Global minimum tax

The bank’s recent report looks specifically at seven areas – super apps, mobile payment, social commerce, short-form videos, eSports, webtoons, and digital health – that are currently essential elements in the Asia marketplace. According to the report, while infrastructure has historically been underdeveloped relative to the West, Asia’s high internet connectivity, young and increasingly affluent and urban demographics, and entrepreneurial spirit have driven the region to adopt many technologies at a faster pace. In doing so, Asia provides a glimpse of what the future could look like in more developed, Western economies. Asia is also the first region to introduce several social commerce formats such as livestreaming e-commerce, helping it to become the undisputed 'time machine' for social commerce globally. “We hope the report provides fresh insights on current differences in technological adoption between Asia and the West, as well as a potential path for how these … [Read more...] about Citi: Asia is a time machine to the future

Taiwan's Foxconn predicts huge growth in AI server business/ illustration photo/ Source: freepik.com Foxconn -- known officially as Hon Hai Precision Industry -- is the world's biggest contract electronics manufacturer and assembles devices for many international brands, most notably Apple's iPhone products. It has also moved to diversify beyond electronics assembly, expanding into areas ranging from electric vehicles to semiconductors and servers. "In 2022 alone, Hon Hai's revenue for servers reached 1.1 trillion Taiwan dollars ($36 billion) to obtain a 40 percent global market share," Chairman Young Liu told an annual shareholders' meeting in Taipei. Liu said Foxconn ranks first in global market share for mobile phones, personal computers and servers, with the AI server market now "rising faster than everyone has expected". He attributed the jump in demand to ChatGPT, the AI programme that burst into the spotlight late last year with the ability to generate essays, … [Read more...] about Taiwan’s Foxconn predicts huge growth in AI server business

Tourists visiting a grape orchard in Ninh Hai district’s Vinh Hai commune in Ninh Thuan province.  (Photo: VNA) Ninh Thuan (VNS/VNA) - The south-central province of Ninh Thuan has introduced new grape varieties and advanced farming techniques to improve farmers’ incomes. The country’s largest grape producing province has more than 1,000ha under the fruit and an annual output of 26,000-28,000 tonnes, according to its Department of Agriculture and Rural Development. It grows mostly two table varieties, Red Cardinal and NH 01-48, and the wine grape Syrah. To add value, the province has developed models of growing high quality grape to Vietnamese and global good agricultural practices ( VietGAP and GlobalGAP), and organic standards, and used advanced farming techniques in recent years. Some 31 per cent of the grape growing area sees the use of advanced techniques such as automatic irrigation and polygreen houses, and quality standards like VietGAP and GlobalGAP, … [Read more...] about Ninh Thuan province develops grape eco-system

Vietnamese Prime Minister Pham Minh Chinh (L) meets with Australian Prime Minister Anthony Albanese on the sidelines of the 40th and 41st ASEAN Summits in Cambodia (Photo: VNA) Hanoi (VNA) – Australian Prime Minister Anthony Albanese ’s visit from June 3-4 is expected to further promote the sound relations between the two countries in all fields, including peacekeeping, education and training. This is the first official visit to Vietnam by Anthony Albanese since taking office and only two months after the state visit by Australian Governor-General, showing Australia's great attention to the Southeast Asian nation. Highlighting the Vietnam-Australia partnership in peacekeeping operations, Colonel Pham Manh Thang, Director of the Vietnam Department of Peacekeeping Operations, said that Australia was one of the first countries to sign a memorandum of understanding (MoU) with Vietnam in UN peacekeeping activities in 2015. The MoU laid a foundation for the two countries to … [Read more...] about PM Anthony Albanese’s visit hoped to lift up Vietnam-Australia partnership

The Vietnam Football Federation (VFF) on Thursday announced that Japanese football expert Koshida Takeshi had joined the association earlier that day as technical director. Takeshi, who replaced predecessor Yusuke Adachi, also a Japanese national, was selected from a shortlist of candidates introduced by the Japan Football Federation (JFF). The JFF and VFF have developed a very close relationship over the past several years. Takeshi’s contract with the VFF will last for one year from June 1. Takeshi’s résumé includes nearly three decades of experience working with Japanese youth and adult football teams. He also holds a PRO Coach license. Prior to coaching, the now 63-year-old Takeshi was considered a big name as a player in the Japanese football scene. In 1993, Takeshi made the jump from playing to coaching. He has since helmed several football teams in the Ishikawa area, as well as the Kanazawa Sakuragaoka High School team. His career also includes a stint as … [Read more...] about Vietnam Football Federation announces new technical director

Sun Taxi Joint Stock Company on Thursday entered into a deal with Vietnamese carmaker VinFast to order 3,000 VF 5 Plus electric cars to offer taxi services using electric vehicles (EVs), aside from the former’s current fleet of fuel-powered units. The move is part of Sun Taxi’s strategy on green transition, business expansion, and service quality enhancement, thereby promoting the switch to green transport and supporting Vietnam’s ambitious goal of achieving net zero emissions by 2050. Sun Taxi plans to first launch electric taxi services in some central and Central Highlands provinces and cities in the country such as Quang Binh, Hue, Quang Ngai, Binh Dinh, Phu Yen, Gia Lai, and Kon Tum. By 2025, the company will offer the services using all 3,000 VinFast EVs across the country. Nguyen Duy Hung, board chairman of Sun Taxi, said EV adoption is an ongoing global trend, of which Vietnamese businesses should not stand outside. The taxi service provider, which has many … [Read more...] about Sun Taxi inks deal with VinFast for 3,000 EVs

In the first quarter, Generali ’s gross written premiums increased to $23.76 billion – up 1.3 per cent – driven by robust growth in the property and casualty (P&C) segment – up 10.1 per cent. Life net inflows were entirely focused on unit-linking and protection, consistent with the group’s strategy. Meanwhile, its operating result rose to $1.9 billion, a rise of 22.1 per cent, mainly thanks to the strong contribution from the P&C segment, while the Life segment was resilient. The combined ratio improved to 90.7 per cent, down 5.6 per cent on-year. The excellent new business margin stood at 5.72 per cent, up 0.32 per cent against Q1 last year. Generali's adjusted net result grew substantially to $1.27 million, an increase of 49.7 per cent, reflecting the benefit of diversified profit sources. The extremely solid solvency ratio stood at 227 per cent, compared with 221 per cent in the financial year 2022. Generali Group CFO Cristiano Borean said, “The strong … [Read more...] about Generali confirms its extremely solid capital position

The exchange rate in the interbank market has been stable in May, hovering in a tight range around the State Bank of Vietnam's (SBV) reference dollar buying price. In the global market, the greenback is forecast to continue to weaken. Accordingly, the US Federal Reserve raised the base rate by a quarter of a percentage point in the early May meeting, but many forecasts believe that this might be the last base rate hike before it trends sideways, and that it is likely that the Fed will start cutting the rate in the second half of this year. Accordingly, the SBV reduced the diverse regulatory rate by 0.5 per cent from May 25. Commenting on the impact of the rate change, Nguyen Hung, CEO of tech-driven TPBank, said that although it might go counter to the world trends, there were positive signs supporting the move, such as the Fed or several central banks might stop adjusting interest rates, and the local economy had acquired enough resources to control the situation. … [Read more...] about Softer exchange rate loom in H2