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  • Indonesia’s Telkom Initiates Phased Transfer Of Fiber Assets To Boost Digital Transformation

    Indonesia’s Telkom Initiates Phased Transfer Of Fiber Assets To Boost Digital Transformation

    Indonesia’s Telkom has confirmed that it will undertake a phased transfer of its fiber assets. The transaction, viewed as a significant and affiliated party transaction under Indonesian regulations, is expected to have a minimal impact on Telkom’s financial condition, the company announced.

    Phased Transfer of Assets

    The asset transfer process will take place incrementally. The initial phase is expected to handle more than half of the fiber assets. Telkom’s disclosure to the Indonesia Stock Exchange (IDX) outlined that this move qualifies as a material and affiliated party transaction as per the country’s Financial Services Authority (OJK) regulations.

    Restructuring and Approval

    The restructuring process will include backbone fiber, aggregation access, and infrastructure assets. Before the deal can be finalized, it requires approval from shareholders and regulators. The completion of the deal is anticipated to take place between the end of 2025 and the beginning of 2026.

    Benefits and Aims

    Telkom has stated that the partial spin-off has several aims. These include refining operational focus, attracting new investment, quickening network expansion, and unlocking new revenue streams. The new setup will enable TIF to specialize in fiber deployment and maintenance. This specialization will simplify the process for infrastructure funds and strategic partners to assess and invest in the business.

    By forming a dedicated entity, Telkom plans to streamline network upgrades and manage its growing fiber footprint more efficiently. This move will also empower the company to monetize its wholesale leasing and dark-fiber products more assertively.

    Future Plans and Commitment

    As part of its future plans, Telkom is committed to addressing the escalating demand for rapid connectivity across Indonesian households, startups, and enterprises. The company aims to position itself at the forefront of the nation’s digital transformation as the digital economy continues to grow.

    Ketut Budi Utama, President Director of PT Telkom Infrastruktur Indonesia, indicated that the split would provide TIF with the momentum to operate more efficiently and maintain network infrastructure more effectively.

    Questions & Answers

    What is the expected impact of this transaction on Telkom’s financial condition?
    The transaction is expected to have a minimal effect on Telkom’s financial condition.

    What are some of the aims of the partial spin-off?
    Telkom aims to refine operational focus, attract new investment, accelerate network expansion, and unlock new revenue streams through the partial spin-off.

    What is Telkom’s commitment amid the growing digital economy in Indonesia?
    Telkom is committed to supporting the escalating demand for high-speed connectivity across households, startups, and enterprises in Indonesia. The company aims to place itself at the forefront of the nation’s digital transformation.

  • Google To Enhance Photo Access And Privacy In Messages App With Android 16 Update

    Google To Enhance Photo Access And Privacy In Messages App With Android 16 Update

    Navigating to your photos in the Google Messages app for Android is simple, though it could be more streamlined. To begin, you’ll have to open Google Messages and select any prior message. A round button with a “plus sign [+]” icon is located to the left of the text input area. Clicking on this button reveals a range of options, including:

    – Gallery
    – Camera
    – GIFs
    – Stickers
    – Files
    – Location
    – Contacts
    – Schedule Send

    When you choose the Gallery option, the most recent images and videos stored locally on your device, as displayed by the Google Photos customized media selector, will be visible. However, if you need to access your photos via the Google Photos app using the Android System photo selector, you’ll have to press the Folders button situated at the bottom of the screen. This represents an additional step if you want to see the photos stored in the cloud rather than just on your device.

    Google is reportedly developing a solution to this issue, aiming to erase the additional step required to access your photos from the Google Photos app within Google Messages.

    Security and Access Concerns

    While the additional step may not bother some, it does raise a significant security concern. Google’s custom picker requires access to your full media gallery to function effectively. In contrast, Android’s photo picker allows applications to access only the photos and videos that you select. However, there is promising news — Google is said to be working on a way to allow users to access their photos from the Photos app via Google Messages without the need for the extra tap on the Folders button.

    New Developments in Android 16

    Android 16 introduces a new integrated photo picker equipped with its APIs, enabling apps to incorporate this photo picker directly into their interface. This provides app developers with a media gallery that feels native to their app, while also offering the security and privacy inherent in the Android system photo picker. This is because comprehensive media permissions no longer need to be sought. It was discovered that this embedded photo picker was present on a OnePlus 13 running OxygenOS 16.

    The Gallery button, when pressed, displays cloud-hosted photos and videos together with photos and videos stored on the local device. Before the introduction of the embedded photo picker with Android 16, users would have had to take the extra step and tap the Folders button to see their cloud-hosted photos and videos from the Google Photos app.

    Privacy Improvements

    Once the embedded photo picker is rolled out, there will be no need to grant the Google Messages app “Photos and videos” permission to share photos or videos. In fact, this permission can be revoked once the embedded photo picker is available.

    Questions & Answers

    What is the embedded photo picker in Android 16?
    The embedded photo picker in Android 16 is a new feature that allows apps to integrate a photo picker directly into their interface. This provides a media gallery that feels native to the app while also offering improved security and privacy.

    Does the Google Messages app require access to all my photos and videos?
    Currently, to function effectively, Google’s custom picker requires access to your entire media gallery. However, with the forthcoming embedded photo picker feature in Android 16, this will no longer be necessary.

    What is the benefit of the embedded photo picker?
    The embedded photo picker will eliminate the need for users to make an extra step when accessing cloud-hosted photos and videos from the Google Photos app. Additionally, it will enhance privacy as broad media permissions will no longer be required.

  • Apple Maps May Integrate Paid Advertisements: Implications And User Reactions

    Apple Maps May Integrate Paid Advertisements: Implications And User Reactions

    Recent reports suggest that Apple is considering the integration of paid advertisements within the Apple Maps application. Businesses would be able to pay for more visible placement in search results, potentially from as early as next year.

    Apple Maps and Advertising

    Apple’s ecosystem, previously thought to be a safe haven from direct advertising, may soon see a shift. The tech giant is reportedly making progress on its plan to introduce paid advertisements to Apple Maps. However, this move is not about intrusive pop-up banners; instead, businesses such as shops and restaurants would pay to have their listings highlighted when users conduct searches within the app. This concept closely mirrors the Search Ads seen in the App Store, where app developers pay for top placement in search results.

    The Implications

    It’s well-known that Google has been using this advertising approach for some time in Google Maps. Searches often result in “Sponsored” pins appearing at the top of the list. However, Apple’s brand identity isn’t typically associated with advertising. Instead, it’s known for selling premium, high-cost hardware and being a privacy-focused, user-centric alternative.

    If Apple were to start integrating third-party advertisements into a core feature like Maps, it could invite significant backlash. Customers are already expressing annoyance at the constant upselling of Apple’s own services, such as Apple TV+ and AppleCare+, especially on devices they have paid a premium for. The addition of advertisements could be perceived as a money-making move that detracts from the premium experience.

    A Personal Perspective

    While this move may seem inevitable to some, it doesn’t make it any less disappointing to others. Many users appreciate Apple Maps for its simple and user-friendly interface, uncluttered by constant advertisements. Google Maps, while powerful and accurate, often frustrates users with its persistent advertising presence.

    Even though sources suggest that Apple’s advertising approach will be “better” and use artificial intelligence to deliver “relevant” ads, an ad is still an ad—it can distract users from their primary objective of getting from point A to point B.

    Questions & Answers

    What are the potential implications of Apple integrating paid advertisements into Apple Maps?
    This move could face backlash from users who chose Apple for its premium, ad-free experience. The integration of paid advertisements could be perceived as a commercial maneuver that undermines Apple’s user-centric ethos.

    How will the paid advertisements work on Apple Maps?
    Businesses, such as shops and restaurants, would be able to pay for their listings to appear more prominently in search results within the app.

    Why are some users disappointed with this potential change?
    Many users appreciate Apple Maps for its clean, user-friendly interface without the presence of advertisements. With the introduction of ads, users might feel that the primary function of the app—navigation—is being overshadowed.

  • Disney-youtube Tv Dispute Threatens To Blackout Popular Channels

    Disney-youtube Tv Dispute Threatens To Blackout Popular Channels

    YouTube TV is once again embroiled in a dispute, this time with media giant Disney. This disagreement is centered around crucial channels including ABC and ESPN.

    Disney Channels May Soon Vanish From YouTube TV

    Following the recent dispute with NBC, another contract negotiation has become a contentious issue. The current broadcast agreement between YouTube TV and Disney is due to end on October 30. If a new agreement isn’t reached by then, subscribers could lose access to a host of major channels.

    The channels potentially affected by this issue extend beyond Disney Channel. The entire ESPN suite, local ABC affiliates, and more could be impacted. Disney is already alerting YouTube TV customers about the impending deadline through on-air messages. Disney has publicly criticized Google, alleging the company is exploiting its position to the detriment of their customers. They also pointed out that the disagreement could result in the loss of essential programming such as the NFL, college football, NBA, and NHL seasons.

    Google, on the other hand, has a different perspective. It claims that Disney is demanding costly financial terms that would necessitate a price increase for all subscribers. They add that Disney’s terms would predominantly benefit its own live TV product, Hulu + Live TV. In the event of an extended blackout of the channels, Google has committed to providing a $20 credit.

    A Battle Beyond a Contract Disagreement

    While the loss of a channel can be disappointing, losing the entire ESPN suite, particularly during the football season and the beginning of the NBA/NHL seasons, could be a significant setback for sports enthusiasts who pay for this content. Such a loss could potentially drive customers to other providers.

    This dispute’s key aspect is Google’s negotiations with a company that also owns one of its most significant and direct competitors, Hulu + Live TV. This situation places Google in a challenging position: it must either meet Disney’s demands, potentially financing their competition, or refuse and risk losing subscribers to the rival.

    This situation further demonstrates the complexities of the streaming world. Unlike recent disagreements with NBC or Fox, Google is negotiating with a company that stands to gain from YouTube TV’s failure.

    The Exhausted Customer

    These constant corporate battles are becoming tiring and frustrating for customers, who often feel like mere pawns. They had experienced similar situations with NBC and Fox, and now with Disney. The constant threats and public disagreements have become the new normal, adding to customer frustration.

    The original appeal of streaming TV was flexibility and affordability. However, the reality seems to be mirroring the old cable bundle model on a new platform, complete with the same disputes over carriage rights.

    While it is unclear who is in the right, a $20 credit is not the solution. It is highly likely that an agreement will be reached at the last minute, as with previous instances. However, this cycle of panic and resolution could repeat in a few months.

    Questions & Answers

    What is the dispute between YouTube TV and Disney about?
    The disagreement is centered around the renewal of their broadcast contract. If a deal isn’t reached, major channels like ABC and ESPN could be removed from YouTube TV.

    What does Google claim about Disney’s demands?
    Google alleges that Disney’s demands would force them to raise prices for all subscribers and that the terms would mainly benefit Disney’s own products like Hulu + Live TV.

    What would happen if the channels were blacked out for a prolonged period?
    Google has stated that they would offer subscribers a $20 credit if the channels become unavailable for an extended period.

  • Deutsche Bank Appoints Hsbc Veteran Cora Chiu As Head Of Investment Management, North Asia

    Deutsche Bank Appoints Hsbc Veteran Cora Chiu As Head Of Investment Management, North Asia

    Deutsche Bank Private Bank has recently welcomed an experienced HSBC FX specialist to its team. Cora Chiu has been designated as the Head of Investment Management, North Asia, a development that came into effect on December 16 and is pending regulatory approval. Chiu’s role will be to lead investment sales operations for the North Asia region, while also managing local supervisory functions over FX advisory and wealth planning resources. She will be stationed in Hong Kong, reporting to both Gian-Maria Piccolo and Fred Fong locally.

    Chiu brings with her a wealth of experience, spanning nearly two decades in various sectors including FX and commodity advisory, multi-asset trading, and product strategy. Her most recent role was as the Head of FX & Commodities, North Asia at HSBC. Chiu has a rich history of working at esteemed organizations like Citi, where she was instrumental in shaping the regional FX strategy for ultra-high net worth clients and family offices. She also has experience working at UBS, where she contributed to their wealth management and FICC (fixed income, currencies and commodities) divisions.

    Chiu will be taking over from Cedric Ko, who has chosen to explore new opportunities outside the bank. A representative from the bank confirmed the details of the internal memo.

    Questions & Answers

    Who is Cora Chiu?
    Cora Chiu is an experienced professional with nearly 20 years of experience across various sectors such as FX and commodity advisory, multi-asset trading, and product strategy. She has worked for prominent financial institutions like HSBC, Citi, and UBS.

    What is Cora Chiu’s new role at Deutsche Bank Private Bank?
    Cora Chiu has been appointed as the Head of Investment Management, North Asia at Deutsche Bank Private Bank. Her responsibilities will include leading investment sales operations for the North Asia region, and supervising FX advisory and wealth planning resources.

    Who did Cora Chiu succeed at Deutsche Bank Private Bank?
    Cora Chiu succeeded Cedric Ko in the role of Head of Investment Management, North Asia. Ko has decided to pursue new opportunities outside of the bank.

  • UBS Announces Major Executive Reshuffle; Aims For Streamlined Operations And Technological Advancement

    UBS Announces Major Executive Reshuffle; Aims For Streamlined Operations And Technological Advancement

    Swiss banking powerhouse, UBS, has recently disclosed several alterations to its executive board, including new appointments for the roles of compliance and operations.

    The reshuffling of the executive board comes after the proposal of Markus Ronner, the group’s chief compliance and governance officer, for the position of vice chairman.

    Michelle Bereaux, previously serving as the Group’s Chief Integration Officer, will step down and take on the new role of Group Head Compliance and Operational Risk Control. UBS accredits Bereaux for her significant contribution to the integration of Credit Suisse. The completion of this merger is forecasted to be by the end of 2026, and includes the transition of clients outside Switzerland and approximately two-thirds of Swiss clients.

    Beatriz Martin, currently the Head of Non-Core and Legacy, has been appointed as the Group’s Chief Operating Officer. Her new role will encompass her existing duties as the Sustainability and Impact Lead and Head of Non-Core and Legacy. Martin will also take on additional responsibilities such as overseeing the completion of the Credit Suisse integration, managing group operations, and supervising the internal consulting and governance teams. Martin will continue her duties as the EMEA President and UK Chief.

    Group Chief Technology Officer Mike Dargan will pivot his focus onto advancing the bank’s technology platforms with the objective to ensure they remain efficient, robust, and responsive to the organization’s changing needs. Dargan will also work on capitalizing on the opportunities that rapid technological advancements, particularly in AI and digital assets, present.

    Responsibilities related to governmental and regulatory affairs will be transferred to Group CFO Todd Tuckner. Meanwhile, group security will be integrated into the group’s human resources and corporate services organization under the leadership of Stefan Seiler.

    Following the announcement, UBS CEO Sergio Ermotti congratulated his colleagues on their new roles and expressed optimism about the bank’s positioning. “With these changes, UBS is ideally positioned to complete the integration, focus on growth opportunities, and continue to deliver in the best interest of all our key stakeholders,” Ermotti said.

    The new appointments are set to take effect from 1 January 2026.

    Questions & Answers

    What changes have been made to the executive board of UBS?
    Several changes have been made including the appointment of Michelle Bereaux as Group Head Compliance and Operational Risk Control, Beatriz Martin as Group Chief Operating Officer, and the transfer of responsibilities related to governmental and regulatory affairs to Group CFO Todd Tuckner.

    Who will oversee the completion of the Credit Suisse integration?
    Beatriz Martin, appointed as the new Group Chief Operating Officer, will oversee the completion of the Credit Suisse integration.

    What will be the new focus of Group Chief Technology Officer Mike Dargan?
    Mike Dargan will focus on advancing the bank’s technology platforms and capitalizing on the opportunities presented by rapid technological advancements, particularly in AI and digital assets.

  • HSBC To Acknowledge $1.1b Provision Following Luxembourg Court Ruling Tied To Madoff Scandal

    HSBC To Acknowledge $1.1b Provision Following Luxembourg Court Ruling Tied To Madoff Scandal

    HSBC, a London-based financial institution, is set to acknowledge a significant provision following a court ruling in Luxembourg, in relation to an ongoing lawsuit tied to the infamous Bernard Madoff scandal.

    The Madoff Scandal Impact

    HSBC is expected to make an accounting provision amounting to $1.1 billion in its third quarter financial results. This move comes as a consequence of the Luxembourg court’s ruling on Bernard Madoff’s fraudulent investment scheme, as stated in an official report.

    The lawsuit dates back to 2009, when Herald Fund SPC sought legal action against HSBC’s Luxembourg division. The fund sought the recovery of assets it asserted were lost in the Madoff fraud scandal. It is important to note that the British bank served as a service provider to several investment funds involved with Bernard L. Madoff Investment Securities LLC.

    HSBC’s Legal Battle

    The Luxembourg court, on October 24, 2025, rejected an appeal by HSBC Securities Services Luxembourg (HSSL) regarding the recovery of securities. Nevertheless, the court accepted HSSL’s appeal related to a separate cash recovery claim. In response, HSSL plans to file another appeal. If this appeal is unsuccessful, the firm will challenge the sum to be paid in subsequent legal proceedings.

    Implications for HSBC

    The sizable provision is estimated to affect HSBC’s common equity tier 1 (CET1) capital ratio by approximately 15 basis points. However, it is expected to have no impact on the yearly return on tangible equity, excluding notable items, nor on the distribution of dividends.

    Questions & Answers

    What is the value of the provision HSBC is expected to recognize?
    HSBC is expected to recognize a provision of $1.1 billion in its third quarter results.

    Why is HSBC recognizing this provision?
    This provision is a result of a Luxembourg court ruling tied to the Bernard Madoff investment fraud scandal.

    What will be the impact of this provision on HSBC’s financials?
    The provision is estimated to affect HSBC’s CET1 capital ratio by about 15 basis points, but it will not impact the yearly return on tangible equity, excluding key items, or the distribution of dividends.

  • Vietnam’s Gold Prices Buck Global Trend With Slight Increase Amid Overall Market Decline

    Vietnam’s Gold Prices Buck Global Trend With Slight Increase Amid Overall Market Decline

    Despite a global decline, the price of gold bars in Vietnam saw a slight increase last Saturday morning. The Saigon Jewelry Company reported a 0.47% rise in the price per tael of their gold bars, reaching VND149.2 million (US$5,671.93).

    Simultaneously, the cost of a gold ring also experienced a 0.47% surge, rising to VND148.6 million per tael. For context, one tael is equivalent to 37.5 grams or 1.2 ounces.

    Yearly Bullion Surge in Vietnam

    This year, there has been a notable increase in the value of bullion in Vietnam, with a growth rate of 77%.

    Global Gold Prices

    On the global stage, gold prices experienced a slight recovery on Friday. This recovery occurred after U.S. inflation data was slightly below expectations. This data reinforces the anticipation of a Federal Reserve interest rate cut in the following week. However, despite this minor recovery, gold is still believed to be on track for its first weekly loss in a ten week period.

    Spot gold experienced a decrease of 0.2%, falling to $4,118.29 per ounce, after an earlier decline of nearly 2% in the same session. Across the week, the price of spot gold fell by over 3%.

    Independent metals trader Tai Wong gave his insights, stating, “Gold and silver experienced an increase following the lower than expected September core CPI. However, this is likely insufficient to completely counteract this week’s selloff. The price action suggests that gold, and particularly silver, may require another downward leg before stabilization.”

    This year also saw a global increase in the value of bullion, with a growth rate of 55%. This rise has been attributed to various factors including geopolitical and trade tensions, substantial central bank buying, and expectations of U.S. interest rate cuts.

    Questions & Answers

    What was the price increase of gold in Vietnam?
    The price of gold bars in Vietnam increased by 0.47%, with the price per tael reaching VND149.2 million (US$5,671.93).

    How did the global gold prices fare last week?
    Despite a slight recovery after lower than expected U.S. inflation data, gold was still on track for its first weekly loss in ten weeks.

    Why has the global value of bullion increased this year?
    The global surge in the value of bullion is attributable to several factors including geopolitical and trade tensions, robust central bank buying, and expectations of U.S. interest rate cuts.

  • Toast Box Breaks Ground With First Highway Store In Indonesia: Expanding Authentic Singaporean Cuisine

    Toast Box Breaks Ground With First Highway Store In Indonesia: Expanding Authentic Singaporean Cuisine

    The Singapore-based coffee chain, Toast Box, recently inaugurated its first store in partnership with Map Boga Adiperkasa (MBA) Group, located at Rest Area Km 57 in Jakarta.

    Expansion Beyond Mall Outlets in Indonesia

    This latest development signifies Toast Box’s strategy of extending its footprint beyond shopping malls in Indonesia. The company intends to expand the brand’s presence across rest areas, which started with the opening of the Rest Area Km 57 store.

    A Convenient Stopover Offering Authentic Singaporian Cuisine

    The store, which opened on October 9, offers customers a convenient pit-stop while also focusing on providing authentic Singaporean cuisine. This commitment strengthens Toast Box’s position as a prime location for coffee, traditional kaya toast, and hearty, delicious dishes. It aims to merge the comfort of travelling with the taste of genuine Singaporean flavours.

    Anthony Mc Evoy, CEO of MBA, lauded the new establishment. “The launch of this Toast Box store reinforces the brand’s status as the top destination for coffee, traditional kaya toast, and delectable, heart-warming dishes. It’s a place where authentic Singaporean flavours meet the comfort of your travels,” he commented.

    Experience Nanyang Coffee and Toast Culture

    Toast Box offers its customers a chance to delve into the Nanyang coffee and toast culture, which gained popularity during the 60s and 70s. The brand aims to provide an experience rooted in tradition while ensuring its offerings align with modern taste preferences.

    Questions & Answers

    What is the significance of this new store opening by Toast Box?
    The opening of the new store marks the expansion of Toast Box beyond mall outlets in Indonesia. It also signifies the start of its partnership with Map Boga Adiperkasa (MBA) Group.

    What does Toast Box aim to provide for its customers?
    Toast Box aims to provide a convenient stopover for travellers while staying true to serving authentic Singaporean cuisine. It provides an experience of the Nanyang coffee and toast culture, popular in the 60s and 70s.

    Who is the CEO of MBA?
    The CEO of MBA is Anthony Mc Evoy.

  • Salomon Set To Open First Directly-operated Store In Kyoto, Launching Exclusive Red Viper Collection

    Salomon Set To Open First Directly-operated Store In Kyoto, Launching Exclusive Red Viper Collection

    Salomon, a leading sportswear brand, is set to launch its first directly-operated store in Kyoto Prefecture on November 21st. The store will be located in the popular Kyoto Bal shopping complex.

    Pre-Opening Event

    A special pre-opening celebration will take place on November 20th. Salomon will invite 100 members of its S/Plus loyalty program to attend the event. These lucky guests will be chosen through a lottery process.

    Product Range

    The new Kyoto store will offer an extensive assortment of products, with a particular emphasis on sports style and performance footwear. The store is committed to catering to the diverse needs of both sports enthusiasts and casual shoppers.

    Opening Specials

    In conjunction with the store’s opening, Salomon is set to launch the “Red Viper Collection”, featuring three limited-edition shoe models. This special collection will include the XT-Slate Red Viper, XT-4 OG Red Viper, and Spectur 2 Red Viper. These exclusive footwear designs reflect Salomon’s commitment to innovation and style.

    Questions & Answers

    When will the new Salomon store open in Kyoto Prefecture?

    The new Salomon store in Kyoto Prefecture is scheduled to open on November 21st.

    What special event will take place before the official opening of the store?

    A pre-opening event will be held on November 20th, where 100 members of Salomon’s S/Plus loyalty program will be invited through a lottery.

    What is the focus of the product range in the new Kyoto store?

    The new Kyoto store will focus on sports style and performance footwear along with a wide range of other products.

  • Prada Group Posts 19th Consecutive Quarter Growth Amid Global Retail Challenges

    Prada Group Posts 19th Consecutive Quarter Growth Amid Global Retail Challenges

    The Prada Group has demonstrated sustained growth for the 19th straight quarter, even in the face of a complex global retail landscape. The financial results for the nine months leading up to September 30 reveal a promising overview.

    Financial Overview

    During this period, the luxury group’s net revenues climbed 9% year-on-year, reaching $4.7 billion. This growth was bolstered by a corresponding 9% rise in retail sales, which accounted for $4.2 billion. Despite a high base from the previous year, retail sales in the third quarter increased by 8%, mirroring the growth seen in the second quarter.

    Brand Performances

    Miu Miu, a brand under the Prada Group, has continued its strong performance. It reported a 41% growth over the nine months and a 29% increase in the third quarter. This comes after an impressive 105% surge during the same period the previous year.

    In contrast, sales for the Prada brand itself eased slightly. The third quarter saw a decrease of 1%, and a 2% drop was reported over the full nine months.

    Company Response

    Patrizio Bertelli, Chairman of Prada, viewed these results optimistically. He commented that the consistent performance, despite a challenging macroeconomic environment, “attests to the resilience of our brands and the effectiveness of our strategy.”

    Questions & Answers

    What was the overall growth for the Prada Group in the recent quarter?
    The Prada Group saw a 9% increase in net revenues year-on-year, reaching a total of $4.7 billion.

    How did the individual brands under the Prada Group perform?
    While Miu Miu saw significant growth with a 41% increase over nine months, the Prada brand experienced a slight decrease in sales, with a drop of 2% over the same period.

    What has the Chairman of Prada said about the company’s performance in this quarter?
    Chairman Patrizio Bertelli emphasized the consistent results despite a complex macroeconomic environment, attributing the success to the resilience of the brands and the effectiveness of their strategy.

  • Giordano Reports Q3 Sales Dip Despite Yearly Growth; E-commerce Revenue Soars By 16.5%

    Giordano Reports Q3 Sales Dip Despite Yearly Growth; E-commerce Revenue Soars By 16.5%

    Hong Kong-based fashion retail giant, Giordano, has experienced a decrease in sales for the third quarter of the year, despite an overall positive performance for the year so far.

    Q3 Performance

    The retailer’s third-quarter revenue, ending on September 30, dropped by 1.4 per cent to HK$894 million, equivalent to US$115 million. Sales declined by 8.5 per cent in Southeast Asia and Australia, remained unchanged in Greater China, but impressively jumped by 11.6 per cent in the Gulf Cooperation Council.

    Giordano’s e-commerce revenue continued to demonstrate strong progress with an increase of 16.5 per cent, even as offline sales fell by 4.9 per cent. Same-store sales also experienced a slight dip, declining by 0.5 per cent.

    Strategic Initiatives

    Giordano’s management shared that the company has been actively shifting towards high-growth channels and markets as part of its strategic initiatives. They added, “With a focused approach, we are successfully navigating a period of reset with a view to delivering long-term sustainable growth in line with our strategic vision.”

    Performance for the First Nine Months

    The retailer’s performance for the first nine months of the year remained in the green, with a modest revenue increase of 0.6 per cent.

    Despite challenges like unprecedented adverse weather in Greater China, the company’s core business preserved stability with a 0.4 per cent growth in the quarter and a 2.7 per cent growth for the year so far.

    The quarter ended with Giordano operating 1,627 stores, marking a net reduction of 122 locations since the start of the year. As part of their inventory optimization plans, inventory also declined by 2.9 per cent year-to-date.

    Questions & Answers

    What is Giordano’s percentage of sales decline in the third quarter?
    Sales declined by 1.4 per cent, equivalent to HK$894 million, or US$115 million.

    How has Giordano’s e-commerce revenue been performing?
    Giordano’s e-commerce revenue demonstrated strong progress with an increase of 16.5 per cent.

    What is the net change in Giordano’s store count since the beginning of the year?
    Giordano net reduced its store count by 122, ending the quarter with 1,627 stores.

  • Steggles Launches New Flavours In Tenders Range, Exclusively At Woolworths

    Steggles Launches New Flavours In Tenders Range, Exclusively At Woolworths

    Steggles, a renowned poultry brand, has announced the introduction of two unique flavours to its popular Steggles Tenders line. These new offerings will be available exclusively at Woolworths locations starting next week.

    Inventing New Flavours

    The upcoming additions to the Steggles Tenders range are Sweet & Spicy and Korean Style. Both these flavours have been carefully created using 100% chicken tenderloins. Not only are these new variants bursting with taste, but they also come with a 4-star health rating, making them a healthier choice for consumers.

    These new products uphold Steggles’ commitment to quality and health. They are free from artificial flavours and colours, and they contain no added preservatives or hormones. The new Sweet & Spicy and Korean Style Steggles Tenders will be available in 600g packs.

    Prioritising Convenience

    Steggles is not just focused on taste and health; the brand also prioritises consumer convenience. The new chicken tenders can be prepared in just 25 minutes, making them an ideal choice for individuals and families seeking quick, healthy, and tasty meal options.

    Steggles was bought by Baiada in 2009. Since then, it has continued to provide fresh, chilled, and frozen chicken and turkey products to its loyal customer base.

    Questions & Answers

    What are the new flavours introduced to the Steggles Tenders line?
    The new flavours introduced to the Steggles Tenders line are Sweet & Spicy and Korean Style.

    What is the health rating of the new Steggles Tenders flavours?
    The new Steggles Tenders flavours carry a 4-star health rating.

    What is the commitment of Steggles towards the health of its consumers?
    Steggles is committed to providing healthier food options. Their products are free from artificial colours and flavours and do not contain any added preservatives or hormones.

  • Heineken Unveils Resource-efficient Five-year Strategy Amidst Industry Challenges

    Heineken Unveils Resource-efficient Five-year Strategy Amidst Industry Challenges

    Heineken, the Dutch brewing giant, has announced an ambitious five-year strategy that aims at utilizing fewer resources to generate more growth. The strategy will concentrate on specific markets and brands to maximize organic net revenue growth. The company anticipates seeing mid-single-digit growth each year leading up to 2030.

    Changing Course Amid Uncertain Times

    In response to a rapidly evolving global landscape, Heineken is looking to fortify its future operations. The company plans to establish a more robust operating model, optimize efficiency, and enhance its adoption of artificial intelligence. This new direction comes in the wake of a series of challenges for Heineken, including the economic impact of the Covid-19 pandemic, rising inflation, and recent tensions arising from US trade policies.

    At an investor event, CEO Dolf van den Brink admitted that the company’s performance has been inconsistent. He expressed dissatisfaction with the current state of affairs and emphasized the company’s aspiration to improve and grow.

    Refocusing on Key Markets and Brands

    Heineken has identified 17 key markets, including Mexico, Malaysia, Spain, and the UK, where it aims to expand its presence. The company will target these markets for potential acquisitions and will focus on five global brands and 25 strong local labels. The markets, along with brands such as Heineken, Tiger, Amstel, Desperados, and Birra Moretti, will receive enhanced resources.

    Investors have suggested that Heineken has been lagging behind competitors, notably Anheuser-Busch InBev, which is recognized for its efficient operations. While Heineken’s shares have seen a modest increase of around 3% this year, its competitors’ shares have seen more substantial growth.

    The brewing company expects organic operating profit to outpace revenues under its revised strategy. It also anticipates earnings per share to grow commensurately or exceed that rate, and aims for over 90% free-cash conversion. The company’s profits will be bolstered by a pre-existing target of achieving up to 500 million euros (US$583 million) in annual gross savings by 2025.

    Industry-Wide Challenges and Adaptation

    Heineken shares experienced a minor slump recently, dropping almost 2% before recovering slightly. This comes after a warning from the company about a potential decrease in beer sales in 2025, following weak third-quarter sales in Brazil and Europe.

    Broadly, the brewing industry is grappling with challenging economic conditions and weak consumer confidence. Additionally, longer-term issues such as increasing health warnings, emerging competitors, and changing consumer preferences pose significant challenges.

    To adapt to evolving consumer demands, Heineken plans to expand its low- and no-alcohol offerings. The company recognizes that some consumers are reducing alcohol consumption due to health concerns and the rise of weight-loss drugs, and is taking proactive steps to accommodate this trend.

    Questions & Answers

    What is the key focus of Heineken’s new strategy?
    The primary focus of Heineken’s updated strategy is to generate more growth while utilizing fewer resources, focusing on specific brands and markets.

    How does Heineken plan to adapt to changing consumer trends?
    In response to changing consumer preferences, Heineken plans to expand its range of low- and no-alcohol products.

    What are some challenges Heineken anticipates in the brewing industry?
    Heineken expects to grapple with difficult economic conditions, weak consumer confidence, health warnings, and changes in consumer behavior, along with new entrants in the market.

  • Lebron James And Hennessy Unveil Limited-edition Cognac, Amplified By Global ‘second Decision’ Campaign

    Lebron James And Hennessy Unveil Limited-edition Cognac, Amplified By Global ‘second Decision’ Campaign

    Renowned cognac producer, Hennessy, and NBA icon LeBron James have joined forces to unveil a fresh, limited-edition cognac. This collaborative effort comes in the wake of their partnership established just a year ago.

    The LeBron James-Hennessy Collaboration

    The new cognac, labelled Hennessy VSOP by LeBron James, takes its creative cues from the basketball star’s dynamic on-court style. The bottle is adorned with a striking orange design that mirrors LeBron’s energetic persona. It also embodies his signature “crowning” gesture, which holds significant personal meaning for the sports legend.

    LeBron James explained that the first collection between the two giants revolved around a mutual pursuit of excellence and pushing boundaries. He sees this latest limited edition as a continuation of that shared story. He further pointed out that the design incorporates his ‘crowning’ gesture, a symbol of celebration and connection for him.

    The Second Decision: A Global Campaign

    The cognac’s launch is being amplified by a worldwide campaign titled ‘The Second Decision.’ This campaign makes a playful reference to LeBron’s 2010 interview famously known as ‘The Decision.’ The campaign reinterprets the event in a humorous light, emphasizing LeBron’s deep involvement in this venture.

    Vincent Montalescot, the CMO at Hennessy, expressed that the collaboration with LeBron James was an intuitive choice. This was due to the shared values between the brand and the basketball superstar. He noted, “LeBron James is a cultural figure whose influence extends beyond sport. He reflects a spirit of collaboration and social connection, values that align with Hennessy’s.”

    Questions & Answers

    What is the inspiration behind the design of Hennessy VSOP by LeBron James?
    The design of Hennessy VSOP by LeBron James is inspired by the dynamic playing style of the basketball superstar. It also includes his signature “crowning” gesture, which stands for celebration and connection.

    What is the name of the global campaign supporting the launch of the new cognac?
    The global campaign bolstering the launch is titled ‘The Second Decision,’ referencing LeBron’s infamous 2010 interview, ‘The Decision.’

    Why did Hennessy choose to partner with LeBron James?
    Hennessy chose to partner with LeBron James because he embodies a spirit of collaboration and social connection, values that align with those of the brand. Furthermore, his influence extends beyond the realm of sports, making him a significant cultural figure.