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Tag: asia

  • Japan’s Denso considering $440 million investment in JOLED

    Japan’s Denso considering $440 million investment in JOLED

    Japanese auto parts maker Denso Corp is considering a 50 billion yen ($440 million) investment in organic light-emitting diode (OLED) panel maker JOLED, Kyodo news reported, citing sources close to the matter.

    JOLED, majority owned by a state-backed technology investment fund, sold its inaugural batch of OLED screens this month, and has said it wants to raise 100 billion yen by the end of March to expand its currently limited capacity.

    The move comes amid the growing popularity for OLED screens, which are generally thinner and can show more vivid colors than liquid crystal display (LCD) panels. Smartphone makers have been shifting to OLED, including Apple Inc which has adopted them for its iPhone X.

    Cash-strapped domestic display makers such as Japan Display Inc, which has a 15 percent stake in JOLED, and rival Sharp Corp are struggling to respond to the shift, letting Korean rivals Samsung Electronics Co Ltd and LG Display Co Ltd take the lead.

    The Nikkei reported earlier this month that Japan Display had considered investing in JOLED but decided it did not have the funds. Japan Display has said it wants to start mass-producing OLED screens to better compete with Samsung and that it needs capital to do so but has so far declined to disclose details of any negotiations.

    Kyodo’s report said that Sony Corp and Panasonic Corp, which both own 5 percent in JOLED, are also expected to invest 5 billion to 10 billion yen each.

    Sumitomo Chemical Co and Screen Holdings Co are considering chipping in, and the four companies are together seen investing 20 billion to 40 billion yen in JOLED, Kyodo said.

    A JOLED representative said the company was in talks with various materials and equipment makers about the investment, but that nothing specific had been decided.

    A Denso spokesman said the reported plan wasn’t something the company announced, while a Screen Holdings spokeswoman denied the company was considering the investment. Sony said nothing had been decided, while Panasonic and Sumitomo Chemical declined to comment.

    JOLED was created in 2015 by merging the OLED divisions of Sony and Panasonic.

    Analysts have said it lacks the scale and expertise of display makers which have smartphone-size panels. JOLED is 75 percent owned by state-backed fund, the Innovation Network Corporation of Japan.

  • Sears is closing 103 stores

    Sears is closing 103 stores

    Struggling US department store chain Sears will close another 103 stores, as the retailer looks to “right size” the business.

    Part of its strategic assessment of productivity throughout its store portfolio, Sears said 64 Kmart stores and 39 Sears stores will close between early March and early April 2018.

    “As previously announced we will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members,” the company said in a statement.

    The announcement comes after the department store chain’s last financial results, where it posted another loss, although narrower, for the quarter, making it the seventh straight year posting declines.

    The parent company of Sears and Kmart has not reported a profit since 2010, although it has been pushing to return to profitability by closing its stores.

    On its seventh straight money-losing year, Sears posted a net loss of $558 million, or $5.19 a share, during the fiscal third quarter, compared with a loss of $748 million, or $6.99, during the same period last year. The department store chain’s total same-store sales tumbled 15.3 per cent during the latest period.

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  • Xiaomi opens first authorised Mi store in Vietnam

    Xiaomi opens first authorised Mi store in Vietnam

    Xiaomi has officially opened its first Mi Store Vietnam, 10 months after entering the market.

    The authorised store is located in Ho Chi Minh City’s Crescent Mall and is operated in partnership between Xiaomi and local company DigiWorld.

    The partnership was signed in March, which allows DigiWorld to distribute Xiaomi products to other retailers such as Mobile World, Aeon and FPT, both online and offline.

    On opening day, the Mi Store attracted long queues of the Chinese brand’s fans thanks to new product launches and promotions.

    Apart from smartphones and accessories, the store also offers laptops and household items such as vacuum robots, smart scales, bedside lamps and air purifiers.

  • Economists predict bright outlook for Vietnam in 2018

    Economists predict bright outlook for Vietnam in 2018

    Vietnam’s economy has the potential to thrive this year with more foreign direct investment (FDI) and export revenue, but low productivity remains a concern, economists said.

    Last month, the Asian Development Bank (ADB) lifted its economic growth forecast for Vietnam to 6.7 percent in 2018 from its previous projections of 6.3 to 6.5 percent. The World Bank gave a more conservative forecast of 6.5 percent.

    After a 10-year high GDP growth of 6.81 percent in 2017, the government expects the economy to expand 6.5-6.7 percent this year.

    Being an export oriented economy, Vietnam’s somewhat surprisingly fast growth last year owed a lot to the recovering global economy, which expanded 3 percent in 2017, the highest rate since 2011.

    This trend will continue, said economist Vo Tri Thanh.

    Vietnam’s export revenue expanded by 21 percent last year against 2016 to $213.7 billion, the highest in the past five years. Following what Prime Minister Nguyen Xuan Phuc called a “year of records”, the country is targeting export growth of 7-8 percent this year.

    Favorable investment climate

    Investors are positive too, and the sentiment is forecast to continue in 2018 stemmed from confidence in Vietnam’s economic prospects, economist Nguyen Tri Hieu told VnExpress International.

    The favorable investment climate will be aided by projected stable foreign currency, inflation and interest rates in 2018, Hieu said.

    Following 10-year highs in the third quarter of 2017, the VN-Index, a capitalization-weighted index of all the companies listed on the Ho Chi Minh City Stock Exchange, surpassed 1,000 points on January 3 for the first time since the global financial crisis in 2007.

    RongViet Securities Corporation in Saigon said in a report that the VN-Index will increase at least 17 percent this year or even 67 percent in its best scenario, meaning it could end the year somewhere between 1,170 and 1,640.

    The market will be boosted by interests from the foreign sector, said Nguyen The Minh, a senior analyst at Saigon Securities Incorporation. Foreign investors made more than $1 billion of net purchases last year, the highest amount in five years, and they will continue to stick around for more privatization of public giants.

    Foreign direct investment inflow in 2017 also fared well by reaching $35.88 billion, up 44 percent against 2016, according to the Ministry of Planning and Investment – another 10 year high.

    “The FDI scene in the economy continues to thrive,” Forbes quoted Dustin Daugherty, senior associate in business intelligence with consultancy firm Dezan Shira & Associates in Ho Chi Minh City, as saying. “While a lot of attention is paid to big name deals, the number of small to medium-sized enterprises and smaller multinational company investors continues to tick up, and enthusiasm is very high.”

    Foreign investors in the likes of electronics and polyester yarn factories still love Vietnam for its low costs, abundance of labor and matter-of-fact permitting process, analysts on the ground said.

    “I think next year will be as good or better than this,” Daugherty said. “We are not yet at peak for the growth rate.”

    A recent report by auditing firm PricewaterhouseCoopers (PwC) echoed the enthusiasm, saying: “Vietnam is at a tipping point in its economic development led by free trade agreements (FTAs) such as the EU-Viet Nam FTA and an increasingly deregulated business environment.”

    Vietnam’s Greenfield FDI Performance Index has also topped emerging economies, surpassing Malaysia and Thailand on attracting foreign capital, the report found.

    Structural challenges

    However, Vietnam still faces many challenges in boosting economic growth, as the economy still depends on low-cost labor force, outdated technology, and exhausting natural resources, said Hoang Quang Phong, vice chairman of the Vietnam Chamber of Commerce and Industry.

    Most local enterprises remain small and uncompetitive, he added. Vietnam now houses some 700,000 operational firms, but 60 percent of them are not profitable.

    There may also be a slow-down in structural reforms as the government is trying to cut down on spending and investment for a leaner budget deficit and to contain public debt, the World Bank has warned.

    Public investment fell to 16 percent of total spending in the first nine months of 2017, compared with an average of 25 percent in recent years.

    “Structural reform remains a central priority in view of tepid productivity growth” said Sebastian Eckardt, the World Bank Lead Economist for Vietnam, “Building on progress already made, Vietnam can further lift productivity growth through investments in needed infrastructure and skills as well as deeper reforms of the business environment, SOE [state owned enterprise] and banking sector.”

  • Deliveroo heads to India

    Deliveroo heads to India

    UK food-delivery startup Deliveroo is preparing to launch in India.

    Valued at US$2 billion, the company is hiring a country head along with a full team, insiders say, according to The Times of India. It will go head to head with local players like Swiggy and Zomato as well as comparatively new entrant UberEats. Ola has also re-entered the category by acquiring Foodpanda from Delivery Hero.

    Founded in 2013 by former investment banker Will Shu, Deliveroo works in 140 cities across 13 countries, including Hong Kong and Singapore.

  • Hyundai Motor, Kia Motors flag slow sales growth in 2018

    Hyundai Motor, Kia Motors flag slow sales growth in 2018

    South Korea’s Hyundai Motor and Kia Motors on Tuesday flagged only modest sales growth in 2018, suggesting a slow recovery from a slump linked to their lack of SUVs in the United States and diplomatic tensions with China.

    Hyundai and smaller affiliate Kia, which together make the world’s fifth-largest automaker, said demand was expected to soften in the U.S. and Chinese markets as they unveiled a combined sales target of 7.55 million vehicles this year.

    Analysts said that would be a slight increase on 2017, when the automakers are estimated to have sold about 7.3 million vehicles, their lowest in five years.

    “The target for Hyundai and Kia is lower than expected. It seems to be a conservative target, reflecting a slow recovery in China and ongoing U.S difficulties,” Kim Jin-woo, an analyst at Korea Investment & Securities said.

    The 2017 sales figures are due out later on Tuesday but analysts expect the South Korean duo to fall well short of their target of 8.25 million vehicles, marking their third consecutive annual miss.

    Hyundai Motor shares declined 2.2 percent after falling as much as 4.5 percent on Tuesday morning, and Kia Motors stocks were down more than 1.6 percent. The broader market rose 0.2 percent.

    The firms’ sales tumbled last year in China, the world’s largest auto market, amid a chill between Beijing and Seoul over South Korea’s deployment of a U.S. anti-missile system.

    Sales in China and the United States were also hurt by a failure to capitalize on surging demand for sports utility vehicles (SUVs).

    While Hyundai Motor has plans to offer more SUVs in the United States and China, analysts said new models such as the redesigned Santa Fe SUV may come too late in the year to significantly impact sales.

    The expiration of a tax cut on small-engine cars in China also would be a negative for Hyundai’s sedan-heavy line-up, they said.

    Hyundai Motor Group Chairman Chung Mon-koo said in a statement the South Korean automakers would launch 12 new or refreshed models this year.

    They would “actively venture into” new markets like Southeast Asia, as protectionism was expected to grow elsewhere, he added.

    South Korea and the United States will hold talks on a trade deal on Jan. 5 although U.S. President Donald Trump has threatened to withdraw from the pact.

    Chung, 79, skipped his annual New Year speech to employees for a second year in a row. He has not made any public appearances since December, 2016.

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  • BAPE Celebrates Lunar New Year With Year of the Dog Collection

    BAPE Celebrates Lunar New Year With Year of the Dog Collection

    2018 is just around the corner with Lunar New Year celebrations to follow in February. To commemorate the upcoming holiday, Japanese magnate BAPE is once again dropping its Chinese zodiac designs to celebrate the “Year of the Dog.” The collection features the label’s iconic APE head motif alongside a dog spread across black, red and white tees and crewnecks. The capsule will also include apparel decorated with BAPE’s sidekick Baby Milo dressed like dog on hoodies and tees in both adult and kids sizing.

    The items will land in BAPE retailers and online on Saturday, January 6 ranging from ¥4,600 JPY for a kids T-shirt to ¥19,800 JPY for the pullover hoodie (approximately $41 USD to $175 USD). In case you’ve missed it, BAPE’s Double Shark Hoodie is a game changer.

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  • DHL Express has been named 2018 Top Employer for Asia Pacific

    DHL Express has been named 2018 Top Employer for Asia Pacific

    DHL Express, the world’s leading international express services provider, has been named 2018 Top Employer for Asia Pacific as well as eight countries in the region: Australia, Hong Kong, India, Malaysia, New Zealand, the Philippines, Singapore, and Thailand.

    The award was conferred by Top Employers Institute, a global organization recognizing excellence in employee conditions, making this the fourth consecutive year that DHL Express has received the award. This further establishes the company as a regional leader in employment practices and talent development, with a workplace culture built on respect, recognition and equal opportunities.

    In 2017 alone, DHL Express received a total of 49 awards for its workplace and corporate culture in Asia Pacific, up from 39 awards in 2016 and 34 awards in 2015. This year’s string of accolades are the latest additions to the 96 other awards that DHL Express Asia Pacific has received since 2014, many with strict judging criteria based on employee feedback.

    “The DHL culture is built on the two R’s — respect and results. When we value our employees, and provide them with opportunities to achieve, we’re able to deliver the world-class results that our customers rely on to grow their businesses,” said Ken Lee, CEO, DHL Express Asia Pacific. “It is an honor to be acknowledged as a leading employer and an excellent workplace in Asia Pacific once again, and a testament to the hard work and effort that all our employees invest in really making DHL Express a byword for excellence.”

    The Top Employer award has consistently recognized DHL Express’ sustained investment in talent growth, including its Certified International Specialist (CIS) and Certified International Manager (CIM) programs that have trained over 43,000 employees in Asia Pacific. Nearly 75% of executive positions in the region end up being filled by internal candidates thanks to the company’s talent development initiatives, and women hold 1 in 3 management roles in DHL Express.

    “Diversity in leadership and the workplace help us better understand the full range of our customers’ needs and stories — resulting in more effective service for their businesses,” said A. Mateen, Senior Vice President, Human Resources, DHL Express Asia Pacific. “Thanks to a strong Diversity Management framework in place, coupled with comprehensive feedback from our annual Employee Opinion Survey, we’ve established a workplace culture where everyone has not only a voice, but also the opportunity to grow to their full potential.”

    This year, DHL Express was also named Best Employer 2017 for Asia Pacific and nine other countries region-wide, as well as “Best Employer for Women in the Workplace” in South Korea and Taiwan, by human capital firm Aon Hewitt. The Great Place to Work® Institute also recognized DHL Express as one of the “Best Multinational Workplaces in Asia” for five countries as well as the broader Asia Pacific region.

    “The success of any logistics operation depends on the skill, adaptability, and resilience of its people, translated across numerous cultures and geographies,” added Ken Lee. “At DHL Express, we’re committed to creating an environment where all employees can thrive and grow. We’re extremely proud to have nearly doubled the number of awards for our culture and workplace this year compared to 2016: each award encourages us to keep working towards a more inclusive, effective, and empathetic culture in every market where we do business.”

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  • Different approaches to bitcoin in Asia

    Different approaches to bitcoin in Asia

    In mid-September, China’s central bank, the People’s Bank of China (PBOC), told virtual currency trading platforms based in Beijing and Shanghai to cease market operations.

    Authorities also clamped down on ethereum and any other electronic units that are exchanged online without being regulated by any country.

    The PBOC said it wanted to fight “speculation” around the crypto-currencies, which “seriously disrupted the financial system”.

    This came after the National Internet Finance Association of China — an offshoot of the PBOC — drew up a damning report on virtual currencies, saying they were “increasingly used as a tool in criminal activities” such as drug trafficking.

    Experts say Chinese authorities are also concerned about possible capital flight which could harm the value of the yuan.

    However, the authorities in Beijing have not yet attacked bitcoin mining — the creation of the digital currency.

    Between 60 and 70 percent of new bitcoins are created in China.

    Korean concern

    Hyper-wired South Korea was also a hotbed for virtual currencies such as bitcoin, accounting for some 20 percent of global transactions, about 10 times its share of the world economy.

    But South Korean authorities late last year banned financial institutions from dealing in virtual currencies on fears of a bubble fuelled by retail speculators.

    About one million South Koreans, many of them small-time investors, are estimated to own bitcoins and demand is so high that prices are around 20 percent higher than in the US.

    Initial coin offerings (ICOs) — where companies sell newly mined cryptocurrencies to investors for real money — were also outlawed.

    The government has also pledged to strengthen investor protection rules, in an effort to curb speculation and potential fraud.

    Announcing the ban on ICOs in September, South Korea’s Financial Services Commission declared “cryptocurrencies are neither money nor currency nor financial products”.

    Youbit, a South Korean exchange trading bitcoin and other virtual currencies, declared itself bankrupt in December after being hacked for the second time this year.

    North Korea was accused of being behind the first attack.

    Singapore caution 

    Singapore’s central bank has issued a warning over cryptocurrencies, cautioning the public about the risk of jumping in on the “bitcoin bubble”.

    The Monetary Authority of Singapore noted they are not backed by any central bank and are unregulated, which means those who lose their investments have no grounds for redress under Singapore law.

    Yusho Liu, co-founder of Singapore-based cryptocurrency wallet Coinhako, says demand has been soaring, with transactions up around 10-fold over the past year.

    However, while regulators have been prepared to offer a cautious free rein to the digital units, “financial institutions and service providers have been rather resistant”, Liu told AFP.

    “In fact, I believe that only 30-40 percent of the market potential is fulfilled because of the friction generated by such matters. This is the key missing piece of Singapore being the fintech hub,” said Liu.

    Japanese jump in 

    The high-profile collapse of digital currency exchange platform MtGox failed to douse the enthusiasm for virtual currencies in Japan, which in April became the first country in the world to proclaim it as legal tender.

    As many as 10,000 businesses in Japan are thought to accept bitcoin and bitFlyer, the country’s main bitcoin exchange, saw its user base pass the one-million mark in November.

    Many Japanese, especially younger investors, have been seduced by the idea of strong profits in the context of ultra-low interest rates that offer little in the way of returns.

    However, the governor of the Bank of Japan, Haruhiko Kuroda, has recently issued a warning that the recent rise of the bitcoin price was “abnormal”.

  • South Korean economy to uphold decent growth

    South Korean economy to uphold decent growth

    According to a state-run think tank Sunday, the economy of South Korea is preserving a decent growth rate while private spending is picking up, reaching a compensation for a hold up in corporate investment.

    In its monthly assessment of economic conditions, the Korea Development Institute (KDI) declared “facility investment growth slowed down, and construction investment continued its pace of deceleration, while consumer sentiment ran high, with retail sales posting sharp growth.”

    KDI found that even though December’s outbound shipment growth slowed down, exports are proving a modest expansion day by day.

     

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  • Opening of Jeju Shinhwa World Casino Delayed Yet Again

    Opening of Jeju Shinhwa World Casino Delayed Yet Again

    The casino at the Jeju Shinhwa World resort on South Korea’s Jeju Island has pushed back its opening date yet again, with officials this time citing a delay in the transfer of a casino license from another gaming facility.

    Jeju casino delay

    Jeju Shinhwa World has opened many resort attractions, but a planned casino has been delayed several times.

    The casino, which was to be operated by Hong Kong’s Landing International Development, was originally announced to be opening on December 8.

    Two rounds of delays pushed the grand opening to January 18 of this year before Wednesday’s announcement. The opening has now been postponed to a yet unannounced later date.

    Landing Looks to Move Casino from Hotel to Resort

    According to a spokesperson, the issue is now that Landing International wants to take their current casino operations, which are hosted in a local Hyatt hotel, and move them to the resort.

    “We have submitted our application to relocate our casino in Hyatt Jeju to Jeju Shinhwa World,” the spokesperson said. “The Jeju government is currently processing our application and we expect the casino transfer to be approved by the Jeju government after the next sitting of the Jeju [Provincial Council] in February 2018.”

    The proposed resort casino would be significantly larger than Landing International’s hotel operation on the island. While their venue in the Hyatt only features 16 electronic machines and 28 tables, the proposed resort casino would feature 160 table games along with 240 slots.

    Resort Opens Other Attractions While Waiting on Casino

    The Jeju Shinhwa World resort began its first phase of operations just last year, with retail space, hotels, a convention center, and a theme park, which opened last September. Still, the resort won’t be considered truly complete until the casino is opened.

    “It is recognized that [a] casino is one of the most essential facilities within an integrated resort to complement better offerings to its visitors with a complete hospitality experience,” the company said last August.

    According to Landing International, the company plans to continue offering training to casino workers while they wait for the gambling license to be transferred. In total, the resort has about 2,000 employees, including those that are intended to work at the planned casino.

    As with almost all casinos in Korea, only foreigners would be permitted to gamble at the new facility. The only exception to this rule in the country is Kangwon Land, located about 100 miles south of Seoul, which does allow local players.

    The Korean government recently ordered the resort to cut its gaming operations down to 18 hours a day from the previous 20-hour schedule, which could reduce revenues at that facility.

    Jeju Island is the largest of the islands situated off the coast of Korea. The island makes up the entirety of the Jeju Special Administrative Province, an area that enjoys some degree of autonomy from the central South Korean government.

    The island is also a popular tourism destination for Chinese visitors, who can enter Jeju without a visa. However, Chinese tourism to the island has diminished significantly following a temporary travel ban instituted by Chinese President Xi Jinping during a diplomatic standoff last fall.

    According to the Bank of Korea, the decline in Chinese tourism may have cost South Korea more than $4.5 billion in revenue

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  • Malaysia Gears Up for Election as Najib Targets `Fake News’

    Malaysia Gears Up for Election as Najib Targets `Fake News’

    Malaysia’s political parties are gearing up for an election within months, with the ruling party launching a portal aimed at combating “fake news” and the opposition alliance holding a national convention this weekend.

    Prime Minister Najib Razak, 64, said the portal, called TheRakyat — or “The People” — was a “significant step” for the Barisan Nasional coalition ahead of elections which must be held by August.
    “We know that in the 13th general election, we were victims of fake news,” he said at the portal’s launch on Wednesday in Kuala Lumpur. He cited rumors of power outages at voting booths in the 2013 ballot and the suggestion that some votes were therefore not counted. “We believe this will happen again in the 14th general election. That’s why we need a platform to connect to the people.”
    At stake for the ruling coalition is its unbroken rule of the Southeast Asian nation for more than 60 years. Under Najib it suffered its worst showing yet at the 2013 poll, losing the popular vote for the first time and failing to recapture a two-thirds majority in parliament.
    A stronger economy and ringgit could boost Najib’s chances this time, even as his rivals criticize him over rising living costs and corruption allegations. Najib has denied the claims of graft and been cleared by local authorities.

    A disparate opposition — as well as the four-party coalition known as Pakatan Harapan, there are a number of other major groups including the biggest Islamic opposition outfit — may also help Najib. There’s still the possibility of opposition candidates standing against each other in some districts.

    Pakatan Harapan will meet on Sunday and is expected to name its pick for prime minister, with speculation centered around former premier Mahathir Mohamad, who split from Barisan Nasional and has become one of Najib’s fiercest critics. Mahathir, who at 92 years of age is now chairman of Pakatan Harapan, said the group would announce “our future plans” at the end of its convention.

    The opposition’s de facto leader, Anwar Ibrahim, is in jail on a sodomy conviction, a charge he has denied. Pakatan Harapan would need to install an interim prime minister if it wins the election, then secure a royal pardon in order for Anwar to become premier.

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  • New retail fuel prices announced

    New retail fuel prices announced

    The Independent Consumer and Competition Commission (ICCC) has announced the new retail fuel prices for this month, which will take effect on January 8, 2018.

    According to the ICCC’s calculations, retail fuel prices for petrol, diesel and kerosene will increase throughout PNG as of 8th January, 2018.

    “These price increases are attributed to the increases in the Import Parity Prices (IPP) for this month. Furthermore, the increases in the IPP are attributed to the increases in the Mean of Platts Singapore (MOPS) prices for petrol, diesel and kerosene during the month of December, 2017,” ICCC said in a statement.

    “Increases in the MOPS prices are attributed to the increases in crude oil prices during the month of December, 2017. The retail price increase particularly for diesel is attributed in the increase in its excise duty in 2018 from 10 toea to 23 toea per litre.”

    The domestic retail fuel prices are inclusive of the IPP, domestic sea and road freight rates for the first quarter of 2018, 2018 wholesale and retail margins for petrol, diesel and kerosene; including excise duty for petrol and diesel, and the Goods and Services Tax (GST).

    As a result of adding all the various cost components, the table below shows the maximum retail prices for fuel that are to be sold in Port Moresby.

    Port Moresby Retail Prices (toea per litre)

    Petrol (tpl)

    Diesel (tpl)

    Kerosene (tpl)
    Retail Prices as of 8th January, 2018

    346.92

    308.76

    280.47
    Retail Prices as of 8th December, 2017

    343.29

    286.12

    273.94
    Price Variance (+/-) toea per litre

    +3.63

    		      +22.64        +6.53

    As stated above, for this month the retail fuel prices in the National Capital District will change as follows:

    • Petrol prices will increase by 3.63 toea per litre;
    • Diesel prices will increase by 22.64 toea per litre; and
    • Kerosene prices will increase by 6.53 toea per litre.

    Retail prices in all other designated centres will change according to their approved in-country shipping and road freight rates (for the first quarter of 2018) that are charged by the fuel distributors.

    As part of the ICCC’s enforcement and compliance of fuel prices, its investigation officers will conduct inspections at all service stations on Monday, January 8, to ensure prices of petroleum products do not exceed the allowable maximum prices.

    The prices set by the ICCC are the indicative maximum retail prices, for which retailers may choose to sell below the maximum price.

    “Again, the ICCC would like to remind retailers who sell fuel using pumps to set fuel prices to one decimal place while the ICCC will continue to set the maximum price to 2 decimal places,” said Avi Hubert, acting chief executive officer.

    “No fuel pump operator should charge above the Indicative Retail Price for this month’s price regardless of the number of decimals. This is to ensure compliance with the Prices Regulation Act under which the maximum prices of refined petroleum products are set.

    “Retailers who are displaying prices to 1 decimal place are urged by the ICCC to round the prices down to ensure prices are within the allowable indicative retail prices. The ICCC inspectors will continue to conduct spot checks after 8th January to ensure ongoing compliance by fuel operators.”

    Consumers are advised to report any instances of overcharging by retailers through the ICCC’s Consumer Protection Division on 325 2144 or on toll free number 180 3333.

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  • Incheon Airport DF sales notch $2.1bn in 2017

    Incheon Airport DF sales notch $2.1bn in 2017

    As anticipated, the ‘record-breaking’ figure surpasses the $2bn registered in 2016. The result places Incheon ahead of Dubai Duty Free, which recently reported duty free sales of $1.93bn in 2017.

    Many had viewed the THAAD crisis and security issues surrounding North Korea as tempering the South Korean airport’s annual revenue.

    “Incheon Airport Duty Free, however, did pretty well tackling those security issues recording the highest duty-free sales figure, beating previous records,” Bum-Ho Kim, Deputy Executive Director of Incheon Airport Corporation’s (IIAC) Concession Development Group said.

    “Moving into 2018, Incheon Airport expects further growth with our humble prospects of reconciliation with North Korea as well as the end of THAAD crisis with China.”

    In a statement, IIAC confirmed perfumes and cosmetics as the best-selling category with sales of $774m, accounting for 38% of total annual sales.

    Liquor and tobacco took second place with $459m, while leathergoods clocked in sales of $301m.

    The $2.1bn return has to be regarded as impressive given IIAC’s acknowledgement said on frequent occasions that the situation concerning THAAD on the fortunes of South Korea’s duty free market remains a challenging one.

    However, it is worth noting that rising numbers of Korean and international passengers have helped the airport to offset the impact of diminishing Chinese passenger spends in recent times.

    In reaction, Incheon has moved to diversify its retail offer over the past few years, confirmed Kim in an in-depth interview in the Top 10 Airport’s report in August.

    IIAC confirmed these sentiments in a statement, stating it has ‘confronted these challenges by diversifying [its] customer demography, offering customer-friendly promotions with first-hand experiences, and inviting global and local brands, not to mention increasing passenger traffic’.

    Five-year concession contracts were awarded in 2015 to SM Duty Free, City Plus Duty Free, Samick Duty Free and Entas Duty Free with Shinsegae Duty Free, which operates a 2,856sq m fashion store in T1, also adding new luxury brands such as Moncler.

    As reported, Lotte Duty Free and Shilla Duty Free secured the eight-year liquor, tobacco and food and perfumes and cosmetics concessions, respectively, for the the new T2 last year, with Entas Duty Free, SM Duty Free and City Plus scooping the SME lots.

    Meanwhile, the 4,889sq m re-tendered fashion & accessories concession was secured by Shinsegae Duty Free.

    Terminal 2’s retail area covers an impressive 9,597sq m, boasting a number of flagship stores offering unique shopping experiences.

    These include make-up showcases from the likes of Chanel, Dior, Sulwhasoo, Lancome, SK2, and Estée Lauder and liquor & tobacco areas featuring tasting bars and new concepts from Ballentine’s, Johnnie Walker, Royal Salute, Hennessy, KT&G and IQOS.

    “In 2018, Incheon Airport is hoping to see further increases in our passenger traffic thanks to the opening of Terminal 2 and better political circumstances,” Kim added.  “Incheon Airport Duty Free is set to embark on new leap with T2, as well as T1, to satisfy passengers visiting Incheon Airport and lead with the best airport shopping environment.”

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  • Aeon Mall’s 9-month profit seen rising 10% to record

    Aeon Mall’s 9-month profit seen rising 10% to record

    Strong earnings in China and Southeast Asia have helped boost operating profit for Japanese developer Aeon Mall to about ¥33 billion (US$293 million) for the nine months to the end of November.

    This is up about 10 per cent on the same period a year earlier, and would be a record. Its previous high was ¥30.1 billion in 2013as reported. Operating revenue rose 7 per cent to a little more than ¥210 billion.

    Its Southeast Asian business has come out of the red, with overseas losses shrinking to nearly ¥1 billion for the period from ¥2.9 billion previously. Thirteen of the company’s 19 malls in China and Southeast Asia turned a profit, up from eight out of 17 a year before.

    In Japan, sales rose 3 per cent for specialty-store tenants in its malls offering household products, food and other items, boosting rent revenue correspondingly.

    Aeon Mall’s operating profit for the full year through February is expected to rise 11 per cent to ¥50 billion on a 9 per cent gain in operating revenue to ¥295 billion.

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