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Category: General

Retail News Asia is committed to providing both local and global retailers with the latest General Retail news throughout the Asian market. This on a daily base.

  • Lotte and WalkerHill lose duty free licenses

    Lotte and WalkerHill lose duty free licenses

    Korea Customs has announced that the Lotte Group has lost its operating licence at its prestigious Seoul Lotte World Tower from next month, but retained its Seoul Myeongdong store, while the WalkerHill Duty Free store operation was also unsuccessful in retaining its long-held duty free licence at the Sheraton Grand Walkerhill Hotel.

    South Korea’s two principal Seoul-based newspapers – the Korea Times and the Korea Herald – both announced the winners today, after the results were initially held back by Korea Customs until halfway through the weekend (when the stock exchange is closed).

    TRBusiness reliably understands that this was intentional to guard against any chance of information leaks impacting on any company’s stock price due to insider trading.

    WalkerHill Duty Free

    WalkerHill Duty Free achieved a 46% sales growth in 2014 to $260m compared with $162m in 2013, with 80% of all sales made to Chinese customers. It also unveiled its new-look enlarged store in eastern Seoul last February. The duty free retailer is particularly well known for its high-end watches, carrying 70 brands in total and will be disappointed it has lost its licence. This year the retailer set itself a $350m sales target – some 35% ahead of its 2014 total.

    Meanwhile, Shinsegae has also won one of these duty free licences to convert part of its department store to duty free status, while it also successfully defended its Busan City duty free licence status. Last, but not least, Doosan has won its first duty free licence in Seoul.

    The loss of Lotte’s prestigious Seoul Lotte World Tower duty free licence will come as a big surprise to many and not least to Lotte, which regards this as the most prestigious purpose-built multi-million dollar duty free outlet within its portfolio.

    The WalkerHill Duty Free operation has also become an institution as one of the few retail operations that is an integrated part of both a hotel and a casino, attracting good customer levels.

    Lotte Tower in Seoul

    Lotte’s total duty free sales reached a record US$4.02bn in South Korea in 2014, representing a huge $750m hike in revenue, equivalent to a 22.8% increase. Even given its wide range of duty free outlets at both Incheon Airport and downtown, Lotte will be very disappointed it has lost its licence for this business, since it had planned to make the World Tower shop the largest duty free store in Asia – never mind South Korea.

    Whether internal in-fighting at the top of Lotte has played any role in it losing its Tower license, or merely a view that it is becoming too big (or both) is unknown at present, although TRBusiness hopes to canvass the views of individuals who are very close to this process for further in-depth analysis within the next 24 hours.

    For its part, WalkerHill Duty Free management will also doubtless be very disappointed that it has lost its licence after nearly three decades of trading, with this store particularly well known for its wide range of high quality watches.

    As reported yesterday, Korea Customs initially received 10 bids for the three downtown concessions on offer in Seoul, while the single Busan downtown tender attracted just two bids.

  • e27 returns to Bangkok, Thailand with Echelon Thailand 2015 on November 26-27

    e27 returns to Bangkok, Thailand with Echelon Thailand 2015 on November 26-27

    Connecting entrepreneurs to tomorrow’s Mekong, e27 presents Echelon Thailand 2015, a two-day intensive conference this November to bridge the best of the Mekong region’s burgeoning technology startup community with over 1,000 regional tech entrepreneurs, startup founding teams, investors and industry thought leaders.

    While the tech scene in the Mekong region has been synonymous with just Bangkok so far, at Echelon Thailand 2015, active startup communities from around the region will be featured as well. Community delegation groups representing Thailand, Vietnam, Cambodia, Myanmar and Laos ecosystem will be in attendance.

    With Echelon Thailand 2015, expect two full day of high-level keynotes, rigorous breakout fireside sessions, interactive workshops, structured networking opportunities and panel discussions on the key issues driving the Mekong region’s tech ecosystems.

    This year’s Echelon Thailand, the third of its kind, features the likes of Ariya Banomyong of LINE Thailand, Jeffrey Paine of Golden Gate Ventures, Guillaume Sachet of MediaCorp, Adrian Vanzyl of Ardent Capital, Vineet Tanwar of Google Play, Krating Poonpol of 500 Tuktuks, Jon Sugihara of RedMart, Pawoot Pongvitayapanu, Managing Director of founder of Rakuten TARAD Co,. Ltd. and many more.

    Speakers will headline a variety of keynotes, panels, firesides and workshops on a range of issues from EdTech to E-Commerce, Investing in Female-led Entrepreneurship to Investment Opportunities in the Mekong region and beyond.

    The highly-anticipated search for Asia’s top startups also returns with Echelon Thailand’s Startup Launchpad pitching segment and showcase arena. The e27 team will shortlist the top 10 startups to pitch their products and services in a closed-door session on the first day, before the judging panel shortlists a further top 5 to take to the main stage on the second day. The ultimate winner will clinch the title of Most Promising Startup and walk away with a prize from Microsoft worth over US$120,000.

    Tech Alley returns as a conference mainstay with a mix of startups and top technology firms showcasing their innovations to delegates – forming sustainable partnerships, generating leads, securing scaling opportunities and getting first hand insight into the latest technology trends.

    To top it off, e27 aims to bring people together through structured networking sessions in Echelon Thailand. Selected startups will be given opportunities to pitch and raise funds from attending investors, scout for new talent and form partnerships with other entrepreneurs in attendance. At the same time, investors can seek their next venture, get macro-level insights from our speakers and build their funding portfolios.

    “We take pride in building one of the highest quality tech startup conference series – and bringing it across Asia,” says Roy Ang, General Manager of e27, “After two years of conferences in Thailand and partnering with community groups across the region, we are excited to take the first step in formally connecting even more stakeholders across the Mekong region’s tech community with Echelon Thailand 2015.

    Echelon Thailand 2015 will take place on November 26 and 27, from 8:30 AM to 5.30 PM with an exclusive Afterparty that runs till late. The event will be hosted at Bangkok International Trade & Exhibition Centre (BITEC), located at 88 Bangna-Trad Road (Km. 1), Bangna, Bangkok 10260.

  • 8th Holiday Inn Express in Indonesia Opens in Central Jakarta

    8th Holiday Inn Express in Indonesia Opens in Central Jakarta

    InterContinental Hotels Group is celebrating the opening of Holiday Inn Express Jakarta Wahid Hasyim in the heart of the capital, making it the 8th Holiday Inn Express in Indonesia. The 160-room hotel’s city-centre location is within minutes of the city’s colourful markets and major shopping malls, the Central Business District (CBD) and other attractions.

    Leisure travellers will find themselves within walking distance of Jakarta’s shopping paradise featuring Grand Indonesia, the largest shopping mall in the country, along with Plaza Indonesia and Pasar Pagi Tanah Abang, the largest clothing wholesale market in Southeast Asia, to fulfil all their shopping needs while exploring the best of the city.

    Centrally located along the bustling Jalan K.H. Wahid Hasyim, the hotel is walking distance from the city’s main business district at Jalan M.H Thamrin and a short drive from other major commercial areas such as Jalan Jendral Sudirman and the vibrant Kuningan neighbourhood in Jakarta’s Golden Triangle. In addition to hassle-free access to major offices, banks, embassies and government buildings, the hotel offers free high-speed Wi-Fi access and in-room ergonomic work spaces, making it a smart choice for business travellers who want to optimise their time in Jakarta.

    Leanne Harwood, Vice President, Operations, South East Asia, IHG, said: “Holiday Inn Express is one of the fastest growing hotel brands in the world. In Indonesia, we have opened an average of one every three months since the brand debuted in the country two years ago. With more than 20 million travellers expected in Indonesia over the coming years, we are confident that Holiday Inn Express will cater to the needs of on-the-go travellers looking for a comfortable and affordable place to rest and relax after a long day out and about, whether for business or leisure.”

    When at the hotel, guests can look forward to a refreshing stay with a choice of queen or twin guest rooms, an efficient check-in and convenient amenities including:

    – Free and fast in-room Wi-Fi
    for guests to stay connected throughout their stay.

    – Comfortable and high quality bedding with a choice of firm or soft pillows for a restful sleep.
    – Free Express Start™ Breakfast with a Grab & Go option for a productive day ahead.

    – Revitalising power showers with a three-function massage showerhead and quality towels to stay refreshed.
    – A 24-hour fitness room for travellers to keep active and energised away from home.

    – Self-service business centre, internet and laundry stations

    Holiday Inn Express Wahid Hasyim is the 4th Holiday Inn Express hotel in Jakarta, joining Holiday Inn Express Jakarta International Expo, Holiday Inn Express Jakarta Thamrin and Holiday Inn Express Jakarta Pluit Citygate. There are four more Holiday Inn Express properties across Bali, Semarang and Surabaya with seven more due to open in Indonesia over the next three to five years. Globally, there are close to 2,400 Holiday Inn Express hotels with more than 540 in the pipeline.

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  • SM Retail posts solid sales growth

    SM Retail posts solid sales growth

    SM Retail of the Philippines has reported a 6.5 per cent increase in sales over the first nine months of the year to PHP145.3 billion (US$3.1 billion).

    Profit rose 21 per cent to PHP4.6 billion (US$98.2 million).

    Reviewing its operating divisions over the period, the company said its SM Food Retail Group (SM Markets) continued to expand in both urban and rural communities in various parts of Luzon, Visayas and Mindanao, adding 20 new stores, most of which are standalone Savemore stores.

    From historically operating anchor stores based in malls, SM Markets now follows a multi-format growth strategy to address the lack of organised retail in many parts of the country.

    SM Markets also recently invested in the minimart business with Alfamart, a successful minimart operator in Indonesia, and forged partnerships with WalterMart and Citymalls to further facilitate its provincial growth. Acquisition of existing chains of stores is another part of its growth strategy, the latest of which was the three stores of Cherry Foodarama.

    The SM Store will maintain its strategy of growing as an anchor store in SM Malls which are targeting expansion in the provincial areas. The SM Store continues to be the leading player in the country’s department store business, enjoying a wide-reaching and loyal customer base. It competes by providing the widest assortment of products and services, complemented by well-designed stores.

    As at the end of September, SM Retail had 294 stores, comprising 51 The SM Stores, 41 SM Supermarkets, 43 SM Hypermarkets, 130 Savemore stores and 29 WalterMart stores

  • South Korea retail sales surge

    South Korea retail sales surge

    South Korea retail sales rose to their highest level in four months in September, as Koreans put the Mers scare behind them and ventured back into stores.

    Data from Statistics Korea show retail sales totalled 31.13 trillion won (US$27.32 billion) during the month, a 4.1 per cent increase on September 2014.

    Department store and discount store sales started to slide in June when the Middle East Respiratory Syndrome (Mers) crisis peaked. From spending of 31.43 trillion won in May, sales fell to 29.35 trillion won in June and 29.45 trillion won in August.

    Rising sales of food, cosmetics and apparel led the rebound in September. Food and beverage sales rose 14.5 per cent, cosmetic sales rose 3.9 per cent and clothing by 0.6 per cent year on year.

    Furniture sales, too, rebounded – up 3.7 per cent.

    Spending at convenience stores soared 32.8 per cent, at discount department stores by 10.4 per cent and in department stores by 5.7 per cent.

    Online shopping spending rose by 18.3 per cent to 4.32 trillion won, accounting for 13.9 per cent of the nation’s total retail spend.

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  • John Lewis going Dutch with de Bijenkorf shop-in-shops

    John Lewis going Dutch with de Bijenkorf shop-in-shops

    UK department store chain John Lewis has announced its first physical foray into the European retail market, with seven stores planned for the Netherlands over the next two years.

    John Lewis has announced it will have a physical presence in Europe by opening shop-in-shops within seven branches of Dutch department store, de Bijenkorf. Starting with openings in Amsterdam, Rotterdam and The Hague flagships in spring 2016, the UK business will then enter Eindhoven and Utrecht by the end of next year, and in Amstelveen and Maastricht in 2017.

    Having sold and shipped its goods in Europe for a number of years, via its online operations, John Lewis’s new strategy is the first significant sign that it sees its next stage of growth coming from outside the UK.

    It comes after John Lewis opened 14 shop-in-shops across Singapore and the Philippines earlier this year, following the launch of a similar format in South Korea in 2014.

    Andy Street, managing director at John Lewis, called de Bijenkorf “the perfect partner to enable us to bring John Lewis to a new customer base and country”.

    “Our existing shop-in-shops in Singapore, the Philippines and South Korea have been well received and are trading well,” he added.

    “Whilst we remain committed to our UK physical expansion we hope to announce more international collaborations in 2016.”

    The John Lewis departments will be between 300 sq ft and 500 sq ft, with the retailer’s in-house store design team responsible for designing the look and feel of the retail space.

  • Canon Increases Investment in Singapore with New Office

    Canon Increases Investment in Singapore with New Office

    Canon, the global leader in photographic and digital imaging solutions, today announced the company’s official move to Galaxis, a Platinum Green Mark Building located in One North. Showcasing state-of-the-art facilities and powered by Canon office solutions, the new premise promises to be a one-stop destination for its customers’ imaging needs.

    Putting the customer at the centre of the new office, Canon has invested SGD$20million to build the Canon Delight Hub, an integrated customer engagement hub. This hub brings together all of Canon’s businesses – from consumer imaging to business solutions, creating a more centralised, holistic customer experience across Canon’s suite of solutions.

    These customer-centric investments in Singapore speak to Canon’s ambitions in South and Southeast Asia. Mr. Kensaku Konishi, President and CEO, Canon Singapore: “We continually seek to invest in this region to increase our capabilities and footprint in line with the tremendous growth we expect from the South and Southeast Asia region.”

    Housed in this facility is the enhanced Customer Care Centre, which provides customers access to try out the latest Canon consumer products as well as the same comprehensive customer service. To better meet the service and repair needs of customers, the new Customer Care Centre offers improved testing and interactive facilities, such as a 30m darkroom, one of the longest darkrooms for lens testing in the region.

    As a keen advocate of photography, Canon established the Canon Imaging Academy to help and teach Canon users to do more with their digital cameras. The new Canon Imaging Academy today offers wider training facilities, including a studio catered to the training needs of both budding and professional photographers.

    For the first time ever, Canon’s wide range of solutions is housed in a single location. For example, the Production Printing Excellence Centre and the Business Excellence Centre showcases Canon’s suite of innovative solutions aimed at improving enterprise productivity, efficiency and security. Potential corporate customers will be able to experience first-hand the comprehensive range of products ranging from large format printers (imagePROGRAF), digital production printers (Oce VarioPrint), digital multi-functional devices (imageRUNNER), production inkjet printer (DreamLabo 5000) and surveillance cameras.

    Canon’s move to the Galaxis, a Platinum Green Mark Building, marks a new milestone as the company continues to grow alongside Singapore. With this new office also functioning as a showcase for the modern office and a proof of concept lab, Canon will continue achieving sustainable growth and engaging with the community across the region.

    Since it was founded in 1979, Canon Singapore has continued to delight Singaporeans with its products and attention to customer service. In line with its kyosei corporate philosophy of living and working together for the common good, Canon is also an active contributor to the local community, supporting diverse arts, environment and sports programmes.

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  • Government to privatize Merpati airline company

    Government to privatize Merpati airline company

    The Indonesian government will privatize PT Merpati Nusantara Airlines by inviting investors to resolve the disputes in the company, deputy state enterprises minister Aloysius K.Ro said here on Tuesday.

    “By undertaking this privatization effort, one hopes Merpati is revived again and finds it possible to settle the fate of its employees,” he said at his office.

    He said the investors being invited could come from within the country or abroad and it is hoped that they will be ready in the first quarter of 2016 to resolve the issue, adding, “The investors (who we are looking at) are new players who have never participated in the privatization process (earlier).”

    “Investors who will come will be those ready to run it. They see the brand name Merpati. We are the majority share holder. It is alright. The important thing is to revive Merpati,” he said.

    Initially, Merpati will receive Rp500 billion in capital from the Asset Management Company (PPA) for right sizing, including settling the normative rights of its employees, an issue pending for long now.

    “We must negotiate. What is important is that the unpaid salaries are settled. As for the issue of severance pay, it will be discussed with the prospective investor,” he said.

    In line with the plan, all Merpati employees will be laid off and Merpati will appear as a totally new company with new employees.

    “All employees will be laid off and thus Merpati will be like a new born baby. They, however, will have the right to seek re-employment if the company is already in good health,” he said.(*)

  • Tech innovations for retail industry on show at A*Star event at Biopolis

    Tech innovations for retail industry on show at A*Star event at Biopolis

    More than 60 ICT-based solutions for the retail industry are on show at the Media Exploits event at Biopolis on Wednesday and Thursday (Nov 4 and 5).

    Now in its fifth year, the annual event is organised by Exploit Technologies (ETPL), the commercialisation arm of the Agency for Science, Technology and Research (A*Star). While targeted at industry professionals, the event at the Matrix Building is also open to the public from 9am to 5.30pm.

    The innovations on show include an augmented reality application, developed by A*Star researchers, that allows consumers to visualise how a piece of furniture would look in their homes.

    There is also a web application that enables customers to try on different hairstyles at hair salons. This was developed by local start-up Gamurai, based on 3D-modelling technology licensed from A*Star.

    Other projects in various stages of development also propose solutions in the areas of healthcare, robotics, home care and interactive digital media.

    Mr Philip Lim, chief executive officer of ETPL, said a major objective of the event was to bring people from different communities together, particularly those who understand markets and consumer demand.

    He said: “You need to bring teams of people and talent forward to where the technology has been groomed, maybe even to the point where they can influence the technology.

    “They can tell the researchers – why are you doing this? Isn’t this a better way of doing things, because this is what people need out there.”

     

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  • Saturation hits luxury retail, but new trends provide hope

    Saturation hits luxury retail, but new trends provide hope

    The Asia Pacific region is experiencing a slowdown in the luxury retail sector, but new emerging trends are set to provide the retail sector with a solid new stimulus for demand in the coming years, according to the CBRE’s special report, ‘The Future of Luxury Retail in Asia Pacific: New Demand Drivers and Shifting Occupier Requirements’.

    Most major luxury retailers are now well established in Asia Pacific with China and Hong Kong being two of the most penetrated markets at 89 per cent and 81 per cent, respectively. However, following several years of rapid expansion, these markets are approaching saturation point.

    “Accounting for one-third of personal luxury goods sales globally in 2014, Asia Pacific is a key region for international luxury brands with key markets including China, Hong Kong, Japan, Singapore, South Korea and Taiwan. However, the high growth period for luxury retailers in the region is gradually coming to an end,” said Dr Henry Chin, Head of Research, CBRE Asia Pacific.

    ”Over-saturation, surging operational costs and weaker retail sales – especially in Hong Kong due to the slowing mainland China economy – have prompted retailers to consolidate their existing store networks and slow their rate of entry into new markets focusing on operational efficiency,” said Dr Chin.

    CBRE has identified three emerging trends which will partially offset some of the negative effects arising from the slowdown and compensate for the loss of demand: Emergence of Affordable Luxury, Inclusion of F&B and Growth of Luxury Childrenswear.

    “With the momentum behind these trends, this will account for a bigger slice of leasing demand for prime retail space,” says Joel Stephen, Senior Director, Head of Retailer Representation, CBRE Asia. “Retailers and landlords can benefit from the projected growth in these market segments,” he adds.

    Emerging retail trends are already impacting luxury retailers’ real estate requirements, resulting in new, and in some cases, weaker demand for different types of retail property, the report said.

    Some of the key trends that CBRE have identified include weaker interest in department stores despite continued interest in prime locations; stronger focus on flagship stores; increased popularity in short-term opportunities for brands to set up exhibitions, pop-up and concept stores, and workshops, to generate greater consumer awareness; affordable luxury brands continuing to drive demand; and more interest in upper floor retail space, but limited to top-tier malls and driven by F&B and childrenswear segments.

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  • Foreign operators threaten Korea’s duty free shops

    Foreign operators threaten Korea’s duty free shops

    Korea’s duty free stores are sensing a crisis because of increasingly tougher challenges from their competitors in China, Japan and Thailand, industry sources said Tuesday.

    According to the Korea Duty-Free Association (KDFA) and distribution industry sources, the nation’s duty free retail market grew to 8.3 trillion won ($7.24 billion) last year, up 21.6 percent from 2013. There were still wide gaps with the neighboring markets of China (5.6 trillion won), Thailand (2.1 trillion won) and Japan (1 trillion won).

    But these regional competitors are rapidly expanding their markets, going all out to draw Chinese tourists to erode Korea’s lead.

    And this year has provided good opportunities for foreign operators, as the number of Chinese visitors to Korea sharply declined to 4.36 million in the first nine months, compared with 6.13 million last year, affected by the breakout of Middle East Respiratory Syndrome in April. But the number of Chinese people who visited Japan and Thailand in the first nine months rose from 2.41 million and 4.62 million to 3.83 million and 6 million, respectively, from a year ago.

    Foreign analysts also saw it as serious. “The Korean duty free retail market may appear to be a golden goose because of the influx of Chinese tourists,” said Martin Moody, chairman of Moody Report, a British distribution magazine. “Those golden eggs could prove to be quite fragile, however, because of unpredictable factors as seen in the MERS crisis.”

    Industry experts stress the need for enhancing the global competitiveness of domestic operators by expanding their store sizes and developing specialized services. Amid the ever-toughening competition, running duty free stores is no longer a preferential business, they said, adding that the government and industry should cooperate to create more competitive operators.

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  • Courts Retail to open second megastore by year-end

    Courts Retail to open second megastore by year-end

    PT Courts Retail Indonesia, a subsidiary of Singaporean retailer Courts Asia Ltd., will open a new megastore in Bumi Serpong Damai (BSD) City, South Tangerang, Banten, in December as part of the company’s Indonesian expansion.

    Courts Retail Indonesia CEO Roy Santoso said the 24,000-square-meter megastore was currently under construction on a 2.2-hectare plot of land in BSD, a growing township in the southwest of Jakarta with direct toll road access to South and West Jakarta.

    He said the construction of the retailer’s second megastore was 80 percent complete. The store would sell at least 12,000 items from 200 local and international brands. All the electronics and home appliances were local products, while the furniture would comprise 70 percent local and 30 percent imported brands, mostly from Malaysia and China, Roy added.

    “The store spaces will be grouped into four segments: ‘Play’ for electronics, ‘Live’ for home appliances and accessories, ‘Sleep’ for beds and ‘Relax’ for furniture,” he said in a press briefing last week.

    Currently the company has three operating stores: one megastore in Kota Harapan Indah, Bekasi, West Java, and two smaller ones in Bekasi and Bogor, both West Java. It only began active operations in Indonesia in 2014.

    Roy said that Courts Retail would open a maximum of seven stores in total within two years and 10 to 12 stores by 2019 in Greater Jakarta.

    “In these kind of economic conditions, we have to have a sustainable development plan. To reach breakeven, we plan to open two to three smaller-sized stores within two years,” Roy said.

    “Our initial plan had been to have one megastore in each western and eastern part of Greater Jakarta. The eastern part is Bekasi and the western part is BSD. We can still have vast area to build a megastore in BSD,” Roy said.

    “Courts also targets various classes of income groups. In our stores we segment our products into good, better and best so that people can choose. And BSD is easily accessible for people with different income who live in Bintaro and Pondok Indah in South Jakarta and Karawaci in Tangerang, other satellite cities with high numbers of population,” Roy added.

    The company has invested between US$3 million and $5 million for each megastore and $500,000 to $1 million for each smaller store of 2,000 sqm. In total, it has invested around $8 million so far, Roy said.

    The megastore to be launched in BSD will absorb some 300 employees, alongside overall management personnel placed there, too, as the company plans to move its headquarters from South Jakarta to the new outlet by December.

    Amid present competitors in the area, such as Kawan Lama Group’s Ace Hardware and Informa that serve similar product segments, Courts remains optimistic as it offers different product models and promotions.

    Courts Retail promotion strategy includes a flexible credit scheme and cooperation with major credit card issuers, including exclusively with BRI.

    “Other new things offered by Courts include a free delivery service, made-to-order furniture, installation, repair and cleansing services. Our e-shopping website will be ready by the end of this month,” Roy said.

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  • DFASS Group to be official partner for ARC Singapore

    DFASS Group to be official partner for ARC Singapore

    Inflight concessionaire Duty Free Air and Ship Supply (DFASS) will be official partner for the 2016 Airline Retail Conference (ARC) Asia/Pacific showpiece, event organiser Memphis Media has confirmed.

    Memphis Media has made efforts to restructure all ARC events since its acquisition mid-March and last month announced it will reduce entry tickets for exhibitors and delegates to all ARC events.

    “We are delighted to be participating in the ARC Asia event again,” said DFASS Group deputy chairman John Garner.

    “The last Asia exhibition held in Hong Kong was very well attended and we see this as a great opportunity to build on our business in the region.  Singapore Airlines, SilkAir, and Scoot have all renewed their agreements with us, and we are pleased to be starting our new business on board Tianjin Airlines and Vietnam Airlines later this month. We look forward to meeting existing and new clients at the show in Singapore.”

    Memphis Media managing director Karim Halwagi added: “I couldn’t be happier to be working once again with DFASS. As a true leader in the market, I am delighted DFASS Group is supporting the upcoming ARC Asia-Pacific event.”

    DFASS manages 27 inflight retail concession airline partners globally covering duty-free shopping and buy-on-board programmes, with over 150 million international and domestic passengers per year.

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  • BNP Paribas Quits Hong Kong Private Trading Platform

    BNP Paribas Quits Hong Kong Private Trading Platform

    BNP Paribas is shutting down a private trading platform in Hong Kong, according to a note sent by the French bank to its clients. The platform was what’s called a dark pool – a place where institutional investors can engage in private securities trades.

    December Will See Tougher Legislation, Higher Costs

    The move by BNP is believed to be a result of tougher financial market regulation in Hong Kong, which should come into effect from December and will substantially increase the costs and risks associated with running dark pools, as the local regulator, like its counterparts across the world, strive for greater transparency in the industry.

    BNP is studying alternative solutions for its clients

    In the note to clients, obtained by Bloomberg, the French lender explained: “In view of the changing client needs and the evolving regulatory environment, BNP Paribas Securities (Asia) Ltd. in Hong Kong decided to stop running the internal dark liquidity pool trading services, BNP Internal Exchange (BIX), from December 2015.” It added that it is considering alternative solutions for its dark pool clients but all current orders will be transferred to the Hong Kong exchange, it said in the note.

    It seems that the new regulation is the final blow to BNP’s dark pool in Hong Kong, after the bank was fined almost $2 million by the local regulator, the Securities and Futures Commission, in August for failing to comply with dark pool operating rules. The violation consisted of BNP assigning equal priority to all orders processed in the pool over the three years between 2009 and 2011, when operations were suspended.

    Watchdog Wants Transparency

    The new Hong Kong regulation has stipulated a ban on retail orders in dark pools, a requirement that will see dark pool operators treat priority client trades over proprietary orders, plus a host administrative regulatory and administrative controls aimed to cast some light on these non-transparent platforms. As a result, such businesses are likely to become uneconomical.

    There are 16 dark pool operators in Hong Kong at the moment, accounting for 2 percent of the market, according to Reuters. In comparison, in Europe and the US, these platforms account for around 10 percent of trade turnover.

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  • Amazon Building New Data Centers in South Korea for Cloud Unit

    Amazon Building New Data Centers in South Korea for Cloud Unit

    Amazon.com Inc. in 2016 will open a new cluster of data centers in South Korea, as the Web retailer pushes deeper into Asia to compete with other cloud-computing providers such as Microsoft Corp. and Google.

    The facilities are for the machines that power Amazon Web Services, the business that rents data storage and computing power to other companies, rather than its online retail operations. They are being built in response to requests from customers, including Samsung Electronics Co. and various gaming companies, Seattle-based Amazon announced Wednesday. The data centers will also let Amazon serve new clients, including government agencies and large enterprises that need to keep data exclusively in South Korea.

    Some nations mandate that certain data, such as health records, can’t leave their country of origin, prohibiting cloud providers without data centers located in those countries from certain kinds of business. Proximity to customers also decreases response times for those running Internet-based cloud applications.

    Amazon’s cloud-computing division serves customers such as Pinterest Inc. and Netflix Inc. South Korea will be the fifth AWS region in Asia, and Amazon has committed to building a second cluster of data centers in China and is also planning one in India. The company will have 12 data regions worldwide when South Korea is built in early 2016.

    Amazon didn’t disclose the size of its investment.