitton last year to launch Dream Now, a brief pop-up event in Brooklyn, New York, featuring 47 pairs of Nike Airforce 1s designed by Virgil Abloh, to celebrate the anniversary.

    The basketball trainer was launched by Nike in 1982 and since then has gone on to become the most successful model ever created and symbolic in black culture.

    Aside from the launch, Tiffany & Co will release a line of limited-edition sterling silver goods, including a sterling silver whistle, shoe horn, shoe brush, and dubrae for the Nike x Tiffany & Co Air Force 1 1837 lace

  • Japan’s sushi-train restaurant chains eye overseas expansion

    Japan’s sushi-train restaurant chains eye overseas expansion

    The companies said Friday that sushi restaurant chains Akindo Sushiro Co. and Genki Sushi Co. are in merger talks to speed up the expansion of their overseas business.

    Akindo Sushiro operates Japan’s largest conveyor belt sushi chain with around 470 restaurants, most of them domestic. Genki Sushi, the No. 5 chain, runs more than half of its 300 or so restaurants abroad, including in the United States and China.

    By teaming up, they hope to cut down on costs and pool their resources to open more restaurants across the growing Asian market, especially as Japan’s graying population puts a damper on domestic sales.

    In preparation for the merger, Shinmei Co., the parent company of Genki Sushi and Japan’s largest rice wholesaler, plans to acquire a 32.72 percent stake in Sushiro Global Holdings Ltd., parent of Akindo Sushiro.

    While the merger details are still being worked out, combining the two businesses would give the new company a significant lead in revenue over its closest rival, Kura Corp.

  • Tesla To Freeze Hiring, Lay Off Employees Next Quarter

    Tesla To Freeze Hiring, Lay Off Employees Next Quarter

    Another wave of layoffs are coming at electric-car maker Tesla Inc in the next quarter, news website Electrek reported on Wednesday, citing a source familiar with the matter.

    Tesla is also going to freeze hiring, according to the report. The company did not immediately respond to a Reuters request for comment.

    Shares of Tesla rose 1% to $139.25 in trading before the bell.

    The reported move comes at a time when Tesla investors have raised concerns over Chief Executive Elon Musk’s distraction with managing Twitter, the social media platform he bought for $44 billion in October.

    Moreover, Tesla analysts have also cut their price targets on the stock worried that weakness in demand from China will weigh on the EV maker’s deliveries next year.

    Musk in June said Tesla would reduce its salaried workforce by roughly 10% over the next three months.

  • Vietcombank names new general director

    Vietcombank names new general director

    Vietcombank, Vietnam’s largest state-owned lender, named its current deputy general director Nguyen Thanh Tung as its new general director on Monday.

    Tung, 49, was the same day elected a member of Vietcombank’s board of management for the 2018-2023 term.

    He holds bachelor’s degrees in economics of international trade and English education, as well as a master’s degree in economics of Paris Dauphine University.

    His career at Vietcombank began 26 years ago in 1997. He became the office head of Vietcombank in 2008, then the deputy director of the bank’s operation center in 2013.

    He became the deputy general director of the sales division in April 2019, before becoming deputy general director of the board of management in August 2021.

  • Saigon Beer brewer sees revenue surge by a third

    Saigon Beer brewer sees revenue surge by a third

    Saigon Beer brewer Sabeco saw revenue jump 33% from 2021 to VND35.24 trillion ($1.5 billion) last year as consumption bounced back after two years of Covid-19.

    The brewer’s post-tax profit surged nearly 40% to VND5.5 trillion, the highest level since it was sold to ThaiBev in 2017.

    “The company has improved its production efficiency and implemented cost-saving measures to minimize the impact of higher input costs,” Sabeco said in a statement. “Many promotion and marketing campaigns also helped boost sales.”

    Before the pandemic, the company spent VND3 trillion on promotion and marketing last year, double that of 2019.

    Sabeco’s revenue last year was 8% shy of the 2019 level. However, its revenue quadrupled that of its major competitior in Vietnam, Habeco, which recorded a revenue of VND8.5 trillion.

    Thapana Sirivadhanabhakdi, CEO of ThaiBev, said last year that Sabeco was its “crown jewel” and rejected rumors that the Thai company would sell the brewer.

    Valued at $26 billion, Vietnam is the biggest beer market in Southeast Asia, and No. 3 in Asia behind China and Japan, according to 2021 figures.

  • Spotify has officially crossed 200 million premium subscribers

    Spotify has officially crossed 200 million premium subscribers

    The recently concluded holiday shopping season may not have been as auspicious for the global smartphone market as we’ve expected over the years, but for some reason, the music streaming industry doesn’t appear to be suffering any consequences of a tough economic climate around the world.

    Not yet, at least, and not as far as said industry’s heavyweight champion is concerned, with some of Spotify’s key success indicators surging higher than initially anticipated during the final quarter of 2022 compared to the same period of 2021 and last year’s third calendar quarter.
    There are now 205 million people worldwide paying for Spotify’s “Premium” service tier, up no less than 10 million from Q3 2022 and a cool 25 million versus Q4 2021. How does the new milestone compare to the competition? Unfortunately, there’s no way to know… for sure.
    That’s because Apple effectively stopped making those kinds of figures public back in 2019, when around 60 million people were subscribed to the company’s paid Music platform. Of course, many unofficial guesses and estimates followed, with one from 2021 boosting that number to 78 million and one from last year circling 88 million.
    What’s crystal clear is that Apple Music still has a long way to go before hoping to catch up to Spotify’s usage digits, which also include 295 million ad-supported monthly active users (up from 273 million in Q3 2022) and a grand total of 489 (!!!) million Q4 2022 MAUs, representing a massive increase from 456 million the previous quarter and 406 million in Q4 2021.
    It’s equally true that Apple is very clearly prioritizing the profitability of its “Services” division as a whole over the subscriber growth of each individual platform, while Spotify continues to bleed money as it brings in more and more listeners.
    We’re talking a €231 million ($250 million) operating loss for the Sweden-based company behind the world’s most popular audio streaming product between October and December 2022 alone, and although things like “higher personnel costs” and “higher advertising costs” are blamed for this latest financial deficit, the truth is Spotify last posted a quarterly profit all the way back in 2019.
    Looking ahead to the near future, Spotify doesn’t expect its financials to bounce back all of a sudden despite predicting another boost to 207 million premium subscribers and, yes, half a billion total monthly active users. Now that’s a number for the ages!
  • Apple Music Rewind 2023 is available for those subs who can’t help but track everything

    Apple Music Rewind 2023 is available for those subs who can’t help but track everything

    Apple Rewind. Like Spotify Wrapped, right? No, not really. Spotify keeps things under wraps and surprises you with stats at the end of the year, while Apple Rewind is a feature that lets you check what you are listening to most at all times.

    Redundant, since you’d be doing it in real time, but hey — remember that you can do it for the entire year! As in, if you feel like checking your playlist history from months ago, through this feature you can do that, so it’s not that surface level.

    And if that got you interested in checking it out, you can do that right now. Apple Rewind for 2023 is live now, and it allows you to check what you expect: top songs, albums, artists and so forth. But it also starts automatically drafting you a playlist with your most played songs of the year, which is always neat.

    If you want to check out your own playlist, you can open your Apple Music app under the Listen Now tab. At the very bottom, you should be able to see all of the yearly playlist that the service has drafted for you, ever since you were a subscriber and as far back as 2015, when Apple Music initially launched.

    At the end of the year, however, Apple will give you a quick hit of dopamine and release a more in-depth overview of your musical journey. If you’d like to follow how the entire process is going, you can check back with the website every Monday, as usually the data is refreshed every Sunday.

    You’ve had to have reached a certain threshold of listening activity in order for the feature to kick in for your account. In other words: If you aren’t seeing anything by next Monday, you might want to add “Listen to more music” to your list of goals to achieve in 2023.

  • Central Banks Buy the Most Gold in Over 50 Years

    Central Banks Buy the Most Gold in Over 50 Years

    Gold kicked off the new year better than it has in a long time. The precious metal is benefitting from extraordinary trends.

    Demand for gold was stronger last year than it has been in more than a decade, the World Gold Council (WGC) said in its report on demand trends in the fourth quarter and the full year of 2022.

    On Tuesday, the WGC also celebrated the 30th anniversary of its study on gold demand trends, which examines the cornerstones of physical gold market demand.

    Overall, global gold demand, excluding OTC, rose 18 percent to 4,741 metric tons in 2022, almost the same amount as 2011, and the strong full-year result was supported by record demand of 1,337 tonnes in the fourth quarter.

    The exceptionally high demand was due to «massive» buying by central banks and supported by strong retail investor buying and slower outflows from exchange-traded funds, according to WGC.

    The second consecutive quarter of heavy central bank demand drove annual purchases in the sector to a 55-year high of 1,136 metric tons. In the year-end quarter, central banks bought 417 tons of gold, on top of the nearly 400 tons they acquired in the third quarter. As in the third quarter, most gold purchases were unreported.

    Private investors also contributed to the demand boom, with global demand for bars and coins rising to a nine-year high of 1,217 tonnes, up 2 percent from a year earlier.

    The second half of the year was particularly strong, with demand hovering around 340 tons for two consecutive quarters for the first time since 2013. The need for asset protection in a global inflationary environment remained a key motivator for purchasing gold, the report said.

    At the same time, gold exchange-traded fund (ETF) holdings declined less than they did a year, falling 110 tons compared to a drop of 189 tons. Total investment demand, not taking into account OTC activity, rose 10 percent last year to 1,107 tons.

    For the current year, the WGC sees improved ETF demand, especially since interest rate hikes are likely to be less of a problem. However, central bank purchases are unlikely to return to 2022 levels, the industry association added. Continued dollar weakness, rising recession risks, and increased geopolitical risks would support gold.

  • UBS To Increase Dividend and Buy Back Shares

    UBS To Increase Dividend and Buy Back Shares

    Switzerland’s largest bank managed to improve on its results from last year. The bank will increase its dividend this year and buy back more shares.

    For the year, UBS managed to improve its net profit attributable to shareholders to $7.630 billion from $7.457 billion in 2021, as operating expenses decreased from a year ago, according to figures released Tuesday.

    Operating expenses fell to $24.930 billion from $26.058 billion in 2021, resulting in an increased operating profit of $9.604 billion.

    The fourth quarter results came in better than expected, with net profit attributable to shareholders of $1.653 billion rising from $1.348 billion in the fourth quarter of 2021.

    Total revenues in the fourth quarter were $8.089 billion while operating expenses fell to $6.085 billion, down 13 percent from a year ago. UBS said that the fourth quarter of last year included $740 million in litigation provisions for a cross-border legal case with France.

    Excluding the provisions, operating expenses would have decreased by three percent and pre-tax profit would have declined 22 percent, according to UBS.

    The Global Wealth Management (GWM) unit booked a pre-tax profit of $1.058 billion in the fourth quarter, which was marginally better than expected. Compared to the year-ago result of $563 million, it marked an 88 percent increase. For 2022, the net profit for the unit fell to $4.601 billion, a decline of five percent.

    GWM attracted $23.3 billion in new fee-generating assets for the quarter, bringing the total new money for the year to $60.1 billion, according to UBS.

    CEO Ralph Hamers said, «we could achieve this in a year marked by difficult macroeconomic conditions, persistent inflation, rapid monetary tightening, the war between Russia and Ukraine, the impact of the Corona pandemic in China, and other geopolitical tensions.»

    The Asset Management division reported a pre-tax profit of $124 million for the fourth quarter a decline of 63 percent.

    Hamers also said that UBS is starting 2023 from a position of strength despite uncertain macroeconomic conditions.

    After buying back $5.6 billion of shares last year, Hamers said UBS plans to buy back more than $5 billion this year as well. Furthermore, the bank will continue to pursue a progressive dividend payment policy. For 2023, UBS intends to propose a dividend of $0.55 – 10 percent higher than a year ago.

    UBS will continue to pursue growth opportunities in the United States, Hamers said. In the Americas region, the GWM unit attracted $17 billion in fee-generating money and closed the quarter with strong advisor recruiting efforts.

    UBS said that it continues to see «positive momentum» in private markets in the region, attracting $10 billion of new commitments. Its separately managed accounts (SMA) product contributed $21 billion of new money in the Americas.

  • Miniso Group reveals management changes

    Miniso Group reveals management changes

    Lifestyle retailer Miniso Group has unvieled a shift in the management board, with executive VP Steven Saiyin Zhang departing.

    According to Miniso, Zhang has resigned as CFO, executive VP, and executive director, effective immediately, for personal reasons and to spend more time with his family. Zhang will continue to work as a senior consultant for the firm.

    Following his resignation, the board will comprise five members: three independent non-executive directors and two executive directors.

    Miniso said it has also appointed Eason Jingjing Zhang, currently the company’s VP of capital markets, as its new CFO.

    “Steven has designed a detailed succession plan to transition his responsibilities to Eason, who has played a key role in driving Miniso’s success in various capital market transactions and several internal finance management projects, demonstrating a clear understanding of our business and establishing confidence in Miniso among the investor community,” said Guofu Ye, founder, chairman of the board and CEO of Miniso.

    Eason Zhang, who joined Miniso in January 2021 as director of capital markets, has been VP of capital markets since September, overseeing all capital markets matters for the company, including investor relations, strategic investment and acquisitions, corporate strategy, and treasury.

    Prior to that, he began his career in auditing at PricewaterhouseCoopers, after which he worked in different capacities mostly in capital markets in the US, Hong Kong, and China.

    Last year, Miniso strengthen its expansion strategy in Canada when reopened its Vaughan Mills store in the Greater Toronto Area and introduced its new “$2 Plus” concept to the market.

  • Apple’s India supplier Jabil making AirPods parts for export

    Apple’s India supplier Jabil making AirPods parts for export

    Apple-supplier Jabil Inc’s India unit has begun making components for AirPods in the country and is shipping plastic bodies or enclosures for AirPods to China and Vietnam, Bloomberg News reported on Sunday, citing people familiar with the matter.

    Apple Inc and Jabil did not immediately respond to a request for comment.

    The move marks another step in Apple’s plans to shift its manufacturing away from China amid rising trade and geopolitical tensions between Beijing and Washington.

    The iPhone maker wants India to account for up to 25% of its production, from about 5%-7% now.

    Apple has bet big on India since it began iPhone assembly in the country in 2017, in line with the Indian government’s push for local manufacturing.