asia

SEATTLE: Boeing CEO Kelly Ortberg confirmed that China has suspended the acceptance of new aircraft deliveries, citing ongoing trade tensions between Washington and Beijing as the primary cause. In an interview with CNBC on Wednesday, Ortberg said the halt is directly tied to the current tariff landscape, a lingering effect of the prolonged US-China trade dispute. The aerospace giant had scheduled deliveries of approximately 50 aircraft to Chinese carriers in 2025. “Chinese customers have stopped taking delivery of aircraft due to the tariff environment,” Ortberg stated. “If this continues, we’ll have to remarket those airplanes—we’re not going to let it derail our recovery.” Despite the geopolitical headwinds, Boeing shares rose on Wednesday after reporting a narrower-than-expected quarterly loss, underscoring investor confidence in the company’s broader turnaround efforts. Ortberg added that while Boeing would prefer to fulfil its commitments to Chinese customers, it would pivot quickly if needed. “We’re giving our customers the first opportunity, but we won’t wait too long,” he said. The US-China standoff poses a significant challenge for Boeing, one of the nation’s largest exporters. The comments come as the White House signals renewed optimism over a possible trade resolution, though no formal tariff negotiations are currently underway, according to Treasury Secretary Scott Bessent. On a call with analysts, Ortberg described Boeing’s engagement with the US government on trade matters as “very dynamic” and said the company is monitoring developments closely. “We hear encouraging signs that there may be a negotiated settlement, but the timing remains uncertain,” he noted. Boeing also faces pressure from US tariffs on raw materials and aircraft components, which executives estimate could cost the company up to US$500 million annually. However, under a US duty drawback programme, Boeing may recover customs duties on parts used in exported aircraft—softening the financial impact. As trade tensions persist, Ortberg expressed concern about broader implications: “A top priority is to ensure we don’t see other countries follow the same path as China.”–CNA

Junjie Zhang, the 30-year-old founder and CEO of Chinese tea chain Chagee, has entered the billionaire club with an estimated net worth of US$2.1 billion, following the company’s successful listing on the Nasdaq. Chagee raised US$411 million in its initial public offering on Thursday, pricing its shares at the top end of the marketed range. The listing defied headwinds in the U.S. IPO market and ongoing scrutiny of Chinese companies on American exchanges, Bloomberg reported. With a post-IPO valuation of US$6.2 billion, Chagee now holds the title of the largest U.S. listing by a Chinese consumer company since RLX Technology’s US$1.4 billion IPO in January 2021, according to Reuters. Zhang retains control of the company through his ownership of nearly 54% of Chagee’s Class B shares, each carrying 10 votes. This structure grants him 89% of the firm’s voting power, solidifying his influence over the company’s strategic direction. Founded in 2017, Chagee has rapidly expanded with a focus on premium milk-based beverages made from traditional Chinese teas such as green, black, and oolong. By the end of March 2025, the brand had established over 6,400 teahouses globally—primarily in China—with a growing international presence in Malaysia, Singapore, and Thailand. Chagee reported revenues of 29.5 billion yuan (approximately US$4.03 billion) in 2024, reflecting the surging demand for modernised tea culture among younger consumers. Zhang’s rise mirrors a broader trend among Chinese beverage entrepreneurs capitalising on Asia’s booming fresh tea market. This includes the founders of Mixue, the popular budget-friendly tea and dessert chain, whose recent Hong Kong IPO pushed their combined net worth to an estimated US$8 billion.

 German multinational Delivery Hero SE has announced plans to wind down its Foodpanda operations in Thailand by May 23, as part of a broader strategic realignment within the Asia-Pacific region. The company stated that the move is aligned with efforts to optimise its “geostrategy,” redirecting focus to more profitable markets within the region. Despite the closure, Delivery Hero’s regional hub in Thailand will remain operational to support activities across the Asia-Pacific. “We are grateful to our employees, customers, partners, and riders in Thailand, and remain committed to supporting them throughout this transition,” the company said in a statement. Foodpanda has faced fierce competition in Thailand’s crowded food delivery market, where it holds just a 15% market share. The sector is currently led by Lineman Wongnai with 44%, followed by GrabFood at 39.4%, according to industry estimates. Delivery Hero’s Thai unit has reportedly struggled to turn a profit during its 13-year tenure in the country. Although Asia remains Delivery Hero’s largest regional market, growth has stagnated in the post-pandemic period. In September 2023, the company disclosed ongoing discussions to divest the Foodpanda brand in select Asian markets. However, by February 2024, Delivery Hero confirmed that talks had collapsed due to an inability to reach mutually agreeable terms.–FMT

SINGAPORE: SAP today announced the appointment of Liher Urbizu as President and Managing Director for SAP Southeast Asia (SEA). Liher succeeds Verena Siow, who will take on a new role as Regional Business Suite Leader for SAP, Asia Pacific (APAC). Both leaders bring decades of experience to their positions, strengthening SAP’s continued commitment to delivering customer success and driving forward its cloud and AI innovation strategy. In his new role, Liher will be responsible for overseeing strategy, operations, and customer success across SAP’s Southeast Asia market unit, encompassing Singapore, Malaysia, Indonesia, the Philippines, Vietnam, Thailand and emerging countries within Indochina. He will focus on helping organizations in the region drive continued innovation and sustainable growth in the digital economy, underpinned by data, AI, and the cloud. Liher has served in multiple leadership roles at SAP, most recently as Chief Business Officer, APAC. Over his 25 years in the SAP ecosystem, he has been a customer, a partner, and an SAP executive. Highlights of his tenure include serving as Global Head of Partner Success Services, Head of Services Asia Pacific & Japan, Chief Operating Officer Japan, and Managing Director for SAP Indochina, where he led the team to several significant achievements and accolades. Commenting on his new appointment, Liher said, “Southeast Asia was the launchpad of my career within the SAP ecosystem. I am energized by the opportunity to return and lead this dynamic market unit, with a focus on delivering tangible business outcomes for our customers by harnessing AI and SAP’s industry-leading business software solutions. I firmly believe that by aligning our technology with the region’s growth ambitions, we will help businesses of all sizes and industries innovate and thrive in the digital-first era.”   Simon Davies, President, SAP Asia Pacific, said, “Southeast Asia is leading the world in this new era of AI adoption. Verena Siow’s contribution to SAP SEA over the past several years has been significant, and I am confident that her outstanding leadership will help us execute on our strategy and achieve tangible cloud momentum for SAP and our customers across the APAC region. Liher’s extensive leadership experience in Asia will also serve the SEA team well in its next phase of growth. Liher combines a deep understanding of our customers’ evolving business needs with a proven track record of leading high-impact teams. As the new President and Managing Director of Southeast Asia, he will play a critical role in accelerating our cloud and AI initiatives, ensuring that organizations in SEA can fully leverage SAP’s innovation to solve their most pressing business challenges.” Having served SAP for over 13 years, Verena Siow transitions from her role as President and Managing Director of Southeast Asia to take on the new role of Regional Business Suite Leader for SAP, Asia Pacific (APAC). In her new position, she will drive cloud growth and strategic business development across Asia Pacific. She will focus on creating a seamless experience for SAP’s cloud customers, from demand generation to renewals, in support of the company’s broader vision of delivering consistent and exceptional outcomes across all markets. Verena said, “Over the past five years, the Southeast Asia team has demonstrated remarkable resilience and consistent success, anchored by our customers’ trust in SAP’s solutions and innovation. I’m excited to bring my experience to the whole of APAC, as SAP continues to deliver next-generation cloud solutions and expand our footprint across Asia. I look forward to helping customers, both in Southeast Asia and across APAC, continue to Accelerate to Innovate and unlock further value on their transformation journeys.”

SHANGHAI: Chinese electric vehicle (EV) manufacturer Nio is set to launch its new compact model, the Firefly, in Europe during the third quarter of 2025, company President Qin Lihong confirmed on 22 April 2025. The announcement comes amid Nio’s ongoing push into global markets, although its expansion in Europe has faced unexpected hurdles. Speaking ahead of the Shanghai Auto Show, CEO William Li acknowledged that the company had underestimated the complexities involved in scaling its sales and service network across the continent. Despite those challenges, Nio remains committed to establishing a strong European presence, with the Firefly EV positioned as an affordable entry-level model aimed at urban drivers. The launch is expected to help Nio compete more aggressively with established European automakers and rising local EV players. The company’s strategic move highlights the growing competition in the global EV market, as Chinese manufacturers look to expand their footprint beyond domestic borders amid increasing international demand for sustainable mobility solutions.

JAKARTA: South Korea’s LG Energy Solution has formally withdrawn from a 142 trillion rupiah ($8.45 billion) project to develop electric vehicle battery making in Indonesia, the company said on 21 April 2025. LGES and the Indonesian government signed a deal on the so-called Indonesia Grand Package project in late 2020, which includes investments across the EV battery supply chain in the Southeast Asian country. “Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia GP (Grand Package) project,” LGES said in a statement. “However, we will continue to explore various avenues of collaboration with the Indonesian government, centering on the Indonesia battery joint venture, HLI Green Power,” it added. HLI Green Power, a joint venture led by LGES and Hyundai Motor Group, last year inaugurated Indonesia’s first battery cell production plant with an annual capacity of 10 gigawatt hours. It has plans to expand the capacity in the second phase of investment. Indonesia will continue to seek foreign investors to partner with local companies to develop the battery industry, leveraging the country’s rich nickel reserves, said energy ministry official Tri Winarno. “Even though LG has exited, Indonesia remains convinced our nickel is more competitive than other countries,” he told reporters. Indonesian state-controlled miner Aneka Tambang, which had planned to form a JV with LGES to mine nickel, said it remained committed to work with other companies to supply nickel for battery production. State firm Indonesia Battery Corporation, which had also planned to partner with LGES, did not respond to requests for comment.