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David Riches on the rise as Genus powers up

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David Riches on the rise as Genus powers up

David Riches does not fit the classic mould for an ASX chief executive yet his distinctive approach has helped GenusPlus Group achieve enormous success.

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Singapore AML and KYC Rules for Foreign Shareholders

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Singapore AML and KYC Rules for Foreign Shareholders

Company formation in Singapore is quick, but banking and compliance reviews are separate, layered, and can be lengthy, especially for high-risk sectors, requiring thorough documentation and adherence to due diligence processes.

Company Formation and Processing Duration

In Singapore, establishing a company involves separate stages of formation and operation. Simple incorporations can typically be completed within one to three business days once all necessary documents are submitted. However, if the application requires verification by additional authorities, the process can extend from 14 days up to two months.

Assessments for Foreign Shareholders and Account Opening

Foreign shareholders are subject to independent reviews by a corporate service provider during incorporation and separately by banks during account setup. Clearance from the corporate registry does not guarantee approval from financial institutions, so investors should anticipate multiple assessment stages, rather than a single approval.

Documentation and Due Diligence

Individuals must present identity verification, proof of residence, professional background, and detailed explanations of their source of wealth and funds. Banks conduct layered compliance reviews, with more in-depth assessments for higher risks. The process may take several weeks, especially for complex business models or sectors like digital assets or cross-border transactions, impacting the timeline for capital deployment.

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Indonesia budget deficit at 0.21% of GDP in January, Finance Minister says

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Indonesia budget deficit at 0.21% of GDP in January, Finance Minister says


Indonesia budget deficit at 0.21% of GDP in January, Finance Minister says

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The Social-Driven Shopping Revolution in Asia

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TikTok Announces Strategic Long-Term Investment in Thailand

The social-driven shopping revolution in Asia represents a seismic shift in consumer behavior, where social media platforms have evolved from mere communication tools into powerful e-commerce ecosystems.

This phenomenon, often termed “social commerce,” integrates entertainment, community interaction, and seamless purchasing, blurring the lines between scrolling and shopping.

Driven by high mobile penetration, a young digitally native population, and innovative platforms, Asia—particularly China and Southeast Asia (SEA)—leads the world in this space. As of 2026, social commerce is not just a trend but a core driver of retail growth, with projections indicating explosive expansion amid AI integration and live streaming dominance.

Key Drivers of the Revolution

Several factors fuel this transformation:

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  • Mobile-First Consumers: With smartphone adoption rates exceeding 80% in many Asian markets, shopping has become instantaneous and on-the-go. Platforms leverage this with in-app checkouts and personalized feeds.
  • Influencer and Creator Economy: Creators and key opinion leaders (KOLs) drive trust and conversions through authentic endorsements. In SEA, 75% of live commerce happens on TikTok, where influencers merge entertainment with sales.
  • Live Streaming and Shoppertainment: “Shoppertainment”—a fusion of shopping and entertainment—has exploded, especially in China and SEA. Live sessions offer real-time interaction, flash deals, and social proof, achieving conversion rates up to 35% in categories like fashion.
  • AI and Personalization: Generative AI enhances discovery, with 39% of APAC consumers already using it for shopping. This includes tailored recommendations and automated conversations.
  • Economic and Cultural Shifts: Post-pandemic caution has led to intentional spending, prioritizing value and wellness. East Asian influences, like K-pop trends, heavily impact young buyers’ decisions.

This revolution is reshaping retail, with social platforms capturing a growing share of e-commerce. For instance, APAC’s social commerce market was valued at around $625 billion in 2024, projected to grow robustly through 2030.

Regional Highlights

Asia’s diverse markets showcase unique adaptations:

  • China: The epicenter of live commerce, expected to reach $1.14 trillion by 2026. Platforms like Douyin (TikTok’s Chinese version) and Taobao Live dominate, with sessions generating billions in minutes. Every consumer surveyed has used social media for purchases, making it integral to daily life.
  • Southeast Asia: Leading global growth with a projected GMV of $186.5 billion by 2030, at a 31.42% CAGR. Countries like Indonesia, where 60% buy via live streams, and the Philippines see TikTok Shop and Shopee as cultural staples. Conversion rates here outpace traditional e-commerce by 10-15x.
  • Other APAC Markets: In India and Vietnam, social commerce blends with quick delivery models. South Korea’s K-beauty and fashion trends spread via influencers, while Japan focuses on community-driven group buys.
Region Key Platforms 2026 Projected GMV (USD) Growth Driver
China Douyin, Taobao Live, WeChat ~1.14 trillion Live streaming scale
SEA (e.g., Indonesia, Philippines) TikTok Shop, Shopee, Lazada ~50-80 billion (regional subset) Influencer-led shoppertainment
APAC Overall Meta, YouTube, Line >1 trillion (social + e-comm) AI personalization and mobile payments

Trends Shaping 2026 and Beyond

As we enter 2026, several trends from NielsenIQ’s outlook highlight the evolution:

  • Convergence of Ecosystems: Social commerce merges with quick commerce and retail media, creating frictionless paths where discovery, validation, and purchase happen in one app.
  • Gen Z Dominance: 72% of Gen Z in APAC buy directly from social apps, favoring live commerce and clinical-grade wellness products.
  • AI-Driven Creator Loops: Automation in messaging and content creation scales personalized experiences, with platforms like WhatsApp enabling cross-border shopping.
  • Challenges and Opportunities: While trust in payments remains a barrier, regulatory investments boost consumer confidence. Brands must adapt to platform-native strategies or risk losing share.

TikTok Shop exemplifies this, with global GMV estimates hitting $42 billion in 2024 and continued growth into 2026, particularly in SEA where it’s reshaping demand.

This revolution positions Asia as a blueprint for global retail, with APAC poised to become the world’s largest consumer market by 2035, valued at $36 trillion. Brands succeeding here prioritize community-rooted, conversation-led commerce over traditional models.

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Australian operations buoy Austal results

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Australian operations buoy Austal results

Austal has delivered a bumper result after its Australian operations posted a 60 per cent hike in revenue for the first half of the year.

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China assessing US Supreme Court tariff ruling

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China assessing US Supreme Court tariff ruling

China is making a “full assessment” of the ‌US Supreme Court’s tariff ruling and has urged Washington to lift “relevant ‌unilateral tariff measures” on its trading partners.

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Murdoch chancellor appointed South Perth monitor

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Murdoch chancellor appointed South Perth monitor

Murdoch University chancellor Gail McGowan has become WA’s third local government monitor, appointed to the City of South Perth to address issues in the council.

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Fremantle Dockers post $554k operating profit

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Fremantle Dockers post $554k operating profit

Despite generating a club record revenue of $83.6 million, the Fremantle Dockers posted a reduced operating profit in 2025.

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Legal loophole to close for dangerous drivers

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Legal loophole to close for dangerous drivers

Changes in legislation will be introduced to parliament tomorrow, which will give police and the courts the power to ban someone driving until the serious matters are dealt with by the court.

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Liverpool and Oxford team up for innovation partnership to keep high-growth businesses in the UK

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Mayor says moves aims to ensure ‘great ideas don’t drift overseas’

Pictured in front of a model of the Harwell complex are, from left: Steve Rotheram, Mayor of the Liverpool City Region; Sebastian Johnson, director of ecosystems at the Harwell Joint Venture and ARC Group; Professor Tim Jones, vice-chancellor of the University of Liverpool.

From left: Steve Rotheram, Mayor of the Liverpool City Region; Sebastian Johnson, director of ecosystems at the Harwell Joint Venture and ARC Group; Professor Tim Jones, vice-chancellor of the University of Liverpool(Image: Liverpool City Region CA)

Political and education leaders in Liverpool have signed an agreement with their counterparts in Oxford that aims to use the brightest minds in both areas to tackle some of the world’s biggest challenges.

The University of Liverpool, the University of Oxford, Oxfordshire County Council and the Liverpool City Region Combined Authority signed the Memorandum of Understanding which aims to link research with commercialisation in a bid to make scientific strides and attract foreign investment to the UK.

The link-up aims to maximise collaboration between two of the UK’s two primary national research and innovation campuses: the Science & Technology Facilities Council lab at Daresbury, near Warrington, and the same organisation’s site at Harwell, near Oxford.

The Liverpool City Region Combined Authority said that the partnership underpins mayor Steve Rotheram’s ambition to more than double investment in Research and Development (R&D) by 2030 to £2bn a year, which could create an additional 40,000 jobs.

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Mr Rotheram said: “For generations, the Liverpool City Region has been an engine of change – from powering the first industrial revolution to shaping breakthroughs in modern science. That spirit of innovation hasn’t gone anyway. It’s alive and well here and it’s central to my vision to build the stronger, fairer economy our people and businesses deserve.

“I’ve set a clear ambition for the Liverpool City Region to invest 5% of our GVA into research and development by 2030 because I want the next big breakthrough, the next world-leading business, the next life-changing discovery to create jobs and opportunity right here at home.

“This partnership with Oxford is the next step on that journey. By linking two places with world-class brands, we can back British innovation, attract investment, and make sure that great ideas don’t drift overseas but are developed, scaled and rooted here in the UK.”

Professor Tim Jones, vice-chancellor of the University of Liverpool, said: “Anchored around two world-leading universities, the signing of this Liverpool–Oxford MoU reflects our commitment at the University of Liverpool to tackle global challenges through research, innovation and partnerships in key areas such as materials discovery, infection resilience and therapeutics innovation.

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“This strategic partnership also recognises a shared national opportunity and challenge: to ensure that high-growth UK businesses, intellectual property, talent and investment are retained, scaled and industrialised within the UK.”

Sebastian Johnson, director of ecosystems at the Harwell Joint Venture and ARC Group, said: “It was a pleasure to welcome Steve and the wider Liverpool delegation to Harwell on the day the new Oxford–Liverpool MoU was signed. With such strong collaboration already in place between Liverpool and STFC’s Daresbury Campus, extending that partnership across Harwell’s clusters and facilities creates a powerful opportunity to accelerate innovation, deepen industry engagement and drive impact for both regions.”

Paul Vernon, executive director of business and innovation at STFC, said: “This partnership demonstrates how the UK’s research and innovation strengths can unite to tackle the world’s most urgent challenges. At STFC, across our national facilities, including at Harwell and Daresbury Laboratory in the Liverpool City Region, we are proud to support collaborations that translate world-class science into real-world impact for our society and economy. By bringing together the talent and capabilities of Liverpool and Oxfordshire, this partnership will accelerate discovery, support industry and bring new technologies to market, strengthening the UK’s position as a global leader in science and innovation.”

Professor Irene Tracey, vice-chancellor of the University of Oxford, said: “This partnership signals a new era for yet deeper collaboration between our two vibrant cities.

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“By connecting the outstanding research, innovation and talent in our regions, we can support companies tackling the greatest challenges of our time to start, stay and scale-up in the UK.

“This will unlock opportunities for current and future generations and contribute to sustainable economic growth that delivers shared prosperity for all. I personally look forward to the journey ahead and the outcomes that this collaboration will achieve for our communities in Oxford, Liverpool and beyond.”

Liverpool City Region and Oxford have joined forces for an innovation partnership.  Leaders from the two cities are pictured  behind a model of the STFC Harwell complex

Leaders from the two cities are pictured behind a model of the STFC Harwell complex(Image: Liverpool City Region CA)

Councillor Liz Leffman, leader of Oxfordshire County Council, said: “Oxfordshire and the Liverpool City Region both have remarkable strengths, but also shared challenges.

“This exciting and ambitious agreement reflects our shared commitment to strengthening the UK’s innovation economy by working in genuine partnership, learning from one another, combining our assets, and ensuring that innovation delivers real benefits for our communities.

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“By working together at scale and at pace, we can create clearer pathways for businesses to grow, scale and succeed here in the UK – enabling good growth, creating high-quality employment, and securing a more prosperous future for residents across both regions.”

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Airlines cancel flights to Mexico after El Mencho killed in military operation

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American Airlines announces plans to reinstate nonstop service to Venezuela

U.S. and Canadian airlines canceled flights Sunday to parts of Mexico after Mexican officials said drug lord Nemesio Oseguera, known as “El Mencho,” was killed in a military operation, triggering reported clashes in Jalisco state and prompting travel advisories.

United Airlines canceled all Sunday flights to Puerto Vallarta and Guadalajara, according to Fox 26 and Reuters.

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“United Airlines flight operations to PVR are canceled,” United Airlines said in a statement to Reuters.

Southwest Airlines also canceled all flights arriving in and departing from Puerto Vallarta on Sunday, according to the reports.

MAJOR DRUG LORD ‘EL MENCHO’ KILLED IN MEXICAN MILITARY OPERATION WITH US INTELLIGENCE SUPPORT

American Airlines plane departs Los Angeles

Airlines in the U.S. and Canada canceled flights on Sunday to parts of Mexico after Mexican drug lord El Mencho was killed in a military operation. (Kevin Carter/Getty Images / Getty Images)

American Airlines said it halted its remaining Sunday service to Puerto Vallarta, Guadalajara and Mazatlán.

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Air Canada said it has temporarily suspended operations in Puerto Vallarta.

No additional cancellations had been announced beyond Sunday as of publication.

Several airlines said they issued travel waivers allowing affected passengers to rebook without change fees.

TOURISTS IN MEXICAN SEASIDE RESORT TOLD TO STAY ON RESORT AS GOVERNMENT WARNS OF ‘CLASHES’

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Man checks the status of flights

No flight cancellations have been announced for days after Sunday. (Photo by Stephen Maturen/Getty Images / Getty Images)

The flight changes come after Mexican troops reportedly conducted operations earlier Sunday in Tapalpa, Jalisco, targeting El Mencho, a former police officer who became the leader of the Cartel de Jalisco Nueva Generación, which US authorities have identified as a major supplier of fentanyl to the United States.

Government officials warned of clashes in Jalisco and broader criminal activity, prompting the U.S. Embassy in Mexico to issue shelter-in-place advisories for multiple states.

El Mencho carried a $15 million U.S. bounty and rose to power following the arrest of Joaquín “El Chapo” Guzmán, the former head of the Sinaloa Cartel. Over roughly the past 15 years, the Cartel de Jalisco Nueva Generación has expanded from a regional criminal group into a global trafficking organization operating from its stronghold in Jalisco.

Passengers walk past a flight status board

Some airlines announced they have waivers in place allowing passengers impacted by the cancellations to rebook their flights without change fees. ( (Joe Burbank/Orlando Sentinel/Tribune News Service via Getty Images) / Getty Images)

“I’ve just been informed that Mexican security forces have killed ‘El Mencho,’ one of the bloodiest and most ruthless drug kingpins,” U.S. Deputy Secretary of State Christopher Landau said in a post on X. “This is a great development for Mexico, the US, Latin America, and the world. The good guys are stronger than the bad guys.”

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The Mexican Defense Department said the operation was conducted as part of bilateral coordination and cooperation with the U.S., and that U.S. authorities provided complementary intelligence that contributed to El Mencho’s killing.

FOX Business reached out to United, American, Southwest and Air Canada for additional comment.

Fox News’ Bonny Chu and Reuters contributed to this report.

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