30/06/2025

BIZ & FINANCE MONDAY | JUNE 30, 2025

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Former head of Chinese airline under graft investigation BEIJING: The former head of China Eastern Airlines is under investigation over corruption allegations, two Chinese anti-graft bodies said on Saturday. Liu Shaoyong, who headed the airline from 2009 until his resignation in 2022, is being investigated for “serious violations of discipline and law”, the Central Commission for Discipline Inspection and the National Supervisory Commission said in a statement. The Shanghai-based airline, primarily owned by the Chinese government through its parent company, is one of the three largest Chinese airlines. Liu was credited with turning the carrier around after it posted record losses before he was appointed. China Eastern Airlines under his leadership merged with Shanghai Airlines and joined the SkyTeam airline alliance, strengthening its position in domestic and international markets. Liu also led another one of China’s major airlines, China Southern, before taking the reins of China Eastern. Chinese President Xi Jinping has waged an unrelenting crackdown on corruption since coming to power over a decade ago. Proponents say the policy promotes clean governance but others say it also serves as a means for Xi to purge political rivals. – AFP The government of Indonesia, home to the world’s largest nickel reserves, has set an ambitious target of producing some 600,000 EVs by 2030. That would be 13 times the number sold in Indonesia last year. – Reuters Indonesia-China lithium battery plant operational by end-2026 JAKARTA: A lithium-ion battery plant by an Indonesian company and China’s CATL is expected to be in operation by the end of 2026 with initial capacity of 6.9 gigawatt hours, an Indonesian official said yesterday. The plant is expected to expand to produce electric vehicle batteries with storage capacity of up to 15 GWh, said Energy Ministry spokesman Dwi Anggia, adding the output will be sold to domestic and overseas markets. The venture by Indonesia Battery Corp and Chinese giant Contemporary Amperex Technology Co is part of a US$6 billion power battery project signed in 2022 by Indonesian companies, including state-miner PT Aneka Tambang Tbk, and a CATL consortium. The partnership spans nickel mining and processing, EV battery manufacturing and battery recycling. Indonesian Energy Minister Bahlil Lahadalia said the plant might also produce a type of battery to store energy from solar panels. “With the battery for solar panels, the total production capacity of this plant could reach up to 40 GWh,” he said, adding that discussion with the project owner was continuing. The battery plant will be built in West Java, while the remaining subprojects will be in eastern Indonesia’s nickel-rich province of North Maluku.

Prada credits new design’s Indian legacy amid furore

NEW DELHI: Luxury fashion powerhouse Prada has acknowledged the ancient Indian roots of its new sandal design after the debut of the open-toe footwear sparked a furore among Indian artisans and politicians thousands of miles from the catwalk in Italy. Images from Prada’s fashion show in Milan last weekend showed models wearing leather sandals with a braided design that resembled handmade Kolhapuri slippers with designs dating back to the 12th century. A wave of criticism in the media and from lawmakers followed over the Italian brand’s lack of public acknowledgement of the Indian sandal design, which is named after a city in the western state of Maharashtra. Lorenzo Bertelli, son of Prada’s owners, responded to the scandal in a letter to a trade group last week recognising their Indian heritage.

Bertelli’s homage to Indian design was sent in a response to a complaint from the head of the trade group that represents 3,000 Kolhapuri sandal artisans, as the online uproar gathered momentum. “From the dusty lanes of Kolhapur to the glitzy runways of Milan ... will the world finally give credit where it’s due?” India’s DNA News posted on X. Sambhaji Chhatrapati from the Kolhapur royal family told Reuters by phone he was upset that craftsmen had not been acknowledged for the “history and heritage of 150 years”. Kolhapur-based businessman Dileep More, however, said images of the Prada sandal were bringing cheer to some artisans as they show their traditional product going global. “They are happy that someone is recognising their work,” he said. – Reuters

o Social media abuzz with videos and photographs of sandals

heritage and design traditions”. Prada products are beyond the reach of most Indians. Its men’s leather sandals retail for US$844 (RM3,570) and up, while the Kolhapuri slippers, sold in Indian shops and street markets, start at about US$12. India’s luxury market is small but growing fast, with rising numbers of rich people buying Louis Vuitton bags, Lamborghini cars, luxury homes and watches. Conversely, Indian culture and crafts are increasingly finding their way into global brand designs. High-end jeweller Bulgari offers a US$16,000 Mangalsutra necklace inspired by a chain traditionally worn by married women.

“We acknowledge that the sandals are inspired by traditional Indian handcrafted footwear, with a centuries-old heritage,” Bertelli, Prada’s head of corporate social responsibility, wrote in the letter to the Maharashtra Chamber of Commerce. The sandals are at an early stage of design and it is not certain they will be commercialised, but Prada is open to a “dialogue for meaningful exchange with local Indian artisans” and will arrange follow-up meetings, he wrote. A Prada spokesperson issued a statement acknowledging the sandal’s inspiration from India, adding the company has “always celebrated craftsmanship,

A man opens the door to a Prada store in New York. – REUTERSPIC

VinFast opens second domestic EV factory HANOI: Vietnamese electric vehicle manufacturer VinFast began factory in northern Haiphong is designed to reach a capacity of 950,000 units by next year. year that operations at its American factory would be delayed until 2028.

The EV maker has set a delivery target of 200,000 cars for 2025, having sold approximately 56,000 units in the first five months, primarily in its domestic market. It reported a net loss of US$712.4 million for the first quarter, less than the US$1.3 billion loss in the previous quarter but 20% more than a year earlier. Revenue jumped 150% to US$656.5 million over the same period. – Reuters

production yesterday at its second domestic factory, aiming to ramp up output of affordable mini urban models as its global expansion plans face delays. The new facility, located in the central province of Ha Tinh, has an initial annual capacity of 200,000 units and spans 36 hectares, the company said in a statement. By comparison, VinFast’s flagship

Its India assembly plant is expected to become operational next month. “Once operational, the VinFast Ha Tinh factory will contribute to VinFast’s goal of producing one million vehicles per year to meet the increasing demand of domestic and foreign markets,” said Vingroup CEO Nguyen Viet Quang.

VinFast, backed by Vietnam’s largest conglomerate Vingroup , has set ambitious goals to establish production plants in international markets, including the United States, India and Indonesia. However, it has faced hurdles in its global expansion, including weaker demand and stiff competition. The company announced last