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China has officially introduced a new multiple-entry visa scheme tailored for business travellers from the 10 ASEAN member nations, as well as ASEAN observer Timor-Leste, the Ministry of Foreign Affairs announced on Tuesday, 3 June. The initiative, dubbed the “ASEAN visa”, enables eligible individuals from Southeast Asian countries to enter China multiple times over a five-year period, with each stay permitting a duration of up to 180 days. The visa also extends to accompanying spouses and children. The ASEAN countries covered under this new arrangement include Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar, and Cambodia. Timor-Leste, a formal observer of ASEAN, is also included. This strategic move comes amid China’s broader efforts to facilitate regional travel and deepen cross-border economic engagement. “With frequent visits between the people of China and Southeast Asian countries, the new scheme aims to further facilitate cross-border travel in the region,” said Foreign Ministry spokesperson Lin Jian during a press briefing. The ASEAN visa complements several bilateral visa-free agreements already in place. China currently maintains reciprocal visa-free travel arrangements with Singapore, Thailand and Malaysia, allowing citizens to visit each other’s countries for up to 30 days without a visa. These agreements have contributed to a surge in regional mobility since their respective inceptions, including the Singapore-China visa-free policy that commenced in February last year. This latest scheme builds upon the “Lancang-Mekong visa”, which was introduced in November 2024. That programme provides five-year multiple-entry business visas, with a stay of up to 180 days, for nationals from Cambodia, Laos, Myanmar, Thailand and Vietnam—five countries along the Mekong River. In a broader effort to boost inbound tourism and international engagement, China has expanded its visa-free access globally. As of 1 June, a pilot policy has been implemented granting unilateral visa-free entry to citizens from several Latin American countries, including Brazil, Argentina, Chile, Peru and Uruguay. Additionally, visa-free entry has recently been extended to all member states of the Gulf Cooperation Council (GCC). China reported a significant uptick in foreign arrivals in early 2025, with over 9 million international visitors recorded in the first quarter—a year-on-year increase exceeding 40%, according to official figures. “The growing list of nations granted visa-free entry into the country reflects China’s strong commitment to advancing high-level opening up,” Lin said. “The continuous optimisation of measures to facilitate cross-border personnel exchanges underscores China’s concrete efforts to help build an open world economy.” He added that China remains committed to refining its entry policies and expanding the number of countries eligible for visa-free travel, as part of a wider strategy to attract global visitors and promote its rich array of products and services. -CNA

South Korean beauty startups, buoyed by robust online sales in the United States, are accelerating their physical retail expansion in the world’s largest consumer market, betting that strong brand appeal and quality will outweigh rising tariff concerns. Emerging brands such as Tirtir, d’Alba, Torriden, and Beauty of Joseon are in discussions with major US retailers to stock their products in physical stores, according to company executives interviewed by Reuters. This strategic pivot underscores the confidence K-beauty players have in their ability to maintain momentum in a dynamic and highly competitive market. Korean beauty products, widely recognised for their quality, affordability and savvy digital marketing, have risen on the back of South Korea’s wider cultural influence — often referred to as the ‘K-wave’. Music, film, and television successes like BTS and Parasite have paved the way for consumer interest in Korean lifestyle exports. “In the US, interest in South Korea had already been growing. Korean cosmetics entered at the right moment. The quality is high, but prices remain competitive against legacy luxury brands like Estée Lauder and L’Oréal,” said An Byung-Jun, CEO of Tirtir. Tirtir saw its US profile surge last year following the viral popularity of its cushion foundation tailored for darker skin tones. The product is slated to be available at select Ulta Beauty stores this summer. An added that the company is targeting a twofold increase in US sales this year. Retailers including Sephora, Ulta Beauty, Costco, and Target are currently engaged in talks with Korean cosmetics firms to expand their offerings to physical store locations, according to more than a dozen industry sources including executives, CEOs, and market analysts. Many Korean brands remain optimistic that they can weather tariff headwinds more effectively than global peers, due in part to their lean operational models. A significant number outsource manufacturing to firms like Cosmax and Kolmar—often referred to as the “Foxconns of fast beauty”—to minimise production costs. In 2024, South Korea surpassed Germany to become the world’s third-largest exporter of beauty products, following only France and the United States. Export volume accounted for 80% of the nation’s $13 billion cosmetics output, largely propelled by e-commerce channels. The growing interest is also visible at the consumer level. “They go straight to the point to fix what your skin needs,” said 25-year-old Yuliet Mendosa, a US tourist in Seoul and fan of K-pop group BTS, while browsing an Olive Young store. Expanding Amid Global Trade Uncertainty The US expansion effort comes amid ongoing global trade uncertainty triggered by the tariff regime introduced under former President Donald Trump. While this has raised concerns among exporters, Korean executives maintain that solid demand and brand equity will offset potential losses. Olive Young, South Korea’s leading beauty retailer, is preparing to open its first US store in Los Angeles later this year, confirmed Jin Se-hoon, Executive Vice President of the company’s global platform business. “California is currently the largest customer base for our global online platform,” Jin stated, acknowledging that tariffs are a concern but not a deal-breaker. The US market push also reflects a strategic pivot following a downturn in exports to China, previously the largest overseas destination for Korean beauty products. This decline has been attributed to escalating geopolitical tensions and intensified market competition. Skincare label d’Alba—owned by newly listed d’Alba Global—is currently negotiating with Costco, Ulta Beauty and Target to expand its physical presence. The brand is known for its vegan-certified mist serums and sunscreens. Meanwhile, luxury retailer Sephora, part of LVMH, is preparing to introduce two Korean brands—Torriden and Beauty of Joseon—into its US stores this summer, according to a company spokesperson. While the current 10% tariff is “endurable,” Tirtir’s CEO An noted that a proposed 25% levy expected in July may prompt slight price adjustments. The South Korean government is actively pursuing tariff exemptions in bilateral trade discussions with Washington. Jung Jun-ho, strategy team leader at The Founders—maker of skincare line Anua—believes Korean brands retain an edge. “Our operating profit margin was over 30% last year, giving us flexibility to absorb cost increases,” he said. Anua products became available in Ulta Beauty stores this year. Digital Success Sets the Stage for Physical Growth In 2024, South Korea overtook France as the top exporter of cosmetics to the United States, according to official statistics. The shift was driven largely by surging e-commerce sales, especially through platforms such as Amazon. Market data from Euromonitor reveals that the five top-performing Korean cosmetics brands in US e-commerce—including Beauty of Joseon, Medicube and Biodance—have collectively recorded an average online sales growth of 71% over the past two years. In comparison, the top five French brands posted only 15% growth, while the overall US market expanded by 21%. Social media continues to be a powerful driver of this growth. “A single viral TikTok post or influencer endorsement can turn a product into an international bestseller before it’s even sold overseas,” said South Korea-based beauty marketer Odile Monod. Nonetheless, experts warn that long-term success will hinge on building offline visibility and in-store availability. Jason Kim, CEO of cosmetics distributor Silicon2, said that physical retail presence is now crucial for brand sustainability. Some early signs of market saturation are beginning to emerge. COSRX, a startup now under cosmetics giant AmorePacific, is reportedly seeing sales growth flatten amid intensifying competition and the rise of lower-cost alternatives. Still, investor sentiment remains positive. Shares of d’Alba Global have more than doubled since their market debut last month. “The K-beauty wave is powerful,” said Kim. “But indie brands must prepare for the challenges ahead.”

HONG KONG : Citigroup Inc has confirmed plans to reduce its workforce by approximately 3,500 employees across its two China-based technology centres in Shanghai and Dalian. The move forms part of a broader global restructuring strategy aimed at streamlining technology operations and enhancing risk and data management. The reduction, primarily affecting full-time positions, is expected to be finalised by the beginning of the fourth quarter of 2025. While the bank has not disclosed how many roles will be relocated, it noted that some functions will transition to other Citi technology hubs globally. The decision follows an earlier reduction of around 200 information technology contractor roles in China, as first reported in May. In March, Citi internally announced a significant shift away from contractor reliance, revealing plans to onboard thousands of new full-time IT employees. This came in the wake of regulatory scrutiny and penalties relating to data governance and operational controls. Citi’s latest move reflects similar workforce adjustments across other markets, including the United States, Indonesia, the Philippines, and Poland, under its enterprise-wide transformation initiative. The technology and services division in China plays a critical role in delivering financial technology and operational support to Citi’s global businesses. Despite the planned headcount reduction, the bank reaffirmed its long-term commitment to the Chinese market. “Citi continues to pursue the establishment of a wholly owned securities and futures company in China,” said Marc Luet, Head of Banking for Japan, Asia North, and Australia. He further emphasised Citi’s dedication to serving both its corporate and institutional clients in China, supporting their cross-border requirements, and enabling international clients’ operations within the country. Following the reduction, Citi will maintain an approximate workforce of 2,000 in China, including several hundred within its technology unit, according to a source familiar with the matter. -Reuters

Grab’s newest venture into the taxi sector, GrabCab, is set to launch in Singapore this July with an initial fleet of 40 hybrid vehicles, marking the ride-hailing giant’s official entry into the traditional street-hail market. Rather than competing directly with existing taxi companies for drivers, GrabCab is targeting a largely untapped pool: new and inactive Taxi Driver’s Vocational Licence (TDVL) holders. The company, a subsidiary of Grab Rentals and sister to GrabCar, announced on Wednesday that driver recruitment efforts have already garnered interest from between 700 and 800 individuals. Of these, approximately 400 to 500 drivers are currently being shortlisted based on their possession of a valid TDVL. GrabCab is not pursuing drivers from rival firms, said Mr Victor Sim, Head of GrabCab and GrabRentals. “There’s a very big pool of drivers that we believe we want to reactivate, that we can reactivate with our benefits and offerings … that’s a big focus for us,” he stated. The company will begin appointment scheduling for pre-registered drivers from 5 June, with open registration commencing on 9 June. This move follows GrabCab’s approval as Singapore’s sixth licensed taxi operator, as announced by the Land Transport Authority (LTA) in April. The entrance of GrabCab—alongside established names such as CityCab, CDG, Prime, Strides, and Trans-cab—is expected to broaden options for both drivers and commuters, thereby bolstering the supply of taxis. At launch, GrabCab will operate a fully green fleet comprised exclusively of low- and zero-emission hybrid Toyota Prius cars in a distinctive dark green livery. In line with regulatory standards, each vehicle will be equipped with a Mobile Data Terminal (MDT), commonly known as a taxi meter, showing fares and driver details. The Grab app will integrate seamlessly with the MDT via a QR code scan at the start of each shift, syncing trip data across both systems and the taxi’s rooftop indicator. Drivers will have the flexibility to toggle between street-hail and ride-hail assignments through the Grab app. From the commuter’s perspective, fares will remain consistent with current market rates. The starting fare will be S$4.60 for standard 4-seaters, and S$4.80 for both 4-seater electric vehicles and 6-seater cars. Fare increments will follow a structure of S$0.26 every 400m up to 10km, and every 350m thereafter, along with 45-second waiting charges. Although GrabCab has been granted a three-year grace period to scale its operations to a minimum of 800 taxis, Mr Sim confirmed that the company does not intend to wait until the final year to reach that benchmark. “We want to scale up corresponding to driver demand … we will do it sustainably,” he said. Additional driver-oriented features include a relief matching system within the Grab app to ease the process of finding substitute drivers during shift changes. Among the range of benefits GrabCab drivers can expect is a safe driving bonus of S$1,000 awarded annually for those with no at-fault accidents. A performance-based “GrabStreak” incentive will reward drivers with an additional 1 per cent bonus on monthly fares for completing between 500 to 700 trips. Fuel discounts will also be available—up to 40 per cent at Caltex stations and up to 25 per cent at electric charging partners including SP, Charge+, Volt, and Shell. Medical leave entitlements include 14 days for the first 100 drivers and up to S$500 in medical credits, with extended medical and hospitalisation coverage also in place. Drivers will benefit from the ability to cash out fares instantly via the app. Rental fees for vehicles will start competitively at S$117 per day, aligning with rates across the sector. Furthermore, the first 100 drivers to commit will receive welcome bonuses of S$1,888 for a 12-month term or S$3,888 for a 36-month term. GrabCab is also covering up to S$400 in TDVL application costs, which includes training, application, and medical examination expenses. Responding to industry speculation that GrabCab could disrupt the existing operator ecosystem, Mr Sim reiterated that the company’s intent is not to poach drivers but to address a national supply shortage. “If the driver is already driving with another taxi company, and he comes to us … we are not going to turn him away,” he said. “But at the end of the day, it’s back to our acquisition plan—our focus is on new TDVL holders and TDVL holders that have gone dormant.” He added that ride-hailing demand is projected to grow significantly in the coming years, creating a need for more consistent and reliable transport options. “When you think about taxis, you think of a sunset industry … so it seems counterintuitive for Grab to launch a taxi business,” Mr Sim said. However, he emphasised that taxis remain relevant, particularly during high-demand periods like post-concert surges, where Grab’s current platform struggles to ensure consistent supply. New regulatory measures introduced earlier this year are also expected to level the competitive playing field between ride-hail and taxi operators. These include allowances for taxi companies to convert used vehicles into taxis, provided they are less than five years old. Importantly, GrabCab’s launch does not signal a shift in focus away from other taxi partnerships within the Grab ecosystem. Mr Sim confirmed that the platform will continue to support bookings with other taxi companies and has no intention of prioritising GrabCab rides over existing partners. “Our aim here is to grow the pie, not to split the pie, or take some away from (other operators),” he concluded. -CNA

TOKYO : Japan’s junior coalition partner, Komeito, is poised to unveil a proposal to reduce the consumption tax rate on food items from the current 8% to 5%, as part of its campaign platform for the upcoming upper house election in July, according to a report by the Yomiuri Shimbun. The full pledge is expected to be formally announced on Friday. The initiative aims to provide immediate relief to households grappling with rising living expenses, with the party also set to advocate for direct cash payments. A Komeito official, speaking on condition of anonymity, confirmed to Reuters that the proposed tax cut would feature prominently in the party’s policy platform. Unlike previous fiscal stimulus plans that relied heavily on debt issuance, Komeito intends to finance the proposed measures through anticipated gains in tax revenues. A draft of the campaign pledge, obtained by Yomiuri, suggests that the party is seeking to maintain fiscal discipline amid a challenging economic backdrop. Currently, Japan imposes a consumption tax of 8% on food and 10% on other goods and services. Revenues from the tax are primarily allocated to support the nation’s ballooning social welfare costs, exacerbated by a rapidly ageing population. Komeito’s proposal could increase pressure on Prime Minister Shigeru Ishiba and the ruling Liberal Democratic Party (LDP) to take additional fiscal action ahead of the election. While the LDP has so far resisted calls—particularly from opposition parties—to reduce the consumption tax, citing concerns over fiscal sustainability, the introduction of such a measure by a coalition partner may compel a policy reconsideration. Government finances remain a key concern, especially as the Bank of Japan signals a potential upward shift in interest rates. Rising yields on super-long-term government bonds last month reflect investor unease over Japan’s towering public debt burden and the increasing cost of servicing it. -Reuters