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Tag: asia

  • Lexus Sets Up Its Brand Experience Centre In Coimbatore

    Lexus Sets Up Its Brand Experience Centre In Coimbatore

    Lexus India opened its one-of-a-kind, Meraki-inspired brand experience centre in Coimbatore. The company says the design of the new experience centre takes inspiration from the city’s trade legacy, which is an amalgamation of its textile industry and a long-lived passion for motorsport combined with the Japanese spirit of precision, perfection, and subtle luxury. The new experience centre features several design elements inspired by Lexus cars such as the distinctive spindle design among others.

    Naveen Soni, President – Lexus India said, “We have always believed in establishing stronger ties with our guests, and we are delighted to announce the inauguration of our new brand space in Coimbatore, just a few months after the introduction of our brand space in Gurugram. With the opening of numerous facilities across the country, this innovative concept gets us one step closer to welcoming many more of our guests on a journey of luxury, uniqueness, and amazing experiences with Lexus.”

    The pièce-de-résistance is the mural in the Zen court that represents a deconstructed portrayal of the famous bull race tradition of southern India with specially designed carts, drawing parallels to the Lexus engine that is energy efficient and has a low carbon footprint while enhancing the rider’s excitement and experience. In line with the brand’s ethos of creating a better tomorrow through sustainable design, the use of “soot” powdered in the cast in-situ concrete floor and the Zen court wall add to energy efficient, sustainable, and eco-friendly structure. This also contributes to reduced carbon footprint in a small way.

    The Lexus Meraki – Coimbatore joins the current network of Lexus Brand Spaces in Gurugram and the Lexus Guest Experience Centres in New Delhi, Mumbai, Bangalore, Chandigarh, Hyderabad, Chennai, and an upcoming one in Kochi, along with the Lexus virtual guest experience centre that will soon be hosted on the Lexus India website bringing the Lexus brand and its offering closer to the discerning luxury consumer located across India. With the opening of the Lexus Meraki in Coimbatore, Lexus India establishes its footprint in 13 cities with 15 guest touchpoints across India.

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  • Apple still reluctant to introduce iMessage interoperability

    Apple still reluctant to introduce iMessage interoperability

    Few things are as dreadful to an Apple user as the green bubbles that appear when their messages hit a non-iPhone recipient. The lack of iMessage interoperability has been a pet peeve for quite some time, with Apple refusing to cave into the demands of users.

    Nevertheless, even as the Cupertino company is forced to make concessions in the face of mounting legislation, cross-platform support for iMessage remains unlikely in the foreseeable future. For now, Apple will not be integrating RCS, the standard which could potentially enable interoperability.

    This information was first brought forward by Bloomberg in a dedicated article, which was subsequently. The original source stipulates that Apple has not decided on how to open up iMessage to third-party services.

    Love it or hate, however, the Apple ecosystem works. Well, maybe not for all Apple consumers, but rather for the Cupertino company itself. The figurative ‘bubble’ (pun intended) in which most users are placed tends to be one of the most significant sources of revenue for the American tech giant.

    But so is Europe, and the EU in particular. But the latter has found ways to challenge some of Apple’s business strategies. Earlier this year, a law was passed which threatens the proprietary Lightning port. If Apple does not comply, and fails to transition to USB-C, the iPhone might be kicked out of the European market.

    But hardware is only one part of Apple’s monopoly over its users. A much more disconcerting aspect is the software side of the equation as demonstrated by the iMessage conundrum.

    Luckily, legislators throughout the world are working on that front as well. According to the original report by Bloomberg, Apple has committed to allowing third-party app stores to function alongside its own App Store. Whether that is only the beginning remains to be seen.

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  • Grab to implement cost cuts, cites uncertain macroeconomic situation

    Grab to implement cost cuts, cites uncertain macroeconomic situation

    Grab Holdings Ltd, Southeast Asia’s biggest ride-hailing and food delivery firm, is rolling out cost-cutting measures to cope with an uncertain macroeconomic situation, the Singapore-based company’s chief executive told staff in a memo.

    The measures include a freeze on most hirings, salary freezes for senior managers and cuts in travel and expense budgets, according to the memo, whose contents were confirmed by a company spokesperson.

    “None of these decisions were easy, but are meant to help us get leaner and fitter, as we accelerate even faster towards sustainable, profitable growth,” CEO Anthony Tan said in the memo, which was sent to the staff on Wednesday and was viewed by Reuters. “More so than ever, all Grabbers need to adopt a frugal and prudent mindset as we prepare for 2023.”

    Last month, Grab raised its 2022 revenue forecast, reported a narrower adjusted operating loss and said its food and grocery delivery business broke even three quarters ahead of the company’s expectations.

    Tan said in the memo that Southeast Asia has not, and will not, be spared from rising prices and interest rates, and the consequent effects on growth.

    Grab’s new measures “will also help us avert knee-jerk reactions that may interrupt our plans down the road,” he said.

    Decade-old Grab, a household name in eight Southeast Asian countries, has been trying to stem losses by focusing on higher-paying customers and lowering spending on incentives. Grab, which operates in 480 cities in eight countries, had about 8,800 staff at the end of 2021.

    In September, Grab’s chief operating officer, Alex Hungate, told Reuters that the company did not envision having to undertake mass layoffs as some rivals, including Uber Inc have done. Instead, Hungate said, the company would selectively hire, while reining in its financial-services ambitions.

    The memo circulated on Wednesday said Grab would “freeze the majority of current open job requisitions which are not in offer stage”. Tan wrote that requests to backfill and fill critical roles would need to be approved.

    Certain leaders at the company would not be eligible for raises in their upcoming reviews, while the travel and expense budget will be reduced by another 20% from the last guidance, according to the memo.

    Grab has more than 5 million registered drivers and more than 2 million merchants on its platform. It caught global attention in 2018 when it acquired Uber’s Southeast Asian business after a costly five-year battle.

    Tan said the company has been cautious with how it has spent money over the past two years, streamlining some businesses, tapering down incentives as well as slowing down hiring. These measures, Tan said, had helped Grab get closer to its profitability goals.

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  • November auto sales dip after four months of growth

    November auto sales dip after four months of growth

    November auto sales posted a decline from October after four consecutive months of growth, but sales for the year so far still achieved double-digit growth.

    It was reported that 36,371 units were sold among members of the Vietnam Automobile Manufacturers Association (VAMA) last month, down 0.51% from the previous month.

    In the first 11 months, sales climbed 43% year-on-year to 369,334 units.

    Truong Hai Auto Corporation (Thaco) led with 123,140 units sold, up 38% year-on-year.

    The company was followed by Toyota, with 81,491 units, and Mitsubishi, 36,805 units.

    Honda and Ford rounded off the top five.

    Last month automaker VinFast shipped its first batch of 999 electric cars to the U.S.

    The company expects to sell 750,000 electric vehicles annually by 2026.

  • Barclays Popping Up in Verbier

    Barclays Popping Up in Verbier

    British Bank Barclays is the latest private bank moving to Verbier to catch a crowd of international holidaymakers.

    Barclays Private bank is opening a temporary office in Verbier for the 2022/2023 ski season, it said in an emailed statement Wednesday.

    The new pop-up office aims to cater to clients’ needs during their holidays and is a sign of the bank’s growing focus on the region, it said.

    Switzerland is one of the world’s number one destinations for global wealth, with many of our clients choosing to set up residence here to benefit from its many qualities, either permanently or for leisure, Rahim Daya, CEO of Barclays Private Bank Switzerland and head of Middle East, said.

    Other private banks in town, include Lombard Odier, Credit Suisse, UBS, and Julius Baer.

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  • Vietnam Electricity wants power prices to be dynamic, based on production cost

    Vietnam Electricity wants power prices to be dynamic, based on production cost

    Vietnam Electricity wants power prices to be managed in the same way as fuel by taking into account the changing costs of production and not fixed at certain levels.

    Input costs surged to high this year, with oil and gas prices rising by double-digits and coal by 600%, EVN CEO Tran Dinh Nhan said at a meeting on December 12.

    Yet electricity prices remained the same as in 2019, he said.

    He blamed this for his company’s severe financial challenges and the risk of not paying its partners.

    “Eventually EVN’s credit ratings will be lowered. The company will have difficulty accessing loans and this will affect national security.”

    EVN said last month it faced losses of VND31 trillion this year and called for increasing retail prices.

    The government allows EVN to adjust prices by up to 5% a year, a 5-10% change needs approval from the Ministry of Industry and Trade and anything more than 10% requires the Cabinet’s green light.

    EVN also wants Power Development Plan 8 to be approved quickly so that it can start building new plants and grids to keep up with demand.

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  • Gold prices gain

    Gold prices gain

    SJC gold prices went up 0.3% to VND67.1 million per tael Wednesday.

    Gold ring prices inched up 0.37% to VND54.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Global gold prices traded in a narrow range on Wednesday, as investors awaited the U.S. Federal Reserve’s policy decision later in the day after softer-than-expected inflation data fanned expectation of a moderate interest rate hike path.

    Spot gold was little changed at $1,810.99 per ounce after hitting a more than five-month high on Tuesday as a smaller-than-expected rise in U.S. consumer prices buoyed bets for a slowdown in rate hikes.

    Softer U.S. inflation data saw the dollar weakening and gold rallying in the last session, but bullion price action will be quiet currently as the market awaits the Fed decision, said Ajay Kedia, director at Kedia Commodities in Mumbai.

    “Gold might hit $1,832 if the Fed sounds dovish. But there is strong resistance at the $1,820 level and prices should trade around this range for the rest of the year.”

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  • Snapchat launches AR music platform for creators who want to monetize their work

    Snapchat launches AR music platform for creators who want to monetize their work

    During this year’s Lens Fest, Snap announced the launch of a brand-new AR music platform for artists: Minibeats. The music platform is available in the form of a set of Lenses that lets Snapchat users play their own versions of artist songs paired with funny AR effects.

    If you’re a music fan and love using Snapchat, you now have a new way to combine both in your daily life. The new AR music platform is available right away, so to use it, simply open any Minibeats Lens and you’ll be able to take advantage of some of the AR effects available by default:

    • Decorate yourself with Musical Tattoos as you create your own version of “LOSER,” the hit single from KILLBOY (Atlantic Records).
    • Become Alice Glass and use AR gestures like waving your hand and opening your mouth to trigger interactive phrases from her new single, “Lips Apart.”
    • Turn your room into a playable version of Taetro’s beat-making loft, complete with Musical Objects that rattle off parts of his song.
    • Open your hand and wear a Musical Mask that sings Phil Good’s chorus to “Crying, Dancing”

    Apart from that, Minibeats is also a new way for musicians to connect with their fans. The Minibeats Lenses on Snapchat come with so-called “In-lens Purchases,” which marks a premier for the social company.

    According to Snap, Minibeats offers artists a 50% share of their revenue from lenses, an interesting approach considering that the industry typically offers sub-5% royalties.

    Snap’s new AR music platform will be fully launched after this “teaser version” launches on Snapchat. Currently, the company partnered with several musical artists such as KILLBOY, Alice Glass, Taetro, and Phil Good, but the final version of Minibeats will feature more artists and brands that music fans know and love, so stay tuned for more on the matter.

  • Fonterra reports strong sales, eyes higher earnings

    Fonterra reports strong sales, eyes higher earnings

    The company attributed its strong earnings growth to the performance of its protein portfolio, particularly in medical nutrition. It has forecast farmgate milk price of between $8.50 to $9.50 per kg of milk solids, with a midpoint of $9.

    Mike Hurrell, Fonterra CEO, said it was a positive start for the company given the current global situation.

    “We continue to feel the impact of geopolitical and macroeconomic events, with higher costs at every point in our supply chain,” he said. “It’s a similar story behind the farm gate with our farmer shareholders managing significantly higher input costs.”

    Hurrell explained that milk supply from key exporting regions – Europe, Australia, and the US – has been down over the past year and production in New Zealand is down 2.9 per cent against the same point of last season.

    In China, market volatility has prompted a “softening of demand” for whole milk powder.

    “We’ve seen increased participation from other regions, which has partially offset the drop in demand from Greater China,” he added. “While it’s still early in the financial year, we are happy with our sales contract rate.”

    Hurrell said the ingredients segment of the company continues to see strong margins in its protein portfolio – particularly for casein and caseinate – used in medical nutrition. Underlying earnings were up 94 per cent to $368 million versus last year, while normalised profit after tax rose 84 per cent to $214 million.

    “The sustained strong margins in our protein portfolio give us the confidence to upgrade our earnings guidance, although the wider range reflects the volatility in the market, which we expect to continue in the short to medium term.

    “If these conditions continue for extended periods, it could have an additional positive impact on forecast earnings.”

    The dairy cooperative’s performance in the food service channel was said to have improved versus the same period last year. Still, the high milk costs continue to put significant pressure on margins in both consumer and food service channels.

    Hurrel said the company had made progress on shipping the additional inventory at the end of the company’s fiscal year, and the stock has returned to normal levels.

    “There’s no doubt we’re in a period of increased global uncertainty. Inflationary pressures are being felt both on-farm and across our business, but looking further out, the fundamentals for dairy remain positive,” he concluded.

  • Kono NZ Announces Closure Of Annies

    Kono NZ Announces Closure Of Annies

    Food and beverage business Kono NZ, an associated business of Wakatū Incorporation, has today announced it will be closing its Blenheim-based business Annies at the end of February 2023.

    Kono NZ Chief Operating Officer Andy Wotton said the closure of Annies, a well-loved local brand, was a difficult decision for the Board to take, but was part of a wider strategic reset to return to Kono NZ’s core purpose – operating sustainable, high-performing businesses that generate a strong financial return to owners.

    He said Annies hadn’t met performance requirements over a number of years, and wasn’t sustainable long term.

    “Kono NZ purchased Annies in 2014 after it had gone into voluntary receivership. Despite our very best efforts to rebuild the business over the last seven or eight years, Annies has, with the exception of a couple of outlier results, operated at a loss. As a business we need to be able to adapt and, though hard, the decision to close Annies is right, rather than continuing to operate unsustainably into the future.”

    Annies employs 39 people within the Marlborough region. Mr Wotton said Kono NZ hoped to offer staff redeployment options within the Kono business as an alternative to redundancy and was actively exploring opportunities.

    “Manaakitanga is central to how we operate and this process will be managed as carefully and thoughtfully as possible. We will work closely with our affected people over the coming weeks to explore every opportunity available.”

    Annies last day of production is expected to be 24 February 2023, with its lease ending at the end of April 2023. It is expected that normal business operations will continue until then and all open sales orders will be fulfilled.

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  • Grab appoints new managing director for Vietnam

    Grab appoints new managing director for Vietnam

    Grab Vietnam has appointed Alejandro Osorio as its new managing director as part of its drive to achieve “robust sustainable growth” in its local operation.

    Osorio, an American who has worked for Grab for five years, previously served as director for regional strategy and planning, operations, and most recently was managing director of Grab Thailand.

    “Alejandro’s experience in building up business strategy on a regional scale and developing high-performing local teams makes him the right leader for the next phase of growth for Grab in Vietnam,” Russell Cohen, group managing director, operations of Grab, said in a statement.

    Under Osorio’s leadership, Grab Vietnam aims to leverage the power of the superapp ecosystem to strengthen its leadership in the country. The company plans to advance technology to help improve the efficiency of its partners, offering more relevant everyday services and ecosystem-wide benefits for consumers.

    Osorio’s predecessor Nguyen Thai Hai Van left the Grab Vietnam managing director chair in April after two years of service.

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  • Nike and Adidas supplier offers bigger Tet bonuses

    Nike and Adidas supplier offers bigger Tet bonuses

    Some 130,000 workers at Taiwanese-invested footwear maker Pou Chen Vietnam, a contract manufacturer for giants like Nike, Adidas and Puma, will enjoy a 30% increase in Tet bonuses this year.

    That puts the annual windfall for employees at the global shoe supplier back to pre-Covid levels.

    Eight Pou Chen Vietnam factories in HCMC and four in the southern provinces of Dong Nai, Tien Giang, Tay Ninh and Ba Ria Vung Tau announced on Monday that they will set aside over VND1.5 trillion ($62.5 million) as bonuses for workers for the upcoming Tet (Lunar New Year Festival). Tet, the most important festival in Vietnam, falls in late January 2023.

    Depending on seniority, workers who have worked for the company a full year or more will be given Tet bonuses of 1-2.2 months’ salary, from around VND6.5 million ($274.20) to nearly VND26 million. The highest bonus in 2022 was 1.54 months’ salary, while in 2021 the figure stood at 1.87 months.

    Besides Tet bonuses, the biggest and most anticipated reward for workers, Vietnam’s largest employer and trade unions at of its eight factories have planned provide free bus tickets home to migrant workers who will be able to enjoy Tet in their hometowns. Other gifts to poor employees will also be distributed.

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  • Nam A Bank gets new chairman

    Nam A Bank gets new chairman

    Nam A Bank on Friday named standing vice chairman Tran Ngo Phuc Vu as the new chairman.

    Vu, 50, has run Nam A Bank’s board of directors since 2019 after chairman Nguyen Quoc Toan resigned to focus on resolving family disputes over ownership of the bank.

    He was earlier the CEO.

    Vu has worked at various financial institutions for nearly 30 years.

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  • Aviation stocks rise amid expected industry recovery

    Aviation stocks rise amid expected industry recovery

    Stocks of Vietnam Airlines, Vietjet and other companies in the aviation industries have surged as the resumption of flights to China amid its relaxed Covid-19 policy boosted investors’ sentiment.

    HVN of state-owned Vietnam Airlines closed last week at a ceiling price in its third session in the green and returned to the mid-October price range of around VND11,750 ($0.50).

    Meanwhile, VJC of budget airline Vietjet, the only airline blue chip, gained 5% to close at VND111,500.

    SAS of Tan Son Nhat Airports Services and AST of Taseco Airs, which mostly provide services at Noi Bai International Airport, all gained three sessions to close at VND22,000 and VND54,000, respectively.

    These stocks gained after China relaxed its Covid-19 restrictions and several Vietnamese airlines, such as Vietnam Airlines and Bamboo Airways, announced a flight resumption to Chinese cities.

    Analysts of brokerage VNDirect said earlier this month that the most damaging factor for Vietnam’s tourism and aviation recovery is China’s zero-Covid policy which has been strictly imposed in most of the last three years.

    Chinese tourists accounted for 35% of total foreign tourists in Vietnam before the pandemic, and the figure is forecast to reach 20% in early next year before returning to the old level in early 2024, they added.

    “As the earnings of Vietnamese aviation companies have a high dependency on international traffic, we believe that their figures will surge starting next year.”

    Another reason for the surge in aviation stocks is an increasing number of investors buying the dip after the plunges.

    It also warned that risks such as high oil prices, heavy competition and weakening travel demand due to a global economic slowdown might have impact on the recovery of aviation stocks.

  • Dollar weakens against dong

    Dollar weakens against dong

    The U.S. dollar continued to depreciate against the dong on the black market Monday.

    It plunged 0.86% to VND24,220 at unofficial exchange points.

    The greenback fell 0.19% to VND23,825 at TPBank, and dropped 0.32% to VND23,713 at Vietinbank.

    Eximbank sold the dollar at VND23,740, up 0.17%.

    The rate at Techcombank was VND23,750, up 0.04%. It stayed unchanged at Vietcombank.

    The State Bank of Vietnam (SBV)’s set the reference rate is at VND23,655, down 0.01%.

    The dollar has gained 3.40% against the dong since the beginning of the year.

    The U.S. Dollar Index, which measures the greenback’s strength against major currencies, hovered around a three-month low of 105 points.

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