Retail News CRM

Author: Mei Ling Tan

  • Swiggy India expands services in 16 new cities

    Swiggy India expands services in 16 new cities

    Food ordering and delivery platform Swiggy Thursday said it has expanded its presence in the country by launching services in sixteen new cities across India. The new cities include Thrissur, Tirupur, Warangal, Aurangabad, Agra, Mangalore, Manipal, Jalandhar, Trichy, Udaipur, Amritsar, Varanasi, Bhubaneshwar, Vellore, Thiruvananthapuram and Kota, Swiggy said in a statement.

    These cities join the 28 cities across India where Swiggy already has presence, it added.

    Commenting on the development, Vivek Sunder, COO, Swiggy said, “One of the reasons for the expansion across the country is because of the strong consumer demand that we have witnessed through thousands of Swiggy app downloads in cities where we were not even present.”

    In just four years, Swiggy has become a household name among Indian consumers by providing them the best food delivery experience in the country, he added. The growing consumer demand in tier 2 and tier 3 cities for quality food, convenience, and easy accessibility are one of the key reasons for the company to enter newer cities. Swiggy said.

    Founded in 2014, Swiggy currently has over 40,000 restaurant partners spread across 44 cities in the country.

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  • Lacasa Hotel opens luxury style hotel in Gwangmyeong

    Lacasa Hotel opens luxury style hotel in Gwangmyeong

    The Lacasa Hotel Gwangmyeong opened its doors on Monday in Gwangmyeong, Gyeonggi. This is the second branch of the boutique hotel brand Lacasa which launched in Sinsa-dong, Gangnam District, southern Seoul in 2011.

    It is located inside the Lacasa Tower between the seventh and 16th floors, and has 191 rooms and three penthouses. The hotel offers a green view from its windows. On the seventh floor is an outdoor garden.

    “Our goal is to make Lacasa Hotel Gwangmyeong into a comprehensive space for rest, culture, shopping and business,” said Choi Yoon-kyung, the vice president of Lacasa Hotel.

    To celebrate the opening, Lacasa will hold a classical music concert for locals on Nov. 17 inside the new venue.

  • Forever 21 revamps Mall of India store with an international twist

    Forever 21 revamps Mall of India store with an international twist

    Forever 21, the most loved international fast fashion destination from Los Angeles, California, and part of Aditya Birla Fashion and Retail Ltd. will be re-opening the store at Mall Of India on November 2, 2018. The refreshing new look gives the shoppers an unforgettable experience bringing classic, international designs with fresh and chic merchandise which effortlessly reflects the brand’s promise of an fulfilling shopping experience.

    The revamped store is best identified as ultra-modern, which houses fresh styles straight off the streets and fashion districts of LA.

    Customers can get their hands on the latest global, contemporary and chic designs loved by all under one roof. The new collection comprises of trendy party wear outfits, laid-back street wear styles, sophisticated contemporary outfits and edgy athleisure wear. They can step up their style quotient with a wide range of international footwear designs, which include – boots, slip-ons, sandals and much more.

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  • Petronas has sufficient headroom to absorb one-off exceptional dividend

    Petronas has sufficient headroom to absorb one-off exceptional dividend

    Petroliam Nasional Bhd’s (Petronas) solid balance sheet, sizeable net cash position and ample liquidity provide ample buffer against the payment of one-off dividend to the government that could reach RM30 billion. According to S&P Global Ratings, the financial impact of a one-off dividend of this size is moderate considering Petronas’ cash position and balance sheet quality.

    “The company can finance this dividend, given cash and short-term equivalent of nearly RM180 billion as of June 30, 2018; immaterial reported debt of about RM66.3 billion as of June 30, 2018 and a net cash position of nearly RM114 billion as of June 30, 2018; and solid operating cash flows,” it said in a statement.

    It added that the exceptional dividend of RM30 billion would effectively offset inflows of nearly RM30 billion the company received following the completion of the transaction with Saudi-based oil and gas producer Saudi Aramco in the first quarter of 2018.

    “We project Petronas will remain in a net cash position in 2019 and, depending on the pace of capital spending disbursement, in 2020 as well. This underpins our ‘aa’ stand-alone credit profile on the company.

    “We currently project operating cash flows of at least RM80 billion in 2019 amid higher hydrocarbon prices. These are sufficient to fund capital spending that we forecast at about RM55 billion and regular dividends to the government and minority interest that we estimate at about RM25 billion,” it said.

    The rating agency said the special dividend will not affect Petronas’ solid liquidity as the group’s short-term debt maturities were minimal at about RM11.5 billion as of June 30, 2018, representing less than 10% of its cash balance.

    “We estimate that Petronas’ balance sheet can absorb negative discretionary cash flows of RM40 billion for two years before the headroom under its ‘aa’ stand-alone credit profile starts to reduce. Assuming no change to the company’s investment plan, this implies additional one-off dividends of RM40 billion to RM50 billion, on top of the regular and exceptional dividends in the 2019 budget,” it said.

    It said that the special dividend validates its long-standing credit view that Petronas can be subject to periodic cash calls from the government given its solid financial position, high importance to the national budget and ownership control by the government.

    It added that a sustained period of higher oil prices over the next two to three years will translate into higher dividends from Petronas, and potentially, additional one-off dividends to the state.

    “We cap our issuer credit rating on Petronas (foreign currency A-/Stable/–; local currency A/Stable/–) to that of the sovereign of Malaysia (A-/Stable/A-2; local currency A/Stable/A-1), despite Petronas’ stronger stand-alone credit profile, given this government intervention risk.”

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  • Balmain’s comeback into the couture calendar

    Balmain’s comeback into the couture calendar

    Balmain is returning to the couture calendar for the first time in 16 years. Leading the charge is Olivier Rousteing, who has been at the creative helm of the house since 2011 and is widely credited with boosting the brand’s profile through his Balmain Army – an inner circle of internationally famous poster girls, including Kim Kardashian West and a handful of Victoria’s Secret models.

    Speaking at WWD’s Retail & Apparel CEO Summit, the French designer said that he is “looking to bring back the Parisian DNA” by reviving the couture division.

    The January haute couture shows will premiere his inaugural Balmain output as a couturier, but, he revealed, he has his sights set on accessories, fragrance and cosmetics too.

    Indeed, the Balmain expansion plan is firmly underway.

    In May 2017, Rousteing partnered with L’Oréal Paris on a collection of Balmain lipsticks that he had designed himself.

    He said the collaboration was rooted in three things: “First, the savoir faire, which means couture to me. Second, diversity, because this is a topic that is really important to me. And third, modernity.”

    As with his Victoria’s Secret collaboration the same year, and his H&M collaboration in 2015, Rousteing welcomed the chance to make his creations available to a wider audience through lower price points.

    “A lot of people love Balmain but can’t afford it, and with the lipstick they can get into the Balmain universe in an affordable way,” he said.

    “I create a world that is expensive because with Balmain it’s luxury, but if you think of my ideas and ideologies it’s more than a price on the clothes,” he explained.

    Though couture does not support the affordable aspect of the business model, it will certainly expand Balmain’s world and, crucially, underline all of Rousteing’s efforts with real craftsmanship and integrity.

  • Momo becomes first Vietnamese Fintech 100 firm

    Momo becomes first Vietnamese Fintech 100 firm

    Vietnam’s mobile, electronic wallet and payment application Momo is among the top 100 innovative fintech companies in the world. This is the first time a Vietnamese firm has broken into this special group, positioned 84th. Momo is also in the “Emerging 50” category, which includes newer companies that are at the forefront of innovative technologies and practices.

    Its products help customers in Vietnam make nationwide cash transfers, pay more than 100 types of bills, recharge mobile phone accounts, settle personal loans, and purchase services like software licenses and online game cards, airline and movie tickets, etc.

    The company’s payment system partners with 24 domestic banks and foreign payment networks, including JCB, MasterCard, and Visa.

    A judging panel comprised of senior partners from H2 Ventures and KPMG decided the final composition of the Fintech100 list.

    H2 Ventures is a global thought leader in fintech venture capital investment while KPMG is a global network of independent member firms offering audit, tax and advisory services.

    Companies were ranked based on total capital raised, rate of capital raising, location and degree of sub-industry disruption and the judging panel’s subjective rating of the degree of product, service, customer experience, and business model innovation.

    Other newcomers to the list include Argentina, Bahrain, Colombia, Czech Republic, Indonesia, Jordan, Malaysia, Myanmar, United Arab Emirates, and Thailand.

    Leading the ranking this year are China’s Ant Financial, the world’s largest third-party payments platform, JD Finance, a digital technology company and Singapore’s ride hailing firm Grab.

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  • DKSH adds 3 brands in path to double Thai luxury

    DKSH adds 3 brands in path to double Thai luxury

    Market expansion service provider DKSH Thailand has announced plans to double the scale of its Thai luxury and lifestyle business within two years. The firm has picked up three international brands this year, with another Italian lifestyle brand to be added to its portfolio next year.

    Included in the expansion is a THB30 million (US$913,800) investment in a new 200sqm flagship Bally store in Thailand, opening at Iconsiam on Friday (November 9).

    DKSH regional VP of luxury and lifestyle business Franck Giacobini said luxury and lifestyle is picking up again and sales are strong.

    “DKSH’s luxury and lifestyle business in Thailand will strengthen in the next few years because the country has a young population with high spending power.”

    He added that DKSH will allocate a huge investment to the Thai market, considering the country’s high-end retail complexes and strong tourism.

    President of DKSH Thailand Douglas Humphrey added: “DKSH has been in Thailand for over a century. Our consumer product business in Thailand is the biggest market for the DKSH network globally. We will continue to invest here in terms of people, capability and supply chain in the coming years.”

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  • High Suning profit increase reported

    High Suning profit increase reported

    Chinese O2O retailer Suning has posted RMB172.97 billion (US$24.79 billion) in operating revenue in its third quarter performance report. The result shows a 31.15 per cent year-on-year increase on the reported figure during the first three quarters this year. The company also generated a net profit of RMB6.127 billion ($878 million), an increase of 812.11 per cent over the same period last year.

    The company credits the result to the strength of Suning’s fast-growing online sales comparative to other e-commerce platforms.

    Suning currently has more than 382 million registered users. It operates 6292 direct-sale physical stores and 1453 Suning retail cloud franchise stores.

    Suning says it will provide free delivery in the days approaching the holiday the 11.11 Singles Day shopping spree and will not raise its delivery fees on the day.

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  • Richemont to buy Buccellati from Chinese owner

    Richemont to buy Buccellati from Chinese owner

    Richemont group is in talks to buy Italian jewellery brand Buccellati from its new Chinese owner, according to reports from the Italian press this week. The italian press has reported the Milanese brand was being negotiated for sale with Richemont.

    The deal had apparently hit problems due to restrictions from the Chinese government regarding investments from overseas.

    Qatari investment vehicle Mayhoola was also interested.

    Bank of America Merrill Lynch was reportedly working on the sale.

    China’s Gansu Gangtai acquired Buccellati from its previous owners Clessidra in 2017, for a reported 270 million euros ($313 million), including debt.

    The news follows reports earlier in the year that Gansu Gantai planned to invest some 200 million euros to develop Buccellati.

    Richemont, which owns Cartier, among other jewellery and watch brands, was previously in talks with former Buccellati owner Clessidra, in 2016 to purchase the high-end jewellery brand.

    Both Richemont and Gansu Gangtai declined commentary on the matter.

    Founded in 1919 by the Buccellati family, the Italian jeweller was sold in 2013 to Italian investment fund Clessidra.

    In August 2017, Chinese group Gansu Gangtai Holding acquired an 85% stake.

    It has opened six stores in China alone this year, with a Beijing flagship store slated to open this month.

    Buccellati currently operates 49 namesake retail outlets between stores, retail corners and shops-in-shop, and is also distributed via 150 multi-brand retailers.

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  • All Kia motoring needs in one handy app

    All Kia motoring needs in one handy app

    Kia Motors on Monday launched an all-in-one mobile app that integrates all of its scattered online customer service channels. The new app, dubbed VIK, offers 60 different services including information on car purchases, maintenance and customer membership points and a basic guide to its driver assistive technologies.

    “It’s like having a virtual assistant specializing in car management,” a spokesperson from Kia said.

    The most notable service of the app is the augmented reality (AR) tutorials. If a user scans their steering wheel and dashboard with the in-app camera, the screen shows red dots marked with the specific features that the shown parts control.

    When users click each red dot on their screen, the phone plays a video tutorial of how that particular feature works.

    The AR-based service is made for Kia’s Stinger sedans now, but will be expanded to other models next year, the carmaker said. The app also understands voice commands.

    If a driver thinks something is wrong, they can ask the app where the closest maintenance center is without taking their hands off the steering wheel, Kia said.

    The carmaker said in-app mobile payments will be available soon so that people can pay for maintenance or car accessories without opening up another application. A service dubbed Kia Pay will be added by the end of this year.

    The carmaker is trying to promote the app by adding a social platform for Kia car drivers.

    It created a tab where users can post their trips and experiences with Kia cars. The company said it will award good stories to boost user interest in the newly launched app. To better market the app, Kia inked a partnership with Samsung Electronics on Monday to develop phones customized for Kia customers.

    The two are planning on launching Galaxy smartphones that come with Kia’s service apps, including VIK, preinstalled.

    Kwon Hyug-ho, executive vice president and head of domestic sales at Kia Motors, said the company will continue to expand its partnership with Samsung to make phones specialized for better car management in a press briefing held Monday in Seoul.

  • Vogue Magazine makes debut in Hong Kong

    Vogue Magazine makes debut in Hong Kong

    International lifestyle magazine publisher Condé Nast has confirmed it’s entry into the Hong Kong market. It will launch a local edition of fashion bible Vogue, which is set to debut in spring 2019. Vogue Hong Kong will be the 26th edition of the glossy publication and will be published under a licensing agreement with Rubicon Media.

    Desiree Au has been appointed publisher of Vogue Hong Kong, whose fashion and lifestyle content will be distributed in print, online and on social media.

    The print edition of the magazine will be published in traditional Chinese, while its website will be bilingual (Chinese and English).

    This is not Condé Nast International’s first foray into Southeast Asia.

    In 2013 the company launched Vogue Thailand in partnership with Serendipity Media and, unbeknown to many, also started a Singapore edition of Vogue in 1994 before shutting down the title in January 1997.

    Hong Kong is a relatively mature market, especially when it comes to women’s fashion publishing.

    Just this year, Harper’s Bazaar Hong Kong celebrated its 30th anniversary (Elle Hong Kong reached that milestone in 2017 and Cosmopolitan Hong Kong in 2014), while Marie Claire has been around since 1990.

    This makes Vogue a latecomer to the city’s fashion and lifestyle publishing industry, but Markus Grindel, managing director of brand licensing at Condé Nast International in London, says that Hong Kong is big enough to sustain its own edition of Vogue, not only because of the size of its advertising and luxury business but most importantly because it has a highly educated demographic interested in reading a magazine such as Vogue.

    “Hong Kong has a very rich culture, and with Art Basel and a long history in fashion, it combines to create a very sophisticated reader,” he says. “That for us is the measurement that says that a market is ready for us.”

    In the past three years, Condé Nast International has entered emerging markets such as the Middle East, where it launched Vogue Arabia in 2016, and Eastern Europe, where it debuted Vogue Poland and Vogue Czech Republic and Slovakia earlier this year, all under licence.

    While Condé Nast International is ramping up its expansion plans around the world, Condé Nast in the United States has been grappling with significant challenges in recent years, shuttering print titles such as Gourmet in 2009 and, early this year, Teen Vogue (Teen Vogue still exists online); making repeated rounds of lay-offs; putting magazines such as W and Brides up for sale; and reducing the frequency of key publications such as GQ, Architectural Digest and Condé Nast Traveler. The latter will merge next year with Condé Nast Traveller, the UK version.

    This last development is the beginning of a global consolidation plan for the company, which until now has operated as two separate entities, one based in New York and the other in London, operating all the international titles.

    Grindel says that there’s bound to be some sharing of content between Vogue Hong Kong and its sister editions around the world, such as Vogue China, but he also emphasises the individual nature of each edition of Vogue.

    As for whether Condé Nast will expand further in the region – Singapore is said to be in the publisher’s sights – Grindel says the company likes to take a wait-and-see approach to new launches, especially when it comes to Vogue, its flagship title.

    Neither Condé Nast nor Au was able to elaborate on editorial appointments, which suggests that key positions have yet to be filled. While Au is said to have approached candidates from international publications in countries such as China, one name that has been bandied about for the coveted role of editor in chief is that of veteran journalist Peter Wong, formerly of Hong Kong Economic Journal and most recently the founder and editor of Magazine P.

    Meanwhile, Condé Nast has been acting to stay up to date with the growing roel taken by social media influencers.

    Condé Nast Italia has debuted the Social Talent Agency, a new agency focused on developing influencers.

    To start, the agency has enlisted 27 Italian and international influencers who span fashion, modeling, beauty, sport, travel and automotive.

    Some members previously participated in the Condé Nast Social Academy, a partnership between L’Oreal Italia’s luxury division and supported by Milan’s SDA Bocconi School of Management.

    Riccardo Pozzoli, serial entrepreneur and co-founder of TheBlondeSalad, is a Condé Nast Social Academy coach and will serve as the creative director of the newly formed agency.

  • Trade war’s bark turns to bite in Asia

    Trade war’s bark turns to bite in Asia

    The U.S.-China tariff slugfest has for months triggered warnings that it could impact global economic growth, and recent data indicates the tension is beginning to bite. Manufacturing gauges in several export-reliant Asian countries, as well as China, weakened in October as gloom deepens over the trade outlook.

    China’s official Purchasing Managers’ Index (PMI), which measures factory activity, came in at 50.2 in October, down from 50.8 the previous month, the latest sign of weakness in the world’s second-largest economy amid the trade war and a domestic debt problem.

    But China’s troubles are bad for the rest of the region, and the world, analysts said.

    Asian exporting countries from South Korea to Malaysia saw PMI decreases in October, according to indices compiled by Nikkei/IHS Markit.

    Taiwan saw its steepest falls in production and new business in just over three years, purchasing activity by companies fell for the first time since May 2016, and firms anticipate lower factory output in the next 12 months, Nikkei/IHS Markit said.

    “Taiwan is feeling the effects of this trade war because China is the factory for many companies in Taiwan. When the estuary is blocked, you feel the effects,” said Sun Ming-te of the Taiwan Institute of Economic Research.

    Paying the price

    South Korea’s PMI slipped to 51.0 in October from 51.3 in September, while a separate Korean business sentiment index for manufacturing sank to its lowest level in two years.

    China is South Korea’s largest trading partner, absorbing a quarter of Korean exports.

    “The situation may get worse next year due to a prolonged trade war between the US and China, growing default risks at debt-plagued Chinese firms and a slowing global economy that reduces demand for our exports,” said c, an analyst at the Korea Institute of Finance.

    Southeast Asian manufacturers were feeling the effects too, with PMI in Malaysia and Thailand slipping below the 50-point level, which indicates contraction in the sector.

    It was Malaysia’s lowest PMI since July and Thailand’s lowest in two years.

    In an interview last week, Malaysian Prime Minister Mahathir Mohamad complained that U.S. President Donald Trump — who has accused various trading partners of “ripping off” America — “seems to be withdrawing from all commitments overseas”.

    Mahathir, 93, said that hurts everyone, including the U.S.

    “We want to remain friendly with the U.S., and we want to continue trading with the US,” Mahathir said.

    “But the trade war that is going on between the U.S. and China is damaging for us. We have to pay a price for that.”

    Vietnam or bust

    The International Monetary Fund warned at its annual meeting last month that the trade friction and other threats would hobble the world economy, lowering its growth forecasts for 2018 and 2019.

    The Eurozone posted disappointing PMI figures in October, though due largely to factors other than trade tension.

    But not everyone feels the shock yet, with Japan’s manufacturing looking solid last month.

    Trump, meanwhile, faces little pressure to tame his trade rhetoric at home, with a rosy U.S. outlook marked by rising wages and low unemployment.

    And even in Asia, there will be some winners as conflict re-aligns trading patterns, economists noted.

    Vietnam, in particular, looks to gain as foreign manufacturers relocate out of China to escape the trade war crossfire and what many say is an increasingly unfair playing field for foreign companies in China.

    Vietnam PMI climbed from a ten-month low of 51.5 in September to 53.9 last month.

    “The hard data on exports and industrial production in recent months haven’t been that great. The latest survey nonetheless shows how Vietnam is weathering the U.S.-China trade war better than its ASEAN peers,” Miguel Chanco, senior economist at Pantheon Macroeconomics asia.

    “If the trade war escalates, Vietnam will be one of the prime destinations for export-oriented firms looking to move out of China.”

  • Holiday boosts South Korean retail sales

    Holiday boosts South Korean retail sales

    A government report has shown a rise in South Korean retail sales of food during the Chuseok holiday. The holiday, likened to the Korean version of Thanksgiving, is thought to have sparked a 6.9 per cent spike in combined revenue for major online and offline retailers during September, compared with last year’s figures for the same period.

    Total online sales grew 8.6 per cent, with 6 per cent growth in offline sales during the holiday period.

    Ahead of the holiday, discount chain food sales increased by 8.1 per cent; department store food sales rose 4.7 per cent, and convenience stores saw 5.1 per cent increases in demand for imported beers and lunch boxes.

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  • JD and Toyota partner to expand auto services business

    JD and Toyota partner to expand auto services business

    FAW Toyota, a joint venture between Toyota Motor Company and First Automobile Works, has launched a flagship store on JD.com, China’s largest retailer, allowing customers in China to purchase and schedule maintenance services online and then bring their vehicles to FAW Toyota’s offline service centers at their convenience.

    In addition to auto services, customers can easily purchase a variety of automobile parts and related products.

    After making their online purchases, customers will receive a verification code on their phones, which they can use at FAW Toyota’s offline ‘4S’ stores to redeem their parts, supplies, installation or repair services.

    Auto parts and supplies can also be delivered directly to customers’ homes.

    The partnership was concluded to improve customers’ level of convenience while FAW Toyota will gain insights from the various data it will collect from the platform such as age, gender, and purchasing behavior of shoppers.

    As one of the latest applications of its “Boundaryless Retail” strategy, last month JD launched a new offline automotive initiative called JD Auto Service, known in Chinese as Jingdong Jingche Hui.

    The initiative already includes nearly 200 third-party offline car repair stores.

    Through JD Auto Service, customers can buy auto parts or maintenance services on JD.com, and then go to a JD Auto Service location for installation.

    To ensure high-quality service, each of the offline stores is screened to meet JD’s strict standards before joining the network.

    JD has been leveraging its advanced e-commerce capabilities and offline resources to expand into China’s booming automotive aftermarket business.

    The company’s omnichannel model now covers the entire purchasing process for car parts and services.

    JD currently has partnerships with over 30,000 authorized offline auto stores for complementary service.

    Chinese car owners have so far responded enthusiastically to JD’s omnichannel network.

  • Insufficient measures to boost retail spending : RGM

    Insufficient measures to boost retail spending : RGM

    The latest budget announcement is not expected to stimulate consumer spending in the near term, as there is insufficient economic policies aimed at increasing retail spending, opined retail consulting firm Retail Group Malaysia.

    Managing director Tan Hai Hsin said that Budget 2019 is focusing more on managing government deficit and social programmes for the B40 group.

    “We hope the economic activities will improve significantly in the immediate future. Higher economic activities will lead to higher take-home pays (and higher retail spending subsequently),” Tan said.

    Prior to the Budget announcement, he said Malaysian consumers were told that they should not expect monetary incentives from the government in 2019. Malaysians were also informed that more taxes could be expected next year.

    “Based on the latest announcement, it should improve consumer confidence. At least in the next six months,” said Tan.

    For next year, the government continues to distribute one-off monetary incentives to Malaysians (including civil servants) to reduce their financial burden. About 4.1 million households are expected to benefit from it.

    Increment of minimum wage by RM50.00 will also lessen the financial burden of B40 group.

    “On the other hand, higher minimum wage will lead to higher cost of goods for retailers. It will lead to higher retail prices eventually.”

    He said the soda tax will not have major impact on retail spending, while noting that it is still early to comment on the impact of RON95 until more announcements have been made.

    “Same as previous budgets for many years, there were no direct incentive and new government policies related to retail industry.”

    Sunway Malls & Theme Parks Chan Hoi Choy said the 2019 Budget balances fiscal discipline while emphasising development in the right sectors.

    “Initiatives announced particularly with the emphasis on B40 group is lauded while efforts to grow Industry 4.0 especially knowledge transfer, artificial intelligence development, matching grants will drive higher productivity and cost rationalisation in mall & retail industries.”

    Similarly, it is encouraged by the government’s focus in housing, public transportation and education initiatives to form the bedrock for Malaysia’s economy into the future. The drive for greener adoption and women representation also signifies a greater sustainable and inclusive approach.

    “We take note of the significance of Malaysia’s economy projected GDP growth rate of 4.8% for 2018 and 4.9% for 2019, against IMF’s projected slowdown of global growth of 3.7% in 2019. This underscores the relative resilience of the Malaysian economy in face of global headwinds and protracted trade war. In the light of this and the current country’s fiscal position, the overall Budget 2019 is targeted while exercising prudence,” said Chan.

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