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  • Vietnam’s Gold Market Stumbles as Stronger Dollar Devalues Precious Metal

    Vietnam’s Gold Market Stumbles as Stronger Dollar Devalues Precious Metal

    Gold prices in Vietnam experienced a downturn on Tuesday as the dollar gained strength, affecting the value of the precious metal in global markets. The Saigon Jewelry Company reported a 1.05% decrease in the price of gold bars, now valued at VND141.5 million (US$5,373.89) per tael. It should be noted that a tael is equivalent to 37.5 grams or 1.2 ounces.

    The price of gold rings also plummeted, falling by 1.39% to VND142 million per tael. Thus far, this year has seen a 7.4% decrease in gold prices in Vietnam.

    On the global stage, the value of gold also depreciated. The strength of the dollar played a significant role in this decline, as investors eagerly awaited cues from the Federal Reserve’s imminent policy decision regarding the future of interest rates. Spot gold saw a 0.7% decrease on Tuesday, falling to $4,044.81 per ounce. This came after a potential 1% rise on Monday. U.S. gold futures for August delivery also took a hit, dropping by 0.8% to $4,045.40.

    The dollar’s value remained near a one-month high, making bullion priced in dollars less accessible for holders of other currencies. Ilya Spivak, head of global macro at finance content network Tastylive, commented on the situation saying, “We’re oscillating in this narrow range between $3,950 and $4,200, and I think the market is just waiting for Fed signals.”

    Questions & Answers

    What caused the decrease in gold prices in Vietnam?
    The strengthening of the dollar put pressure on the precious metal on global markets, leading to a decrease in gold prices in Vietnam.

    How much did the price of gold bars and gold rings decline?
    Gold bars decreased by 1.05% to VND141.5 million (US$5,373.89) per tael, while gold rings declined by 1.39% to VND142 million per tael.

    What is the current situation of gold prices on the global stage?
    Gold prices have fallen worldwide, with spot gold decreasing by 0.7% to $4,044.81 per ounce. The rise of the dollar’s value is making dollar-priced bullion more expensive for holders of other currencies.

  • Moncler Soars High: Luxury Retailer Rides the Wave of Asia Market Expansion With Robust Sales Growth

    Moncler Soars High: Luxury Retailer Rides the Wave of Asia Market Expansion With Robust Sales Growth

    Luxury fashion retailer Moncler has reported a strong momentum in sales growth, driven predominantly by its expanding presence in Asia.

    Strong Performance Across Moncler and Stone Island Brands

    The first half of their financial year saw a significant rise in revenues across its Moncler and Stone Island brands, with increases of 9% and 11% respectively. This strong performance for both brands contributed to a combined first-half group revenue of $1.47 billion and earnings before interest of $280 million.

    Remo Ruffini, Moncler’s Executive Chairman, is of the view that the group’s resilience stems not solely from its ability to swiftly adjust to changes, but also from staying true to its identity and maintaining close ties with the communities they serve. “In the first half of the year we delivered solid growth and profitability across both our brands, staying focused on our products, the creativity that characterizes our brands and the collective energy we share with our audiences,” he said.

    Moncler’s Rapid Growth in Asia

    Asia has proven to be the fastest-growing market for Moncler Group, now representing 54.4% of total sales. In comparison, the share of sales in Europe, the Middle East, Africa, and the Americas has seen a decline.

    Ruffini added that the group is continuously seeking innovative ways to remain relevant throughout the year, beyond the core season. Despite the complex and unpredictable operating environment, he believes these challenging times test their ability to be sharper, bolder, while maintaining discipline and staying grounded. “We approach the second half of the year and the opportunities ahead with this same spirit, and with a clear sense of direction,” he concluded.

    Questions & Answers

    What has driven Moncler’s recent sales growth?
    Moncler’s sales growth was primarily driven by its expansion in Asia, contributing to 54.4% of total sales.

    How did Moncler and Stone Island brands perform in the first half of the year?
    Both brands showed significant growth with their revenues increasing by 9% and 11% respectively, leading to a combined first-half group revenue of $1.47 billion.

    What strategy does Moncler implement to stay competitive in the market?
    Moncler strives to remain relevant throughout the year by continuously seeking innovative ways to engage audiences, focusing on their products and the creativity that characterizes their brands while staying true to their identity and maintaining close ties with the communities they serve.

  • 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.

  • Aussie Swimwear Sensation Seafolly Dives into China Market: A Global Expansion Milestone

    Aussie Swimwear Sensation Seafolly Dives into China Market: A Global Expansion Milestone

    Seafolly, the renowned Australian swimwear brand, has officially entered the Chinese market, marking another significant milestone in its ongoing global expansion. This move trails closely behind the brand’s recent launches in the United States and the United Arab Emirates.

    Engaging the Chinese Market with a Tailored Strategy

    Recognizing the increasing demand for high-quality swimwear in China, Seafolly has developed a unique ‘go-to-market’ strategy. This approach is designed to facilitate consumer discovery and engagement with the brand while promoting its shopping experience.

    To bolster this expansion, Seafolly has laid the groundwork by inaugurating an office in Shanghai. This move equips the brand with an on-site team to manage local operations, forge partnerships, and steer the brand’s development in the Chinese market.

    In addition, Seafolly has marked its presence on popular Chinese social commerce platforms such as Rednote, Douyin, and Tmall. This digital outreach aims to leverage the advantages of these platforms to introduce the brand to potential customers and engage with them effectively.

    Creating Connections through Influencer Partnerships

    As part of its introductory phase, Seafolly has partnered with influencers and launched livestream campaigns. These initiatives have already garnered high engagement rates and positive consumer sentiment, paving the way for a successful official launch.

    Brendan Santamaria, CEO of Seafolly, commented on the expansion, stating that their international markets have demonstrated impressive momentum, and there is a growing affinity for premium Australian lifestyle brands in China. He further added that having a local base in Shanghai enables the brand to establish an authentic connection with its consumers and build the brand effectively.

    In the coming months, Seafolly plans to launch physical stores in China, providing a tangible, immersive experience to its customers.

    Questions & Answers

    What is Seafolly’s strategy for its expansion into China?
    Seafolly’s approach is a locally tailored ‘go-to-market’ strategy, aimed at helping Chinese consumers discover and engage with the brand. The company has also opened an office in Shanghai to manage local operations and brand development.

    How is Seafolly leveraging digital platforms in its Chinese market entry?
    Seafolly has marked its presence on multiple Chinese social commerce platforms, including Rednote, Douyin, and Tmall. It has also established partnerships with influencers and launched livestream campaigns, which have generated strong consumer engagement.

    What are Seafolly’s future plans in China?
    In addition to its digital outreach, Seafolly plans to establish physical stores in China later this year, providing customers with a more immersive, tangible brand experience.

  • Vietnam’s Gold Prices Tumble: Global Market Trends and Implications Explored

    Vietnam’s Gold Prices Tumble: Global Market Trends and Implications Explored

    Gold prices in Vietnam witnessed another slump on Monday afternoon, following an earlier decrease of 0.2% in the same session. Saigon Jewelry Company reported a fall in the price of gold bars by 0.82% from the morning rate, settling at VND146 million (US$5,552.39) per tael. This resulted in an overall loss of approximately 1% for the day.

    Additionally, the price of gold rings also declined by 1%, reaching VND145 million per tael. It should be noted that a tael is equivalent to 37.5 grams or 1.2 ounces.

    Global Gold Price Trend

    Internationally, gold prices remained stable on Monday. Investors worldwide were assessing the influence of the escalating tensions between the U.S. and Iran on oil prices. Concurrently, U.S. Federal Reserve policymakers hinted at potential interest rate hikes to alleviate inflationary pressure.

    The spot price of gold lingered at $4,018.75 per ounce. Meanwhile, U.S. gold futures for August delivery slightly advanced by 0.1%, reaching $4,023.20.

    UBS analyst Giovanni Staunovo noted the negative correlation between gold and oil prices. He stated that market players are vigilantly monitoring the developments in the Middle East. Staunovo predicted a weaker dollar would bolster gold prices in the next 6 to 12 months, with expectations of the precious metal surpassing the $5,000 per ounce mark.

    Questions & Answers

    How much did gold prices in Vietnam fall on Monday?
    Gold prices in Vietnam fell by approximately 1% on Monday.

    What is the recent global trend in gold prices?
    Globally, gold prices have remained steady. However, the impact of the U.S.-Iran conflict on oil prices and possible interest rate hikes by the U.S. Federal Reserve are being closely observed by investors.

    What are the predictions for gold prices in the future?
    According to Giovanni Staunovo, a UBS analyst, a weaker dollar is expected to support an increase in gold prices over the next 6 to 12 months, potentially moving above the $5,000 per ounce mark.

  • US Dollar Stumbles Against Vietnamese Dong Amid Market Turbulence

    US Dollar Stumbles Against Vietnamese Dong Amid Market Turbulence

    In the unofficial trading market on Saturday morning, the U.S. dollar experienced a decline against the Vietnamese dong. The greenback was sold 0.04% lower at VND26,410 at these non-official trading spots. Meanwhile, Vietcombank, a significant financial player in the region, maintained its rate at VND26,490.

    A Global Perspective on the Dollar’s Performance

    Worldwide, the performance of the dollar on Friday was relatively stable, but it concluded the week on a lower note. This downtrend was attributable to the moderate U.S. inflation data which resulted in traders reducing their expectations of immediate rate hikes from the Federal Reserve.

    Mounting tension between Iran and the U.S. became a crucial factor impacting the global economy. The recent week-long escalation has significantly undermined the peace agreement established last month. This development has incited investors to seek sanctuary in the dollar and has also contributed to the surge in oil prices to nearly one-month highs.

    The plummeting of the tech-dominated global equity market and the ongoing disturbance to the traffic in the Strait of Hormuz have incited a rush to safety. Elias Haddad, the global head of markets strategy at Brown Brothers Harriman, mentioned this. He also noted the U.S. dollar had recouped some of its losses from this week and that global bond yields had marginally decreased.

    Questions & Answers

    What was the impact of the U.S. inflation data on the dollar?
    The moderate U.S. inflation data led traders to reduce their bets on impending rate hikes from the Federal Reserve, which resulted in the dollar ending the week on a lower note.

    What are the effects of the escalating tension between Iran and the U.S.?
    The escalating tension between Iran and the U.S. has encouraged investors to seek refuge in the dollar and has also pushed oil prices to near one-month highs.

    How did the tech-led global equity market’s performance affect the U.S. dollar?
    The decline in the tech-led global equity market has triggered a flight to safety, helping the U.S. dollar to recover some of its losses from the week.

  • DBS, Singapores Largest Lender, Hits Record Market Value of $155B – A Milestone for Citys Stock Market

    DBS, Singapores Largest Lender, Hits Record Market Value of $155B – A Milestone for Citys Stock Market

    DBS Group, Singapore’s dominant bank, has reached a new milestone with its market value surpassing SGD200 billion (US$154.8 billion) as of Monday. This achievement marks a key moment for DBS, known for being the largest bank in Singapore in terms of asset size, and underscores the strength of the city-state’s stock market. The bank’s shares climbed almost 0.5%, closing at SGD70.79, following their peak at SGD70.80 in the session. To date, the bank’s gains this year total approximately 26%.

    Anticipation of Q2 Results Fuels Rally

    DBS’ increase in market valuation comes ahead of its second-quarter results announcement, scheduled for August 6th. The bank’s net profit for the first quarter had seen a 1% increase to reach SGD2.93 billion, largely driven by record income and robust wealth management fees. Experts believe that the share price surge is likely due to the improving clarity of earnings and a more favorable interest rate outlook. Future growth is anticipated if the banks present an optimistic outlook during their results release.

    Analyst Jayden Vantarakis, the head of Asean equity research at Macquarie Capital, stated, “We are entering an environment where we believe Singdollar rates will be supportive of improving net interest income alongside continued strength in non-interest income.”

    Singapore Banks Propel Straits Times Index

    The collective rally of DBS, OCBC, and UOB, the top three Singapore banks by market value, has boosted the Straits Times Index to all-time highs. Together, these banks make up over half of the index’s total weight.

    According to Vantarakis, the strengthening of the U.S. dollar, due to high U.S. interest rates, will have a positive influence on Singapore dollar rates. Moderate rate increases, he suggests, will encourage wealth inflows and improved asset quality.

    Vantarakis also anticipates a possible further re-rating of the sector, supported by growth in both net interest and non-interest income. He maintains that the Singapore dollar will remain a preferred currency due to the broad strength of the U.S. dollar.

    Lastly, Thilan Wickramasinghe, head of Singapore research and regional head of financials at Maybank Securities, added that the banks are well-positioned to gain from robust credit growth and wealth management fees. He also indicated that ongoing uncertainty in certain regional markets and conflicts in the Middle East, have likely directed safe-haven liquidity towards Singapore banks over the past week.

    Questions & Answers

    What factors have contributed to DBS’ market value surge?
    The bank’s rising market value has been attributed to a combination of an upcoming second-quarter results announcement, improving clarity of earnings, and a more favorable interest rate outlook.

    How have the top three Singapore banks impacted the Straits Times Index?
    The collective rally of DBS, OCBC, and UOB, which constitute over half of the Straits Times Index’s total weight, has propelled the index to all-time highs.

    What is the potential future outlook for the sector?
    There is a potential for further re-rating of the sector supported by growth in both net interest income and non-interest income. Moreover, the Singapore dollar is expected to remain a preferred currency due to the broad strength of the U.S. dollar.

  • Vietnam’s Auto Market Zooms Ahead: 15% Hike in Sales with Hybrids and Imports in the Lead

    Vietnam’s Auto Market Zooms Ahead: 15% Hike in Sales with Hybrids and Imports in the Lead

    The Vietnamese auto market has witnessed a significant growth of 15% in sales during the first half of 2026, as compared to the same period last year. A substantial portion of this growth can be attributed to the robust sales of imported and hybrid vehicles. Cumulative sales during this period amounted to 149,761 vehicles, which presents an increase of 4% from the previous month with total sales reaching 31,104 vehicles, as per a report by the Vietnam Automobile Manufacturers’ Association (VAMA).

    The Uneven Recovery of the Auto Market

    Despite the substantial growth, the auto market recovery in Vietnam appears to be inconsistent. When compared to June 2025, the sales for June 2026 reflect a decrease of approximately 2.7%. The first half of the year marked the sales of over 100,000 passenger cars, around 38,000 commercial vehicles, and nearly 10,865 hybrid vehicles, which witnessed a remarkable growth of 83% year-on-year.

    The surge in the sales of hybrid vehicles suggests a growing preference for fuel-efficient and environmentally friendly vehicles. VAMA reported the sale of 2,347 hybrid vehicles in June alone, marking an increase of 41% from the previous month and nearly double the sales in June 2025, making hybrid vehicles the most rapidly growing sector in the auto market.

    Competitive Landscape and Market Growth Prospects

    Among the brands under VAMA, Toyota secured the leading position with the sale of 6,494 vehicles in June, accounting for nearly 27% of the total sales. They were followed by Mitsubishi with 3,158 units sold, and then Ford with 2,741 units. Kia and Mazda, both distributed by THACO, sold 2,675 and 2,361 vehicles respectively, making it to the top five best-selling brands of June.

    The competition has been intensifying in the market, as reflected by the narrowing gap in sales among the leading brands. It spans across various segments including B-segment sedans, urban SUVs, MPVs, and pickup trucks.

    Industry experts anticipate that the positive performance in the first half of 2026 will lay a strong foundation for greater growth in the second half. Several automakers are planning to introduce new models, expand their hybrid and electric vehicle lineups, and implement promotional programs to boost demand.

    Given the competitive auto loan interest rates, stable supply of vehicles, and a diverse product range, Vietnam’s automotive market is likely to sustain its growth momentum for the rest of 2026. SUVs, MPVs, and hybrid vehicles are expected to continue to drive overall market sales.

    Questions & Answers

    What is the growth rate of sales in the Vietnamese auto market in the first half of 2026?
    The Vietnamese auto market recorded a growth rate of 15% in sales in the first half of 2026.

    Which are the top-performing vehicle brands in June 2026?
    Toyota, Mitsubishi, Ford, Kia, and Mazda were the top-performing vehicle brands in June 2026.

    What type of vehicles are expected to drive overall market sales for the rest of 2026?
    SUVs, MPVs, and hybrid vehicles are expected to be the key drivers of overall market sales for the rest of 2026.

  • Vietnam Gold Prices Hit Two-Week Downtrend Amidst Global Market Shifts

    Vietnam Gold Prices Hit Two-Week Downtrend Amidst Global Market Shifts

    On Tuesday, Vietnam witnessed its lowest gold prices since the start of July, resulting from a decline in worldwide prices due to escalating tensions in the Middle East. The price of a gold bar from the Saigon Jewelry Company fell 0.88%, to VND147.1 million (equivalent to US$5,604.76) per tael. In Vietnam, a tael is a unit of weight equivalent to 37.5 grams or 1.2 ounces.

    Gold Market Trends

    The price of gold rings also saw a decrease, falling by 0.54% to VND146 million per tael. The drop in gold prices this year has amounted to a 3.7% decrease overall.

    On the worldwide stage, after experiencing a 3% drop on Monday, gold prices made a minor recovery. This was following an announcement by U.S. President Donald Trump that he was re-establishing a naval blockade on Iran. This action led to a rise in oil markets, renewed fears about inflation, and the potential for the longevity of higher U.S. interest rates. As a result, spot gold increased by 0.28% to $4,011.10 per ounce.

    Expert Insights

    Market analyst at Forex.com, Fawad Razaqzada, commented on the situation, explaining that the rally in oil prices was a result of the conflict in the Middle East and suggested policy tightening by the Federal Reserve. He also noted that these developments spelled bad news for assets like gold, which yield no interest.

    Razaqzada further speculated, “If oil prices continue to surge, gold prices might experience a downfall, potentially dropping to the $3,800 level initially. There is also a chance they could drop to $3,500 over time if the selling pressure intensifies.”

    Questions & Answers

    What caused the drop in Vietnam’s gold prices?
    The decrease was primarily due to a dip in global gold prices, spurred by increased tensions in the Middle East.

    How has the global gold market reacted to recent events?
    After a 3% plunge on Monday, global gold prices have slightly recovered following the US President’s decision to reinstate a naval blockade on Iran.

    What impact could rising oil prices have on the gold market?
    According to market analysts, if oil prices continue to surge, gold prices could potentially drop significantly, possibly down to $3,500 over time if the selling pressure increases.

  • Vietnam’s Gold Market Dips Amid Global Uncertainty: A Look into the Future of Precious Metal Prices

    Vietnam’s Gold Market Dips Amid Global Uncertainty: A Look into the Future of Precious Metal Prices

    Gold prices in Vietnam experienced a downward trend on Wednesday, continuing a 0.3% dip from earlier in the trading day. The Saigon Jewelry Company suffered a 0.67% price drop of their gold bars from the morning, bringing the total loss for the day to 1.1%. The new price for a tael of gold now stands at VND148.5 million (US$5,647.56). The price of gold rings also followed suit with a 1.1% decrease, rendering each tael to be VND148.2 million. For context, a tael is equivalent to 37.5 grams or 1.2 ounces.

    Global Gold Market and Geopolitical Factors

    On a global scale, gold prices remained relatively stable on Wednesday as investors awaited new indicators on the U.S. Federal Reserve’s interest rate projections. Renewed U.S. airstrikes on Iran raised fears that energy costs and inflation might experience an upsurge. Spot gold showed a slight increase of 0.4% to $4,123.55 per ounce after declining to its lowest since July 2 earlier in the trading day. U.S. gold futures for August delivery, however, fell by 0.5% to $4,135.

    Simultaneously, oil prices surged by over 3%, with U.S. Treasury yields rising and the dollar reaching its highest value in a week. Investors were keenly waiting for the minutes of the Federal Open Market Committee’s June 16-17 meeting, set to be released later that Wednesday, for hints on the Fed’s rate path under Chair Kevin Warsh.

    While gold is typically viewed as a safeguard against inflation and often sees gains during periods of geopolitical uncertainty, high interest rates usually put pressure on the non-yielding asset. Since the onset of the Iran conflict in late February, the precious metal’s value has dropped by more than a fifth.

    Views from Industry Experts

    Carsten Menke, Head of Next-Generation Research at Julius Baer Group Ltd., emphasized that the primary concern for gold and silver markets currently is whether the U.S. Federal Reserve will increase interest rates. He noted, “We do not expect the Fed to raise rates, as part of the inflationary pressure should turn out to be temporary.”

    Questions & Answers

    **What happened to gold prices in Vietnam on Wednesday?**
    Gold prices fell, with the Saigon Jewelry Company experiencing a 0.67% decrease in their gold bars from the morning, totalling a 1.1% loss for the day.

    **How has the recent geopolitical situation affected global gold prices?**
    The recent U.S. airstrikes on Iran have caused some anxiety in the market, contributing to a relatively stable gold price as investors wait for fresh signals on the U.S. Federal Reserve’s interest rate outlook.

    **What are experts saying about the U.S. Federal Reserve’s potential actions?**
    Industry experts, such as Carsten Menke of Julius Baer Group Ltd., do not expect the U.S. Federal Reserve to raise interest rates, believing that the current inflationary pressure could be temporary.

  • Mysterious $1B Investment in True Telecom Sparks Investigation by Thailands Market Regulator

    Mysterious $1B Investment in True Telecom Sparks Investigation by Thailands Market Regulator

    The Thai market regulator has initiated an investigation after an individual surfaced with an estimated one billion US dollars in shareholdings in telecom titan True Corporation, thereby becoming one of its largest shareholders. The regulatory body intends to gather further details and seek explanations from relevant entities in compliance with the standard procedures, as per a recent announcement.

    Stake Increase and Company Backing

    The individual, identified as Supaporn, disclosed in a regulatory filing last week that she had amplified her stake in True, which is based in Bangkok, from 3.9% by purchasing shares through an international broker. Her investment equates to roughly 32 billion baht ($960 million), calculated based on True’s closing price on Monday.

    True Corporation enjoys the backing of Charoen Pokphand Group (CP Group), one of the largest conglomerates in Thailand, and holds the position of the country’s second-largest mobile phone service provider. Earlier this year, Arise Digital Technology, under the control of True’s chairman Suphachai Chearavanont, bought approximately a 25% stake in True from Norway’s Telenor for 39 billion kroner (US$3.9 billion). Both CP Group and Telenor had studied the possibility of merging their telecom units in 2021.

    This deal also included an opportunity to buy an extra 5.4% stake within a two-year timeframe.

    Discrepancies and Legal Implications

    However, there seem to be some inconsistencies in the details provided by Supaporn in her regulatory filing, according to a statement issued by True. The firm stated that it has never offered preference shares to the public and currently does not have any outstanding preference shares. The company has reportedly informed the SEC about the inconsistency.

    The Thai regulator has issued a warning that stern legal measures would be enforced if the ongoing probe uncovers any breaches of the prevailing regulations.

    True also mentioned that the disclosure made by Supaporn about her augmented stake was labeled as preliminary, indicating that the details are incomplete and remain under scrutiny.

    On a different note, this Monday marked the completion of the sale of a 10% stake in True by the CP Group, achieved via a series of transactions as per an official statement.

    Questions & Answers

    What initiated the review by the Thai market regulator?
    The review was initiated after an individual emerged owning nearly one billion US dollars in shareholdings in True Corporation, making her one of its largest shareholders.

    Who is backing True Corporation?
    True Corporation is backed by Charoen Pokphand Group, one of Thailand’s largest conglomerates.

    How did True Corporation react to Supaporn’s regulatory filing?
    True Corporation pointed out some inconsistencies in Supaporn’s filing, stating that the company has never offered preference shares to the public and currently does not have any outstanding preference shares. The firm has notified the SEC about the discrepancy.

  • US Dollar Takes a Dive Against Vietnamese Dong in Black Market Amid Global Weakness

    US Dollar Takes a Dive Against Vietnamese Dong in Black Market Amid Global Weakness

    Over the weekend, the U.S. dollar experienced a dip against the Vietnamese dong on the informal currency exchange market. The dollar was traded 0.34% lower at VND26,560 at unofficial exchange points, while Vietcombank maintained its rate at VND26,463.

    Global Dollar Weakness

    On the global stage, the U.S. dollar was on track for its most significant weekly loss in 12 weeks. This downturn resulted from a lukewarm U.S. employment report, which led to diminished market predictions for an imminent Federal Reserve interest rate increase. This development brought some relief to the Japanese yen.

    The overall weakening of the dollar also boosted the euro, which reached $1.1440, following a nearly two-week high the previous day. The euro ended the week up by 0.5%. Simultaneously, the British pound solidified its position to $1.3352, marking a 1.1% weekly gain, its highest in almost three months.

    Impact on other Currencies

    The increased strength of the dollar also brought relief to the Japanese yen. The yen increased to less than 161 per dollar, a welcome shift after the sudden increase on Thursday, which took the currency from a 40-year low of 162.84 to 161.25. Despite this, market uncertainty surrounding potential intervention risks persisted.

    The dollar’s decline came in response to slowed U.S. job growth in June. Further, the reduced payroll gains for the preceding two months triggered traders to scale back on predictions of a near-term Federal Reserve rate increase.

    Questions & Answers

    What triggered the U.S. dollar’s dip against the Vietnamese dong?
    The dip was triggered by the overall weakening of the U.S. dollar on the global stage, which was a result of a lukewarm U.S. employment report diminishing market predictions for an immediate Federal Reserve interest rate increase.

    How did the global dollar weakness impact the euro and the British pound?
    The weakness of the U.S. dollar led to the strengthening of the euro, reaching $1.1440, and the solidifying of the British pound’s position at $1.3352.

    What caused the shift in the strength of the Japanese yen?
    The shift in the Japanese yen was due to the overall increase in the strength of the U.S. dollar, which took the yen from a 40-year low of 162.84 to less than 161 per dollar.

  • OCE Debuts in Bangkok: Nordic Brand Spreads Wings in Thai Retail Market

    OCE Debuts in Bangkok: Nordic Brand Spreads Wings in Thai Retail Market

    OCE, a lifestyle brand inspired by Nordic culture, has launched its first retail location in Thailand, marking another stride in its ongoing global expansion efforts. The brand, originally based in Guangzhou, set up shop in Bangkok’s Central Chaengwattana shopping centre, introducing the Thai market to its “Nordic laid-back aesthetics”. Customers are offered a diverse selection of over 2000 unique products to choose from within the store.

    A Positive Outlook on Thai Retail Market

    Kenneth Tng, the International Leasing Head at Central Pattana, the parent company of the shopping centre, expressed optimism about OCE’s new venture. He stated that the store’s launch underscored the growing vitality and appeal of Thailand’s retail sector.

    “It’s a privilege for Central Pattana to be chosen as a collaborator for such a pivotal moment in OCE’s worldwide growth,” Tng added. He further stated that the new concept was unveiled at Central Changwattana on June 19.

    Tng reassured that Central Pattana will persist in its commitment to deliver innovative, fresh, and globally pertinent retail experiences to its clientele. The company also plans to continue supporting international brands, like OCE, making their entry and expansion in the Thai market.

    OCE has a strong presence in Mainland China, operating over 50 stores, primarily in the major cities. Last year, the brand extended its reach to Europe with a flagship store opening in Copenhagen, Denmark, and also made its debut in Malaysia with a store launch in Kuala Lumpur.

    Questions & Answers

    What is OCE’s brand inspiration?
    OCE takes inspiration from Nordic culture to create its unique, laid-back aesthetic.

    Where is OCE’s first store in Thailand located?
    OCE’s first Thai store is positioned in Central Chaengwattana shopping centre in Bangkok.

    Does OCE have a presence outside of Asia?
    Yes, OCE expanded its reach beyond Asia in 2020 with the opening of its European flagship store in Copenhagen, Denmark.

  • Vietnam’s Gold Prices Soar Despite Global Market Decline: A Week of Ups and Downs

    Vietnam’s Gold Prices Soar Despite Global Market Decline: A Week of Ups and Downs

    Vietnam’s gold market saw a modest rise in prices on Saturday, ending the week on a slightly high note. The day observed a 0.34% increase in the prices of gold bars from Saigon Jewelry Company, which closed at VND147.2 million (US$5,594.85) per tael. This showed a 0.14% increase over the week.

    Similarly, the prices of gold rings also rose, marking a 0.4% increase to VND147.2 million per tael. For context, a tael is a traditional Asian unit of weight, which is equivalent to 37.5 grams or 1.2 ounces.

    Global Gold Prices

    In contrast to Vietnam, global gold prices experienced a downward trend on Friday. The decline marked the third consecutive weekly fall for the yellow metal. The decrease in prices was influenced by the strengthening of the U.S. dollar and a hawkish stance of the Federal Reserve.

    Spot gold decreased by 0.9%, settling at $4,169.44 per ounce. This was after hitting its lowest level since June 11 at $4,119.78. Also, U.S. gold futures contracted by 1.4% to $4,186.50.

    Senior market analyst at Jefferies-owned Tradu.com, Nikos Tzabouras, commented on the situation. He noted that gold is at risk of sinking further into bear market territory, potentially falling below the $4,000/oz mark. He attributed this to the challenging market environment and the unfavorable effects of prolonged higher Federal Reserve expectations on non-yielding assets, which, however, is beneficial to the dollar.

    With regards to gold price projections, Goldman Sachs revised its forecast, lowering its December prediction to $4,900 per ounce from its earlier estimate of $5,400. The firm reasoned that while its price outlook remains generally positive, it is exercising caution due to potential near-term downside risk and medium-term upside risk.

    Questions & Answers

    What caused the rise in Vietnam’s gold prices?
    The increase in Vietnam’s gold prices is not attributed to a specific cause in the article. However, gold prices can rise due to various factors such as fluctuations in currency values, inflation, and geopolitical instability.

    What is causing the downturn in global gold prices?
    The global decline in gold prices is attributed to the strengthening of the U.S. dollar and the hawkish stance of the Federal Reserve, which has increased expectations for higher interest rates.

    What is Goldman Sachs’ revised forecast for gold prices by December?
    Goldman Sachs has revised its forecast for gold prices by December to $4,900 per ounce, a decrease from its previous estimate of $5,400 per ounce.

  • Singapore Boosts Gold Market Role: Invites Foreign Central Banks for Secure Gold Storage Services

    Singapore Boosts Gold Market Role: Invites Foreign Central Banks for Secure Gold Storage Services

    Beginning in October, Singapore will permit foreign central banks and sovereign entities to store their gold reserves within its borders. This move is aimed at reinforcing Singapore’s standing as a regional hub for gold trading and storage. The city-state’s commercial vaulting capacity currently surpasses 2,000 tonnes. This capacity is utilized by a diverse array of market participants including bullion banks, institutional investors, and high-net-worth individuals, as expressed by Deputy Prime Minister Gan Kim Yong on a recent Monday forum.

    Strengthening the Gold Market

    In addition to providing secure storage, Singapore will cater to foreign central banks and sovereign entities desiring to actively manage their gold holdings. The Monetary Authority of Singapore plans to offer gold accounts to a select group of bullion banks based in Singapore. This initiative will enhance their capability to deliver gold-related services and liquidity to these entities.

    Deputy Prime Minister Yong believes that this move will enhance Singapore’s reputation as a safe and reliable jurisdiction where reserve assets can be securely held and actively managed. The city-state will also be able to connect these assets to wider market liquidity during Asian trading hours, further reinforcing its regional dominance.

    Gold Market Innovations

    Several innovative measures have also been announced to strengthen Singapore’s role in the global gold market. One significant measure includes the establishment of an over-the-counter gold clearing system by the Singapore Exchange by the end of 2026. Interbank trading is anticipated to grow from 2027 onwards.

    This revolutionary system aims to enhance trade processing, boost transparency, and support more efficient clearing and settlement. According to Yong, this will instill greater confidence in market participants to transact in Singapore. The new system will accommodate both large bars and kilobars, enabling standardized settlement during Asian trading hours.

    Large bars refer to 400-troy-ounce gold bars or approximately 12.4 kilograms, which are standard for institutional trading and settlement in London. Kilobars, on the other hand, are 1-kilogram bars that are popular in Asian markets and are accepted for delivery in Comex gold futures contracts in the U.S.

    DBS, Deutsche Bank, ICBC Standard Bank, JPMorgan, OCBC, and UOB have been reported as the six banks that will join as clearing members and contribute to the development of Singapore’s gold market.

    Questions & Answers

    What will Singapore allow from October?
    Starting from October, Singapore will allow foreign central banks and sovereign entities to store their gold reserves in the country.

    What benefits will the proposed gold clearing system bring to Singapore’s gold market?
    The proposed over-the-counter gold clearing system will streamline trade processing, enhance transparency, and support more efficient clearing and settlement, thereby bolstering market participant confidence to transact in Singapore.

    Which banks will be joining as clearing members to develop Singapore’s gold market?
    DBS, Deutsche Bank, ICBC Standard Bank, JPMorgan, OCBC, and UOB are set to join as clearing members to help develop Singapore’s gold market.