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Tag: asia

  • Twitter is less safe now, former head of safety warns

    Twitter is less safe now, former head of safety warns

    Elon Musk now officially owns Twitter, and the move caused a big splash in the industry. The tech billionaire started his reign as head of the popular network by laying off staff “en masse” and then trying to rehire some of the valuable assets lost in the process. One such asset seems to be Yoel Roth, the company’s former head of trust and safety, who gave his first interview since his departure shortly after Musk took over.

    When asked whether he still felt Twitter was safer after Musk’s takeover at a Knight Foundation event, Roth said, “I don’t.”The interview comes at a very specific moment. Musk relaunched the Twitter Blue subscription service on November 29th. Roth believes that Musk is breaking procedures and his own promises and, in the end, wants to run Twitter by himself.

    “He would say things that were consistent with establishing a moderation council, that were consistent with not making capricious, unilateral decisions, and I was optimistic based on that,” Roth said. “My optimism ultimately faded.”

    But it’s not all horrible. Despite the statements above, Roth does not think Twitter will have a “spectacular moment of failure,” as several former workers have expressed concern after the company’s enormous layoffs and resignations.

  • Vinamilk, Kido pull plug on bottled water joint venture

    Vinamilk, Kido pull plug on bottled water joint venture

    The Vinamilk – Kido Beverage Joint Venture Company has announced its dissolution after just a year of doing business.

    Vinamilk, the country’s largest dairy company, decided to end its joint venture with ice-cream producer Kido with effect from December 1 due to “certain changes in the development perspective of both parties.”

    Kido gave a similar statement, elaborating that the unpredictable changes in the domestic market and global economy were also a factor.

    Vibev was registered in March 2021, and started out with an investment of VND400 billion (US$16.3 million).

    Vinamilk held a 51% share and Kido the rest.

    Mai Kieu Lien, CEO of Vinamilk, had said then that the collaboration stemmed from the two companies seizing mutually beneficial opportunities.

    Several months by the Covid pandemic had delayed its product launch, but the company had ambitious goals like maintaining its dominant share in the bottled water market and producing 150 million bottles annually (equating to sales of VND2 trillion) within five years.

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  • Gold prices inch up

    Gold prices inch up

    Vietnam’s SJC gold prices rose 0.74% to VND67.15 million ($2,739.14) per tael Thursday.

    Gold ring prices went up 0.28% to VND54.3 mllion per tael. A tael is equal to 37.5 grams or 1.2 ounces.

    Global spot gold prices went up 0.7% to $1,781.15 per ounce, a two-week high, supported by a weaker dollar after U.S. Federal Reserve Chair Jerome Powell’s speech sparked expectations of smaller interest rate hikes.

    The Fed could scale back the pace of its rate hikes “as soon as December,” Powell said on Wednesday at the Brookings Institution in Washington. That pushed the dollar index 0.5% lower, making gold more attractive for overseas buyers.

    Investors now turn to the U.S. Labor Department’s non-farm payrolls data due on Friday, which could influence the Fed’s policy decisions.

    “A strong employment report will give Fed the green light to keep hiking while inflation remains high, which is bad for gold. A weak report could benefit gold as it points to lower consumer demand ahead, which is deflationary,” added Simpson.

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  • Agro exports hit new record high

    Agro exports hit new record high

    Vietnamese agriculture, forestry and fishery exports climbed to a new record of over $49 billion in value through November this year, an 11.8% hike year-on-year.

    As Vietnam’s largest foreign agriculture market, the U.S. accounted for $12.3 billion in shipments, 25% of the total.

    Orders from the robust Chinese economy followed the U.S. market at $9.3 billion.

    Continentally, Asia accounted for 44.7% of the total, trailed by the Americas at 27.4%, and then finally, Europe at 11.3%.

    More Vietnamese agricultural products were exported this year than ever, with fresh pomelo officially added to U.S. shipments for the first time this November after six years of negotiation.

    Fresh durian was officially exported to China in September, along with passion fruit, yams and bird’s nest.

    Vietnam’s Ministry of Agriculture and Rural Development reported that it is negotiating with China, Japan, South Korea and other countries to continue expanding the list of local agro products shipped abroad.

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  • Retail Food Group reports robust sales, plans expansion in 16 countries

    Retail Food Group reports robust sales, plans expansion in 16 countries

    Multibrand food chain franchisor Retail Food Group says sales across its domestic network have grown 16.5 percent in the first 21 weeks of this year.

    The company owns and operates Gloria Jean’s, Crust Gourmet Pizza, Donut King, Brumby’s Bakery, Cafe2U Michel’s Patisserie, Pizza Capers, and The Coffee Guy.

    In August, the business reported that its tax-paid profits increased threefold to $5.3 million in its full-year results.

    Continuing into the new financial year, same-store sales are up by 20percentt with Donut King performing exceptionally well, up by 47.6 percent.

    Customer visits to stores have grown by 20.6percentt during the quarter to date, although staffing shortages are an ongoing issue for many outlets.

    To alleviate operational pressures, the company says it has launched a baker recruitment program in partnership with the state-based TAFEs to create career opportunities.

    For the first half of this year, 32 new outlets were opened while an additional 50 stores are planned across 16 countries in the remainder of FY23 (which includes four new US-based Gloria Jean’s drive-thru outlets).

    In its international division, the company has reported that restructuring activity and improved trading conditions boosted underlying EBITDA by 35.5 per cent last financial year.

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  • Google changes some chimes for its RCS powered Messages app for Android

    Google changes some chimes for its RCS powered Messages app for Android

    Google has been spiffing up its Messages app for Android. Last month, it revealed a new icon for the app, and now there are new chimes for sent and received messages. You can change the sound that plays when you get an incoming message. Go to Settings > Sound & vibration > Default notification sound. Tap on the top box, and you’ll see a list of sounds you can pick as the one you will hear to alert you of an incoming message. Be sure to hit “save” on the screen’s upper right after making your selection.
    But even though you can choose the sound that will play to herald an incoming message, the Messages app determines the sound that will play for incoming and outgoing messages when a thread is open. After going through testing for several weeks, Google has replaced the old incoming, and outgoing messages chime with shorter and softer sounds.

    Other changes on the way include the ability of the Rich Communication Service (RCS) platform found in Google Messages to allow users to react using any emoji they want to use rather than choose from the limited number include the ability of the Rich Communication Service (RCS) platforms found in Google Messages to allow users to react using any emoji they want to use rather than choose from the limited number of seven
    A sent message will show a small circle with a checkmark inside while a delivered message will show two circles each with a checkmark inside. A message that has been read will still have the two circles with the checkmarks, but the inside of the circle will be colored in. This smells like a server-side update that will require Google to flip the switch on its end to disseminate the update; there is nothing that you can do about it on your end to make it arrive faster.
    Hey! We should also point out that if you have an Android phone and you want the features of RCS which including the ability to send longer messages, higher quality video and images, get read receipts, typing indicators, and use emoji reactions, you need to dump the carrier-based Messages app you’re currently using (like Verizon Messages for example) and download Google Messages found in the Play Store.
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  • Low-quality rice imports to be restricted

    Low-quality rice imports to be restricted

    The Ministry of Industry and Trade is drafting a decree on rice trade to limit the import of low-quality grain.

    The volume of low-grade rice imported from India has surged due to low vietnaprices and zero import tax under the ASEAN-India Free Trade Area, potentially affecting Vietnam’s own rice production and food security.

    Last year Vietnam imported a million tons of rice from various countries, including over 72% from India, according to ministry statistics.

    The low-quality grain, including broken, imported from India is mainly used to make noodles, cakes, animal feed, beer, and liquor.

    Vietnam, which exports 6-6.5 million tons of mainly high-grade rice annually to 156 countries and territories, had imported only around 5,000 tons of Indian rice in 2019, according to the ministry.

    Pham Thai Binh, general director of Trung An Hi-tech Farming Joint Stock Company, said “Vietnamese farmers’ income is still very precarious. Instead of importing low-quality rice, enterprises can buy rice in the domestic market, helping increase selling prices and farmers’ income.”

    According to the draft decree, if rice import volumes increase sharply, potentially affecting domestic production, they will be restricted. Besides, rice traders face stiffer penalties for failure to make quarterly and annual reports on exports and inventories as required.

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  • Dollar nears 6-week low

    Dollar nears 6-week low

    The U.S. dollar plunged against the Vietnamese dong Thursday to a near six-week low at Vietcombank.

    The state-owned lender sold it at VND24,680 at 10 a.m., down 0.48% from Wednesday to the lowest since October 22.

    DongABank let the dollar slide by 0.44% to VND24,700. Eximbank sold it at VND24,670, down 0.36%.

    The State Bank of Vietnam (SBV) let the reference rate decline by 0.01% to VND23,662.

    Unofficial exchange points sold the dollar 0.44% lower at VND24,850.

    The USD Index, which measures the greenback’s strength against major currencies, dips to 105.69 points, lowest since mid-August.

  • FPT Telecom Int’l, ViewQwest to offer one-stop DX services in Asia-Pacific

    FPT Telecom Int’l, ViewQwest to offer one-stop DX services in Asia-Pacific

    FPT Telecom International partnered with ViewQwest on Nov. 30 to elevate their capabilities in providing ICT and digital transformation (DX) services in Asia-Pacific, especially for large regional retailers.

    Known as one of the leading providers of telecommunications services and technology solutions in Vietnam, FPT Telecom International (FTI) has formed a strategic partnership with ViewQwest, an award-winning Singapore telecommunications, network and security solutions provider.

    ViewQwest will work with FTI in deploying digital transformation services in Vietnam and Singapore. Both companies will be establishing colocation facilities in FTI’s data center, providing on-ground technical and engineering support to ViewQwest’s customers in the two countries, including for software and hardware installation and troubleshooting services.

    “Businesses globally are being swept up by the digital transformation wave, none more pronounced than in the retail sector, especially enterprises with extensive multi-market coverage. Our partnership with FTI leverages their deep knowledge and experience in the Vietnam and Singapore market. The collaboration with FPT International Telecom will enable us to better serve our customers with regional operations,” said Vignesa Moorthy, Chief Executive Officer of ViewQwest

    Moorthy also affirmed that the cooperation had marked an important milestone in the Viewqwest’s journey of helping customers build and transform their network and security architecture with confidence, streamlining operations, driving cost-savings, and enabling business agility

    Tran Hai Duong, Chairman of FPT International Telecom expressed his desire to see positive results from the strategic partnership, stating that the two sides are ready to implement the commitments based on the agreement of FTI and ViewQwest.

    “The signing ceremony comes at an important juncture, where we use this agreement to further advance our partnership and support. I would like to emphasize FTI’s commitment to deliver the best values to customers and express our desire to focus on strategic engagement. We consider this partnership as an important part of a long and promising relationship,” said Tran Hai Duong.

    Established in 2001, ViewQwest is an award-winning telecommunications service provider in global and local connectivity, SASE and SD-WAN management, and managed security solutions. Consistently recognized as Singapore’s fastest fixed network from 2018 to 2022 by Ookla Speedtest Intelligence, ViewQwest is a partner of global multinational companies and leading enterprises in SEA in terms of building, transforming infrastructure and security.

    Headquartered in Singapore, ViewQwest expanded into Malaysia in 2016 as a fully-licensed operator serving the enterprise and residential market with its full suite of connectivity and managed network and security services. In 2019, ViewQwest commenced commercial operations in the Philippines. In 2022, the company expanded its market coverage to Hong Kong with Managed SASE, SD-WAN, and cybersecurity solutions.

    Established on May 22, 2008, FPT Telecom International is a member of FPT Telecom. Inheriting the experience and infrastructure of the mother company, one of the leading telecommunication services providers in Vietnam, FPT Telecom International has been operating independently since the beginning of 2008 and is now considered to be one of the top reliable services providers in Vietnam.

    FTI is one of Vietnam’s most comprehensive and broadly adopted Cloud and IT services providers, offering a full spectrum of services nationwide. Customers, including the fastest-growing startups, largest enterprises, and leading government agencies, use FTI to optimize their costs, as well as to promote the digital transformation process in the most effective way.

    The combination of FTI’s comprehensive digital solutions and ViewQwest’s regional network promises to bring many economic benefits and contribute to improving the competitiveness of businesses in the Asia-Pacific region.

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  • KBank Thailand expands into international market amid inflation time

    KBank Thailand expands into international market amid inflation time

    The target of creating a better credit environment for SMEs is KBank’s strategy upon entering the Vietnamese market.

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  • Boohoo enters India through Myntra partnership

    Boohoo enters India through Myntra partnership

    Trendsetting UK-based iconic fashion house, Boohoo Group, has marked its foray into the Indian market with Myntra. Boohoo, Dorothy Perkins (DP) and Nasty Gal will offer over 1500 on-trend and fresh styles across categories like dresses, tops, bottoms, and footwear, as a part of the much anticipated launch.

    “We are thrilled to be partnering with Myntra as our strategic partner in India. The Indian market represents a fantastic opportunity for the Boohoo Group and Myntra’s digital first approach makes this a great strategic partnership.”

    Right in time to kick off the party season, the association will witness Boohoo and Nasty Gal cater to fashion-forward Indian consumers for the first time, following the brand’s acquisition by the Boohoo Group. DP offers versatile, feminine, and elegant fashion for every woman, while Nasty Gal offers trendy, distinct, and edgy looks with inspiration from vintage as well as runway trends. boohoo focuses on striking yet easy styles for everyday fashion consumers to confidently own their narrative.

    Ahead of Myntra’s flagship End of Reason Sale, the collection from the Boohoo Group will consist of looks inspired by global trends like funky animal prints, classy florals, subtle shimmer, and dramatic glitter, across segments like dresses, tops, bottoms, and sweatshirts, among others. DP and boohoo also have a strong offering across footwear that include heels, casual shoes, platform heels and espadrilles among others. Catering to fashion forward women across ages, the brands offer products at attractive prices across boohoo, DP and Nasty Gal.

    As a seasoned leader in fashion, boohoo’s vision is to empower a global social generation to look and feel confident everyday, across occasions. boohoo supplies fashion to more than 100 countries, including major markets like the USA, UK, France, and Australia. Targeted towards free-thinking women, Nasty Gal’s collection primarily consists of bold and eclectic pieces catering to customers from over 60 countries since 2006, while DP continues to be a legacy brand, best known for their fun, feminine and versatile line. The brands have successfully established themselves as some of the most desirable and on-trend brands across the globe.

    The three distinct brands will be housed under a dedicated Online Brand Store (OBS) on Myntra, to enable shoppers to easily browse and discover their favorites across the brand catalogs. The brands will also indulge in compelling marketing activities that include influencer activation and visibility across Myntra’s path breaking social commerce initiative, M-Live.

    On their India foray through Myntra, John Lyttle, CEO, Boohoo Group, said, “We are thrilled to be partnering with Myntra as our strategic partner in India. The Indian market represents a fantastic opportunity for the Boohoo Group and Myntra’s digital first approach makes this a great strategic partnership.”

    Speaking on partnering with the Boohoo Group, Sharon Pais, Chief Business Officer, Myntra, said, “We are ecstatic to bring the Boohoo Group to India and be their partner of choice as they foray into this geography. At the back of our unmatched reach and cutting edge tech interventions, Myntra continues to be at the forefront of enabling access to sought after global brands for consumers and drive the vision of leading brands to effectively reach fashion-forward Indian consumers. Boohoo, DP and Nasty Gal are poised to be well received by discerning fashion conscious consumers in the region and we are excited to aid them in this journey.”

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  • Swiss Crypto Bank Opens Hong Kong Office

    Swiss Crypto Bank Opens Hong Kong Office

    Swiss crypto bank SEBA will look to establish its Asia Pacific presence by opening a new office in Hong Kong.

    According to a statement, SEBA has officially opened its Hong Kong office, with managing director Ludovic Shum appointed to lead the city’s executive team.

    The new office will serve to establish the crypto bank’s Asia Pacific presence and initial activities will include consultancy services, market research and engagement with strategic partners for the head office in Switzerland.

    According to SEBA, the choice of Hong Kong as its «first strategic location in APAC» is driven by the city’s supportive licensing framework, with local authorities recently announcing ambitions to become a crypto hub.

    We are proud to strengthen our presence in the APAC market with the opening of the new office of SEBA Hong Kong, said SEBA Bank CEO Franz Bergmueller. With a considerable pedigree as an international financial center and a supportive regulatory approach to cryptocurrencies, Hong Kong is cementing its position as a global leader in cryptocurrencies.

    SEBA is a Zug-based crypto lender that provides services across trading, structured products, bank accounts, cards, credit, staking, and crypto and non-fungible token custody. Its backers include Swiss private bank Julius Baer.

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  • Masan receives $600-mln foreign syndicated loan

    Masan receives $600-mln foreign syndicated loan

    Conglomerate Masan Group has received a syndicated loan of US$600 million at 6.7% interest from international financial institutions.

    The five-year loan was arranged by BNP Paribas, Credit Suisse, HSBC, and Standard Chartered Bank from a consortium of 37 financial institutions.

    Masan said improved business results in the consumer and retail segments have made it easier to access foreign loans though borrowing in U.S. dollars would admittedly entail greater foreign exchange risks.

    Last weekend, before obtaining the loan, it issued bonds worth VND1.7 trillion ($68.5 million) also with a five-year maturity.

    The company said it has paid debts and interest due this year of over VND6.9 trillion and prepaid debts of VND6.66 trillion due next year.

    Masan operates Win Mart, the largest consumer retail chain in Vietnam, and has a majority stake in Phuc Long beverage chain and interests in tungsten mining.

    According to a recent report by HSBC Global Research, Vietnam is set to become the tenth-largest global consumer market in 2030, overtaking Turkey, Thailand and Britain.

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  • Dollar plunges at banks

    Dollar plunges at banks

    The U.S. dollar plunges at commercial banks Wednesday morning, with Vietinbank selling it at VND24,785, down 0.26% from Tuesday.

    It dropped 0.20% to VND24,800 at Vietcombank, and 0.28% to VND24,770 at Eximbank.

    The State Bank of Vietnam set the reference rate 0.01% lower at VND23,665.

    The greenback is sold at VND24,960 on the black market, down 0.24%.

    The Dollar Index, which measures the greenback’s strength against major currencies, hovers around 106, down from a 20-year high of 114.78 on September 28 on expectations that its rally may have been overstretched and as the Fed looks to slow its pace of rate increases.

    Rising inflation and geopolitical tension have pushed the dollar up 8% over the dong by over 8% since the beginning of this year.

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  • Vietnam gold price drops despite global gain

    Vietnam gold price drops despite global gain

    Prices of gold bars branded SJC on Wednesday decreased 0.15% from the previous day to VND67.1 million ($2,722.11) per tael.

    But gold ring prices went up 0.28% to VND54.15 million per tael. A tael is equal to 37.5 grams or 1.2 ounces.

    Global spot gold was up 0.1% at $1,751.89 per ounce, aided by a dip in the U.S. dollar, with investors largely focusing on Federal Reserve Chair Jerome Powell’s speech for insights into the U.S. central bank’s monetary policy path.

    Powell’s speech is the main focus for the market, said Edward Meir, an analyst with ED&F Man Capital Markets.

    “If Powell takes a hawkish stance, the dollar will strengthen and gold will move lower, probably back to the $1,745 level. But if he sounds more conciliatory, gold could move up to the $1,780 level.”

    Meanwhile, top gold consumer, China reported a slight drop in new Covid cases for Nov. 29, the National Health Commission said.

    Gold needs a strong China as it drives risk appetite and could bolster jewelry demand, and bullion could gain if China’s health authorities provide some clear signals that they are close to tweaking their zero-Covid policy, Edward Moya, senior analyst with OANDA, said in a note.

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