International News 06 May 2025
-
Allianz Life Recorded Rp 500 Billion Increase in Endowment Insurance Premiums in the First Quarter of 2025
During the first quarter of 2025, PT Asuransi Allianz Life Indonesia experienced positive growth in traditional insurance products, particularly endowment plans, with over Rp 500 billion in premium income contributing approximately 13% to the total. Director and CFO Ong Le Keat noted the rise in demand for these products due to the public's need for time-bound protection and cash value. Allianz Life is confident that this upward trend will persist, as financial literacy and the importance of long-term planning grow. To this end, the company plans to offer endowment products that align with market demands, focusing on both protection benefits and long-term value accumulation. The launch of the LegacyPro product, in collaboration with Bank QNB Indonesia, demonstrates Allianz Life's dedication to innovation and addressing the changing demands of customers.
Vietnam Officially Launches KRX Trading System to Boost Market Status
Vietnam's Ho Chi Minh Stock Exchange recently introduced a new trading system named KRX in partnership with the Korea Exchange. The aim of this initiative is twofold: firstly, to enhance market efficiency and, secondly, to attract foreign investors as part of a broader strategy to elevate its market status to the emerging market category. The system is expected to streamline transaction settlement processes and increase trading capacity, paving the way for the implementation of a central clearing counterparty system, according to Nguyen The Minh, Head of Research at Yuanta Securities Vietnam. Vietnam is currently classified as a frontier market by both the MSCI and the FTSE indices. This has hindered the country's efforts to transition to an emerging market status, which has in turn limited foreign funds' access to listed stocks. The move to eliminate the prefunding requirement for foreign investors made in November was a step towards reforms, with Vietnam eyeing an upgrade by FTSE during its next review in September. Vietnam's stock index demonstrated a marginal increase in value following the implementation of the new system.
Trump imposes 100% tariff on imported movies, says Hollywood industry is dying
US President Donald Trump announced plans to impose a 100% tariff on foreign-produced films in order to support the struggling domestic film industry, which he claims is in rapid decline. Trump argued that foreign incentives were causing American film production to move overseas, posing a threat to national security and a propaganda tool. He directed relevant agencies, such as the Department of Commerce, to enforce the tariffs in order to bring film production back to the US. Details of the implementation remain unclear, although Commerce Secretary Howard Lutnick has confirmed the directive. Trump had previously tasked Hollywood figures such as Jon Voight, Sylvester Stallone and Mel Gibson with revitalising the industry, which has seen a significant decline in Los Angeles over the past decade due to various challenges including strikes and wildfires.