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Tag: asia

  • Kerry Logistics crowned the winner of the CILT Award 2020 Enterprise Award for Service Excellence

    Kerry Logistics crowned the winner of the CILT Award 2020 Enterprise Award for Service Excellence

    Kerry Logistics Network Limited is delighted to be crowned the winner of the CILT Award (the ‘Award’) 2020 – Enterprise Award for its outstanding service.

    Organised biennially by the Chartered Institute of Logistics and Transport in Hong Kong (‘CILTHK’) to recognise professional excellence and promote the best practice of transport and logistics, the Award is categorised into two streams – the Enterprise Award and the SME Award. A five-member judging panel, consisting of industry practitioners, academics and professionals, presided over the assessment to laud service excellence. The awardees were selected based on seven criteria, namely, customer satisfaction, achieving United Nations Sustainable Development Goals, infrastructure, innovation, operational effectiveness, quality management and risk management & control.

    William Ma, Group Managing Director of Kerry Logistics Network, said, “We are very excited to win this award. CILTHK is a renowned organisation that has been making great contribution to the development of professionals for the logistics and transport industry in Hong Kong. While we celebrate this honour, we also feel a sense of responsibility and pride in our job as a logistics service provider, at a time when the global supply chain is facing unprecedented chaos. Logistics demands are coming from all quarters, and the role that the logistics industry plays in supporting everyday lives is more important than ever. It is a role that Kerry Logistics is equipped and ready to play well.”

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  • Bossini results in freefall as Covid-19 hits the entire fashion industry

    Bossini results in freefall as Covid-19 hits the entire fashion industry

    Covid-19 has increased Hong Kong-listed apparel group Bossini’s loss attributable to shareholders by 174 percent from last year to US$48.85 million.

    Sales for the 12 months to June 30 hit $141 million, down by 27 percent, and gross margin fell to 49 percent, from 52 percent last year.

    “Since 2019 the economic environment of the core markets in which the group operates, comprising Hong Kong and Macau, Mainland China and Singapore, has been adversely affected by the Sino-US trade tensions, the local social incidents in Hong Kong and the global outbreak of Covid-19,” the business said.

    “Social distancing, lockdowns, curfews, and changing quarantines have created immense challenges for our retail operations. Moreover, major banks continue to tighten our credit facilities, and it is difficult to predict whether additional measures will  be implemented by the banking sector in the future.”

    In response, the business is working to reduce its costs by “streamlining business operations”, and reviewing inventory levels and its store portfolio in an effort to exit loss-making sectors. Bossini said its rental expenses are “very unreasonable”, that it will focus on renegotiating leases, and that should landlords be reluctant to drop rent it will close stores.

    Bossini’s new owner, Viva China Holdings, said it expects to continue facing headwinds in the short-term and that there isn’t enough information for it to form an optimistic opinion for the foreseeable future.

  • Economy VN-Index gains for fourth consecutive session

    Economy VN-Index gains for fourth consecutive session

    The VN-Index edged up 0.14 percent to 897.47 points Wednesday, with trading volume significantly down compared to the last several sessions. The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw a fairly balanced session with 183 stocks gaining and 198 losings.

    Total trading volume fell around 20 percent compared to the previous session, to VND5.05 trillion ($217.57 million), after two weeks when daily liquidity consistently surpassed the VND6 trillion mark.

    Although the benchmark VN-Index had been in the red for most of the session, a surge in buy orders within the final 15 minutes of trading, also known as at-the-close orders, brought the index up above its opening.

    The VN30-Index for HoSE’s largest caps also rose 0.14 percent, with 11 tickers gaining and 11 losings.

    Topping gains was PLX of petroleum distributor Petrolimex, up 2.6 percent. Results in the oil and gas sector were mixed, with POW of electricity generator PetroVietnam Power keeping its opening price, while GAS of energy giant PetroVietnam Gas shed 0.4 percent.

    Of the VN30, most oil and gas stocks rose Wednesday. PVC of PetroVietnam Chemical and Services surged 7 percent, PVB of PetroVietnam Coating added 5.4 percent, OIL of PetroVietnam Oil 2.6 percent, and PVD of PetroVietnam Drilling 2.25 percent.

    Gains in this sector seem to be in line with the rise in global oil prices. The threat of a hurricane to America’s coastal refineries is causing oil prices to surge on the threat to fuel supplies. As of 5.13 p.m., U.S. benchmarks WTI Crude and Brent Crude were up 2.27 percent and 2.10 percent respectively, to $39.15 and $41.38 a barrel.

    On the VN30, the next major gainers were MWG of electronics retailer Mobile World, up 1.8 percent, PNJ of jewelry retailer Phu Nhuan Jewelry, up 1.3 percent, FPT of IT services group FPT, 1 percent, and SSI of top brokerage Saigon Securities Inc., 0.6 percent.

    VIC of private conglomerate Vingroup, the HoSE’s largest cap, added 0.5 percent this session. VHM of its real estate arm Vinhomes also gained 0.5 percent, while VRE of retail arm Vincom Retail remained flat.

    Leading losses this session was MSN of food conglomerate Masan Group, down 0.9 percent.

    Most banking tickers were in the red this session. CTG and BID of state-owned banking giants VietinBank and BIDV slipped 0.8 percent and 0.5 percent respectively.

    In the private sector, STB of Sacombank, VPB of VPBank, and HDB of HDBank dropped 0.4 percent, 0.2 percent and 0.2 percent respectively.

    Other major losers were VNM of dairy firm Vinamilk, TCH of truck dealer Hoang Huy Group, and ROS of construction firm FLC Faros, all down 0.5 percent.

    Meanwhile, the HNX-Index for the Hanoi Stock Exchange, home to mid- and small-capped stocks, fell 0.05 percent, and the UPCoM-Index for the Unlisted Public Companies Market rose 0.34 percent.

    Foreign investors were net sellers again, to the tune of VND202 billion on all three bourses. The most net sold stocks were VHM of Vinhomes and VNM of Vinamilk.

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  • Razer releases data on 100,000 customers

    Razer releases data on 100,000 customers

    Global gaming retailer, manufacturer and payments ecosystem Razer has inadvertently exposed personal information about some 100,000 of its customers online due to a misconfigured server.

    The data was stored on an Elasticsearch cluster that was set to allow public access, potentially exposing the customers to targeted phishing attacks by individuals posing as the company. Sensitive personal data such as credit card numbers and passwords were not revealed.

    According to a comment posted by the firm, the server misconfiguration was fixed on September 9 prior to the lapse being made public. The information had been exposed for three weeks as Razer’s non-technical staff processed a report alerting the firm to the problem.

    The breach was uncovered by cybersecurity consultant Volodymyr Diachenko, who has since offered to conduct a live educational session to raise cybersecurity awareness within the firm. It is unclear whether or not Razer has accepted the offer.

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  • Zara parent posts US$229m first-half loss during Covid-19

    Zara parent posts US$229m first-half loss during Covid-19

    Zara-owner Inditex posted a net loss of US$229 million during the six months to 31 July, after a successful second quarter largely helped mitigate a disastrous start to the year.

    The first three months suffered a $481 million loss due to the sudden impact of the Covid-19 pandemic, while the second quarter rebounded to a profit of $253 million.

    Online sales soared 74 percent during the same period, as with many businesses during the pandemic, as customers moved online while up to 87 percent of the business’ stores were closed.

    Inditex executive chairman Pablo Isla said he is pleased with the online result, and that it shows the importance of an integrated omnichannel strategy.

    “This is a cornerstone of our unique business model with three key pillars – flexibility, digital integration, and sustainability,” Isla said.

    “Day to day this combination is proving its solidness.”

    The third quarter has continued to see a return to normalcy, the business said. Online sales have continued growing sharply, while store sales are recovering. Sales from August 1 to September 6 are improving, however down 11 percent year on year.

    And a number of new omnichannel initiatives that launched in the first half will be furthered moving forward, such as a plan to shut down smaller stores and absorb them into larger format locations that lend themselves better to an integrated model.

    During the first half 72 stores were refurbished, 35 of which were store expansions.

    Last week the business launched ‘Store Mode’, which saw 25 of its stores across Spain offer new features to customers using the Zara app: Click & Go, Click & Find, and Click & Try.

    Click & Go allows a click and collect offer that will see a product ready to be picked up within 30 minutes, Click & Find allows customers to find garments in-store using a RFID-enabled store map, while Click & Try allows customers to book time in a fitting room to avoid waiting.

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  • Nissan ends partnership with current Vietnam distributor

    Nissan ends partnership with current Vietnam distributor

    Japanese carmaker Nissan has announced it will officially cut ties with its current distributor in Vietnam, Tan Chong, at the end of September.

    Both sides said they will part ways on September 30, ending all their partnerships in the production and distribution of Nissan vehicles for the Vietnamese market.

    Before ending ties with Malaysian-owned Tan Chong Motor Holdings, the automaker put Nissan X-Trail and Sunny models on clearance discount to try and sell its remaining inventory of vehicles assembled in Da Nang City.

    Tan Chong, a multinational corporation based in Malaysia, is not only the official distributor of Nissan in Malaysia and Vietnam, but also in Laos, Cambodia, and Myanmar.

    A representative of Tan Chong in Vietnam told local media that sales of Nissan models in Vietnam will still happen as usual until the official termination of the joint venture. Local dealerships will continue to provide warranty and technical support services for customers post-purchase.

  • This is why iOS app developers are not happy with Apple

    This is why iOS app developers are not happy with Apple

    While Apple iPhone users were excited today about receiving the update to iOS 14, iOS developers were not; in fact, many were fuming. That’s because in announcing on Tuesday during the “Time Flies” event that iOS 14 would be unveiled today, Apple did not give its developers enough time to test their apps before releasing the next build of its mobile operating system.

    All the developers could do was send out tweets to alert users that the features they hoped to launch with the launch of iOS 14 would not yet be available. One example of this approach was seen in a tweet disseminated by podcast app Overcast (@OvercastFM) which read, “Sorry, my iOS 14 features aren’t ready yet. Since it’ll be a while before most of my customers use iOS 14, I spent the summer prioritizing bug fixes and my family’s pandemic/school logistics (we’re OK, just busy). Like you all, I’m just doing what I can this year. More soon. Since it’ll be a while before most of my customers use iOS 14, I spent the summer prioritizing bug fixes and my family’s pandemic/school logistics. Like you all, I’m just doing what I can this year. More soon.”

    Nintendo noted that its Animal Crossing: Pocket Camp game won’t work following the update to iOS 14, so the company told game players to hold off on updating to iOS 14 until it has time to update the game. How many iPhone users do you think will heed that suggestion.

    In addition, many third-party apps don’t have a widget yet because of Apple’s surprise release of iOS 14. As you might know, Apple is adding Android-style widgets to iOS 14. You can choose different sizes depending on where you want the widget to fit and how much information you want it to contain. As time goes on, more developers will create widgets for their apps. You can see which apps are offering them now by touching and holding the home screen until you see the “+” icon inside a circle on the upper left side of the screen. Tap on it, tap on a widget from the gallery, and then select the size you want.

    Have you installed iOS 14 on your iPhone yet? Go to Settings > General > Software Update if you have yet to do so.

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  • Barclays APAC Head of FX Trading Departs

    Barclays APAC Head of FX Trading Departs

    Barclays’ head foreign exchange trading in Asia Pacific will reportedly exit just 18 months after joining the British bank.

    Pritpal Gill, head of G10 FX and FX options trading in the region, has been let go by Barclays, according to a report citing unnamed sources, after joining its Singapore offices less than two years ago in January 2019.

    Prior to joining Barclays, Gill ran a family office and also worked with Citigroup.

    Gill’s exit is part of Barclay’s broader efforts to reduce costs by cutting 100 senior jobs mostly from its corporate and investment banking unit.

    Previous senior exits include Jonathan Kitei, Americas head of securitized product sales, and Anindya Das Gupta, India head of trading.

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  • Forever New furthers international plans with new website

    Forever New furthers international plans with new website

    Australian fashion retailer Forever New has today relaunched its international website, servicing 19 countries including Malaysia, Hong Kong, China, the UK and parts of Europe.

    Customers will be redirected from the brand’s Australian site from today.

    “We are proud of Forever New’s ever-growing international presence and thrilled to be able to expand our offering to new countries via our international website,” Forever New MD Carolyn Mackenzie said.

    The website relaunch follows success in Europe online and in department stores such as Debenhams, House of Fraser and Fenwick, and the US, where it trades under the name Ever New in its own stand-alone stores and with concession partners.

    Earlier this year Mackenzie said the business started a global web ‘replatform’ project in 2018 to replace legacy systems, which were limiting the brand’s agility.

    “Systems were previously bolted on as we went along, and it didn’t give us the flexibility we needed to accelerate some of the new omnichannel experiences we could put in,” MacKenzie said.

    “Our new site is about taking Forever New to customers around the world, including Turkey, Germany, Ireland, and Portugal. The site will give us the ability to become truly omnichannel. That’s the strength of Forever New – with a good platform, you can bring things like True Fit and order-in-store to life and link digital and physical together. It becomes so much more powerful than having just one on their own.

    “If it’s as strong as our site in Australia, it’ll be really good for the business.”

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  • Amazon set to launch luxury stores

    Amazon set to launch luxury stores

    Amazon has launched an invitation-only luxury fashion and beauty brand portal called Luxury Stores, with Oscar de la Renta as its first partner.

    The company said more brands will launch at Luxury Stores in the coming weeks and seasons. For now, the platform is available only to US Prime members.

    Accessible via the Amazon app, the store features interactive technology allowing customers to have a 360-degree view of products. Featuring a “store-in-store” concept, Luxury Stores allows brands to set their own pricing, selection, inventory, and content.

    “We are always listening to and learning from our customers, and we are inspired by feedback from Prime members who want the ability to shop their favorite luxury brands in Amazon’s store,” said Christine Beauchamp, president of Amazon Fashion.

    “It’s still Day One, and we look forward to growing Luxury Stores, innovating on behalf of our customers, and opening a new door for designers all over the world to access existing and new luxury customers.”

    As the first brand to open a store in Luxury Stores, American fashion house Oscar de la Renta offers a range of ready-to-wear, accessories, and jewelry, including its Fall/Winter 2020  Collection. The brand and Amazon have also launched a video starring Cara Delevingne to promote the campaign.

    “We admire Amazon’s customer-centric focus and look forward to telling our brand’s story in compelling and engaging ways to even more customers through the Luxury Stores experience,” said Alex Bolen, CEO of Oscar de la Renta.

  • Waze announces partnership with Amazon Music, adds new features

    Waze announces partnership with Amazon Music, adds new features

    During its first major virtual event suggestively called Waze On, the navigation company owned by Google revealed a slew of new features coming to the app, as well as an important partnership with another big name – Amazon.

    First off, Waze confirmed that Amazon Music will join its audio player partner program in the coming months so that Waze users can listen to Amazon Music in the app’s audio player without having to switch between apps.

    As far as the new features go, Waze revealed a bunch of those that will be available sooner or later on all compatible platforms. Lane Guidance is one of the new features announced today that will probably make many drivers very happy.

    With Lane Guidance, drivers will receive information in real-time about which lane to be when merging or exiting a stretch of freeway or highway. This is rolling out to users worldwide starting right now.

    Traffic Notifications is another important feature that will be available to users next month. It tells drivers how traffic will impact their journey to favorite/frequent destinations, in addition to one-time planned drives.

    Another major improvement coming to Waze users in October is Trip Suggestions, which shows personalized recommendations based on trips taken in the past, as well as locations are recently driven to. With Waze Trip Suggestions, drivers will get all the information they need before leaving, including the time the trip will take and the traffic along the way.

    Finally, there are some carpool features that Waze users in some markets will get later this month. The so-called “real-time rides” feature is meant to notify Waze drivers when they leave about riders on their route that are looking to carpool. This feature will also include integration with Moovit.

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  • Spotify introduces new in-app feature for free and premium users

    Spotify introduces new in-app feature for free and premium users

    Spotify has just taken the wraps off a brand-new feature that will make it easier than ever to share your absolute favorite music and podcasts. Dubbed My Forever Favorites, the new in-app feature lets Spotify users create a playlist with their top five songs and/or podcast episodes, which can be shared on social channels.

    The new feature is rolling out to Android and iOS devices starting today, but it’s also available on desktop in case you’re using Spotify on your computer. If you don’t see My Forever Favorites in your Home hub, you can enter Spotify:forever-favorites in the Spotify app search field.

    To create a new playlist and share it on social channels, you have to follow a few steps:

    • Simply visit the “Home” hub on Spotify and select My Forever Favorites
    • Search and add your favorite tracks and podcasts
    • From there, click the “share” button to easily post on social

    The new My Forever Favorites in-app feature is available worldwide for both free and premium Spotify users, just make sure to follow the steps above to start sharing your favorite tunes and podcasts with your friends.

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  • Hong Kong Customs Arrest $400 Million Money Laundering Family

    Hong Kong Customs Arrest $400 Million Money Laundering Family

    Parents, three children, and a money exchange owner were arrested by Hong Kong customs over alleged money laundering of nearly $400 million.

    Investigations first kicked off in 2018 after a tip-off from a bank and since then, the family made 6,000 «suspicious financial transactions» involving more than HK$3 billion ($387 million) through over 100 accounts from nine banks, according to Hong Kong customs authorities.

    The arrested include the parents, aged 58 and 62; the eldest son, 34; a second son, 30, who works at the money changer involved; a daughter, 25; and a 60-year old owner of the money changer. The latter suspect has been arrested and his money exchange license suspended due to suspicions over alleged transactions with the family totaling $22 million despite reporting just $3.9 million.

    According to investigators, the family had around $3.9 million in assets – half in bank accounts and another half in two properties – but a monthly income of just around $9,000.

    The assets held by this family are not commensurate with their profiles and backgrounds,» said the syndicate crimes investigation bureau’s senior superintendent Mark Woo Wai-kwan. We suspect this family has a hidden income which may be the crime proceeds from assisting money laundering.

    Woo said the funds had come from unknown sources or shell companies and the family’s assets have since been frozen.

    Investigators currently believe that the family had helped other syndicates launder crime proceeds for a cash reward.

    According to Woo, investigations about the funding source and illegal activities are still underway but there are indications that third party individuals or shell company owners involved were from mainland China.

    Money launderers in Hong Kong face a maximum penalty of 14 years in prison and a $650,000 fine.

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  • Naver leads US$80m financing round in Carousell

    Naver leads US$80m financing round in Carousell

    South Korean online platform Naver has invested in Singaporean classified-ad service Carousell.

    The US$80 million investment was made by a consortium led by the firm that includes other Korean investment businesses Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities.

    The completed transaction will elevate Carousell’s value above $900 million and reflects the increased importance of e-commerce in the region, especially following the influence of the coronavirus pandemic.

    “The last six months have been challenging for all,” said Carousell co-founder and CEO Quek Siu Rui. “It’s inspiring to see how the Carousell community is making the best out of a challenging situation, helping those in need and rallying each other on.

    “Their stories of how Carousell has been essential to them to make ends meet and afford what they need during this global health crisis reminds us to keep heads down focused in serving our community.”

    Naver’s technologies will be of service to Carousell’s focus on making online trading simpler and more effective, personalizing search and recommendations for millions of listings and users.

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  • Alibaba Weighs Investment in Grab

    Alibaba Weighs Investment in Grab

    The Chinese e-commerce giant is in talks with Singapore-based ride-hailing and payments firm Grab over a potential $3 billion investment into the company.

    Part of the funds will be used to purchase Grab stock held by Uber, which acquired 23.2 percent of the company when it exited Southeast Asia in 2018, as reported on Monday, citing people related to the matter.

    Alibaba’s potential tie-up with Grab gives it access to data on millions of users in eight countries, a growing delivery fleet as well as a stake in a digital wallet and financial services noted.

    The news comes just a day after Grab had resumed merger talks with Jakarta-headquartered rival Gojek, at the urging of shareholders including SoftBank. The two companies are facing large losses due to Covid-19 related restrictions – Grab already laid off 5 percent of its workforce in June, which founder and CEO Anthony Tan said would help it better face the challenges of a post-Covid economy.

    Grab was valued at $14 billion in its last funding round in 2019, when it raised $1.5 billion from SoftBank’s Vision Fund. However, «FT» noted, citing secondary market brokers, that Grab shares have been trading at a 25-percent discount, while shares in Gojek, valued at close to $10 billion last year, have also been selling at steep discounts, particularly from early shareholders wanting to exit.

    Grab rolled out a new strategy in August to expand its consumer services ecosystem, with new products including a micro-investment solution, a third-party loan platform, and a buy-now-pay-later service.

    The firm has partnered Singtel in its application for a digital bank license in Singapore. It also moved into wealth management with the acquisition of Singapore-based robo-advisor Bento, which was relaunched as GrabInvest.

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