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Tag: asia

  • Vietnam set to keep public debt under control

    Vietnam set to keep public debt under control

    Vietnam is set to keep its public debt under control this year at 43.7 percent of GDP, against the cap of 60 percent.

    This amounts to around VND3,700 trillion ($162.58 billion), according to a government report recently submitted to the National Assembly.

    Last year, public debt was 55.3 percent against a threshold of 65 percent.

    The government is set to pay VND365.93 trillion in debt this year. It said debt duties so far have been paid fully and on time.

    But the complicated Covid-19 situation is set to cause challenges to achieve growth targets this year.

    GDP expanded by only 1.42 percent in the first nine months, while a lower-than-expected growth rate for the year could cause a negative impact on budget overspending and public debt safety indicators.

    Issues in negotiation, signing and disbursement of Official Development Assistance loans due to Covid-19 and other knots in policies and differences between domestic and foreign administrative procedures are set to put more burden on mobilizing money domestically.

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  • Vietnamese apathetic over iPhone 13 mini

    Vietnamese apathetic over iPhone 13 mini

    iPhone 13 mini seems to be the least favorite model of the latest Apple smartphone lineup, accounting for only 5 percent of total pre-orders in Vietnam.

    The most favored is iPhone 13 Pro Max with 70 percent pre-orders, followed by iPhone 13 and iPhone 13 Pro, each 12.5 percent, according to data from retail chains.

    But the iPhone 13 mini, the smallest and cheapest of the lineup, is set to see shortages due to a lack of supply.

    For retail chain CellPhoneS, only 2 percent of its iPhone 13 imports are mini.

    “We might only meet 50 percent of customer demand,” said spokesperson Nguyen Lac Huy.

    The unofficial market, where buyers pick up the phone in Singapore and Hong Kong and bring them back to Vietnam, does not seem to have a lot of supply for iPhone 13 mini either.

    “We only imported a small number as there is almost no demand from customers,” said a smartphone vendor in downtown Hanoi.

    Last year, the iPhone 12 mini was also the least favorite. Many stores had to repeatedly lower prices to get rid of their inventory.

    Industry insiders say Vietnamese prefer the most expensive iPhones.

    The four models of the iPhone 13 line is set to be officially delivered to Vietnam starting Oct. 22.

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  • UBS Asset Management Appoints Australasia Country Head

    UBS Asset Management Appoints Australasia Country Head

    UBS Asset Management has named a new country head for Australia and New Zealand.

    Alison Telfer has been named to the role, according to a report by the Australian Financial Review.

    She has 20 years of asset management experience, most recently with Blackrock where she was its chief operating officer, general counsel, and head of public policy for Australasia.

    Telfer’s strategic mindset coupled with her extensive Asia Pacific asset management experience will be valuable in helping her position UBS Asset Management for the future, said UBS Australasia joint-country head Nick Hughes.

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  • Name change for AirAsia Group

    Name change for AirAsia Group

    As AirAsia’s holding company for the airline group has been officially renamed AirAsia Aviation Limited, a move that illustrates the ongoing transformation into a digital travel and lifestyle services group,

    Bo Lingam, who was formerly president (airlines) for the AirAsia Group, takes over as Group CEO of AirAsia Aviation Limited, overseeing the four airlines (AirAsia Malaysia, AirAsia Philippines, AirAsia Thailand, and AirAsia Indonesia).

    AirAsia Group Berhad (AAGB) is the investment holding company for the eight digital portfolio companies that leverage data and technology. AAGB’s portfolio includes AirAsia Aviation, the AirAsia Super App, cargo and logistics venture Teleport, BigPay financial services, the edutech arm AirAsia Academy, engineering company Asia Digital Engineering, ground services division GTR and the restaurant chain and food group called Santan.

    Group CEO of AirAsia Aviation Limited Bo Lingam said: “We have spent the past 18 months reviewing every aspect of the operation to ensure that our airlines will return stronger than ever before. In Malaysia, we already see huge pent-up demand for air travel since the government’s recent announcement of the resumption of interstate travel on 11 October. We are operating over 60 daily flights to 16 key leisure destinations, and more frequencies and routes will continue to be added in response to significant consumer demand.

    “Progress is also underway in our other airlines in Thailand, Indonesia, and the Philippines as services are resuming in line with accelerated vaccination rates and the easing of travel restrictions in our key markets.”

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  • Carousell snaps up sneaker marketplace Ox Street

    Carousell snaps up sneaker marketplace Ox Street

    Online marketplace Carousell has acquired Ox Street, a Singapore-based marketplace for authenticated sneakers and streetwear, the company announced on Monday. It did not disclose the deal value.

    Founded in 2019, Ox Street is focused on making the second-hand sneaker purchase experience more seamless for Southeast Asian youth by inspecting and authenticating the sneakers before they reach buyers.

    Post-acquisition, Ox Street will continue to operate as its own brand, retaining its name, platform, and team.

    “We initially started a conversation with Carousell on partnering up to provide authentication as a service for sneakers, but as discussions progressed, we found so much common ground in how we see the future, that we decided it would be much more powerful for Ox Street to fully join the Carousell group,” said Gijs Verheijke, founder and chief executive of Ox Street.

    “Our focus markets align nearly one to one, and in these markets, Carousell was actually the first, and remains the largest marketplace for sneakers and streetwear.”

    Data portal VentureCap Insights shows that Verheijke owns 90 percent of the company, with the remainder held by an entity, Aito Ventures. The company recorded US$18,975 in revenue in 2019, with a US$206,931 loss.

    Carousell chief executive Quek Siu Rui said that he sees “immense opportunity” in Ox Street’s authentication capabilities. He is optimistic about the “brand love they have created among their dedicated community of sneakerheads and fashion enthusiasts, especially among Gen Z”.

    The deal comes weeks after Carousell raised US$100 million in a round led by South Korean private equity firm STIC, valuing the company at US$1.1 billion. It is said to be considering a public listing in the US through a merger with a special-purpose acquisition company. Previous regulatory filings indicate that Carousell aims to provide its investors with an exit by 2024, at a valuation of at least US$1.13 billion.

  • Baileys launches Apple Pie liqueur in Australia

    Baileys launches Apple Pie liqueur in Australia

    Baileys Apple Pie Liqueur has finally dropped in Australia and it’s here for a good time, not a long time.

    We first heard about this incredible flavor over a year ago – but it was only available in the US. We’re delighted that it’s now hitting Aussie shores!

    From mid-October, you will be able to get your hands on a bottle of this limited-edition treat just in time for the festive months.

    Combining the best parts of the traditional apple pie that we know and love, this new drink offers the familiar velvety qualities of Baileys Original Irish cream and vanilla ice cream, plus a kick of Christmassy warmth with the hint of cinnamon and spices.

    Deliciously versatile, this liqueur can be paired with vanilla ice cream, mixed into your favorite apple-inspired baked goods or simply poured over ice for a festive fix. The possibilities are endless!

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  • Google adds “continuous scrolling” feature to its iOS and Android Search apps

    Google adds “continuous scrolling” feature to its iOS and Android Search apps

    Toward the end of last week, Google released a blog post about the latest changes it was making to the Google Search app. Results will be more “seamless and intuitive” thanks to continuous scrolling, a new feature that has just been added to the app. Now, when you have reached the bottom of the search results on your phone’s display, the next group of results will automatically load.

    As Google points out, even if you often find the result that you’re looking for in one of the first few responses that appear on the display, most people who want to search for more responses will browse up to four pages of results. Thanks to the update, this will be done automatically allowing users to view more pages before having to tap the button that reads “See more.”

    For example, Google uses the timely question, “What can I do with pumpkins?,” as an example of a query that a user might want to see several pages of results for. Google says that “you may want to consider more results and inspiration before deciding how to move forward. Scrolling through a wider range of results may show you tons of options you hadn’t considered, like no-carve pumpkin decor ideas for Halloween, pumpkin seed recipes that make your pumpkin worth carving and more ideas for how to make the most out of your gourd.”

    The continuous scrolling feature started rolling out last Thursday for most English searches on mobile. On our iPhone running iOS 15, the feature worked like a charm continuing to automatically load the next page full of results. Eventually, as we previously noted, we did run into the “See more” option.

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  • Internal memo reveals Instagram’s concern about losing its teenage users

    Internal memo reveals Instagram’s concern about losing its teenage users

    A year ago, Instagram was so concerned about losing teen users that it decided to spend a huge percentage of its marketing budget to reach teenagers. This report was published in The New York Times and was based on anonymous sources and internal documents. One company memo said, “If we lose the teen foothold in the U.S. we lose the pipeline.”

    Facebook, which bought Instagram for a reported $1 billion back in 2012, garnered some negative media coverage earlier this month when a former product engineer named Frances Haugen leaked documents to The Wall Street Journal. The documents revealed that Facebook’s own researchers discovered that Instagram is “harmful for a sizable percentage” of its young users, specifically teenage girls who can get depressed, anxious, and develop body-image issues from using the app.

    Haugen also testified before Congress and said that the products offered by Facebook “harm children, stoke division and weaken our democracy.” Besides Instagram and Facebook, the latter also owns messaging apps WhatsApp and Facebook Messenger. Instagram has competition in the teen market from Snapchat.

    Facebook says that the media and the public are taking Facebook’s internal research out of context. It says that the report actually showed that teens benefited from using Instagram. The company said that its researchers were told by teenagers that they use the app “when they are struggling with the kinds of hard moments and issues teenagers have always faced.”

    Starting in 2018, most of the spending earmarked for Instagram’s annual worldwide marketing budget was focused on messaging directed at teens. The budget for this year is $390 million. A Facebook spokesman said, “. “While it’s not true that we focus our entire marketing budget towards teens, we’ve said many times that teens are one of our most important communities because they spot and set early trends. It shouldn’t come as a surprise that they are a part of our marketing strategy.”

    The Times was told by marketers that focusing on a specific age group to the extent done by Facebook is not usual. And the newspaper’s report noted that Facebook also focused some of its advertising on parents and young adults.

    In March, it was discovered that Facebook was developing a version of Instagram for those children under 13 who are not allowed on the Instagram site. Instagram Kids wouldn’t be designed like the adult version of the app as it would be free of ads and parents would have control. The 1998 Children’s Online Privacy Protection Act restricts companies from collecting or storing personal data on anyone under 13.

    Last month, half a year after the initial report about Instagram Kids leaked, Instagram announced that it was halting work on the site. Despite pausing the development of the kid-friendly version of Instagram, Facebook still believes that it “is the right thing to do.” Additionally, the company said that it will continue to work on opt-in parental supervision for teens. It also wants the app to flash a “Take a Break” warning to remind users that it is time to move on to something else.

    Instagram Kids would also have allowed parents to limit the amount of time their kids used the app, oversee who they were following on the app, and who was following them.

    An unnamed source told it that Facebook managers explained to workers that it is doing all that it can to prevent underage users to sign up for an Instagram account, but these kids find a way to open such an account anyway. The Instagram Kids platform would have been aimed at children 10 to 12 years of age, would have required parental permission to join, and the app would include only “age-appropriate content and features.”

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  • Ducati Resumes Factory Tours At Borgo Panigale

    Ducati Resumes Factory Tours At Borgo Panigale

    Guided tours inside the Ducati Factory have resumed from October 2021, after having been discontinued due to the coronavirus pandemic. The Ducati Museum re-opened with pandemic safety regulations in place in May 2021, but the factory had not been open for tours, until now. Visitors during the factory tour will have the opportunity to walk through the production lines, observing what goes inside the factory where Ducati motorcycles are created. The tours are guided and can be booked on Mondays and Fridays of each week.

    Three separate morning tour slots are open, as well as three-afternoon slots. Online booking is on the dedicated platform for both factory tours and Museum visits. In order to ensure the safety and health protection of visitors and workers, access to the facility will be possible by reservation only during the hours indicated with a limited number of entries. The presentation of a valid EU Digital COVID Certificate is mandatory, with the exception of children under 12 years and people unfit for a vaccination with a medical certificate, Ducati announced in a press statement.

    The ticket for the Ducati Museum tour is 17 Euros (around ₹ 1,840), while a combined Museum and Factory tour ticket is for 32 Euros (approximately ₹ 2,785), and will be a day-long tour. For high school students, Ducati is also opening its interactive Physics in Motion laboratory (Fisica in Moto) ba

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  • Vietnam remains magnet for EU investment despite Covid

    Vietnam remains magnet for EU investment despite Covid

    EU investments in Vietnam rose by $483 million year-on-year in the first nine months of this year to $22 billion despite the Covid-19 pandemic.

    In a recent report to the National Assembly, the Government said trade with European countries too increased sharply since the EU- Vietnam Free Trade Agreement (EVFTA) took effect in August last year.

    Investment by 26 out of 27 EU member countries increased in the year-to-date, and includes major names such as Shell Group (the Netherlands), Total Elf Fina (France – Belgium), Daimler Chrysler (Germany), Siemens, and Alcatel Comvik (Sweden).

    The Netherlands is the largest investor with nearly $10.4 billion in 382 projects. It is followed by France with $3.62 billion and Germany with $2.25 billion.

    European investment is forecast to keep increasing in the medium and long terms, mainly in high-tech industries.

    To attract EU investment, many provinces and cities are acquiring lands around industrial zones, building infrastructure and creating a skilled workforce in agriculture, manufacturing and logistics and simplifying administrative procedures.

    Trade between the EU and Vietnam has also prospered in the year since EVFTA took effect despite the hurdles caused by Covid.

    This year, it has risen by nearly 12 percent year-on-year to $54.6 billion, with Vietnam’s exports being worth $38.5 billion.

    Vietnam’s main exports have been phones and components, computers, other electronic products and components, shoes, textiles, garments, machinery, equipment and appliances, tools and spare parts, and iron and steel products.

    Vietnam is still struggling to comply with the stringent sustainability and other technical standards of the EU market. Besides, protectionism and use of trade remedies and non-tariff barriers is increasing in the bloc.

  • Microsoft is reportedly working on a chip for its Surface devices

    Microsoft is reportedly working on a chip for its Surface devices

    Microsoft could be working on its own chips for future Surface devices, a LinkedIn job listing suggests. It reveals that the company is looking for a Director of SoC Architecture.

    Although the LinkedIn post by no means proves that Microsoft is working on a custom chip, it’s appearance roughly coincides with a rumor about Microsoft and AMD’s collaboration on an Arm processor for laptops. Apparently, it will lead to better graphics performance than Qualcomm silicon manufactured on older architecture. Per that report, the chip will use last year’s Cortex-X1 core and mRDNA 2 GPU, and it will feature an Exynos modem for 5G connectivity.

    Here is what the job listing says:

    Are you passionate about building cool devices and technologies? The Surface team is lighting up Microsoft experiences with the next generation of devices. A fundamental part of our strategy is bringing productivity and mobility together through devices that enable new experiences – helping people and organizations unlock their creativity, passion, and potential.

    Bloomberg said back in December 2020 that Microsoft was working on in-house chip designs for server computers that run its cloud service and was also exploring a chip for powering some of its Surface computers. At that time, the chip design unit was allegedly reporting to the head of the Azure cloud business, and not Surface boss Panos Panay.

    Microsoft has seemingly also poached processor engineers from Intel, AMD, Nvidia, and Qualcomm.

    The Surface Pro X that was announced in October 2019 is fueled by a custom chip known as the Microsoft SQ1 that the company jointly developed with Qualcomm.

    An in-house chip will help Microsoft reduce its reliance on third-party vendors and it will also give it greater control over performance and costs.

    This is something some of its industry peers are already doing. Apple is highly likely to announce its second-generation Arm-based chip tomorrow for the new Macs and possibly next year’s iPad Pros. Google has also made an in-house chip for its 2021 flagship smartphones.

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  • Czech Car Sector To Make 250,000 Fewer Vehicles This Year Due To Chip Shortage

    Czech Car Sector To Make 250,000 Fewer Vehicles This Year Due To Chip Shortage

    Czech car makers will produce a quarter a million fewer cars than expected this year due to the global shortage of chips and the automotive sector will lose 200 billion crowns ($9.14 billion) in sales, the Auto Industry Association (AutoSAP) said on Sunday. AutoSAP said domestic passenger car production dropped by 53.1% in September year-on-year, to 56,157 cars. It said the chip shortage impact would exceed that of pandemic shutdowns last year, and called on the government to activate an aid program created amid the coronavirus pandemic last year to compensate firms for wages of idled workers.

    AutoSAP said production rose 2.9% year-on-year cumulatively in the January-September period to 831,653 cars. “Already since August, production has been significantly affected by output curbs and the September statistic confirms the negative trend,” AutoSAP said.

    The country’s biggest producer, Volkswagen’s Skoda Auto, has said it would significantly limit or shut production at its Czech plants from next week, possibly until the end of the year. The car sector is the backbone of the highly industrialized Czech economy, employing 180,000 workers, and makes up a quarter of industrial output.

    SAP said 120 billion crowns in revenue would be lost at carmakers and a further 80 billion at parts suppliers. The 200 billion crowns in revenue equal to about 3.3% of the country’s expected nominal gross domestic product this year.

    The other car makers with assembly plants in the Czech Republic are Hyundai — which has been the least affected by the chip shortage — and Toyota.

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  • Noodle Shop Tamjai SamGor Mixian to launch in Japan

    Noodle Shop Tamjai SamGor Mixian to launch in Japan

    Hong Kong noodle chain Tamjai SamGor Mixian is to expand its international reach with its Japanese debut early next year.

    Marking the brand’s second overseas entry after Singapore, the Japan launch follows its IPO in Hong Kong last week, the proceeds of which will be used to fund its global expansion plan, including its launch in Japan and Australia. The noodle chain aims to double its store network to 330 by 2024, with 25 new Japanese stores and 15 restaurants in Australia.

    “With the support of its major shareholders, Tridor Holdings, Tam Jai International has laid a solid foundation for further overseas expansion,” said Darren Lau, CEO of Tam Jai International. “We will continue to deliver the taste of Tamjai and our unique food culture not only in Japan but all over the world.”

    Beside its signature dishes, the Japan restaurants will also feature toppings dedicated to Japanese customers.

    “We hope that many people in Japan will know the charm of Tamjai SamGor Mixian and develop it as a store that can be used on a daily basis,” said Takaya Awata, President and CEO of Toridoll Holdings Corporation, parent company of Tam Jai International.

  • Shiseido sees ‘turning point’ ahead in tourism sales

    Shiseido sees ‘turning point’ ahead in tourism sales

    The chief executive of Japanese cosmetics giant Shiseido Co believes inbound tourism will return next year as the pandemic abates, beginning a gradual recovery in sales of high-end goods to travelers.

    A halt in tourism amid the COVID-19 pandemic has cut off sales to Chinese visitors, a critical segment in years past. China may start to ease travel curbs after hosting the Winter Games in Beijing, and a reciprocal opening in Japan would start a “welcome back” of tourist shoppers, Chief Executive Masahiko Uotani said.

    “Next summer will be a turning point,” he said in an interview.

    Like other companies in the luxury sector, Shiseido has been hit hard by COVID-19 related lockdowns that shuttered department stores and airport shops. Operating profit plunged 87% to 15 billion yen ($131.7 million) in the year through December 2020. The company is expecting a partial recovery to 27 billion yen this year.

    Shiseido is aiming to reach 15% operating margin by 2023 and become the global leader in skincare by 2030. To get there, the company is divesting of some lower-priced brands.

    In February, it announced the sale of skincare and shampoo brands to private equity firm CVC Capital Partners for 160 billion yen. Shiseido said in August it would sell three make-up brands for $700 billion to U.S.-based investor Advent International.

    “When we made the plan last year, no one thought that the corona situation in Japan would last this long,” Uotani said. “If economic activity in Japan reaches the level of Europe and the U.S., I think the cosmetics industry will recover all at once.”

    “What I’m hoping for is the spring of next year,” he added.

    On mainland China, there are signs of economic slowdown and concerns of tighter regulation, but the market remains an attractive overseas market.

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  • Commercial EV Startup ELMS Signs Battery Supply Deal With CATL

    Commercial EV Startup ELMS Signs Battery Supply Deal With CATL

    U.S. commercial electric vehicle maker Electric Last Mile Solutions Inc (ELMS) on Thursday said it has signed a battery supply deal with China’s Contemporary Amperex Technology Co Ltd (CATL). The financial terms of the deal, which runs through 2025, were not disclosed. CATL’s batteries power the Class 1 small delivery vehicle that ELMS began building last month at its plant in Mishawaka, Indiana.

    The companies are also exploring a setup where CATL would have a U.S. plant that would make battery cells and ship them to the ELMS plant in Indiana for assembly into battery packs, an ELMS spokesman said. “We reached an important milestone to secure battery capacity in an extremely challenging supply environment,” ELMS’ deputy chief financial officer, Rob Song, said in a statement.

    Battery makers are boosting production to meet soaring worldwide demand as carmakers accelerate the shift to electric vehicles to comply with tougher emission rules aimed at tackling climate change. CATL, which supplies numerous global automakers including Tesla Inc, Volkswagen AG and General Motors Co, has not announced where it would open a U.S. plant, but last year purchased a facility in Glasgow, Kentucky. Kentucky state officials in September 2020 offered incentives to CATL for a potential battery pack plant there.

    Ningde, China-based CATL, which already has U.S. sales offices, has previously declined to comment on plans for the American market. President Joe Biden has made it a priority to support the rollout of electric vehicles to make the United States competitive with China.

    Under the deal with ELMS, CATL will provide lithium-iron-phosphate (LFP) batteries using simpler cell-to-pack technology. The LFP chemistry is less expensive and safer than cobalt- or nickel-based cathodes in other batteries.

    In August, Troy, Michigan-based ELMS, which went public in June through a reverse merger with a special-purpose acquisition company (SPAC), said despite impacts from COVID-19 and industry-wide supply chain problems it was on track to build 1,000 vans this year.

    Following the small van, which has a starting price of $34,000 before federal tax credits, ELMS plans to build a larger Class 3 truck in the second half of 2022.

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