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Tag: asia

  • Coupang faces probe into unfair trade practices

    Coupang faces probe into unfair trade practices

    After stoking a series of controversies, including a fire at a logistics centre and poor working conditions, South Korean e-commerce giant Coupang is now facing a government investigation into alleged unfair trading practices.

    The Korea Fair Trade Commission (KFTC) recently noted that Coupang might have violated the Fair Trade Law and carried out a field investigation at Coupang’s headquarters in Songpa-gu in Seoul late last month.

    Coupang has allegedly manipulated its search algorithm to make its private-label products more visible than the products of other suppliers.

    The company manipulated the algorithm towards prioritizing and placing its private-label products at the top of the search results while placing other products at the bottom.

    The antitrust regulator is also investigating whether Coupang conducted ‘gapjil’ against suppliers. Gapjil is a Korean term referring to power harassment and abuse of power.

    Coupang has allegedly required suppliers to offer their products at the lowest price and penalized those who refused to supply their products at a lower price than the supply price for other platforms.

    In the field investigation, the KFTC checked the allegations that Coupang forced suppliers to purchase advertising space and excluded those who refused to do so from various benefits, including the company’s rocket delivery service.

    Another allegation was that Coupang unfairly returned products to suppliers.

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  • New patch for Google Maps on CarPlay addresses annoying issue

    New patch for Google Maps on CarPlay addresses annoying issue

    If you own an iOS device and use any Google apps on it, you are probably no stranger to them being less optimized and maintained than their Android counterparts. One of the more recent cases was a particular bug in the Google Maps app where your chosen route would not show up on the screen when using CarPlay.

    The issue was first spotted during February this year in Google Maps for Android Auto. Many users reported that the blue line highlighting their chosen route had disappeared. The only indicators that remained were the guiding white arrows and the audio.

    Thankfully, the search giant acted somewhat quickly, and after a few weeks, the issue was resolved for Android Auto users. However, almost as an infectious disease in the code, the problem migrated to the CarPlay app for iPhone.

    In the middle of June, Google released patch 5.71 for Maps on CarPlay, partially taking care of the missing blue line issue. Now with patch 5.72, the problem seems to have disappeared entirely. This statement comes purely from users’ feedback, as Google has made no official comment on it.

    Apart from the missing blue line, some had also been reporting inconsistency in the GPS tracking of the app. Simply put, Maps would randomly stop following your location, almost as if it gave up. With the latest update, this issue looks to have gotten resolved, and the app no longer loses the person’s location.

    For those of you out there who are not sure which version of Google Maps you have, here’s how you can find out:

    1. Open Google Maps
    2. Tap on your profile at the top right
    3. Select Settings
    4. Tap on About, terms and privacy
    If you don’t yet have the latest update, just tap on the option in the App Store to manually search for it.
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  • My Muscle Chef launches protein cookies

    My Muscle Chef launches protein cookies

    Functional food and beverage company My Muscle Chef has rolled out a new range of protein cookies to help people struggling to hit their protein cookies.

    Macro – short for macronutrients – makes up a food composition in our bodies: fats, carbohydrates, and protein. People who are conscious of their nutrient intake count macros to reach a specific body composition goal.

    Available in three different flavors – Salted Caramel and Macadamia, Choc Chip, and Triple Choc – the new protein cookies are a great choice as an on-the-go snack to top up protein intake while satisfying sweet cravings, said the company.

    “Our new Protein Cookies are a great addition to MYMC’s range of functional, healthy foods and are a great way for our customers to support muscle strength and fuel their recovery,” said Tushar Menon, co-founder, My Muscle Chef.

    Each cookie has 25g of whey protein, nuts, and prebiotic fiber. It also has no added sugars or preservatives and does not use artificial flavors or colors.

    Alex Adcock, head of sales at My Muscle Chef, says most protein snacks on the market are bars and the company has identified an opportunity to offer a more indulgent way for customers to hit their protein goals.

    “With 98 percent of recovery snacks in the market currently being bars, we’ve identified an opportunity for our cookies to meet MYMC’s customers needs perfectly complementing our existing high protein and on-the-go range our customers know and love,“ said Adcock.

    In addition to the Protein Cookies, the company has also launched Custard Protein Bars, and Custard Casein Protein Powder in its range of protein supplements.

    My Muscle Chef Protein Cookies are available online and in select retail stores for RRP $4.50 per cookie.

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  • Covid shuts HCMC’s biggest wholesale market

    Covid shuts HCMC’s biggest wholesale market

    HCMC’s biggest wholesale market, Binh Dien, which has a growing number of Covid-19 cases linked to it, will shut down on Tuesday.

    Authorities in District 8, where it is situated, said they made the decision after the infection began to spread to other areas from the market. As of July 4, 56 Covid-19 cases have been found to have linkage with Binh Dien market.

    From 8 a.m. no goods can be delivered, and by 8 p.m. all the stocks have to be liquidated.

    The closure will continue until further notice.

    Vendors are starting to change their sales method, instead of meeting customers in the market they will deliver directly to them, market managers said, adding that they have set up a website prior so customers can buy from it.

    With Hoc Mon Wholesale Market shut last week, two of the three major wholesale markets are closed in the country’s Covid epicenter, which has over 6,900 cases confirmed in the latest wave.

  • Amazon Australia will now service New Zealand customers as well

    Amazon Australia will now service New Zealand customers as well

    Amazon Australia has broadened its reach in the region, and is now officially offering its services to customers in New Zealand.

    While the online marketplace launched in Australia in 2017, Kiwis have long needed to purchase goods from the US marketplace, according to the business, and will now be able to access faster delivery times from Australia’s warehouses.

    “We are excited to offer Kiwis access to millions of products at great prices,” said Tony Austin, general manager for exports. Delivery will start at NZ$3.20, while parts of Auckland and Christchurch will have the option of expedited delivery for around NZ$7.49.

    This move should help New Zealand brands to access a wider range of the country, if they aren’t able to ship everywhere, by way of listing on Amazon Australia – and will allow more Australian brands to access the New Zealand market.

    It isn’t clear if New Zealand will be able to take part in certain Australian programs, such as the recently announced ‘Amazon Warehouse’ resale platform, or its on-demand paperback printing service ‘Print on Demand’, or if the New Zealand service will be limited to the business’ traditional marketplace offering.

    The service will certainly be able to take advantage of the business’ recently announced Western Sydney robotic fulfilment centre, which is set to “effectively double” Amazon’s operational footprint in Australia.

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  • Tata Motors To Increase Prices Across Its Passenger Vehicle Line Soon

    Tata Motors To Increase Prices Across Its Passenger Vehicle Line Soon

    Tata Motors, the home-grown automaker, today announced its plan to increase prices across its passenger vehicle line-up. As of now, the company has not revealed the timeline or the quantum of the price hike on cars, however, Tata did mention that the increase in prices is due to the steep climb in overall input costs. Tata has said that the formal announcement about the quantum of price increase is likely to be made within the forthcoming days or weeks. We expect the new prices to come into effect from August 1, 2021.

    In its official communication, Tata Motors said, “Tata Motors, India’s leading vehicle manufacturer intends to shortly mark an appropriate increase in prices of its ‘New Forever’ range of Cars and SUVs. The steep climb in overall input costs, especially due to continuing rise in costs of essential raw material including steel and precious metals, necessitates a transfer of at least some part of this increase to end customers.”

    Interestingly enough, it was just in May 2021 that the company increased car prices in India by up to 1.8 percent. And now the carmaker has made a price hike announcement in less than 2 months. Back then Tata Motors had said that the price hike was part of Tata’s ‘Business Agility Plan’ to protect and serve the interests of its customers, dealers and suppliers. The rise in the cost of raw materials was also a contributor to the hike. This will be the brand’s third price increase this year. Before May 2021, Tata had previously increased prices in January by up to ₹ 26,000.

    Right now, Tata Motors is gearing up to launch its 2021 Dark Edition range in India, which, in addition to the Harrier, will also include the Altroz, Nexon and Nexon EV. The new Dark Edition models are expected to be launched in India as early as later this week.

  • Kerry Logistics recognised as “Most Honoured Company” for sixth year in a row

    Kerry Logistics recognised as “Most Honoured Company” for sixth year in a row

    Kerry Logistics Network Limited (‘Kerry Logistics Network’; Stock Code 0636.HK) is honoured to be recognised as one of the “Most Honored Companies” in Institutional Investor’s annual All-Asia (ex-Japan) Executive Team rankings for the sixth consecutive year. It was also ranked in the top three in five categories under the Transportation sector.

    Kerry Logistics Network and its key executives secured top three in the following categories, based on votes from buy-side analysts, money managers, and sell-side researchers at securities firms and financial institutions that cover the Asian region:

    • Best CEO – William Ma
    • Best CFO – Ellis Cheng
    • Best Investor Relations Professional – Iris Tsang
    • Best Investor Relations Program
    • Best ESG

    William Ma, Group Managing Director of Kerry Logistics Network, said, “We are honoured to be recognised once again for our commitment to a proactive investor relations strategy. While it has been imperative to respond to the challenges brought by the pandemic, in terms of investor relations, we have remained steadfast in maintaining our transparency, stepping up communication with the investment community and addressing investors’ concerns. Despite all the difficulties, we believe it is of paramount importance for us to keep our shareholders and investors up to date, particularly on Kerry Logistics Network’s latest corporate developments, while providing comprehensive disclosure to our stakeholders to ensure we create value for all. We are grateful to Institutional Investor and the investment community for the long-term support, and we will continue doing our best in applying global best practices in our investor relations programme.”

    Kerry Logistics has received the “Most Honored Companies” accolade since 2016. The 2021 All-Asia (ex-Japan) Executive Team rankings were determined by the votes from over 4,000 investment professionals across 1,285 financial services firms. The survey covered several core areas, including “Financial Disclosure”, “IR Services & Communications”, “COVID-19 responses”, “ESG”, “CEO”, “CFO” and “IR Professional”.

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  • Lamborghini’s Latest Teaser Reveals A Likely Final Version Of The Aventador

    Lamborghini’s Latest Teaser Reveals A Likely Final Version Of The Aventador

    Earlier this year, Lamborghini had confirmed revealing two new V12 models in 2021 and one of them could be the final version of the Avantador series, while the second one could be the hybrid that will be the successor to the Aventador. Well! The supercar maker has now released a new teaser on social media platforms, that shows two new Lamborghinis, and the headlight cluster easily gives away the Aventador leading in the image. It shows a shadowed pair of cars cruising along a twisty road and headlights beaming through the darkness.

    Now a spy video that surfaced online in May showed a partially camouflaged Aventador undergoing testing. The entire front end was under wraps along with the side sills, rear fenders, and upper rear intakes. At the rear, the car sported the SVJ’s exhaust and diffuser while the rest of the car looked like an Aventador S. The wraps did a good job in hiding the design changes and they remained hidden in the new teaser image as well. That said, we are just speculating both to be the same models. According to rumours, this is the Lamborghini Aventador S Jota which is destined to become the most powerful Aventador ever.

    The 6.5-litre naturally aspirated V12 is likely to churn out close to 760 bhp which is humongous but the Sian puts out 807 through its hybrid powertrain. Lamborghini is likely to make other changes to the powertrain and chassis in a bid to improve the model’s performance capabilities further. More details on that are likely to follow soon on July 7, when Lamborghini will reveal the new model.

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  • Samsung to sell business that made a specific iPhone component

    Samsung to sell business that made a specific iPhone component

    Apple does depend on Samsung to supply it with certain iPhone components although Apple has made a point of trying to reduce its reliance on its rival over the last few years. But there is a business that Samsung plans on exiting over the next year forcing Apple to change the mix of suppliers for rigid-flexible printed circuit boards (RFPCB). According to TheElec, Samsung will provide Apple with only 30% of the RFPCB that will be used on this year’s iPhone 13 series.
    As a result of Samsung’s decision to stop production of the component in November, South Korea’s BH will deliver approximately 55% of the RFPCB ordered by Apple with Youngpoong Electronics expected to chip in roughly 15% of the total. In 2022, BH could be called on to supply Apple with 70% of its RFPCB needs with the remaining 30% coming from Youngpoong Electronics.
    The component is used to connect the main circuit board with the phone’s OLED panel. Being rigid and flexible might sound like a contradiction, but the combination helps companies like Apple more easily design their products. Compared to FPCB, RFPCB sends electric signals faster but is more expensive.
    Samsung’s RFPCB production facilities are located in Vietnam and the company could start the sales process in August. Samsung is apparently planning to sell the unit in two parts. The business has been losing 50 billion won ($44.2 million USD) a year. Samsung originally planned on disposing of the division last year but decided to keep production going for another year.
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  • Vietnam begins to make switch to online car sales

    Vietnam begins to make switch to online car sales

    Three auto brands have begun to sell online as they seek to take advantage of the country’s e-commerce boom.

    Since January this year customers have been able to go to the VinFast website, select the model, customize color and interiors, and indicate mode of payment.

    They can then go to the nearest showroom to complete the purchase. VinFast offers to deliver the car to the customers’ doorstep. Customers who want to pay in installments can submit their profiles online. Mercedes launched online sales March. Customers can customize their vehicles and a dealership is suggested to them. The sales procedures are however completed in person.

    TC Motor, which assembles Hyundai vehicles, last month began to allow customers to compare its cars online and see how much they cost after promotions, taxes and fees.

    Auto companies are actually late in adopting technology in sales, Nguyen Trung Kien, chief technology officer at digital marketing company Novaon MarTech, said.

    “When customers become familiar with online transactions, online sales options are inevitable.”

    It has taken a long time for auto companies to start offering online sales since theirs are expensive products and customers are used to the idea of physically touching them before making a purchase decision, he said.

    But with the development of technology, auto manufacturers could now go directly to customers and gradually cut out the middlemen, and also get to know their customers’ needs more, he added.

    But industry insiders expect it to take a long time to change customers’ preference from shopping offline for cars to online.

    “There are many perks in online shopping for cars but to make the decision customers still need to come to showrooms and see with their own eyes and touch with their own hands,” the marketing director of a Japanese auto company in Vietnam, who asked not be identified, said.

    In order to reach the same level as Tesla, meaning customers do not need to test drive the cars before making the purchase, auto manufacturers need to first create firm trust in product quality, the marketing director added.

    Auto sales in Vietnam rose 53 percent year-on-year in the first five months to 126,894 units, according to the Vietnam Automobile Manufacturers Association.

  • Honda Gold Wing Tour First Batch Sold Out In India In 24 Hours

    Honda Gold Wing Tour First Batch Sold Out In India In 24 Hours

    Honda 2Wheelers India launched the 2021 Gold Wing Tour in the country last month and the first batch of the motorcycle has been sold out. The manufacturer’s flagship offering flew off the shelves as soon as bookings opened with all units sold in just one day. Honda though has not disclosed the number of units that were allocated for India under the first batch. It’s unclear at the moment when the company plans to introduce the second batch of the tourer.

    Power on the new Honda Gold Wing Tour comes from the BS6-compliant 1833cc, in-line six-cylinder, liquid-cooled engine that develops 124.7 bhp at 5500 rpm and 170 Nm of peak torque at 4500 rpm. The motorcycle gets two transmission choices – a 6-speed manual and a 7-speed dual-clutch automatic. Colour options on the motorcycle include the Pearl Glare White as well as Gunmetal Black Metallic with Matte Morion Black.

    The feature list is comprehensive on the 2021 Honda Gold Wing Tour that is aimed to maximize comfort on the road. It gets A 7-inch TFT-screen with gyrocompass navigation, Apple CarPlay, Android Auto connectivity, upgraded audio and speaker system, and Smart Key operation. The tourer is also loaded on the safety front and packs Hill Start Assist, ABS, Honda Selectable Torque Control, Dual Combined Brake System, and Idling Stop. There are four riding modes – Tour, Sport, Rain and Econ.

    The new Honda Gold Wing Tour also received visual upgrades over the older model. This includes sharper styling, all-LED lighting, and new alloys. The bike also gets a revised pillion seat for added comfort and a bigger top box. The Gold Wing is underpinned by a die-cast, aluminum frame, and a double-wishbone front suspension along with a preload-adjustable pro-link mono-shock at the rear. Braking duties are performed by twin discs at the front and a single disc at the rear with Combined Braking System.

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  • Foreigners in Vietnam face settlement headache

    Foreigners in Vietnam face settlement headache

    The foreigner community has high expectations for quality apartments with synchronized amenities and a favorable location, though good housing options remain limited.

    According to a survey by InterNations, in 2021, Vietnam ranked among the top 10 countries with a foreigner satisfaction rating of more than 86 percent. It was proved in particular by the fact that 9 percent of expats in Vietnam had an annual income of more than $250,000, compared to only 3 percent globally, giving the domestic real estate market, particularly in the high-end and luxury segments of residential and vacation property, a certain customer base.

    To provide foreigners the best living options, Phu Thinh Green Park offers more than 500 smart apartments designed to high-quality standards by Phu Thinh Group. Located in the Ha Dong administrative center with numerous corporate headquarters and international organizations, Phu Thinh Green Park is surrounded by a series of important routes, including Quang Trung, Tran Phu, Nguyen Trai, Le Trong Tan, To Huu, Phuc La, Xa La, Nguyen Xien, and Hanoi metro stations. These customers are mostly experts, high-income employees with strict requirements for living quality, facilities, and proximity to expat communities. However, it is difficult for a foreign specialist to access suitable rental housing that meets excellent living standards and apartment quality, even in a big city like Hanoi.

    Residents can also walk within five minutes to the metro station, supermarkets, commercial centers, administrative centers, hospitals, schools, and golf courses. Foreign tenants who prefer public transportation will soon have the option of taking the Cat Linh – Ha Dong railway. Furthermore, the project is well connected to Thang Long Avenue, where tens of thousands of international professionals work.

    The internal utility system meets all living needs for residents via a 300 square meter overflowing swimming pool, A-class offices, commercial centers, landscaped parks, and rooftop cafes.

    Green Park Phu Thinh is located next to a 100-hectare sports park with four fresh seasons, suitable for recreation and entertainment. The bulk density of trees is like a natural air conditioner for the local atmosphere. The temperature on summer days is usually 2-3 degrees Celsius lower than in other regions.

    Moreover, Phu Thinh Green Park is a place of cultural interference of different countries, which creates a community with diverse lifestyles. Located between the Hyundai Hillstate area and Booyoung Residence, Phu Thinh Green Park attracts a lot of foreigners, mainly from Japan, China, and Korea.

    A square meter in Phu Thinh Green Park costs VND27 million ($1,170). The project is now open for sale during the third quarter of 2021. Documents and handovers are legally transparent to ensure the rights and profits of customers. With each apartment handed over, the basic equipment system will be installed according to standard amenities.

    “Synchronous development of traffic infrastructure of Ha Dong District is strictly guaranteed for a rental profit of 5-6 percent per year and/or a high capital growth of 30-50 percent in the next two to three years. Green Park is suitable for real estate investors expecting high profits and safety,” a project representative said.

    In early 2021, due to the sharp increase of iron and steel prices and transportation costs, the value of an apartment could exceed the purchase price, he added.

  • Japanese retailer Muji opens first store in Hanoi

    Japanese retailer Muji opens first store in Hanoi

    Japanese chain retailer Muji opened its first store in Hanoi on Saturday after opening one in HCMC last November. The store, which spans 2,000 square meters at Vincom Center Metropolis on Lieu Giai Street, is the second to be opened in Vietnam.

    The flagship store in Hanoi provides around 5,000 products, ranging from fashion, cosmetics to household items, interior design and food.

    Tetsuya Nagaiwa, Muji’s head of Vietnam business, said the chain spent two years searching for a suitable location for the Hanoi store, a much longer process compared to its HCMC endeavor.

    The southern metropolis’s downtown District 1 is a no-brainer when it comes to choosing a location for a store. But Hanoi has multiple locations with different capacities for attracting customers, Tetsuya explained.

    Vincom Center Metropolis was eventually chosen since it is in an area with a big Japanese population and is wide enough to host a large store.

    Tetsuya said Muji’s current strategy is to take hold of Hanoi and HCMC, both major cities, to boost brand recognition. Afterward, depending on factors like economic development and population, Muji would consider opening more stores in other cities.

    Vietnam is among the world’s most promising retailer markets right now, Tetsuya said, adding the country has attracted a large number of investors thanks to its ever-growing economy and a young population with a middle-class income.

    Certain Muji products sold in Vietnam would be cheaper than other markets’ as they are produced by domestic manufacturers, he said, without revealing exact information regarding the domestic factories.

    Muji, founded in 1980, has over 1,000 stores in 33 countries and territories.

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  • Shell Plans To Exit California Joint Venture With Exxon Mobil

    Shell Plans To Exit California Joint Venture With Exxon Mobil

    Royal Dutch Shell Plc plans to leave Aera, its California-based oil and gas-producing joint venture with Exxon Mobil Corp, four people familiar with the talks said.

    Shell has divested numerous carbon-intensive assets this year, selling its refinery in Washington state to Holly Frontier Corp and its stake in a Houston-area refining joint venture to Petroleos Mexicanos as it shifts new investments to renewables and power.

    The company is also considering a sale of its assets in the Permian Basin of Texas, Reuters previously reported.

    Aera produces about 125,000 barrels of oil and 32 million cubic feet of natural gas each day, accounting for about 25% of the state’s oil and gas production. Exxon, Occidental Petroleum Corp and others are looking to shed unwanted assets and raise cash, according to industry experts.

    Shell has notified Exxon of its plans to exit the venture, the people said, speaking on the condition of anonymity as the talks are private. A Shell spokesperson declined to comment, citing company policy.

    The joint venture, headquartered in Bakersfield, California, produces primarily in the San Joaquin Valley. Shell has previously sold all of its California oil refining operations, some of which had pipeline connections to the fields.

    California still produces roughly 360,000 barrels of oil per day even as it has introduced the most stringent state-level rules on greenhouse gas emissions. Last year, an executive order required that by 2035 all-new cars and passenger trucks sold in California be zero-emission vehicles, and that the state reduce the dirtiest forms of oil extraction.

    Oil prices have soared this year, gaining more than 50% as demand has rebounded as COVID-19 pandemic travel restrictions are lifted. The price increase has prompted many oil producers to put assets up for sale. The rush to sell is amplified by investor pressure to reduce fossil-fuel investments to stem global climate change brought by carbon emissions.

    Shell and other Europe-based oil producers such as BP Plc and TotalEnergies have pledged to lower emissions through increased investment in renewables while divesting some oil and gas holdings.

    Shell, one of the world’s largest oil companies, said this year it would aim to cut the carbon intensity of its products by at least 45% by 2035, and by 100% by 2050 from 2016 levels. A Dutch court has ruled that Shell’s efforts are not enough, ordering it to lower emissions by 45% by 2030 from 2019 levels.

    More deal-making could take place this year, with Chevron looking to shed about $1 billion of assets in the Permian Basin of Texas and New Mexico. Exxon, Occidental Petroleum Corp and others are looking to shed unwanted assets and raise cash, according to industry experts.

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  • Construction steel prices fall further

    Construction steel prices fall further

    The price of Vietnamese construction steel dropped to below VND17 million ($732) per ton, but contractors said this was still high.

    The Viet Duc Steel Company said it has lowered prices of steel bars and coils by VND300,000 per ton from July 1, while the Thai Nguyen Iron & Steel Joint Stock Corporation reduced the prices of steel coils by VND300,000 to around VND16.7 million per ton.

    The prices of a ton of steel coils produced by the Hoa Phat Group and the Vietnam-Italy Steel Joint Stock Company are VND300,000-600,000 lower than in June.

    The decline in prices of construction steel in the Vietnamese market over the past few weeks has been attributed to lower prices of steel billets in the world market.

    The most-traded steel rebar on the Shanghai Futures Exchange, for October delivery, closed down 2.9 percent at 5,014 yuan ($774.60) a ton.

    Another contributing factor is weaker demand for construction materials in some localities that have already entered the rainy season.

    However, many construction contractors said the prices of domestic steel products were still high, cutting deep into their profit, leaving them with smaller profits. Steel costs account for 10-30 percent of a construction project.

    Vietnam produced nearly 12 million tons of steel products of different kinds in the first five months of this year, a year-on-year rise of more than 38 percent while exporting nearly 2.8 million tons, up 80 percent.

    The country exported 1.1 million tons of steel to China in the five-month period, twice that of last year, according to the General Department of Vietnam Customs.

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