Retail News CRM

Author: Mei Ling Tan

  • Apple sues company that sells a virtual iPhone complete with iOS

    Apple sues company that sells a virtual iPhone complete with iOS

    We know that Apple is giving away special iPhones to certain security researchers who are looking for a big payday that could add up to as much as $1.5 million. The big jackpot will go to the researcher who finds a flaw in the iPhone and iOS that will allow a hacker to take full control over an iPhone without the phone’s owner having to touch any part of the device. That discovery is good enough for $1 million dollars. Any vulnerability found on beta software will reward the researcher with a 50% bonus. That’s because the discovery is taking place before the software has been disseminated to the public.

    To help researchers find flaws in iOS, a company called Corellium has been offering them a virtual version of the iPhone and iOS over the last few years. Apple is not taking this sitting down and has filed a lawsuit in the United States District Court for the Southern District of Florida for what it calls “a straightforward case of infringement of highly valuable copyrighted works.” Apple points out that without obtaining a license or permission from Apple, Corellium offers a “virtual” version of Apple’s devices with “fastidious attention to detail.” The tech giant says that not only does the facsimile look and respond the same on a web browser as the mobile device that its customers pay for, Corellium also includes the appropriate computer code.

    And sure, you might say that Corellium is doing Apple a big favor by selling the virtual iPhone because it will help researchers pass along their findings to Apple. However, as Apple points out in the suit, those who paid to use the virtual iPhone ended up selling discovered flaws to third-party exploit traders. This makes sense because a private installation of the virtual iPhone costs as much as $1 million according to the court papers filed by Apple.

    “This is a straightforward case of infringement of highly valuable copyrighted works. Corellium’s business is based entirely on commercializing the illegal replication of the copyrighted operating system and applications that run on Apple’s iPhone, iPad, and other Apple devices. The product Corellium offers is a “virtual” version of Apple mobile hardware products, accessible to anyone with a web browser. Specifically, Corellium serves up what it touts as a perfect digital facsimile of a broad range of Apple’s market-leading devices—recreating with fastidious attention to detail, not just the way the operating system and applications appear visually to bona fide purchasers, but also the underlying computer code. Corellium does so with no license or permission from Apple.”-Excerpt from Apple’s lawsuit.

    Apple claims that at the Black Hat security conference that took place earlier this month, Corellium “specifically emphasized” that its Apple Product is an exact copy of Apple’s copyrighted works and was created to help researchers and hackers test iOS for vulnerabilities. Apple even points out that 15 days after unveiling the iPhone XS, iPhone XS Max and iPhone XR on September 12, 2018, Corellium announced that its Apple Product supported the new phones and the latest version of iOS.

    An image included in the suit shows how Corellium subscribers can even choose which virtual iPhone they want to use and then select the version of iOS that they want to run on it. Once a subscriber has created a virtual iPhone, copies of the virtual device and the iOS version selected can be made. Apple alleges that Corellium’s servers contain “numerous copies of iOS.”

    Apple is seeking a permanent injunction against Corellium and an order preventing the company from marketing, selling, and distributing its Apple Product. Apple also wants to stop all subscribers from using the virtual iPhone and wants the defendant to issue a notice to past and present subscribers telling them that use of the product infringes on Apple’s copyrights. Apple also wants all infringing material destroyed and is seeking damages, lost profits, court costs and attorney’s fees.

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  • Greater China Earnings Contribution Triples Says OCBC

    Greater China Earnings Contribution Triples Says OCBC

    Since OCBC’s acquisition of Hong Kong lender Wing Hang Bank in 2014, it has managed to realize synergies and significantly grow its Greater China business with the region’s earnings share tripling from six percent to nearly one-fifth.

    Earnings contributions from Greater China grew from 208 million Singapore dollars ($150 million) in 2013-end (representing six percent of OCBC Group’s total earnings) to $748 million in 2018-end, now making up 19 percent of total earnings, according to figures released by the group last week.

    Headline growth figures in this period include a more than tripling of operating profits, income and wealth management assets under management. Its total client base in the region across all banking segments grew a colossal 19 times from 28,000 to more than half a million.

    OCBC credits a large part of its growth to the Wing Hang acquisition it made in 2014 for reported 38.4 billion Hong Kong dollars ($4.9 billion), which was since newly named OCBC Wing Hang.

    OCBC Wing Hang’s profits grew from $257 million in 2014-end to $419 million in 2018-end, representing a 1.6-fold increase in the four full fiscal years since the acquisition. Whilst this lags behind the group’s overall Greater China growth, the bank notes that there are other synergies realized that are not necessarily reflected in the subsidiary alone.

    According to the bank, it has managed to capitalize on economic growth in Greater China and the increased connectivity between North and Southeast Asia. Its access to a broader funding base led to an expansion of its product capabilities (OCBC Group’s loan assets grew 2.4 times from 2013-end to 2018-end).

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  • Alibaba Co-Founder Buys NBA Team For Record Price

    Alibaba Co-Founder Buys NBA Team For Record Price

    Alibaba co-founder, Joseph Tsai, has concluded a deal for the controlling interests in NBA team Brooklyn Nets for $2.3 billion – an all-time record-high price for any U.S. sports franchise.

    In addition to the $2.35 billion deal for the 51 percent stake, which makes Joseph Tsai the sole owner of the team, he will also pay nearly $1 billion more in a transaction for the Barclays Center.

    According to a report which cites two anonymous sources, the transaction is expected to complete by the end of September, pending approval by the NBA’s Board of Governors. Tsai purchases both the team and the stadium from Russian billionaire Mikhail Prokhorov, from whom he also already purchased a 49 percent stake from in 2018.

    Tsai’s 2018 acquisition included the option to become the sole controlling owner in four years. The team’s recent acquisition of megastars, Kevin Durand and Kyrie Irving from free agency, likely played a role in Tsai’s decision to exercise the right early and the team will undoubtedly experience an exponential boost in popularity, if not win rate.

    Chinese exposure to global assets through major acquisitions continues to increase and sports teams, specifical football in Europe, have been trending for years. Examples of stakes purchased include in Aston Villa, West Bromwich Albion, Wolverhampton Wanderers and Southampton in England; Italy’s A.C. Milan and Inter Milan; Spain’s Atletico Madrid; and Slavia Prague in the Czech Republic.

    And Tsai’s links with China through the gargantuan tech firm – in a nation where the NBA estimates one-fifth (300 million) of the population plays basketball – is likely to create synergies.

    The team is in a better place today than ever before and I know that Joe will build on that success, Prokhorov said.

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  • Ferrari Will Expand Its Line-up Of Road Cars

    Ferrari Will Expand Its Line-up Of Road Cars

    Italian premium sports car maker Ferrari NV will expand sales of easier-driving grand touring cars, but will not try to chase rival Porsche’s annual sales volume, Ferrari Chairman John Elkann told an audience of classic car enthusiasts gathered at this storied golf resort on the Pacific coast.

    Elkann also reiterated that Fiat Chrysler Automobiles NV, of which he is chairman, remains open to opportunities to combine with other automakers, but is positioned to remain independent. Fiat Chrysler in May proposed a merger with French automaker Renault SA, but the deal fell apart after the French government intervened and Elkann withdrew the proposed merger.

    Fiat Chrysler Chief Executive Mike Manley sent the same message to Renault and other would-be partners earlier this month. Elkann visited Pebble Beach during the annual Concours d’Elegance, during which wealthy collectors bring some of the world’s rarest vintage automobiles to be admired – and sold – and premium manufacturers showcase exotic new models.

    Ferrari is best known for flashy, high-performance sports cars. Among fans of vintage Ferraris, more understated GT, or grand touring, cars from the 1960s, some with seating for four people, are among the most popular models on auction blocks and at enthusiast events. GT cars were designed to be comfortable on long road trips.

    Elkann hinted Ferrari will unveil a new GT type car in November. Ferrari has said previously that about 40 percent of its total sales could come from GT cars by 2022, up from 32 percent now.

    Ferrari has outlined plans to expand revenue to 5 billion euros ($5.54 billion) by 2022 from 3.4 billion euros in 2017. The company has said it plans to add a model called the Purosangue to compete with a growing stable of sport utility vehicles wearing premium sports car brands, such as the Lamborghini Urus.

    Rival Porsche AG, a unit of Volkswagen AG, has expanded its sales to more than 250,000 sports cars and sport utility vehicles annually. Elkann said Ferrari is not aiming for Porsche’s level of sales.

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  • BMW CEO Urges Staff To Narrow Sales Gap With Mercedes

    BMW CEO Urges Staff To Narrow Sales Gap With Mercedes

    BMW’s new chief executive urged employees to embrace change and to find innovative ways to help the Bavarian carmaker overtake rival Mercedes at a time when demand for luxury cars is waning. Oliver Zipse addressed staff in an internal email a day after his predecessor Harald Krueger stepped down. BMW has lost ground to Mercedes-Benz producer Daimler in the past five years and seen rivals such as Tesla jump ahead in electric car sales.

    “Instead of blaming the current situation, conditions, political landscape or particular individuals, a positive spirit will enable us to seize the opportunities available to us. Such a positive spirit will be reflected in our culture: the harder the job, the more innovative our solution,” Zipse said.

    “We don’t always have to be first, but we most certainly have to be far better than our competitors in everything that we do. This applies not only to our products and services but also to our processes and structures, as well as our costs,” he said.

    BMW has already narrowed the sales gap between BMW and Mercedes and is preparing to launch more models, Zipse said.

    BMW’s flexible production methods, which allow the carmaker to build electric and combustion-engined cars on the same production line, provide a major competitive advantage because it will allow the carmaker to scale up or slow down the production of electric cars in line with demand, Zipse said.

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  • Maserati Unveils Limited Edition Quattroporte And Levante At Monterey Car Week

    Maserati Unveils Limited Edition Quattroporte And Levante At Monterey Car Week

    Monetary car week is one event that sees plenty of limited edition and one-off models and automakers wait for this time to show some of their special cars to the world. Maserati has also seized the opportunity to unveil the limited edition models of the 2020 Quattroporte S Q4 Granlusso sedan and the Levante S GranSport SUV. Both models have been draped in Pelletessuta interior which makes the cabin look as opulent as it can get. They sport thin strips of Nappa leather which is woven together to replicate the traditional hand-woven fabrics. Maserati claims that it’s the only car company to offer such an exclusive interior, thanks to its longstanding partnership with Zegna.

    The cabin of both models sports thin strips of Nappa leather which is woven together to replicate the traditional hand-woven fabrics. The Quattroporte is finished in a custom ‘Blu Sofisticato’ metallic exterior paint and it features blue brake calipers, sport seats and dedicated Zegna Edition interior badge. The cabin of the Quattroporte is finished in Brown Pelletessuta interior trim and Maserati has specifically mentioned that this will be the only time this configuration will be available for purchase.

    The Levante S GranSport SUV is painted in an exclusive ‘Bronzo tri-coat’ color and gets all-black Pelletessuta interior along with Radica wood trim. The limited-edition Levante features black brake calipers and 21-inch polished Helos alloy wheels. Maserati has also said that this combination will be made for a limited time and it has no plans to do it again on any other model.

    The Levante S GranSport SUV is painted in an exclusive ‘Bronzo tri-coat’ color and gets all-black Pelletessuta interiors.

    The Italian carmaker will be making just 50 units of both models and will take orders on first come first serve basis. It has not announced any prices for the limited edition models and will be starting with the deliveries only in 2020.

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  • EESL Partners With Apollo Hospitals To Install Public Charging Stations

    EESL Partners With Apollo Hospitals To Install Public Charging Stations

    Energy Efficiency Services Limited (EESL), a joint venture of PSUs under the Ministry of Power has announced its first partnership with the private sector. The world’s largest public energy services company (ESCO) has signed a 10-year Memorandum of Understanding (MoU) with Apollo Hospitals to install public charging stations across its hospitals in India. The aim is to boost e-mobility across the country and the tie-up will help set-up the charging infrastructure for electric vehicles. Under the MoU, EESL will make the entire upfront investment on specified services and deploy the manpower required for the operation and maintenance of the public charging infrastructure. Meanwhile, Apollo Hospitals will provide the requisite space and power connections for the charging network to EESL.

    Commenting on the announcement, Venkatesh Dwivedi, Director – Projects, EESL said, “Developing a strong supporting infrastructure is vital to build consumer confidence in electric vehicles. Our MoU with Apollo Hospitals reinforces the role of the private sector in achieving the goal of National Electric Mobility Programme. Electric mobility is vital to reducing airborne emissions and enhancing air quality, a cause the healthcare sector can resonate with. We look forward to more such multi-sectoral partnerships to accelerate the adoption of EVs across the country.”

    The move is part of the government’s National Electric Mobility Programme. EESL has commissioned 300 AC and 170 DC chargers across India and has established 55 public operational charging points in Delhi-NCR. The company has also partnered with Urban Local bodies in Hyderabad, Noida, Ahmedabad, Jaipur, Chennai, among other locations, to further penetrate the charging infrastructure.

    EESL procures the electric vehicles and chargers in bulk, which allows the company to source them at significantly discounted rates, lower than the actual market value. This allows the company to carry out operations at competitive project costs, which it says has helped the firm establish a sustainable business model that is affordable for the end consumer.

    With the government aggressive towards the adoption of electric vehicles in India, the charging infrastructure that remains nascent at present has always been a concern. Initiatives like these though will certainly help create enough charging locations to support electric mobility that is just gaining traction in the country.

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  • Mclaren Announces New Ultimate Series Supercar

    Mclaren Announces New Ultimate Series Supercar

    Mclaren announced an all-new ultimate series supercar during the Pebble Beach Concours d’Elegance. The yet-named model is a two-seat, open cockpit roadster that will be the latest offering in McLaren’s range-topping Ultimate series lineage of supercars that includes the P1TM, Senna and Speedtail. The production of this car is limited to 399 units but the roadster will be different both the McLaren Senna; whose focus is on being the ultimate road-legal track car, and the Speedtail’s high-speed aerodynamic efficiency by offering the purest distillation of road-focused driving pleasure and an unrivaled sense of driver connection with the surrounding environment.

    The new car gets classical roadster proportions, elegant sweeping lines, and low-profile dihedral doors. While designed more for the road than the track, the new model will utilize McLaren’s carbon fiber construction making it the lightest car ever produced by McLaren Automotive and will be powered by a version of the twin-turbocharged V8 engine currently employed in the Senna.

    Mike Flewitt, CEO, McLaren Automotive said, “At McLaren Automotive we are consistently pushing the boundaries to deliver the purest and most engaging driving experience whether for the road or track. Our two current Ultimate Series cars, the Senna and Speedtail, offer unique and distinct driving experiences. Now this new addition to the Ultimate Series, an open-cockpit roadster, will take road-focused driving pleasure to new levels.”

    The ultimate series model will make its debut in late 2020 and will be priced between the Senna and the Speedtail.

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  • AirAsia cleared to start five new Asian services

    AirAsia cleared to start five new Asian services

    AirAsia was granted traffic rights by the Malaysian Aviation Commission (MAVCOM) to start five new Asian services from August onwards.

    Mavcom’s latest bulletin shows that these flights will operate from Kuala Lumpur to Guangzhou, Jambi and Tanjung Pandan, alongside Sibu-Singapore and Penang-Kuala Terengganu routes.

    The low-cost airline was also cleared to raise frequencies on two domestic services, while both Malaysia Airlines and Malindo Airwere permitted to add flights internationally.

    Traffic rights on nine domestic and international routes were also returned in July, although Mavcom did not specify operators whose traffic rights were given back. This covers three routes to China, two routes to Nepal, one domestic route, as well as one route each to Indonesia, Japan and Vietnam.

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  • Shell Debuts Electric Vehicle Chargers In Singapore

    Shell Debuts Electric Vehicle Chargers In Singapore

    Royal Dutch Shell is launching electric vehicle chargers at petrol stations in Singapore, its first such foray in Southeast Asia, the company said on Monday. The electric vehicle charging service, ‘Shell Recharge’, will be available at 10 Shell petrol stations in Singapore by October, this year or about 20% of its retail network in the city-state, the company said in a statement. It added that the chargers typically provide from 0% to 80% charge in about 30 minutes, and are compatible with most electric vehicles in Singapore.

    A Shell-commissioned study on electric vehicle consumer behavior showed that 52% of Singaporeans are deterred to buy or use an electric car as they think there are not enough charging stations in Singapore, the company said.

    “To meet the country’s climate action goals, Singapore needs more and cleaner energy solutions to power lives, businesses, and transport sustainably,” said Aw Kah Peng, country chairperson of Shell Companies in Singapore. Shell plans to make more of such low-carbon energy solutions available in Singapore in the following months and years, she added.

  • AirAsia launches new route to Belitung, Indonesia

    AirAsia launches new route to Belitung, Indonesia

    AirAsia has launched a new route connecting Kuala Lumpur to Belitung, an island off the east coast of Sumatra, Indonesia.

    In a statement today, AirAsia said its four times weekly direct service will commence on Oct 2, 2019.

    AirAsia regional commercial head Amanda Woo said Belitung is a place with huge untapped tourism potential.

    “We hope that with this new direct service, more and more people will be able to discover this hidden gem.

    “The new route is also a testament to our firm commitment to support the Indonesian government in its efforts to develop 10 new priority tourism destinations,” she said.

    To celebrate this new route, AirAsia is offering special all-in AirAsia BIG member fare from as low as RM79 from Kuala Lumpur.

    Passengers were advised to book their flight on airasia.com or the AirAsia mobile app from today until Aug 25 for travel between Oct 2 and March 28, 2020 to enjoy these special fares.

    BIG members will enjoy zero processing fees when making payment using BigPay.

    In addition to the new route, AirAsia also operates daily flights to Belitung from Jakarta beginning Oct 1, 2019.

    AirAsia currently connects Kuala Lumpur to 14 other Indonesian destinations — Jakarta, Surabaya, Medan, Bali, Lombok, Yogyakarta, Pekanbaru, Pontianak, Padang, Palembang, Semarang, Makassar, Bandung and Banda Aceh.

  • PLQ Mall set to welcome shoppers on 30 August

    PLQ Mall set to welcome shoppers on 30 August

    Paya Lebar Quarter (PLQ) by Lendlease continues to realise its vision of transforming Paya Lebar into a vibrant business and lifestyle hub. The three Grade A office towers — home to 18 multi-national corporations and leading Singapore organisations — and PLQ Mall are approximately 90% leased and under final negotiations. A preview of PLQ Mall will commence on 30 August, with grand opening celebrations set for 24 October.

    The approximately S$3.6 billion landmark development is Lendlease’s largest to date in Singapore and home to its new Asia headquarters. Its residential component, Park Place Residences at PLQ, is over 99% sold with just three units available for sale.

    The new city precinct supports Singapore’s car-lite vision with its superb connectivity. PLQ has direct links to the dual line Paya Lebar MRT interchange and seamless connection to the wider Park Connector Network. The 22,000-strong workforce and one million residents[1] within a seven-minute walking radius of PLQ will benefit from the excellent connectivity to the rest of Singapore through PLQ.

    A placemaking project, PLQ will bring a wide range of alfresco dining options at PLQ Parkside; a sheltered and activated PLQ Plaza designed to host year-round events, festivals and celebrations, outdoor kiosks embedded with programmable LED light display; a water fountain; and an outdoor children’s play area amidst 100,000 square feet of lush greenery that is both pedestrian and personal mobility device-friendly.

    “We are proud to be contributing to the Urban Redevelopment Authority’s (URA) vision of the transformation of Paya Lebar, the most centralised sub-regional business and lifestyle hub in Singapore. PLQ is a great showcase of Lendlease’s core expertise in urban regeneration and placemaking by combining quality retail, entertainment and lifestyle options with community-centric spaces that resonate with the rich heritage and culture of the area,” said Tony Lombardo, CEO, Asia, Lendlease.

    Home to leading corporations and Lendlease’s first global flexible workplace solution

    As an integral component of the URA’s plans for the 12-hectare Paya Lebar Central precinct to be a sub-regional business hub for Singapore, PLQ Workplace, with close to 900,000 sq ft of space, is home to leading enterprises including CBRE, JLL, PropertyGuru, NTUC Income, Great Eastern, Intellectual Property Office of Singapore (IPOS), Bayer, as well as Virgin Active’s first fitness club in the east.

    Leveraging its experience in developing hundreds of workplaces for leading corporates globally, Lendlease has also launched its inaugural flexible workplace solution, csuites, at PLQ. The new flexible workplace combines the benefits of premier corporate offices, such as technology integration, privacy and security with the advantages of shared services and collaborative spaces offered by co-working. csuites offers companies the flexibility of shorter leases, seamless move-in experience and sustainability credentials, while enabling them to retain their own culture and identity.

    Office workers at PLQ can leverage the publicly-accessible high-speed Wi-Fi throughout the development, which enables them to work from desks and boardrooms to terraces, cafes, parks and restaurants around PLQ, supporting the new way of working which is more informal and collaborative.

    New concepts join a quality retail cluster 

    The quality of brands and new retail concepts at PLQ Mall, with over 200 shops, add another dimension to the diverse options already available for consumers in the area. Joining anchor tenants Shaw Theatres, FairPrice Finest and KopiTime, a new thematic food court by Kopitiam, PLQ Mall will welcome numerous new F&B concepts like:

    • Mom’s Touch by No Signboard Group

    The first in Singapore – Popular South Korean Fried Chicken Chain

    • Hayai

    The first in Singapore – No pork, no lard Onigirazu (Japanese rice sandwich)

    • Wursthans Switzerland

    The first in Singapore – authentic Swiss sausages in a contemporary all-day dining setting 

    • Fong Sheng Hao

    The first in Singapore – famous charcoal-grilled toast and milk tea café from Taiwan 

    • Lucky Bird

    Honest-to-goodness Singapore chicken rice with a modern twist

    Shoppers can look forward to new family-friendly stores like Komma, a DIY craft supplies and workshop; My Art Studio; Smigy Kid’s Indoor Play and Sing My Song Family Karaoke.

    There is also a strong line up of internationally recognised brands such as UNIQLO, Tokyu Hands, Foot Locker, Cotton On, LANEIGE, Innisfree, Etude House, Haidilao Hot Pot, The Providore, Wine Connection and Starbucks Reserve™, as well as popular homegrown brands such as Challenger, Popular Bookstore, TungLok Seafood, Duckland, as well as UOB High Street Wealth Centre, amongst others. Shaw Theatres will feature 12 halls, including premium halls and an IMAX theatre with the latest laser projection technology.

     One of the most sustainable precincts in Singapore

    PLQ is on track to be one of the most sustainable precincts in Singapore.  All seven buildings have received BCA Green Mark Platinum – the three office towers and retail mall have been awarded BCA Green Mark Platinum for Non-Residential Buildings NRB: 2015 (GM NRB: 2015) and Park Place Residences received BCA Green Mark Platinum for Residential Buildings.

    In addition, the three Grade A office towers are the first commercial development in Singapore to register for the WELL Core and Shell certification, the world’s first building standard focused exclusively on increasing the wellbeing and productivity of occupants. csuites is also on track to be the first flexible workplace product to achieve the Building and Construction Authority’s (BCA) Green Mark Healthier Workplaces certification.

    PLQ is also the first private mixed-use development to secure the Public Utilities Board’s (PUB) Active Beautiful and Clean (ABC) waters certification.

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  • Vision Fund Makes $110 Million Bet On Renewable Energy Storage

    Vision Fund Makes $110 Million Bet On Renewable Energy Storage

    Softbank Group’s Vision Fund has made its first foray into energy storage technology with a $110 million investment in Switzerland-based Energy Vault.

    While many countries are keen to use renewable energy as part of efforts to cut carbon emissions in the fight against climate change, the challenge has been to find a way to store it for later use, particularly overnight or when demand surges.

    Inspired by the physics and mechanical engineering used in hydro plants, Energy Vault says its technology enables renewable energy to be stored in 35-ton bricks and delivered as baseload power for less than the cost of fossil fuels at any hour of the day.

    Most rival solutions focus on some form of battery storage, be it lithium ion, sodium-sulphur, lead-acid, among others. While costs have been falling – by nearly 40% since 2015 according to Wood Mackenzie – most degrade over time.

    “Energy Vault solves a long-standing and complex problem of how to store renewable energy at scale,” Akshay Naheta, managing partner at SoftBank Investment Advisers, said in a statement on Thursday, announcing Vision Fund’s $110 million investment. “Energy Vault is highly complementary to SoftBank’s existing energy portfolio and we are pleased to further the company’s global development.”

    Energy Vault launched in late 2018 and has already partnered with Mexican materials company CEMEX and India’s The Tata Power Company as it looks to complete a test phase and then build its first commercially functioning site.

    Despite normally investing at a later stage in a company’s development, Softbank believed Energy Vault could scale quickly and potentially not need to do a later funding round, hence the drive to take an early stake, Naheta said.

    The potential rewards are large. The global energy storage market is expected to reach 22.2 GW in 2023, from nearly 5 GW at the end of 2018, according to a report in May by data and analytics company GlobalData.

    Robert Piconi, chief executive and co-founder of Energy Vault, said despite planning to grow the business country by country, the scale of pent-up global demand for a scaleable solution convinced them to move faster.

    “The Vision Fund shares our passion to combat climate change through innovation in energy storage technologies and, with its support as a strategic partner, Energy Vault is well positioned to meet the large and currently unmet demand for sustainable and economical energy storage worldwide,” Piconi said.

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  • HSBC Singapore Adds Directors to Board

    HSBC Singapore Adds Directors to Board

    The two new board members will help the bank accelerate its business transformation in Singapore and deepen its foray into the digital space.

    HSBC Bank (Singapore), the local subsidiary of HSBC that includes retail banking and wealth management businesses, is adding Penny Goh and Josh Bottomley to its board of directors, the firm said in a press release on Wednesday.

    Goh is a co-chairman and senior partner of Allen & Gledhill, and leads the law firm’s corporate real estate practice. With the appointment, she will become a member of HSBC Singapore’s Audit and Risk committees. Bottomley is HSBC’s global head of Digital, Retail Banking and Wealth Management, a role he has held since May 2013. He has also held various senior appointments at Google and LexisNexis.

    HSBC said in June 2018 that Singapore was one of eight priority markets globally. In September 2018, HSBC Singapore said it would double the overall combined retail and private banking total wealth and hire more than 400 retail and private banking customer-facing employees over five years.

    Singapore is a growth market for HSBC and one where we want to build scale, and both appointments have a very strong and significant connection in support of delivering the strategy, Mukhtar Hussain, HSBC Singapore chairman and HSBC’s Asia Pacific head for Belt and Road Initiative, said about the appointments.

    Together, both will bring a very strong blend of experience, expertise and ambition in the oversight of HSBC’s Retail Banking and Wealth Management business in Singapore. Moreover, the appointment of such high-caliber individuals reflects the importance and rising prominence of the Singapore franchise for HSBC globally, Hussain added.

    Earlier this month, HSBC CEO John Flint, 51, announced his sudden departure after being at the helm for only 18 months, saying the bank needed a change at the top to address the «challenging global environment.» In the meantime, Noel Quinn, HSBC’s head of global commercial banking is holding the role of interim CEO.

  • AirAsia playing a big role in travel and tourism

    AirAsia playing a big role in travel and tourism

    Tun Dr Mahathir Mohamad acknowledged AirAsia’s significant contribution to Malaysia’s tourism sector since starting operations in 2001 besides creating numerous milestones along the way and being a trendsetter in air travel.The Prime Minister said the evolution of low-cost carriers in the region has been quite phenomenal and that AirAsia’s role in this was obvious.He is confident that the emergence of new technologies in the aviation industry would further propel AirAsia to improve its standing as one of the world’s leading brands.“I was informed that this is the centre of AirAsia’s operations across the Asia Pacific and congratulate AirAsia for spearheading the budget air travel revolution in this region,” he said, when visiting the AirAsia headquarters known as Red Q or Red Quarters, a stone’s throw from the Terminal Two which it operates.

    Mahathir said his last visit to the LCCT (low-cost carrier terminal) was in 2011 and was proud of the Malaysian success story the airline has become.It not only emerged as the world’s best low-cost carrier for the 11th time at the Skytrap World Airline Awards this year but was also briefed that its headquarters even matched those of Google and Facebook.“Obviously this is not the usual office. There is no partition between the staff and heads. Even the top management don’t have partitions,” he said, adding in jest that he thought it was because AirAsia had no money to install partitions. “It reminded me of a phrase that was meaningful to me at one time, i.e nothing to hide,” he quipped and hoped AirAsia would continue to remain open and transparent.

    He noted that AirAsia sets many firsts in the industry such as being the first to sell flights online when the rest of the industry was still using travel agents, the first in Asia to have a mobile app and engage in social media seriously, the first to implement self-service facilities including check-in kiosks, self-bag tag and self-bag drop machines.“Today it is taking its guest experience one step further by showcasing the possibility of future air travel and digital airports in line with Industry 4.0 that involves enhanced connectivity and automation which leads to the creation of smart autonomous systems fuelled by data and machine learning that are more efficient and less wasteful.”He was confident that AirAsia’s innovations like AVA (Airasia Virtual Allstar, AI-powered Chatbots and Faces (Fast Airport Clearance Experiencei) will help propel the industry into the future and hoped to see all these creative innovations in all airports.

    Mahathir also hoped that the new technologies would help AirAsia to continue to put Malaysia on the map as the nation forges ahead with 4.0.“The potential for growth is tremendous and it comes down to knowledge in applications.”Mahathir said businesses should not only arm themselves with new knowledge but also take risks to apply this new-found knowledge to create new products and services to boost productivity and efficiency.In this, he was glad to note that AirAsia was constantly challenging itself in its quest for continuous improvement and innovation.

    As a word of advice, he said success will always bring higher expectations and place one under more scrutiny.“If not careful and unable to meet and resolve some of the more reasonable expectations and criticisms, it may turn against you.“Its all about managing success and this is what AirAsia should give much consideration,” he said, adding that if it remains focussed and innovative, AirAsia is destined for even greater heights.Earlier at the presentation, guests were briefed on how AirAsia grew from just two planes serving two domestic routes in 2011 to 260 planes and over 390 routes across the Asia-Pacific and US with some 600 million people having travelled on it.It also prides in being one of the largest recruiters of women pilots, now numbering 220.Among those present were Transport Minister Anthony Loke, AirAsia x Chairman Tan Sri Rafidahn Aziz, AirAsia Group Exec Chairman Datuk Kamarudin Meranun and AirAsia Group CEO Tony Fernandes.

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