Retail News CRM

Author: Mei Ling Tan

  • Love Yourself a BTS-themed coca cola

    Love Yourself a BTS-themed coca cola

    Coca-Cola launched BTS-themed bottles as part of its “Share a Coke” campaign on Monday. The bottles come in seven different designs – each one representing a member of the K-pop boy group – with inspirational messages referencing the group’s song titles. This year, the special Coke bottle labels read in Korean “Your spring day is today,” “I’m fine if it’s you,” “Run like yourself,” “You’re really dope,” “You are my idol,” “Go instead of worry” and “This year is blazing fire.”

    Bottles are also decorated with images of the members’ faces and vivid colors like pink, yellow and green.

    The BTS-themed drinks are available in grocery stores and convenience stores across Korea. They come in 350-milliliter (12-ounce) aluminum cans and 500-milliliter, 1.5-liter and 1.8-liter bottles.

    Coca-Cola in Korea has been launching special edition Coke bottles as part of its Share a Coke storytelling campaign since 2014. The campaign’s goal is to help consumers share hopeful messages with friends and family by exchanging the drinks with one another.

  • Rihanna to launch a fashion house with LVMH

    Rihanna to launch a fashion house with LVMH

    WWD reported that, according to multiple sources, the Rihanna is working with French luxury conglomerate LVMH to launch a luxury house under her name. It would be the first time LVMH has launched a brand new label since Christian Lacroix in 1987. No word on an official launch date, but perhaps that is why Rihanna is suing her father now over the ‘Fenty’ name as he could be holding up proceedings with LVMH.

    The pairing makes sense. In 2015, Rihanna appeared in Christian Dior’s “Secret Garden IV” ad shot at Versailles, the first Black woman to front a campaign for the French fashion house. She also created a line of Dior sunglasses in 2016.

    What is more, she launched Fenty Beauty by Rihanna under the Kendo, LVMH’s incubator to produce products that ultimately end up in Sephora, or in this case, change the way beauty products are marketed.

    WWD reported that Fenty Beauty made close to $100 in a matter of weeks — a great sign for Rihanna’s impending luxury offering.

    Sources tell WWD Rihanna is a “hands-on type” who is very involved in the range’s product development (she was reportedly said to be the same way while creating for Puma and Savage x Fenty).

    It is believed LVMH started forming a team six months ago, handpicking employees from Louis Vuitton and Celine to work on the fashion house’s ready-to-wear, leather goods and accessories. And hold on to your Fenty x Savage hats here, the line is to be released in tandem with her ninth album expected to drop later this year.

    We already cannot wait to be fresh off of Rihanna’s runway.

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  • Tiffany sales reported drops

    Tiffany sales reported drops

    US jewellery retailer Tiffany & Co has reported a 1 per cent drop in worldwide net sales and 2 per cent drop in comparable sales for the two months to December 31. While Tiffany sales grew strongly in China over the holiday period, softening in other markets that are more dependent on foreign tourist spending led total net sales across Asia Pacific to fall 3 per cent from the prior corresponding period to US$226 million. Comparable sales in the region fell 4 per cent.

    “With continued strong sales growth in mainland China (by a double-digit percentage), solid results in Japan and healthy growth in e-commerce sales, overall holiday sales results came in short of our expectations which had called for modest year-over-year growth,” Tiffany CEO Alessandro Bogliolo said.

    “We attribute the difference partly to lower sales to foreign (primarily Chinese) tourists globally, and to softening demand attributed to local customers in the Americas and Europe, which we believe may have been influenced more than expected by external events, uncertainties and market volatilities.”

    Total sales across the Americas declined 1 per cent to US$514 million, while Europe dropped 4 per cent to US$132 million.

    Japan, however, saw positive growth over the period of 4 per cent – increasing to US$150 million, attributed to higher spending by local customers.

    Based on these results, the business now expects worldwide net sales for fiscal 2018 will increase by 6 to 7 per cent compared to the prior year, as opposed to the high-single digits previously expected.

    “Now the focus is to grow to new heights,” Bogliolo said. “To this purpose, we will continue to pursue the six key strategic priorities we introduced earlier in 2018 … which will require our ongoing effort and commitment for years to come.

    “We acknowledge that external pressures, difficult year-over-year sales comparisons and annualised internal spending are expected to have some negative effects on fiscal 2019 results, mostly in the first half of the year, but we believe Tiffany is on a solid path for improved sales, margins, earnings and cash flow generation over the long term.”

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  • Hyundai, Kia move ahead with recall in U.S.

    Hyundai, Kia move ahead with recall in U.S.

    Despite a government shutdown, Hyundai and Kia are moving ahead with a recall of about 168,000 vehicles to fix a fuel pipe problem that can cause engine fires. The problem stems from improper repairs during previous recalls for engine failures. The affiliated Korean automakers have been dogged by fire and engine failure complaints from across the nation. They’re both under investigation by the U.S. National Highway Traffic Safety Administration, which has been trying to figure out whether initial recalls covered enough vehicles. But the agency is mostly closed due to the shutdown.

    In addition to the recall, each automaker says it will do a “product improvement campaign” covering a total of 3.7 million vehicles to install software that will alert drivers of possible engine failures and send the cars into a reduced-speed “limp” mode if problems are detected.

    Nhtsa employees who do safety investigations and recall notifications are not at work. Under normal circumstances, the agency would review the recalls to make sure they are adequate and post details on the agency website. It would also monitor notices to customers, and ensure customers could check to see if their vehicles are included.

    Kia spokesman James Bell said the company is proceeding with the recall and campaign regardless of government delays.

    “Making our customers comfortable is vastly more important than making sure we’re following additional government processes right now,” he said. Kia sent letters to dealers around Jan. 10 notifying them of the recall, he said.

    But a U.S. auto safety advocate called the recalls inadequate and said the product improvement campaigns should instead be recalls that are overseen by Nhtsa.

    An Nhtsa spokeswoman said she could not comment due to the shutdown.

    Hyundai and Kia started recalling 1.7 million vehicles in 2015 – about 618,000 of which are Kias – because manufacturing debris can restrict oil flow to connecting rod bearings. That can cause bearings in 2-liter and 2.4-liter four-cylinder engines to wear and fail. The problem can also cause fires. The repair in many cases is an expensive engine block replacement.

    Now the companies are acknowledging that the engine replacements may not have been properly done in all cases by dealers. A Kia statement says the high-pressure fuel pipe may have been damaged, misaligned or improperly tightened while the engines were being replaced under recall. That can allow fuel to leak and hit hot engine parts, causing fires.

    Kia says it has six reports of fires among the vehicles being recalled for possible fuel leaks, while Hyundai says it has no fire reports. Neither company had any reports of injuries.

    The fuel injector pipe recall covers some 2011 through 2014 Kia Optima cars, 2012 through 2014 Sorento SUVs, and 2011 through 2013 Sportage SUVs, all with 2-liter and 2.4-liter four-cylinder engines. Also covered are many 2011 to 2014 Hyundai Sonata cars and 2013 and 2014 Santa Fe Sport SUVs.

    More than 2 million 2011 Sonatas from the 2011 through 2018 model years and Santa Fe Sports from 2013 through 2018 are covered by the software and engine-knock sensor updates. About 1.7 million Kias, including the 2011 through 2018 Optima, the 2012 through 2018 Sorento and 2011 through 18 Sportage, are covered.

    The companies say owners of the recalled vehicles will be notified by letter. Dealers will check the fuel pipe for leaks and replace the pipe if needed.

    Kia is only doing the fix on 68,000 of its 618,000 vehicles recalled for the engine problems, while Hyundai is recalling 100,000 of more than 1 million. Hyundai said only vehicles that had engines replaced in the previous recalls are covered by the new recall.

    He also raised concerns about the government shutdown’s impact on Nhtsa, which he said should be open to handle critical safety recalls.

  • Era when eggs taking over Instagram

    Era when eggs taking over Instagram

    Eleven days ago, the anonymous Instagram account world_record_egg posted its first image, what appears to be a simple stock photo of a brown egg. “Let’s set a world record together and get the most liked post on Instagram,” the caption read. The photo has now reached that goal, with over 42 million likes as of Tuesday afternoon. It blew past the previous record holder over the weekend, the first photo Kylie Jenner shared of her daughter Stormi, which garnered only around 18.5 million likes after it was posted last year.

    It is easy to root for the Instagram egg and its other nihilistic siblings, like the halved white onion that only wants more Twitter followers than President Donald Trump.

    These accounts are not inherently interesting or important—many of them post barely any content at all—but they are made so because the internet decides they should win the attention lottery. In an era of rampant spam, thirst traps, and stolen memes, the egg became popular by straightforwardly asking for likes and nothing else. It is absurd. It is delightful. It feels righteous, charitable even, to help these accounts amass larger online followings than those of world leaders or members of the Kardashian family.

    Anything can be mapped onto the canvas of a blank brown egg, and so thousands of remixes have predictably been created that riff on the original. Ellen DeGeneres, for her part, put Kylie Jenner’s face on the egg on Monday, in the hopes that by putting them together, she can attract more engagement than the two most popular Instagram posts combined.

    Why did this egg take off where others have failed, that’s not clear. But the creator is clearly familiar with some of the engines of online fame. They tagged a number of people and publications that regularly cover viral memes like LADBible, Mashable, BuzzFeed, the Daily Mail, and YouTube star PewDiePie in the egg photo itself. Once the account took off, they began to sell “official” merchandise, including T-shirts that say “I LIKED THE EGG,” which go for $19.50. A request for comment sent to the email listed on the egg’s Instagram page went unanswered.

    The account behind the egg, which has nearly 6 million followers, is also an incredibly valuable marketing vehicle. Brands could spend thousands of dollars to advertise with it, according to sources in the influencer marketing industry who spoke with Recode. When the egg goes out of style, its creator could also sell the account or pivot to sharing another type of content with the massive audience they’ve already attracted.

    The egg’s creator may instead simply continue to try to profit off the popular meme, as other viral food sensations have before them. In 2014, after Zack Brown went viral for raising more than $55,000 on Kickstarter to make potato salad, he threw a potato-themed party and two years later released a potato salad cookbook. Carter Wilkerson—the teen who became famous in 2017 after Wendy’s promised a year of free chicken nuggets if he achieved 18 million retweets—went on to sell nugget-themed apparel for charity. Max Miller, the guy behind the half onion, also sells merchandise and claims a portion of sales are donated to charity too.

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  • Vans, The North Face boost parents sales

    Vans, The North Face boost parents sales

    VF Brands has posted strong third-quarter results, with balanced growth across its entire portfolio. The US-listed apparel company, which owns and operates Vans, The North Face, Timberland, Wrangler and Lee, among others, says sales grew 8 per cent in the third quarter, to US$3.9 billion. Its share price soared 12.39 per cent after the announcement on Friday (US time) to $82.47.

    Vans sales soared 25 per cent and The North Face’s, by 14 per cent.

    “VF’s third-quarter results were fuelled by strong growth in our largest brands and balanced growth across the core dimensions of our portfolio,” said VF Brands president, chairman and CEO Steve Rendle.

    Revenue from VF’s ‘active’ segment, which includes brands such as Vans and JanSport, increased 16 per cent, while revenue from its ‘outdoor’ segment, which includes brands such as The North Face and Timberland, increased 11 per cent.

    VF reported $592 million in operating income, 22 per cent up on the prior year. Net income for the period was $463 million, a 613 per cent increase over the $90 million loss posted in the same period last year.

    “Based on the strength of our third-quarter performance and the growth trajectory we see for the remainder of fiscal 2019, we are again increasing our full year outlook,” Rendle said.

    The business expects revenue from its ‘work’ segment, which includes brands such as Dickies, is expected to increase 39 per cent, while revenue from its ‘active’ segment is expected to increase 16 per cent and revenue from its ‘outdoor’ segment is expected to grow 8 per cent.

    VF expects revenue from its ‘jeans’ segment, which includes brands such as Wrangler and Lee, to decline 3 per cent, while direct-to-consumer revenue is expected to increase 13 per cent, and digital revenue is set to increase by more than 30 per cent.

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  • Korean SUV sales soar globally

    Korean SUV sales soar globally

    SUVs have recently grabbed the spotlight in Korea, breaking both local and export sales records. According to the Korea Automobile Manufacturers Association (KAMA), the number of exported SUVs by five local automakers reached a new record of 1.38 million units in 2018, a 6.7 percent increase from the previous year. In just 17 years, the figure rose by 700 percent – exports recorded merely 196,111 units in 2000.

    Over the same period, overall exports of passenger vehicles declined 3.1 percent to 2.34 million units. The share of SUVs also reached an all-time high.

    Compact SUVs from Korea were most popular in export markets.

    GM Korea’s Chevrolet Trax was shipped the most, at 239,800 units, followed by Hyundai Motor’s Tucson at 228,461 units.

    Small-sized SUVs also performed well, with 202,779 units of Hyundai Motor’s subcompact SUV Kona shipped abroad, a 437 percent rise from the previous year.

    Kia Motors’ Stonic exported 58,989 units, increasing 75.8 percent from 2017.

    Much of the enthusiasm surrounding SUVs in markets abroad was also present in the local market.

    Last year, 519,883 SUVs were sold in Korea, passing the 500,000 unit mark for the first time.

    With a 12.7 percent rise from 2017 sales figures of 461,385 units, SUVs currently take up a 40.1 percent share in the overall passenger car sales figures.

    Meanwhile, passenger car sales, excluding SUVs, dropped 6.9 percent last year from the previous year.

    Hyundai Motor’s mid-sized SUV, the Santa Fe, was the most popular in Korea, selling 107,202 units. This was the first time that an SUV model recorded an annual sales figure over 100,000 units.

    The SUV market is expected to grow this year.

    As compact and small-sized SUVs are poised to lead exports and medium and small-sized SUVs the local market, large-sized SUVs are also being rolled out this year.

    Hyundai Motor’s Palisade, unveiled last November, recorded over 25,000 preorders in just three weeks, hitting 62.5 percent of the automaker’s annual sales target of 40,000 units for the model.

    It will likely take customers around seven months to receive the vehicle if ordered now.

    According to Hyundai Motor, the large-sized SUV is popular among older drivers. Customers in their 40s accounted for 37 percent of orders and those in their 50s made up 26.9 percent.

    “As high-quality amenities and vehicle stability that used to be developed through sedans is now applied to SUVs, there was quite a bit of progress,” said Kim Pil-soo, a professor of automotive engineering at Daelim University.

    “This year’s SUV sales and market share will grow as local and foreign SUVs have adopted the advantages of sedans,” added Kim.

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  • Living Coral proves Color of the Year sells well

    Living Coral proves Color of the Year sells well

    After color forecaster Pantone announced its annual Color of the Year in December, Korean companies, spanning cosmetics brands to hiking-gear makers, have rushed into releasing products in the vibrant hue. According to Pantone, the color was chosen for being “animating and life-affirming” able to energize and enliven with a softer edge. The color, which stands somewhere between pink and orange, is also a reminder of the beauty of coral reefs, “a source of sustenance and shelter to sea life” that is only visible in a healthy environment.

    Coral is already a popular color for many cosmetics brands in Korea, and is annually one of spring’s trendiest colors.

    One of the first local collaborators with Pantone is cosmetics brand VDL. Early this month, the company released its “2019 VDL + Pantone Collection,” including a 12-color eye shadow palette, lipstick, primer and cushion packs, all featuring the trendy hue.

    This is the company’s fifth collaboration with Pantone since 2015; every January, VDL releases a lineup of cosmetics featuring the Color of the Year.

    Olive Young, a chain of health and beauty brands, saw a 45-percent sales increase in their coral- and orange-toned cosmetics from Dec. 17 to Jan. 7.

    According to the company, the major reason behind the increase was Pantone’s annual announcement.

    Unlike previous Color of the Year picks – such as Ultra Violet in 2018 and Greenery in 2017 – which are relatively difficult to apply as makeup, Living Coral goes well with many skin tones, while “naturally brightening” one’s face.

    In recent weeks, YouTube has been dominated with hundreds of videos of beauty bloggers applying Living Coral makeup collections.

    Living Coral is also influencing the design and fashion industries.

    Korean furniture brand Modern House teamed up with Pantone to develop a special series of home goods, ranging from kitchen items and bathroom utensils to home decorations and tumblers in the beginning of the year.

    Casual wear brand Uniqlo Korea set this year’s fashion key word as “24/7 Relax & Comfort” and revealed a series of spring clothing featuring vibrant colors, including Pantone’s Living Coral.

    Sportswear brand MLB has also released a collection of hoodies, puffer jackets, beanies and pants in different shades of coral.

    “Coral [is a very popular] color in various categories – from lipsticks to blush and eye shadows,” Olive Young said in a statement on Jan. 8.

    “The sales of coral-colored products have been increasing since the beginning of the year. ”

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  • Vietnam trade deficit could balloon to $3 billion

    Vietnam trade deficit could balloon to $3 billion

    Vietnam could face a trade deficit of $3 billion this year, after achieving the highest trade surplus in a decade in 2018. Export turnover in 2019 is expected to reach about $265 billion, down 17.4 percent from 2018. However, imports are expected to rise by 13.2 percent, reaching $268 billion, meaning a trade deficit of $3 billion, the Ministry of Industry and Trade has predicted.

    The volatility of trade policies of major economies like the U.S. and EU could hurt Vietnam’s exports this year, Deputy Minister of Industry and Trade Hoang Quoc Vuong said at a recent review conference.

    Geopolitical tensions and monetary policies which were tightened earlier than expected in many economies are other challenges for Vietnam’s export sector this year, he added.

    Global agricultural supply this year is expected to rise as countries hike up production of own agriculture sectors to avoid reliance on imports, and competition for agricultural and seafood products is set to intensify.

    Meanwhile, imports are forecast to continue to grow in manufacturing sectors that rely on imported materials or machinery.

    “Trade protection looks to be on the rise, especially after the U.S. has raised tariffs on imports from other countries. The US-China trade war is also not showing signs of cooling down,” Vuong said.

    Nguyen Xuan Cuong, Minister of Agriculture and Rural Development, said at the conference that 2019 was going to be a more difficult year after 2018’s windfall.

    “We’ve hit very high targets last year, so going even higher is extremely difficult. In addition, world trade is unstable, U.S.-China trade relations have not returned to normal, and Brexit remains unfinished. These are difficult challenges for our industrial and agricultural sectors this year,” said Cuong.

    He suggested that the Ministry of Industry and Trade supports growth in the agricultural sector, using its influence on supply chain areas like marketing and distribution.

    Vietnam had an export surplus of $7.2 billion in 2018, three times higher than that of 2017 and the highest in the past decade.

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  • Rick Owens x Birkenstock launched second collaboration range in HK pop up

    Rick Owens x Birkenstock launched second collaboration range in HK pop up

    Fashion designer Rick Owens has launched his second collaboration with footwear firm Birkenstock, with pop-ups expected in Hong Kong and Shanghai. The Rick Owens x Birkenstock collection debuted exclusively at Le Bon Marche in Paris, and will not be available online until February 8. The pop-ups in Hong Kong and Shanghai are scheduled for January 23 and 25.

    “The brief for the set design was Mayan pyramids”, said Owens.

    All the various styles of the collection, including sandals featuring metallic foil and leather, are on display at the pop-up on blocks of raw black cork.

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  • Seoul, SKT to add 5G to transport system

    Seoul, SKT to add 5G to transport system

    Sensors on roads will be able to alert cars when people are jaywalking and bus stops will tell buses to slow down in crowded areas when Seoul’s 5G infrastructure is ready, the city’s government and SK Telecom said in a joint statement Thursday. The Seoul Metropolitan Government and SK Telecom have teamed up on an initiative called the Cooperative-Intelligent Transport System, an upgrade of the current transportation system in Seoul. The pilot program will run until the end of 2020 with a budget of roughly 25.4 billion won ($22.6 million).

    Seoul already has a digitized public transportation system with signboards at bus stops telling passengers when the next bus is coming and whether it is crowded, and T-Money cards that enable people to transfer between various means of public transportation with little additional cost. The city aims to use 5G to make that transport system even safer.

    SK Telecom will supply 2,000 5G devices for buses, taxis and traffic signal controllers so they can connect with the 5G network. The mobile carrier said the devices will be co-developed with Samsung Electronics.

    Buses and taxis installed with 5G will constantly share data with bus stops, traffic lights and other traffic infrastructure. SK Telecom and the Seoul government will look for dangerous situations by analyzing the shared data to prevent accidents. As SK Telecom operates the country’s largest navigation app – T Map – the carrier said it will send out warnings through the app to reach the largest number of drivers possible.

    SK Telecom said there are about 30 safety services the 5G-based transportation system can offer.

    Roads installed with 5G sensors can detect jaywalkers, the mobile carrier said. While cars may have difficulty spotting people in the dark or during bad weather, 5G-connected sensors will alert nearby cars and prevent accidents. In 2017, 9,590 accidents were caused by jaywalkers, the largest cause of road accidents for pedestrians, according to data from the Korea Road Traffic Authority.

    The country’s largest telecom company also said 5G connectivity between cars can prevent secondary accidents by sending warning messages to following cars when an accidents occur in areas with poor visibility, such as around a corner or a bend in the road.

    As well as partnering on safety services, Seoul and SK Telecom are also preparing to jointly establish an autonomous driving test-bed in Sangam-dong, western Seoul, by the first half of this year. A self-driving vehicle will run back and forth between Digital Media City Station and buildings in the area. The SK Telecom-operated autonomous vehicle will begin running in the area from June at the earliest.

    “The Cooperative-Intelligent Transport System project is a futuristic business that combines state-of-the-art digital technologies, like 5G, autonomous driving, artificial intelligence (AI) and the cloud,” said Ryu Young-sang, an executive vice president of SK Telecom. “We hope to offer a range of traffic safety data to Seoul citizens using 5G and reduce traffic accidents.”

  • Burger house competition in Hong Kong

    Burger house competition in Hong Kong

    In 2018, two international burger chains have opened restaurants and branched out in the city. In May 2018, Shake Shack brought the modern day roadside burgers, to Hong Kong with its partner Maxim’s Caterers Limited. Maxim’s Caterers Limited is a Hong Kong based food, beverage and restaurant chain founded in 1956, and the company operates over 1,000 outlets in Hong Kong including The Cheesecake Factory and Simplylife Cafe.

    “We see tremendous opportunity for Shake Shack in Hong Kong and Macau,” said Randy Garutti, CEO of Shake Shack. “We are thrilled to bring the joy of Shake Shack to our fans in these dynamic communities as we continue to expand our footprint in Asia.”

    On 19 November 2018, after months of staring longingly at the red and white hoarding, the day to check out Five Guys’ first Hong Kong restaurant has finally arrived. The popular fast food chain is now serving up all the American-style burgers, hotdogs, milkshakes, and fries. Naturally, burger lovers in Hong Kong were excited to get a chance to check it out.

    After 2 months,there is still a queue outside Five Guys owing to the all-you-can-eat peanuts and Coca-cola Freestyle. Coca-cola Freestyle is a concept similar to the Big Gulp offered by the 7-Eleven, customers may choose and drink all the provided soft drinks freely for only $30 Hong Kong dollars.

    This increasing number of burger outlets landing in HK just leaves us with one question – when is In-N-Out Burger making its way to Hong Kong?

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  • Coffee exports jump for Korean firm

    Coffee exports jump for Korean firm

    Namyang Dairy Products said Friday its coffee exports jumped more than 20 percent in 2018 on market diversification and the rising popularity of Korean pop culture abroad. Overseas shipments of its freeze-dried coffee and instant coffee products totaled 36 billion won ($32 million) last year, compared with 28 billion won a year earlier.

    Exports of freeze-dried coffee totaled 2,000 tons last year, compared with 1,500 tons a year earlier. The value rose to 30 billion won from 23 billion won. The company also exported 50 million instant coffee mixes, up from 40 million the previous year.

    A company official attributed the export jump to its development of premium products as well as the overseas popularity of Korean pop culture.

    Namyang Dairy Products said it will ramp up efforts to diversify its export markets to Europe. Last year, Korea’s overall exports of coffee products came to 75,100 tons, up slightly from 75,000 tons a year earlier.

    Meanwhile, Korea’s exports of milk powder surged to 32.5 billion won last year from 26 billion won a year earlier.

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  • Indian rice prices slip as demand lags; Vietnam awaits major harvest

    Indian rice prices slip as demand lags; Vietnam awaits major harvest

    Rice export prices slipped in India as the rupee weakened and demand waned, prompting buyers to turn to other markets such as Vietnam. India’s 5 percent broken parboiled variety eased to $379-$384 per tonne this week from the $382-$387 range last week. “Demand is still weak due to higher prices,” said an exporter based in Kakinada in the southern state of Andhra Pradesh, adding that despite the fall, prevailing high rates were prompting buyers to look at other markets, such as Vietnam.

    The Indian rupee hit a month low on Thursday, increasing exporters’ margins from overseas sales and thereby prompting a reduction in prices.

    Export prices in India had shot up after the central state of Chhattisgarh, a leading rice producer, raised minimum paddy buying prices to 2,500 rupees per 100 kg from 1,750 rupees.

    In neighboring Bangladesh, an increase in domestic rates for rice could prompt the government to cut the import duty on the staple grain, traders said.

    The south Asian country, which emerged as a major importer of the grain in 2017 after floods destroyed crops, imposed a 28 percent duty in June last year to support its farmers after local production revived.

    In Vietnam, rates for 5 percent broken rice fell to $355-$360 a tonne from $370-$375 last week ahead of the country’s largest harvest, expected to begin in two weeks.

    “Indonesia’s state food procurement agency’s recent announcement that it may not import rice this year has also weighed on prices,” a Ho Chi Minh City-based source said.

    “We are negotiating a deal for around 10,000 tonnes to be delivered late February, and we are stuck at pricing. We’re asking for $360 and they are offering $345,” the trader said, adding that the shipment would be bound for Africa.”

    Another trader said China’s move to limit rice shipments from Vietnam may not be as bad as some traders initially feared.

    “It’s only the beginning of the year now and importing countries can change their import plans, especially when hit by natural disasters,” the trader said.

    In second biggest exporter Thailand, prices of the benchmark 5 percent broken variety widened to $385-$400, free on board Bangkok, from $390-$400 the previous week, mostly due to fluctuations in the value of the domestic currency.

    “Demand remains flat, but some exporters are starting to talk about possible orders from the Philippines,” a Bangkok-based trader said.

    The Thai market is likely to see additional supplies flowing in toward the end of this month, from the seasonal harvest, and this could in turn move prices, another trader in Bangkok said.

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  • Hyundai takes top honors at Nactoys

    Hyundai takes top honors at Nactoys

    Hyundai Motor Group took home the top prizes in two of three categories at the 2019 North American Car, Utility and Truck of the Year Awards (Nactoy), the company said last Tuesday. It is the first time a Korean carmaker has won in two categories at the annual awards. Hyundai Motor’s Kona and Kona Electric crossover utility vehicle won in the utility category, while the G70 sedan sold under the carmaker’s Genesis brand won in the car category.

    A jury consisting of journalists and analysts based in the United States and Canada voted for the winners of each category, choosing between three finalists. This year, 54 journalists from print, online and broadcast media participated in the assessment.

    The award organizer said in a press release that jurors voted on the finalists based on segment leadership, innovation, design, safety, handling, driver satisfaction and value for the dollar.

    Hyundai’s Kona competed with Honda’s Acura RDX and the Jaguar I-Pace.

    “The Kona Electric is the first mass-market electric car that truly works for the mass market,” said Jamie Page Deaton, executive editor at U.S. News & World Report Best Cars. “A livable EV range, affordable price and practical cabin combine with lively driving dynamics to make the Kona EV a true pleasure.”

    The G70 competed with the Honda Insight and Volvo S60. The Genesis-brand was evaluated to exceed luxury segment mainstays like the BMW 3 Series, Audi A4 and Mercedes-Benz C-Class in driver engagement and value for the dollar.

    The last Hyundai car to win top honors at the awards was the Avante sedan, sold as the Elantra in North America, in 2012.

    Previously the award only had two categories – car and truck – however, utility vehicles earned an independent category from 2017, considering the rising popularity of the segment.

    A Hyundai spokesperson said it will market the Kona and G70 more actively in the North American market with boosted presence from the awards.

    The winners were announced at the North American International Auto Show in Detroit on Monday. Hyundai also introduced its Veloster N TCR high-performance racing car at the show, while Kia Motors premiered its Telluride SUV. The SUV will only be sold in the North American market.