Retail News CRM

Author: Mei Ling Tan

  • DHL Express looks at introducing StreetScooter in India

    DHL Express looks at introducing StreetScooter in India

    DHL Express, a group company of Deutsche Post DHL, which saw 8 per cent growth in volume terms in the March quarter, is eyeing India’s 7 per cent economic growth and is also exploring introduction of its electric van, StreetScooter, used for delivery of letters and parcels.

    The company, which plans to double the production capacity of its own e-vehicles from 10,000 to 20,000 by the end of 2017, sees municipal authorities, strategic partners and large fleet customers in Germany and the rest of Europe, in particular, as potential buyers. Ken Lee, CEO, Asia Pacific, and Rs. Subramanian, Senior V-P and Country Manager, DHL Express Asia, spoke to us on the company’s plans.

    Where does India stand in your growth plans?

    Ken Lee: From a growth perspective, India presents itself to us as one of the countries with biggest growth areas. Pakistan could be another growth area, but there could be slight concern from the political security perspective. Hong Kong is slightly saturated, though every country has opportunities and challenges.

    What is your view on the digitisation push in India?

    Lee: The more-developed economies are more transparent, and are slightly more efficient. For developing economies, which are at the start of the digitisation phase, there will be a learning curve. But, eventually they will get there.

    What’s your take on the regulatory environment in different countries?

    Lee: Last year, the Philippines raised their de-minimis. We are expecting the same for Indonesia this year. So, where they are going, depends on various countries. (De-minimis is minimum dollar value of cargo that can be permitted through duty-free channels).

    Would you like the de-minimis to go up?

    At this point, we are all focussed on India’s GST reform. There will be opportunities and we are happy to take a lead to work. A higher de-minimis value smoothens the trade flow, allowing products to be “duty free”.

    And, to be fair to the government, they cannot give you everything for free. They have to collect some tax revenues. We are not there to dictate. But, we want the government to come out with initiatives that only facilitate trade.

    Do you see governments becoming more protectionist?

    Lee: No, I do not. Globalisation versus protectionism has been a hot topic in the past five-six months. But, generally, nobody is opposing globalisation. In the context of inequalities in trade, people have been calling for more fair and sustainable trade agreements.

    Subramanian: The direction is the same – sometimes it is fast and sometimes it is slow. Globalisation cannot go away, the benefits are here.

    Have you felt any impact of the change in the pace of globalisation?

    Lee: If there was any change, it would have impacted our business. First quarter, we are doing extremely well…India is expected to grow at 7 per cent till 2020. China is also expected to grow in single digit, but from a very big base. So, growth is seen in a relative context.

    Are there any new innovations on the cards?

    Lee: We started manufacturing our own StreetScooter. It is not a scooter actually, it is an electric vehicle. We are working with various governments to see how we can work with regulations about registration.

    What’s your take on the recent Petya ransomware impact on business?

    This should not happen to anybody….. One of our big competitors may have gotten impacted. But, whoever gets affected, there is bound to be a cascading effect. Our antenna is up. We had to make sure our systems were not impacted.

    On the positive side, we can be proud that our systems were pretty robust….We have realised one thing, that we cannot take anything for granted. We are watching the cyberspace very carefully.

    The IT systems got impacted and people had to go back to paperwork and start depending on phone calls to get business going…

    …Which is a pretty sad thing, because digitisation is the way forward.

    Not just us, but more and more companies are going to start putting more investments in this area. Even in India, I am really happy that the Prime Minister is driving Digital India, which will take the whole economy to the next level.

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  • DB Schenker On-Track in Driving Rail Freight Solutions for Customers across Asia Pacific

    DB Schenker On-Track in Driving Rail Freight Solutions for Customers across Asia Pacific

    Since inaugurating the first Beijing – Hamburg rail link in 2008, DB Schenker has since developed an unparalleled portfolio of Euro-Asia Rail door-to-door services, linking China with Germany and the rest of Europe – such as Changsha, Chengdu, Chongqing, Harbin, Hefei, Suzhou, Shenyang, Wuhan, Yiwu, Zhengzhou with Duisburg, Hamburg, Leipzig, Nuremburg, as well as Lodz, London, Lyon, Tilburg, Warsaw, and many others.

    “Having pioneered the rail service between China and Europe some 10 years ago, we are today in a unique position as the market leader for both LCL and FCL. We are proud to be recognized as such and we will continue to drive innovation around our rail products to and from China”, said Mr Thomas Sorensen, CEO for North and Central China.

    Along with the Pan-Australia Rail solutions network (linking Sydney to Melbourne, Adelaide, Brisbane, Darwin and Perth), and the Trans-Java Rail solutions in Indonesia (linking Jakarta with Surabaya and Semarang), DB Schenker offers the gamut of daily/regular Full-Container-Load (FCL), Less-than-Container-Load (LCL), Block-trains, multi-customer, reefer services and so on, to customers in the Automotive, Electronics, Industrial/Chemicals, Consumer Goods, and other sectors.

    At the recent Asian Freight, Logistics and Supply Chain Awards (AFLAS) held on 29th June 2017, DB Schenker was again ranked as the Best Logistics Service Provider – Rail for the second year running. Having won AFLAS awards in all major logistics related categories in the past, including Best Logistics Service Provider – Sea Freight and Air Freight as well as Best Road Haulier, DB Schenker’s heritage and pedigree in Rail offers truly peerless inter-modal solutions for shippers in Asia.

    “Incorporating comprehensive Rail Logistics Services into our suite of solutions unleashes a higher level of robustness, to achieve the optimal balance in calibrating Cost, Lead Time, Risk Mitigation, and Environmental Impact in the supply chain”, added Mr Norman Mummery, SVP Contract Logistics/SCM for Asia Pacific.

    “We are humbled and thankful to win this award for the second year in a row, voted by shippers and peers from the industry.  As a pioneer and first-mover in Rail among Global 3PLs for Asia, we are unrelenting in pushing the limits to strengthen our network and take our customers further”, says Ditlev Blicher, CEO of DB Schenker in Asia Pacific.

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  • Indonesia Bourse Poised To Rebound On Monday

    Indonesia Bourse Poised To Rebound On Monday

    The Indonesia stock market headed south again on Friday, one session after it had ended the two-day slide in which it had fallen more than 85 points or 1.3 percent. The Jakarta Composite Index now rests just beneath the 5,815-point plateau although it is expected to bounce higher again on Monday.

    The global forecast for the Asian markets is upbeat after better than expected jobs data from the United States, although those numbers may fan concerns over the outlook for inflation rates. The European markets were mixed and the U.S. bourses were higher, and the Asian markets figure to follow the latter lead.

    The JCI finished modestly lower on Friday following losses from the financials, resource stocks and food companies.

    For the day, the index shed 34.87 points or 0.59 percent to finish at 5,814.79 after trading between 5,810.36 and 5,863.59. Volume was 5.91 billion shares worth 6.4 trillion rupiah. There were 239 decliners and 102 gainers, with 101 stocks finishing unchanged.

    Among the actives, Bumi Resources retreated 2.92 percent, while Vale Indonesia added 0.27 percent, Jasa Marga plunged 3.21 percent, Lotte Chemical Titan dropped 2.38 percent, Tiga Pilar Sejahtera tumbled 1.88 percent, XL Axiata sank 0.31 percent, Bank MNC Internasional and Bank Pan Indonesia were unchanged, Bank Danamon Indonesia skidded 1.64 percent and Bank Mandiri dipped 0.56 percent.

    The lead from Wall Street is positive after Friday’s jobs report as the markets regained some ground after heavy losses in the previous session.

    The Dow climbed 94.30 points or 0.4 percent to 21,414.34, while the NASDAQ added 63.61 points or 0.1 percent to 6,153.08 and the S&P gained 15.43 points or 0.6 percent to 2,425.18. For the week, the Dow rose 0.3 percent, the NASDAQ added 0.2 percent and the S&P was up 0.1 percent.

    The rebound followed a Labor Department report showing stronger than expected job growth in June. The report said non-farm payroll employment jumped by 222,000 jobs in June following an upwardly revised increase of 152,000 jobs in May.

    The Federal Reserve is scheduled to make its next decision on interest rates following a two-day meeting later this month.

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  • PLDT expands FTTH services to east Manila

    PLDT expands FTTH services to east Manila

    The Philippines’ PLDT has expanded the reach of its FTTH services to east Metro Manila in the latest phase of its nationwide fiber expansion program.

    The operator has added over 70,000 fiber lines in the area following deployments in south Metro Manila as well as Cebu, General Santos and Naga City.

    With the expansion, PLDT’s fiber networks now passes 3.3 million homes across five cities and three towns. The operator’s fiber rollout drive has seen it add around 500,000 homes passed within around six months, and PLDT has a target of passing 4.4 million homes by the end of the year.

    PLDT is also deploying hybrid fiber technologies including Huawei’s G.fast, which can boost data speeds of current subscribers up to 600-700 Mbps over copper lines.

    In a statement, the operator said it has invested 300 billion pesos ($5.9 billion) over the past 10 years on its fixed and wireless network deployments.

    “PLDT Home continues its efforts to create Fibr-powered PLDT Smart Cities nationwide to enrich the lives of more Filipinos through our innovative digital services and connectivity solutions,” PLDT EVP and home business head Enrico Reyes Jr said.

    “The network rollout in East Metro Manila will provide powerful connections and top-of-the-line services that will benefit both its residents and businesses.”

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  • Samsung Electronics expects record-high Q2 profits

    Samsung Electronics expects record-high Q2 profits

    Samsung Electronics said Friday it expects profits to jump 72 percent in the second quarter to a record high, amid soaring memory chip prices and increased demand for smartphones.

    Operating profit is estimated at 14 trillion won ($12.1 billion) in the April-June period, up from 8.14 trillion won a year earlier, the tech giant said.

    It marks the all-time high quarterly operating profit ever posted by Samsung Electronics, surpassing the previous record 10.1 trillion won set in the third quarter of 2013.

    Sales for the April-June period are also expected to surge 17.8 percent on-year to 60 trillion won.

    Samsung witholds sector-by-sector business performance until it releases its final earnings report later this month.

    The earnings forecast surpassed a market consensus of around 13.2 trillion won compiled by FnGuide, a financial information service provider.

  • Biz leader asks airlines to make Davao City hub for international flights

    Biz leader asks airlines to make Davao City hub for international flights

    Davao City Chamber of Commerce and Industry trustee Arturo Milan has asked airline companies to make the Davao International Airport, also known as the F. Bangoy International Aiport, the hub for international flights in Mindanao to decongest traffic at the Ninoy Aquino International Airport (NAIA).

    Milan told a press briefing Friday that NAIA must be devolved of some international flights and distribute these to provincial airports like Cebu and Davao because the congestion in the airport in Manila results in flight delays, causing discomfort to passengers.

    He said it is not practical to place all international flights in NAIA when some destinations are closer to Davao City than Manila, like Australia, Palau, and other member countries of the Association of Southeast Asian Nations (ASEAN).

    SilkAir flies directly to Singapore from Davao City.

    “That’s overdue. Look at the traffic in Metro Manila. Flights are delayed because you cannot just put them in one airport, all (passengers) keep coming. It will certainly affect the flight schedules,” he said.

    Milan believes there is a market for Davao-Australia route because many tourists would want to visit a tropical country like the Philippines during winter season.

    He said Australia is located just below the Philippines on the global map.

    “There should be a flight emanating from Australia that will go to Davao because you are making a route that is attractive to foreigners. Australia by itself has too many tourists,” he said.

    He said Western tourists either go to Bali, Indonesia or Palau in the Micronesia. Both are closer to Davao in terms of proximity.

    He said reviving the Manado-Davao flights would also help sustain the Davao-General Santos- Bitung, Indonesia roll on/roll off (RORO) that was launched in April.

    “For RORO to be sustainable, we should encourage the revival of the flight of Davao to Manado and back because I don’t think if you invest or you trade you don’t wanna see the area,” he said.

    He said the direct flight to Manado will also make transactions between Indonesians and their counterparts from Davao to discuss business deals.

    On June 15, Milan urged the House of Representatives to pass into law House Bill 2002 which seeks to create the Davao International Airport Authority to decentralize management of the airport from the national government to enable a faster implementation of development programs.

    He said the management of the airport cannot implement projects on its own because it is dependent on the national government.

    He said the government can replicate the model of Mactan Cebu International Airport Authority “to make Davao City airport inviting” to both tourists and business executives visiting the city.

    Once approved, he said the “authority,” a body that will take over the management, can immediately plan out development projects and implement them on its own.

    The F. Bangoy International Airport, also known as the Davao International Airport, is currently being managed by the Civil Aviation Authority of the Philippines (CAAP).

    “When it is ‘authority’, the Davao International Airport will have flexibility rather than the current set up where you depend so much on the national (office). It’s really a must now, if we want a more responsive Davao airport,” he said.

    “We need to upgrade our airport because it is where the first contact of the investors is. They need to have a good impression of our region by way of our airport terminal. We are pushing to improve airport. Overall passenger experience has to be improved a lot, in terms of aircon, ventilation, and X-ray machines. They have to work efficiently all the time,” he said.

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  • Marketplace for used automobiles Droom to invest upto $10m in acquisitions

    Marketplace for used automobiles Droom to invest upto $10m in acquisitions

    After closing its $20 million Series C round of funding last week, Droom, an online marketplace for used automobiles, plans to announce a few acquisitions by the end of this year, founder Sandeep Aggarwal said.

    “We are planning 2-3 acquisitions this year and will probably spend about $8-10 million. We have been in talks with several companies,” he added.

    Droom will also expand into Indonesia this year, a year later than its earlier planned foray into Southeast Asia. When asked on the deferred timelines, Aggarwal admitted the plan had been ‘delayed’ as the company had stayed focused on its operations in India.

    “We stayed focused on India because if we capture India, then we can capture many other countries. After Diwali (this year), we will expand internationally and Indonesia will be the first country. After that, we will be expanding to Malaysia, the Philippines, Thailand and Singapore,” he said.

    After SEA, Droom will consider Middle East and Western Europe for expansion. It expects international expansion to contribute 10-15 per cent of the total revenues in calendar year 2018. In 2019, overseas revenue could increase to 20-25 per cent, Aggarwal added.

    The company’s recently closed Series C round was lower than than the quantum it had raised as part of its earlier Series B financing.

    At a press briefing announcing the funding last week, Aggarwal had said: “Series C is smaller than Series B in terms of quantum  of money – it is not because we could not get more money – in fact more money was available, but we are still sitting on 70-80 per cent of our Series B. We feel bad that we could have raised the same money now at a much higher valuation now (when compared to Series B), and seen a lesser dilution.”

    The company says it was unable to spend its Series B funding entirely as it had achieved at least three times more its internal target. It also claims to be the first e-commerce company that had achieved low single-digit dilution in Series C.

    Droom will be launching two new services — RTO services and test drive at doorstep in the coming months. By December this year, it aims to cross Rs 5,000 crore in gross revenues and close to Rs 125 crore in net revenues. Droom has 1,79,000 auto dealers and has sold 1,50,000 vehicles since its inception.

    Aggarwal has recently been locked in a bitter spat with the top management of Shopclues, another online marketplace he co-founded.

    He had handed over the reins of Shopclues to his now-estranged wife Radhika Aggarwal in 2013, when he was arrested by the FBI for his alleged involvement in an insider trading case in the US in 2013. In March this year, Aggarwal took to social media to accuse his wife of pushing him out of Shopclues, in collusion with co-founder Sanjay Sethi.

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  • Vietnam’s economic growth to out-tiger China by 2018

    Vietnam’s economic growth to out-tiger China by 2018

    Increased foreign investment is putting Vietnam on the right track. Swiss investment bank UBS has forecast that Vietnam will marginally outpace China’s economic growth for the first time in 2018.

    For the past 30 years, China has been the world’s fastest growing major economy, emerging as the star of Asia.

    However, last year China’s economy grew by 6.7 percent compared with 6.9 percent in 2015, according to official data, marking its slowest growth since 1990.

    UBS predicts Vietnam’s economic growth will expand by 6.5 percent in 2017, slightly lower than the 6.7 percent target set by the government, but still above 6 percent for the fourth consecutive year, defying the Asian slowdown.

    Vietnam’s economy expanded by 5.73 percent on-year in the first half of 2017, official data showed, mainly fueled by foreign direct investment (FDI), according to the UBS report.

    Vietnam’s FDI disbursement has grown at a compound annual rate of over 10 percent in the last five years, and actual disbursement reached a record $15.8 billion last year.

    During the first half of 2017, the country also welcomed over $19 billion in investment pledges, leaping 55 percent from a year earlier, mostly from North Asia’s technology powerhouses.

    The increased FDI flowing into Vietnam has resulted in a hike to the average income. The average monthly salary witnessed an increase of 88 percent from 2010-2015, according to UBS.

    By the end of this decade, Vietnamese urbanites are expected to earn an average $714 per month. Vietnam’s emerging consumer class, according to the report, will pave the way for investment growth in the country’s promising retail sector, especially with investment from overseas.

    However, UBS warned of the risk of trade protectionism following U.S. President Trump’s decision to ditch the Trans-Pacific Partnership this year.

    “Vietnam remains largely dependent on foreign capital and foreign technology. An FDI-led economic model is vulnerable and instable,” said Professor Pietro Masina of the University of Naples, who has spent years studying Vietnam’s economy.

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  • Vietjet inks strategic aircraft financing agreement with German Operating Aircraft Leasing

    Vietjet inks strategic aircraft financing agreement with German Operating Aircraft Leasing

    Vietjet and German Operating Aircraft Leasing GmbH & Co. KG (GOAL), a joint venture of KGAL GmbH & Co. KG (KGAL) and Deutsche Lufthansa AG, today signed a strategic agreement paving the way for GOAL to finance Vietjet’s acquisition of four brand new A321 aircraft, worth US$464 million, according to the manufacturer’s listed price.

    Vietjet President & CEO Nguyen Thi Phuong Thao, Vietjet Vice President Dinh Viet Phuong, KGAL CEO Gert Waltenbauer and GOAL Managing Director Jochen Baltes represented both parties in signing the contract in the witness of the Vietnamese Prime Minister Nguyen Xuan Phuc and high-ranking dignitaries from Vietnam and Germany.

    The acquisition of the four aircraft is part of the A320 family aircraft contract signed earlier between Vietjet and European aircraft manufacturer Airbus. Vietjet will receive the four aircraft within 2017 to meet expansion plans for the airline’s domestic and international flight network.

    Speaking at the signing ceremony, GOAL Managing Director Jochen Baltes said: “GOAL and KGAL are very excited about the purchase and leaseback of these four aircraft with one of the world’s most dynamic low-cost airlines. Following this agreement, all parties will continue to work and cooperate together on more opportunities in aviation development in the coming time.”

    Vietjet President & CEO Nguyen Thi Phuong Thao commented: “We have received 16 new A321 aircraft from Hamburg, Germany, worth nearly US$2 billion in accordance with the manufacturer’s listed price, including Airbus’ 9,000th A320 aircraft, which created great excitement in Europe. Besides the fact that Germany has provided Vietjet with aircraft, we are truly delighted to work with GOAL, one of Germany’s top aircraft finance and aviation companies. Today’s deal ensures the financing and favorable conditions for Vietjet to further develop its modern fleet, thus helping to enforce the airline’s quality and safety in operations, a key part of our strategy for the long-term development of Vietjet.”

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  • China Telecom joins HomeGrid Forum

    China Telecom joins HomeGrid Forum

    China Telecom’s main research arm the China Telecom Shanghai Research Institute has joined the HomeGrid Forum to support the deployment of G.hn technology in Asia.

    The Institute has been working on G.hn related products for more than three years, with China Telecom selecting G.hn as its home networking technology of choice.

    China Telecom Shanghai announced its first public tender request for G.hn devices earlier this year, marking the start of commercial deployments of the technology in China.

    In addition, the Institute has expressed an interest in establishing a HomeGrid Forum Certification facility at its Shanghai labs, adding a third point of call for silicon and system vendors to certify their products in the region after Shenzhen and Taipei.

    “Welcoming China Telecom Shanghai Research Institute as our newest member is fantastic. We look forward to gaining its invaluable insight and perspective into the Chinese and Asian markets as we continue to expand our presence in the region,” HomeGrid Forum president Donna Yasay said.

    “We’ve been championing G.hn technology for many years and support from an organization of this caliber validates our efforts. When combined with other technologies, such as wireless, home mesh networking and Ethernet, G.hn creates an unrivalled hybrid that can extend connectivity further than other products on the market. G.hn is the vital backbone for the kind of seamless connectivity that is now in demand around the world.”

    Chian Telecom will join operators including Chunghwa Telecom and KT as promoting members of the Forum.

    G.hn is the gigagbit home networking technology designed to utilize multiple existing last mile connections including coaxial, copper pairs, powerline and plastic optical fiber.

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  • Garuda flights delayed because of ‘technical constraint’

    Garuda flights delayed because of ‘technical constraint’

    PT Garuda Indonesia has confirmed the delay of 68 flights from Friday to Saturday as a result of a “technical constraint” at Soekarno-Hatta International Airport’s Terminal 3, resulting in long waits for passengers.

    The delays at the airport in Tangerang, Banten, had affected both domestic and international flights, including those to Japan and China, Garuda Indonesia said in a press statement on Saturday.

    “We apologize for the inconveniences in the situation, which is out of our authority, and we will continue to give our best effort to coordinate and reduce the length of the delays,” Garuda Indonesia spokesperson Hengki Heriandono said.

    Citing details provided by state air navigation firm AirNav, he explained that the cause of the delay was the limited movement at the newly opened terminal. “We have implemented a delay management policy to all affected passengers to ensure passenger rights can be fulfilled,” Hengki added.

    Last month, 30 Garuda Indonesia flights were delayed for hours because of an electrical system failure at the new terminal. (dis/ags)

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  • NEC Introduces Smart Communications System SL2100 to Asian Market

    NEC Introduces Smart Communications System SL2100 to Asian Market

    NEC Asia Pacific today announced the launch of the Smart Communications System SL2100 for small- and mid-sized businesses in the Asian market.

    With wide-ranging, enterprise-grade voice over IP (VoIP), mobility and Unified Communications and Collaboration (UC&C) features, the SL2100 also offers industry specific features for retail, healthcare, food service and entertainment, as well as hospitality features for small hotels and motels.

    “The way the business world communicates is rapidly changing, especially in consumer-facing industries, where excellent customer experience is a must,” said Shigeru Matsuura, General Manager, Global Platform Division, NEC Corporation. “NEC’s SL2100 offers a new design for Hardware and Endpoints. Combined with the value-added features, such as Smartphone Integration and web-based Video Conferencing & Collaboration, the SL2100 is an ideal fit for service oriented small- and mid-sized businesses.”

    SL2100’s key features include:

    • Built-in VoIP technologies (Standard 8ch. Expandable to 128 ch)
    • Web-based UC Client
    • Web-based Video Conferencing & Collaboration
    • Voice Response System/Voicemail
    • Outbound & Inbound audio conference
    • Geographical Multi-site operation over IP Network
    • ACD (Automatic Call Distribution) for small Contact Center
    • Hotel Features with PMS API

    The SL2100 also offers an array of add-on Smart Mobility options, such as Remote/Home Office Support, Smartphone SIP App and Mobile Extension.

    The SL2100 will be released to Asian countries sequentially starting from July 2017.

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  • Multi-million dollar deals inked between Vietnamese, German firms

    Multi-million dollar deals inked between Vietnamese, German firms

    Prime Minister Nguyen Xuan Phuc is hoping expert German support will help accelerate Vietnam’s automobile industry. Vietnamese and German businesses signed 28 agreements totaling 1.5 billion euros ($1.7 billion) on Thursday during Vietnamese Prime Minister Nguyen Xuan Phuc’s trip to the European powerhouse.

    Trade between the two countries reached $9 billion last year, making up 20 percent of the total turnover between Vietnam and the European Union.

    German investment in Vietnam recently hit $1.8 billion, PM Phuc told a business forum on the same day.

    Phuc went on to say that Vietnam has been taking great strides in improving its business environment and opening up its market, with 12 free-trade-agreements already signed with different countries and blocs.

    With the automobile industry developing fast in Vietnam, he asked German firms to invest in the country’s support industries to enable it to produce more parts domestically, as well as cooperate with Vietnam in the energy sector.

    Responding to Phuc’s suggestion, a representative of leading German auto firm BMW said the company was interested in exploring investment opportunities and building an auto components plant in Vietnam.

    AeroGround Flughafen München GmbH, which offers ground handling services, said it was willing to train airport staff in Vietnam, while BPCE International expressed an interest in cooperating with Vietnamese lenders to pilot a new banking model.

    PM welcomed the interest, and said the Vietnamese government will create favorable conditions for foreign investors to operate in the country.

    Brigitte Zypries, German minister for economics and energy, said Germany wants to raise bilateral trade to $15-20 billion by 2020, while taking advantage of the free trade agreement Vietnam and the EU are about to sign.

    During his trip to Germany, the PM will attend the G20 summit on Friday and Saturday.

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  • Apple continues Asia expansion with its first retail store in Taiwan

    Apple continues Asia expansion with its first retail store in Taiwan

    Apple has continued to expand its retail footprint in Asia after the iPhone-maker opened its first store in Taiwan this weekend.

    The inaugural Apple Store is located in Taipei 101, a landmark skyscraper in Taipei, and it is staffed with an initial workforce of 130 employees, Apple said. Doors in Taiwan opened at 11am local time on Saturday, but eager fans had queued for as long as 68 hours in some cases.

    Beyond selling products and offering repairs, the Apple Taipei 101 store is aimed at being a place for community and learning. Apple said it will offer visitors access to its ‘Today at Apple’ programs that cover topics like photography and video, art, design, music and coding.

    Like in other parts of Asia, Apple customers in Taiwan had until now had to rely on Apple’s website or third-party resellers to buy products and handle repair options. That’s despite the fact that many of Apple’s key manufacturing partners, including Foxconn, are headquartered in Taiwan but operate their factories in China.

    Exact numbers aren’t clear, but Apple is consistently among the top five smartphone sellers in Taiwan with upwards of 15 percent marketshare, although that spikes significantly around new device launches.

    This Taiwan launch comes hot on the heels of the opening of Apple’s first retail store in Singapore, and the announcement of plans for an Apple Store in Korea. The company is also working to expand its stores to India. Apple, which has already begun assembling some devices in the country, said it recently held “constructive” dialogue with government officials on the topic.

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  • Hong Kong investor stakes $500 million to build racecourse in southern Vietnam

    Hong Kong investor stakes $500 million to build racecourse in southern Vietnam

    The company claims the track could earn $2.2 billion a year now that betting has been legalized in Vietnam. A Hong Kong-based company has been given the all clear to conduct a feasibility study for a racecourse in Vietnam’s southern city of Can Tho.

    SIBC International Ltd. met with the city’s leaders on Wednesday to discuss plans to build an entertainment complex that would cover over 150 hectares (370 acres).

    The project, which also includes a hotel, park and golf course, is expected to cost $500 million, it said.

    Once completed, the track could host up to 16 races a day and earn VND50 trillion ($2.2 billion) a year, the company said, adding that it would contribute VND10 trillion in tax each year and create around 20,000 jobs.

    Can Tho officials said the racecourse would help boost local tourism, but given its scale, the city would have to consult the central government before making a final decision.

    The Mekong Delta’s urban center attracted more than 5.3 million tourists in 2016, which was up 14 percent from a year ago and included 22,600 foreigners. Tourism earned the city more than VND1.8 trillion last year.

    Vietnam legalized sports betting earlier this year, allowing its citizens to bet on international soccer games and horse and greyhound races from March 31. The historic decision, made after years of deliberation, has made racecourses a viable investment option.

    The country currently has one greyhound track in the southern beach town of Vung Tau, and a $100 million horse-racing course was opened in the southern province of Binh Duong two months ago. Hanoi has plans to build a $500 million racecourse, but progress has been delayed.