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High-tech revolution to improve Indonesia’s industrial competitiveness

  Indonesia is looking to utilise advancements in modern technology to spur growth and improve competitiveness in the industrial sector, with the government unveiling a new plan aimed at increasing manufacturing output. Launched in early April, the Making Indonesia 4.0 strategy highlights the potential of technological advancements – including the internet of things, artificial intelligence, […]


Xiaomi says it doesn’t have timeframe to revisit China listing

HONG KONG, June 23 — Xiaomi Corp said it hasn’t set a timeframe to revive an offering of Chinese depository shares, a delay that could hurt China’s ambitions to lure its tech giants to list in the domestic market. The Chinese phone maker had…


UK Brexit hit already exceeds EU budget payments, study shows

LONDON, June 23 — The damage to the UK economy caused by the vote to leave the European Union two years ago already exceeds the size of the budget contributions Britain will be able to claw back when it finally leaves the bloc, according to an…


Indonesia’s growing thirst for coffee drains premium bean

PANGALENGAN, INDONESIA/NEW YORK: For decades, Indonesia has supplied coffee roasters worldwide with prized beans that give a distinctive taste to brews favoured by connoisseurs. Most locals, however, preferred tea. But now, as younger generations switch to coffee and hundreds of independent coffee shops and roasters pop up across the archipelago, Indonesia’s consumption of beans is […]


Xiaomi lowers target as it kicks off IPO

HONG KONG: Chinese smartphone maker Xiaomi kicked off its initial public offering yesterday but the firm is likely to pull in about US$6.1 billion, far less than originally expected, with investors having mixed views about its main business. Xiaomi had hoped to raise US$10 billion with the Hong Kong IPO, making it the biggest since […]


Aeon Wallet to be launched in August

KUALA LUMPUR: Aeon Credit Service (M) Bhd is targeting to launch its cashless payment service Aeon Wallet in August, which will become another core business segment for the group.

Aeon Credit, a subsidiary of Aeon Financial Service Co Ltd Japan, is principally engaged in consumer finance operations through provision of easy payment and hire purchase schemes for purchase of consumer durables and motor vehicles, personal financing schemes and issuance of credit cards.

Aeon Credit will be launching two new products in the current financial year ending Feb 28, 2019 (FY19), in line with the company’s digital initiatives, namely the Aeon Wallet and Aeon Member Plus Card that will provide customers with payment, privileges and benefit to complement the evolving customer lifestyle, attracting customers from all segments to go cashless.

Chief financial officer (CFO) Lee Kit Seong said the e-wallet will be another payment settlement tool for consumers in the market as it looks to first tap into its 6 million member base in the group and to have 1 million users for the e-wallet in a year.

“We’re also introducing the Aeon Member Plus Card to consolidate the loyalty programme of the Aeon group of companies in Malaysia. The e-wallet is one of the settlements like Touch ‘n Go, Alipay, and WeChat Pay. Our e-money will ultimately become mobile payment and Aeon Pay (a settlement medium like iPay88),” Lee told reporters after its AGM today.

“After we expand internally, we will go externally. From e-money, we’re going to put it into a mobile wallet. We want to integrate the Aeon companies (such as Aeon, Aeon Big, Aeon Credit) in Malaysia to have one member (system). Once comfortable, we will go to the region,” added Lee.

Aeon Credit has doubled its capital expenditure (capex) to RM120 million for FY19, from RM60 million in FY18, to invest in its operations and business expansion. The capex will be utilised for its branch transformation and digital marketing initiatives, the upgrading of its system infrastructure and for the introduction of its e-money business.

Lee expects the company to maintain its momentum for FY19, with strong domestic demand being the key driver for growth, along with its transformation business model and continuous improvement in asset quality under the new MFRS9 environment.

Meanwhile, chairman Ng Eng Kiat has maintained that “it is not wrong” in relation to the additional assessments and penalties by the Inland Revenue Board totaling RM96.82 million.

“It’s an issue not just in relation to having to pay the tax. We’re taking the grounds that we’re not liable for those tax. We’re now appealing to the Special Commissioners of Income Tax,” said Ng, adding that it is also in consultation with tax agents, auditors and solicitors.

He said although IRB has raised an assessment and failure to pay by a certain time will result in penalties, winding up of the company or action against the board of directors, it has applied to the Court of Appeal against the High Court’s May decision to get a stay. The hearing has been deferred to July.


Asia remains resilient amid market headwinds — Maybank Kim Eng

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KUALA LUMPUR (June 21): Asia’s underlying fundamentals remain solid with resilient growth prospects despite headwinds from US-China trade friction and rising US interest rates, according to Maybank Kim Eng. The United States and China are expected to continue driving global growth and investment, which will benefit emerging Asia, the investment banking arm of Maybank Group said at its Invest Asia UK conference in London today, noting rising demand from the world’s two largest economies had supported Asia’s export recovery last year. Asia’s private investment is experiencing a revival this yearRead More


Dollar hits fresh 11-month peak as rate divergence bets weigh on euro

LONDON, June 21 —The dollar rose to a fresh 11-month high and the euro sagged towards its 2018 lows on Thursday as investors increased their bets on a prolonged period of monetary policy divergence between the US and European central banks….


Coffee trade slow in Vietnam; Indonesia sluggish after holidays

HANOI, June 21 — Coffee trading was slow in Vietnam with domestic prices staying unchanged after hitting a 25-month low a week earlier, while traders in Indonesia were mostly inactive after a long public holiday. In the Central Highlands,…


Aeon Credit allots RM120m capex for FY19

KUALA LUMPUR: Aeon Credit Service (M) Bhd has doubled its capital expenditure (capex) to RM120 million this year, from RM60 million last year, to invest in its operations and business expansion.

Its executive director and CFO Lee Kit Seong said the capex will be utilised for its branch transformation and digital marketing initiatives, the upgrading of its system infrastructure and for the introduction of its e-money business.

Aeon Credit will also be launching two new products in FY19, in line with the company's digital initiatives, namely the Aeon Wallet and Aeon Member Plus Card that will provide customers with payment, privileges and benefit to complement the evolving customer lifestyle, attracting customers from all segments to go cashless.

Lee expects the company to maintain its momentum for FY19, with strong domestic demand being the key driver for growth, along with its transformation business model and continuous improvement in asset quality under the new MFRS9 environment.