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  • Gojek Co-Founder Sentenced to Decade Behind Bars, Stirs Investor Anxiety Amid Corruption Scandal

    Gojek Co-Founder Sentenced to Decade Behind Bars, Stirs Investor Anxiety Amid Corruption Scandal

    Nadiem Makarim, a co-founder of tech giant Gojek and former education minister, has been found guilty of some charges in a corruption case by an Indonesian court and sentenced to ten years in prison. Makarim, aged 41, has contested the charges, declaring that the case against him is politically driven, an opinion that has garnered support from scholars and rights activists.

    The Potential Impact on Investor Confidence

    This verdict could potentially further weaken investor confidence in Indonesia. The nation’s currency, the rupiah, and stocks have seen a downturn this year following cuts to projections by credit rating agencies due to erratic policy decisions and governance worries. Additionally, the index provider MSCI is considering downgrading Southeast Asia’s largest economy due to concerns over market transparency.

    Makarim was accused of profiting from the government’s decision to purchase Google Chromebook laptops for Indonesian schools during his tenure as education minister from 2019 to 2024 under the former administration of Joko Widodo. This decision allegedly resulted in state losses amounting to US$125 million.

    Details of the Verdict

    Delivering the ruling at Indonesia’s Corruption Court in Jakarta, Chief Judge Purwanto Abdullah declared that a panel of judges had found Makarim guilty of misusing his authority and causing state losses. However, Makarim was acquitted of the charge of directly seeking personal enrichment.

    Makarim was ordered to pay a fine of 1 billion rupiah and return over 800 billion rupiah (US$45 million), an amount the judges determined was personal gain from the deal. Failure to return the money would add an additional five years to his prison term, the judges said.

    Surrounded by his family and friends, a tearful Makarim expressed his intention to appeal the verdict. He claimed the facts supporting the sentence were unreasonable, adding that he couldn’t meet the payment amount ordered by the court.

    Prosecutors alleged that Gojek’s parent company’s investment from Google influenced the procurement decision. They also claimed that Makarim created tender specifications that only matched the Chrome system, making Google the sole controller of the educational environment in Indonesia.

    Google, however, wasn’t indicted. Makarim has refuted these allegations, stating there was no personal enrichment, and the investment from Google in Gojek’s parent company had no relation to the procurement.

    Questions & Answers

    What were the charges against Nadiem Makarim?
    Makarim, former education minister and co-founder of Gojek, was found guilty of abusing his authority and causing state losses.

    What are the potential ramifications of this ruling on Indonesia’s economy?
    This ruling may further weaken investor confidence in Indonesia, exacerbating existing concerns over unpredictable policymaking, governance issues, and market transparency.

    What was the penalty imposed on Makarim by the court?
    Makarim was sentenced to ten years in prison and ordered to pay a 1 billion rupiah fine. He was also directed to return over 800 billion rupiah, an amount the judges said he personally gained from the deal.

  • “Revolutionizing Fitness: OxyShred Steps into Protein Realm with New Lean Bars and Shakes”

    “Revolutionizing Fitness: OxyShred Steps into Protein Realm with New Lean Bars and Shakes”

    EhPlabs’ popular product, OxyShred, is broadening its range to include protein, with the introduction of OxyShred Lean Protein Bars and Lean Protein Shakes in Australia.

    OxyShred Lean Protein Bars

    The Lean Protein Bars are now available at Chemist Warehouse and will be on the shelves of 7-Eleven stores starting from January 3. Each bar is said to contain 18 grams of protein, 7 grams of fibre, 2 grams of sugar, and just 160 calories. These bars are also gluten-free, low in lactose, and made using natural sweeteners and flavours.

    OxyShred Lean Protein Shakes

    The Lean Protein Shakes are scheduled to debut in 7-Eleven stores next month. Each shake is packed with 30 grams of protein and includes medium-chain triglycerides for energy and lactase enzymes to promote digestion. Similar to the bars, these shakes contain less than 2 grams of sugar and 160 calories.

    New Flavours of OxyShred Infinity

    Additionally, OxyShred is diversifying its caffeine-free energy drink line, OxyShred Infinity, by adding Citrus Paradise and Sparkling Apple flavours, which will be available in 7-Eleven stores.

    Questions & Answers

    What are the key ingredients in the OxyShred Lean Protein Bars?
    The bars contain 18 grams of protein, 7 grams of fibre, 2 grams of sugar, and 160 calories. They are also gluten-free, low-lactose, and made with natural flavours and sweeteners.

    When will the OxyShred Lean Protein Shakes be available?
    The Lean Protein Shakes are set to launch in 7-Eleven stores next month.

    What new flavours are being added to the OxyShred Infinity line?
    The OxyShred Infinity line is expanding with the addition of Citrus Paradise and Sparkling Apple flavours.

  • Ferrero’s Fulfil Protein and Vitamin Bars Hit New Zealand Shelves, Boosting Wellness Market via Chemist Warehouse

    Ferrero’s Fulfil Protein and Vitamin Bars Hit New Zealand Shelves, Boosting Wellness Market via Chemist Warehouse

    Fulfil, a protein and vitamin bar brand owned by Ferrero, has broadened its market reach by launching in New Zealand. This expansion comes as part of the brand’s global growth strategy, with the products now available in Chemist Warehouse stores and for purchase online.

    Fulfil first made its appearance in Australia in November of the previous year. The brand’s offerings include bars containing 20 grams of protein, less than 3 grams of sugar, and a blend of nine essential vitamins. The bars are available in an array of flavours, such as Chocolate Peanut Butter, Milk Chocolate Crunch, Chocolate Hazelnut Whip, and Chocolate Salted Caramel.

    This move into the New Zealand market is viewed as a strategic step in Fulfil’s international growth. It effectively harnesses the influence of Chemist Warehouse in the wellness and sports nutrition market, offering a new avenue for distribution and sales.

    The acquisition of Fulfil by Ferrero took place in 2022. This move was aimed at solidifying Ferrero’s foothold in the healthier snacking sector, aligning with changing consumer trends towards more functional nutrition.

    The Fulfil vitamin and protein bars have been priced at $5.99 per unit.

    Questions & Answers

    What is Ferrero’s latest expansion move?
    Ferrero, through its owned brand Fulfil, has expanded into the New Zealand market, where the protein and vitamin bars will now be available in Chemist Warehouse stores and online.

    What offerings does the Fulfil brand provide?
    Fulfil offers bars that contain 20 grams of protein, less than 3 grams of sugar, and a blend of nine essential vitamins. The products come in a range of flavours, including Chocolate Peanut Butter, Milk Chocolate Crunch, Chocolate Hazelnut Whip, and Chocolate Salted Caramel.

    What was the objective behind Ferrero acquiring Fulfil?
    Ferrero acquired Fulfil in 2022 with the aim to strengthen its presence in the healthier snacking segment. This acquisition aligns with shifting consumer trends towards functional nutrition.

  • Gold Bar Prices Surge as Global Market Rates Rebound – What It Means for Investors

    Gold Bar Prices Surge as Global Market Rates Rebound – What It Means for Investors

    Vietnam gold bar prices rose on Monday afternoon as global bullion rates recovered from a one-month low. On Monday, the price of gold bars from the Saigon Jewelry Company increased by 0.25%, reaching VND119.5 million (approximately US$4,578.98) per tael, while the gold ring price held steady at VND115.7 million. For reference, a tael weighs about 37.5 grams or 1.2 ounces.

    A Global Recovery in Sight

    Internationally, gold prices made a comeback, buoyed by a weakening dollar. Earlier in the day, gold had dipped to its lowest point since May 29, prompted by easing tensions in U.S.-China trade relations that reduced the demand for safe-haven assets while heightening risk appetites, according to Reuters.

    Market Insights and Investor Sentiment

    Spot gold climbed by 0.5% to reach $3,290 per ounce after its earlier dip, with U.S. gold futures also rising by 0.4% to $3,301. Tim Waterer, Chief Market Analyst at KCM Trade, highlighted that the market sentiment has shifted away from a “doom and gloom” perspective regarding tariff discussions and geopolitical tensions in the Middle East, resulting in a decline in gold’s safe-haven appeal.

    Key Price Levels to Watch

    “The dollar continues to be under pressure, which is preventing a steep decline in gold prices,” Waterer noted. “The $3,250 threshold is pivotal for gold, as a breach of this level could lead to a swift plunge toward $3,200.” It seems the gold market is not ready to don its “doom and gloom” costume just yet, but the balance is precarious.

    Questions & Answers

    What was the price increase for gold bars in Vietnam on Monday?
    The price of gold bars from the Saigon Jewelry Company rose by 0.25% to VND119.5 million (approximately US$4,578.98) per tael.

    What contributed to the rise in global gold prices?
    Global gold prices increased due to a weaker dollar and improved investor sentiment following easing U.S.-China trade tensions, which dampened the demand for safe-haven assets.

    What key price level should investors watch for gold?
    Investors should monitor the $3,250 level, as a breach of this threshold could trigger a more significant decline toward the $3,200 mark.

  • Vietnam consumes 50 tons of gold annually

    Vietnam consumes 50 tons of gold annually

    Vietnam consumes nearly 50 tons of gold jewelry each year, with 80% absorbed by HCMC, according to the Saigon Jewelry Association (SJA).

    The country imported more than 1,000 tons of gold in the 1991-2012 period.

    Businesses have not been allowed to import raw gold since May 2012, but consumption of the precious metal has still increased stealthily every year, said SJA.

    In recent years, the export turnovers of Vietnamese gold jewelry have stood at $20-30 million per year.

    The jewelry is mainly exported to Asian and European markets such as Germany, Denmark and France.According to the World Gold Council, Vietnam’s demand for gold bars, coins and jewelry ranks first in Southeast Asia.

    Vietnam gold companies churn out more than 11 million gold products weighing over 40 tons, thanks to an industry that employ over 38,000 jewelers, according to SJA.

    However, the ban on importing raw gold has caused difficulties for gold companies because there are differences between gold prices in international and local markets.

    Lees ook:

  • Facebook releases BARS, the rap app

    Facebook releases BARS, the rap app

    Apps for creating short musical, visual, attention-grabbing clips have been all the rage these years. We’ve been through viral platforms such as Vine, Musical.ly, TikTok, and now, we’ve got BARS. Facebook seems to want in on the fad as it just came out with a new app that allows you to release the rapper within you by easily recording and sharing up to 60-second-long clips. The experimental app, currently in its beta version, is only available in the App Store for iPhone users—but who knows where time will take it.

    The way the app works is very simple. It’s got a database of hundreds of professionally created beats to choose from and rap to. Rather than creating music alongside friends, as in Facebook’s similar app Collab, BARS aims to offer an easy and accessible platform for aspiring rappers to share their individual talent. It offers features like autotune, and auto-suggestion of rhymes for your lines as you rap. The app also offers an entertaining “Challenge” mode, made to feel more like a game and which provides word cues for freestyling. There are plenty of customizations available, including a variety of visual and audio filters, to personalize the production.

    The app was developed by a team of aspiring rappers who are also part of Facebook’s NPE (New Product Experimentation) development team. They personally realized the value such a platform could bring to young musicians, perhaps green in the music world but passionate about sharing their talent. The pandemic lockdown, which has closed performance venues and formerly available public platforms to musicians, influenced the app’s creators to allow artists to share their work online even if they could not do so live.

    As the app is still being perfected, it remains to be seen how well BARS will do in the App Store. Although it is publicly available for download, there is a growing waitlist which new users must join to participate in a closed beta test before full public access.

  • Strict Thai curfew forces stores to close cross nation

    Strict Thai curfew forces stores to close cross nation

    Thailand’s government has imposed an overnight curfew effective tonight that will force the closure of tens of thousands of convenience stores and street vendors.

    The curfew will run from 10pm to 4am. During that time all Thais and visitors to the country must remain indoors, with exceptions only for emergency services, medical workers and patients.

    Further exemptions include the transportation of goods, farm produce, medical supplies, fuel, parcels, goods destined for export or import, vehicles transporting people to quarantine sites, shift workers, and people traveling to or from airports.

    People who breach the curfew face up to two years in jail and/or a fine of up to Bt40,000 (US$1200).

    A majority of Thailand’s 7-Eleven stores, and rival chains, in urban areas traditionally trade 24 hours a day serving shift workers and tourists, but as of tonight, they will be forced to close.

    The move follows a ban on restaurants and bars serving customers on-site and a total, indefinite liquor retailing ban in one northern province.

    Thailand’s usually vibrant tourist industry has been decimated by the coronavirus epidemic with foreigners now all but banned from entering the nation and lockdowns and social-distancing measures being enforced nationwide.

    In addition to the curfew, public transport will be suspended across Thailand from 9.30pm to 4am, from tonight onwards.

    As of Thursday, Thailand had reported 1875 cases or coronavirus and 15 fatalities.

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  • Karaoke bars told to pay annual royalty fee of 9 cents per song in Vietnam

    Karaoke bars told to pay annual royalty fee of 9 cents per song in Vietnam

    Vietnam’s recording industry association told karaoke businesses to take copyright laws seriously. From mid-July this year, royalty fees for more than 10,000 licensed musical works will be collected by the Recording Industry Association of Vietnam (RIAV), the organization said in a statement on Tuesday.

    The rate for a one-year license for each song will be VND2,000 ($0.09).

    Before releasing the statement, the association conducted a survey on the use of musical works under the protection of the association for commercial purposes in the provinces of Quang Ninh, Tra Vinh and Ben Tre.

    RIAV claimed that infringing on copyright to make a profit violates the Civil Code, Intellectual Property Law and other relevant regulations.

    Along with the proposed fee, RIAV has told karaoke businesses to take copyright laws seriously by immediately taking protected songs off their playlists and complying with laws regarding the payment of royalties.

    Earlier this month, in a meeting with a state official, U.S. Ambassador to Vietnam Ted Osius highlighted his interest in protecting intellectual property. He also urged authorities to take action.

    Vietnam has signed five international conventions and treaties for the protection of artistic works.

    There are four associations in Vietnam set up to protect composers and their works.

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