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Tag: asia

  • Visa Obtains Domestic Network Licence for Debit Transactions in Thailand

    Visa Obtains Domestic Network Licence for Debit Transactions in Thailand

    Visa, the world’s leader in digital payments, has obtained a domestic network licence from the Bank of Thailand. Through a partnership with National Interbank Transaction Management and Exchange (National ITMX), Visa will provide banks and merchants with a comprehensive suite of Visa’s debit products and resources to grow digital payments for the people of Thailand.

    A Visa debit card provides consumers with fast, simple and secure access to the funds in their bank account and can be used to make purchases wherever Visa is accepted online and at more than 40 million merchant locations around the world.

    Suripong Tantiyanon, Country Manager, Visa Thailand said: “As the demand for faster, more convenient and secure electronic payments grows in Thailand, we see a tremendous need for a solution such as Visa Debit. The world of commerce continues to evolve at a phenomenal pace. Visa Debit can be used as a physical card or as the underlying digital account for QR Code or mobile payments, while also enabling cardholders to receive rewards and other benefits.”

    This licence allows Visa to fully participate in Thailand’s domestic debit market and support the government’s National ePayment Plan.

    “By obtaining a domestic network licence, Visa can continue to drive innovation and expand access to electronic payments in Thailand creating a more financially inclusive ecosystem for all. Visa Debit will be a key tool in the adoption of electronic payments in the country, helping Thais to become more financially confident,” said Mr. Suripong.

    For decades, Visa, together with its financial institution and merchant partners, has consistently invested in growing electronic payments in Thailand. This has included growing card issuance and acceptance, educating consumers and merchants on the benefits of electronic payments, and introducing new payment innovations.

    Visa operates one of the world’s largest retail electronic payments networks, VisaNet, processing more than US$9.5 trillion worth of transaction a year, with built-in fraud protection for consumers and assured payment for merchants. Thailand will benefit from Visa’s technological expertise and more than half a century of knowledge in growing an open and sustainable payments ecosystem.Based on payments volume, total volume, number of transactions and number of cards in circulation.

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  • Vietjet evolving as a Consumer Airline in its next phase development

    Vietjet evolving as a Consumer Airline in its next phase development

    Fast growing Vietjet is evolving to become a “Consumer Airline” in its next phase of development, according to its President and CEO, Nguyen Thi Phuong Thao, at the APEC CEO Summit 2017 in Danang, Vietnam.
    Speaking at the session themed “Connecting for Growth,” Nguyen said Vietjet is heading to build up the airline that serves consumption demands, using e-commerce platform and logistics and consumption product distribution system.

    “We are leading a digitalization and automation trend in the 4.0 technology revolution. I believe that direction plays a very important role to fulfill the target of – connecting for growth,” she said.

    Sharing the Vietjet success story, Nguyen said “our pride named Vietjet” is a typical corporate culture trait which is the key of success for all our plans, all strategies and all ambitions.

    “Each of us is proud of being a member of our organization. We do strongly believe that with the connection of civilizations and nations and cultures, trading sectors which create ecological systems for human development and economic growth, there is a prosperous and brighter future in the sky. We are dedicated to realizing that future soon.”

    She also presented the Vietjet vision with a global development plan that comes with efforts to build up the airline into a multi-national company and multi-cultural environment homing staff from more than 30 countries.

    Defined by our motto “Sky Connection,” Vietjet international routes now account for more than two-third of our operating network, she said.

    “We are heading our international network via interlines with credited airlines in the world. We successfully did it with Qatar Airways, doing it with Japan Airlines and will do it with Asiana soon. We are also working with one carrier in the US and one carrier in EU for possible co-operations. Other than standard low-cost carriers which can only fly around with a radius of less than three hours, in a very near future, our passengers can fly to many destinations around the world,” she added.

    At the helm of Vietjet’s rapid expansion, Nguyen Thi Phuong Thao has been named by Forbes as one of the world’s top 10 power women in business. It is her ambition to grow Vietjet, which she founded in 2011 into an international airline. Vietjet, the first airline in Vietnam to operate as a new-age airline with low-cost and diversified services, was listed in the country’s largest IPO on the Ho Chi Minh City Stock Exchange last February.

    After only five years of operation, Vietjet has captured the biggest share of the Vietnam local market and become the country’s largest domestic carrier.

    The APEC CEO Summit 2017, held in Da Nang between 8 – 10 November, 2017 is Asia-Pacific’s premier business event. It provides unparalleled opportunities for global business executives to engage in dialogue with APEC Leaders, high-level government officials and influential thought leaders.

  • How Technology and Health Effect Relationship? Prudential Relationship index sheds interesting insights

    How Technology and Health Effect Relationship? Prudential Relationship index sheds interesting insights

    In this rapidly-evolving digital age, the relationships of Thai people are weakening and technology is one of the main culprits. Technology, which includes social media, is the second-leading cause of arguments among couples in Thailand, according to the recent Prudential Relationship Index (PRI) 2017 report.

    Relationships breathe life into our lives, adding colour, tears and laughter. But how much do we truly understand them?  In the pursuit of deeper relationship insights, Prudential has launched the second edition of the PRI, a year after the inaugural report was launched in 2016.

    This year, Thailand retains its fifth position on the PRI index among the nine markets surveyed in Asia, with a score of 70/100 – a one-point decrease from 2016. This indicates that relationships in Thailand fulfil 70% of people’s needs and expectations, leaving a 30% relationship gap. The highest PRI scores across the region were recorded in Cambodia and the Philippines.

    CEO of Prudential Thailand, Aman Chowla said, “We are delighted to launch the second edition of the PRI in Thailand, which provides interesting insights into the state of relationships among Thai people. Highlights from this year’s results reveal that physical health and financial security for loved ones continue to be a key priority among Thai people.”

    On the importance of relationships, Aman Chowla said, “Research has shown that better relationships directly translate to a greater sense of well-being and significant improvement in health and longevity. We consider Prudential to be a life partner to our customers and will strive to provide fresh and innovative experiences to them.”

    Does technology make relationships stronger or weaker?

    While social media can bring people together, many couples in Thailand say it drives a wedge between them. Thirty-six percent of respondents argue with their partners over the amount of time spent on smartphones or computers. Close to the same proportion say they sometimes get upset by what their partner posts on social media (37%).

    Forty-six percent of people in Thailand say their families spend too much time on the phone rather than talking to each other, while 40% admit the time spent on the phone has a negative impact on their family relationships.

    The difference between men and women in the utilisation of technology is also clear: 71% of Thai men say they are on their phones more than their partner, compared to 51% of women.

    Thais do care about their health…but to what extent?

    According to the PRI 2017, people in Thailand are aware of the need to be more physically healthy, but do little to maintain their health.

    Sixty-nine percent of Thais are concerned whether they will stay physically healthy when they are older. More imminently, 34% believe their health will worsen in the coming five years.

    Despite these concerns, 61% of Thais say they are not currently active in maintaining their health. When asked what they would like changed in their partners, making their partners healthier topped the wish list – as mentioned by over half of the people (54%) surveyed in the PRI 2017.

    “The insights from the PRI 2017 provide us with an in-depth understanding of the top needs and concerns in the market. While health is a key concern, a third of Thais (66%) are also worrying about saving enough for their future retirement, with 55% citing retirement as their key financial priority. The findings from this insightful report reinforce our commitment to provide tailored products and services to enhance our customers’ overall quality of life, from health and medical to savings and life protection,” concluded Mr Aman Chowla.

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  • LANCÔME Travel Retail Asia Pacific Kicks Off ‘Declaring Happiness’ Global Campaign

    LANCÔME Travel Retail Asia Pacific Kicks Off ‘Declaring Happiness’ Global Campaign

    Leading French luxury beauty brand LANCÔME

    Travel Retail Asia Pacific is delighted to announce the launch of a global campaign,
    ‘Declaring Happiness’, which will be celebrated through a series of brand events across
    Asia. In line with the global direction to strengthen LANCÔME’s digital presence in the
    region, each of these events will leverage on the digital influence of celebrities and key
    beauty opinion leaders to engage a broader audience, and at the same time converge the
    offline and online retail experiences to foster a stronger brand engagement with
    consumers.

    Beginning in Korea, the global initiative was kickstarted with a store event
    and cocktail party graced by renowned Korean actress, Kim Go-Eun, at Lotte Hotel, the
    first 2020 concept store for LANCÔME Travel Retail Asia Pacific to offer a unique retail
    experience with its consumer centric and high retail quality that allows travellers to freely
    discover various travel exclusive products in the shop. After which, the campaign landed
    on the shores of Singapore, with a resplendent LANCÔME Holiday Wonders pop-up
    store that lit up Singapore Changi Airport in festive spirit for the holiday season. Moving
    forward, the campaign will make a stop in China, with a launch event in November at
    Haitang Bay that is set to continue the brand’s journey in sharing happiness with all
    women, before concluding with a Hong Kong event in December.

    The Soul Behind The Campaign

    “The LANCÔME ‘Declaring Happiness’ global campaign richly illustrates our passion to
    inspire and share happiness with women by making their lives more beautiful. Ultrafeminity,
    emotion, joie de vivre and beauty have always been at the heart of LANCÔME’s
    DNA. Through this series of ‘Declaring Happiness’ events across Asia, we hope to
    continue creating moments of happiness for all women by exploring different consumercentric
    innovations at our events that allows us to foster a deeper connection and
    engagement with our consumers.” says Ms. Tao Zhang, General Manager of
    LANCÔME Travel Retail Asia Pacific.

    ‘Declaring Happiness’ Kick-off Event in Seoul

    The ‘Declaring Happiness’ campaign started off in Seoul on 12 October 2017 with
    LANCÔME Travel Retail Asia Pacific’s first-ever live streaming event, attended by
    guests from all across Asia – most notably, renowned Korean actress Kim Go-Eun and
    social media influencers from China. The 11 Chinese social media influencers livestreamed
    at both the event venue and concept store through Weibo, creating organic,
    user-generated content by sharing their experience with millions of their followers and
    interacting with them during the live feed.

    At the beauty talk session, Kim Go-Eun revealed her beauty secret for porcelain skin and
    attributed it to some of her favourite LANCÔME products – the UV Expert Aqua Gel
    and Blanc Expert Cushion.

    Other highlights of the event also include activities for new product launches such as the
    ‘Génifique’ zone, which employed touch-screen gaming technology to create a unique
    platform on which guests could experience the Génifique Sensitive. Guests were also
    given the opportunity to be the first to experience the fruity floral scent of LANCÔME’s
    new fragrance, the Miracle Secret, as well as the newly launched L’absolu Gloss.

    LANCÔME Holiday Wonders Pop-Up Store at Singapore Changi Airport

    Following its launch in Seoul, the ‘Declaring Happiness’ campaign arrived in Singapore
    with a much-anticipated LANCÔME Holiday Wonders pop-up store at Changi Airport
    on 16 October 2017, the first of its kind to blend retail with entertainment to create a
    captivating pop-up experience. The launch event was officiated with a ribbon cutting
    ceremony and champagne toast graced by VIPs and partners, followed by a speech given
    by Ms. Tao Zhang, General Manager of LANCÔME Travel Retail Asia Pacific.

    Pop-up store is designed to enrapture travellers at Singapore Changi Airport with various
    multi-dimensional retailtainment. An instant crowd-favourite at the launch event is the
    Virtual Mirror, a LANCÔME Travel Retail Worldwide exclusive at Singapore Changi
    Airport that allows guests to try on different makeup looks via a augmented reality virtual
    makeover application. Fans of Virtual Mirror at the event included notable beauty
    personalities and key opinion leaders such as Andrea Chong, Christabel Chua, Kimberly
    Wang, Liv Lo, Mongchin Yeoh, Sheila Sim, and Chinese fashion opinion leader Lu Min,
    all of whom indulged in the exciting opportunity to experience the Virtual Mirror. Guests
    were also kept entertained with a LANCÔME photobooth at the storefront which
    featured a splendid backdrop of floating balloons over Paris. Finally, for a chance to win
    the brand’s bestselling L’Absolu Rouge lipstick samples, guests did their best to clock up
    top scores at the LANCÔME digital touchscreen game.

    Consumers at the LANCÔME Holiday Wonders Pop-up store will also be treated to a
    complimentary engraving service for the ‘LANCÔME x SINGAPORE’ luggage tag, an
    exclusive holiday collectible for those who purchase the ‘Your Perfect Travel
    Companion’ sets.

    Hereafter, consumers can look forward to a uniquely LANCÔME beauty experience
    when the ‘Declaring Happiness’ campaign makes its stop at Haitang Bay, China in
    November and Hong Kong in December.

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  • Vietjet Bags Best Ultra Low Cost Airline Award 2018

    Vietjet Bags Best Ultra Low Cost Airline Award 2018

    New age airline Vietjet is certainly no stranger in the aviation arena, making headlines for its innovative campaign executions and exponential growth in recent years.

    It comes as no surprise that the airline was recently bestowed the inaugural Best Ultra Low Cost Airline Award 2018 title by AirlineRatings.com – the world’s only air safety and product rating review website. Joining the likes of Air New Zealand and Singapore Airlines, Vietjet was named a winner of the Airline Excellence Awards by the website which promotes excellence in the airline industry.

    Geoffrey Thomas, Editor-in-chief of AirlineRatings,com said, “Vietjet is a real innovator bringing very affordable, safe and enjoyable travel with an outstanding product to millions across Asia and Vietnam. The airline has done the impossible – bringing top class travel to the region at amazing prices and ultimate flight experiences.”

    “The new award, taken out by Vietjet, celebrates a new breed of airlines that offer extraordinary value to passengers, while not compromising on product or service,” added Thomas.

    Since its debut in December 2011, Vietjet has rapidly grown its fleet and expanded its route networks to include a number of local and international destinations, opening up affordable travel to all across the region.

    To date, the airline has flown over 40 million passengers, and been presented with numerous awards including 32 domestic and nine international accolades such as being named ‘The Pioneer Airline’ by The Guide Awards 2017 at the annual festival of national tourism 2017 Vietnam and the ‘The Best Asian Low-Cost Carrier 2015’ at the TTG Travel Awards 2015.

    At the helm of Vietjet’s success is its Founder and CEO, Nguyen Thi Phuong Thao who was recently listed in Forbes World’s 100 Most Powerful Women list.

    “I have always aimed big and done big deals. I have never done anything on a small scale and this is the same driving force behind the growth of Vietjet. It is my goal to continue propelling Vietjet forward and leading it to its highest point of success,” said Thao. Vietjet plans to open six new routes in the fourth quarter, increasing its total new routes by 19 for the year 2017.

    The AirlineRatings.com Airline Excellence Awards, judged by six editors with over 180 years’ industry experience, combines major safety and government audits, with 12 key criteria – up from nine last year – that include: fleet age, passenger reviews profitability, investment rating, product offerings, and staff relations.

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  • OCBC Bank to distribute health insurance via Mobile and Internet Banking

    OCBC Bank to distribute health insurance via Mobile and Internet Banking

    Digitalising the way customers buy health insurance products, OCBC Bank has again launched a first in the digital wealth management space. This first-of-its-kind way of buying a health insurance plan in a few simple clicks via OCBC Bank’s mobile and Internet banking channels makes access to essential health and illness coverage fast and frictionless.

    Typically, health insurance plans like critical illness, disability, hospitalisation and surgical are not sold via online channels as they require a health check-up to evaluate the applicant’s medical condition. However, with Early Cancer Care, eligible OCBC Bank customers simply need to make a health declaration with the click of a button.

    Early Cancer Care is the first health insurance product to be rolled out on OCBC Bank’s mobile and Internet banking channels, with more non-general insurance plans to be added over time. Underwritten by Great Eastern, it is a cancer insurance plan that provides coverage in the event early or major cancer is detected.

    Depending on the plan purchased, upon diagnosis of major cancer, the insured will receive a cancer recovery benefit of up to S$3,000 monthly for six months, and a lump sum benefit of up to S$150,000, which can be used to cover treatment costs. If early-stage cancer is detected first, the insured will receive 40 per cent of the sum assured, cancer recovery benefit for six months, and all future premiums will be waived. The remaining 60 per cent of the sum assured will be paid out if major cancer is diagnosed subsequently.

    OCBC Bank has radically simplified the purchase of health insurance by offering Early Cancer Care via the bank’s mobile and Internet banking channels, while keeping the process private and confidential in a secured environment unlike unsecured webpages touting similar products. Once the customer has logged in via two-factor authentication, their personal information will be pre-populated on the insurance product application form, and they can make payment from their OCBC Bank accounts or credit cards.

    Mr Aditya Gupta, Head of E-Business Singapore, said: “This is a game changer. So far, our customers in Singapore have had to contend with general insurance products being available for purchase online. By offering our customers access to directly buy insurance solutions like Early Cancer Care via our digital channels, we have upped the ante in meeting their insurance needs simply, quickly and securely. It’s the start of what I call ‘democratisation of insurance’.

    Mr Jerry Ng, Head of Bancassurance, said: “Early Cancer Care is probably one of the most important insurance plans you will buy; that’s why we have made buying it easy and paperless for our eligible customers. We will soon be including other insurance products for purchase on our mobile and Internet banking channels. A majority of cancer plans are renewable yearly, with premiums increasing with age. Early Cancer Care provides cancer coverage for both early and major cancer detection, and the premiums do not increase with age throughout the policy term.”

    Mr Roy Tan, Head of Bancassurance, Great Eastern Life Singapore, added: “A key focus for us at Great Eastern is to harness advances in digital technology to better enable our channel partners such as OCBC to deliver our product solutions to customers more efficiently. We will continue to collaborate to create greater value and better experience for all our customers.”

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  • Siam Paragon Luxury Property Showcase 2017

    Siam Paragon Luxury Property Showcase 2017

    The property market in 2017 and 2018 has a positive outlook thanks to several factors, including indicators of a continued recovery of the Thai economy, good purchasing power – especially for high-end and luxury property, and the government’s economic stimulation measures and policy to promote property development in preparation for an aging society. All these contribute to the emergence of new markets and increased demand for property ownership among the Thais and foreigners.

    Due to demand for superior luxury property, Siam Paragon Shopping Center will organize the Siam Paragon Luxury Property Showcase 2017, bringing together all the leading premium property developers in Thailand to showcase masterpiece and high-end residential projects and holiday homes. The event will be the eleventh edition of this grand expo, showcasing 14 projects of super-luxury houses, condominiums and resorts with more than 3,000 units by Thailand’s leading developers, plus luxury yachts for ultimate luxury living. The showcase, which comes with special offers to welcome the year’s end, aims to meet every need of potential buyers and investors, whether they are looking for opportunities to own high-end property and assets or for long-term investments.

    Chanisa Kaewruen, Deputy Managing Director of Marketing Events and Business Relations, Siam Paragon Shopping Center said, “Both the luxury and super-luxury condominiums and low-rise property markets have experienced continued growth since the beginning of 2017. Thanks to low interest rates and increased loan approval rates, the property market will grow further in the fourth quarter and get even better in 2018. The organizing of this showcase will offer a great opportunity for the developers to reach their target customers and for potential buyers to enjoy special offers, exceptional prices and promotions that will make the decision-making process easier,” said Chanisa.

    The projects to be showcased at this event are all residential and holiday home masterpieces on the best locations. They are ARNA EKAMAI, BLUEPHERE PATTAYA, CANAPAYA RESIDENCES, FOUR SEASONS PRIVATE RESIDENCES BANGKOK AT CHAO PHRAYA RIVER, LAVIQ SUKHUMVIT 57, THE LOFTS SILOM, MOVENPICK RESIDENCES & POOL VILLAS, NARA 9 BY EASTERN STAR, NIVATI, THE PANO, THE RESIDENCES at SHERATON PHUKET GRAND BAY, SWAN LAKE RESIDENCE KHAOYAI and WISH SIGNATURE II MIDTOWN SIAM. Special for this year, luxury yachts by BOAT LAGOON will also join the showcase, responding to demand for luxury assets.

    “Developers have prepared to meet investors and buyers’ demand in this year and next year by offering more mixed-use projects, increased private space, fully furnished units with high-end furniture, and other services and facilities for the best comfort and convenience. Strategies to satisfy the buyers’ lifestyle and special offers to attract investors are expected to be well received like previous years during this 11-day event,” said Chanisa.

    Neti Narumit, a condominium investor, property broker and ultra-luxury condominium specialist, has made interesting comments about the market, particularly for high-end property. According to him, the fact that the luxury and super-luxury property market has been growing every year is because they are not much affected by economic situations. This market still enjoys demand from the Thai upper class and foreigners as well as long-term investors. Luxury properties on great locations with extravagant design and quality materials remain the market that both developers and investors show great confidence in. As prices rise every year, this sector continues to grow with great strength.

    “The property market, especially the upper market, will continue to grow next year in line with the growing economy thanks to the flow of funds from foreign investors, the completed megaprojects that have resulted in high prices for land, the government’s special economic zone development and the growth of important cities across the country. This market receives great attention from investors and developers and is still able to create excellent capital gain, resulting in confidence by both Thai and foreign investors. In particular, the new generation of businesspeople – those who are good at financial management, have great lifestyle and look for a stable investment that offers long-term returns, will invest more in property, especially in the upper market. They feel confident that this market has sourced the best locations with high demand, such as the city center, areas connected to parks and water or the rapid transit systems, commercial districts and travel destinations like the sea and mountains, and that the prices of these properties will only increase. This group of investors also express confidence in brands with luxury design and use of technology and innovations to offer the best service and buyer satisfaction. They feel confident in both the value of property and the brands of high-priced projects.”

    The Siam Paragon Luxury Property Showcase 2017 will take place on November 9-19 at the Fashion Hall and the Fashion Gallery on the 1st Floor of Siam Paragon Shopping Center, where leading developers will showcase superb high-end residential projects and excellent investment opportunities with three special offers. The first offer is discounts and promotions for luxury residential projects and holiday homes on great locations. The second offer is for top spenders at the event. The customer with the highest spending will receive an exclusive yacht trip in Phuket worth 350,000 baht provided by Boat Lagoon Yachting. The prize includes one-day luxury stay on the yacht for ten people with complimentary food, drinks and champagne. The second and third top spenders will each receive a round-trip ticket to Phu Quoc, Vietnam for two people, worth 108,000 baht from Bangkok Airways and three-night accommodation at the Turquoise Suite at the JW Marriott Phu Quoc Emerald Bay Resort & Spa with complimentary meals worth 192,500 baht. The fourth and fifth top spenders will receive a powerful wireless vacuum cleaner from Dyson V8 Animal Vacuum worth 25,900 baht. The third offer is a special privilege for Kasikorn and Thanachart credit card holders. When spending with their respective credit card, Kasikorn customers will receive up to 12,000-baht cashback and an installment payment option with 0% interest for up to ten months while Thanachart customers will receive up to 14,000-baht cashback and an installment payment option with 0% interest for six months. For more information, please call 0-2610-8000.

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  • Razer partners with Worldpay for seamless online payments

    Razer partners with Worldpay for seamless online payments

    Worldpay, a leader in global payments has announced that it has been selected by Razer, the leading global lifestyle brand for gamers, as one of its key online payments provider for the virtual credits service Razer zGold.
    Razer’s zGold service allows gamers to purchase virtual credits in exchange for digital content such as games and in-game items from different content providers.

    Worldpay was chosen by Razer as it offers global coverage and a comprehensive suite of payment services. The company will also provide deep analytics to help Razer better understand its customers’ online behaviour, as well as extensive customer support. Since implementing Worldpay’s suite of payment solutions and a revamped checkout, Razer has seen a rapid take-up of zGold and retention rates. Razer is now also able to accept additional payment options including Alipay.

    Ian Lim, Director of Software at Razer said: “The Razer zGold service is set to transform the virtual credits landscape and we chose Worldpay for its ability to help us scale quickly cross multiple regions. We have seen increased user take-up and retention rates since we began working with the Worldpay team and there is much growth ahead for both companies.”

    Stuart Thornton, VP Business Development APAC, Global eCom, Worldpay said: “We are entering a hugely exciting period for Razer, and are delighted to be supporting its vision to create a first-class experience for gamers. Whether purchasing the latest hardware in the online store, or buying new games and digital content with Razer zGold, gamers can expect a seamless online experience.”

  • Rough week for Tang Shing-bor

    Rough week for Tang Shing-bor

    Property tycoon Tang Shing-bor has sold a block of land next to Times Square shopping mall for a total of HK$950 million (US$122 million).

    Previously the Causeway Bay land housed two buildings, and the sale paves the way for it to be redeveloped into a 34,500sqft (3200sqm) retail tower, reports the Hong Kong Economic Times.

    The buyer of the Percival Street site is believed to be Hysan Development, which owns Hysan Place mall and neighbouring Lee Garden properties.

    Real-estate intelligence website Mingtiandi says the deal is another sign of Hong Kong’s robust commercial property market and the rising popularity of the “Ginza-style” vertical shopping-mall format.

    Dubbed Hong Kong’s “shop king”, Tang had been gradually buying up parts of the two adjacent buildings, culminating with his $250 million purchase last year of the 1100sqft ground-floor Kung Wo Tong tea shop. Before this, the billionaire founder of real-estate investment firm Stan Group had paid more than HK$100 million to acquire full ownership of the neighbouring five-storey building, since demolished.

    Market analysts predict the new owner will redevelop the combined site into a retail tower modelled after the high-rise buildings dominated by retail and nightlife offerings in Tokyo’s upscale shopping district Ginza, says Mingtiandi.

    Meanwhile, the Percival Street sale marks the third major disposal in less than four months for Tang, who is said to have had property transactions worth a total of $5.9 billion since July.

  • Cinnabon is back to Korea

    Cinnabon is back to Korea

    US-based bakery chain Cinnabon has returned to Korea with an outlet at Hyundai Department Store in Seoul.

    The menu includes Cinnabon Classic Rolls, Cinnabon Caramel Pecan, Minibon, and drinks such as Single Origin Coffee, three Coldbrew Ice Coffees, four Espresso Coffee drinks, Chillattas, Hot/Ice Chocolate and Fizzies.

    Cinnabon first came to Korea in 2001 with plans to open 50 outlets within six years, but failed to gain traction at the time.

    Owned by Focus Brands, Cinnabon now operates in 53 countries worldwide.

    Last year, the chain looked for its franchisees to expand to China.

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  • Toyota forecasts tough outlook for U.S. sales, yen boost to overall profit

    Toyota forecasts tough outlook for U.S. sales, yen boost to overall profit

    Toyota Motor Corp upgraded its full-year operating profit forecast by 8 percent on expectations of a weaker yen but flagged a dour outlook for North America, its biggest market, where quarterly sales fell to the lowest in nearly three years.

    Japan’s largest automaker is struggling to sell more cars in North America, where automakers are battling for customers with aggressive discounts, particularly on sedans as driver preferences shift to bigger SUVs and pick-up trucks. This has raised marketing costs for Toyota and other automakers.

    Profitable growth in North America is important to Toyota to help it sustain big investments it is planning to make in fast-growing new technologies such as automated driving functions and artificial intelligence.

    Toyota said on Tuesday it now expects full-year operating profit to come in at 2.0 trillion yen ($17.54 billion), up from a previous forecast of 1.85 trillion yen, based on a revised assumption that the yen will trade around 111 yen JPY= to the U.S. dollar, from 110 yen.

    The updated profit forecast number is more or less similar to last year’s operating profit of 1.99 trillion yen and in line with forecasts of a profit of 2.04 trillion from analysts polled by Thomson Reuters I/B/E/S.

    Toyota Executive Vice President Osamu Nagata said that the improved forecast was largely due to a positive currency impact, adding that marketing activities, including financial incentives in the United States, would cut into overall profitability this year.

    “Weakening profitability in our U.S. operations is still having a negative impact,” Nagata told reporters at an earnings conference, adding that the shift in demand from sedans to SUVs and falling residual values of leased vehicles would continue to weigh on the company.

    “We still have a lot of work to do there.”

    In July-September, the maker of the Prius gasoline hybrid and the RAV4 SUV crossover sold around 672,000 vehicles in North America, down from around 684,000 a year ago. It was Toyota’s lowest quarterly sales there since the January-March 2015 quarter.

    The automaker anticipates lower annual retail sales in the region for the year to March. At home, sales fell 4.2 percent during the quarter to 543,000 units.

    QUARTERLY RESULTS, SHARE BUYBACK

    Honda Motor Co Ltd (7267.T), Japan’s third-biggest automaker, and smaller Subaru Corp (7270.T) both reported earlier this month that they sold fewer vehicles in North America during July-September and spent more on incentives to whittle down inventories.

    Nissan Motor (7201.T), the nation’s second-biggest vehicle maker, will report its results on Wednesday.

    Toyota is fighting to stay competitive in the U.S. market, which is coming off a strong run that culminated in record sales of 17.55 million vehicles industry-wide in 2016. For the past year or so, Toyota has been raising the production of its Tacoma and Tundra pick-up trucks and its RAV4 SUV crossover, to capitalize on strong demand for larger models.

    But improving sales in other markets have been offsetting weakness in the United States. Quarterly vehicle sales rose 8.0 percent in Europe, and 0.3 percent in Asia. In growing markets, which include central and South America, sales rose 0.6 percent.

    “Even if sales in the U.S. have flattened out, they’re seeing growth in a lot of other markets, like ASEAN, Brazil and Russia, which were considered weak spots not so long ago,” CLSA managing director Chris Richter said.

    Toyota posted a 10 percent rise in operating profit for the second quarter, exceeding analysts’ forecasts for 515.3 billion yen. It also announced a share buyback worth 250 billion yen, the latest in a series of buybacks it has been making over the past few years.

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  • Ford, China’s Zotye Auto invest $756 million in electric vehicle JV

    Ford, China’s Zotye Auto invest $756 million in electric vehicle JV

    Ford Motor and China’s Anhui Zotye Automobile have agreed to invest a combined $756 million to set up a 50-50 joint venture in China to build electric passenger vehicles, both companies said on Wednesday.

    The new joint venture, Zotye Ford Automobile Co. Ltd, plans to build a manufacturing plant in Zhejiang province and will sell all-electric vehicles under a new Chinese brand, tapping into a boom for such vehicles in the world’s top auto market, Ford Motor said in a statement.

    “Zotye Ford will introduce a new brand family of small all-electric vehicles,” Ford group vice president Peter Fleet said in the statement. “We will be exploring innovative vehicle connectivity and mobility service solutions for a new generation of young city-dwelling Chinese customers.”

    The JV deal was signed during U.S. President Donald Trump’s visit to China as the two countries inked commercial deals worth about $9 billion.

    In addition to the new JV, Ford and Zotye will explore offering mobility services to consumers in China as local demand for such solutions continues to grow, Ford’s statement added.

    China, struggling with alarming pollution levels in major cities, is aggressively pushing plug-in vehicles and has poured in tens of billions of yuan in investment, research funding and subsidies, drawing many new automakers to launch projects.

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  • Mitsubishi Motors swings to operating profit in second quarter

    Mitsubishi Motors swings to operating profit in second quarter

    Mitsubishi Motors Corp said on Tuesday it swung to an operating profit for the second quarter, beating expectations as it rebounded from a mileage-cheating scandal a year earlier helped by cost cuts and favorable exchange rates.

    Healthy demand in Southeast Asia, Mitsubishi’s top market also lifted earnings with the automaker saying it was seeing strong orders for its new Xpander seven-seater multipurpose vehicles in Indonesia.

    Operating profit came in at 23.6 billion yen ($207.3 million) for the quarter, compared with a loss of 36.2 billion yen a year earlier when it was forced to stop sales of some domestic models due to the scandal.

    That exceeded forecasts for 20.14 billion yen from four analysts polled by Thomson Reuters I/B/E/S.

    During the first-half, retail vehicle sales at home climbed 48 percent while those in southeast Asia rose 15 percent.

    Mitsubishi kept its forecast for operating profit to surge 14-fold to 70.0 billion yen in the year to March. That reflects the rebound from the scandal as well as expectations of further growth in Asia and cost savings from its alliance with Nissan Motor Co (7201.T).

    The car maker has set ambitious goals for growth in Southeast Asia, China and the United States as well as for a comeback in Japan. Last month, it said it planned to boost global sales by 30 percent over three years.

    Under its new three-year strategy plan – Mitsubishi’s first since Nissan bought a controlling stake in 2016 following the scandal – the Japanese automaker will also ramp up R&D investment and capital spending.

    The company has reorganized the engineering division involved in the mileage manipulation scandal and has improved testing processes and compliance procedures.

    It expects the yen to trade around 105 yen to the U.S. dollar in the year to March.

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  • Macy’s bad days in third quarter

    Macy’s bad days in third quarter

    Department store chain Macy’s has posted disappointing third quarter earnings, but tighter inventory controls has helped boost profit margins for the retailer.

    Macy’s posted a drop in sales of 6.1 per cent from $5.6 billion to $5.3 billion. Comparable store sales including licensed sales has seen a 3.6 per cent decrease. Gross margin increased from 39.8 per cent in FY 2016 to 39.9 per cent in the current year. Selling cost has remained high and has increased from 37.5 per cent to 37.8 per cent.

    Macy’s also reaffirmed its full-year outlook, citing heightened momentum heading into the all-important holiday shopping season.

    “We are excited about our plans for holiday, which is when Macy’s truly shines as a gifting destination,” said Jeff Gennette, Macy’s CEO.

    “The loyalty program, special in-store experiences and a strong mobile and online presence will help drive holiday sales.”

    During its third quarter, Macy’s opened eight new freestanding Bluemercury beauty specialty stores for a total of 135 stores and seven new Macy’s Backstage off-price stores within existing Macy’s stores for a total of 45 locations.

    During the quarter, the company announced that it will close the following stores in early 2018: Laguna Hills Mall in Laguna Hills, CA; Stonestown Galleria in San Francisco, CA; and Westside Pavilion in Los Angeles, CA.

    Neil Saunders, managing director of GlobalData Retail, said Macy’s has presented a rather mixed bag of results, with gains on the bottom line overshadowed by the continuing slide in sales.

    “Admittedly, total sales have been affected by the program of store closures, but the comparable number – which worsened since the last quarter – cannot fall back on the same excuse,” Saunders said.

    Saunders said in their view, one of the central issues with Macy’s is the patchiness of its turnaround program.

    “While there is no doubt that the company has made progress across some areas, change is far from comprehensive or far-reaching,” he said. “We get the sense that Macy’s fixes issues in a piecemeal way and that it lacks a unified vision for the future of the business.”

    Saunders said on the ground, this means it is hard for shoppers to see any material change, which is one of the reasons why Macy’s continues to suffer from customer defections.

    “None of this is to suggest that there have not been pockets of advancement: in shoes and jewellery, for example, Macy’s has enhanced its offer. However, on their own, these are insufficient to swing the top-line into growth.”

    According to Saunders, as a department store, the reinvigoration of Macy’s business means it must reinvent not only each department but the way in which all of those individual elements fit together.

    “In our opinion, the company is a very long way from achieving this and, more worryingly, seems to lack the will or the ability to do so,” he said. “Instead, Macy’s is focusing on smaller scale initiatives like the revamping of its loyalty scheme and improved marketing. As much as these things are valuable, they do not address the fundamental issues facing the business.”

    Saunders said all in all, Macy’s has made some progress, especially on the bottom-line where cost-saving initiatives are helping profit. However, the company needs to move further, faster and in a more coordinated way if it is to transform its fortunes.

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  • Miniso Vietnam to open more stores

    Miniso Vietnam to open more stores

    Miniso Vietnam plans to open 500 more stores in the next two years, adding to the 30 outlets already established.

    Co-founder/chief designer Miyake Junya says he has signed a strategic co-operation agreement with Vietnamese developers, including Vincom, which includes plans for 300 stores next year.

    He says Miniso will open 10,000 stores in 100 countries by 2019, with expectations of global revenue reaching US$15 billion.

    In its four years, the Chinese discount chain already has 2000-plus stores in more than 60 countries and regions.

    Miniso Vietnam launched in August last year.