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Tag: asia

  • Gold prices rise

    Gold prices rise

    SJC gold prices gained 0.15% to VND67 million ($2,857.27) per tael Wednesday afternoon.

    Gold ring prices went up 0.09% to VND54.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Gold prices scaled an eight-month peak on Wednesday, underpinned by a subdued dollar, although they traded in a tight range as traders positioned themselves for inflation data that could influence the U.S. Federal Reserve’s rate-hike stance, Reuters reported.

    Spot gold was up 0.3% at $1,883.48 per ounce, highest since early May.

    The dollar index slipped 0.1%, making greenback-priced bullion cheaper for overseas buyers. Benchmark U.S. 10-year Treasury yields also edged lower.

    Overall, it looks like gold is currently consolidating into a range as the focus turns to the U.S. consumer price index (CPI) data on Thursday, said Ilya Spivak, head of global macro at Tastytlive.

    “If the data shows inflation is softer, then gold might go north of the $1,900 level. However, seeing if gold can get much traction beyond that would be interesting.”

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  • Auto imports zoom to new high

    Auto imports zoom to new high

    Auto imports rose by 8.4% last year to a record 173,467 units, which cost US$3.84 billion according to Vietnam Customs.

    The previous highest number was over 160,000 in 2021.

    Indonesia and Thailand were the biggest sources of the imports last year, accounting for 41.9% and 41.5%.

    China was third with 10%.

    The government has issued a decree encouraging auto imports from ASEAN countries to comply with the ASEAN Trade in Goods Agreement.

    From 2022 to 2027 vehicles produced within ASEAN with over 40% locally sourced components are exempt from import tax.

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  • Cebu Pacific receives first of 10 expected Airbus NEO deliveries for 2023

    Cebu Pacific receives first of 10 expected Airbus NEO deliveries for 2023

    Cebu Pacific (CEB) received on Jan 1 the first of the 10 expected brand new airbus NEO (New Engine Option) deliveries for the year: three A320neo, four A321neo and four A33neo. It is also the airline’s ninth Airbus 320neo.

    The aircraft used sustainable aviation fuel (SAF) from the Airbus Hamburg facility in Germany to the Ninoy Aquino International Airport (NAIA) in Manila.

    “This SAF-powered aircraft delivery supports our sustainability strategy in shifting to a more fuel-efficient NEO fleet by 2028. We will continue prioritizing our sustainability journey as we maintain our position as the greenest airline in Asia,” said Alex Reyes, chief strategy officer at Cebu Pacific.

    SAF is a drop-in fuel, which can be an interchangeable replacement for fossil fuels. It does not require any adaptations to the aircraft or engines and has no negative impact on performance or maintenance. Using SAF results in an up to 80 percent reduction in carbon emissions across the SAF lifecycle.

    CEB is the first low-cost carrier in Southeast Asia to incorporate SAF into its operations when it delivered its third A330neo in May 2022.

    CEB’S sustainability goal aligns with global aviation’s commitment to achieving net zero carbon emissions by 2050. The airline has made various investments that enable it to become fuel-efficient in its operations to keep fares affordable for passengers.

    Besides fleet modernization, the airline’s major pillars on its sustainable journey are resource optimization, which includes pushing for fuel efficiency best practices and utilizing SAF by launching green routes by 2025.

    CEB’s fleet is composed of 21 A320ceo, nine A320neo, seven A321ceo, 10 A321neo, four  A330ceo, four A330neo, 14 ATR 72-600, six ATR 72-500 and two ATR Freighters.

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  • UBS Picked as Chinese New Year Festival Partner

    UBS Picked as Chinese New Year Festival Partner

    Swiss banking giant UBS has been chosen as the lead partner for Hong Kong’s first public Chinese New Year celebration since the start of the pandemic.

    According to a statement, UBS is the lead partner for the Wheel of Good Fortune – a Chinese New Year festival located at the business district’s iconic Hong Kong Observation Wheel.

    This marks Hong Kong’s first public Chinese New Year celebration in three years which will feature rides, games and various decorations thematically based on the year of the rabbit.

    The event’s opening ceremony featured UBS’s co-head wealth management APAC Amy Lo, APAC head of investment bank Taichi Takahashi and Joseph Chan, Hong Kong’s under secretary for financial services and the treasury.

    UBS has expressed repeated optimism for China’s reopening as of late from multiple perspectives, including for investments and business opportunities.

    With Hong Kong relaxing the restrictions around Covid, we are confident that the city will be going into a period go growth as we return to more normal business routines, Lo said.

    This week is a special week, marking the progressive, orderly and comprehensive resumption of normal travel between Hong Kong and the mainland, Chan added. Such resumption will support cross-boundary flow of people and goods which will provide great impetus for Hong Kon’s economy.

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  • Capital Group Teams Up With UBS

    Capital Group Teams Up With UBS

    Capital Group sees new investment opportunities in fixed-income bonds and is entering into a partnership with the asset management division of UBS to that end.

    Fund manager Capital Group is entering into a partnership with the asset management division of UBS. According to a statement Tuesday, the investment firm has launched the Capital Group multi-sector income fund (MSI) through an exclusive distribution partnership with UBS Global Wealth Management (GWM) for investors in Europe and Asia.

    MSI combines four fixed-income sectors: investment-grade and high-yield corporate bonds, emerging market bonds, and securitized credit into a single portfolio.

    The Luxembourg-domiciled fund is based on and managed by the same investment team as the US-based MSI strategy launched in 2019. In line with Capital Group’s investment approach, MSI is managed by five portfolio managers with an average investment experience of 23 years.

    According to Mike Gitlin, head of fixed income at Capital Group, the partnership will make Capital Group’s fixed-income business available to UBS investors globally.

    Capital Group is one of the world’s largest and most experienced investment firms with active investment strategies, with more than $2.1 trillion in assets under management.

    Founded in Los Angeles in 1931, Capital Group opened its first foreign office in Geneva in 1962 and added a Zurich office in 2015. In Switzerland, the firm employs about 130 people, 11 of them in Zurich, the majority in sales.

    Organized as a partnership, Capital Group is not listed on stock exchanges. Another distinctive feature is the relatively few strategies it offers, around 50, compared to other large asset managers. In addition, around 60 percent of the investments are held for over five years.

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  • Coinbase Axes Nearly 1,000 Jobs

    Coinbase Axes Nearly 1,000 Jobs

    Winter for the cryptocurrency industry persists with Coinbase being the latest to downsize its business by cutting nearly 1,000 jobs.

    Coinbase – the world’s second largest crypto exchange by trading volume – will cut 950 jobs, or about 20 percent of its workforce as part of broader restructuring plans, according to a blog post by CEO and co-founder Brian Armstrong.

    The US-listed firm will also shut down several projects with a lower probability of success.

    In 2022, the crypto market trended downwards along with the broader macroeconomy. We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion, Armstrong said in the post.

    This marks the third round of layoffs for the crypto exchange since last year when it slashed 1,100 jobs in June followed by another 60 jobs in November.

    Coinbase is well capitalized, and crypto isn’t going anywhere. I believe recent events will ultimately end up benefiting Coinbase greatly (a large competitor failing, emerging regulatory clarity, etc.), and they validate our long term strategy, said Armstrong, referencing the FTX collapse.

    But it will take time for these changes to come to fruition and we need to make sure we have the appropriate operational efficiency to weather downturns in the crypto market, and capture opportunities that may emerge.

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  • Aldi opens new store in Prospect

    Aldi opens new store in Prospect

    Aldi says its newest store, which opens in Prospect, NSW, this week will feature new innovations for the banner aimed at enhancing the customer experience.

    The store is fitted with large wooden produce bays in a modern interior store design featuring newly designed registers at manned checkouts and registers and self-checkouts.

    To cut emissions, the store has incorporated natural refrigerant technology and LED lighting and the company promises that any unsold food items will be distributed to local rescue organizations.

    “We offer a supermarket experience that is like no other in Australia and we are proud to call ourselves ‘Good Different’,” said Viktor Jakupec, regional MD of Aldi Australia.

    “It’s our differences such as having never offered single-use plastic bags, using a coin deposit system for our trolleys and our tight product range that allow us to bring value to our customers every day.”

    The new store is located at 106 Main North Road, Prospect.

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  • L’Oreal launches make-up applicator for people with limited mobility

    L’Oreal launches make-up applicator for people with limited mobility

    L’Oréal has debuted a motorised, handheld device that allows people with limited hand and arm mobility to apply make-up steadily.

    The slender new product uses motion sensors and magnetic attachments that enable make-up application in 360-degree rotations and 180-degree flexions, according to the company.

    The move is part of the cosmetics industry’s push to develop products for people with disabilities – a generally untapped market that is believed to be worth $1.2 trillion (£990 billion). Thus far, these efforts have largely focused on creating ergonomic products, such as make-up brushes that can bend and are easier to grip, and easy to open moisturisers.

    L’Oréal says the new Hapta device is aimed at the 50 million people around the globe with limited fine motor skills, including those with cerebral palsy or who have suffered a stroke.

    The product, unveiled at the CES tech show in Las Vegas, will be piloted with a lipstick applicator later this year from L’Oréal brand ​​Lancôme.

    L’Oréal and Verily began collaborating on skincare and digital dermatology tools in January.

    “Beauty tech [is] revolutionising the way we develop beauty products and services and enabling greater personalisation,” said Françoise Lehmann, Lancôme’s global brand president. “With Hapta we are going one step further by making beauty more accessible to use, because everyone should have equal access to it.”

    Also at CES, the cosmetics company announced a Brow Magic applicator that offers personalised eyebrow looks based on face scans from an accompanying app.

    The product has 2,400 small nozzles and a printing resolution of up to 1,200 drops per inch. L’Oréal says it can apply a precise brow shape in seconds and can be removed using a standard makeup remover. Brow Magic looks at the user’s face shape and thickness to make recommendations for microblading, micro-shading or filler effects. The product is scheduled to arrive later this year.

  • Nutella Biscuits rolls out in Australian grocery stores

    Nutella Biscuits rolls out in Australian grocery stores

    It has been confirmed that Nutella biscuits are finally being stocked below The biscuit is a global hit, with fans of the brand particularly popular in Europe and the US clamoring for their arrival in Australia for years.

    By Sophie Finn for Daily Mail Australia

    Published: 05:29, 10 January 2023 | Updated: 05:29, 10 January 2023

    It has been officially confirmed that Nutella biscuits are coming to Australia in January 2023.

    Fans of the sweet treat, which is hugely popular in Europe, have been calling for the biscuits to hit Aussie supermarkets for years.

    Italian Biscuits features a creamy heart of Nutella sandwiched between two crunchy biscuits, and a bag of 20 is just $6.

    On January 9th bags of the tempting snack hit the biscuit aisle of all major Aussie supermarkets.

    It has been officially confirmed that Nutella biscuits are coming to Australia in January 2023

    Fans of the sweet treat, which is hugely popular in Europe, have been calling for the biscuits to hit Aussie supermarkets for years. The biscuits feature a creamy heart of Nutella sandwiched between two crunchy biscuits, and a bag of 20 costs just $6.

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  • France’s Danone faces legal action over plastic use and reporting practices

    France’s Danone faces legal action over plastic use and reporting practices

    Some environmental groups have taken legal action against French bottled water and dairy group Danone over its plastic use, accusing it on Monday of failing to sufficiently account for all the plastic used along its production cycles.

    Danone, the world’s biggest yoghurt maker producing infant formula and the popular mineral water brand Evian, said in a statement emailed to Reuters that it was “very surprised by this accusation which we firmly refute”.

    The case, brought at a Paris civil court on Monday, comes as a growing number of non-governmental organizations are acting against large companies by using a 2017 French law establishing a ‘duty of care’ along supply chains to avoid harm to human rights and the environment.

    But unlike a similar case brought against oil giant TotalEnergies to fight a controversial pipeline project in Africa, environmental group Surfrider and its partners, Client Earth and Zero Waste France, say they do not want to launch criminal proceedings against Danone.

    “We want Danone to re-publish its compulsory duty of care report and specifically account for its plastic use, including a concrete strategy to reduce it,” said Antidia Citores, the French spokeswoman for ocean protection campaign group Surfrider Foundation Europe.

    She added that Danone so far did not sufficiently account for all the plastic used along its production cycles from agriculture to packaging and was not telling the public how exactly it intends to reduce its use.

    It is now up to a judge to decide whether or not to open a lawsuit.

    “Danone has long been recognised as a pioneer in environmental risk management”, the company said in the statement to Reuters, adding it had brought down its plastic use by 12% between 2018 and 2021.

  • Apple adds a new useful parking feature to the Maps app

    Apple adds a new useful parking feature to the Maps app

    Apple Maps has come a long way since the app was first released in September 2012. At first, Maps was an unmitigated disaster with some roadways and even countries unlabeled or missing their names. A few places were incorrectly identified and Apple uncharacteristically released an apology with Tim Cook telling iPhone users to use Google Maps or other mapping and navigation apps until Apple Maps was fixed. A company-wide shakeup ensued resulting in the dismissal of longtime software chief Scott Forstall.
    Apple went back to the drawing board and started collecting its own data so that it could build a new mapping and navigation platform from the ground up. And today, Apple Maps is a solid mapping and navigation platform that Apple continues to work on. Apple has teamed up with digital parking marketplace SpotHero to deliver information to Apple Maps users on 8,000 parking locations across the U.S. and Canada.
    For example, let’s say that you’ve got tickets to see the New York Knicks or the Rangers play at Madison Square Garden and you want to reserve a parking spot; go to Apple Maps and look up Madison Square Garden in New York City. On the listing, tap the three-dot “More” button on the right side. A pop-up menu will appear with Parking as the first option at the top of the list. Tap it and you’ll be taken to the appropriate SpotHero page without ever having to leave Apple Maps.

    Besides appearing on the iOS Apple Maps app, the partnership with SpotHero will also allow Mac users to reserve parking spots. This added feature is another step in the right direction for Apple Maps which still has to battle Google Maps on the iPhone for iOS for navigation app supremacy.

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  • Elon Musk announces upcoming UI overhaul and new Twitter features

    Elon Musk announces upcoming UI overhaul and new Twitter features

    Elon Musk has announced via Twitter that the social network will get a new look and features. Some of the features he teased include swiping to move between timelines, a bookmark button on Tweet details, and long-form tweets.

    Since Elon Musk took over Twitter as owner and CEO, it has become the standard to look to his direct feed for feature announcements and changes in the platform’s terms of use. Such was the case with his controversial move last year to block links that directed users to competing social media platforms, which was later reversed but prompted calls for Musk to step down as CEO of Twitter.

    While his latest announcement is far from being controversial, it is worth noting as it announces key changes to the platform that its users should be aware of. According to Musk, a new feature will be rolling out later this week which will enable users to move between recommended vs followed tweets in their timelines.

    Although unclear as to what this will look like, since there was no preview provided for it, one can guess it will work similarly to how pinned timelines currently work on mobile devices. It is also unclear whether this new feature will be exclusive to the Twitter mobile apps or if the web client will see something similar as well.

    Musk also confirmed that there is a larger UI overhaul on the way and that this new feature is just the start. Another change coming to the UI is the addition of a Bookmark button in the Tweet details view, which, as per Musk, will serve as the defacto “silent like” on tweets and will be rolling out a week later. Bookmarking tweets has been available for some time, but it requires a couple of extra clicks.

    Finally, the long-promised feature to be able to compose long-form tweets is truly on its way. Musk also confirmed that this will be added in early February, though no additional details were shared on what the feature will entail.

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  • Priceline says its loyalty program has hit 8 million members

    Priceline says its loyalty program has hit 8 million members

    Priceline Pharmacy will receive commissions from the sale of insurance products to the 3.9 million members of its customer loyalty program.

    The loyalty program, Sister Club, is one of Australia’s largest, providing rewards for money spent in Priceline’s health, beauty and pharmacy stores. Its intended clientele are women and it is promoted by Priceline owner Australian Pharmaceutical Industries as a ”key marketing differentiator”.

    Under a five-year deal with global insurer ACE, travel, accident-protection and health insurance products will be promoted to Sister Club members via electronic and direct mail.

    Priceline would receive commissions on sales, said Robin Moore, ACE corporate communications manager for Australia and New Zealand. ACE will manage telesales, customer service and claims.

    A similar deal struck in 2011 with life insurer AIA ended this year. API declined to say how much revenue that agreement had delivered.

    A spokesman said API was confident that the insurance offering, Priceline Protects, ”enhances … our members’ experience”.

    Under the deal, ACE has no authority to sell or use Sister Club data for any other purpose than insurance products.

    ”It is important to note that members can opt out of receiving offers regarding Priceline Protects at any time,” the spokesman said.

    Australian Privacy Commissioner Timothy Pilgrim said that when people signed up to a customer loyalty program they should read the privacy policy to find out how the business would use their information, who else would see it and how it would be stored.

    ”Businesses that are covered by the Privacy Act are required to comply with several principles when handling personal information, including information collected for a loyalty card scheme,” he said. ”For example, companies are required to have a publicly available statement or privacy policy that tells people how they handle personal information.

    ”There are also rules about when businesses can share your personal information with others.”

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  • Netflix executive explains why it can charge premium ad rates for its ad-supported tier

    Netflix executive explains why it can charge premium ad rates for its ad-supported tier

    After a news report back in November said that the new Netflix “Basic with Ads” service tier was off to a slow start, the company denied that the ad-supported service was failing to meet expectations. The streamer’s co-CEO Ted Sarandos said at a conference last month, “Advertising for us is ‘crawl, walk, run.’ We just turned it on, and it works.” But data from Antenna showed that in the first four weeks of availability, the ad-supported tier was responsible for only 9% of U.S. subscriptions.
    Not only was the “Basic with Ads” the least popular service tier for November but only 0.1% of existing Netflix subscribers switched from another plan to the streamer’s ad-supported service. The latest update on how this tier of service is doing came during CES in Las Vegas when Netflix President of Worldwide Advertising, Jeremi Gorman, was being interviewed at Variety’s Entertainment Summit.
    The executive was talking about the quality and the diversity of advertisers when she said, “It’s really across the board. We’re seeing CPG companies, luxury companies, automotive companies…[and] retail. We’re seeing a broad swath. There’s a wide variety of advertising types, and I think we’ll continue to see that.” The breadth of the industries represented in the ads is considered good for subscribers to the “Basic with Ads” service since they won’t see have to sit through several boring car ads in a row.
    Gorman says that the initial ads in Netflix’s mix for “Basic with Ads” includes automotive spots, ads for consumer packaged goods, and commercials for retail and luxury marketers. Because Netflix originally launched without an ad-supported tier of service, many of the deals it made for content to stream didn’t include AVOD rights (advertising video on demand). This gives Netflix limited ad inventory limiting revenue opportunities although the company is working on the licensing situation.
    Some of the complaints about the ads come from advertisers who aren’t happy about what they call “Super Bowl CPMs.” CPMs, or cost per thousand, is the price charged for 1,000 impressions of an ad on a website or app. Calling them Super Bowl CPMs is a way of complaining that Netflix is charging advertisers too much money. Gorman isn’t denying that Netflix charges what she calls “premium” rates. She says that they are justified.
    “From a supply-demand perspective, the premium CPMs are reflective of two things: one is that we just couldn’t take that many advertisers. We certainly didn’t want to disappoint anybody.” She continues, “Then secondarily, the premium content environment in which the ads run I think warrants a high CPM.” She also states, “I think we’re certainly humble enough to very much understand we’re top of market, and in addition to that, the market will more or less dictate to us what are reasonable CPMs.”
    Right now Netflix is running traditional 15-second and 30-second ads but is considering offering other types of sponsorships in the future. For example, eventually a particular show could have a single sponsor. Netflix could also allow advertisers to target the placement of certain ads depending on the content or based on demographics such as age and gender.
    The “Basic with Ads” service is $6.99 per month and video streams in HD (720p) resolution over a single device. The company describes it by writing, “Basic with ads is a great way to enjoy movies and TV shows at a lower price. You can stream your favorites on any device with limited ad breaks. This plan does not allow downloads and a limited number of movies and TV shows are not available due to licensing restrictions. Some location and device restrictions also apply.”
    The ad-supported tier is available in the U.S., the U.K., France, Germany, Spain, Italy, Australia, Japan, Korea, Brazil, Canada, and Mexico.  At the moment, there are no plans to expand the reach of the service. While Gorman’s comments don’t mention how well the tier is doing in terms of subscribers, from the standpoint of attracting different advertisers in various industries, it sounds like a success for the company.
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  • MobiFone profits down in 2022

    MobiFone profits down in 2022

    Telecom giant MobiFone reported a decline in profits and revenues in 2022, and said they fell short of targets.

    At a review meeting on January 5 the company said revenues fell to VND28.329 trillion (US$1.18 billion), and profits to VND2.71trillion.

    They had been VND31 trillion and VND4.96 trillion in 2021.

    The bright spot in the business last year was that data revenues increased by 27%.

    In April it had launched MobiFone Pay e-wallet and Mobile Money e-money.

    With the telecom market saturated and revenues on a downtrend, the company this year eyes new businesses such as digital finance, digital health and digital education, chairman Nguyen Hong Hien said.

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