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Tag: asia

  • UBS Digital Chief Exits

    UBS Digital Chief Exits

    The bank is losing its chief digital officer after less than one year. She is leaving for a trading services provider to the financial industry.

    Elly Hardwick is leaving the Swiss-based bank and taking a board role at Itiviti, a finance-specialized technology and service provider. Hardwick was a linchpin in UBS’ $2 billion annual technology plan, led by chief information officer Mike Dargan.

    A spokeswoman for UBS said Dargan will take over Hardwick’s role.

    The move is a coup for Itiviti, a 33-year-old Stockholm backed company that helps banks digitize and automate their trading platforms. Hardwick is one of the few prominent women in financial technology and banking: she was Deutsche Bank’s head of innovation for two years before joining UBS.

    Her exit at UBS comes one year after Dargan divvied up a key tech role Hardwick and Rick Carey in what was viewed as shifting from a traditionally free-wheeling innovation and technology discovery towards projects with a tangible benefit for the bank.

    The financial services industry is seeing a significant increase both in opportunities for digitization and in demand for digitized services, Hardwick said in a statement by Itiviti, which is owned by private equity firm Nordic Capital.

    She is also a board member at Axis Capital and at Alpha Bank and previously worked for Booz Allen & Hamilton, Thomson Reuters (now Refinitiv), and was founding CEO of Credit Benchmark.

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  • Changi Airport and Jewel retailers resume operations

    Changi Airport and Jewel retailers resume operations

    More than 80 percent of restaurants and retail outlets have resumed operations at Singapore’s Changi Airport and colocated Jewel Changi shopping center, as the city entered phase 2 of its reopening post-Covid-19.

    Retailers and restaurants have to follow strict social-distancing safety measures as well as stringent cleaning and disinfecting regimes and stores are also offering contactless payments, takeaway services, self pick-ups to minimize the risk of Covid-19 transmission.

    Jewel will roll out a GST-Absorbed Shopping Extravaganza promotion and offer an additional US$7 cashback on purchases above US$57 to boost shopping traffic. Changi Airport and Jewel also offer delivery and drive-thru services for those who prefer to stay in their homes.

    Meanwhile, attractions at Jewel have also reopened, including the Canopy Park and the Changi Experience Studio.

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  • Vietnam gold prices climb to new peak

    Vietnam gold prices climb to new peak

    Gold prices have risen to new highs in Vietnam as they track recent rises in global prices triggered by the coronavirus pandemic. SJC gold on Tuesday rose to VND50.3 million ($2,170) per tael to surge past the previous record of VND49.5 million ($2,137) in 2011, when global prices soared to historic highs.

    Gold prices held steady near an eight-year high on Tuesday as investors weighed a spike in Covid-19 cases around the world against a survey showing a rebound in U.S. services industry activity and expectations of a revival in China’s economy.

    Spot gold was almost unchanged at $1,784.06 per ounce by 0453 GMT, just $4.90 shy of a near eight-year high hit last week.

    Phan Dung Khanh, head of the investment advisory at Maybank Kim Eng Vietnam, said falling deposit interest rates are increasing demand for gold.

    The four state-owned lenders, Vietcombank, BIDV, Vietinbank, and Agribank, recently lowered their rates on 12-month deposits from 6.5 to 6 percent. Private banks have cut them by 0.4-0.8 percentage points.

    Experts also pointed to the falling stock market, which has lost nearly 11 percent this year, for turning gold into a safe haven.

    Tran Thanh Hai, chairman of the Vietnam Gold Investment and Trading Corporation, forecast gold prices to remain volatile for the next three months and start falling at the end of October before the U.S. presidential elections.

    Other analysts expected prices to rise further due to the uncertainties caused by the pandemic and geopolitical tensions.

    Goldman Sachs last month forecast that gold price could reach $1,800 in three months and $2,000 in a year.

    “Gold investment demand tends to grow into the early stage of the economic recovery, driven by continued debasement concerns and lower real rates,” it said in a note.

    Vietnam’s gold bar and coin demand in the first quarter fell 8 percent year-on-year to 12.3 tonnes, according to the World Gold Council.

  • JW Anderson opens new outlet in Korea

    JW Anderson opens new outlet in Korea

    British fashion label JW Anderson has opened its second store in Seoul, South Korea. Located in Galleria Luxury Hall East, the store resembles the brand’s flagship in London’s Soho shopping district. Its facade features a floor-to-ceiling glass wall with the brand’s logo in neon.

    Customers can find a full selection of apparel for women, including the brand’s latest collection, at this store. The JW Anderson Korea store also offers handbags, footwear, and accessories

    The brand opened its first flagship store in Soho, London in March.

    Founded in 2008 by Northern Irish designer Janathan Anderson, JW Anderson’s design offers a “modern interpretation of masculinity and femininity by creating thought-provoking silhouettes through a conscious cross-pollination between menswear and womenswear elements”.

  • BMW’s ‘Art of Decoding’ experience in Hong Kong starts with a QR code

    BMW’s ‘Art of Decoding’ experience in Hong Kong starts with a QR code

    BMW is holding its first-ever art-driven motor show in its luxury class showroom in Wan Chai, Hong Kong this month.

    The brand’s “The Art of Decoding” event involves an interactive experiential concept featuring six key aesthetics encouraging visitors to learn more about the BMW DNA.

    Different zones at the exhibition showcase 19 BMW art pieces, in which participants can “decode” using smartphones to learn the stories behind each car model on show.

    Visitors are invited to register online to receive a personal QR code to be activated on-site, before taking photos of a “digit wall” using AR technology to decode the numerical visuals and integrate art aesthetics into the photo.

    Visitors can also present their QR codes on the interactive digital interface, select their favorite illustrations depicting the craft and design of BMW classic series designed by a local artist and create their own personalized branded postcards using their own names.

    Through “The Art of Decoding” journey, visitors will experience BMW contemporary aesthetics, craft, and design, decoding the stories behind every art piece and luxury model

    The event will showcase the latest X5M and X6N models alongside several classics through to July 26.

  • Senreve opens first Hong Kong pop-up store

    Senreve opens first Hong Kong pop-up store

    San Francisco-based online bag brand Senreve has opened a standalone pop-up store in Hong Kong, its first foray into a major city mall.

    Founded in 2016, the brand specializes in Italian-made luxury handbags. The new store has opened in the atrium of Pacific Place in admiralty.

    Designed by Hong Kong and London-based Editecture studio, the pop up features what the design team describes as an organic and open space to highlight Senreve’s core products and new lines.

    Operating until August 6, the pop-up will host workshops in collaboration with local female artists and entrepreneurs. Customers who make a purchase above a specific value will be invited to receive custom twilly scarf embroidery, tarot-card readings, and other benefits free of charge.

    Senreve previously opened a pop-up store-within-a-store last summer inside Khromis in Sheung Wan.

    The company also recently raised US$16.75 million in Series A funding for its upcoming Asian expansion.

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  • Mastercard and Mox Partner to Launch All-In-One Numberless Bank Card

    Mastercard and Mox Partner to Launch All-In-One Numberless Bank Card

    Mastercard today announced its partnership with Mox Bank Limited (“Mox”), a new virtual bank backed by Standard Chartered in partnership with PCCW, HKT and Trip.com, to introduce an all-in-one numberless bank card to Hong Kong. The innovative solution offers one card for all purchases and ATM withdrawals, creating a simple, smart, safe and secure payment experience for cardholders.

    Fostering smart city development, the new card adopts the “digital first” principle by featuring only the embedded chip, the cardholder’s name and the Mastercard and Mox logos. Other pieces of information visible on traditional bank cards – such as the card number, expiry date and card validation code (CVC2) – are saved in the chip and can only be accessed digitally, further enhancing privacy and security.

    With its fast, secure and reliable global network, Mastercard gives Mox cardholders robust, multi-layered protection. As important card details are digitally stored, cardholders benefit from greater security and convenience by simply logging in to Mox’s mobile app and verifying their identities to obtain the required information when making purchases.

    “Mastercard has been known for its technological innovation in the payments industry for years. We are excited to partner with Mastercard on our journey as we look to make banking simpler, smarter and safer through the launch of our virtual bank in Hong Kong this year, and through the introduction of the new numberless bank card,” saidDeniz Güven, Chief Executive Officer, Mox.

    “Through innovative payment technology such as the digital first, numberless bank card, Mastercard is proud to showcase its leadership in the payments industry. Mastercard’s partnership with virtual bank Mox to provide a fast, safe and convenient cashless payment experience also demonstrates its commitment to pushing forward the development of Hong Kong as a smart city,” said Helena Chen, Managing Director, Hong Kong and Macau, Mastercard.

    Getting the Mox card is fast, secure and free. When Mox launches, you can open a Mox account simply and start using the digital card within a few minutes from your mobile phone anytime, anywhere. A physical card, which features one-tap card activation via near-field communication (NFC) technology, is also available to cardholders. The Mox card carries the 3-D Secure software designed for safe online purchases, as well as a lock/unlock function that lets cardholders have full control over their card usage.

    Cardholders can also monitor their real-time account activity and balance with instant categorization. With Mox’s intelligent 24/7 monitoring system in effect, users are protected from fraudulent, unauthorized transactions. The card face designs come in a beautiful blue or in a limited-edition black stainless steel exclusively for Founding Members, adding style and creativity to the cashless experience.

    Go digital and experience a fast, hassle-free, safe and secure way to pay with the Mox card powered by Mastercard.

     

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  • Global Brands Group posts massive US$598 million loss

    Global Brands Group posts massive US$598 million loss

    Global Brands Group has reported a net loss attributable to shareholders of US$598 million in the year to March.

    That followed a loss of $400 million the prior year, but the company claims its restructuring program involving axing brands and stores is paying off, citing a pre-tax profit of $151 million for the year.

    Group sales fell 28.5 percent to $US1.082 billion, but the company cut $209 million in operating costs

    Last year, Global Brands ditched a raft of brands in the US, including Copper Fit, Kenneth Cole, Juicy Couture, Jones New York, BCBG, Goats and Taryn Rose and also shuttered brick-and-mortar stores there.

    But it noted, “exciting progress” of new and emerging brands including B New York, Magna Ready, which produces clothes for people with disabilities, and sports & swimwear labels Saga (pictured above) and Dakine.

    “During the reporting period, we have experienced one of our most rewarding and yet, one of our most challenging years,” said CEO Rick Darling. “Throughout the fiscal year 2020, we have diligently focused on executing our restructuring program, and this dedication has resulted in strengthening our balance sheet and in improving our performance despite the unprecedented impact of Covid-19.”

    The brand shake-up, reduced low-margin sales, and negotiation of new supply agreements helped boost the company’s gross margin by more than 640 base points from 30.2 percent last year to 36.6 percent this year. Another factor in the improved margin was a focus on expanding its direct-to-consumer business model.

    Darling said the rapid spread of Covid-19 in February and March negatively impacted the group’s sales during the last quarter. But he believes the restructuring process the company has been through during the last two years has equipped the company to face the ongoing challenges of the pandemic, leaving it “well-positioned for growth going forward”.

  • AirAsia to lay off 30% of workforce

    AirAsia to lay off 30% of workforce

    AirAsia India is expected to let go of several of its employees as its part-owner, AirAsiaBerhad struggles to maintain its group operations across regions following the outbreak of coronavirus.

    AirAsia Berhad is set to reduce up to 30 percent of its workforce across regions including its Indian operations which it part-owns with Tata Sons as the group struggles to maintain its operations following the Covid-19 outbreak.

    Sources in the airline said that apart from salary reduction up to 75 percent, the group is seriously considering plans to let go between 25 percent and 30 percent of its entire workforce of about 20,000 across regions.

    An AirAsia India spokesperson, however, declined to comment on the possible measures being taken to retrench employees. As of December 2019, AirAsia India had a market share of 7 percent. It has a total fleet size of 30 aircraft and flies to 21 destinations across India.

    The airline sector is one of the most-affected industries since the outbreak of coronavirus across the countries. According to the airline consultancy firm CAPA, most airlines in the world could file for bankruptcy soon. “As the impact of the coronavirus and multiple government travel reactions sweep through our world, many airlines have probably already been driven into technical bankruptcy, or are at least substantially in breach of debt covenants.”

    As far as the airlines operating in India are concerned, CAPA said they are expected to incur a total loss of $3.6 billion during the first quarter of the current financial year. Cash reserves are running down quickly as fleets are grounded and what flights there are operate much less than half full, it said.

    Surprisingly, AirAsia India recently received its board’s clearance for increasing its borrowing limit by ₹1,000 crore to ensure it continues to pay leasing and parking charges for its grounded aircraft. AirAsia India is learned to be the first domestic airline to formally increase the borrowing limit. The decision to increase the limit from ₹500 crore to ₹1,500 crore was taken at a meeting of the shareholders in April.

    AirAsia India is a joint venture between Tata Sons, which owns 51 percent in the airline, and AirAsia Berhad. The special resolution was approved to carry out “existing and future financial requirements to support its business operations”

    AirAsia India, which has been struggling since it began its operations in June 2014, recorded a fourth-quarter net loss of ₹123.3 crore in FY19, which was 26 percent lesser than the same quarter in the previous year. It recorded revenues of ₹1,057.6 crore, a 65 percent increase from Q4 of FY18 on the back of a 38 percent increase in capacity, and a 19 percent increase in average fare.

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  • Waze has hidden a secret Mood emoticon

    Waze has hidden a secret Mood emoticon

    At the end of last month, we told you about a UI overhaul for mapping app Waze. 30 colorful and funny emoticons have been added to represent your current mood. The app was purchased by Google in June of 2013 for a price believed to be in the range of $1.1 billion to $1.3 billion and it uses crowd-sourced traffic information to get you from point “A” to point “B” safely and on time.

    Some of the possible Mood choices include Funny, Sunny, Zombified, Wild, Chill, Furious, Geeky, Happy, Loved-up, Sneaky, Eco-friendly, Proud, Sad, Skeptical, Shy, Carsick, Zen and Speedy. To change your Mood, open the app, and tap on the Search box at the lower left of the screen. Tap on your name at the top of the screen to be taken to the “My Waze” screen. Click on Mood and select your emoticon.

    That sounds easy enough, but there is a hidden “Monster Mood” emoticon that you can select by tapping in a code. To summon the monster, you need to first make sure that you have updated Waze to the latest version of the iOS or Android app. Open the app and tap on Search. Instead of typing in a destination under your name, type in ##@morph. You will find that a one-eyed purple monster is now your selected emoticon right above your name on the My Waze page. It couldn’t be easier.

    Waze says that it is continuing to work on adding more Mood emoticons. “There is such an expansive world there for us to dig into, with so many unique emotions and feelings that we can represent through the Moods (our first set of 30 is just the beginning). We want to represent all different types of people in all different moments on their journey, and make people smile…even when there might not be much to smile about.”

    Even if you already consider Google Maps or Apple Maps to be your default navigator, why not give Waze a shot. Sure, some of the app’s features have been added to Google Maps, but there are many community-related features that make using Waze a completely different experience. On iOS, install the app by visiting the App Store. If you’re using an Android device, install the app from the Google Play Store.

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  • LinkedIn, Reddit, Google News and other apps caught spying on iPhone users’ clipboards

    LinkedIn, Reddit, Google News and other apps caught spying on iPhone users’ clipboards

    Last month, we told you that a new feature found in the iOS 14 beta detects when a third party app is spying on your iPhone’s clipboard. The latter is the place where data is temporarily stored while being copied from one app to another. Those running the iOS 14 beta preview noticed that they were receiving notifications that apps like TikTok and even AccuWeather were sniffing around an iPhone user’s clipboard and could copy things like PIN numbers, social security numbers and more. Some users received this notification every time they typed a punctuation mark or tapped the space bar on their iPhone’s QWERTY keyboard.

    Last week, Don Morton, a developer using the iOS 14 beta, was seeing a notification that Microsoft’s networking app LinkedIn was copying the content of his clipboard after every keystroke. When ZDNet got in touch with LinkedIn, a spokesperson said that this was all part of a bug. LinkedIn engineering VP Erran Berger said, “We don’t store or transmit the clipboard contents.” TikTok claimed that it appeared as though it was spying on iPhone clipboard data because of an anti-spam “fraud detection mechanism.” The popular short-form video app said that it never copied any content from anyone’s iPhone but it removed the mechanism anyway.

    Morton made a list of apps that iOS 14 is catching red-handed stealing clipboard data. The list includes apps that copied clipboard data after each keystroke and others that copied the data once the app was opened. The former list includes three names: TikTok, LinkedIn, and Reddit. We’ve already mentioned the responses from TikTok and LinkedIn. Reddit said that it is going to disseminate a software update to eliminate code that caused it to copy content from an iPhone user’s clipboard. The software update is expected to be pushed out on July 14th.

    Some password manager apps will automatically clear your clipboard after a certain period of time has passed. The 1Password app has a feature that when toggled on, will automatically clear any field copied from the app to the clipboard in 90 seconds. Some say that they will ask Apple to make access to the clipboard permission that users must agree to give to an app.

    In Morton’s blog post he wrote that this is a real problem. He said, “This is a problem. However, the real problem and thing that scares me is the fact that ANY app has the ability to access the clipboard without permission. I could easily see “phishing apps” starting to pop up (if they are not already) with the sole intention to scrape as much clipboard data as possible. To me, this is just as bad or even more worrying than the companies that have already been called out for it. For the most part, the companies that have been getting called out have a motive to be “good.” I’m just starting to think about companies or apps that have no intention of being good.”

    Once the notifications start appearing for everyone when the final version of iOS 14 drops, we will certainly have a better idea about how widespread this problem is.

  • France won’t ban Huawei gear from its 5G networks but will ask carriers not to install it

    France won’t ban Huawei gear from its 5G networks but will ask carriers not to install it

    Huawei is the world’s largest supplier of networking equipment although some countries like the U.S. are worried about how close the company is to the communist Chinese government. Just the other day we told you that England is now looking to stop the installation of Huawei gear in its 5G networks and also plans on pulling out the company’s equipment that has already been installed. The New York Post published a story about how France is going to handle the use of Huawei’s industry-leading technology in the country’s 5G pipelines.

    Guillaume Poupard, who runs French cybersecurity agency ANNSI, says that the country won’t “totally” ban Huawei from 5G networks in France although it will try to get French carriers not to use the Chinese manufacturer’s gear. Poupard said to a French newspaper, “What I can say is that there won’t be a total ban. (But) for operators that are not currently using Huawei, we are inciting them not to go for it.” He also said, “For those that are already using Huawei, we are delivering authorizations for durations that vary between three and eight years.”

    Earlier this year, sources told Reuters that while France wouldn’t ban Huawei, it would try to keep its gear out of the country’s core mobile networks. These networks carry the personal data belonging to customers of the country’s wireless companies which means that keeping Huawei equipment from these networks is of paramount importance. That’s because Huawei has been accused of using its networking gear to spy on consumers and corporations and send the data to Beijing. No evidence of this has ever been discovered and Huawei has repeatedly denied the allegations.

    What France decides to do will be critical to half of the country’s four major wireless providers; about 50% of the networks employed by carriers Bouygues Telecom and SFR use Huawei’s technology. Orange, which is controlled by the French government, has decided to use equipment supplied by Huawei rivals Nokia and Ericsson.

    The head of ANNSI said that starting next week, wireless operators who have yet to receive authorization to use Huawei equipment for their 5G networks should consider a non-response to be a rejection of their request. Poupard stated, “This is not Huawei bashing or anti-Chinese racism. All we’re saying is that the risk is not the same with European suppliers as with non-Europeans.”

  • Jakarta-based cafe chain Maxx Coffee launches in Singapore

    Jakarta-based cafe chain Maxx Coffee launches in Singapore

    Indonesian cafe chain Maxx Coffee has launched its first international outpost in Singapore as the first move towards expansion in Asia.

    Partnering with local operator Oue Restaurants, the new outlet opens today at Jem serving Indonesian single-origin coffee as well as a food selection and the brand’s signature beverages.

    “After 80 successful outlets in 23 cities across Indonesia, our goal remains consistent; to provide a social canvas fit for modern coffee lovers to create meaningful moments over great coffee,” said Oue Restaurant CEO Brian Riady.

    “With the burgeoning third-wave coffee culture in Indonesia and the rising global popularity of Indonesian coffee and coffee culture, Maxx Coffee is ripe for the picking.”

    “Maxx Coffee serves more than just a daily cuppa,” said PT Maxx Coffee Prima CEO Mehdi Zaidi. “Designed to cater to the modern coffee lover’s lifestyle, our outlets are a mix of co-working spaces that enable an exchange of ideas, booths to spark conversations and cosy corners for anyone who wants a quiet space to enjoy a book.”

    The new outlet’s interior features a light wood decor with an open espresso bar and food counter.

    The majority of Maxx Coffee’s specially sourced roasts are single-origin grade 1 Arabica coffee beans from Brazil Cerrado, Sumatera Lintong, Java Ciwidey, and Aceh Gayo.

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  • Lamborghini Likely To Unveil A New Sports Car Next Week

    Lamborghini Likely To Unveil A New Sports Car Next Week

    Lamborghini, the Italian luxury sports car manufacturer is gearing up to unveil something exciting, which the company claims will be ahead of its time. The carmaker has officially released a teaser graphic image asking people to tune in for a digital event that is streamed online through Lamborghini’s official website. The event is scheduled for July 8, 2020.

    However, the company hasn’t revealed the exact vehicle that will be revealed next week. Currently, there are several wild guesses and speculations regarding the supercar that the Italian marque will be revealing in the next few days. Going by the teaser image, the Lamborghini has used phrases such as ‘ahead of its time’ and ‘newest creation’, hints that the upcoming car could be a new model or even a one-off concept.

    It is also believed that the Italian brand could unveil a new iteration or a derivative of the Lamborghini’s Sian FKP 37 which was officially introduced last year. Several rumour mills are claiming that the upcoming car could be a Sian FKP 37 roadster, however, several reports suggest that all units of the car have been sold out already. Notably, more details about the Sian roadster are rare at this moment

    Lamborghini is believed to be working on three new supercars which include SCV12 track car, which has already been teased. The company is also believed to be building a Sian Roadster. The third product is a track-focused Huracan STO. And, the spy pictures suggest that it could be a more hardcore version of the Huracan Performante. We request the readers to take this with a pinch of salt. The mystery car will be unveiled in the next few days.

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  • JD Worldwide to introduce more Korean brands in China

    JD Worldwide to introduce more Korean brands in China

    JD Worldwide has teamed with LG and Korea International Trade Association (KITA) to introduce more Korean brands to Chinese customers.

    “The epidemic has encouraged more Chinese consumers to shop online. With this trend, we will put more effort into helping South Korean brands export to China through e-commerce platforms,” said Park Min Young, chief KITA Beijing representative.

    Under the partnership, LG will be responsible for supply-chain management to provide South Korean products to JD while KITA will support SMEs entering Chinese market.

    “Since the epidemic, we have been working closely with organizations and enterprises from all over the world to introduce more international brands on JD,” said Frank Yu, head of marketing and operations at JD Worldwide

    “We believe this partnership will not only help brands find a new sales channel during this challenging time, but also bring more high-quality, authentic Korean products to over 380 million JD customers.”

    In May, more than 250 Korean brands joined a recruitment conference for the launch on JD Worldwide.

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