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Tag: climbs

  • Indonesia Climbs the Ranks as 4th Largest Food & Beverage Exporter in ASEAN, Eyeing More Global Growth

    Indonesia Climbs the Ranks as 4th Largest Food & Beverage Exporter in ASEAN, Eyeing More Global Growth

    Indonesia is emerging as an influential player in the food and beverage (F&B) industry. According to Dyah Roro Esti, Indonesia’s Deputy Minister of Trade, the nation’s F&B exports have accumulated a value of $6.25 billion. This figure positions Indonesia as the fourth-leading F&B exporter in the Association of Southeast Asian Nations (ASEAN), trailing Thailand, Vietnam, and Singapore.

    Indonesian F&B Industry: Potential for Expansion

    Esti shared these insights during the Indonesia Food and Beverage Trade Promotion Forum held in Jakarta. She emphasised that the F&B sector has significant prospects for expansion and growth. The Ministry of Trade is actively encouraging local businesses to explore international markets via Indonesia’s extensive global trade network.

    Comparatively, Indonesia’s F&B exports rank fourth in ASEAN nations, following Thailand ($17 billion), Vietnam ($8.8 billion), and Singapore ($6.5 billion).

    Esti pointed out the robust potential for Indonesian F&B products in international markets, particularly the ones complying with halal standards. Highlighting the Middle East as a promising marketplace, she expressed optimism about the export prospects for Indonesian businesses.

    Support for Domestic Businesses

    To propel domestic businesses, the trade ministry is utilizing a network of Trade Attachés and Indonesian Trade Promotion Centers in 33 countries. This framework aims to facilitate connections between Indonesian enterprises and potential overseas partners and purchasers.

    Indonesian food products are steadily gaining a firmer foothold in international markets. This growth is attributed to the continuous overseas expansion of local businesses and restaurants. Additionally, the global Indonesian diaspora serves as a substantial market for the country’s F&B products.

    In conclusion, the Ministry of Trade believes that leveraging its international trade network, penetrating new markets, and capitalizing on the rising demand for halal food will be instrumental in boosting exports in the future.

    Questions & Answers

    What is the current value of Indonesia’s food and beverage exports?
    As per Indonesia’s Deputy Minister of Trade, Dyah Roro Esti, the nation’s food and beverage exports have reached a value of $6.25 billion.

    What strategy is the trade ministry employing to support domestic businesses?
    The trade ministry is leveraging a network of Trade Attachés and Indonesian Trade Promotion Centers in 33 countries to help domestic businesses connect with potential overseas partners and buyers.

    What’s the significance of halal standards for Indonesia’s food and beverage industry?
    Halal compliant food and beverage products have a robust potential in international markets, particularly in the Middle East. The trade ministry sees the rising global demand for halal food as an opportunity to boost Indonesia’s exports.

  • US Dollar Climbs Against Vietnamese Dong Amid Globally Awaiting Inflation Data

    US Dollar Climbs Against Vietnamese Dong Amid Globally Awaiting Inflation Data

    The U.S. dollar experienced an increase against the Vietnamese dong on Wednesday morning while remaining largely stable against other major currencies. The greenback was sold at VND26,330 by Vietcombank, marking a slight increase of 0.04% from Tuesday’s rate. The currency also saw an increase of 0.35% on the black market, where it was traded at around VND25,800.

    Vietnam’s State Bank Raises Reference Rate

    The State Bank of Vietnam responded to the changes by adjusting its reference rate upwards by 0.09%, setting it at VND25,539. This is a significant step for the bank as it supports the stability of the Vietnamese dong in the face of global economic changes.

    On the global front, the dollar held steady in the Asian market in the early hours of Wednesday. It successfully weathered recent disturbances such as renewed attacks on shipping in critical Middle Eastern waterways. Market players are now eagerly awaiting the release of inflation data later in the day, which could have a significant impact on the currency’s performance.

    The U.S. dollar index, a measure of the dollar’s performance against a collection of six major currencies, exhibited a marginal increase of 0.1%, reaching 99.858.

    Performance of Other Major Currencies

    In terms of other major currencies, the yen remained steady against the dollar at 159.335 yen. This comes despite recent joint interventions by U.S. and Japanese authorities aimed at bolstering the Japanese currency.

    The euro and the British pound were likewise stable at $1.1537 and $1.3503 respectively. The Australian dollar also held its ground at $0.7064. However, the kiwi dollar experienced a slight dip, falling by 0.1% to $0.5876.

    In the coming week, market attention will be firmly placed on the release of U.S. inflation data. This information will be crucial for providing clues about the future direction of Federal Reserve interest rates. This is particularly relevant given that last week’s softer-than-expected jobs report and a press conference by Fed Chair Kevin Warsh last month have done little to clarify the situation.

    Questions & Answers

    What was the selling rate of the greenback against the Vietnamese dong on Wednesday?
    The greenback was sold at VND26,330 by Vietcombank on Wednesday.

    How did the U.S. dollar perform on a global scale?
    The U.S. dollar traded sideways in early Asian dealings on Wednesday despite recent disturbances in the Middle East.

    What is expected to be the major focus for markets in the coming week?
    The major focus for markets in the coming week is the release of U.S. inflation data which is expected to provide clues about the future direction of Federal Reserve interest rates.

  • US Dollar Climbs Against Vietnamese Dong in Black Market Amid Global Uncertainties

    US Dollar Climbs Against Vietnamese Dong in Black Market Amid Global Uncertainties

    The U.S. dollar saw an incremental increase against the Vietnamese dong in the unofficial market on Thursday morning. Independent exchange centers traded the U.S. dollar 0.19% higher, at VND26,380, while Vietcombank maintained its rate at VND26,500.

    Global Currency Trends

    Globally, the U.S. dollar stabilized largely on Thursday. The escalating U.S.-Iran tensions fostered a sense of uncertainty among investors, bolstering the demand for the U.S. dollar, a widely recognized safe-haven currency. Concurrently, the Japanese yen hovered around a 40-year low, with no imminent signs of recovery.

    The dollar index, a metric that juxtaposes the U.S. dollar against a selection of currencies including the yen and the euro, slightly declined by 0.06%, settling at 101.05. The increasing geopolitical tensions between Washington and Tehran have triggered a rise in oil prices, intensifying inflation fears. This in turn has facilitated an appreciable gain for the greenback.

    Meanwhile, the euro experienced a minor increase of 0.07%, closing at $1.1418. The European Central Bank (ECB) is scheduled for a meeting later on Thursday. It is expected that the ECB will maintain its interest rates, but will leave room for a potential rate hike in September. This anticipated move is in response to the recent surge in energy prices, which threatens to exert additional inflationary pressure.

    Questions & Answers

    What impact did the U.S.-Iran tensions have on the U.S. dollar?
    The escalating tensions between the U.S. and Iran fostered investor uncertainty. This led to increased demand for the U.S. dollar, a well-known safe-haven currency.

    What changes were observed in the euro and the Japanese yen?
    The euro saw a slight increase of 0.07%, while the Japanese yen remained around a 40-year low with no clear signs of improvement.

    What is the expected move of the European Central Bank in response to the recent surge in energy prices?
    The European Central Bank is anticipated to maintain its current interest rates but may consider a rate hike in September to counter the potential inflationary pressure stemming from the recent surge in energy prices.

  • Gasoline Takes a Dip while Diesel Climbs: Fuel Price Fluctuations Amid Global Tensions

    Gasoline Takes a Dip while Diesel Climbs: Fuel Price Fluctuations Amid Global Tensions

    On Thursday afternoon, fluctuations in global rates resulted in a decrease in gasoline prices and an increase in diesel prices. The popular gasoline variant, E10 RON95, saw a 2.01% drop pricing it at VND20,000 (US$0.76) per liter.

    Diesel Prices Rise as Biofuel Demand Increases

    Contrarily, diesel prices experienced a 2.73% surge, amounting to VND21,740. Despite the recent increase, the cost of diesel has seen a significant reduction, dropping by half from its peak price in April of this year. In addition, Biofuel E5 RON92 saw a 2.69% increase, bringing the price to VND19,190.

    Global fuel prices have been considerably influenced by recent tensions in U.S.-Iran relations, as reported by the Ministry of Industry and Trade and the Ministry of Finance. Over the last week, the price of RON95 fell 2.6% to $97.5 per barrel, while diesel prices increased 4.2% to $116.5 per barrel. The cost of Mazut also decreased by 1% to $428.3 per ton.

    Vietnam’s Fuel Consumption Trends

    Vietnam authorities have announced that they will continue to eliminate fuel-related taxes, excluding the special consumption tax, through the end of September. Following the widespread introduction of E10 gasoline just a month ago, Vietnam has reported a consumption of approximately 980 million liters of biofuel gasoline. Out of this total, E10 gasoline made up for 924 million liters or 96%.

    Questions & Answers

    What changes were observed in the fuel prices recently?
    Gasoline prices fell by 2.01%, while diesel prices increased by 2.73%.

    What factors are influencing the global fuel prices?
    The recent U.S.-Iran tensions have had significant impacts on the global fuel prices.

    What has been the consumption trend for biofuel gasoline in Vietnam?
    In the past month, Vietnam consumed around 980 million liters of biofuel gasoline, out of which E10 gasoline accounted for 96%.

  • Andrea Rigoglioso Climbs Corporate Ladder to CEO at Denim Giant Diesel, Marking Dynamic Leadership Shift

    Andrea Rigoglioso Climbs Corporate Ladder to CEO at Denim Giant Diesel, Marking Dynamic Leadership Shift

    Diesel, a denim brand owned by the OTB Group, has recently made strategic changes in its executive leadership, welcoming Andrea Rigogliosi as its new CEO. The move is part of the brand’s well-defined development strategy.

    New Leadership

    Rigogliosi will be reporting directly to Ubaldo Minelli, the CEO of the OTB Group. His appointment has been met with enthusiasm by the organization, with the founder of Diesel and chairman of the OTB Group, Renzo Rosso, extending a warm welcome to the new executive.

    Rosso expressed confidence in Rigogliosi’s abilities and stated, “Rigogliosi is joining Diesel at a critical juncture in the brand’s evolution. I am confident that, in collaboration with our team, he will significantly amplify Diesel’s potential.”

    Impressive Track Record

    Rigoglioso brings a wealth of leadership experience from the luxury, fashion, and retail sectors. His former role was global head of retail and commercial at Miu Miu, a part of the Prada Group. During this tenure, he successfully directed global business growth and boosted distribution expansion.

    His impressive career also includes top leadership roles within the LVMH Group. He served as the president of Europe at Fendi, and the General Manager at Christian Dior Couture for France & Monaco, as well as Italy. Further, his experience also includes managerial stints at Poltrona Frau Group and L’Oréal Luxury Products.

    A New Chapter for Diesel

    Rigoglioso’s appointment as CEO of Diesel fills a leadership void that was created in 2023, following Poletto’s departure. This change also followed Massimo Piombini’s three-year stint as CEO from 2020 to 2023.

    Questions & Answers

    Who has been appointed as the new CEO of Diesel?
    Andrea Rigogliosi has been appointed as the new CEO of Diesel.

    Who will Andrea Rigoglioso report to in his new role?
    Andrea Rigoglioso will report directly to Ubaldo Minelli, the CEO of the parent company, OTB Group.

    What does Andrea Rigoglioso bring to Diesel?
    Andrea Rigoglioso brings extensive leadership experience from the luxury, fashion, and retail sectors. He has previously held senior leadership positions at global brands like Miu Miu – Prada Group, LVMH Group, Poltrona Frau Group, and L’Oréal Luxury Products.

  • Vietnam Climbs to 5th Spot in US International Student Rankings; Contributes $1.15B to Economy

    Vietnam Climbs to 5th Spot in US International Student Rankings; Contributes $1.15B to Economy

    During the previous academic year, U.S. higher education institutions saw an unprecedented influx of nearly 25,600 students from Vietnam. As such, Vietnam now holds the title of being the fifth most significant source of international students for the United States.

    Academic Year 2024-2025: A Closer Look

    The 2024-2025 academic session witnessed a significant 15.9% increase in Vietnamese students studying in the U.S., taking the total count to 25,584. This not only marked the highest inflow of Vietnamese students ever recorded but also contributed nearly US$1.15 billion to the U.S. economy.

    The data, which was recorded by the Institute of International Education (IIE), is the highest it has ever been since the IIE commenced tracking Vietnamese students in the U.S. in the 2000-2001 academic session.

    The majority of these students were enrolled in undergraduate programs, comprising 63% of the total. They were followed by graduate students at 17.3%, students on Optional Practical Training (OPT) at 14.2%, and non-degree students making up the remainder.

    Global Presence

    In the same academic year, more than 1.17 million international students from over 200 countries and territories chose to study in the U.S., marking a 4.5% increase from the previous academic year. These international students constituted 6% of the total U.S. higher education population and contributed nearly $55 billion to the U.S. economy, thereby supporting over 355,000 jobs.

    The top countries contributing to the U.S. student population were India with 363,019 students (a 9.5% increase), China with 265,919 students (a 4% decrease), South Korea with 42,293 students (a 2% decrease), and Canada with 29,903 students (a 3% increase).

    Interestingly, while there was a 2.7% decrease in the number of students enrolled in graduate programs (master’s or doctorate degrees), undergraduate student enrollment witnessed an increase of 4.2%. This marks the first significant surge in undergraduate enrollment since the onset of the Covid-19 pandemic. The number of international students pursuing OPT also experienced a substantial growth, reaching 294,253 – constituting a 21% increase from the previous year.

    Over half (57%) of international students across all academic levels pursued STEM fields (Science, Technology, Engineering, and Mathematics). The most popular fields were Mathematics and Computer Science, chosen by one in four students, followed by Engineering, and Business & Management.

    However, it is important to note that despite the overall growth in the number of international students, new enrollments, i.e., students studying for the first time, decreased by 7.2% to 277,118 in 2024-2025.

    Questions & Answers

    What was the increase in Vietnamese students studying in the U.S. during the 2024-2025 academic year?
    The number of Vietnamese students studying in the U.S. increased by 15.9% during the 2024-2025 academic year.

    Which countries contributed the most to the U.S. student population in the 2024-2025 academic year?
    The top countries contributing to the U.S. student population in the 2024-2025 academic year were India, China, South Korea, and Canada.

    Which academic fields were the most popular among international students in the 2024-2025 academic year?
    The most popular academic fields among international students in the 2024-2025 academic year were Mathematics and Computer Science, followed by Engineering, and Business & Management.