Retail News CRM

Tag: asia

  • Hong Kong’s long run of retail sales decline continued in September

    Hong Kong’s long run of retail sales decline continued in September

    Hong Kong’s September retail sales fell 6.9 percent year on year, reflecting the continued impact of a change in consumption patterns, government data showed.

    Sales fell to HK$29.57 billion ($3.8 billion) in a seventh consecutive month of decline after a revised 10 percent decline in August, an 11.7 percent fall in July, a 9.7 percent fall in June, an 11.5 percent drop in May, a 14.7 percent drop in April and a 7 percent decline in March.

    A government spokesman said the near-term performance of the retail sector would continue to be affected by the change in consumption patterns of residents and visitors.

    “Nevertheless, an improved outlook for the Mainland economy following the recent introduction of a wide range of stimulus measures, and a possible easing of the Hong Kong dollar alongside the US dollar with the commencement of the US interest rate cut, would be conducive to boosting sentiment and supporting spending.”

    The largest rate of decline in Hong Kong retail sales in September was in the jewellery, watches, and valuable gifts category, where turnover fell by 17.9 percent.

    In volume terms, retail sales fell 8.7 percent year-on-year in September, compared with a revised 11.7 percent in August.

  • Jacob & Co opens first Macau boutique

    Jacob & Co opens first Macau boutique

    Jacob & Co, in partnership with Cortina Watch, has opened its first Macau boutique.

    “As curators of exceptional timepieces, we are thrilled to introduce Jacob & Co to North Asia and offer our discerning clients an unparalleled horological experience,” said Benny Chong, Cortina Holdings regional GM.

    “This partnership exemplifies our commitment to present our clients with the most extraordinary pieces, where artistry meets innovation, and where each timepiece tells a story of pushing boundaries.”

    The luxury retailer’s new store at The Venetian Macao features monochrome tones, refined leather textures, and diamond-inspired lighting elements.

    The shop features include the newly launched Bugatti Tourbillon, the Casino Tourbillon

  • Nokia to Equip Viettel with Optical Transport Solution

    Nokia to Equip Viettel with Optical Transport Solution

    This initiative aims to meet the increasing demand for 5G, Data Center Interconnect (DCI), and cross-border connectivity. The collaboration follows a successful trial during which Nokia’s PSE-6s achieved a record transmission speed of 1.2 Tbps per wavelength in real-world conditions. The deployment, expected to be completed by 2025, will enhance connectivity between Viettel’s data centers in major cities, including Hanoi, Ho Chi Minh City, and Da Nang, improving capacity and energy efficiency.

    Nokia’s new optical solution, utilizing the PSE-6s technology, will enable Viettel to scale its network while maintaining high performance efficiently. The solution supports three 800GE or six 400GE services on a single line card, allowing Viettel to increase its total network capacity to 38.4 Tbps over the C-band. Additionally, this technology is expected to help Viettel reduce network power consumption by as much as 60%.

    Nguyen Van Yen, Head of Viettel Regional Transmission, said, “The smooth execution of the record-breaking trial convinced us that Nokia was the right partner for this crucial initiative. Now, we are delighted with the seamless deployment of Nokia’s innovative PSE-6 super-coherent optical engine, which will provide the required capacity for our existing and growing needs while making us ready for 5G and cloud-based use cases.”

    Vito Di Maria, Head of Optical Networks at Nokia Asia Pacific, emphasized the challenges service providers face due to rising data traffic, highlighting the importance of scalable optical networks. He noted that Nokia’s PSE-6s technology will enable Viettel to effectively meet increasing data demands while improving network reliability and energy efficiency.

  • Indosat Posts Double-Digit Growth, Boosts AI Investment to Drive Indonesia’s Digital Future

    Indosat Posts Double-Digit Growth, Boosts AI Investment to Drive Indonesia’s Digital Future

    The company reported double-digit revenue growth and continued to outperform the industry with substantial improvements, as evidenced by key financial indicators.

    During the first nine months of 2024 (9M24), Indosat generated total revenues of IDR 41,812 billion, marking an 11.6% Year-on-Year (YoY) increase. EBITDA also showed strong growth, rising by 15% YoY to IDR 20,000 billion, resulting in an EBITDA margin of 47.8% in 9M24.

    Profit for the Period Attributable to Owners of the Parent reached IDR 3,878 billion, indicating a 39.1% YoY increase, reflecting Indosat’s continued profitable quarters. The company’s cellular, MIDI, and fixed telecommunications businesses contributed 84.3%, 14.1%, and 1.6%, respectively, to overall revenue. While cellular services continued to dominate, growing 9.5% YoY due to increased data usage, the MIDI segment saw a significant 30.2% increase, driven by growth in fixed internet, fixed connectivity, and IT services. This shift towards AI and digital solutions positions MIDI as an increasingly important contributor to Indosat’s overall business.

    Vikram Sinha, President Director & CEO of Indosat Ooredoo Hutchison, stated, “These results reflect our ongoing efforts in operational excellence, strategic capital allocation, and leveraging AI-driven transformation. Our focus remains on delivering a great experience to all stakeholders and ensuring strong financial performance while adapting to the ever-changing telecommunications landscape.”

    These results demonstrate Indosat’s strategic focus on enhancing customer value and optimizing costs, leading to strong overall performance. The company’s strategic capital expenditure (CapEx) has been crucial to this success, with investments aimed at improving network infrastructure, especially in rural and eastern parts of Indonesia, and driving business expansion. Indosat increased its 4G BTS by 12.5% YoY to 193,562 sites, meeting the growing data demand while providing a great experience for its customers, positioning the company favorably for sustained long-term growth. This expansion led to a significant increase in data traffic, rising by 12.5% YoY to 12,050 Petabytes (PB) in the first nine months of 2024.

    Furthermore, Indosat’s focus on attracting high-quality customers has significantly contributed to an increase in Average Revenue Per User (ARPU) of IDR 37.7 thousand in the first nine months of 2024, marking an 8.7% rise compared to the same period in the previous year. Additionally, Indosat aims to enhance its infrastructure to ensure robust, reliable coverage nationwide. Central to this transformation is the integration of AI, which Indosat uses to optimize operations, drive innovation, and enhance customer experiences. This approach has helped improve operational efficiency and strengthen the company’s competitive position in the market.

    Indosat is forming strategic partnerships with global leaders like NVIDIA, Microsoft, Google, Mastercard, and Huawei to support these initiatives. Notable achievements include the launch of its AI Experience Center and the introduction of GPU Merdeka by Lintasarta, a subsidiary of Indosat, which offers an AI cloud service. These efforts contribute to aligning with the nation’s 2045 Golden Indonesia Vision.

    In line with its commitment to digital empowerment, Indosat continues to bridge the digital divide and promote digital inclusion. Through initiatives such as IDCamp and SheHacks, the company is actively expanding digital literacy and promoting gender equality. To date, IDCamp has trained over 270,000 students, equipping them with essential skills to thrive within Indonesia’s digital economy. Indosat is also advancing its Environmental, Social, and Governance (ESG) agenda by adopting sustainable practices, including renewable energy solutions; improving cybersecurity; and enhancing data privacy measures.

    These initiatives align with Indosat’s commitment to building a brighter, more inclusive digital future for Indonesia. “With a collaborative approach inspired by the spirit of Gotong Royong, we remain committed to our larger purpose of empowering Indonesia and ensuring that the country remains at the forefront of the regional digital economy,” Sinha concluded.

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  • Google Wallet will soon be available for kids with Family Link-managed Android devices

    Google Wallet will soon be available for kids with Family Link-managed Android devices

    According to a new report, Google Wallet will be expanding to Android devices managed by Family Link, allowing kids to make tap-to-pay transactions in stores. This move comes after the positive response to tap-to-pay on Fitbit Ace LTE devices. Google emphasizes that the new experience is built with safety in mind.

    This feature will reportedly be available next year for some Google Wallet users in several countries, including the US, before a wider expansion over time. Google built a lot of this infrastructure for its Wear OS-powered kids smartwatch earlier this year, noting the positive response of tap-to-pay on Fitbit Ace LTE. Here’s how it works:

    Parents will need to approve every credit or debit card added to their child’s phone, similar to how it works with the Fitbit Ace LTE watch. They can also view recent transaction history and remotely remove a card or block passes through their Family Link app. Additionally, any existing payment card can be added to a kid’s Wallet. This could be very helpful in situations when a child will need to purchase something but the card to be used needs to be swapped.

    To authenticate NFC payments, a device PIN, password, fingerprint, or facial recognition is required. Google Wallet for kids will also support gift cards and event tickets, but private passes like IDs and health cards will not be supported at launch. Kids will not be able to use cards saved in Google Wallet for online payments, only tap to pay.

    Google emphasizes how this new experience is built with safety in mind and is taking a cautious approach to rolling out this feature, starting with a limited release before expanding to more users over time. This is a good approach, as it will allow Google to gather feedback and make any necessary adjustments before making the feature widely available.

    I am curious to see how this feature will evolve over time and what other features will be added. I believe that this is a great way to introduce kids to the world of digital payments while also giving parents peace of mind. It will be interesting to see how this feature is received by parents and kids alike. I am also curious to see how this will impact the future of digital payments for kids.

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  • Russian court imposes a record fine on Google that equals more money than there is on earth

    Russian court imposes a record fine on Google that equals more money than there is on earth

    Google has been fined a record $2.5 decillion by a Russian court. This works out to $2.5 trillion trillion trillion which equals 23,809,523 times all of the money on Earth. The court had hit the Search giant with a 100,000 ruble ($1,032.20) fine back in 2020 after a pair of Russian media outlets with links to the Kremlin, Tsargrad, and RIA FAN, were the recipient of restrictions placed on them by YouTube. Google called out the media outlets for trying to spread pro-Kremlin propaganda.

    The court tacked on additional fines after Google also banned on YouTube other Russian outlets (Channel One, Moscow Media, and Public Television of Russia) that supported the country’s actions during the war in Ukraine. But what really pumped up the fine was Google’s refusal to pay it. This led the court to double the fine each week which has been the case for the last four years. Last month, Google restricted the creation of new accounts for Russian users and in August it deactivated AdSense accounts in the country. This prevents Russian website publishers from generating revenue from ads supplied by Google.

    Google has commented on the fine saying, “We have ongoing legal matters relating to Russia. For example, civil judgments that include compounding penalties have been imposed upon us in connection with disputes regarding the termination of accounts, including those of sanctioned parties. We do not believe these ongoing legal matters will have a material adverse effect.” In other words, Google is taking the fine as seriously as it would if it had been fined in Monopoly dollars.

    Google and Russia have had some other legal battles. Back in 2022, Google’s Russian subsidiary was forced to file for bankruptcy after the firm’s bank account was seized by Russia. At the time, a Google spokesperson said, “The Russian authorities’ seizure of Google Russia’s bank account has made it untenable for our Russia office to function, including employing and paying Russia-based employees, paying suppliers and vendors, and meeting other financial obligations.”

    As part of other sanctions placed against Russia, online ads have not been served to Russian Google users since 2022. Yes, some of you might be wondering why Russians get to miss out on seeing ads on Google sites if they’re the country being sanctioned.

  • WhatsApp Beta is testing search functionality for Channel updates

    WhatsApp Beta is testing search functionality for Channel updates

    WhatsApp is testing a new feature that will allow users to search for updates within channels. This feature is currently under development and will be available in a future update. The search option will be accessible through the overflow menu and the channel info screen.

    WhatsApp has been working on a number of new features for channels, including the ability to view detailed insights for their channels. This feature allows beta testers to view detailed insights for their channels, including the number of unique accounts reached, follower growth statistics, and a geographical breakdown of top regions. These metrics help channel admins understand their audience, optimize content for increased exposure, and make data-driven decisions.

    The search for updates within channels feature is another example of WhatsApp’s commitment to improving channel functionality and user engagement. This feature will be particularly beneficial for channels that regularly share multiple updates. Users will be able to simply enter keywords or phrases related to the update they seek, as this can let them quickly pinpoint the specific information they need.

    This feature is still under development, so it is unclear when it will be available to all users. However, it is likely that it will be rolled out in a future update.

    In the meantime, users can continue to use the existing methods for finding updates within channels. These methods include scrolling through the channel’s history or using the search function within the WhatsApp app.

    I believe that this new feature will be a valuable addition to WhatsApp. It will make it easier for users to find the information they require and stay up-to-date on the latest news and updates from their favorite channels. I encourage all WhatsApp users to try out this new feature when it becomes available.

    As an avid WhatsApp user, I am excited about this new feature. I think it will be very useful for finding specific updates within the channels that I am subscribed to. Furthermore, I also appreciate that WhatsApp is constantly working to improve its features and make its app more user-friendly. I look forward to seeing this feature rolled out to all users, myself included, in the near future.
  • Lufthansa Cargo starts transpacific flight from Vietnam to the USA

    Lufthansa Cargo starts transpacific flight from Vietnam to the USA

    With the start of the winter flight schedule last weekend, Lufthansa Cargo has inaugurated its first direct transpacific freighter service from Asia to North America. On Sunday, 27 October 2024, flightLH8019 took off from Ho Chi Minh City (SGN) in Vietnam to Los Angeles (LAX) in the United States, operated by its JV subsidiary AeroLogic. The aircraft with the identification D-AALO had previously taken off from Frankfurt (FRA) for Vietnam on Saturday, 26 October 2024. It had then flown back from Los Angeles on Sunday, 27 October 2024, and had arrived at the carrier’s home hub on Monday, 28 October 2024.

    “This new freighter connection highlights our commitment to connecting economies by responding to the demand of the rapidly growing economy in Vietnam, which can now be seamlessly connected to the U.S. even faster. This service reinforces our purpose of enabling global business, which is why we are continuously examining the possibilities of establishing new routes and growing in dynamic market environments,” explains Ashwin Bhat, CEO of Lufthansa Cargo.

    With the new flight schedule, Lufthansa Cargo is now offering its customers 89 weekly B777F freighter connections worldwide. This includes 50 frequencies to 17 destinations in Asia, reflecting the strong demand in the region. The growing e-commerce industry, in particular, is driving this development, to which Lufthansa Cargo is able to respond quickly and flexibly thanks to its early preparations. With its own A321 freighter fleet for short and medium-haul routes, as well as additional cargo capacities marketed on the extensive network of Lufthansa Airlines, Austrian Airlines, Brussels Airlines, Discover Airlines and SunExpress, Lufthansa Cargo is able to offer its customers capacities to over 350 destinations in 100 countries in its winter flight schedule

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  • WhatsApp is testing a badge count for chat filters in its beta app

    WhatsApp is testing a badge count for chat filters in its beta app

    WhatsApp is rolling out a new beta update for Android through the Google Play Beta Program. This update includes a badge count feature for chat filters. The badge count will show users how many unread messages are in each filter, which should make it easier for users to prioritize their chats and quickly see which conversations need their attention. The badge count will be displayed as a small number within each custom or default chat filter.

    This upcoming feature can be especially useful for users who manage multiple groups or contacts. It can be difficult to keep track of unread messages across various conversations, thus having a badge count should make it easier for users to stay organized and on top of their messages.

    The badge count feature is still under development and is expected to be available in a future update. WhatsApp is also working on a number of other new feature, such as the ability to filter chats by custom lists. This feature is already available in the latest beta version of WhatsApp for Android.

    In addition to the badge count feature, the latest WhatsApp beta for Android also includes other bug fixes and improvements. If you are interested in trying out the latest beta features, you can sign up for the WhatsApp beta program through the Google Play Store. Although these days it can be very difficult to get a spot as the beta program is almost always full.

    I am always excited to see new features being added to WhatsApp. I think the badge count feature is a great addition, as I can foresee it making it easier for me to stay organized and on top of my messages. Furthermore, I also appreciate that WhatsApp is constantly working to improve the user experience and I am looking forward to seeing what other new features they come up with in the future.

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  • Google tests a new look for dynamic color themes in Gboard

    Google tests a new look for dynamic color themes in Gboard

    Google has been found to be experimenting with a new look for the dynamic color themes in Gboard for Android. The change is subtle, but noticeable. Instead of using three different colors for the non-letter keys, Google is testing a single color pulled from the dynamic color palette. This applies to keys like shift, ?123, comma/emoji, period, enter, and backspace, as well as the menu button.

    The idea behind this change seems to be to create a more unified and less visually distracting keyboard experience. By using a single color for these keys, Google is hoping to make the keyboard feel more cohesive and less cluttered.This updated dynamic color theme is currently only available on the latest Gboard beta (version 14.7.10.x). Even then, it’s not widespread. Across several Pixel phones used for testing, the new theme only appeared on one device. This suggests that Google is still in the early stages of testing this new design and it may be a while before it rolls out to all users.

    It’s worth noting that this change only affects the dynamic color themes. The “Default” themes, which only accent the enter key, remain unchanged. This gives users the option to stick with the old look if they prefer.

    This is just one of many updates that Google has been making to Gboard in recent months. The company has also been working on improving the keyboard’s performance, adding new features, and expanding support for more languages.

    The change seems so subtle that I’m not sure why it’s being done. However, I appreciate Google’s efforts in making the UI more appealing. I’m interested to see if this update will make a noticeable difference in my daily use of Gboard. It’s possible that this more unified color scheme could be less distracting while typing, but I’ll need to use it for a while to see if it makes a real difference. I’m always happy to see companies like Google experimenting with new design ideas and trying to improve the user experience.

  • Amazon Kindle Vella to be discontinued in February 2025

    Amazon Kindle Vella to be discontinued in February 2025

    Amazon has made the decision to shut down its Kindle Vella serialized story platform in February 2025. The platform, launched in 2021, was intended to be a way for readers to discover new fictional stories and for authors to earn money from the Kindle Direct Publishing service. However, the platform has not gained the traction Amazon had hoped for, leading to its discontinuation.

    Authors can continue to publish stories on Vella until December 4th, which is also the last day readers can purchase tokens. After this date, readers can still use their tokens to unlock episodes until the program closes in February. Readers who have already unlocked episodes will not lose access to them and can read them in their library on the Kindle app. Any unused tokens will be refunded by Amazon.

    Vella has received mixed responses since its launch. Some authors appreciated the ability to earn money from unfinished stories, while some readers expressed a preference for purchasing complete books rather than installments. The mixed reception highlights the challenges of introducing new reading formats and subscription models in a market accustomed to traditional publishing models.

    Despite efforts to increase interest, such as offering free episodes and bonuses to authors, Amazon has decided to discontinue the platform. The closure of Kindle Vella marks the end of an experiment in serialized storytelling. While it did not achieve the success Amazon had hoped for, it provided a platform for authors to connect with readers in a new way. It also offered a unique opportunity for readers to discover and engage with stories as they were being written.

    The decision to shut down Vella reflects the dynamic nature of the digital publishing landscape. As technology and reader preferences evolve, platforms and services must adapt to remain relevant. While Vella may not have found its niche, it contributed to the ongoing exploration of new ways to create, share, and experience stories.

    While it is always disappointing to see a service end, it also opens up opportunities for new and innovative platforms to emerge. I am interested in seeing how this will affect the landscape of serialized fiction and what new developments may arise in the future.

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  • Microsoft Teams announces new chat and channels experience for all platforms

    Microsoft Teams announces new chat and channels experience for all platforms

    In a rare moment of sincerity, Microsoft admitted that Teams offers a sub-par experience in comparison with the competition, and decided to remove some key features, which were obsolete and no longer helped users in any way.

    Decluttering the app of unnecessary features is an important step toward making Teams a contender in the communication app space.

    The next step would be to continue to iterate on already existing features and make them as easy to use as possible. In a recent blog post, Microsoft announced a new chat experience is coming to all platforms Teams is now available on, including desktop, mobile, iOS, and Android.

    The new chat experience features mobile-specific settings, such as the option to choose between viewing messages organized by sections or by most recent. Since the new experience has been specifically designed for different screen sizes, it will make it easier for mobile users to read and respond to messages while on the go.More importantly, Microsoft has decided to bring chats, teams, and channels into one place under Chat. This will allow users to navigate and prioritize all their conversations without having to switch contexts.

    Those who preferred the previous layout can keep chat and channels separate during the onboarding process that pops up when Teams is launched for the first time after the update. This can also be done at any time later.

    Another useful feature added to Teams is the addition of new filters like “Unread,” “Chat,” “Channels,” “Meetings,” and “Muted.” Now, whenever you’re looking for a specific type of conversation, like channels, you’ll be able to select the relevant filter to further narrow your search and locate the most relevant results.

    Also, the new chat and channels experience includes a new favorites section, which is available for everyone by default. You’ll find all your pinned chats and channels from previous experience in this section.

    Besides that, Teams takes advantage of new custom sections where users can group together all their relevant conversations on a certain topic, be it in chats, channels, meetings, Teams bots or AI agents. You can have up to 50 sections and 50 items per section in Teams.

    According to Microsoft, the new chat and channels experience is coming to public preview in November to desktop, mobile, iOS, and Android, so keep an eye out for a consistent update next month.

  • Google Play Store may soon use AI to answer your app questions

    Google Play Store may soon use AI to answer your app questions

    Google has been pouring resources into artificial intelligence lately, so it’s no shocker that it wants to weave AI into more of its products. The latest target? The Play Store – the go-to spot for most Android users looking to download apps and games for Android phones.

    A recent report reveals that the latest version of the Google Play Store, 43.3.32-31, has hints of a new AI-powered feature called “Ask a question.” This nifty addition will likely allow users to pose questions about the app or game they’re checking out.

    From the clues found in the app, it seems this feature will appear on individual app listings and search results. Users can expect to see a button or text prompting them to “Ask a question,” leading to an input field where they can type their queries and receive AI-generated responses.

    The AI-generated Q&A feature isn’t available just yet in the Google Play Store, and Google hasn’t officially commented on it. So, there’s no word on when it might roll out to users. However, this kind of functionality makes perfect sense for practical AI applications and could benefit both users and app developers. Fingers crossed, we will see this feature roll out soon.

    I think this feature would indeed be helpful when you’re trying to figure out if an app is right for you. After all, sometimes, you just don’t have the time or patience to sift through long descriptions to find the info you need. With this, you could get straight answers without the hassle.

    Last year, Google rolled out AI-generated review summaries in the Play Store to help users quickly assess whether an app or game suits their needs. Then came AI-powered FAQs, and now this upcoming feature will tie everything together, making AI an even bigger part of the Play Store experience.

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  • UBS Sees Uninterrupted Client Momentum

    UBS Sees Uninterrupted Client Momentum

    Switzerland’s largest bank reports strong transactional activity in its core business and expects to achieve its objective of $100 billion in net new assets by the end of the year.

    UBS is turning the upheavals and drama of 2023, and its fraught government-prompted takeover of Credit Suisse, into a dim national memory receding in the rearview mirror of Swiss business history.

    In its third-quarter ad hoc announcement released on Wednesday, the bank reported an underlying pre-tax profit of $2.4 billion, which it said was an ample indication of the strength of its client franchises.

    Overall, group revenues were up 5 percent year-on-year but gained 9 percent on an underlying basis, with the aforementioned transactional activity recurring fee income more than offsetting the expected headwinds impacting net interest income after key central banks started cutting interest rates in the quarter.

    Invested assets were up 15 percent at $6.2 trillion as it experienced «continued client momentum» with $25 billion in net new assets in its core global wealth management business, putting it on «on track» to deliver its ambition of bringing in $100 billion in net new assets for the whole of 2024.

    Overall, the market environment remained constructive in the third quarter but also showed «signs of dislocation and volatility».

    UBS generated $15 billion in net new fee-generating assets and saw strong discretionary mandate sales in all regions despite continued pricing discipline.

    It also recorded strong transactional activity in global wealth management and the investment bank, with the former’s revenues up almost a fifth (19 percent) with the latter gaining by practically a third (31 percent).

    The high levels of transactional activity came from both private and institutional clients, with global wealth management seeing strong momentum in all regions led by the Americans and the Asia Pacific (APAC).

    In its investment bank, the global markets business saw gains also coming from all regions, but «particularly» in the Americas. The global banking business experienced strong M&A performances in Asia and the US. In UBS’s Swiss home market, it granted or renewed around 35 billion francs in loans.

    Beyond that, it indicated that many facets of its integration with Credit Suisse, the country’s erstwhile second-largest bank, remained on track. It completed the first wave of client migrations in Luxembourg and Hong Kong this month. Singapore and Japan are expected to be finalized by the end of the year, with Switzerland up in 2025.

    It is on target to reach the expected $7.5 billion in cost cuts this year after it managed to realize an additional $800 million in savings in the third quarter, with a further $5 billion in risk-weighted asset reductions in non-core and legacy ahead of plans.

    As a result, it expects to be in a position to save about $13 billion (gross) by the end of 2026.

    It also maintained that it would complete $1 billion in share repurchases in the fourth quarter and it intends to keep making them in 2025 although that will depend on the country’s review of its capital regime requirements.

    It also announced several AI initiatives to benefit clients and employees, including a new proprietary AI assistant for 20,000 employees in Switzerland, Hong Kong, and Singapore with «easy» access to product information and investment research.

    In the investment bank, it is piloting a proprietary AI algorithm that researches and compiles M&A buy-side targets.

    UBS indicated that it expects a continuation of the current market trends in the fourth quarter given expectations for a soft landing in the US economy despite macroeconomic conditions remaining clouded elsewhere in the world.

    In the fourth quarter, we anticipate a mid-single digit decline in net interest income in Global Wealth Management and a low single-digit decline in Personal & Corporate Banking. Non-core and legacy is expected to generate a quarterly pre-tax loss in line with our earlier guidance, the bank indicated.

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  • Indonesia blocks Apple from selling iPhone 16

    Indonesia blocks Apple from selling iPhone 16

    Indonesia has blocked Apple from selling the iPhone 16 in the country but still allows travelers to bring it in for personal use.

    The iPhone 16, released in September, is not permitted for domestic sale because PT Apple Indonesia has yet to meet the country’s requirement of 40% local content for smartphones and tablets, the Ministry of Industry said in a statement on Oct. 25 as reported by Bloomberg.

    Each traveler can bring up to two iPhone 16s into Indonesia, according to the Jakarta Globe.

    Between August and October, around 9,000 iPhone 16 units were brought into Indonesia as personal belongings with taxes paid, data from the ministry shows.

    Industry Minister Agus Gumiwang Kartasasmita mentioned on Oct, 22 that Apple has yet to fulfill its commitment to investing 1.7 trillion rupiah (US$108 million) in Indonesia to secure a license for local sales. So far, Apple has invested 1.5 trillion rupiah.

    Apple’s older products can still be sold in Indonesia.

    Samsung Electronics and Xiaomi have set up factories in Indonesia to comply with the domestic content regulations introduced in 2017. Other ways to boost local content include sourcing materials or hiring workers in the country, according to Bloomberg.

    Apple on Oct 11 said that it was “deeply committed to Indonesia and excited to bring all of our latest products, including the iPhone 16 line-up, to our customers as soon as possible.”

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