Tag: asia

  • Paid less than male peers, BBC China editor quits and speaks out

    Paid less than male peers, BBC China editor quits and speaks out

    The BBC’s China Editor Carrie Gracie has quit her post in Beijing to fight for her right to pay equality with male peers, posting an attack on what she called the “secretive and illegal BBC pay culture”.

    Gracie’s revolt is part of the fallout from pay disclosures the British broadcaster was forced to make last July, which showed that two thirds of the highest earners on air were men, and that some of them were earning far more than women in equivalent roles.

    Funded by a license fee levied on TV viewers and reaching 95 percent of British adults every week, the BBC is a pillar of the nation’s life, but as such it is closely scrutinized and held to exacting standards by the public and rival media.

    Gracie’s stand was one of the top news headlines of the day on the BBC itself and on other British media, and many prominent women from the BBC and beyond voiced their support on social media under the slogan #IStandWithCarrie.

    Gracie, who speaks fluent Mandarin and has reported on China for three decades, has not left the BBC. She said she was returning to her former post in the TV newsroom in London where she expected to be paid equally to men in equal jobs.

    “I am not asking for more money. I believe I am very well paid already — especially as someone working for a publicly funded organization. I simply want the BBC to abide by the law and value men and women equally,” she wrote on her website.

    Gracie said she was paid 135,000 pounds ($182,800) a year as China editor. According to last July’s disclosures, North America Editor Jon Sopel earned between 200,000 and 250,000 pounds a year, while Middle East Editor Jeremy Bowen was in the 150,000 to 200,000 bracket.

    Europe editor Katya Adler, the BBC’s only other female editor in foreign news, did not feature in the disclosures, meaning her pay was less than 150,000 pounds.

    Gracie said managers had offered to increase her pay to 180,000 pounds, but that was no solution. She rejected the rise and insisted that all four of the BBC’s international editors should receive equal pay.

    “I was not interested in more money. I was interested in equality,” she said during an interview on BBC radio.

    Britain enacted legislation outlawing sex discrimination in the 1970s and this was followed by an equality act in 2010, but women still earn less than men across much of the economy.

    “Enough is enough”

    The BBC defended itself by saying its gender pay gap was below the national average and less bad than at many other organizations, adding that it was committed to wiping it out by 2020. It also said an independent audit of rank and file staff had found “no systemic discrimination against women” at the BBC.

    Several high-profile women seized on the Gracie story to say the problem was much bigger than the BBC and affected the whole of society.

    “Tip of the iceberg in @BBC & most other orgs (organizations). Equality Act 2010 means no hiding place for shameful discrimination against women. Ending it long overdue,” wrote prominent lawmaker Harriet Harman of the opposition Labor Party, a long-time advocate of women’s equality, on Twitter.

    As in many other countries, pay inequality based on gender has been a persistent problem in Britain, which by some measures has performed worse than comparable European countries in recent years. Britain was ranked 15th in the World Economic Forum’s global gender gap index 2017, below France and Germany.

    But Gracie said her complaint was not about the gender pay gap the BBC admits to, which stems from men earning more on average because they do more of the best paid jobs. “It is men earning more in the same jobs or jobs of equal value. It is pay discrimination and it is illegal,” she said.

    Gracie accused the BBC of adopting a botched “divide and rule” response to the legitimate anger of female staff, offering pay rises to some women while locking down others in a protracted complaints process. In her own case, the process had been “dismayingly incompetent and undermining”, she said.

    “Enough is enough. The rise of China is one of the biggest stories of our time and one of the hardest to tell,” she wrote, citing Chinese state censorship, surveillance, police harassment and official intimidation.

    “I cannot do it justice while battling my bosses and a byzantine complaints process.”v

  • Taiwan to switch off 3G networks at year end

    Taiwan to switch off 3G networks at year end

    Taiwan’s telecoms regulator has revealed that the nation’s 6.4 million 3G users will need to migrate to a 4G network by the end of the year, when operators’ 3G licenses are due to expire.

    The 3G licenses are scheduled to expire on December 31 and services will terminate in 2019, as reported.

    Four operators are still offering 3G services – Chunghwa Telecom, Taiwan Mobile, Far EasTone Telecommunications and Taiwan Star. Asia Pacific Telecom switched off its 3G service in 2017.

    According to the report, officials expect the 3G switch-off to be smoother than last year’s 2G service termination, as operators have retained ownership of their 2,100-MHz spectrum holdings and will be able to use these frequencies to serve their 3G users.

    Operators are also expected to continue to use circuit-switched fallback technology to offer voice over 3G.

    But the nation’s 6.4 million 3G customers may need to switch to a 4G SIM and a new 4G plan in order to continue using services. This represents around a fifth of the market’s mobile customers and compares to roughly 22 million 4G users.

  • Tartine Bakery to Open in Seoul in 2018

    Tartine Bakery to Open in Seoul in 2018

    Award-winning Tartine Bakery is expanding from San Francisco and will open its first overseas branch in Seoul’s Hannam Dong area on February 9.

    There are plans to also open about four more Tartine Korea outlets over the next 12 to 18 months.

    Heading the Korean branch will be pastry chef Lee Hyun Hee and chef Edward Lee, co-founder of Baroque Bakery and Pizzeria d’Buzza in Seoul. The two Korean chefs have spent six months in San Francisco learning the bakery’s recipes, says Food And Wine magazine.

    Tartine founder Chad Robertson, who has studied Korean martial art taekwondo, describes Korea’s food culture as “really amazing” with its take on Western food.

    Tartine’s San Francisco shop attracts queues for its morning buns, a croissant dough rolled into a bun form and dusted with sugar, orange zest and cinnamon, as well as its buttermilk scones studded with currants, and fresh loaves ranging from baguettes to offerings made with buckwheat and quinoa.

    Meanwhile, the bakery has just opened a 464sqm bread factory in San Francisco that combines a pastry shop, restaurant, ice-cream parlour and coffee shop in a warehouse space. The company plans to replicate this concept in a 3716sqm space in downtown Los Angeles, which will also include a coffee lab and roastery as well as a trattoria and pizzeria.

  • Vietnam to tighten tax control as it legalizes Grab, Uber after 2-year trial

    Vietnam to tighten tax control as it legalizes Grab, Uber after 2-year trial

    Ride-hailing apps Grab and Uber are to be officially authorized in Vietnam after completing trial runs, but the government has pledged to impose the stricter controls it currently imposes on local transport firms.

    The phone-based transport services have created healthy competition but they need to be regulated, the Ministry of Transport said.

    Director of the ministry’s transport department, Tran Bao Ngoc, said that ride-hailing services will have to register their businesses with investment authorities and the transport ministry and the tax authorities.

    “Tax agencies will keep track of fares so management can be more transparent,” said Ngoc.

    Ho Chi Minh City’s Tax Department is looking to collect more than VND53 billion ($2.34 million) in suspected back taxes from Uber by January 10. The department has asked five commercial banks to help retrieve the money.

    Uber Vietnam, a subsidiary of Uber International Services Holding B.V. based in the Netherlands, filed a lawsuit last month, saying that it is not subject to taxes according to Vietnam’s agreement on double taxation avoidance with the Netherlands.

    But the city court dismissed the lawsuit earlier this week, saying Uber Vietnam does not have the legal status for such action.

    Grab and Uber arrived in 2014 and operate both car and motorbike taxi services. The two services have been running on a trial basis since early 2016, but have been caught up in a war with traditional taxi drivers.

    Many taxi firms have accused Grab and Uber of “unfair competition” that has hindered their businesses and caused thousands of drivers to quit.

    Last September, Hanoi Taxi Association said Uber and Grab had been transferring around $150 million overseas every year to evade taxes. Grab denied the accusation.

  • China 1Q11 search engine revenues over USD492m

    China 1Q11 search engine revenues over USD492m

    Search engines in the China market generated total revenues of CNY3.245 billion (USD492 million) in the first quarter of 2011, decreasing 15.62 percent on quarter but increasing 66.76 percent on year, according to China-based consulting company Analysys International.

  • Target’s holiday sales are stronger than expected

    Target’s holiday sales are stronger than expected

    US discount department store chain Target has raised its quarterly profit and sales forecasts, after a better than expected festive trading period.

    Comparable sales growth of 3.4 percent in the November/December period was driven by strong traffic growth and continued strength in digital sales, which are expected to grow more than 25 percent in 2017.

    Stores fulfilled 70 percent of Target’s digital volume in November/December, meaning that stores enabled approximately 80 percent of the company’s comparable sales growth in that period.

    “As we look ahead to 2018, we will build on the foundation we established this year by launching additional exclusive brands, enhancing our digital capabilities, opening approximately 30 small-format stores and tripling the size of our remodel program to more than 325 stores,” said Brian Cornell, chairman and chief executive officer of Target Corporation.

    While Target’s holiday growth is respectable and makes it a holiday winner, GlobalData Retail managing director Neil Saunders prior year comparatives – when same-store sales fell by 1.3 per cent – are very weak and since that time Target has undertaken a raft of initiatives that should have boosted performance.

    “All that said, the growth does indicate that Target is on the right track and that it’s various ventures are starting to pay dividends. However, we believe that it also highlights some deficiencies in execution – especially in stores.”

    “Target’s holiday focused Wondershop is another example of a lost opportunity. Like last year, Target’s range of holiday decorations and sundries was comprehensive and, in our view, one of the best in the market. However, also like last year, Target buried this offer at the back of the store and, as a consequence, lost custom. We note that more effort was made to signpost the collection this year, but this proved to be inadequate.”

    Digital was the undoubted success, according to Saunders, with robust online growth underpinning performance.

    “Overall, this is a positive outcome. It shows Target is doing the right things and that its ideas have merit. However, it also indicates the need for more care in execution, a faster roll-out of the initiatives, and a greater sense of ambition. Ultimately, Target is doing well, but it could be doing better.”

  • Axiata Group appoints heads for business service, info security

    Axiata Group appoints heads for business service, info security

    Axiata Group has made two key appointments for its business services and information security, as part of its transformation efforts into a “new generation digital champion.”

    The Malaysia–based telecoms conglomerate has recently appointed Asri Hassan Sabri – Axiata’s group chief business operations officer since January 2016  –  as chief executive officer of its newest subsidiary, Axiata Business Services. His appointment is effective January 1, 2018.

    Asri has 30 years of experience in various management, consulting and entrepreneur engagements in the IT and telecom industries. Prior to joining Axiata, he was a strategic partner with Provident Capital Partners, an established South Asia private equity company.

    Operating under the brand Xpand, Axiata Business Services will drive the group’s enterprise and Internet of Things (IoT) business across all of Axiata’s footprint in ASEAN and South Asia.

    The subsidiary was established in 2017 as a new area of focus for the group, one which is earmarked to achieve double-digit growth and holds great promise as a multi-billion dollar addressable market within the next few years, according to a company statement.

    Axiata has also hired Abid Abdul Adam as group chief information security officer, as part of the operator’s continued focus and commitment to improving cyber security capabilities. Abid will also assume the position of group head of privacy given the increasingly critical nature of data privacy and protection.

    Abid joins Axiata from South Africa where he was the chief information security officer and deputy information protection officer for a leading financial services organization. He brings to the table over 15 years of experience in developing, implementing, and leading an Information security and technology risk management function.

    Commenting on the appointments, Axiata president and group CEO Tan Sri Jamaludin Ibrahim said the move is in line with the group’s hope to build a leading digital company, beyond its core mobile business.

    “Asri’s role as CEO of Axiata Business Services is to scale up this addressable area of growth in the enterprise and IoT space and to ensure that group aggressively capitalizes on the opportunities in the ASEAN and South Asia market, to eventually bring a significant uplift in revenue,” he said in a statement.

    “Abid’s two led functions work in tandem to help us to achieve cyber resilience and data privacy across the group.”

  • IPhone addiction may be a virtue, not a vice for investors

    IPhone addiction may be a virtue, not a vice for investors

    Apple Inc investors are shrugging off concerns raised by two shareholders about kids getting hooked on iPhones, saying that for now a little addiction might not be a bad thing for profits.

    Hedge fund JANA Partners LLC and the California State Teachers’ Retirement System (CalSTRS) pension fund said on Saturday that iPhone overuse could be hurting children’s developing brains, an issue that may harm the company’s long-term market value.

    But some investors said the habit-forming nature of gadgets and social media are one reason why companies like Apple, Google parent Alphabet Inc and Facebook Inc added $630 billion to their market value in 2017.

    “We invest in things that are addictive,” said Apple shareholder Ross Gerber, chief executive of Gerber Kawasaki Wealth and Investment Management.

    He also owns stock in coffee retailer Starbucks Corp, casino-runner MGM Resorts International and alcohol-maker Constellation Brands Inc.

    “Addictive things are very profitable,” Gerber added.

    Still, the investment community is increasingly holding companies to higher social standards, and there is some concern that market-leading tech companies could draw attention from regulators much like alcohol, tobacco and gambling companies have in the past.

    Apple, Alphabet and Facebook could not immediately be reached for comment on Monday, but Facebook has said social media can be beneficial if used appropriately.

    Apple shares traded marginally lower on Monday. CalSTRS holds $1.9 billion in Apple stock, a sliver of the company’s nearly $900 billion market value, while JANA declined to disclose the size of its smaller stake.

    “Before Apple speaks, I think it’s too early to change the narrative” for investors, said Peter Jones, vice president of research for Ferguson Wellman Capital Management, which has about 350,000 Apple shares.

    Social media companies, not hardware makers, are more deserving of any addiction-related scrutiny, some said.

    Jordan Waldrep, who invests in alcohol, tobacco and gambling stocks as manager of the USA Mutuals Vice Fund, said blaming Apple for their customer’s addiction was analogous to blaming makers of cigarette packs instead of tobacco companies.

    “The social media, the cigarettes, are the addictive product,” he said. Waldrep’s Vice fund does not own Apple but he said he would consider including social-media companies.

    Kim Forrest, senior portfolio manager and vice president at Fort Pitt Capital Group, agreed that companies like Facebook, Twitter Inc and Snap Inc might be more at risk than Apple if investors and regulators push back on how much time people spend on mobile devices.

    “Apple is just the delivery device,” said Forrest, who said Fort Pitt has limited Apple holdings. “It’s only compelling with software. Software is the dopamine releaser that keeps you coming back.”

    Twitter declined to comment and Snap could not immediately be reached.

    The letter from JANA and CalSTRS recommends Apple set up a committee of child-development experts and make more new tools available to parents.

    The addiction issue gained notoriety when former Disney child star Selena Gomez said she canceled a 2016 world tour to go to therapy for depression and low self-esteem, feelings she linked to a social media addiction.

    Fears about smartphone addiction have already kicked off regulatory backlash. In December, the French education minister said mobile phones would be banned in schools, and draft legislation in France would require children under 16 to seek parental approval to open a Facebook account.

    Even tech insiders are among the vocal critics of social media and its addictive potential.

    “Apple Watches, Google Phones, Facebook, Twitter – they’ve gotten so good at getting us to go for another click, another dopamine hit,” said Tony Fadell, a former Apple executive, on Twitter.

    John Streur, chief executive of Calvert Research and Management, an Apple shareholder that focuses on social responsibility, said it is plausible that tech devices may some day be understood to hold risks we do not currently understand well.

    That would hurt investors if evidence later emerged that companies intentionally built features that create dependency and had evidence that doing so was unsafe.

    For the time being, John Carey, a portfolio manager at Amundi Pioneer Asset Management in Boston, said concerns over the human impacts from being glued to screens are not likely to cut into profits. The company holds Apple stock, but the funds Carey manages do not.

    “I doubt there will be any impact on the use of smartphones. We’re already addicted to them,” he said.

  • Neiman Marcus appoints new CEO

    Neiman Marcus appoints new CEO

    It is a new era for Neiman Marcus. The US luxury department store chain has appointed a new CEO, Geoffroy van Raemdonck, in the wake of the departure of current chief executive, Karen Katz.

    Karen Katz, who is retiring after more than 30 years with Neiman Marcus, served in her capacity as CEO for seven years. She will relinquish her role next month, 12 February 2018.

    Having served as President for Europe, the Middle East and Africa (EMEA) and global travel retail at Ralph Lauren, van Raemdonck joins Neiman Marcus at a tumultuous time in the company’s history.

    With a solid track record at Ralph Lauren, spearheading the luxury brand’s omnichannel transformation, the luxury executive’s appointment hopes to lead Neiman Marcus into future growth and relieve heavy debts.

    “We are thrilled to welcome Geoffroy to Neiman Marcus, and look forward to extending the company’s positive momentum under his leadership,” said Neiman Marcus chairman David Kaplan.

    “He is a global industry leader and business builder with exceptional vision and energy.”

    Katz will remain on Neiman’s board of directors, and will work with van Raemdonck during the transition process.

    “Geoffroy has an impressive track record of success at luxury brands, and he is the right person to lead the company through this next phase of growth,” Katz said.

    During his career, Van Raemdonck has also spent time at French luxury group Louis Vuitton from 2008 to 2013 and Victoria’s Secret owner, L Brands Inc.

    Neiman Marcus, the Dallas-based group, which owns MyTheresa.com and Bergdorf Goodman, has been struggling since 2013, after Ares and Canadian public pension fund CPPIB acquired it from other private equity firms, and left it with a nearly $5 billion debt load.

    The firm’s most recently financial quarterly result saw losses widen to $26.2 million from $23.5 million over the same period last year, as debt and previously accrued losses continued to weigh on the business.

    However, Neiman Marcus recorded a 4.2% rise in comparable revenue in the first quarter of 2018, which it attributed to its ‘digital first’ strategy and new technology investments.

    Quarterly revenue rose to $1.12 billion, up 3.8% from $1.08 billion a year ago, said the firm.

  • China Unicom, Kuang-Chi sign cooperation agreements

    China Unicom, Kuang-Chi sign cooperation agreements

    China Unicom has signed business cooperation framework agreements with Kuang-Chi Technologies and KuangChi Science, subsidiaries of Kuang-Chi Group.

    The agreement is an integral part of a series of cooperation framework agreements which Unicom signed with strategic investors in key industry verticals participating in its mixed-ownership reform, the Chinese operator said in a statement.

    Under the agreement, Unicom will work closely with Kuang-Chi Technologies and KuangChi Science in areas such as military-civil integration, public security, smart cities and smart transportation. The companies will also cooperate to explore new opportunities in cloud computation, big data, internet of things (IoT), artificial intelligence (AI), digital content and payment finance.

    Unicom announced its 77.9 billion yuan ($11.7 billion) ownership reform plan in August 2017, bringing in 14 new strategic investors including large internet companies, industrial groups and industry vertical companies and financial enterprises.  The operator has already signed framework agreements with internet and e-commerce giants Baidu, Alibaba, Tencent and Jingdong (owner of the JD.com brand).

  • MUJI Moves Into Hospitality With New MUJI Hotel and Restaurant

    MUJI Moves Into Hospitality With New MUJI Hotel and Restaurant

    Wood-lined bedrooms, a minimal diner, a library and a shop feature in the Muji Hotel in Shenzhen, which opens next week.

    In the Futian district, it is the first hospitality project initiated by the Japanese retailer, known for its minimalist homeware products. These feature in the hotel to reflect Muji’s simple aesthetic – described by the brand as an “anti-gorgeous, anti-cheap” concept.

    As well as 79 guest rooms, the hotel will offer a gym, a diner, three meeting rooms, a library and a shop, as reported.

    In the bedrooms, Muji products will range from toothbrushes to electric kettles and wall-mounted CD players.

     

     

    Muji Diner, the third-floor restaurant, will serve local food inspired by international home cooking, all served on Muji dinnerware.

    On the same floor and to be open 24 hours a day to the public as well as guests, the library will have a selection of more than 650 books.

    A small gym is equipped with running machines, aero-bikes and workout equipment, while a shop allows guests to buy the products they have been using inside the hotel.

    A second Muji hotel will follow in Tokyo’s Chuo City next year.

    The hotels are the latest architectural project to be initiated by the Muji, following on from a 9sqm prefabricated house and a trio of huts designed by Konstantin Grcic, Jasper Morrison and Naoto Fukasawa.

    Established in 1979, Muji is commonly referred to as a “brandless” company as its products bear no logos.

  • Vietnam’s credit growth hit 18.17 pct in 2017

    Vietnam’s credit growth hit 18.17 pct in 2017

    Vietnam’s banking sector posted an estimated 18.17 percent in loan growth in 2017, the Ministry of Finance said on Monday.

    On December 29, Vietnam’s General Statistics Office said that credit expanded by an estimated 16.96 percent during the year.

    At the same time, the statistics office announced that Vietnam’s economy grew by 6.81 percent during 2017, compared with 6.61 percent the year before, the highest in a decade.

  • Japan’s new cryptocurrency crooners sing the bitcoin beats

    Japan’s new cryptocurrency crooners sing the bitcoin beats

    Move over AKB48, Japan has a new all-girl “idol” band – the Virtual Currency Girls – on a mission to educate the public about bitcoin and other cryptocurrencies.

    Each of the eight girls in the band, known in Japanese as “Kasotsuka Shojo”, plays a character representing a virtual currency such as bitcoin, ethereum or ripple.

    Promotional material shows the performers wearing character masks, frilly mini-skirts and “maid” aprons complete with knee-high socks.

    The Virtual Currency Girls are due to hold their debut live concert in Tokyo on Friday (Jan 12), according to their management company Cinderella Academy.

    In keeping with the theme, payment for merchandise will be accepted only in virtual currencies.

    “We want to promote the idea through entertainment that virtual currencies are not just a tool for speculation but are a wonderful technology that will shape the future,” said the group’s leader Rara Naruse, 18, in an online statement.

    In their debut song, The Moon and Virtual Currencies and Me, they warn against fraudulent operators and urge people to make sure of their online security.

    The group is tapping into a rich seam in Japan, where bitcoin is recognised as legal tender.

    Nearly one-third of global bitcoin transactions in December were denominated in yen, according to specialised website jpbitcoin.com.

    The group’s launch comes on the heels of a recent market frenzy which boosted bitcoin up to nearly US$20,000.

  • AirAsia and Uber partner up, now everyone can ride and fly

    AirAsia and Uber partner up, now everyone can ride and fly

    Travellers will now be able to book their rides to the airport a month ahead, following a partnership between AirAsia and Uber.

    The low cost carrier and ride-share service will be working together in 52 cities in 16 markets across Asia Pacific and the United States, where AirAsia operates and the Uber app is available.

    According to the press release, riders would be able to request or schedule rides up to 30 days in advance, when confirming, booking or checking in for AirAsia flights via web or mobile.

    New Uber users would also get free or discounted rides if they enter the promo code “AIRASIA” when registering their account.

    “So, whether you’re trying to get home to see your family, or heading to an important business meeting, your travel experience should be seamless, from door-to-door,” he said.

    AirAsia Bhd Group chief executive officer Tan Sri Tony Fernandes said AirAsia had found the right ride partner in Uber, as AirAsia was always looking to complement its in-flight experience with services outside the plane.

    “Working with Uber allows our guests to plan their entire trip from the moment they step out of their home right until they arrive at their destination,” he said.

  • Chow Tai Fook quarterly retail sales flat

    Chow Tai Fook quarterly retail sales flat

    Chow Tai Fook Jewellery Group (1929) said retail sales in Hong Kong and Macau in the third quarter ended December 31, remained unchanged from the same period the year before.

    Same store sales grew by 5 percent. Gem-set jewelry sales were up by 22 percent, while gold products sales slipped by 1 percent in the third quarter. In Hong Kong and Macau, same store sales improved as a result of an increase in volume and average sale price to HK$11,800, the jewelry retailer reported today in an update.