Retail News CRM

Author: Mei Ling Tan

  • WhatsApp to increase group audio and video call limit in upcoming update

    WhatsApp to increase group audio and video call limit in upcoming update

    The current global crisis has led to an increase in communication services usage, but it looks like they’re able to cope with the demand for the time being. Even though it seems that there’s enough bandwidth to accommodate the spike in usage, many of these services require improvements.

    WhatsApp is in the process of upgrading its mobile apps with a couple of improvements that are meant to allow multiple users to participate in audio and video calls. WABetaInfo has learned that WhatsApp plans to extend group audio and video call limit on Android and iOS devices.

    Currently, WhatsApp users can initiate group calls with up to 4 participants, but a future update will increase the number of participants that you can invite in a group call to at least 6. It’s unclear what the final number will be, but we do know that WhatsApp will apply the same enhancements to the video call group feature.

    Neither of these improvements is available in the beta version of WhatsApp yet, but they are evident in some strings of code discovered by WABetaInfo. The changes are expected to be implemented in both Android and iOS versions of WhatsApp, but we don’t know when exactly they will be rolled out.

  • Ex-UBS Private Banking Veteran Reemerges at StanChart

    Ex-UBS Private Banking Veteran Reemerges at StanChart

    A private banking veteran, most recently with UBS leading a team covering high net worth clients in Hong Kong, has reemerged at Standard Chartered.

    Chiu Wai Man has joined Standard Chartered as a deputy market head for Hong Kong, effective as of yesterday.

    A spokesperson for the bank confirmed the new hire.

    Chiu was most recently the Hong Kong country team head at UBS where she joined in 2018 with the task of hiring more relationship managers for the bank’s high net worth business in the city under regional market manager Adeline Chien. Chiu has around 20 years of banking experience and was previously with Hang Seng leading a 30-strong private banking team after stints with ANZ and HSBC.

    2020 remains on track to reach its target of $100 billion assets under management (AUM) in the next two to four years. The bank had over $67 billion of AUMs as of 2019-end.

    In January this year, Standard Chartered hired another ex-UBS banker, Gerald See, as an executive director and senior client partner based in Singapore to focus on ultra-high net worth (UHNW) clients. At UBS, See was previously a director in its family office and UHNW division.

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  • Volkswagen Group Sales Down 23% In Jan-March

    Volkswagen Group Sales Down 23% In Jan-March

    Volkswagen Group on Friday said sales of its cars dropped by 23% on the year to 2 million cars in the January to March period.

    In March alone, deliveries were down 37.6% overall at 623,000 vehicles, the figures showed, reflecting the coronavirus crisis which triggered plant closures and falls in sales as consumers were tied up at home in lockdown measures across the world.

    German carmakers to resume production as lockdowns ease

    German carmakers including Volkswagen and Mercedes-Benz will restart production at some German factories next week. It’s part of a partial reopening of business and shops over the next few weeks.

    More specifically, March sales were down 44.6% year-on-year in western Europe, down 23.1% in central and eastern Europe, down 42% in North America, and down 35% in China, the company said.

    Experts believe that declines in April sales could be steeper as the full impact of the lockdowns works its way through the system.

    Volkswagen on Thursday withdrew its outlook for 2020 due to the uncertainty related to the virus outbreak which caused operating profit to drop 81% in the first quarter.

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  • Ford Issues $8 Billion Debt Securities After Coronavirus Causes $2 Billion Loss

    Ford Issues $8 Billion Debt Securities After Coronavirus Causes $2 Billion Loss

    Ford Motor Co on Friday raised $8 billion from corporate debt investors to shore up its cash reserves as the coronavirus outbreak pummeled vehicle sales and production, resulting in an estimated loss of about $2 billion for the first quarter.

    The Dearborn, a Michigan-based company, which lost its investment-grade status in March, raised new funds with a three-part debt offering, according to a regulatory filing.

    Investors said Ford benefited from the U.S. Federal Reserve’s move last week to backstop debt offerings by companies that lost investment-grade credit ratings after the COVID-19 crisis accelerated in the United States, International Financing Review reported on Friday.

    “Today’s deal is a good sign of the growing confidence around the improving market backdrop with respect to liquidity as well as more promising views around the economic outlook,” said Dan Mead, head of the investment-grade syndicate at Bank of America Securities, which was one of the lead banks on the Ford deal.

    Ford Motor Co announced on Monday that it expects about a $600 million pre-tax loss for the first quarter of 2020.

    In an environment where interest rates on cash savings are close to zero, Ford will pay investors an interest of between 8.50% and 9.625% on the new debt securities.

    There was around $40 billion worth of demand from investors across the three debt packages, according to a person familiar with the matter.

    Ford had earlier drawn down over $15 billion from revolving credit lines to ride out the pandemic, which forced the shutdown of its North American and European factories during the past month.

    Separately, General Motors Co disclosed in a regulatory filing that it had entered into a 364-day revolving credit agreement of $1.95 billion. The automaker said it has allocated the credit line for exclusive use by its financial services business.

    Ford on Friday said it had to put up additional guarantees for earlier loans – not the notes sold Friday – because it has not maintained an investment-grade status. It has suspended its dividend for the quarter.

    Stanching the cash drain and restarting profitable operations in Europe and North America will be critical for Ford in the months ahead. The company told investors ahead of Friday’s bond deal that absent new funding and a restart of production, it had cash to last to the end of the third quarter.

    Now, Ford has more breathing room financially, and federal and state officials this week said they expect coronavirus lockdowns to begin easing, possibly allowing auto plants to begin building vehicles again early next month.

    Still, the company has taken a body blow from the pandemic at a time when it was already wrestling with a difficult restructuring effort begun more than two years ago. Ford’s vehicle sales to dealers fell 21% in the first quarter, compared with a year earlier.

    Only Ford’s joint ventures in China, where the pandemic has been receding, are currently producing vehicles, and dealers there have resumed work.

    Separately, Ford warned that its production of high-priced versions of pickups and sport utility vehicles could be hurt due to the damage caused by a tornado earlier this week at parts supplier BorgWarner’s South Carolina factory.

    BorgWarner’s facility makes transfer cases for some of Ford’s most profitable vehicles, such as four-wheel-drive large F-series pickups and large sport utility vehicles.

  • OCBC Shutters Investors Hub During Circuit Breaker

    OCBC Shutters Investors Hub During Circuit Breaker

    The bank hopes to encourage more people to stay home and comes in support of stricter social distancing measures implemented by the government to contain the spread of Covid-19.

    OCBC Bank’s wholly-owned brokerage subsidiary, OCBC Securities, will temporarily close its Investors Hub at OCBC Centre South from 20 April to 4 May 2020, it announced in a statement on Friday.

    The bank said customers will be able to continue to trade or make transactions through their trading representatives or on OCBC Securities’ digital platform, iOCBC, as the brokerage will continue to be operational during this time.

    The Monetary Authority of Singapore also urged the public to minimize visits to their premises during the current circuit breaker period.

    «While financial services remain available as one of the essential services exempted from the suspension of activities at workplace premises announced by the Ministry of Trade and Industry (MTI) on 3 April 2020, customers are urged to use digital, email, and telephone channels as far as possible and minimize face-to-face interactions at FI premises,» the regulator said in a statement on Friday.

    About half of the bank branches in Singapore have closed, along with most of the physical service locations of insurers, brokers and fund managers, in view of reduced customer traffic.

  • Citi Appoints Investment Banking Head of Australia and New Zealand

    Citi Appoints Investment Banking Head of Australia and New Zealand

    The American lender nabbed an ex-Deutsche Bank investment banker to lead the unit, claiming to anticipate increased fundraising and M&A activity in the second half. Alex Cartel joins, effective July 2020, as the head of investment banking for Citi Australia and New Zealand after most recently being with Deutsche Bank’s Australia unit as its head of investment banking coverage, according to a statement. Cartel, who is also the president of the «Australian Takovers Panel», will report to Tony Osmond, Citi’s head of banking, capital markets and advisory.

    Cartel has over 20 years of experience with involvement in numerous major deals in Australia including, most recently, the A$600 million ($381 million) sales of Kirin’s Lion Drinks and Dairy business to China Mengniu and Saputo.

    In addition, the bank also named Rob Jahrling and Hamish Whitehead as co-heads of Citi Australia and New Zealand’s equity capital markets (ECM), reporting to John McLean capital markets origination head at Citi Australia and New Zealand.

    Whitehead joined Citi in 2015 and now leads ECM origination and execution out of Melbourne, covering the transport and utilities sector. Jahrling joined Citi in 2010 and ECM origination and execution from Sydney, covering the resources sectors.

    In just the past two weeks, Citi has raised $2 billion in equity from regional carpets including NextDC, Auckland International Airport, Shopping Centres Australasia Property Group and Electro Optic Systems. It also raised $8.5 billion from debt capital markets from companies and government agencies such as NSW Treasury Corporation, Queensland Treasury Corporation, South Australia Finance Authority and Treasury Corporation of Victoria.

    We are experiencing a strong increase in fundraising activity and expect this to grow further to include increased M&A activity in the second half and beyond, added Citi’s Osmond in the statement.

  • Giordano sales drop 34.6 per cent in March quarter

    Giordano sales drop 34.6 per cent in March quarter

    Fashion group Giordano says its March quarter sales fell by 34.6 percent as the outbreak of the coronavirus pandemic saw stores shuttered in key markets.

    Comparable same-store sales growth was a negative 30.2 percent.

    “Since the outbreak of the Covid-19 pandemic, many countries have implemented public health measures and ‘lockdowns’, often resulting in the halting of social and commercial activities,” the company said in a stock-exchange filing.

    “Moreover, the outcome of the Sino-US trade conflict remains unclear. All of these factors have adversely and significantly affected consumer sentiment and also foot traffic at our shops in various markets.”

    Year on year, Girodano’s global net store count has reduced by 128, most of the closures in Mainland China, where the network has shrunk from 623 to 572. In Hong Kong and Macau the retailer has shuttered a net seven stores.

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  • Debenhams begins liquidation of Hong Kong business

    Debenhams begins liquidation of Hong Kong business

    British multinational department store Debenhams has begun liquidation of its operations in Hong Kong, along with its operations in Ireland and Bangladesh.

    The move comes a week following filing for administration in the UK, according to a report in Retail Gazette.

    All of Debenhams’ Hong Kong staff will have their positions terminated as the liquidation process commences in Asia. In Ireland, liquidators have been appointed.

    The firm has continued operations in Denmark under the Magasin brand, where it currently trades online despite temporary closures of its physical stores. It is intending to reopen as many of its 142 locations in England as possible once business restrictions are lifted.

    The majority of Debenhams’ furloughed staff in Britain are receiving government support during the coronavirus pandemic. The firm’s administrators have said that if a court finds Debenhams responsible for staff wage liabilities, many positions may be made redundant.

  • One in four Hong Kong retail stores set to close this year

    One in four Hong Kong retail stores set to close this year

    With sales decimated by the coronavirus crisis, and with little support coming from landlords, some 20,400 Hong Kong retail stores will close by year-end, according to research from the HKRMA.

    A study conducted amongst 152 retailers ranging from SMEs through to large chains shows most retailers will have insufficient resources to survive beyond June, even after the first round of government support.

    Respondents to the HKRMA (Hong Kong Retail Management Association) study collectively operate some 3350 stores and account for 23 percent of the territory’s retail workforce.

    So far this year, an estimated 5200 Hong Kong retail stores have closed permanently. With 62,400 retail stores still operating, the HKRMA predicts that a further 6600 stores will shutter between May and August, and another 8600 between September and December – totaling up to 20,400 stores by year-end, including those already closed since the crisis evolved.

    Just half of the retailers responding to the survey said they had received rental relief from their landlords – but four in five had found the support to be inadequate with rent reductions of less than 50 percent.

    Meanwhile, only 16.5 percent of retailers had found the government grant to be useful in their aid, with the amount not sustainable for continued operations in addition to restrictions on how the funds could be used.

    About 40 percent of survey respondents said they can sustain their businesses for only four more months at most, and only 20 percent of retailers for eight months.

    Thousands to lose their jobs

    Nine out of 10 retailers revealed a “severe to medium loss” in their business from the epidemic, more so than the initial impact from the social unrest in the past year. As the sector continues to struggle, two-thirds of retailers had forced workers to take unpaid leave and the majority of the remainder had laid-off workers or imposed pay reductions.

    While the Hong Kong government has implemented a HK$80 billion plan to subsidize employers to pay workers 50 percent of their salaries (capped at HK$9000 a month, or £930), in contrast, the UK government is offering a furlough scheme financing 80 percent of workers’ wages (capped at £2500 per month) during government-enforced lockdown periods.

    The HKRMA calculates that 10,400 employees in the local retail sector lost their jobs in the past three months alone.

    As the Hong Kong government prepares to launch a second round of pandemic-relief funds to businesses, the HKRMA warns that the amount of relief will be insufficient to cover the wages of all retail employees and lay-offs will continue.

    With Hong Kong retail sales already plunging 44 percent in February, the government subsidies have arrived too late, says the HKRMA, because retailers will be unable to continue trading through until the cash arrives in June.

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  • McDonald’s Singapore shuts all stores

    McDonald’s Singapore shuts all stores

    McDonald’s Singapore has temporarily closed all its restaurants as preventative action during the island’s “circuit breaker” period.

    According to a company statement, McDonald’s Singapore is suspending its restaurant operations, including drive-through and delivery service, until May 4.

    “These are indeed unprecedented times for all of us,” said Kenneth Chan, MD of McDonald’s Singapore. “With the safety of all our customers and employees as top priority, we will do all we can to help Singapore flatten the curve.”

    The company has confirmed staff will be paid as usual during the period of closure.

    The move came on Saturday, a day after the company suspended its takeaways service.

    McDonald’s Singapore had previously closed its store at Changi Airport Terminal 3 and its drive-thru outlet at a Shell petrol kiosk on Tampines Ave 2, after employees tested positive for Covid-19 at each location, taking the number of infected McDonald’s Singapore staff to seven since the coronavirus outbreak first occurred.

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  • The rising Pet Industry in Hong Kong

    The rising Pet Industry in Hong Kong

    The pet economy has experienced a hike over all these years in Hong Kong. It is one such industry that has raised numerous opportunities for pet businesses owing to the increased number of pet adoption by its citizens. This city takes you to the lap of nature with lush greens and mountains and large outdoor areas giving a home to the big-sized dogs.

    A growing industry in Hong Kong

    There are more and more families who are adopting pets in Hong Kong. A study revealed that there are more than 289000 families in Hong Kong who have pets in their homes according to the data gathered in 2015. Not only do they own pets for namesake to get a munchkin at home, but they use all their means to bestow their pets with proper care.

    These furry pets are no less than spoiled brats who are treated with all the luxuries and extravagance. Owing to this approach, many pet stores are being opened in Hong Kong, which provides all kinds of pet supplies ranging from pet food to pet products on a wide scale. The real reason behind the strengthening of the pet industry in Hong Kong is explained below:

    Demographical changes

    Hong Kong has faced a decline in the birth rate over quite a few years now, and as a resultant people are opting for late marriage which has bought a demographical change in the city.

    There are many people who welcome four-legged pets as their companions standing as the main behind the hike in the pet economy. Also, the city is a home to many elderly people which influences them to take a turn towards these innocent pets to spend their day with to kill their loneliness. Thus, you can very well understand more and more people are opting for pets which are causing a bang in the pet industry.

     

    A changed approach towards raising pets

    If you visit a home with pets in Hong Kong, then you will hardly find people who keep their dogs as dogs. Yes, you have heard it right, the pet owners treat their dogs as if they are just another housemate and you can easily figure it out by the love and care that they bestow on their furry friends.

    They also take care of their grooming needs, wellness, and beauty of their furry friends. This kind of a viewpoint of pet parents has welcomed pet industries with open hands that are able to cater to their pet requisites.

    Various kinds of pet services

    There are various kinds of pet services that have emerged over the years, which are facilitating the busy pet owners by their pet services. So even a busy person who couldn’t afford to devote time for their pets are getting pets due to pet services that they can avail, causing aggravation in the pet industry.

    For instance, the Legislative Council reported that, in 2016, 510600 domestic pets and 861 vet surgeons were registered in Hong Kong. Numbers are increasing since 15 years now.

    Pet parents spending in Hong Kong

    Pets hold special importance in the life of pet owners in Hong Kong. They treat their pets just like any other human companion, and they never step back from spending on their pets.

    We are not just talking about the millennial who can afford to do the same, but every pet owner tries their own tit and bit to provide their pets with the best they can.

    You can make it out by having a look at the growing pet industry in the city, which is spreading its root day by day. According to Statista , it is believed that the pet food segment in Hong Kong is on the verge of achieving growth by 5.9 % between the years 2018 to 2021.

    Also, there are new types of pet service businesses that are creeping up with the passage of days to facilitate the pet parents with all the care and attention that they need for their pets.

    Pet shops and stores have shown up a notable expansion in their business, opening up new retail chains and have also gone up to the extent of using omni channels to build their customer base. And, with more and more people adopting pets each day, this industry is undoubtedly going to experience a boom in the coming days. 

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  • AirAsia to resume flights in Malaysia

    AirAsia to resume flights in Malaysia

    Low-cost carrier Airasia is set to resume local flights in Malaysia on April 29, subject to the authorities’ approval.

    It said yesterday it has also set to commence flights in Thailand on May 1, the Philippines (May 1), India (May 4) and Indonesia (May 7).

    “The resumption of services will initially be for key selected domestic routes, which will increase gradually to include international destinations around the network, once the situation improves and governments lift borders and travel restrictions, ” AirAsia said in a statement.

    The low-cost carrier said flights are already open for booking via the airasia.com website and its mobile app.

    “Guests may use their credit accounts to redeem for these flights, ” it said, adding that further details on more routes and flight schedules will be announced in the coming weeks, subject to approval from the authorities.

    In the same statement, AirAsia Group president (airlines) Bo Lingam(pic below) said the group hopes to resume full operations as soon as possible.

    “We have undertaken a thorough review of our guest handling procedures both on the ground and onboard in light of the Covid-19 pandemic.

    “We have been working closely with the airport authorities to ensure that all the relevant precautionary measures are in place to ensure a safe, pleasant and comfortable journey for everyone.

    “At AirAsia, the safety and wellbeing of our guests and employees is always our highest priority.

    “We work actively with all our regulators, local governments, civil aviation and health authorities, including adhering to guidance from the World Health Organisation and International Civil Aviation Organisation to ensure the highest standards of compliance and conformance are in place for every single flight we operate in our network.”

  • HSBC Creates Coronavirus-Focused Restructuring Unit

    HSBC Creates Coronavirus-Focused Restructuring Unit

    HSBC is forming a global restructuring team targeting corporate clients affected by the coronavirus pandemic.

    Patrick Nolan has been named head of client leadership to lead the new team, relinquishing his previous role as global head of corporate banking, according to a report citing an internal memo.

    Also joining are Gregory Guyett, co-head of global banking and markets, and Barry O’Byrne, global head of commercial banking, who were tasked by chief executive Noel Quinn to help assemble the team. HSBC’s chief risk officer Pam Kaur will also reportedly join the new restructuring unit.

    The internal announcement of a new global restructuring team coincides with the recent news of debt troubles from oil trader Hin Leong which has been hit by turbulent commodity prices. The Singaporean reportedly owes a total of $3.85 billion to 23 banks including $600 million to HSBC, the lender with the largest exposure to the firm.

    The coronavirus pandemic and rough negotiations at OPEC have created a volatile environment for the oil market in 2020. Year-to-date, brent crude prices have plunged over 56 percent.

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  • Carousell supports Small Businesses, hawkers during Covid-19 crisis

    Carousell supports Small Businesses, hawkers during Covid-19 crisis

    Classified-ad service Carousell is offering up to SG$2 million (US$1.3 million) in free advertising for nonprofits serving communities impacted by the coronavirus outbreak.

    Organizations in Singapore, Malaysia, Hong Kong, and the Philippines engaged in initiatives to support those affected by the pandemic will be eligible for the program.

    “This initiative will give non-profit organizations more visibility and offer an alternative platform for advertising that doesn’t require paying premium fees,” said Carousell’s MD for advertising JJ Eastwood. “As a C2C classified  platform, Carousell has a broader vision for our community and users that transcends the current Covid-19 climate.”

    Existing partners include Singapore Red Cross, Give. Asia, Free Food for All in Singapore, Parents Without Partners in Malaysia, Habitat For Humanity in Hong Kong and Caritas Manila in the Philippines.

    Meanwhile, in Singapore, Carousell has launched the #SupportLocal campaign to help business owners impacted by the pandemic, targeting both SMEs and small food & beverage operators. The first phase of the initiative, ‘#SupportLocal F&Bs’, encourages Singaporeans to support the smaller eateries and hawkers in their own neighborhoods.

    Partnering with Unilever Food Solutions, Carousell plans to sign up more than 2500 F&B businesses onto a newly created Local F&B category on its platform.

    “The onboarding process will ensure that business owners who have not had prior experience with online operations are still able to list on Carousell for increased visibility,” the company explains. “With Carousell listings, F&B owners will be able to provide on-demand takeaway services without having to pay a premium or commission to external vendors, and Carousellers will be able to conveniently and directly support the local F&B establishments near them.

    Ivan Lu, MD for Malaysia and Singapore at Unilever Food Solutions, says the company believes Carousell’s initiative will help provide the local F&B community with an additional option to attract the orders they sorely need.

    “It’s a tough time, but the Singaporean F&B community is amazingly resilient. With our Kampong spirit, we can weather any storm,” says Lu.

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  • FamilyMart Taiwan starting delivery service with Foodpanda

    FamilyMart Taiwan starting delivery service with Foodpanda

    FamilyMart Taiwan is partnering with the food-delivery platform Foodpanda to launch a delivery service.

    Starting Wednesday next week, the firm plans to offer delivery services from its 1000 outlets nationwide by June, with initial services commencing out of Familymart Taiwan’s 146 locations within Taipei and New Taipei. The service will be rolled out to the remaining outlets in two further phases.

    Deliveries will be made between the hours of 5.30 pm to 2 am on the day following the purchase, and will serve almost 200 of its food items including snacks, beverages, groceries and pre-packed meals.

    FamilyMart Taiwan partnered with Uber Eats last year to start a food delivery service before the advent of the Covid-19 pandemic. That partnership ended in March.

    The new partnership is expected to address the sharp rise in e-commerce trading in response to the coronavirus outbreak as consumers are staying home. The firm has seen demand for delivery of its products rise 15 percent since February, according to senior executive Lee Ching-hsien.

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