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Tag: asia

  • Gold prices soar to new high

    Gold prices soar to new high

    Saigon Jewelry Company gold bullion prices rose by 0. 35% to VND86.2 million (US$3,390.2) per tael Monday morning, surpassing the previous peak of VND85.8 million achieved last Friday.

    Gold ring prices went up by a more modest 0.13% to VND74.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    The State Bank of Vietnam has been unable to narrow the price gap because its gold auctions have been canceled several times due to low participation as businesses deemed its floor prices to be too high.

    Globally, gold price (XAU/USD) loses its recovery momentum around $2,295 on Monday during the early Asian session.

    Investors will keep an eye on Fedspeaks this week, along with the first reading of the US Michigan Consumer Sentiment Index for May this Friday

    The precious metal climbed to $2,320 after the US Employment data was released last Friday due to the downbeat US economic data but erased its earlier gains after the hawkish remarks from the Fed.

    Gold price trades on a softer note near $2,295 on Monday.

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  • Apple’s iPhone production shift leaves ghost town in China

    Apple’s iPhone production shift leaves ghost town in China

    Apple supplier Foxconn’s industrial park in Nanning, Guangxi, has been deserted, heavily impacting the local economy, as production of the iPhone is being moved away from China.

    The facility, once the centerpiece of Nanning’s economy, now stands empty, while its surrounding streets and residential buildings remain largely vacant, as depicted in a video shared by news channel China Observer last Friday.

    Although some nearby apartments are available for occupancy, they have struggled to attract buyers despite offering discounts, as the area has lost its appeal now that most of the facility’s employees having left.

    During its heyday a few years ago, the complex boasted a workforce of 50,000 and consumed vast resources to sustain them.

    However, with Apple’s strategic decision to shift production away from China, the Nanning complex was among the first to face downsizing as it was deemed under-utilized by Foxconn.

    Foxconn, Apple’s primary supplier, has been shifting its production lines to other Asian nations in recent years amid tensions between the U.S. and China.

    One of these destinations is India, whose iPhone production has doubled from 2022 to $14 billion last year, accounting for 14% of the Apple’s total iPhone output.

    Meanwhile, iPhone production in Zhengzhou, Henan, where the largest iPhone factory is located, plummeted by 60.1% year-on-year to 6.65 million units in the first quarter, citing data from Zhengzhou’s local customs authority.

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  • WhatsApp’s new status update tray with previews is rolling out more widely in beta

    WhatsApp’s new status update tray with previews is rolling out more widely in beta

    WhatsApp, the popular Meta-owned messaging app, is always tinkering with updates to improve the experience for its global community of users. In its newest test, WhatsApp is experimenting with how users view status updates.

    Previously, to see someone’s status, you had to tap it, and then hope for the best. However, the new update adds a preview right in the status update tray, giving you the opportunity beforehand to decide whether it is worth it to engage. The preview feature definitely makes checking statuses more convenient and visual, because, instead of seeing a profile picture, you get a glimpse of what the update actually is. If it doesn’t seem interesting, you can simply move on to the next one.

    This update has been in the works for a little while. Back in February, the folks at WABetaInfo reported WhatsApp was working on it. However, it seems that after some testing, they’re starting to make it available to the public.

    Right now, only some beta testers are getting to see the changes, but they should expand to more users over the coming weeks. The new interface for the status updates tray is included in the latest WhatsApp beta for Android 2.24.10.10 update, available on the Google Play Store.

    This update is a good example of why user feedback is important. As noted by WABetaInfo in its coverage, after a previous status update that changed how things were displayed, many people weren’t happy. It seems WhatsApp listened and found a solution that makes things easier while still keeping the new look and feel of the status section.

    If you’re part of the beta program, which is quite limited and almost always full to capacity, you might already have the new status tray. WhatsApp says it will be rolling this update out to even more beta testers in upcoming weeks, with wider availability to follow after the testing phase.

  • Google Wallet gets a small menu update and easier access to your saved payment cards

    Google Wallet gets a small menu update and easier access to your saved payment cards

    Google Wallet just underwent a small but useful menu change designed to simplify the way you manage payment cards within the app. This change better highlights your saved payment methods and adjusts the language slightly for clarity.

    The most noticeable change is “Payment setup” replacing the previous “Tap to pay setup” option. While tapping “Payment setup” takes you to the same setup checklist for contactless payments, there’s a minor quirk: you still can’t hide the checklist after setup’s complete. It would be useful if Google fixed this, freeing up valuable screen space and further decluttering the interface.

    The “Participating banks” option has also been replaced by “Payment methods”. This is a much more helpful addition, taking you directly to your saved payment cards. The page clearly displays your default card’s information, with security measures like on-device encryption in place, and allows you to easily add more cards. You can even use the “Edit card order” feature to customize how your cards appear in the Wallet.

    Keep in mind, though, that as noted in the original report, there’s no word yet on whether “Participating banks” will disappear entirely or just be moved to a different part of the Wallet settings. For now, there’s still a Google support page listing compatible banks, which is handy when you’re first getting started with the app.

    If you haven’t seen the change already, be on the lookout for Google Wallet version 24.14.x, or a later release, as it may have been part of a server-side update. It may seem subtle, but definitely shows how Google is focused on streamlining the Google Wallet user experience. This focus on ease-of-use is always welcome, particularly with features like contactless payments that involve sensitive financial data.

  • Your credit card data and other personal info is at risk if you respond to fake Netflix emails

    Your credit card data and other personal info is at risk if you respond to fake Netflix emails

    One of the reasons why so many victims are separated from their money thanks to online scams is that the scammers do a great job of playing with victims’ emotions. You might have been part of a phishing expedition that uses emails that look as though they came from a well-known company that you might do business with. These emails are fake and try to get you to hand over personal data that can be used to wipe out your online accounts.

    But it takes more than a cleverly designed email that includes the logo of your wireless firm to scam you. The email has to get you to act and tap on a link so it might say something that scares you into taking action immediately. One scam uses a phished email from your bank asking you whether a large purchase made with your credit card is valid. The scammers know it is not a legit request so they phrase the message to ask you to tap on a link if the transaction is not yours.

    The victim, worried about getting ripped off, naturally taps on the link and is sent to a page where she is asked for account info including a PIN or password, social security number, and other personal data. The key to the whole attack is to get the victim so scared about losing an important service or such a large amount of money that instead of using common sense, the victim acts emotionally which typically results in him doing the wrong thing.

    The most recent phishing campaign uses an email which the scammer sends randomly hoping for it to be received by consumers with Netflix accounts. Looking to play with the victim’s emotions, under the Netflix insignia the email reads, “Your Membership has expired!” For those who use Netflix often for their streaming entertainment, this might be upsetting. Underneath the streamer’s iconic “N” logo, the message continues. “Dear customer, your Netflix account has expired.”

    The message continues to say, “But as part of our loyalty program, you can now extend for 90 days for free.” The scammer wants you to press the red button underneath the text that says “Extend for free.” Once the next page is open, you probably are asked to give up some of your personal data.” DO NOT DO IT! Even though the button says “Extend for free,” directly underneath it mentions that your credit card data is required to get the free 90 days.

    One of the ways you can detect a scam is to look for grammatical errors and spelling mistakes. There are no major issues along those lines with the Netflix email. On the other hand, if you’re offered a deal that seems too good to be true, it probably is not a legit offer. And getting three months of Netflix for free is certainly an offer that is too good to be true. Don’t let the disclaimer at the bottom of the email stating that the message is not a scam convince you that it is on the up and up.

    The domain name did not have the Netflix name included at all which is a major red flag. My wife received the email twice and deleted it both times. And that is exactly what you should do too if you receive the email.

    For its part, Netflix says that it will never ask you to share personal information through an email or text including:

    • Credit or debit card numbers
    • Bank account details
    • Netflix passwords

    If you’ve already shared information with the scammer, immediately change the passwords for your financial apps and call the financial firms you deal with ASAP. Also, change your Netflix password as well. If you receive a text or email that is trying to pass itself off as coming from Netflix, take a screenshot of it and send it to Netflix via email at [email protected] and type in the date and time that you received the email.

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  • Asahi Beverages acquires South Australia’s Never Never gin brand

    Asahi Beverages acquires South Australia’s Never Never gin brand

    Asahi Beverages has purchased Never Never, a premium distillery in South Australia’s McLaren Vale region.

    The acquisition is expected to help the distillery expand its reach, offer better support and offerings for existing customers and consumers, and help grow the Australian gin market.

    Never Never was established in 2016 by three friends – George Georgiadis, Tim Boast, and Sean Baxter – who began distilling gin from an Adelaide shed. Since then, the company has gained popularity among bartenders and gin enthusiasts with its award-winning gins, such as Triple Juniper and Oyster Shell.

    Georgiadis, MD and co-founder of Never Never, said the partnership would allow the brand to realise its vision of growing in the country’s gin market.

    “Our values have been crucial in building our brand and align incredibly strongly with the values and culture of Asahi Beverages,” he added.

    Never Never’s three co-founders will remain in their roles and continue to oversee day-to-day operations, ensuring a smooth transition and maintaining the brand’s unique identity.

    “Adding a high-quality, Australian-made gin to our range plugs an important gap in our offering and complements our leading multi-beverage portfolio,” added Danny Celoni, CEO of Carlton & United Breweries (CUB), Asahi’s alcohol division.

    “We can’t wait to start offering this product to our customers and through our distribution network to help this internationally-recognised Aussie gin achieve the scale it deserves.”

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  • TikTok, Facebook, and other foreign service providers pay $575M in taxes

    TikTok, Facebook, and other foreign service providers pay $575M in taxes

    According to the General Department of Taxation, foreign service providers, including Google, Facebook, and TikTok, have paid VND14.572 trillion (US$575 million) in taxes.

    Data from the General Department of Taxation indicates that currently, 94 foreign service providers are registered to pay taxes through the electronic portal, and the cumulative tax amount from March 2022—when the electronic portal for foreign providers became operational—totaled VND14.572 trillion, an increase of more than VND3.5 trillion compared to the end of last year.

    The list of foreign service providers who have declared and paid taxes includes Google, Meta, Microsoft, TikTok, Netflix, and Apple.

    Authorities are implementing a variety of short- and long-term strategies to enhance tax management for domestic and cross-border e-commerce. Furthermore, tax agencies are continuing to review, audit, inspect, and address violations that fail to comply with regulations.

    The department said another approach is for tax agencies to work with various ministries and sectors to prevent tax revenue losses and ensure financial security.

    Data released last week indicates that the tax sector now has access to bank data for 121 million personal accounts, approximately two-thirds of the 183 million personal payment accounts registered by the end of 2023, and over 9 million corporate accounts across 96 commercial banks.

    Using this data, the tax authority will identify online businesses that have not declared and paid taxes for further action. Recently, many online sellers have been mandated to pay additional tax.

    The tax authority plans to collaborate with the Ministry of Public Security to hasten the adoption of citizen identification documents as tax identification numbers, in accordance with the Tax Administration Law.

    The agency is also exploring the use of electronic identification for organizations and individuals engaged in tax declaration and payment transactions, aimed at preventing tax evasion in e-commerce.

    In 2023, the e-commerce channel paid VND97 trillion in taxes, marking a 14% increase from 2022.

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  • Hanoi apartment prices up 38% in 5 years

    Hanoi apartment prices up 38% in 5 years

    Hanoi apartment prices have risen by 38% from 2019 and prices have shot up even in buildings that are 5-10 years old, according to the Ministry of Construction.

    Many projects sell at over VND60 million ($2,367.80) per square meter, rising to even VND150 million in some places, it said in a recent report.

    The smallest apartment (40 sq.m) at Heritage West Lake to the northwest of West Lake is priced at VND3.8 billion.

    A 30-square-meter unit at Masterise West Height in the southwest of the city starts at VND1.8 billion.

    “Apartments continue to attract interest from buyers with residential needs and medium- and long-term investors,” the ministry said.

    Prices have been rising rapidly since the end of last year due to a widening gap between supply and demand. In the last six months, many projects have seen prices rise by 20-25%.

    According to property consultancy CBRE, prices on the secondary market jumped by 17% year-on-year in the first quarter, the highest increase ever recorded.

    The average price of old apartments is VND36 million per square meter. But no new apartment projects were launched during the first quarter.

    The Ministry of Construction wants the city People’s Committee to identify and punish speculators who have been driving up property prices.

    But analysts called it a futile quest and suggested it should be tackled with policies such as imposing taxes for ownership of multiple properties.

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  • Sacombank assures no loss on $141M loan to Bamboo Airways

    Sacombank assures no loss on $141M loan to Bamboo Airways

    Sacombank has assured that it will not lose the VND3.58 trillion (US$141 million) it has lent to Bamboo Airways, citing that the loans are secured by high-value assets.

    The loans used to be secured by its shares and assets of property developer FLC, its former owner, Sacombank CEO Nguyen Duc Thach Diem said at its annual general meeting Friday.

    But when new owners took over the airline, the bank persuaded them to pledge high-value properties in HCMC instead, and the loans are now classified as “qualified debt,” meaning they have the lowest risk of turning into bad debts, she said.

    “It is certain that Sacombank will not lose the money it has lent to Bamboo Airways,” she said.

    Sacombank decided to invest in the airline, which has been going through major restructuring after being sold by FLC.

    In February the bank’s former deputy CEO, Phan Dinh Tue, took over as chairman of the airline.

  • Taxi firm Vinasun’s profits down by half

    Taxi firm Vinasun’s profits down by half

    Taxi firm Vinasun’s profits plummeted by 58.5% to VND22 billion ($868,000) in the first quarter, a near two-year low, according to a company disclosure.

    The Ho Chi Minh City-based company said profits dropped because it had to spend money on “supporting drivers and partners.”

    Revenues were down 15% to VND278.6 billion.

    The company aims to hire experienced drivers by paying better this year, and buy 700 new cars, mostly Toyota hybrids.

    It plans to study the possibility of using three-wheel electric vehicles.

    It targets revenue of VND1.1 trillion this year, down 9% from last year, and profits of VND80.5 billion, down by half.

    Despite slashing its payroll in recent years the company expects to face challenges to its recovery this year.

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  • Pattern Unveils ‘Shelf’ – Advanced Inventory and Warehouse Management for Ecommerce and Marketplaces 

    Pattern Unveils ‘Shelf’ – Advanced Inventory and Warehouse Management for Ecommerce and Marketplaces 

    Leading global ecommerce and marketplace accelerator Pattern, today announced the release of ‘Shelf’ – a powerful new inventory and supply chain technology that provides Australian brands with unparalleled visibility and control of their products across all ecommerce and wholesale channels.

    Incorporated within Pattern’s ecommerce acceleration tech suite, Shelf helps brands create new supply chain efficiencies, while also improving inventory accuracy, real-time tracking and enhancing demand forecasting.

    Shelf also offers brands an evolutionary leap on traditional inventory and warehouse management solutions. It does this through an integrated approach to inventory and marketplace management, along with seamless connections with major platforms such as Shopify, Amazon, eBay, and Catch.

    “Brands are selling across more channels than ever before. In a complex sales ecosystem, it is critical that brands have accurate visibility of their stock to make informed business decisions and meet customer demand,” said Sean Walsh, Director at Pattern Australia.

    Australian brands have an enormous opportunity for growing sales through emerging marketplaces with Pattern’s ‘Marketplace Consumer Trends Report – 2024, revealing that 94% of consumers planned to shop on marketplaces like eBay, Amazon and Catch in the year ahead.

    “In an environment where marketplaces like Amazon are attracting a growing share of sales, brands must have inventory and supply chain systems in place tailored to these emerging channels. Shelf incorporates uniquely pre-configured connectors that simplify marketplace selling and inventory management. This is a critical feature for brands looking to broaden their online footprint and access and service new customer bases via marketplaces,” commented Walsh.

    Shelf provides brands 100% visibility of each unit of inventory through the lifecycle, from order to receipt at the delivery address. Its real-time inventory tracking allows brands to effectively communicate accurate delivery updates across multiple sales channels, enhancing customer communication and increasing buyer satisfaction. Accurate inventory visibility ensures correct stock levels are maintained and overallocation or out-of-stock situations are avoided, to prevent costly wastage and lost sales situations. Prior to the development of the Shelf technology this was a challenge at scale. Through optimising warehouse space and improving inventory turnover, Shelf can also assist brands with reducing storage costs. Additionally, Shelf’s ability to efficiently plan picking and put-away routes within the warehouse minimises time and resources by 40%, creating opportunities for brands to save on operational costs.

    “Shelf is more than just an inventory solution; it’s a growth enabler for brands,” said Walsh. “Pattern has observed the challenges brands face in managing inventory and warehouse operations when scaling their ecommerce presence across multiple channels, including marketplaces. Shelf addresses these challenges head-on with powerful supply chain tools. These help brands meet customer demand and operate successfully, no matter what ecommerce sales channel they are doing business through.”

    Pattern is the category leader in global ecommerce and marketplace acceleration. For more information, visit https://au.pattern.com/

     

     

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  • Changi Airport Group awards OUE tender for lease and development of new hotel at Changi Airport Terminal 2

    Changi Airport Group awards OUE tender for lease and development of new hotel at Changi Airport Terminal 2

    Changi Airport Group (CAG) and SGX Mainboard-listed OUE Limited (OUE) announced today that OUE has been awarded the tender by CAG for the lease and development of a new hotel to be located at Changi Airport Terminal 2 (T2). The new hotel, Hotel Indigo Changi Airport, is expected to be completed and fully operational by 2028.

    Mr Lee Seow Hiang, Chief Executive Officer of CAG said, “The hotel concept proposed by OUE was the most compelling and promises to be the first zero-energy hotel in Singapore, and possibly the first for an airport hotel in the world. With travel demand continuing to soar and passenger traffic growing beyond pre-Covid levels, the new hotel will elevate the hospitality offerings at Changi Airport. It will serve our visitors well with its differentiated facilities and convenient access to T2. We congratulate OUE on being awarded the tender and look forward to a close partnership in the coming years to bring the idea for Hotel Indigo Changi Airport to life.”

    Deputy Chief Executive Officer and Executive Director Mr Brian Riady of OUE said, “We are very honoured to be awarded this opportunity to develop a new hotel at Changi Airport, a globally renowned aviation hub that is synonymous with innovation and excellence. We look forward to continuing our long-standing partnership with CAG, and to introducing fresh and innovative hospitality concepts to visitors of Changi Airport.”

    The 255-room, 163-metre-long hotel will feature innovative design elements and modern facilities, including a rooftop day club, bar and infinity pool offering panoramic views of the runway, airport boulevard and skyline. With layers of lush rainforest and hanging epiphytes stretching over seven storeys, its design will be centred around the concept of a “Floating Forest.” The new hotel will complement the existing hotels on Changi Airport’s landside including YOTELAIR at Jewel Changi Airport and the award-winning Crowne Plaza Changi Airport located at Terminal 3, which is also owned and leased by OUE Group.

    With sustainability as a core component, Hotel Indigo Changi Airport aims to achieve operational energy neutrality by incorporating sustainability features such as solar photovoltaic panels, hybrid cooling systems, naturally ventilated corridors and rainwater-harvesting technology aimed at reducing environmental impact while enhancing overall guest comfort and well-being.

    “By combining energy-efficient design with low-energy operations while maximising on-site solar energy generation, Hotel Indigo Changi Airport marks a major milestone for OUE as we continually strive to find more sustainable ways to conduct our business,” said Mr Riady.

    The tourism sector in Singapore has seen a rebound from pandemic levels and is expected to continue to attract visitors as the country remains a key destination for leisure and MICE. In 2023, Singapore visitor arrivals surged 115% to 13.6 million from 6.3 million the year before with tourism receipts estimated to be between S$24.5 billion and S$26.0 billion. The strong tourism recovery is expected to continue, with both international visitor arrivals and tourism receipts to climb further in 2024, according to the Singapore Tourism Board”

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  • Korean Air to launch new route to Macau

    Korean Air to launch new route to Macau

    Flights depart from Incheon International Airport at 9:15 pm and arrive at Macau International Airport at 11:55 pm. The return flight departs from Macau International Airport at 1:10 am the next day and arrives at Incheon International Airport at 6:00 am. The flight time is approximately 3 hours and 40 minutes.

    Macau, a special administrative region of China, offers a unique blend of Chinese and Portuguese cultures. With its mild winters, it is considered a great travel destination year round. Visitors can explore exotic streets, historic buildings and the vibrant skyline as well as enjoy many activities such as night bus tours and fountain shows.

    Macau’s proximity to Hong Kong, accessible within an hour by ferry or bus, offers further travel convenience. Korean Air also operates four daily flights between Seoul Incheon and Hong Kong.

    In response to growing travel demand, Korean Air is restoring services and exploring new markets to strengthen its China network. The airline has resumed three weekly flights between Seoul Incheon and Zhangjiajie and four weekly flights between Seoul Incheon and Zhengzhou from April 23 and 24, respectively.

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  • Honda recalls 221 of its most expensive motorcycles for faulty fuel pump

    Honda recalls 221 of its most expensive motorcycles for faulty fuel pump

    Honda Vietnam is recalling 221 of its two most expensive motorcycles, the CBR1000RR Fireblade and Gold Wing, for faulty fuel pumps that could cause their engine to stall.

    The 74 CBR1000RRs and 147 Gold Wings were manufactured in Japan between September 2017 and March 2023 and imported to Vietnam.

    Due to changes in production methods, the faulty fuel pump impeller could get deformed, preventing fuel from flowing into the engine, Honda Vietnam said.

    This could make starting the engine difficult and potentially cause the vehicle to shut down, it said.

    While no accidents have been reported in Vietnam due to the defect, the company advised owners to bring their vehicles to authorized dealers to get them fixed, a task that should take around an hour.

    The recall started on March 29 and will go on for two years.

    CBR1000RRs were once previously recalled in April 2022 for faulty oil cooler pipes that could overheat and melt, causing oil leakages.

    The CBR1000RR is currently priced at VND1.05 billion (US$41,400) and the Gold Wing at VND1.23 billion ($48,500).

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  • WhatsApp is working on an option to stop notifications when someone reacts to your status updates

    WhatsApp is working on an option to stop notifications when someone reacts to your status updates

    WhatsApp is introducing a new feature that will allow users to manage notifications for reactions to their status updates. This means that in the future, you’ll be able to choose whether or not you want to receive an alert when someone reacts to your WhatsApp status update.

    For those unfamiliar, WhatsApp statuses are temporary updates that disappear after 24 hours, similar to Instagram Stories. Users can share photos, videos, text, and voice notes as their status. They can also react to other users’ statuses with emojis. With this new feature, in the latest version of WhatsApp Beta for Android (v2.24.9.29), users will now have the option to disable notifications for these reactions, giving them more control over the alerts they receive on the platform.

    This change comes amid a growing trend of messaging apps giving users more control over their notification settings. Many users find constant notifications to be distracting and overwhelming, and they appreciate the ability to customize their experience. With this update, WhatsApp is following suit and offering its users more control over how they use the app.

    It’s important to note that this feature is still under development, so it’s not yet available to all WhatsApp users. However, the fact that it’s being tested suggests that it could be rolled out more widely in a future update. So, if you’re someone who finds status update reaction notifications to be annoying, you may soon have the option to turn them off.

    This new feature from WhatsApp is a welcome change for users who want more control over how often their device pings them with notifications. It gives them the ability to customize their settings and avoid being bombarded with alerts for every reaction to their status updates, especially in cases where there are many contacts to keep up with.