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Tag: asia

  • Vietjet honoured for “the Operating Lease Deal of the Year”

    Vietjet honoured for “the Operating Lease Deal of the Year”

    New-age carrier Vietjet has been honoured as the winner of “the Operating Lease Deal of the Year” for its 10 Airbus aircraft operating lease in 2019. The title is listed in the Annual Global Awards of the world’s prestigious aviation and aerospace finance industry magazine,Airfinance Journal.

    The deal, which was signed between Vietjet and Novus Aviation Capital in July 2019, covers five aircraft (three A321s and two A321neos) delivered in 2019 while the five remaining aircraft are scheduled for delivery this year.

    The award recognised Vietjet’s benefits from the transaction including the flexibility in financing structure, attractive pricing of the lease, repeat documentation, and aircraft delivery schedule.

    “The award is an acknowledgement of Vietjet’s relentless efforts in aircraft financing activities, which sets a strong base for the airline’s sustainable investment and development of new and modern fleet in the coming years,” said Ho Ngoc Yen Phuong, Vietjet Vice President and CFO.

    Vietjet was also previously listed in the Top 50 airlines for healthy financing and operations for two consecutive years of 2018 and 2019 by Airfinance Journal. It is the only Vietnamese carrier in the list, which showed the airline’s positive finance and growth indicators amongst top airlines worldwide.

    Published for more than 40 years, Airfinance Journal is a leading financial publication in the global aircraft and aviation business, headquartered in London. The Journal includes the latest news, analysis and data relating to the financing of aviation industry globally, covering airlines, airports, banks and financial institutions, leasing companies and others.

    Vietjet has been awarded the highest ranking for safety with 7 stars by the world’s only safety and product rating website, AirlineRatings.com. The airline has also been named as Best Low-Cost Carrier by renowned organisations such as Skytrax and CAPA in recent years.

  • Cebu Pacific to lay off more employees

    Cebu Pacific to lay off more employees

    Budget carrier Cebu Pacific will be laying off more employees across the board, as the airline industry reels from the effects of the coronavirus pandemic. At least 30% of the 4,000-member workforce, or around 1,200 employees, could be affected by “layoffs or voluntary separation.”

    When asked for confirmation, Cebu Pacific communications director Charo Logarta Lagamon sent a statement confirming what the airline called “rightsizing.”

    “Cebu Pacific is undergoing a transformation process that aims to ensure the long-term sustainability of the business, given the expected changes in travel demand and consumer behavior. We expect travel recovery to happen over a longer period, with COVID-19 negatively impacting the aviation industry,” she said in a statement sent to Rappler.

    “The rightsizing of Cebu Pacific will be necessary to fulfill our commitment to provide affordable and accessible air transport services to every Juan in the years to come.”

    Layoffs will affect employees “across functions, roles, and departments,” Lagamon said. She added that the details have yet to be finalized.

    To stay updated on news, advisories, and explainers, check out our special coverage page, “Novel Coronavirus Outbreak.”

    This is the latest blow to the airline industry as demand for air travel plunged after the coronavirus spread across the world earlier this year, from the ground zero of the outbreak in Wuhan, China.

    Domestic flights in the Philippines resumed only in June when the capital region was placed under modified enhanced community quarantine, but these remained limited. Physical distancing must also be in place during flights, forcing airlines to leave half of the plane seats vacant.

    Back in March, Cebu Pacific laid off 150 newly hired cabin crew when Metro Manila was first placed under lockdown. Cebu Pacific executives had voluntarily taken pay cuts at that time.

    On June 18, the budget carrier’s ground handler 1Aviation Groundhandling Services Corporation announced that over 1,000 employees were laid off.

    Other airlines have been badly hit as well. In late February, flag carrier Philippine Airlines (PAL) terminated some 300 employees to avoid further losses.

    AirAsia Philippines had to slash jobs by 12% too, laying off 260 employees.

    In a bid to help the industry, Philippine aviation authorities deferred charging airport fees for the year, including landing, takeoff, and parking fees.

    The Air Carriers Association of the Philippines estimated that the industry needs some P8.6 billion in government subsidy per month to survive.

  • TAT joins AirAsia to stimulating domestic tourism with new aviation safety standards

    TAT joins AirAsia to stimulating domestic tourism with new aviation safety standards

    The Tourism Authority of Thailand (TAT) joined Thai AirAsia for a special activity taking place on the Bangkok-Krabi route on 29-30 June 2020, aimed at rebuilding confidence and revitalizing domestic tourism. This was done by bringing together medical workers, tourists, business operators, and the media in a trip showcasing the readiness of airline, venues, travel destinations, hotels, and restaurants, to provide safe and hygienic service.

    Governor of TAT, Yuthasak Supasorn, pointed out that domestic travel will be an important mechanism to jumpstart the economy at both the local and national levels, adding that this event will highlight traveling under the new normal, which focuses on adherence to healthcare advice, encouraging travelers and businesses alike to adapt and rehabilitate tourism.

    The TAT’s goal for this activity is supporting domestic tourism and promoting awareness of various safety practices for traveling, visiting sites, and staying in accommodation so that travelers can prepare accordingly.  The authority assures that measures being promoted are straightforward and that everyone will be able to travel conveniently in the new normal.

    Representatives from different sectors were invited to join in the activity, including medical professionals, travel companies and travel groups, all given the opportunity to experience present-day tourism using the concept “BEST, wherein B: Booking – covers before, during and after travel planning, travel companions, pre-booking and social distancing; E: Environment – covers environmental conservation and social responsibility; S: Safety – covers information for decision making as well as health and hygiene and T: Technology – incorporating the use of technology to facilitate contactless tourism and greater physical distancing.

    CEO of Thai AirAsia, Santisuk Klongchaiya remarked that travel and domestic spending in the nation is crucial at this time to stimulate the economy and tourism sector, affirming AirAsia’s support for TAT.

    From July onward, the airline will be resuming service to all 23 of its domestic destinations, including regional connections Chiang Mai-Hat Yai, Chiang Mai-Pattaya (U-Tapao), Hat Yai-Pattaya (U-Tapao) and Khon Kaen-Hat Yai for a total 25 routes, flying 68 return trips a day in support of travel and business.

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  • Taco Bell opens in Malaysia soon

    Taco Bell opens in Malaysia soon

    American food-food chain Taco Bell is set to launch in Malaysia at Tropicana Gardens Mall in Kota Damansara.

    The opening has yet to be officially announced, but hoardings have appeared on a retail space within the mall announcing its imminent opening.

    Taco Bell will be operated by QSR Brands, which holds the Malaysian license for KFC and Pizza Hut, which are both owned by Yum Brands.

    While Taco Bell had outlets in Singapore that were subsequently withdrawn just over a decade ago, the franchise has recently announced intentions to expand in the Asia-Pacific market, where it already has locations in Thailand and the Philippines.

    The brand has also revealed intentions to enter Indonesia, while Thai operator Siam Taco is said to be eyeing Cambodia, Laos, Myanmar and Vietnam.

  • UBS Closes London Harassment Case

    UBS Closes London Harassment Case

    UBS settled a discrimination and harassment lawsuit with a former graduate of the Swiss firm’s investment banking unit in London. A woman who accused the Zurich-based bank of fomenting a culture of harassment and intimidation has settled with UBS, her lawyer said Monday. We are able to confirm that a settlement was reachaed with UBS, Suzanne McKie of Farore Law said, adding that financial details are sealed.

    The settlement brings to a close a more than two-year saga involving a former graduate that roiled both UBS and the wider investment banking industry. The graduate alleged that she had been raped by her superior, and separately that she had been groped by a managing director at an event hosted by UBS. The Swiss bank’s handling via an outside probe by a major London law firm was slammed, and the case is being investigated by the U.K. regulator.

    The graduate alleged that she had been transferred repeatedly against her wish during the investigation by the bank. She also says to have been threatened with dismissal should she discuss her ordeal outside the bank.

    The settlement means the former graduate will withdraw her claim against UBS. The agreement with UBS includes a five-figure donation to British-based whistleblowing charity Protect, which first reported the settlement.

    The episode sparked several changes at UBS, including moving top investment banker Emma Molvidson into an investigative role and beefing up human resources with a J.P. Morgan top executive. Separately, Molvidson, part of an elite cadre of UBS managing directors, added the additional role of employee conduct risk to her remit in April.

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  • Gap, Kanye West launch new label Yeezy Gap

    Gap, Kanye West launch new label Yeezy Gap

    US fashion apparel retailer Gap has teamed with rapper Kanye West’s brand Yeezy to launch a range bearing the Yeezy Gap label.

    The partnership marks the circular relationship between the entrepreneur and Gap as Kanye used to work in a Gap store when he was a teenager in Chicago, before his music career took off.

    “We are excited to welcome Kanye back to the Gap family as a creative visionary, building on the aesthetic and success of his Yeezy brand and together defining a next-level retail partnership,” said Mark Breitbard, global head of Gap.

    The company said the new range will offer modern basic designs for men, women and kids with accessible price points. To celebrate the partnership, the Chicago Gap store features a giant message from West together with a logo for Yeezy Gap line.

    The products are scheduled to launch at Gap stores in the first half of next year.

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  • Asia-Pacific luxury-goods market tipped to shed 2.1 billion USD this year

    Asia-Pacific luxury-goods market tipped to shed 2.1 billion USD this year

    The Asia-Pacific luxury-goods market is projected to sink by US$2.1 billion this year as pessimistic consumers switch from big-ticket items to the affordable-luxury realm.

    Retail intelligence group GlobalData has forecast luxury sales in the region will decline by 3.4 percent to reach $60.3 billion this year, compared to $62.4 billion last year.

    The industry has been hard hit by the coronavirus pandemic, leading to the closure of numerous luxury stores across Apac. Sagging consumer confidence across the region means luxury retailers are not expected to regain their sales growth anytime soon, according to the GlobalData.

    In addition, the threat of an extended Covid-19 crisis and an impending global recession will force consumers in the region to cut back on big-ticket items, especially luxury products, impacting on the Asia-Pacific luxury-goods market.

    “Covid-19 has forced luxury brands to postpone their fashion shows, cancel promotions events, and disrupted supply chains,” said GlobalData Retail analyst Suresh Sunkara.

    “However, since the start of the second quarter of this year, several countries in the region including China, Japan and South Korea have lifted most of their lockdown measures to bring normalcy in their economies while countries such as India have begun phased relaxation of lockdown measures. This will bring some relief to luxury retailers as they can now open their stores and resume operations.

    “International travel restrictions are still in place, resulting in continued closure of duty-free stores in airports, a major contributing channel for luxury sales. As a result, store closures and sales declines are bound to force luxury retailers to re-evaluate their price positioning and launch affordable luxury product lines to revive volume sales in these testing times.”

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  • Microsoft reportedly not advertising on Facebook any longer but not for the reason you think

    Microsoft reportedly not advertising on Facebook any longer but not for the reason you think

    Microsoft has paused advertising on Facebook and Instagram, per a new Axios report. The outlet claims that US ad spending was suspended in May and Microsoft is now pulling out of marketing with Facebook on a global level. Axios is quick to note that the firm has not formally joined the #StopHateForProfit movement which is encouraging companies to halt spending on Facebook and Instagram to pressure CEO Mark Zuckerberg into taking a firmer stance to filter hate speech. Rather, Microsoft apparently has a problem with where its ads are displayed.

    According to an internal Yammer post, Microsoft CMO Chris Capossela said: Based on concerns we had back in May we suspended all media spending on Facebook/Instagram in the US and we’ve subsequently suspended all spending on Facebook/Instagram worldwide.

    While it’s hard to specifically point out what content the company found objectionable, the transcript refers to terrorist content, hate speech, and pornography.  Although the motive is somewhat similar to that of bigwigs like Coca-Cola, PepsiCo, Viber, and Starbucks, Microsoft has reportedly taken a much softer approach and is in talks with Facebook’s leadership to discuss its concerns and lay down the conditions that must be met in order for it to resume advertising.

    As things stand now, Microsoft expects the ad suspension to last through August.

    Facebook is surely feeling the heat. The company recently announced that it will start labeling posts that go against its rules, even if they are considered newsworthy. Previously, it did not touch posts that came from public figures like President Donald Trump.

    Facebook is financially too strong to be impacted by a boycott in the short term as much of its revenue is generated by small and medium-sized businesses, but its reputation can surely take a hit.

    In the long run, the financial situation could get messy too and the company’s shares have started tumbling already.

    Some brands had already stopped advertising on Facebook because of the pandemic and the new campaign will only make the matters worse. That said, some 8 million entities advertise on Facebook, and provided that ad pricing will likely reduce because of the current situation, other firms will likely step in to fill the gap and this will probably offset the financial loss.

    Some are also of the view that reduction in ad expenditure was already on the cards for many companies because of the pandemic and their support for the #StopHateForProfit campaign might very well be a PR stunt.

    Microsoft, on the other hand, supposedly likes to keep things private, something which Facebook will surely appreciate at a time when others are bailing on it publicly.

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  • Tune Protect launches enhanced AirAsia Travel Protection with Covid-19 coverage

    Tune Protect launches enhanced AirAsia Travel Protection with Covid-19 coverage

    Tune Protect Group Bhd has launched its enhanced AirAsia Travel Protection, which now comes with Covid-19 protection benefits and is available in both Single and Annual Plans for both domestic and international travel, for AirAsia guests.

    In a statement today, Tune Protect said the enhanced Travel Protection is timely with the reopening of domestic travel and the discussion that has been initiated to reopen Malaysia’s borders to “green zones” countries as Malaysia phases into the Recovery Movement Control Order.

    It said the resumption of the travel and tourism sector is in line with the efforts in accelerating the country’s economic recovery and reviving the Malaysian travel and tourism industry, which was at a standstill due to Covid-19.

    “As AirAsia initiates domestic flights with new safety and health procedures, we have also put in place new and enhanced benefits to our existing Travel Protection, which include Covid-19 coverage to ensure ease and peace of mind of our customers during traveling,” said Tune Protect group chief executive officer Khoo Ai Lin.

    The Annual Travel Protection Plan starts at RM56 covering customers for an entire year from the date of activation, regardless of the frequency of travel. Customers can also purchase the Single Plan coverage when they are purchasing AirAsia plane tickets or any time before they fly, it added.

    AirAsia Group Bhd executive chairman Datuk Kamarudin Meranun said that while air travel remains one of the safest modes of travel, there had been an increase in awareness of the importance of travel insurance products in the last few months from the group’s sales channel. This enhancement is a great complement to the various end-to-end safety measures that have been put in place by AirAsia for its passengers to fly again with a peace of mind, protecting them beyond flying.

    “As travel begins to regain traction, we look forward to welcoming our passengers to fly with us again,” he said.

    The enhanced Travel Protection plan includes the Covid-19 Bereavement Allowance, Trip Cancellation, Daily Hospital Allowance and Compassionate Visit.

    “Tune Protect understands the needs and worries of travelers since the fight against Covid-19 is still ongoing. With the enhanced coverage that comes with our Travel Protection, travelers can put their worries to rest when making their travel plans with us or through AirAsia,” Khoo concluded.

    At the midday break, Tune Protect shed 1 sen or 3.03% to 32 sen, for a market capitalization of RM240.56 million.

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  • AirAsia Sold A Record-Breaking 41,000 Seats In One Day Last Week

    AirAsia Sold A Record-Breaking 41,000 Seats In One Day Last Week

    On Tuesday, low-cost carrier AirAsia sold a record-breaking 41,000 seats in just one day. This marks AirAsia’s highest post-hibernation sale day since it resumed domestic flight services in May.

    The official site hit an overall traffic growth of 170%. By the looks of it, the number will only increase going forward. Passengers are eager to fly again – whether to reunite with loved ones, for business purposes or just to travel.

    “We are encouraged by this positive trend, and we foresee this will continue in the coming weeks,” CEO Tan Sri Tony Fernandes said in a statement sent to Simple Flying.

    According to a statement sent to Simple Flying, the most popular destinations booked on June 23rd were for the following routes:

    • Malaysia: From Kota Kinabalu and Kuching to Kuala Lumpur
    • Thailand: From Bangkok to Chiang Mai and Hat Yai
    • Indonesia: From Jakarta to Denpasar and Medan
    • Philippines: From Manila to Puerto Princesa and Davao
    • India: From Delhi to Srinagar and from Bengaluru to Hyderabad

    In Malaysia, the Recovery Movement Control Order (RMCO) began on June 10th. The RMCO allows for the resumption of domestic travel. As such, all interstate travel has picked up since. AirAsia also introduced an ‘Unlimited Pass’ for those traveling within the state. Additionally, there is a 20% sale on all domestic flights in Malaysia, which undeniably led to the airline’s highest load factor post-hibernation.

    AirAsia’s flight ticket sales are picking up as more countries resume domestic travel. Photo: Getty Images

    AirAsia Group’s load factor hit 50%, with AirAsia Malaysia reaching a whopping 70%. Fernandes added,

    The airline has also focused on enhancing its safety and cleaning measures. On top of compulsory masks and social distancing measures, all cabin crew will don personal protective equipment (PPE) and wear masks and gloves. Cleaning measures are completed regularly for each aircraft.

    Specifically for AirAsia Philippines, cabin crew must wear a newly designed PPE in AirAsia colors – complete with a face shield, mask, and gloves.

    AirAsia introduced end-to-end contactless journeys for customers in May. With minimal contact needed, the airline hopes to keep its passengers’ minds at ease while going through the boarding and check-in process.

    These initiatives began on May 13th and included contactless payments at the airport, a Passenger Reconciliation System (PRS) for digitized boarding passes, and enhanced features to its mobile app.

    It seems that the Malaysian-based carrier handled the COVID-19 situation relatively well. Although it had to ground 96% of its fleet and halt Airbus deliveries, the airline has succeeded in enticing passengers with new promotions.

    Furthermore, the airline implemented initiatives targeted at helping vulnerable communities amid the virus outbreak. Earlier this month, the airline gave away 50,000 tickets to frontline workers and doctors.

    AirAsia’s uptick in sales shows that there is indeed a demand for domestic travel. Fernandes mentions the airline will increase its flight schedule to 50% of its pre-pandemic operations in the next few weeks.

    “Currently, we are operating 152 daily flights across the region. We look forward to the reopening of international borders in recognition of the fact that air transport provides the connectivity that is essential for the resumption of economic activities and the global recovery efforts”, he added.

    Once international borders reopen, there is no doubt the carrier will continue to have its sales numbers increase.

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  • Jeweller Luk Fook sees early signs of recovery in Hong Kong retail

    Jeweller Luk Fook sees early signs of recovery in Hong Kong retail

    Hong Kong-listed jeweler Luk Fook has reported early signs of a recovery in the Hong Kong market this month, despite the border with Mainland China effectively-remaining closed to visitors.

    In April and May, with tourist numbers to Hong Kong and Macau at a record low due to Covid-19 related travel restrictions, sales fell by about 80 percent, although same-store sales in mainland stores recorded “a much smaller decline” as retail stores resumed business and consumer sentiment began to recover.

    “Starting from June, the retail sentiment in the Hong Kong and Macau market gradually recovered,” said chairman and CEO Wai Sheung Wong in a commentary on the groups’ annual results filed Friday.

    “The decline of same-store sales in the first three weeks narrowed to around 60 percent, while overall shops in the mainland market showed progressive improvements with a less than 20-per-cent decline in June as compared to the 20-per-cent drop in April to May and 40-per-cent drop in March.”

    As a result of Hong Kong’s declining retail market, Luk Fook will close five stores in the city during the coming year and look for opportunities to open two in Macau.

    “In view of the anticipated considerable growth of the middle-class population in the mainland, the group remains optimistic about the mid- to long-term business prospects, and will focus its expansion in the mainland market,” said Wong.

    Due to the crippling impact of protests and Covid-19 on Hong Kong retail in the year to March and the pandemic along with the trade war impacting consumer sentiment among mainlanders, Luk Fook achieved a profit attributable to shareholders down 42 percent to US$111.7 million for the year.

    Sales declined by 29.2 percent to $1.445 billion, with Hong Kong and Macau same-store revenue down by 33.3 percent and on the mainland by 20.2 percent. However, a steady rise in the price of gold throughout the year saw the company’s gross margin increase by 4.2 percentage points to 29.6 percent.

    Network expansion

    During last year, Luk Fook added a net 234 Lukfook-branded shops – 233 on the mainland, and one licensed store in the Philippines – taking its global network to 2120. Outside Greater China, Luk Fook has stores in Singapore, Malaysia, Cambodia, the Philippines, the US, Canada and Australia.

    The company says it plans to open at least 150 new stores under the Lukfook brand on the mainland this year, primarily targeting licensed shops in tier-4 and tier-5 cities, and another 50 under other brands.

    Besides jewelry, the company is now an authorized dealer of 13 international mid- to high-end watch brands: Certina, Coinwatch, Doxa, Enicar, Hamilton, Longines, Mido, Omega, Rado, Romago Swiss, Tissot, Bijoumontre and Seiko.  Last year, the watch business accounted for $12.86 million in sales, down 39.8 percent on the prior year.

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  • Nissan Denies Corporate Conspiracy To Oust Ex-chairman Ghosn

    Nissan Denies Corporate Conspiracy To Oust Ex-chairman Ghosn

    Nissan Motor on Monday blasted suggestions in media reports of a conspiracy within the company to oust former chairman Carlos Ghosn. Ghosn’s 2018 arrest in Japan on financial misconduct charges has led to much speculation that the move was orchestrated by Nissan executives who opposed closer ties with partner Renault SA. “I know that in books and the media there has been talk about a conspiracy but there are no facts whatsoever to support this,” Motoo Nagai, chairman of Nissan’s auditing committee, told shareholders at the company’s annual general meeting.

    Responding to demands from a shareholder to address the speculation, Nagai argued that the investigation into Ghosn was conducted both internally and by outside law firms.

    Nissan’s former chair Ghosn says he was victim of ‘backstabbing’ in video address

    Nissan’s former chair Carlos Ghosn says he was a victim of “backstabbing” and a “conspiracy” in a video address showed on Tuesday.

    Monday’s meeting lasted almost two hours – twice as long as planned, as shareholders grilled Chief Executive Makoto Uchida on how he planned to restore trust in the company following the Ghosn scandal, and revive sales in the United States and China.

    Uchida, who took the helm in December, told shareholders he would stick to his promise to step down as leader if he fails to deliver on a turnaround plan for the Japanese automaker, which last month reported its first annual loss in 11 years.

    Seeking to slash costs and downsize after years of excessive spending in the pursuit of market share, Nissan plans to cut its model range by about a fifth and reduce production capacity, shuttering plants in Spain and Indonesia and laying off workers in countries including Mexico.

    It now aims to sell 5 million vehicles a year, far fewer than past ambitions of 8 million.

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  • Reduced rents, high-end products help Oriental Watch stay in profit

    Reduced rents, high-end products help Oriental Watch stay in profit

    Listed Hong Kong timepiece retailer Oriental Watch Holdings has weathered the multiple crises of the last financial year to record a decrease in turnover of just 3.5 percent and a profit of US$12.9 million.

    While turnover was down to $303.6 million, gross profit was up by 7 percent to $83.2 million, “mainly due to the group’s positioning at the high-end luxurious watch market where our long-term customers maintain strong purchasing power, as well as our vigorous efforts in the control of inventory,” the company said in its results announcement.

    The net profit attributable to shareholders of $12.9 million was down by 27.5 percent, the decline largely due to impairment losses, an increase in the allowance for slowing-moving stock and decreasing sales due to Covid-19 in the first quarter of this calendar year. But the company warned the full impact of Covid-19 had not been represented in the 2020 year results.

    Chairman Yeung Ming Biu said the company had introduced “stringent cost-control measures, especially in rent costs” which were down by 15.7 percent to $18.7 million.

    “We have successfully negotiated lower rental rates and more flexible leasing terms, and hence lowering the overall rental cost. In addition, we conduct a regular assessment on the performance of all retail stores and close down non-performing ones to improve resources allocation. The Group will continue to closely monitor our stores’ performance as well as rental contracts in order to improve our efficiency and cost structure,” said Yeung

    Oriental Watch has 62 luxury watch stores in Greater China, 47 on the mainland, 11 in Hong Kong, three in Taiwan and one in Macau.

    By market, Oriental Watch achieved a 17.5-per-cent increase in sales on the mainland to $129.1 million, despite the declining consumer sentiment and the advent of the pandemic. In Hong Kong, year-on-year sales were stable despite the social unrest from June last year until the arrival of Covid-19. As a result, sales fell by 17.3 percent to $154.6 million.

    Sales in Taiwan and Macau grew slightly, but recorded a loss largely due to increased allowance for slow-moving stock.

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  • New Lazada CEO name surfaced

    New Lazada CEO name surfaced

    Southeast Asian e-commerce platform Lazada has appointed Chun Li as its new CEO.

    Li will succeed former CEO Pierre Poignant, who will head to Alibaba Group as a special assistant to its CEO Daniel Zhang.

    “Chun is an experienced business leader who can realize Lazada’s vision of unifying commerce with technology to advance Southeast Asia’s digital economy,” said Lucy Peng, chairwoman at Lazada Group.

    With technology-architecture and product-strategy backgrounds, Chun Li will ensure Lazada’s competitive advantage through data technology application and business localization across the region, according to the company.

    “Lazada’s priority is to create unique value for our consumers and merchants in Southeast Asia,” said Li. “There is incredible momentum for e-commerce across the region, and together with our strong local talents, we will step up Lazada’s digital innovation and commercial development to empower our customers to be successful and provide the best user experience for our consumers.”

    Li joined Alibaba Group as chief technology officer for the group’s B2B unit in 2014. He has served as both Lazada president and CEO of Lazada Indonesia since 2017.

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  • China Regulator Issues Record-High Penalty

    China Regulator Issues Record-High Penalty

    China’s securities watchdog issued 3.6 billion yuan of penalties over a case of insider trading by a Shanghainese entrepreneur and his daughter – an all-time record-high regulatory fine.

    Wang Yaoyuan and his daughter Wang Chengcheng were fined 2.72 billion yuan ($380 million) for using inside information to build long positions on the shares of listed healthcare company Joincare Pharmaceutical Group. The two made a net gain of 906.4 million yuan ($128 million) which was also confiscated by the China Securities Regulatory Commission (CSRC).

    According to the CSRC, the two had obtained insider information that Joincare’s second-largest shareholder Hongxinhang would transfer a 4.8 percent stake to units controlled by two major investors: Tencent founder Ma Huateng and ZhongAn chief executive Ou Yaping. The elder Wang obtained insider information in 2015 through Ou and the controller of Hongxinhang via phone calls and physical meetings.

    Neither Tencent’s Ma nor ZhongAn’s Ou was fined or reprimanded by the regulator.

    China’s regulator has been increasingly active with issuing fines in a move viewed by onlookers as the end to the practice of immaterial penalties to further discourage unhealthy practices. Earlier this year, the People’s Bank of China imposed the first-ever fines of above 10 million yuan ($1.4 million) to China Minsheng Banking Corporation, China Everbright, and Huatai Securities.

    In the first quarter of 2020, the CSRC issued a total of 19 penalties accounting for a 35 percent year-on-year increase, involving mostly cases of insider trading, market manipulation and violation of disclosure rules.

    The 3.6 billion yuan fine on the Wangs reportedly surpassed the former leading fine of 3.47 billion yuan issued against the ex-controller of Shanghai Duolun Industry over price manipulation and disclosure breaches.