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Category: Living

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

  • Philip Morris: Singapore’s ban on tobacco display won’t curb smoking rate

    Philip Morris: Singapore’s ban on tobacco display won’t curb smoking rate

    Philip Morris Singapore said the forthcoming ban on the display of tobacco products at retail outlets will have no impact on the smoking rate in Singapore.

    The comment by the leading tobacco company in Singapore was in response to the announcement by the Ministry of Health (MOH) on Wednesday (9 December) that retailers selling tobacco products will no longer be allowed to display such items near the cashier counters of their outlets from 2017.

    The ban on point of sale display (POSD) will take place after the Tobacco (Control of Advertisement and Sale) Act has been amended, MOH said. The amendments will be tabled in parliament, whose opening session is in January 2016.

    “The POSD ban aims to protect the health of Singaporeans. By removing tobacco products from the public’s line of sight, we want to prevent our youth from picking up the smoking habit, and to help individuals who are trying to quit smoking,” said MOH in a press release.

    In an email statement to Yahoo Singapore, Philip Morris Singapore said based on its experience in working with countries that have similar regulations, there has been no clear evidence of a decrease in the smoking rate of these countries after such a ban took effect.

    “From the retail perspective, this will bring significant operation burdens to retailers. From our perspective, it will stiffen competition…when all products are hidden, how can you compete?” said a Philip Morris spokesperson, who declined to be named.

    “You can’t scientifically demonstrate with evidence that it (POSD ban) will reduce smoking rate,” he added.

    Iceland, Canada and Thailand are some of the countries in the world that have imposed a ban on POSD.

    PMI is one of the leading tobacco companies in Singapore, owning brands such as Marlboro and L&M, according to Euromonitor International.

    Retailers will be given a 12 months grace period after the ban has been gazetted, to give them “time to effect the changes and smoothen the transition process” so that they can comply with the rules, MOH said.

    “Support from the community and businesses is crucial in our fight against tobacco use. Retailers can help create the right environment for Singaporeans who are trying to stay away from cigarettes,” it added.

    On Wednesday morning, Senior Minister of State for Health and Environment and Water Resources, Amy Khor, attended a meeting with tobacco retailers to inform them of the implementation of the new guidelines.

    The Health Promotion Board (HPB) has also prepared a brochure to assist tobacco retailers in implementing the ban.

    Since 2013, MOH, HPB and Health Sciences Authority (HSA) have had a total of 14 dialogue sessions on the POSD ban.

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  • Manpower plan launched for retail sector

    Manpower plan launched for retail sector

    The labour-starved retail industry will be getting a leg-up over the next five years to implement more manpower lean practices and schemes to train and retain workers under a new plan launched today (Dec 10).

    The Singapore Retailers Association (SRA) told TODAY that more than 40 per cent of frontline positions in the industry still remains unfilled, and the figure is unlikely to change due to current restrictions on foreign manpower.

    December 10

    The new manpower blueprint by SPRING Singapore and the Singapore Workforce Development Agency for the retail sector includes a study starting next year that will involve up to 30 retailers from different industries and company sizes.

    The study will identify training and skill needs for the sector, as well as offer guidelines for companies to adopt leaner manpower models and create higher added-value job roles.

    At the second stage of the study, retailers who are keen to implement the study findings can tap on grants offered by SPRING.

    The guidelines from the study will serve as best practices for industry players — mostly Small and Medium Enterprises (SMEs) — to learn at a quicker pace and from each other, noted Manpower Minister Lim Swee Say at the plan’s launch.

    According to SPRING, small retailers with annual revenues of less than S$10 million make up 98 per cent of the retail sector.

    Under the new manpower plan, up to 100 retail companies can also revamp their existing human resource (HR) strategies to improve on their compensation, and learning and development aspects. Companies will be able to receive up to 70 per cent of funding from SPRING, while employers can also tap onto SPRING to review and give recommendations on current HR practices.

    Other measures to help the retail industry include piloting new job roles for interns so as to equip them with skills needed for future jobs, and programmes to support existing staff with skills upgrading and leadership development.

    Decks, a fashion retailer which carries brands such as Surfers Paradise, was hailed as an example for the retail sector at the launch today.

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  • Indonesia retail Japanese convenience stores think small to survive

    Indonesia retail Japanese convenience stores think small to survive

    Japanese convenience store operators are shrinking the size of their outlets in Indonesia amid growing competition from local rivals. But the strategy of pursuing profitability over scale runs the risk of downsizing the companies out of the market.

    In Jakarta, the two leading local operators — Indomaret and Alfamart — have over 10,000 outlets each. Japanese rivals are finding it difficult to stay competitive with their traditional focus on larger shops, which often include cafes. To fight back, Lawson and Seven-Eleven Japan plan to increase the number of smaller stores in office and commercial buildings.

    During lunchtime in an office building in Jakarta, people form long lines to buy bento box lunches, bread products and other items at a Lawson outlet. A karaage, or deep-fried chicken, bento sells for 45,000 rupiah ($3.20). “It’s my turn to pick up lunch today,” said a female office worker as she carried a shopping bag full of food from the store.

    The outlet, which opened in August, is Lawson’s first small store in an office building. It is less than half the size of a typical Lawson shop in Indonesia and has only one row of shelves. Midi Utama Indonesia, the local retailer that runs the stores, has been considering such new locations as shopping malls and train stations, one official said.

    Lawson entered Indonesia in 2011 after granting Midi a license to operate its stores. The Japanese company was ambitious, with plans to open 10,000 outlets in the first 10 years. But in mid-2013, after having opened just 80 shops in the country, sluggish profits forced it to withdraw from Bali. Lawson cut the number from 60 to 50 in 2014. Today, there are only some 40 Lawsons in Indonesia.

    In the meantime, Indomaret and Alfamart have been steadily increasing their store networks. They have adopted some of the techniques brought in by Japanese rivals, such as in-store cooking and in-store cafes. Duskin, a Japanese housekeeping equipment company, chose Indomaret over Japanese players as its local partner to run Mister Donut when it entered the market this year.

    Following the money  

    With their limited number of stores, Japanese operators are finding it hard to continue offering the level of product and service quality associated with Japan while still turning a profit. As a result, they are betting on small outlets in commercial buildings to drive earnings. In explaining the shift, a FamilyMart official cited “the high income level of customers and the easy-to-predict demand structure.”

    FamilyMart plans to start opening stores in office buildings and upscale condominiums in 2016. Its existing 25 outlets are in stand-alone buildings or buildings shared with Japan’s Yoshinoya chain of gyudon beef bowl restaurants.

    Seven-Eleven Japan, the largest Japanese convenience store operator in Indonesia, is considering opening more small stores in train stations, commercial buildings and other busy locations, according to Modern Internasional, the operator of 7-Eleven stores there.

    Ministop, which has six Indonesian outlets, the fewest among Japanese companies, plans to cut costs by operating smaller stores and revamping its product lineup. For example, the matcha green tea-flavored soft ice cream it is promoting is selling three times as well as the chocolate flavor, the company said.

    According to Alfamart, Indonesia’s convenience store market grew about 13% by sales in the first nine months of this year. Though that is down from 19% in the same period last year, the growth is still significant compared with midsize retailers such as supermarkets, which saw 3.6% growth.

    Japanese players are not alone in their “go small” approach. Local operators are also increasing the number of smaller outlets in train stations and other facilities amid a shortage of space to build stand-alone stores, and also because of the difficulty in obtaining approval from authorities in the metropolitan area.

    With local rivals not only adding more stores to their already-large networks but also adopting strategies similar to those used by their foreign counterparts, the pressure on Japanese operators to find new ways to remain competitive will likely increase.

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  • March 2016 solar eclipse to attract tourists to Indonesia

    March 2016 solar eclipse to attract tourists to Indonesia

    The rare and beautiful phenomenon of the total solar eclipse, forecast to occur on March 9, 2016, is expected to attract foreign tourists to Indonesia.

    Both domestic and foreign tourists are keen to visit Palembang, Belitung, Bangka, Balikpapan, Sampit, Palangkaraya, Luwuk, Palu, Poso, and Halmahera to witness the total solar eclipse.

    Head of the North Maluku Culture and Tourism Office Samin Marsaoly remarked in Ternate on Monday that dozens of scientists and several tourists from France will visit Halmahera to observe the total solar eclipse and simultaneously conduct research on the natural event that will occur in March 2016.

    “Boarding a special aircraft, the scientists, with a variety of advanced equipment, will arrive in Maba in East Halmahera to conduct a study on the total solar eclipse,” Marsaoly stated.

    He said hundreds of tourists from several countries had also informed the local culture and tourism office of their interest to witness the total solar eclipse in March next year.

    He noted that the culture and tourism office in East Halmahera had made various preparations related to the visit of the scientists and tourists from several countries, such as accommodation, transportation, and the location where they will watch the rare phenomenon.

    Marsaoly said other areas, such as Ternate and Tidore Islands in North Maluku have also attracted many scientists and tourists from various countries to watch the total solar eclipse on March 9, 2016.

    He remarked that some two thousand tourists had already booked hotel rooms in Ternate, and the number is expected to grow to four thousand.

    “The number of foreign tourists visiting Halmahera in North Maluku to watch the total solar eclipse is definitely a blessing for this region as in addition to increasing the number of foreign tourist arrivals, it will also offer the necessary momentum to promote the local tourism potential,” he added.

    In the meantime, Head of the Culture and Tourism Office in Tidore Islands Asrul Sani Soleman stated that several scientists from the United States National Aeronautics and Space Administration (NASA) will also observe the total solar eclipse from the Tidore Islands, North Maluku province.

    Soleman noted that the scientists will observe the total solar eclipse from the Sultanate of Tidore Palace through a special binocular brought from NASA in the United States.

    The scientists have chosen Tidore Islands as the place to observe the total solar eclipse as it will be the ideal location, and they will be able to see the sun for a longer time period compared to other areas in North Maluku.

    He noted that along with the NASA scientists, hundreds of tourists from various countries will also arrive to witness the total solar eclipse at several locations, including Maitara Island, one of the tourist islands of Tidore.

    The tourists, who will come to watch the total eclipse in this area, are using the services of a travel agent from Bali and Jakarta or will arrive by yacht.

    “So far, there are four cruise ships, including from France, the United States, and Switzerland that have confirmed to make a stopover in Tidore,” Soleman revealed.

    The city administration of Tidore Islands has made preparations to welcome the scientists and tourists.

    The administration will also utilize their visit to promote the tourism potential of the area, including attracting investment.

    Siti Norma Mardjanu, the head of the tourism office in Central Sulawesi province, recently remarked in the provincial city of Palu that the local administration will conduct promotional activities regarding the total solar eclipse at numerous international airports in Indonesia.

    She remarked that the promotional activities highlighting the total solar eclipse will be carried out at the international airports in Medan, Jakarta, Surabaya, and Makassar.

    According to Siti, the promotion will not only spread awareness about the total solar eclipse but will also promote the tourism potential of Central Sulawesi.

    Siti said the activities to promote the total solar eclipse will be conducted by the Central Sulawesi provincial administration in December this year.

    Currently, approximately three thousand hotel rooms have been booked by foreign tourists, who want to witness the rare phenomenon in Palu, Luwuk, Ampana, and Poso.

    The total solar eclipse is expected to attract thousands of tourists, and therefore, it will motivate the local administration to develop its local tourism potential.

    A solar eclipse occurs when the moon passes between the earth and Sun. A total solar eclipse occurs when the moons apparent diameter is larger than the suns, blocking all direct sunlight, turning day into darkness.

    The total eclipse in March 2016 will occur in the narrow path across the earths surface, with the partial solar eclipse visible over a surrounding region that is thousands of kilometers wide, beginning in Indonesia, and ending in the northern Pacific Ocean.

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  • Scientific Games renews lottery supply deal in Philippines

    Scientific Games renews lottery supply deal in Philippines

    The three-year extension ends in July 2018, and will see Scientific Games supply POSC with 1,500 new WAVE lottery terminals by the end of the year.

    “Scientific Games has demonstrated a strong commitment to our systems technology over the last decade, and we are pleased to continue working together to grow lottery sales in the Philippines,” POSC president Willy Ocier said.

    “The new terminals installed through this contract extension will allow us to retire some of our older terminals and provide our retailers with advanced technology that drives efficiencies and makes it easy and convenient for retailers to sell lottery games,” Ocier has explained.

    Scientific Games has provided POSC with products and services since 2005, supplying instant games and an instant ticket validation system in addition to the systems and retail technology.

    Founded in 1993, POSC sources and leases gaming technology to the Philippine Charity Sweepstakes Office (PCSO) and supplies the Visayas and Mindanao regions with lottery technology since 1995. It also leases keno terminals and an online operating system to PCSO across the country, having signed an agreement in 2004.

    “We appreciate the professionalism and creativity exhibited by POSC and its leadership team, and we look forward to supporting their numerous growth initiatives over the next several years,” Scientific Games president of corporate development and global strategic accounts Michael Conforti said.

  • Singapore’s FairPrice opens store designed for disabled customers

    Singapore’s FairPrice opens store designed for disabled customers

    Singapore’s largest supermarket chain NTUC FairPrice has opened a supermarket designed to make it easier for shoppers with disabilities or ageing.

    Dubbed an ‘Enabled Store’, its staff undergo special training to better serve customers.

    The Enabled Store is located within the new Enabling Village, an integrated community space for people with disabilities at 20 Lengkok Bahru, #01-13. Trading hours are daily from 8am to 9pm.

    Among other features, the store has lower checkout counters and shelves to make it easier for people shopping in wheelchairs.

    At Wednesday’s official opening ceremony of both the village and the supermarket, FairPrice CEO Seah Kian Peng, said the initiative was an example of the company constantly evolving to meet the changing needs of Singapore’s population.

    Enable store NTUC Fairprice ceremony

    “We support seniors and persons with disabilities in living high-quality and independent lives, and recognise their needs amidst a backdrop of a rapidly ageing population. This is part of our efforts in striving to be a retailer with a heart and staying true to our social mission of serving various segments of the community through innovative retail formats and offerings.”

    Enable-store-NTUC-Fairprice 5

     

    With the number of seniors in Singapore expected to grow to more than 900,000 in 2030, and with more than 77,200 with disabilities above the age of 18, the store seeks to make shopping more seamless for these segments of society. It incorporates the principles of universal design with special features and products to enhance in-store experience.

    Physical characteristics of the store include call buttons located at the entrance and along store aisles to offer assistance, magnifying glasses at every aisle to help customers read product labels, and merchandise shelves customised to ideal heights for easy reach. The store also offers a more extensive range of supplements, products with the Healthier Choice Symbol (HCS) and assistive products such as walking aids.

    Enable store NTUC Fairprice 3

    Staff at the store have undergone a specially developed training program, jointly developed by NTUC LearningHub, Centre for Seniors and the Dr Oon Chiew Seng Trust, to equip them with the necessary skills and knowledge to serve senior customers better. The training programme aims to help service staff understand and anticipate the needs of senior customers, recognise senior related ailments such as dementia, as well as empathise with the difficulties that seniors may encounter so they can communicate and respond better to their needs.

    FairPrice is the first organisation to send employees for the course, training 100 frontline staff to date. Over 500 FairPrice frontline staff will also undergo this training programme in the next two years.

    Existing initiatives to help FairPrice customers stretch their dollar will also be available at this store including the Big Value Bag program which offers a 10 per cent discount on over 1000 FairPrice housebrand products, which are already priced 10-15 per cent lower than other popular brands.

    Elsewhere in the $25 million government-funded Enabling Village, there are food outlets which hire people with disabilities, and a retail art gallery where people can buy artworks and merchandise such as mugs and notebooks designed by people with autism.

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  • Animate Japan to open in Bangkok

    Animate Japan to open in Bangkok

    Japanese retail initiative Animate Co will open a store in Bangkok’s MBK shopping centre in the second quarter of next year, part of a program to help spread anime and manga culture throughout Southeast Asia.

    According to Japanese news media, the store will be run by Animate JMA, a Japan Manga Alliance subsidiary formed in September to promote manga and anime businesses outside Japan. It provides officially released products and aims to eradicate copyright thieves, pinpointing Thailand as a market with increasing copyright issues.

    Animate was joined in the JMA’s creation by publishers Kadokawa Corp, Kodansha, Shueisha and Shogakukan.

    The JMA Animate store at MBK will take up a massive 561 sqm space in the 89,000 sqm, eight storey mall.

    The store will stock manga and anime titles, character goods, video software, figurines and other products. It will also provide spaces for live concerts featuring anime singers and concept shops.

    JMA says if the initiative proves a success in Thailand it will open stores in other Southeast Asian markets.

  • Ikea to ramp up SEA expansion

    Ikea to ramp up SEA expansion

    Swedish furniture and homewares retailer Ikea wants to ramp up its Southeast Asian store rollout.

    The next two markets in its sights are the Philippines and Vietnam.

    But in some key markets, finding suitable locations for its large format stores is proving a challenge, especially in Vietnam where it wants to launch in Ho Chi Minh City, the country’s commercial capital with a catchment of 8 million consumers.

    Speaking to The Nation newspaper after opening its first pickup point (PUP) in the Thai resort city of Phuket, Mike King, retail manager of Ikea Singapore, Malaysia and Thailand, said the company wants to have three large format stores in Bangkok and five or six PUPs in Thailand within five years.

    In July, the company announced it had located site for its second Bangkok store – adjacent to the new CentralPlaza Westgate shopping mall under construction in Bangyai, in Nonthaburi province in Bangkok’s west. Another site has been earmarked in the city’s north, near the recently expandedFuture Park Rangsit shopping centre.

    Ikea is already actively seeking local partners in Vietnam and the Philippines. Typically when Ikea enters a new market, it locates its initial stores in the most populated cities – for example in Indonesia where it has a joint venture with Hong Kong’s Dairy Farm International, it has opened its first store in Jakarta, and in Malaysia it has two in greater Kuala Lumpur. In the Philippines it will focus on Manila with a population catchment of about 24 million.

    “The two new branches [in Ho Chi Minh City and Manila] will possibly be erected within five years,” King told The Nation.

    Ikea plans to open at least one store a year in Southeast Asia from now on – typically about 40,00 sqm in size.

    Meanwhile, the 2651 sqm Phuket PUP is expected to increase the Bangkok store’s sales by 10 per cent annually. Customers can order online, or in the store and have the products shipped to the PUP for collection.

    It is the first PUP store in Asia, although others operate in Spain, the UAE, Turkey, Norway, Finland and Greece, among other places.

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  • FamilyMart Taiwan accepts bitcoins

    FamilyMart Taiwan accepts bitcoins

    FamilyMart Taiwan says a growing number of customers are paying by bitcoin since it struck a deal with local wallet provider BitoEX.

    The convenience retailer started accepting the cryptocurrency at its 3000 stores across Taiwan on October 24 and has recorded more than 500 transactions since then.

    Most customers are using bitcoin to buy coupons dispensed by FamiPort terminals which Taiwanese use to pay for a variety of things including utility bills, cinema tickets, parking fines or train tickets.

    FamilyMart PR manager Chen Chia-Chi told the Taiwanese news agency United Daily News that the bitcoin acceptance is aimed at travellers to Taiwan and a growing domestic bitcoin userbase.

    BitoEX, meanwhile, claims to have more than 40,000 web wallet users, a customer base growing 30 per cent annually.

    “There are more and more users of our bitcoin wallet now, but the market in Taiwan is still small, and it’s still growing,” said Rica Chiang, deputy GM of BitoEX.

    Last year, BitoEX struck a deal with FamilyMart to sell bitcoins. That relationship raised the retailer’s awareness of the currency’s acceptance and consumer interest, leading to October’s payment introduction.

    “Since last year [FamilyMart] saw a growing number of bitcoin sales. That’s why they were cautiously thinking about accepting bitcoin to see if it there’s a bigger market out there,” said Chiang.

    Among the local users of the service are gamers who take a break to grab a refreshment at a familyMart store – and pick up some bitcoins on the way to use online.

    “We noticed a lot of transactions taking place in the middle of the night, so we were curious. We found out they were gamers,” said Chiang.

    “Sometimes they say, ‘Please give me bitcoin, I’m in a hurry – I’m in the middle of a game!’.”

    BitoEX says people using bitcoin for remittances, investors and speculators are its next largest customer groups.

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  • Eslite China makes debut in Suzhou

    Eslite China makes debut in Suzhou

    Taiwanese bookstore operator Eslite Corporation has opened its first shop in Mainland China.

    The Eslite China store has opened in Suzhou in a high profile event featuring some of China’s most famous writers and artists, including Lin Hwai-min.

    Eslite has opened two stores in Hong Kong, redefining the nature of the bookshop in the territory.

    Featuring prominently in the store – which merges art and books with exhibitions and curated collections of gift lines, is a painting by Cai Guo-Qiang in Taipei in 2009, titled Day and Night.

    The Eslite Corporation operates 43 retail bookstores in Taiwan. The Chinese store is its third overseas.

    Despite the brand being new to the mainland, there is a surprisingly high level of local awareness, in part due to Chinese visiting the Hong Kong flagship stores.

  • Indonesia to Have 151,000 Millionaires by 2020

    Indonesia to Have 151,000 Millionaires by 2020

    Research institute Credit Suisse released its 2015 Global Wealth Report, in which it projects that Indonesia would have 151,000 millionaires by 2020. This projected number is an increase of 54 percent from today’s 98,000 people.

    The increase, the report says, will happen simultaneously with the increase of Indonesians’ average wealth by more than three times in US dollars and five times in rupiah.

    Credit Suisse categorized millionaires as people with a net worth of over US$1 million. If we use the rupiah, these people would be considered billionaires as a million UD dollar is roughly worth Rp14 billion.

    For this year, Credit Suisse said that there are 987 Indonesian individuals with net worth exceeding US$50 million (Rp. 700 trillion), an 8.9 percent increase from last year. This places Indonesia at the 19th spot of the world’s top 20 countries with the most number of wealthy individuals.

    Credit Suisse claimed that the number of Indonesia’s dollar millionaires has increased by five times since the year 2000, which reflects rising inequality, seeing how the country’s rich and middle class is only 4.4 percent of the 250-million population.

    Meanwhile, Forbes placed Budi and Michael Hartono as Indonesia’s richest individuals. The Djarum Group bosses have a combined asset worth of US$15.4 billion or around Rp212.8 trillion. Coming at number two is Susilo Wonowidjojo—also a tobacco tycoon; owner of PT Gudang Garam Tbk—with US$5.5 billion (Rp. 76 trillion). The third spot is currently secured by Salim Group owner Anthoni Salim with a net worth of US$5.4 billion (Rp74.6 trillion).

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  • Carrefour has opened its biggest store in Asia

    Carrefour has opened its biggest store in Asia

    Carrefour SA, a French retailer, as of late opened its biggest store in Asia in the Chinese capital, Beijing. The divulging comes as the firm plans to capitalize on the expanding interest for imported sustenance from medium-and top of the line customers.

    The two-story hypermarket is situated on the North Fourth Ring Road, adjoining the sprawling office of Swedish outfitting retailer Ikea. It houses more than 80 stores, including Uniqlo, Decathlon and the first-ever Baidu Concept Store.

    The Carrefour Beijing outlet, which is spread over a territory of 71,380 square meters, offers more than 40,000 items, 15 percent of which are foreign things.

    Serving as the French retailer’s twentieth store in the city, the hypermarket likewise has 800 free parking spots, 15 electric charging stations for transport transports, and five underground charging stations for electric autos.

    “We are concentrating on imported nourishment items as there has been an ocean change in the sustenance inclinations of Chinese purchaser,” Laurent Olszewski, local chief for the North-West China district at Carrefour, said. “It is very unique in relation to what I saw when I first came to China in 1995.”

    “Chinese buyers need to take a stab at everything,” he included, refering to imported French salt and Australian meat as samples. Olszewski additionally shared that Carrefour is growing its e-trade business in 2016. The firm will concentrate on its Web-based administrations by January one year from now in the wake of completing their work on their Tianjin-based logistics focus.

    As per specialists, this move of Carrefour is an approach to acquire shoppers fitting in with the high-pay class.

  • New York-Style Jazz Venue ‘STUDIO’ Launches in Central

    New York-Style Jazz Venue ‘STUDIO’ Launches in Central

    New York-style jazz club STUDIO is opening its doors for the very first time in December 2015 in Central, Hong Kong.

    STUDIO has been styled for a discerning late-night crowd of aficionados of premium whisky, champagne, cocktails and all that jazz.The exclusive club is headlining live jazz and late-night DJs at a hidden-away 2,000 square foot venue in On Hing Building at 1 On Hing Terrace, neighbouring Lan Kwai Fong.

    STUDIO’s ‘LOUNGE’, ‘LIVE’ and ‘LATE’ format will see each evening kick-off with a chilled-out ‘lounge’ vibe  from 5pm to 9pm ideal for after-work drinks. The ‘LIVE’ sessions will start each evening at 9pm and will include sets by the resident jazz band, showcasing the best of funk, soul and Latin jazz. Each night will then crescendo into a ‘LATE’ set at 11:30pm, featuring local and international DJs spinning the very best of old and new hip hop and RnB on weeknights and funk, soulful and disco-infused House on Fridays and Saturdays.

    The ideal venue for intimate gatherings and events, STUDIO will hold bespoke industry nights for professionals working in the property, law, finance and fashion sectors in Hong Kong during the ‘LOUNGE’ session on Wednesday evenings.

    A nondescript door gives way to glamorous interior design featuring comfortable leather seating, warm walnut textures and copper tones inspired by sultry 1950s New York jazz lounges. Guests will be personally greeted and escorted to their tables, with the assurance of attentive personalised service and the knowledge that what happens in STUDIO, stays in STUDIO.

    Highlighting the drinks menu is an extensive, carefully curated whisky selection from the world’s finest distilleries along with premium champagne’s including Krug. A mix of classic and creative cocktails will also be available.

    Xuan Mu, STUDIO founder, says, “Our guests have seen everything Hong Kong has to offer. We are bringing them something totally new – a tucked away gem focused on live music and an intimate vibe.”

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  • Singapore banks warn of new malware targeting mobile banking users

    Singapore banks warn of new malware targeting mobile banking users

    The Association of Banks in Singapore on Tuesday (1 December) warned consumers of a new malware that has been targeting mobile banking customers using Android smartphones.

    In a press briefing, ABS director Ong-Ang Ai Boon said that since September “about 50” people have fallen victim to the malware, which poses as an Android software or WhatsApp application update and accesses users’ online banking accounts to make unauthorised purchases.

    In the latter, a pop-up ad encourages consumers to tap it and download a “new” version of the program or risk losing access to the service. After downloading the “update”, the app will prompt the customer to input confidential information such as credit card details.

     

     Phone screenshots of how consumers were prompted to perform application updates, which resulted in their smartphones being infected by malware. Photo: The Association of Banks in Singapore
    Phone screenshots of how consumers were prompted to perform application updates, which resulted in their smartphones …

    Current victims have lost up to a few thousand dollars from fraudulent online purchases made by cyber criminals, said Ong-Ang.

    She disclosed that many of the purchases were made to overseas websites. A fraudulent purchase of budget airline tickets was made in one case.

    Investigation into these scams is still ongoing by the banks affected and the police, she added.

    “The weakest link is the consumer, if they are not careful. You must be vigilant. Don’t download unauthorized apps, don’t go to illegitimate sites and don’t simply click on any URL which you are not aware of. Because once you do that, you compromise your handphone,” Ong-Ang noted.

    ABS advised consumers to take the following precautions: secure your smartphone with a password, install system updates to get the latest security features, install applications from trusted sources such as “Google Play”, only click on hyperllinks from messages and emails from a trusted source, and visit your bank’s website for more information.

    According to the banking association, major retail banks in Singapore have seen an increase of mobile banking customers from 1.5 million in 2013 to 2.4 million in 2015.

  • Warburg Pincus in $400m bid for MedPlus India

    Warburg Pincus in $400m bid for MedPlus India

    Private equity investor Warburg Pincus is making a bid of up to $400 million for the giant MedPlus India pharmacy chain.

    Nine year old MedPlus currently operates a network of 1200 retail stores in 12 states of India.

    Promoter Madhukar Gangadi, who together with his family owns 31 per cent of the company, wants to ramp up the brand’s rollout to a massive 10,000 stores by 2020.

    Warburg Pincus is one of several in a race to acquire 69 per cent of the business, according to The Economic Times newspaper. Its rivals include General Atlantic and Bain Capital.

    If the chain fetches the figures being broadly quoted – between $350 and $400 million – it would represent a 250 per cent profit on the original investment of the outgoing shareholders, US-based Mount Kellett Capital Management, TVS Capital Funds and Ajay Piramal’s India Venture Advisors.

    Investment bank Credit Suisse is leading the search for strategic buyers to help fund the store rollout.

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