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Tag: asia

  • A German Bank Wants its Customers to go Cashless

    A German Bank Wants its Customers to go Cashless

    In a country where cash has been king for decades, Deutsche Bank will stop allowing customers to pick up cash at its counters.

    There is a German adage that Geld Stinkt Nicht, which translates into money doesn’t stink, and helps to explain the country’s strong, and perhaps a stereotypical, preference for cash over the years. Deutsche Bank is seeking to change that.

    In tapping into another German trait, that of frugality, Lars Stoy, who heads domestic retail banking operations of Germany’s largest commercial bank said at an investor conference that «In the future, I don’t want to offer cash in the branches anymore, because holding cash incurs costs.

    While not specifying a timeline for the changes, Stoy said that cash would only be offered in a few large centers and that generally, he wants to further reduce the number of branches in Germany.

    The main task of the branch is sales along with “advising customers on investments, mortgages, to a certain extent on consumer loans and insurance. Once that is the case, then the branches will be profitable again, Stoy said.

    Moreover, the plans are in response to changes in customer behavior, with the trend toward cashless payments significantly increasing, while at the same time demand for personal advice is also on the rise, Stoy said.

    In terms of cash supply, Deutsche Bank will maintain a nationwide network of ATMs adding that money can also be withdrawn at supermarkets or gas stations.

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  • Sunbutter Skincare becomes world’s first certified palm oil-free sunscreen

    Sunbutter Skincare becomes world’s first certified palm oil-free sunscreen

    The innovators behind Australia’s first reef safe sunscreen is packaged in reusable and recyclable tins and Australia’s first vegan surf zinc, SunButter Skincare, have announced they will become the first sunscreen company in the world to be certified palm oil free.

    Working closely with International Palm Oil Free Certification Trademark (POFCAP) SunButter has removed palm oil from its supply chain ensuring none of the ingredients used in any of its sunscreen or skincare products is derived from palm oil.

    “At SunButter we’re all about protecting people and the planet and if we’re including palm oil as an ingredient then we’re not protecting the planet, we wanted to make sure we live up to our ethos and mantra,” said SunButter Skincare Founders Sacha Guggenheimer and Tom Hiney.

    Typically, consumers won’t see ‘palm oil’ listed as an ingredient on the back of their sunscreen bottle, it’s usually hidden behind the name caprylic/capric triglyceride, cetostearyl alcohol, glycerin and glyceryl caprylate.

    “Sadly, it’s super complicated, because palm oil and palm oil derivatives are disguised under hundreds of different names,” said Hiney.

    To complicate things further, finding transparency when it comes to supply chains is difficult and this might partly explain why no Australian company is currently able to say that their sunscreen is certified as free of palm oil.

    “It’s really about encouraging brands to go palm oil free and support other palm oil free brands, we’ve been fortunate enough to go to Sumatra and see the devastating effects palm oil plantations have on the planet from deforestation and the disruption of soil carbon to the decimation of local animal populations, so talking about this certification is a great exercise in raising awareness about the use of palm oil in the cosmetic industry,” said Guggenheimer

    SunButter encourages consumers to do their research, looking for items with a ‘palm oil free’ logo from the POFCAP, Orangutan Alliance, Go Palm Oil Free or POI Approved, which means they’re certified (rather than just labelled as ‘palm oil free’ by the company, which can be inaccurate and misleading).

    “While the palm oil issue is a big one, there is a string of organisations doing really good work to get us back on the right path, and it’s important that we take personal responsibility and become more conscious in our buying habits as the less demand there is for products containing palm oil, the fewer products “While the palm oil issue is a big one, there is a string of organisations doing really good work to get us back on the right path, and it’s important that we take personal responsibility and become more conscious in our buying habits as the less demand there is for products containing palm oil, the fewer products containing palm oil there’ll be on the market.” said Hiney.

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  • Snack chain Aji Ichiban closes all Hong Kong stores

    Snack chain Aji Ichiban closes all Hong Kong stores

    Hong Kong snack food franchise Aji Ichiban has closed all of its stores in the territory after suffering significant losses as Covid-19 caused a slump in overseas visitors, The Standard reports.

    The company’s website and phone numbers were reported not to be working since Monday, which is presumed to have been the chain’s last trading day. A spokesperson told The Standard the company might resume its operations in future if circumstances change.

    Despite its Japanese name, the snack food chain was established in Hong Kong by Lai Chan Yuk Hing and Lai Hin Tai. The brand opened more than 90 stores in Hong Kong and expanded its business internationally with more than 150 franchised shops, including in the US, the Philippines and Canada. However, most of its international stores have been closed since 2013.

    Aji Ichiban is known among tourists for its wide selection of dried snacks, such as beef jerky, dried apricots, Skittles, chocolates, nonpareils, spicy dried fish, plum tablets, nuts, chilli olives, fried and shredded squid.

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  • Global Enterprise WLAN Continues Strong Momentum

    Global Enterprise WLAN Continues Strong Momentum

    The enterprise segment of the worldwide wireless local area network (WLAN) market continued its strong growth in the first quarter of 2022 (1Q22) with revenues increasing 17.1% year over year to $1.95 billion, according to results published by the International Data Corporation (IDC).

    The 17.1% annualized growth builds on the enterprise WLAN market growing 20.4% in 2021 compared to 2020. Growth in the enterprise WLAN market continues to be driven by the latest Wi-Fi standard, known as Wi-Fi 6 or 802.11ax. Wi-Fi 6 access points made up 70.3% of the revenues in the Dependent Access Point (AP) segment and accounted for 59.3% of unit shipments within the segment. Wi-Fi 5 products, also known as 802.11ac, made up the remaining balance of Dependent AP sales.The consumer segment of the WLAN market declined 3.6% in 1Q22 with the quarter’s unit shipments declining 2.2% on an annualized basis. Adoption of Wi-Fi 6 continues in the consumer segment of the WLAN market too: In 1Q22, Wi-Fi 6 made up 31.4% of the market’s revenues, up from 28.2% in the fourth quarter of 2021.

    “In the first quarter of 2022, enterprises around the globe continued to invest in WLAN technology as a key component of their network and digital transformations. Meanwhile, the Wi-Fi 6 standard continues to be a significant driver of growth in the enterprise WLAN market as enterprises deploy in the newest Wi-Fi technology,” said Brandon Butler, Research Manager, Network Infrastructure at IDC. “After a rocky macroeconomic environment over the past two years due to the COVID-19 pandemic, the enterprise WLAN market continues to be resilient as organizations invest in wireless connectivity.”

    From a geographic perspective, the enterprise WLAN market grew across most regions of the world. Growth was particularly strong in Asia/Pacific, where the market in the People’s Republic of China grew 55.6% year over year in 1Q22. In the broader Asia/Pacific region (excluding Japan and China) (APeJC), the market increased 22.3% in the first quarter; Japan’s market declined 4.8% in 1Q22.

    The enterprise WLAN market in the US rose 8.8% year over year in 1Q22. Canada’s market declined 2.5%, while the market in Latin America rose 27.6% in the quarter. In Western Europe the market grew 20.6% in 1Q22; in Central and Eastern Europe the market grew 2.1% in the quarter and in the Middle East & Africa, the enterprise WLAN market rose 19.5% year over year. At the country level, Germany was the largest market in Western Europe, making up 21.2% of the region’s revenues. In Germany, the market grew 37.6% year over year in the first quarter, propelling growth for the broader Western European region.

     

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  • US waives tariffs on Vietnam solar panels

    US waives tariffs on Vietnam solar panels

    Joe Biden has waived tariffs on solar panels exported from Vietnam and three other Southeast Asian countries for two years amid rising demand for renewable energy in the U.S.

    The tariff exemption will also apply to panels from Cambodia, Malaysia and Thailand and serve as a “bridge” while U.S. manufacturing ramps up, the White House stated Monday.

    Solar energy is among the fastest growing sources of new electric generation in the United States, and Southeast Asia made up around three-quarters of solar modules imported to the U.S. in 2020, the White House said.

    Vietnam has risen as a solar power hotspot in recent years thanks to the government’s incentive feed-in tariffs to attract investors.

    In the first four months this year, solar plants accounted for 10.9 percent of total power production, according to state-owned utility Vietnam Electricity.

    Hong Kong-based Jinko Solar, one of the largest solar panel manufacturers in the world, received an investment license for its $498 million project in northern Vietnam last year and launched its plant in January.

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  • Rice export prices continue to drop

    Rice export prices continue to drop

    Average rice export prices fell for a second straight month to US$415-420 a ton, resulting in a marginal year-on-year decline in revenues for Vietnam despite higher volumes.

    The country exported 2.86 million tons for $1.39 billion in the year to date, up 10.3 percent in volume but down 1 percent in value, according to data from the Ministry of Agriculture and Rural Development.

    Global prices have been falling due to abundant supply, with Thai 5 percent broken rice becoming $5 per ton cheaper at $445.

    The Philippines remained Vietnam’s top market, importing 915,000 tons for $422.2 million, up 28.3 percent and 11 percent.

    But domestic prices rose slightly in early June as there was a drop in supply between the winter-spring and summer-autumn crops.

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  • FJ Benjamin to manage Cole Haan in Singapore, Malaysia

    FJ Benjamin to manage Cole Haan in Singapore, Malaysia

    Singapore-listed fashion retail group FJ Benjamin has added American footwear label Cole Haan to its portfolio, starting retailing and distributing the brand in Singapore and Malaysia from next month.

    Under the partnership, FJ Benjamin will roll out a series of Cole Haan brick-and-mortar stores in the second half of the year and a local e-commerce site for the brand. The move follows FJ Benjamin’s acquisition of luxury skincare brand MZ Skin’s rights in three Southeast Asia markets announced last week.

    “As an established manager of global fashion brands, FJ Benjamin is confident that we can deliver what the Cole Haan brand stands for and take it to the next level of growth in these two markets,” said Nash Benjamin, group CEO of FJ Benjamin.

    Cole Haan will join FJ Benjamin’s portfolio of more than 20 brands including Guess, Marc Jacobs, Superdry and Rebecca Minkoff. The Singapore retailer currently operates 158 stores.

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  • Watsons and L’Oreal launch Hong Kong-wide recycling program

    Watsons and L’Oreal launch Hong Kong-wide recycling program

    L’Oreal Hong Kong has partnered with Watsons and recycling social enterprise V Cycle to launch the recycling program ‘Beauty for the Future’.

    The campaign aims to encourage customers to recycle their empty cosmetics and skincare containers – from any brand – at Watsons stores.

    Customers can hand over their washed beauty containers including foundation bottles, mascara wands, skincare tubs, and lipstick tubes, at any Watsons store in Hong Kong in exchange for rewards on the platform MoneyBack.

    People can also return the empties to any of L’Oreal Hong Kong’s more than 100 free-standing outlets or department store counters. V Cycle will break down the wastes, sort them by material, and work with local partners to turn them into new raw materials once they’ve been gathered.

    The scaled-up campaign’s target is to collect 250,000 containers in the year following the formal launch – equal to the height of two Mount Everests when piled.

    “Our goal is to meet it head-on with the first cross-brand recycling programme involving 18 of our beauty brands in 2021,” said Eva Yu, president & MD of L’Oreal Hong Kong.

    “With the scaled-up recycling campaign as part of our ‘L’Oreal for the Future’ sustainability program, we want to further inspire and influence how our consumers think and what they do about packaging wastes – not as something to toss out, but as a resource that can be recycled and used again, and sustainably, reducing the impact on our environment. Our partnership with Watsons and V Cycle will help make this a reality.”

    L’Oreal Hong Kong and Watsons have collected over 6300 beauty containers and diverted them from landfills during the trial program launched between April to May.

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  • Uniqlo owner to raise prices on fleece products due to weak yen

    Uniqlo owner to raise prices on fleece products due to weak yen

    The owner of Japanese clothing brand Uniqlo said on Tuesday it will raise prices on some goods this fall, reflecting increasing cost pressures from the weak yen and logistical hurdles.

    Prices on fleece goods and down jackets in the fall/winter product lines will go up by 1,000 yen (US$7.54), a spokesperson confirmed, after an earlier report by the Jiji news service. The company is also increasing the use of recycled polyester in its fleece products to keep costs down.

    Consumer prices are surging in Japan after decades of deflation, driven by the yen’s drop to a 20-year low against the dollar and soaring energy costs.

    Fast Retailing has competed on low-cost basics like socks and underwear for decades, but its executives have warned recently that rising production costs would necessitate price hikes.

    Founder Tadashi Yanai in April railed against the decline in Japan’s currency, saying there was “absolutely no merit” in a weak yen.

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  • Deutsche Bank Calls Russia IT Staff to Germany

    Deutsche Bank Calls Russia IT Staff to Germany

    Having a large IT center in St. Petersburg leaves Deutsche Bank highly exposed to Russian sanctions. As a result, it has decided to take a bold action.

    Deutsche Bank brought several hundred Russian computer scientists to Berlin, as reported by Germany’s citing anonymous sources.

    The bank operated a large technology center in St. Petersburg, Russia, for years. With Russia’s war of aggression against Ukraine and the West’s sanctions, the hub comprising some 1,500 programmers, previously made headlines.

    The number of staff there represents about a quarter of investment banking IT specialists.

    At the time, the report stated there was no code or data housed in the Russian Technology Center (RTC), and after a three-day stress test last week, Deutsche Bank told regulators there was no immediate systemic risk to its IT infrastructure.

    A failure of the center would be a major blow to Deutsche Bank. By moving to Berlin, Deutsche Bank reduces the risk of losing an enormous amount of expertise. In the meantime, the major Swiss banks UBS and Credit Suisse have also moved to withdraw staff from Russia or put them on leave.

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  • Costco to invest $150m in three new Victoria stores

    Costco to invest $150m in three new Victoria stores

    Costco plans to open three new stores in Melbourne and Geelong within the next two years, investing up to $150 million.

    CEO Patrick Noone told The Australian in an interview that potential sites were identified near Melbourne’s CBD, and at Officer and Geelong. Each store will be allocated $50 million, with the projects now depending on zoning and council approvals.

    “We are growing quite nicely, and Melbourne is a big city. For us, business isn’t slowing down in Melbourne,” said Noone.

    “Melbourne is a growth area and we’d like build there as soon as we get the approvals.”

    During the Covid lockdowns, Costco remained a ‘destination shop’ for Melbournians as members travelled long distances to shop at the store, buying in bulk when regulations allowed.

    Costco currently boasts 200,000 members and sells a mix of goods from fresh food, groceries, meat, consumer electronics, clothing, diamonds and even coffins.

    According to The Australian, Costco Australia’s sales in the year to August rose from $2.6 billion in 2020 to $2.8 billion last year. Strong online growth helped the company double its profit to $46.39 million.

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  • Korean chicken chain Mom’s Touch seeks investors

    Korean chicken chain Mom’s Touch seeks investors

    South Korean chicken chain, Mom’s Touch, is seeking a new owner after voluntarily delisting from the Kosdaq stock market, according to The Korea Herald.

    KL & Partners’ investment arm, Korea F&B Holdings, which is the chain’s largest shareholder, proposed to purchase shares for the next six months in order to protect minority investors.

    As of the first quarter of this year, Mom’s Touch has 1352 stores across its home country. The company’s value is estimated at about US$804 million – nearly three times the amount Korea F&B Holdings invested to acquire the chain in 2019.

    The chain expanded to the US late last year with the ambition to open 100 stores in the country by 2025. On the other hand, Mom’s Touch Singapore, operated by No Signboard Holdings’ wholly-owned subsidiary Hawker QSR, ceased its operations at all outlets last February.

    Meanwhile, its rival, Popeyes, is making a return to South Korea through an exclusive master franchise agreement with Silla Group, after exiting the country in 2020. The chain will open its first store by the end of this year.

  • Reebok adaptive range designed for people with restricted mobility

    Reebok adaptive range designed for people with restricted mobility

    Adidas-owned Reebok has launched a range of adaptive trainers for people with restricted mobility. Called Fit to Fit, the sneakers can be easily put on and removed.

    The shoes were created in partnership with Zappos’ adaptive department, the two companies aiming to create shoes that are inclusive in performance and lifestyle. They interviewed people with mobility issues as part of the product development process.

    “We created the Reebok Fit to Fit adaptive footwear collection to champion Reebok’s mission of inspiring human movement for all,” Reebok product manager Dan Buonomo said in an interview with Dezeen.

    “The collection’s goal is to provide functional products for everyone, while still holding true to Reebok’s iconic design heritage.”

    Key to the range is the absence of buttons and buckles which can be a challenge for people with restricted mobility. A zip on the side ensures the shoe fits, but the laces remain so the shoes retain the style and look of those made for typical consumers. Once tied to fit, they don’t need to be retied each wearing.

    Removable insoles accommodate prosthetics and a low-cut design aids mobility. A sports shoe based on Reebok’s Nanoflext TR features a pull tab in the heel making it easier for people using wheelchairs to remove the shoes from behind.

    Another shoe, the Club MEMT Parafit, based on the tennis shoe of the same name, has a removable insole and comes in wider sizes to accommodate prosthetics.

    Initially available in pairs, Reebok and Zappos plan to sell single shoes for people who have only one foot.

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  • APAC AR/VR Spending to Reach $16.6b by 2026

    APAC AR/VR Spending to Reach $16.6b by 2026

    Asia/Pacific (excluding Japan) (APEJ) spending on augmented reality (AR) and virtual reality (VR) technologies will grow with a CAGR of 42.4% from 2021 to 26 and reach $16.6 billion by 2026, according to a report by the IDC. The penetration of the wireless-first strategy amongst enterprises, industries, and public sector organizations will drive AR/VR technology investment. However, from a retail consumer perspective, there is a lack of consumer-friendly AR/VR technology, which will change over the next couple of years. Vendors will improve VR goggles and AR for smart glasses and phones, and disrupt augmented audio technology, thereby offering promising growth opportunities to the consumer market.

    “The impressive market growth for AR/VR technologies is driven by organizations’ demand for a new immersive experience in the way they do business and interact with clients and employees. But vendors also need to respond to AR/VR consumer applications to not miss out on high growth opportunities in the next few years,” says Dr. Lily Phan, Research Director for Future of Work, IDC Asia/Pacific.

    Education, healthcare, discrete manufacturing, process manufacturing, and professional services are the highest spending industries, and will dominate over the forecast period. These five industries registered 65% of 2022 spending for commercial use cases among the 19 industries covered by IDC. Training emerged as one of the top three investment priorities for four out of five industries listed above. Collaboration is gaining incremental impetus, with education, discrete manufacturing, and professional services being the forerunners in adopting AR/VR technologies.

    “Customer agility is one of the primary aspects driving investment in AR/VR technology. It helps in improving the customer journey by offering an immersive experience,” says Abhik Sarkar, Market Analyst at IDC Asia/Pacific IT Spending Guides, Customer Insights & Analysis.

    The top five use cases captured nearly 60% of the total 2022 investment. Training captured the largest revenue share in 2022 and grew by 44.7% from 2021. With collaboration, it will capture a spending share of 30.1% in 2022. For the enterprise VR users, metaverse will act as a collaborative space for partners, employees, and customers. VR gaming is the most significant contributor to the consumer industry owing to users’ immersive and enhanced gaming experience.

    Investments in VR contributed to around 66% of the total market in 2022. It is driven primarily by the growth of consumer market adoption of virtual reality games. Spending on VR training and collaboration will also lead to VR technology investments during the forecast period. As far as AR is concerned, training, retail showcasing, and industrial maintenance will lead to increased investments. In both the reality types, hardware showcases maximum investment in 2022 followed by software, and services. This trend is expected to stay the same over the forecast with hardware growing at a CAGR of 48.1%, software at 47.1%, and services at 20.8%.

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  • Helicopter operator profits up 11 percent

    Helicopter operator profits up 11 percent

    Vietnam Helicopter Corporation’s profits rose by 11 percent to VND263 billion (US$11.3 million) last year despite the severe impact Covid-19 had on the aviation industry.

    It saw a 6.7 percent drop in revenues to VND2.08 trillion.

    The company transports cargo and people, trains pilots, imports aviation devices, and offers firefighting services.

    Owned by the Ministry of National Defense, it has seven affiliates and subsidiaries and a charter capital of VND3.98 trillion.

    It charges $3,650-7,300 for an hour of chartered flying.

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