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Tag: asia

  • Baidu sales, profit lift on increased online ads

    Baidu sales, profit lift on increased online ads

    China’s Baidu reported strong sales and profit in the recently closed second quarter, on the back of surging online advertising revenues.

    The Internet search engine said total revenues rose by nearly 25 percent to 26 billion yuan, marking the sixth straight quarter of revenue growth at the company.

    For the three months ended June 30, online advertising sales gained 25 percent to 21.1 billion yuan, said the Beijing-based Baidu, showing the video platform and newsfeed provider remained unhinged by the internet censorship spike to hit China in recent months.

    The US-listed media company said net income rose 45 percent to 6.4 billion yuan, or 18.14 yuan per American depositary share/

    “We are able to maintain a high standard and a close dialogue with [Internet] regulators,” Robin Li, Baidu’s chief executive, told investors in a conference call when discussing the earnings and the firm’s ability to dodge censorship restrictions.

    Baidu’s streaming service iQiyi Inc. also reported better-than-projected sales with its subscriber base increasing by 75 percent to 67.1 million users.

    The company continued to invest in Artificial Intelligence with research and development costs into AI doubling to 4 billion yuan in the latest quarter from 2 billion yuan in the first quarter of 2016.

    The driver of the costs involved staff, particularly as the company lost it chief operating officer in May, Lu Qi. Qi was the spearhead behind the AI investment.

    Looking ahead, the company said it expects third-quarter revenue of 27.37 billion-28.77 billion yuan, representing an increase of 23-30 percent year-over-year.

  • Japan’s pancake Chibo to plan Asian expansion

    Japan’s pancake Chibo to plan Asian expansion

    Japanese pancake-restaurant chain Chibo is expanding to new locations in Asia to attract previous visitors to Japan who may be familiar with their brand.

    Chibo serves an Osakan specialty pancake called okonomiyaki, a seasoned dish that contains vegetables, meat and seafood. Increasing numbers of tourists from neighbouring Asian countries have been visiting Osaka, according to data from the local prefectural government.

    The chain’s expansion began in May with a new location in Chinese Fuzhou. It plans to open in Taiwan and Vietnam in the coming months, hoping to reach 20 overseas venues opened by 2020.

    The company is also targeting Muslim tourists by adding halal dining options to their domestic outlets, making the restaurant among the few that serve food that complies with Islamic practice.

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  • Grab Raises $1b to Expand in Indonesia, Eyes More Funds

    Grab Raises $1b to Expand in Indonesia, Eyes More Funds

    Singapore-based Grab said on Thursday (02/08) that it has secured $1 billion in fresh funding and will consider raising further cash, as the ride-hailing firm aggressively expands in Indonesia, Southeast Asia’s biggest economy.

    The latest fundraising comes less than two months after it secured $1 billion from Toyota Motor Corp and values the six-year-old startup at around $11 billion, a source close to the company said.

    The firm was valued at around $6 billion earlier this year when it bought Uber Technologies’ regional operations.

    “We will continue opening the financing for certain investors that we think will add value,” Grab president Ming Maa said on Thursday, declining to give any funding target.

    He added that Grab was seeing significant demand from investors globally, both financial and strategic.

    The latest funding in Grab came from global asset manager OppenheimerFunds, China’s Ping An Capital, Microsoft Corp co-founder Paul Allen’s Vulcan Capital, Macquarie Capital and Lightspeed Venture Partners, among others.

    Grab already counts deep-pocketed investors such as Chinese ride-hailing firm Didi Chuxing and Japan’s SoftBank Group Corp among its backers.

    It plans to use the new funds to expand its online-to-offline services, and invest a major portion of the proceeds in Indonesia, as competition heats up with Indonesian rival Go-Jek that is plotting an expansion to Singapore, Vietnam and Thailand.

    Grab said it had earmarked Indonesia, an emerging battleground for technology firms looking to serve a population of over 250 million people, as a priority market.

    The ride-hailing firm is also seeking to transform itself into a consumer technology group, offering services such as digital payments and food delivery.

    Maa said parts of Grab’s business, including transportation, were already profitable in some markets, and an initial public offering was not a focus for the company in the short term.

    Ride hailing services in Southeast Asia are expected to surge to $20.1 billion in gross merchandise value by 2025 from $5.1 billion in 2017, according to a Google-Temasek report.

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  • Vietnam’s renewable energy sector in a state of flux

    Vietnam’s renewable energy sector in a state of flux

    Vietnam’s renewable energy sector is experiencing an unprecedented surge in project activities and policy changes, making end results unpredictable.

    The surge in activity includes project approvals as well as project transfers to technically experienced and financially capable developers, which is a positive trend, but whether it can fulfill the nation’s renewable energy potential remains to be seen.

    Among the significant policy developments that have taken place of late is the temporary suspension of approval for additional solar power projects (SPPs).

    The Office of the Government has issued Notice No. 174 requesting the Ministry of Industry and Trade (MOIT) to suspend approval of additional SPPs pending, in turn, the approval of a national master plan for the development of solar power (Solar PDP).

    The MOIT has been tasked with formulating and presenting a new Solar PDP to the Prime Minister.

    Notice 174 states that over 70 solar power projects with a total registered capacity of 3GW approx have been approved within relevant master plans (noting a planned capacity of 850MW for up to 2020 under the Power development plan 7).

    Pending passage of the new master plan for solar power development, only projects that have been appraised by the MOIT (50MW or less) and those that have already been presented to the PM (above 50MW) will be considered for approval.

    Other solar projects, including those being appraised by the MOIT, regardless of their registered capacity, shall be deferred and considered for inclusion in the national solar master plan.

    The impact of this suspension has been seen in the market, where the selling side has tended to mandate higher prices for their project development efforts. It has also reminded market players to be prepared to accommodate potential policy uncertainties, twists and turns in their dealings.

    FIT developments

    Another area of primary interest in the sector has been in the Feed in Tariff (FIT) deadline for SPPs.

    To further promote socio-economic development, Deputy PM Vuong Dinh Hue has instructed the Ministry of Planning and Investment (MPI) to draft a Government resolution proposing a special regime and policy, including a potential extension of application of Decision No.11/2017 (Decision 11) on FIT for SPPs in Ninh Thuan Province.

    The draft document (No. 4545 dated July 4, 2018) submitted by the MPI to the Government Office has been reviewed.

    The Government Office has since issued a notification (No. 7108 dated 26/07/2018) saying Decision 11, which provides for a FIT of US cents 9.35/kWh, will not be extended.

    However, a PM Decision on extension of commercial operation date (COD) till 2020 for Ninh Thuan province up to a capacity of 2000 MW (AC) is expected.

    In order to support the next policy consideration, the MOIT has issued a document (Official Letter 5735) requesting relevant Government bodies and their units to assign a cadre to participate in the working group to draft a decision amending Decision 11 and another draft decision to develop bidding mechanisms for the solar power sector. These are to be submitted to the PM for his consideration.

    It is to be noted that post June 2019 solar power projects may expect a lower FIT rate of approx 7.6 US cents/kWh. The authorities are further considering formulating a special provincial plan to support investments in the two key provinces of Ninh Thuan and Binh Thuan, which are attracting huge investor interest for solar power projects.

    This guideline on the application of Decision 11’s FIT, together with the potential for system overload if the transmission system is not updated in time, will present a significant technical challenge for Vietnam Electricity (EVN) and MOIT in accommodating the policy.

    This will also be true of piloting direct Power Purchase Agreements (PPAs) and upcoming policy changes.

    Rooftop projects

    In relation to rooftop solar power projects, national utility EVN, the sole power distributor in the country, issued a document (EVN Official Letter 1337) on March 21, 2018 guiding the temporary implementation scheme for rooftop SPPs with capacities equal to or less than 1MW, pending the issuance of an official guidance document by the MOIT and the Ministry of Finance (MOF) on payment and invoicing structure.

    The prevailing regulations provide for a net-metering scheme for rooftop SPPs. Under this, credit for surplus electricity (over direct consumption) generated can be transferred to subsequent payment cycles, and the excess electricity generated can be sold to EVN at the rate mentioned in the PPA signed by the seller and EVN either at the end of the relevant year or upon termination of the agreement.

    The MOIT Circular 16, issued last year, requires a solar power generator, as the seller, to enter into an appendix to the Model PPA in place with EVN or its authorized subsidiary. The model appendix is provided under Annexure 3.2 of Circular 16.

    However, according to EVN OL 1337, the appendix will not be applied until the MOIT and the MOF issue further guidance on the finalization, payment scheme and invoicing mechanism for such net-metering purposes.

    Offtake limitations

    Under current regulations, EVN is required to offtake the entire power output of solar and wind power projects.

    However, EVN already anticipates significant challenges to honoring this requirement, especially in areas with high concentration of solar and wind power projects with limited transmission capacity, even with the proposed system update expected by the end of 2019.

    EVN has reported such challenges to the MOIT, and the latter has issued a document (OL 3943 dated May 21, 2018) that requires the following:

    – EVN to instruct its affiliates to formulate grid connection agreements (GCA) for projects that may be able to dispatch power to the national transmission system without causing system overload;

    – EVN to review and consider (i) dispatch capacity of the system, and (ii) potential conditional GCA for projects that may cause system overload. Developers and operators may be required to reduce power output and suspend operation of their plants as requested by EVN’s operators to avoid system overload and comply with technical requirements under MOIT’s Circular 30/2015 and Circular 25/2016.

    – EVN to prepare and present to MOIT in the third quarter of 2018 a plan for investment in a transmission system able to take dispatch of renewable power projects after 2020.

    These MOIT instructions may result in potential deviations from the model power purchase agreements. EVN’s offtake obligation and such deviation would certainly add another significant item to the list of bankability issues for projects without executed PPAs and GCAs.

    It is expected that such issues would be further considered in the process of amending Decision 11 and related regulations.

    Stakeholders in projects with executed PPAs and GCA would be well advised to ensure closer monitoring and coordination with EVN to minimize impacts and disruptions.

    Increasing wind power FIT

    The MOIT has proposed to the PM an amendment (Draft decision) to Decision 37/2011 to increase FIT for wind power projects from the current 7.8 US cents/kWh (onshore).

    The amended draft decision will increase the FIT equivalent to 8.77 US cents/kWh (onshore) and 9.97 US cents/kWh (offshore), based on the SBV’s exchange rate of $1 equivalent to VND21,896 (announced on January 4, 2016) and subject to fluctuation.

    This potential increase is an effort to fix one of the most notable issues with wind power development regulations in Vietnam. The FIT under the draft decision shall apply to projects achieving COD before January 1, 2021.

    To sum up, although Vietnam has an advantage in terms of abundant resources, whether or not it will be able to tap its full potential remains to be seen.

  • DJI x LINE launches character-branded drone

    DJI x LINE launches character-branded drone

    Shenzhen-headquartered tech firm DJI has released of a Line Friends drone, its first character-branded device.

    The move is expected to be a step towards making the technology more accessible to a wider audience. The miniature camera drone depicts the popular character Brown, and is small enough to lift off from the palm, with a photo-taking capacity of 12 megapixels and 1080p stabilised video capture. The Line Friends drone has the distinctive feature of being able to be controlled with hand gestures.

    DJI’s senior communication manager Monica Suk said, “The DJI Spark earned its reputation as the smallest, yet powerful flying camera. It made flying a drone extremely easy, fun and more personalised. Similar to other things we carry in our bags, a drone is becoming a lifestyle accessory.

    “This special edition Line Friends drone will take this concept even further and make storytelling and sharing exciting, and a part of our everyday life.”

    The Line Friends drone (Brown) Spark RC Combo is selling at US$399 in North America, China, Hong Kong and Korea.

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  • Korean Air launches new route to Boston with Delta

    Korean Air launches new route to Boston with Delta

    Korean Air Lines, the country’s flag carrier, said Monday it will open a new route to Boston in April next year as part of a joint venture with Delta Air Lines.

    Korean Air plans to use Boeing 787s to provide five flights per week on the Incheon-Boston route, beginning April 12, the company said in a statement.

    Delta Air will allocate its Boeing 777-200ER to serve on the Incheon-Minneapolis route on a daily basis from April 2.

    On May 1, the two airlines launched a joint business that permits Korean passengers to use multiple routes when traveling to the United States by taking flights from either Korean Air or Delta Air.

    The partnership has allowed local travelers to fly on 370 routes to 192 cities in the U.S. since May. Until April, Korean Air customers leaving the country could only enter the United States for travel or business trips at a handfuls of airports.

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  • Lancome launches event at Shinsegae Duty Free

    Lancome launches event at Shinsegae Duty Free

    Cosmetics brand Lancome has taken over a high-profile retail space in Seoul’s Shinsegae Duty Free store.

    The 360-degree panoramic LED screen above the signature Shinsegae carousel, facade and surrounding features were fully branded to showcase new products, creating a multi-sensorial concept space intended to immerse guests and consumers in the brand’s “Makeup Is My Power” experience.

    Lancome Travel Retail Asia Pacific is using the area to promote its Teint Idole Ultra Wear Foundation in a move designed to promote the power of makeup as well as to create a dedicated beauty space for consumers to fully experience its products.

     

    “As part of our goal to create new tourism demands through our duty-free store, we are on a constant lookout for partners and ideas to strengthen and elevate our retail offerings. We are proud to partner Lancôme Travel Retail Asia Pacific for this impressive regional launch,” said Seokho Hong, senior VP of Shinsegae Duty Free.

    The official launch event included a celebrity appearance by popular Korean celebrity and Lancome local ambassador for South Korea, Suzy Bae, a group of Lancome’s national make-up artists from around the world, and 20 prominent Chinese KOLs and customers.

  • Is Google going to make it into China?

    Is Google going to make it into China?

    Google wants to get back into China, and is laying the groundwork for a key part of the initiative: bringing its cloud business to the world’s second-largest economy.

    The internet giant is in talks with Tencent Holdings Ltd., Inspur Group and other Chinese companies to offer Google cloud services in the mainland, according to people familiar with the discussions. They asked not to be identified discussing private matters.

    The talks began in early 2018 and Google narrowed partnership candidates to three firms in late March, according to one of the people. Trade tensions between China and the US now loom over the effort. It’s unclear if the plans will proceed, this person said.

    The goal is to run Google internet-based services – such as Drive and Docs – via the domestic data centers and servers of Chinese providers, similar to the way other US cloud companies access that market. In most of the rest of the world, Google Cloud rents computing power and storage over the internet, and sells a collection of workplace productivity apps called G Suite that are run on its own data centers. China requires digital information to be stored in the country and Google has no data centers in the mainland, so it needs partnerships with local players.

    Google Cloud chief Diane Greene said last week that she wants the business to “be a global cloud,” but declined to comment specifically about China. Still, the company is seeking a Shanghai-based business development manager for its cloud business. The job posting lists “experience in, and knowledge of, the Chinese market” as a preferred qualification.

    A Google Cloud spokesman declined to comment. Inspur and Jane Yip, a Tencent spokeswoman, didn’t immediately respond to requests for comment on Friday.

    A tie-up with large Chinese tech firms, like Tencent and Inspur, a major cloud and server provider, would also give Google powerful allies as it attempts a broader return to mainland China, where it pulled its search engine in 2010 over censorship concerns.

    After years of slowly rebuilding a presence in China, Google has pressed the accelerator recently. It’s building a cloud data centre region in Hong Kong this year and opened an artificial intelligence research centre in Beijing in January. Along with other Alphabet Inc. units, it has begun investing more in Chinese companies. Plans for a censored search app in China surfaced earlier this week, sparking a furious debate about whether Google is putting profit over its mission to “organize the world’s information and make it universally available.”

    A cloud partnership for Google in China would help the company compete more with larger rivals Amazon.com Inc. and Microsoft Corp. In late 2017, Amazon agreed to sell its Chinese servers and some other cloud assets to local partner Beijing Sinnet Technology Co. The move complied with laws introduced that year mandating the storage of data within the country and bolstering government control over the movement of information. The move mirrored a similar set-up between Microsoft and its local partner 21Vianet Group Inc.

    With Tencent, Google would have an even more high-profile ally – but would also go up against local competitors including Alibaba Group Holding Ltd., which operates a major cloud business in China.

    China is the second-largest cloud market, but local companies dominate, making it difficult for outsiders like Google, according to Synergy Research Group. “You can never say never, but that is an incredibly tough proposition,” Synergy analyst John Dinsdale said. A June report from Synergy ranked Google fourth in the Asian cloud market, behind Amazon, Alibaba and Microsoft.

    In January, Google struck a patent-sharing deal with Tencent. The agreement came with an understanding that the two companies would team up on developing future technologies.

    Tencent operates its own cloud service and is building an ecosystem of partners that includes Cisco Systems Inc., Nvidia Corp. and Deloitte, according to Tencent’s website. It already offers a cloud service called the Tencent Kubernetes Engine that’s based on a popular Google technology by the same name. Google could host services, such as Gmail, Drive and Docs, on Tencent’s data centers, and the Chinese company may suggest existing cloud customers try Google offerings.

    Tencent founder Pony Ma is a representative of China’s National People’s Congress, and Inspur, formerly the state-owned Shandong Electronics Devices Plant, could provide political cover for Google as it seeks to gain approval from authorities to operate more of its largest businesses in country.

    Google has touted the security and AI strengths of its cloud division. Tensorflow, a coding library for AI applications created by Google, is growing in popularity with researchers and software developers in China. While the feature is compatible with other cloud services, it’s designed to work most efficiently with Google’s cloud.

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  • Elon Musk’s SpaceX Helps Keep Costs Down on Launch of Telkom’s Merah Putih Satellite

    Elon Musk’s SpaceX Helps Keep Costs Down on Launch of Telkom’s Merah Putih Satellite

    Telkom Indonesia, the country’s largest telecommunications company, will save up to a quarter of the cost involved in the launch of its latest satellite through reusable rocket technology.

    The Merah Putih satellite cost $165 million to develop, launch and insure against launch failure, Zulhelfi Abidin, Telkom’s network and information technology solutions director, said on Sunday (05/08). In comparison, Telkom-3S satellite, launched on Feb. 15, 2016, cost Telkom $215 million.

    Bank Rakyat Indonesia’s 2016 BRIsat project – the world’s first satellite owned and operated by a bank – cost the state-owned lender $250 million to develop and launch, by Europe’s Arianespace.

    Telkom contracted billionaire Elon Musk’s Space Exploration Technologies Corporation, better known as SpaceX, for the Merah Putih launch. The satellite will hitch a ride on SpaceX’s Falcon 9 rocket, which can be reused up to 10 times.

    “The process of combining the rocket with the satellite is already completed, so all that’s left is to wait for the launch,” Zulhelfi said.

    The satellite will be launched from Cape Canaveral Air Force Station in Orlando, Florida, on Tuesday.

    Telkom hopes Merah Putih will help it provide extended communication services across Indonesia, particularly in the country’s remote and outermost regions. The company also hopes to use the satellite to increase its business opportunities in South Asia.

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  • Lotte donates $100,000 to Laos disaster relief effort

    Lotte donates $100,000 to Laos disaster relief effort

    Lotte said on Tuesday it has donated $100,000 to relief and reconstruction efforts following the Laos dam disaster in Attapeu.

    Oh Sung-yup, head of communications at Lotte Corporation, delivered the fund to Community Chest of Korea, a non-profit charity organization based in central Seoul, on Tuesday. The fund will be used to supply necessities to victims who lost their homes and to help rebuild villages.

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  • China boosts L’Oreal high growth rate

    China boosts L’Oreal high growth rate

    Chinese consumers are powering massive sales growth for beauty products giant L’Oreal in Asia Pacific.

    During the first half of this year, like-for-like sales in the region soared 22 per cent and it is now on the brink of surpassing North America as L’Oreal’s second largest geographic region in sales, behind Europe.

    “This strong growth is being boosted by Chinese consumers, as reflected in the growth in China and Hong Kong across all divisions, especially for premium brands,” said L’Oreal in a statement. “E-commerce and travel retail accelerated in the first half. Southern Asia is extremely dynamic, with market share gains particularly in India and Malaysia.”

    Globally, L’Oreal achieved sales of €13.39 billion, with €3.54 coming from Asia, €3.56 billion from North America and €4.13 billion from Western Europe. Across all markets, like-for-like sales rose by 6.6 per cent. But in Western Europe, sales slipped 2 per cent in the second quarter and 0.8 per cent over the first half.

    Chairman and CEO Jean-Paul Agon said the beauty market is becoming more premium.

    “The good sales growth and the quality of the first-half results reinforce our confidence in our ability to once again outperform the cosmetics market in 2018, and to achieve significant like-for-like sales growth and an increase in our profitability.”

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  • JD Sports launches entertainment platform

    JD Sports launches entertainment platform

    The company is working with multichannel in-store and digital production company Immedia on the 24-hour service which is clearly seen as a key development for the retailer.

    It was officially launched at with a VIP party, with an exclusive live performance by Anne-Marie.

    It’s part of “a larger programme of added benefits designed to enhance the experience of JD consumers.” These include unlimited next day delivery, priority access to exclusive events, early product launch access and other “money-can’t-buy experiences.”

    JD-X is being rolled out now to all JD UK stores and with Immedia providing language-specific channels on a global basis, there are plans for the platform to be available in other European countries too. Ireland, France, Belgium, Spain, Portugal, Germany, Italy, Netherlands, Sweden, Denmark and Finland are all on the hitlist.

    So what do consumers actually get with JD-X? A main Live channel featuring DJs, guest artists and other “exclusive and relevant content”, plus “20 other bespoke streams with specific playlists to cover genres and trends.”

    The JD-X Live channel focuses on “the biggest tracks popular with the JD audience.” Core artists include Drake, Ramz, Mabel, Stormzy, Anne-Marie, Calvin Harris, J Hus, Dua Lipa, Post Malone and Kendrick Lamar.

    The genres and activities on the 21 channels include UK Reppin’, featuring tracks from the stars of the UK Grime and RnB scenes. And there are other playlists to listen to when in the gym or out running.

    JD-X also provides content relevant to consumer interests including sport, clubs, gaming, gigs, relaxation, and TV. There are videos too, such as the latest content from JD, including celebrity exclusives and features on new products, all available to view inside the app.

    Immedia CEO Bruno Brookes said: “Live entertainment channels offer an incredible way for brands, facing the dual threat of declining advertising response rates and the increase in ad blocking technologies, to establish unique connections with consumers that deliver excellent experience and business results.”

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  • Jamba Juice tempted to expand after good sales

    Jamba Juice tempted to expand after good sales

    US chain Jamba Juice has been bought for US$200 million by Focus Brands.

    Already, there is speculation that the Jamba Juice sale may lead to the brand being expanded overseas. The reason: Focus is owned by private equity firm Roark Capital and the parent of some high-profile food retail concepts.

    Focus already operates more than 5000 eateries in the US, Puerto Rico and 50 other countries under brands including Carvel, Cinnabon, Schlotzsky’s, Moe’s Southwest Grill, Auntie Anne’s, McAlister’s Deli and Seattle’s Best Coffee. So it has established partnerships in many international markets, including in Asia.

    “We are delighted to have reached this agreement with Focus Brands and are confident that it will result in a positive outcome for our guests, our franchisees and our employees,” Jamba Juice CEO Dave Pace said in a statement. “Over the last few years, we have worked hard to strengthen our foundation and reposition this iconic brand for the future. Partnering with Focus Brands will allow us to build on this work and further accelerate the company’s growth.”

    The deal is expected to close in the third quarter of 2018.

    Once Jamba Juice is acquired, it will operate as a privately held subsidiary of Focus and an independent brand.

    Jamba Juice was founded in California in 1990 and has expanded to more than 800 retail stores but only a small number outside the US.

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  • SK Broadband adds home screens to TV

    SK Broadband adds home screens to TV

    SK Broadband will launch customizable home screens for all of its 4.6 million TV subscribers on Aug. 16.

    SK Broadband unveiled a series of upgraded TV media services on Tuesday and vowed to increase its offerings of customized content.

    “Paid broadcasting services are supposed to analyze the data of customers’ media consumption trends to come up with the services and content that suit them,” said Yoon Suk-am, head of the media business division at SK Broadband at a press conference at SK Telecom’s headquarters in central Seoul. “It will be the first step in raising customer value further.”

    Users may choose among three options to set their home screen, which appears right after the TV is turned on – video on demand, a real-time TV channel or a kids’ channel that consists only of content for children. Baseball aficionados, for example, can set a baseball channel as their home screen.

    The screen can also recommend content according to age group and based on the past user’s viewing habits, including their favorite TV programs from the past five years. The screen will also show which monthly plan users are subscribed to, valid membership points, coupons and discounts.

    SK Broadband said its mobile video streaming app, Oksusu, will offer real-time baseball broadcasts that are up to 20 seconds faster than competing apps.

    For children, SK Broadband will offer a custom fairy tale maker to TV subscribers. Kids can add their own voice, face and drawings to a TV screen to make their own TV fairy tale content, using 3D facial recognition technology and real-time facial expression generation technology. Some 250 fairy tales will be available for customization.

    When viewers take a photo of their face with a smartphone app and send it to the TV, the photo’s facial expression will take on up to 20 different emotions depending on the flow of the story. Viewers may even turn into the antagonist of one of the fairy tales. Children may also draw paintings that are added to the story and affect its outcome.

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  • US’s MGM plans its return to Vietnam

    US’s MGM plans its return to Vietnam

    It left with no explanation, and there is no explanation about an unexpected return by MGM Resorts International to Vietnam.

    MGM had withdrawn from a $4.2 billion project in March 2013 without saying why, but seems to have encountered no difficulty in returning with a new investment project.

    The global hospitality and entertainment company will now be a part of a new resort project near travel hot spot Hoi An in central Vietnam.

    MGM will partner with Vietnamese real estate firm Bamboo Capital in managing the VND2 trillion ($86 million) Malibu Resort Hoi An on Ha My beach.

    MGM would have managed the first resort on the Ho Tram Strip project in the southern Ba Ria – Vung Tau province, had it not broken a deal with the Canada-based Asian Coast Development Ltd (ACDL) which was the project’s main investor.

    It didn’t give a reason for withdrawing from the mega project, which would consist of 9,000 5-star hotel rooms, a golf course and a casino with 2,000 slot machines by 2020.

    But MGM has returned with a new vision and will only focus on managing resorts, said a representative of Bamboo Capital at the Malibu Resort Hoi An signing ceremony.

    The company will not manage both casinos and hotels as it used to years go, the representative said, adding that the current partnership is based on sound legal foundations.

    MGM reported a net income of $2.0 billion last year.

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