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Tag: asia

  • Thai AirAsia parent to raise $419mn as Thailand reopens

    Thai AirAsia parent to raise $419mn as Thailand reopens

    Asia Aviation PCL (AAV), the parent company of  Thai AirAsia (FD, Bangkok Don Mueang), has said it is seeking to raise THB14 billion baht (USD419.4 million) to fund a restart at the low-cost carrier following the “very negative impact on the company’s business and operating results” thrown up by Covid-19 and the Thai government’s strict travel restrictions.

    Those restrictions are now starting to ease, as Thailand plots a reopening that will allow vaccinated arrivals from ten “low-risk” countries – including the United Kingdom, the United States, Germany, China, and Singapore – to skip quarantine from November. The other five countries have not yet been named, and the government will add more countries to the low-risk list in December.

    In a 70-page report issued after an AAV board of directors’ meeting, filed to the Stock Exchange of Thailand on October 19, the company said it would issue convertible bonds and new shares worth THB14 billion. It also pledged to eventually acquire all of the shares in Thai AirAsia and boost the airline’s liquidity. AAV currently owns 55% of Thai AirAsia, while Malaysia’s AirAsia Group holds the remaining stake.

    The restructuring, expected to conclude in the first quarter of next year, includes new shares worth THB8.8 billion (USD264 million) in a private placement to AirAsia Group and six high net-worth Thai investors. The senior unsecured convertible bonds will be allocated to two private placement investors to raise a total principal amount of THB2.2 billion (USD66 million).

    The company will also increase its registered capital from THB485,000,000 (USD14.5 million) to THB1,285,000,000 (USD38.5 million), issuing 8 billion new ordinary shares to accommodate the conversion of the bonds. The subscription for the newly issued shares will take place from January 10 to January 14, 2022.

    AAV said it would use the proceeds from the capital increase: to repay THB3.9 billion (USD117 million), plus interest, in loans that the company borrowed from financial institutions to acquire the newly issued shares in Thai AirAsia, a move by which its stake will rise from 55% to 69.2%; to purchase all the remaining shares in Thai AirAsia, representing 30.8%, totaling about THB4 billion (USD120 million); and to go towards the working capital of the group, including Thai AirAsia.

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  • StanChart Nets Ex-Safra Singapore CEO

    StanChart Nets Ex-Safra Singapore CEO

    Standard Chartered has hired the former Singapore chief executive of J. Safra Sarasin to lead its South Asia private banking segment.

    Vinay Gandhi joins Standard Chartered as its regional head, ASEAN and global head, global South Asian community, private banking, according to a statement, subject to regulatory approval.

    Based in Singapore, Gandhi will report to global head of affluent coverage Raymond Ang when he joins the bank in the first quarter of 2022.

    Seasoned Private Banker

    Gandhi has 30 years of financial experience, most recently with J. Safra Sarsin where he was last its Singapore CEO and Asia deputy CEO.

    Previously, he also worked for UBS Wealth Management, Deutsche Bank and Citi Private Bank.

    Gandhi’s profound knowledge of affluent clients in Standard Chartered’s footprint markets and proven track record in leading effective teams will be a strong addition to our team, Ang said in the statement.

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  • HSBC Profits Surge From More Released Loan Loss Reserves

    HSBC Profits Surge From More Released Loan Loss Reserves

    A continued reduction of credit loss provisions fuelled HSBC’s pre-tax profits in the third quarter to comfortably beat analyst expectations.

    HSBC registered $5.4 billion of pre-tax profits in the third quarter, according to its latest earnings report, marking a 76 percent year-on-year growth.

    This marked significant outperformance compared to analysts’ forecasts of $3.78 billion, according to compilations from the bank.

    All regions were profitable including Asia which recorded $3.3 billion of pre-tax gains, a 3.6 percent increase.

    Although reported revenue was up just a modest 1 percent to $12 billion, the bank managed to generate strong results through the reduction of loan loss reserves.

    In the third quarter, HSBC made a net release of $700 million in expected credit losses (ECL) compared to an ECL charge of $800 million in the same quarter last year.

    We had a good third-quarter performance, with strong growth in profits supported by additional credit provision releases, said HSBC CEO Noel Quinn. Our strategy remains on track, with good delivery in all areas. This was reflected in more consistent top-line growth, robust lending pipelines across our businesses, and rising trade and mortgage balances.

    The bank also highlighted a sufficiently strong capital position to prepare for share buybacks totaling up to $2 billion.

    While we retain a cautious outlook on the external risk environment, we believe that the lows of recent quarters are behind us, Quinn said. This confidence, together with our strong capital position, enables us to announce a share buyback which we expect to commence shortly.

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  • SGX Opens Offshore Office in India

    SGX Opens Offshore Office in India

    The office will kick-start SGX India Connect IFSC, a special purpose vehicle that will facilitate SGX’s upcoming connection with India’s National Stock Exchange (NSE).

    Singapore Exchange (SGX) has opened the SGX-International Financial Services Centre (IFSC) office in India’s Gujarat International Finance Tec-City (Gift City), according to a report on Friday.

    SGX will also be launching Gift Data Connect to provide SGX’s international members with access to real-time trading data of Nifty contracts via its derivatives trading platform and give investors unrivaled insights into India’s equity market.

    The upcoming NSE IFSC-SGX Connect aims to bring together the trading of Nifty products in Gift City and create a larger pool of liquidity comprising international and home market participants.

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  • DBS Appoints Chief Risk Officer

    DBS Appoints Chief Risk Officer

    A career DBS banker has been named chief risk officer for the Singapore lender, replacing Tan Teck Long.

    Soh Kian Tiong has been named chief risk officer (CRO), according to a statement, reporting to DBS chief executive Piyush Gupta.

    In addition, Soh will also be accountable to the board risk management committee as well as join as a member of the group management committee and group executive committee.

    Soh replaces ex-CRO Tan Teck Long who will be leaving the bank to take on a client-facing role elsewhere.

    Soh has over 25 years of experience, having first joined DBS as a trainee officer in its corporate banking unit in 1995. Since then, he held various senior roles, most recently as a senior risk executive for DBS Hong Kong, Greater China chief credit officer, management committee member of DBS (Hong Kong), and Hong Kong risk executive committee chairman.

    Under Tan’s leadership, DBS has further enhanced our credit underwriting capabilities, multi-year credit architecture program, and strengthened our attention on ESG risks, financial crime risk, and cyber security and data protection. While he will be sorely missed, we respect his desire to return to a customer-facing role,» Gupta said.

    Soh’ appointment is testament to our ability to groom leaders from within. Over the span of his longstanding DBS career, he has been rotated across markets, and embraced a mix of business and risk roles. I am confident that he will bring this experience to bear meaningfully in his new role.

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  • Adidas opens Terrex flagship in Shanghai

    Adidas opens Terrex flagship in Shanghai

    On November 21, adidas Terrex opened its new store at APM Mall on Wangfujing Street in Beijing. Brand spokesperson Zhao Youting, senior vice president of sales channel management in Adidas Greater China, Mr. Guillermo del Nogal, senior director of outdoor sports business unit in Adidas Greater China, brand signing athletes Zhang Jingkun and Zhong Qixin, and many outdoor enthusiasts showed up at the opening ceremony of the event.. Interpret the outdoor sports attitude of ” HERE TO CREATE Created by Me” with practical actions, and encourage more outdoor fans to challenge themselves, discover their potential and find better ones in outdoor sports.
    As a mysterious challenger, Adidas Terrex ( Adidas Sharp ) brand signing athletes Zhang Jingkun and Zhong Qixin jointly completed rock climbing and mountain bike relay and performed creative outdoor events on the spot. And together with brand spokesperson Zhao Youting, senior company officials and guests at the scene, they broke the rock wall symbolizing convention and announced the official opening of the new store.
    Mr. Xiao Jiale, senior vice president of sales channel management for Adidas Greater China, said: ” Adidas Terrex has chosen to open a special store in Wangfujing APM, the bustling commercial center in Beijing this time, laying a solid foundation for the strategic layout of the brand in the national market, and hopes to make more consumers enjoy the joy brought by outdoor sports with better products and services in the future.”.
    Adidas Terrerex ( Adidas Insight ) Beijing Wangfujing Store gathers professional outdoor sports products, such as 3in1GTX waterproof eiderdown jacket made of Gore-Tex fabric technology, clima heat technology outdoor eiderdown jacket, as well as a full range of outdoor professional cross-country shoes, outdoor professional hiking shoes, outdoor accessories and other equipment.. In addition, it also has a light outdoor series with both functions and fashion. At Adidas Terrex’s outdoor store on the 4th floor of APM Mall on Wangfujing Street in Beijing, Adidas Trail provides outdoor enthusiasts with all-around professional outdoor products to provide all-around protection and uses cutting-edge outdoor technology to help outdoor enthusiasts to challenge their limits.
    The event also attracted people from various media and outdoor sports to come together. The atmosphere at the event site was full of climaxes, and creative outdoor sports were very impressive. The interactive VR device at the scene takes you to feel the outdoors and attracts a large number of people to stop.
  • Foodpanda partners with Indian cloud kitchen firm Rebel Foods

    Foodpanda partners with Indian cloud kitchen firm Rebel Foods

    Online takeaway delivery firm Foodpanda is partnering with Indian virtual kitchen company Rebel Foods to roll out the latter’s virtual restaurant brands at 2,000 outlets across ten Asian countries, Foodpanda’s chief operating officer said.

    “Foodpanda is Asia’s largest’s food delivery company while Rebel Foods is the largest virtual brands operator in the world,” COO Pedram Assadi said. “This is the largest virtual food brand partnership of its kind.”

    Under the deal, Foodpanda, which is owned by Berlin-based Delivery Hero, has recruited and trained hundreds of outlets to franchise the global restaurant brands created by Rebel Foods and offer their food on its platform.

    Mumbai-based Rebel Foods, which offers multiple cloud kitchen brands across countries including India and the United Arab Emirates, raised US$175 million this month at a US$1.4 billion valuation. It plans to launch an IPO in the next two years.

    Cloud kitchens that prepare food for delivery got a boost from the shift to online buying during the COVID-19 pandemic. Low overhead costs versus traditional restaurants and fast scale-up potential have also enabled “internet restaurant chains” to grow quickly.

    Foodpanda’s partnership with Rebel Foods is already being tested in six of the twelve Asian markets that Foodpanda is active in, and there is the option to expand to the other regions Delivery Hero is active in, Assadi said.

    He did not give any financial details of the deal but described it as core to Foodpanda’s strategy in Asia – along with its expansion into grocery delivery in Southeast and East Asia – as it takes on competitors such as British rival Deliveroo and Singaporean startup Grab Holdings.

    “Over the last year, we now have built over 250 ‘cloud stores’ that are operating grocery end to end, which makes us the largest e-commerce delivery player in APAC (Asia-Pacific)” Assadi said, referring to distribution centers dedicated to online grocery orders.

    Delivery Hero, which is active in 50 countries worldwide, announced on Tuesday it had invested US$235 million in Berlin-based grocery delivery company Gorillas, as the global race to dominate the rapid delivery service sector intensifies.

    Earlier this year, it also picked up a minority stake in Deliveroo.

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  • Google Calendar adds new feature: Focus Time

    Google Calendar adds new feature: Focus Time

    Many of us rely on Google Calendar for a huge portion, if not all, of our work schedule. Meetings, important calls, even coffee with a coworker or friend—for plenty of us, it’s all slotted in right there on our Google Calendar profile, with notifications reminding us at all the right times. But sometimes, it can get a little overwhelming.

    And Google is aware of our reliance on its calendar app and working to further enhance users’ experience by introducing a new feature called Focus Time.

    It’s essentially something like an unobtrusive office manager who keeps everyone away to give you a quiet place to work, while also taking care of some of your scheduling for you.

    The main function of Focus Time is to allow you to section off important time for personal work that needs to get done, come what may. This keeps it visible on the calendar for you and anybody the calendar may be shared with, and also prevents your being assigned meetings during your scheduled heads-down time.

    Focus Time will be logged in Time Insights, where your time spent in meetings is also tracked—it will feature a headphone icon and you can assign a different color to your focus time, to set it apart from other events.

    Other than changing up the appearance of your work calendars, Focus Time can also automatically decline conflicting events while you slog away, without your lifting a finger.

    One scenario where we could see this going wrong is, you’ve got a tentative or rather arbitrary event scheduled in, such as “Coffee with Kate Tuesday 2pm maybe??” And unbeknownst to you, your boss requests an important meeting with you at the same time while you’re MIA in Focus Time—and he is automatically denied, because Google hasn’t quite reached the intelligence of differentiating varying levels of priority.

    But don’t worry, the “automatically decline events” feature is optional. The primary function is simply the ability to block out time for personal, uninterrupted work.

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  • Zeekr’s 001 EV Goes Into Production

    Zeekr’s 001 EV Goes Into Production

    Chinese EV startup Zeekr has announced that its new 001 sedan is now in production. Zeekr is part of the Geely Holding Group which also owns Volvo and Polestar. The first deliveries of the Zeekr 001 will start in China this weekend. Zeekr is a more luxury-focused EV brand, unlike Polestar which is more mass market.

    This launch comes on the back of the announcement of the sustainable experience architecture which is an open-source chassis base. There are more EV brands under the Geely umbrella including Lynk & Co, Geometry will still be upon the same chassis

    Zeekr intends to compete with Tesla in China. While it is part of the Geely holding group in July, Geely pulled out as a majority shareholder in the brand, though it still has control of other subsidiaries. It even features Intel Capital CATL as investors.

    There was a ceremony at Zeekr’s intelligent factory which even features a 5G network, 300 automated welding robots, and other production systems which are being continuously self optimized using AI.

    The 001 EV features 400 kW of power with 768 nm of torque with a dual-motor system. It can do 0-100 km/h in just 3.8 seconds and can halt from the same speed in 34/5 meters. The impressive bit is that Zeekr is saying its Z-Battery architecture can charge from 0-80 percent in 30 minutes and can deliver 526-712 km of NEDC range.

    It also shared its first set of over-the-air updates to further improve Zeekr assisted drive system after the first deliveries. It has an approximate cost of between $44,000-$56,500.

    10 Zeekr Spaces planned in China that will join two already opened facilities in Hangzhou and Tianjin. Zeekr is also planning on opening 360 kW charging stations across 10 Chinese cities this year.

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  • Ducati To Become Official MotoE Supplier From 2023

    Ducati To Become Official MotoE Supplier From 2023

    Ducati will be the official motorcycle supplier for the FIM MotoE World Cup, the all-electric racing class at select rounds of the MotoGP World Championship, alongside Moto2 and Moto3. Ducati’s partnership with MotoE is set to begin from the 2023 racing season and will continue through 2026. The news of Ducati supplying MotoE machines has important implications and will be seen as one of the first step towards developing all-electric production machines from the iconic Italian brand. As with the MotoGP and World SBK projects, MotoE is largely expected to prove to be the perfect laboratory to take technology and innovation from the track to the showroom.

    The news comes just after Modena-based Energica announced that it will not renew its contract with Dorna Sports, which expired in 2022, after a four-year partnership. Energica is one of the few manufacturers of high-performance electric motorcycles, and the Energica Ego Corsa racebike used by all MotoE race teams is based directly on its street-legal electric superbike, the Energica Ego.

    Ducati Motor Holding CEO Claudio Domenicali and Dorna Sports CEO Carmelo Ezpeleta announced the partnership at a press conference held at the Misano World Circuit Marco Simoncelli. The MotoE World Cup came into existence in 2019 as part of MotoGP promoter Dorna Sports and the FIM’s push for greener motorcycle racing.

    “We are very proud of this agreement because, like every first, it represents a historic moment for our company. Ducati is always focused towards the future and every time it enters a new world it does so aiming to create the best-performing product possible. This agreement comes at the right time for Ducati, which has been studying electric powertrains for years, as it will allow us to develop within a controlled field: that of competition. We will work to give every participant in the FIM MotoE World Cup a high-performance, electric motorcycle and one made to exemplify being lightweight. It’s in the area of weight, which is a fundamental element of sports bikes, which will prove the greatest challenge. Lightweight machinery has always been in Ducati’s DNA and thanks to the technology and chemistry of the batteries that are evolving quickly, we are sure that we can achieve excellent results.

    “We test our innovations and future-focused technological solutions on circuits all over the world and then create exciting and desirable products for Ducatisti. I am convinced that, once again, we will treasure the experience we gain in the world of competition in order to transfer and apply it to production motorcycles,” said Claudio Domenicali, CEO, Ducati Motor Holding.

    According to Ducati, the new MotoE machine will be purpose built from the principles of Ducati’s racing DNA, with focus on creating a lightweight motorcycle “that unites tradition, passion and innovation for a new era of electric competition in the MotoGP paddock.”

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  • Vietnam Airlines to resume all domestic flights

    Vietnam Airlines to resume all domestic flights

    Vietnam Airlines is set to gradually resume flying on 40 routes, or nearly its entire domestic network, by next month, prioritizing Hanoi, HCMC and Da Nang.

    Several flights are set to be resumed to the southern archipelago Con Dao Island, the central highlands province of Buon Ma Thuot and the northern province of Dien Bien from Thursday to Nov. 30.

    The group, which comprises low-cost carrier Pacific Airlines and Vietnam Air Services Company (VASCO), will start conducting 90 routes a day from Thursday and will increase the figure to 120 from the end of this month.

    There will be three flights a day between Hanoi, HCMC and Da Nang City. For the other locations the group will try to have at least one route a day, which could rise to two depending on demand.

    Passengers can fly if they have been fully vaccinated for at least 14 days, or to have recovered from Covid-19, or to test negative within 72 hours.

    Vietnam Airlines Group started resuming its domestic flights from Oct. 10. As of Tuesday it had conducted around 150 flights carrying nearly 12,000 passengers on 16 flight routes.

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  • Taxi firm Vinasun revenue plunges 10 times

    Taxi firm Vinasun revenue plunges 10 times

    Taxi firm Vinasun saw its revenue in the third quarter plunge 10 times to VND23 billion ($991,000) as the fourth Covid-19 wave wrecked the transport industry.

    The company posted a loss of VND91 billion, its seventh losing quarter in a row, increasing the chances of being delisted from the Ho Chi Minh Stock Exchange (HoSE).

    Months of strict social distancing in HCMC, where the company mostly operates, have caused revenue to plunge due to restrictions on public transport.

    In the first nine months, revenue fell by nearly half year-on-year to VND400 billion. It subsequently recorded a loss of VND188 billion.

    In the next 12 months, the company needs to pay nearly VND100 billion in loans.

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  • Techcombank profits soar

    Techcombank profits soar

    Vietnam’s top private lender, Techcombank, reported a 59.6 percent rise in pre-tax profits for the first nine months of 2021 to VND17.1 trillion ($737.1 million).

    Loans outstanding were up nearly 16 percent for the year at VND321 trillion.

    The bank’s bad debt ratio was 0.57 percent, higher than at the beginning of the year but still much lower than the average industry rate.

    Its current account and saving account (CASA) ratio grew by 49 percent, among the highest in the industry, thanks to a six-fold rise in margin deposit.

    Provisions for bad debts were down 9 percent.

    In the third quarter alone, pre-tax profit climbed by 40 percent year-on-year to VND5.56 trillion, mostly from interest income, service fees and securities investment.

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  • Collins Foods strengthens foothold in the Netherlands with KFC

    Collins Foods strengthens foothold in the Netherlands with KFC

    Collins Foods Netherlands B.V. has entered into a share purchase agreement with RDK Holding B.V. and MDK Holding B.V. to acquire nine KFC restaurants in the Netherlands.

    The sellers are the second-largest KFC franchisee in the Netherlands after Collins Foods’ 35 restaurants.

    Once completed, this acquisition will increase the Collins Foods KFC network in the Netherlands to 44 restaurants, or 55% of this market.

    Last week, Collins Foods announced the signing of a Corporate Franchise Agreement (CFA), entered into with a subsidiary of Yum! Brands Inc. (Yum!) for KFC Netherlands. That agreement will allow Collins Foods to fully leverage its experience and operational capabilities for the benefit of both Collins Foods and the KFC brand in the Netherlands.

    This latest acquisition complements the overall direction of the CFA. As existing restaurants, the nine restaurants to be acquired will not count towards the CFA’s target of up to 130 net new KFC restaurants over the next 10 years.

    However, the acquisition provides further scale for Collins Foods in the Netherlands and supports the rollout of new restaurants under the CFA by streamlining the Netherlands’ franchisee structure and enabling access to additional development trade zones for Collins Foods.

    The acquisition consideration of €10.25 million is subject to various adjustments to be made at completion and will be funded from Collins Foods’ existing debt facilities. Completion is expected to be in or around December 2021, and is subject to satisfaction of various conditions precedent including obtaining all relevant government permits to operate the restaurants, and obtaining the consent of Yum! Restaurants International Ltd. and Co. KG as a franchisor of the KFC restaurants.

    The acquisition price was based on pre-COVID revenue of €15.9 million and EBITDA of €1.8 million during the calendar year 2019. Having successfully integrated the eight restaurants acquired in late second half of FY21, Collins Foods is confident of implementing a similar integration for the sellers’ restaurants.

    Commenting on the acquisition, Collins Foods’ Managing Director & CEO Drew O’Malley said: “Today’s acquisition marks another exciting step forward for Collins Foods’ European growth strategy.

    The restaurants we are acquiring are from one of Netherlands’ top KFC operators. It provides us with an opportunity to bring an additional quality network of restaurants into our European business and adds further capability to our team and increased scale to our operations in the Netherlands.

    The acquisition of these nine restaurants increases our presence to 44 KFC restaurants in the Netherlands and going forward, facilitates further growth opportunities.

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  • Alibaba promises sustainability focus in this year’s 11.11 consumer fest

    Alibaba promises sustainability focus in this year’s 11.11 consumer fest

    “Over the last 12 years, 11.11 has showcased the tremendous consumption power of Chinese consumers and pushed boundaries for the global retail sector,” said Chris Tung, Chief Marketing Officer of Alibaba Group. “This year’s Festival marks a new chapter for 11.11. We believe we must leverage the power of 11.11 to encourage sustainable development and promote inclusiveness to consumers, merchants and partners across our ecosystem.”

    This year marks the largest Festival to date, with a record 290,000 brands participating. Tmall is offering more than 14 million deals to over 900 million consumers in China. The Festival will once again have two sales windows – the first will be from November 1 to 3, and the second will be on November 11, on the day of the main event.

    Livestreaming will be a key consumer engagement mechanism for brands and merchants to build awareness and drive sales. Starting on October 20 throughout the Festival, Taobao Live will feature 700 leading KOLs, celebrities and brand representatives in livestream sessions. In addition, Taobao will roll out a new feature for users to share their “shopping cart” items with friends and family, creating a more social shopping experience.

    “Green” Lifestyle, Eco-Friendly Consumption Top Priority This 11.11

    Tmall is taking action to promote “green” lifestyles this 11.11 by featuring a dedicated vertical to showcase energy-efficient and low-impact products, as well as issuing RMB100 million worth of “green” vouchers to incentivize shopping decisions that contribute to an environmentally friendly lifestyle.

    Alibaba’s logistics arm Cainiao Network will introduce package recycling across 10,000 Cainiao Post Stations in 20 cities to reduce the Festival’s carbon footprint beginning on November 1, the first day of the first 11.11 sales period.

    With increased use of green technology, Alibaba expects to further reduce the carbon emission per order during this year’s 11.11.

    Doing Good While Shopping

    Supporting vulnerable populations is also a key theme this year. Ahead of this year’s 11.11, the Taobao app introduced an option for “senior mode,” a new feature designed to make the user interface more accessible for senior citizens. It offers voice-assisted technology, simplified navigation, larger font size and icons. The app homepage also offers games for elderly users to unlock special discounts for groceries, making the experience more engaging for the silver generation.

    Consumers are encouraged to share their “Goods for Good” purchases with their friends and family, and Alibaba will make a RMB1 donation for every successful social media share.

    Launched in 2006, Alibaba’s “Goods for Good” program enables merchants to donate a portion of their sales to charitable organizations of their choice, while consumers can support their favorite charitable causes through their purchases. The donations from this year’s Festival will provide support to three major beneficiary groups: elderly citizens living in solitude, “left-behind children” in remote areas and low-income workers.

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