Tag: asia

  • Hyundai raids Bentley to turbo-charge Genesis luxury drive

    Hyundai raids Bentley to turbo-charge Genesis luxury drive

    After poaching Bentley’s design chief last year, Hyundai Motor said on Monday that it has also secured the services of the luxury marquee’s exterior designer.

    Hyundai issued a statement saying Sangyup Lee will start work next month as its head of design, after Reuters reported the hiring of the Korean designer by the South Korean auto giant.

    Lee is being brought in to work with Luc Donckerwolke, a Peruvian-born Belgian, to lead Hyundai’s development of its Genesis premium car brand – a project driven by Chung Euisun, heir-apparent to the Hyundai Group.

    “Lee will help…enhance the design competitiveness of both the Hyundai and Genesis brands with his abundant experience in designing high-end luxury vehicles,” Hyundai said in its statement.

    “His challenging and innovative design languages fit well with the DNA of Hyundai Motor.”

    Hyundai Motor, which sells some 8 million cars a year, sees limited growth unless it breaks into new markets, a person close to the automaker told Reuters. For the South Korean firm, that means premium cars and maybe pick-up trucks and parts of Southeast Asia.

    Lee said he has joined Hyundai Motor as a vice president in charge of Hyundai and Genesis design, reporting to Donckerwolke, who will head up Hyundai’s new Prestige Design Division, as well as being global head of Hyundai design – a reporting arrangement that Hyundai also confirmed on Monday.

    Bentley spokesman Andrew Roberts confirmed Lee “has resigned from Bentley to take a position at another brand.”

    Lee, 46, ran Bentley’s exterior design since 2012 having previously worked at Volkswagen group’s design center in California, and General Motors. He played a lead role in designing the Chevrolet Corvette, Stingray and Camaro – which featured in the “Transformers” movies – and Bentley’s Bentayga SUV.

    “CLEAN SHEET”

    Lee told Reuters the ex-Bentley design duo aim to make Genesis a recognized global premium brand as new disruptive technologies such as autonomous, connected cars and alternative propulsion systems alter the auto design landscape.

    “Because of these technologies, the car industry is about to hit a crossroads. The future is truly open,” he said. “It’s difficult to say if all the prestigious brands today will still be around in 10-20 years.”

    Lee, who says he was first approached by Hyundai two years ago, said he and Donckerwolke plan to design Genesis cars from a “clean sheet of paper”.

    “For decades, luxury brands such as Bentley, Aston Martin and Maserati have been about possession,” he said. “In the future, as disruptive technologies kick in, luxury is going to be about experience. People are going to look for a special experience rather than something special to own.”

    GLOBAL LEGACY

    As “mobility on demand” – the once futuristic concept of calling up a robot-car by smartphone – takes hold, Hyundai predicts many households in the United States, its biggest market, will no longer own two, or three cars, but spend more on one car, said the person close to the company.

    “That means upscale cars,” he said, adding “profitability-wise, the luxury segment is much better, too.”

    That fits with Chung’s aspiration to not just drive the Genesis brand but elevate the Hyundai name to an elite global corporate league alongside the likes of BMW, Boeing and Apple.

    “That’s his legacy. ES (Euisun) wants to make Hyundai a truly globally recognized and respected company,” the person said.

    Chung was involved with hiring both Donckerwolke and Lee, as well as Manfred Fitzgerald, former brand and design director at Lamborghini who was named earlier this year as head of Genesis, said another person with knowledge of the matter.

  • ClearStory jazzes up data wrangling solution

    ClearStory jazzes up data wrangling solution

    ClearStory Data has updated its Spark-based Data Inference and Intelligent Data Harmonization capabilities through further machine-based discovery and scoring of data sources and their contents.

    This is meant to drive fine-tuned recommendations to users who otherwise struggle in wrestling data and combining disparate sources to answer new questions.

    This innovation computes and keeps track of alternate and even richer data blending and harmonization strategies so users can quickly identify and pick the data sources and elements that serve to accurately and quickly answer business questions.

    The benefit to organizations is up to 20 times faster data discovery when determining the optimal overlap between large, disparate data sets and the ability to scale data discovery and preparation across more data complex sources and more users.

    ClearStory provides the speed and flexibility that businesses need to ask and answer questions quickly based on data that is constantly evolving and in flux.

    ClearStory’s business-optimized usability, coupled with an intelligent, machine-based approach to discovering and combining data even on large, complex sources, ensures a fast, consistent and simple experience so anyone can be self-sufficient in combining data and answering questions.

    ClearStory Data’s new capabilities are offered as a core part of the ClearStory solution and customers can experience it starting in two weeks as part of their standard offering.

  • South Korea says Nissan manipulated emissions, plans fine and recall

    South Korea says Nissan manipulated emissions, plans fine and recall

    outh Korea said that Nissan Motor had manipulated emissions on a diesel sport utility vehicle and that it planned to fine the automaker as well as sue the head of its Korean operations.

    The government said the Japanese automaker had used a so-called defeat device that helps a vehicle’s emissions management system turn off during regular driving conditions.

    Nissan denied any wrongdoing.

    “Nissan Motor has never illegally manipulated any vehicles we have produced so far and used defeat devices in those cars,” the automaker’s Korea unit said in a statement.

    The South Korean environment ministry said it planned to fine Nissan 330 million won ($279,920) for manipulating emissions on its Qashqai SUV. It will also order a recall of the 814 Qashqai vehicles sold in the country so far.

    South Korea conducted tests on 20 diesel vehicles, after finding in November that Germany’s Volkswagen AG had falsified emissions tests.

  • CIMB’s Corporate Card Solutions to see big growth

    CIMB’s Corporate Card Solutions to see big growth

    CIMB Bank Bhd’s newly-launched Corporate Card Solutions is expected to gain significant growth momentum, given that it is a gamechanger in the market.

    In collaboration with MasterCard, the CIMB Corporate Card Solutions offers convenience, control and transparency for business operational expenditure, through its corporate card, purchasing card and virtual card solutions.

    “We are very excited about this launch because the corporate segment has been a domain of the consumer segment in the past.

    “This is a very new solution, for us and in the market as well.

    “A lot of banks now do not do this business,” said CIMB Group transaction banking head Thomas Tan after the launch ceremony yesterday.

    New cards: (from left) MasterCard South-East Asia Indonesia, Malaysia and Brunei group country manager and Islamic payments group head Safdar Khan, Zafrul, MasterCard Asia/Pacific co-president Ari Sarker, and Tan having a closer look at the mock credit cards at the launch of CIMB’s Corporate Card Solutions.

    The Corporate Card Solutions offers unique, customised solutions for companies, such as setting spending limits and customising merchant categories by each individual card holder, with real-time overview of employees’ travel and entertainment expenditure.

    Meanwhile, the purchasing card automates the company’s procurement process by capturing card transactions in real time, which facilitates account reconciliation.

    Companies also have the option to decide on the billing cycles, like a 45-day or 60-day credit interest-free period, unlike consumer credit cards which have one determined billing cycle.

    As for the virtual card solution, businesses can randomly generate a 16-digit virtual card number that is associated with a specific payment, which is then securely transmitted to a specific supplier when payment is due.

    Data is captured real time and matching a unique virtual card number to a specific payment improves reconciliation and aids data analysis.

    These solutions help optimise cash flow, enabling businesses to operate more efficiently through the entire value chain.

    “In today’s business environment where cost management is a high priority, it is our aspiration to help organisations to significantly improve their operational and cost efficiency by automating their transactional flows.

    “These solutions offer unique savings features by optimising cashflows and working capital.

    “Our digital banking solutions such as these are also a response to Bank Negara Malaysia’s call for a reduction in the usage of cheques from 207 million in 2011 to 100 million by 2020,” said CIMB Group chief executive Tengku Datuk Sri Zafrul Aziz.

    The CIMB Corporate Card Solutions is targeted towards government and state agencies, small and medium enterprises (SME) as well as corporate sectors.

    Prior to yesterday’s official launch, CIMB had converted five corporate clients to its Corporate Card Solutions during the soft launch.

  • KinerjaPay Enters Partnership With Bitcoin Indonesia

    KinerjaPay Enters Partnership With Bitcoin Indonesia

    Customers in Indonesia can now pay online with bitcoin as the country’s leading payment solutions provider KinerjaPay has added the digital currency as one of the payment options on its platform. KinerjaPay, in a recent press release, has announced its partnership with Bitcoin Indonesia to facilitate the Bitcoin option for its merchant partners.

    Apart from offering payment gateway solutions to online merchants, KinerjaPay also operates its own e-commerce portal where people can directly buy goods from the platform itself. By including Bitcoin payments, KinerjaPay has now become the first e-commerce platform in Indonesia to do so. Now customers can convert their bitcoin to Indonesian rupiah on the fly while making a transaction over the payment gateway to pay their bills, transfer money and purchase goods on the internet.

    KinerjaPay and the growth of e-payments in Indonesia

    KinerjaPay is currently one of the fastest growing digital payments platforms in Indonesia. In the past two months, the company has grown by over 300 percent as its user base has increased from around 12000 customers to 50,000. According to the company’s report, this has also led to an increase in the average number of transactions processed per day.

    With over 1500 transactions per day, compared to previous 300 transactions, the company can expect the numbers to grow further with the integration of bitcoin payments. Currently, there are not many online merchants who accept digital currency payments in Indonesia and now the partnership with Bitcoin Indonesia means that the company’s partner merchants will be able to accept bitcoin payments from their customers soon. This will open up a lot of options for bitcoin users in the country.

    In order to make bitcoin payments more popular, KinerjaPay has announced that it will be providing special offers to customers of Bitcoin Indonesia. With these special offers, the company intends to convert at least some of the 150,000 Bitcoin Indonesia customers into theirs as well. In a country where a majority of the population is hesitant to use online payment solutions due to concerns about credit/debit card fraud, KinerjaPay is working hard to build their trust by offering great deals and addressing their concerns. A currency like bitcoin where the user doesn’t have to share his/her bank account or card details will present an attractive option to the masses.

    As a part of its incentives galore, the company is also working on its own branded mining setup, where people can mine digital currency. While speaking about the new developments, the CEO and Chairman of KinerjaPay, Edwin Ng is quoted saying –

    “This partnership enables us to establish relationships with Bitcoin Indonesia’s membership, currently in excess of 150,000 accounts, which we expect will boost the volume of transactions on our platform going forward… We are also working to create a unique bitcoin mining element on our platform, something we believe will be very appealing to our users and will provide KinerjaPay with a real competitive advantage in the e-commerce sector.”

    KinerjaPay is constantly innovating to push the growth of online payments in Indonesia. Partnering with Bitcoin Indonesia is just one among the many which the company intends to follow in order to gain customer confidence and make them change their mind about online payments and digital currency. More developments in the sector can be expected soon.

  • Singapore probes Hyundai cars for sudden acceleration

    Singapore probes Hyundai cars for sudden acceleration

    Singapore’s Land Transport Authority said Tuesday it is investigating Hyundai vehicles following reports of accidents involving sudden acceleration while reversing.

    In a statement, the authority said it was looking into cases of Hyundai vehicles having “unintended acceleration in reverse gear.”

    “It is premature to draw any conclusions at this point in time,” it said.

    The statement gave no further details, but the local newspaper Straits Times cited recent incidents involving taxis from operator ComfortDelGro, which leases Hyundai Sonata cars, among other models. It is Singapore’s largest taxi operator with a fleet of 17,000 cabs.

    Hyundai Motor said it is looking into the matter.

    South Korean consumers have lodged complaints about accidents that they believed were caused by sudden unintended accelerations. But past government probes have found no evidence that this was linked to faulty vehicles.

    At a public demonstration in 2013, the government tried to reproduce conditions that were believed to cause cars to suddenly accelerate without intention but those attempts failed.

    The ministry concluded that it was “reasonable” to see the sudden unintended acceleration phenomenon does not exist.

  • Volkswagen awaits approval for its dieselgate fix in India

    Volkswagen awaits approval for its dieselgate fix in India

    Volkswagen, the European automotive major hit by the dieselgate scandal, said the company has found a fix for its EA 189 diesel engines in India and has sent it for approvals of the local authorities.

    Once it gets the clearance, the solution would be applied on 3.23 lakh vehicles that have been sold in the country with the EA 189 family of engines. The company said it has also found a software solution for the local Vento manual diesel model, production of which is currently stopped due to inconsistent emission of carbon monoxide. People in the know said Volkswagen could start recalling vehicles by the end of June or July to fix the problem. It is aiming to complete the process within six to eight months.

    “We are awaiting approval (for the fix) and will begin the recall process in the coming months and are hopeful that fixes on all vehicles will be concluded by the end of the year,” Volkswagen India managing director Andreas Lauermann told ETon the sidelines of an event to roll out the Ameo sedan from its factory.

    He said the company’s focus is currently entirely on the Ameo as VW seeks to make a strong comeback in the Indian market. The company’s image had taken a major hit globally following revelations that it had cheated on emission test results. Its sales were hit in India and elsewhere, even as it announced a massive programme to fix the problem.

    The recall process for vehicles fitted with the EA 189 diesel engines, which was to begin at the start of 2016, is yet to get underway. These EA 189 engines are of different displacements 1.2-litre, 1.5-litre, 1.6-litre and 2.0-litre TDI. The 1.2-litre and 2-litre engines need software updates in India, while the 1.5-litre and 1.6-litre engines will get both software and a hardware fix.

    Volkswagen India, which posted strong sales in the first nine months of 2015 with double-digit growth, got hit because of the controversy, with domestic volume declining 2.4% to 43,152 units in 2015. Thanks to the strong export offtake and incremental Ameo output, Volkswagen India is planning to grow its output 15% in 2016 to about 1.42 lakh units. Developed with an investment of Rs 720 crore, the Ameo sedan is a made-for-India product in the VW world.

    Ameo will be positioned in the subcompact sedan market, which sees sales of 25,000 to 30,000 units a month. It will take on the likes of Maruti Suzuki Dzire and Honda Amaze. The company aims to produce about 150 Ameos a day. With the Vento and Polo monthly volumes taking a hit, VW is now betting on Ameo to bring in decent incremental volumes.

  • Restaurant Review: Downtown Bangkok Cafe

    Restaurant Review: Downtown Bangkok Cafe

    This Phoenixville restaurant delivers Thai cuisine with unexpected elegance and an authentic experience.

    Spicy Thai Basil Chicken//All photos by Steve Legato

    “A best-kept secret!”

    Online critics are forever clinging to exhausted, simplistic superlatives. And yet, how else to describe Downtown Bangkok Café, other than to peg this Thai yearling as a quaint hidden gem or a surprising off-the-radar find on the outskirts of Phoenixville?

    From Left: Downtown Bangkok Café’s casually elegant interior; green curry

    Owners Yaowapa and Jerry Kowal—the chef and manager, respectively—didn’t set out to become restaurateurs. They first opened Yaowapa Thailand Treasures, a retail gift shop of handmade imports, in 2009. Six years later, they have an artfully decorated 48-seat eatery on the store’s second floor. It was inspired by a passion for cooking rooted in Yaowapa’s  heritage. It became a reality thanks to Jerry’s skill as an engineer and a direct merchants’ pipeline from Thailand.

    Impressive wall mountings and hand-carved statues from the Kowals’ native Chiang Mai region can be found through-out the café’s four tastefully appointed dining spaces and waiting room. That attention to authentic detail continues with the etched wooden tables and chairs, logo embroidered napkins and silverware handles bearing elephants.

    The grilled tofu cubes are the perfect accompaniment to Yaowapa’s fragrant curries. Her onion-pineapple-potato-and- peanut-studded massaman, in particular, is a pungently ruddy lava flow, gushing creamily over fluffy jasmine rice. Hot and crispy coconut shrimp top a chilled Thai salad, providing a unique contrast in flavor and temperature.The cuisine is well prepared and delicious. Our three skewered chicken strips came with an addictive peanut sauce. Another app, the Crying Tiger, combines tender slices of grilled beef and assorted crunchy veggies with a sweet chili-lime sauce. The “medium” spice offers just the right heat. The Pad Thai tastes authentic, as does the Drunken Man—a hearty tangle of flat soba noodles, egg, basil and vegetables, served with a choice of shredded beef, chicken, pork or tofu.

    From Left: Thai tea; the casual elegant interior

    Desserts are simple and sparse. The honeyed banana, rolled into fried wonton skins and served with vanilla ice cream custard is the best of the lot.

    THE SKINNY: Comprised of a series of lavish rooms nestled above Thailand Treasurers, this surprising find goes well beyond run-of-the-mill superlatives. Both the fare and the peaceful aesthetics are emblematic of Thailand.

    Crispy duck with tamarind sauce.

  • Not The Ordinary: 5 Interesting Online stores You Shouldn’t Miss

    Not The Ordinary: 5 Interesting Online stores You Shouldn’t Miss

    eCommerce in Singapore is in full swing against the tide of fashion brands exiting the local market. Raoul, New Look and Celio, the most recent casualties of the highly competitive retail scene here, signal a shift away from brick-and-mortar stores. In 2015, the net retail space takeup was in decline as stores vacated 86,379 sq ft of retail space.

    In contrast, the size of Singapore’s online retail market has expanded to SGD4.4 billion in 2015, four times the size of the market in 2010. Lower costs of entry, mobile customer base and ease of accessibility are making selling online an attractive option for entrepreneurs, quickly transforming ideas into a manageable businesses.

    1- Personal Fruit Grocer Delivering To Your Doorstep

    shopify1

    Founder of Lazyfruits Ben Phua comes from a family with over 30 years of experience in the retail and wholesale business, and his trained eye for potential markets led him to set up his own premium fresh-fruit store in 2014. Lazyfruits solves an everyday problem of wanting a healthier lifestyle but not knowing how to pick fresh fruits from the market grocer or having the time to do so by delivering your fruits to you next-day and with assured freshness through personal checks.

    Image Credit: EcommerceSOS
    Image Credit: EcommerceSOS

    Their success story of zero-dollar marketing shows how rewarding great customer relationships can be as regular customers bring in more business through word-of-mouth recommendations. From just a humble facebook page in 2013 with posts about their products to a social web of constant referrals and reviews, you can definitely see the spirit of a warm family business beyond their store page.

    2- Top-Quality Handmade Treats For Pets

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    Specialized treats galore for dogs at the Barkery brings not only novel dehydrated treats like anchovies and bak kwah into the mouths of our canine companions, but also cakes and dietary supplements for a long and active life for the urban dog! The creativity behind the designs of their novelty cakes make for an extra-special dog birthday, but what is impressive is the reach of their products, which appear on multiple stores like Loyalone, Nekojam, Redmart and more!

    3- Reinstating Mobility And Dignity In Aging

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    Founded in 2011, The Golden Concepts have made their own market with active aging and elderly independence in mind. Starting off with only 4 products, their story of expansion and sheer determination is a cultural exchange between how the elderly age in Denmark and in Singapore. Today, their catalogue of over 300 products is a true expression of their commitment to enabling the elderly to live a more mobile lifestyle through the aid of technology in Singapore.

    Image Credit: eCommerceSOS Youtube
    Image Credit: eCommerceSOS Youtube

    Designer canes, colourful massagers and foldable wheelchairs brighten up the idea of aging as The Golden Concepts aims to dignify the need for such aids through sleek and lively product design. Eldercare has been re-imagined by The Golden Concepts, striking off ideas of dependence and liability from the dictionary of aging.

    4- Wholesome Organic Produce With A Digital Twist

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    Visiting the farmer’s market is always on the checklist for Singaporeans touring European countries for the first time, and SimplyFresh gives us a taste of what farm-fresh organic produce from Europe is like from the comfort of our homes in Singapore. A wholesale market with a digital twist, SimplyFresh offers a variety of affordable organic vegetables through the box subscription model used by gift companies overseas such as Lootcrate, Birchbox and Helloflo to surprise the creative cook at home. Their selection of vegetables comes from family-run farms, making SimplyFresh’s products all the more wholesome than those found in big box stores.

    5- Staying Fit Without Breaking The Bank

    Image Credit: Hula Hoop Singapore
    Image Credit: Hula Hoop Singapore

    Ideas sometimes come from wants, and May Lim, founder of Hula Hoop Singapore, wanted a solution to combat an unflattering waistline that didn’t involve too much time or money. Her discovery of weighted hoops for exercise proved to her that fitness doesn’t have to be burdensome or time-consuming. Wanting to try out exercise hula hoops, she soon found out that there was a supply gap of exercise hoops in Singapore. This led her to set up Hula Hoop Singapore to provide weighted hoops to Singaporeans, thus spreading her idea of fitness to others.

    She remains as a one-woman team, but collaborates with ME-Retail Solutions to handle her storage and delivery. Her resourcefulness and hardworking attitude is one that should be emulated when it comes to setting up a new online retail store.

    More Than Just Numbers And Convenience

    Image Credit: imagesource
    Image Credit: imagesource

    Passion and personality are the key factors that separate the online retail store from traditional brick-and-mortar retail stores. Most online stores have some form of direct interaction from the founders behind the business to their customers, whether it is in the form of stories,facebook posts or even whatsapp messages, making the customers feel more connected to the business. Knowing the people behind the business also makes the product feel more personable, as the customer can relate with a face associated with the product better than with just a brand or a logo. Relatability transforms online retail stores into stories which people can share, bringing back the familiar feel of the neighborhood retail store.

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    If you have a great idea for an online store, why not try your hand at Singtel-Shopify’s Build-A-Business Competition? With a top prize of $20,000 and an advanced eCommerce workshop worth $2,000 for the top 10 winners, Shopify will help you build your online storefront and much more in just a few clicks!

  • HKIA issues T1 luxury boutique tender

    HKIA issues T1 luxury boutique tender

    HKIA T1Hong Kong International Airport (HKIA) has issued an invitation to tender for a luxury brand boutique concession.

    The proposition is for a global luxury brand retailer to operate a 170sqm unit, located airside in the T1 East Hall, Level 6.

    In the first two months of 2016, HKIA handled 11.6 million passengers and 67,820 flight movements, up 9% and 5% from the previous year respectively.

    On a rolling 12-month basis, HKIA has handled 69.5 million passengers and 409,255 flight movements, marking year-on-year increases of 8.4% and 3.8%, respectively.

    In February Airport Authority Hong Kong (AA) opened nine new retail shops and a café in the recently-inaugurated Midfield Concourse at HKIA. Additionally, eight retail and three catering outlets are soon to be opened at the 105,000sqm concourse, including a new multi-category store concept from DFS.

    HKIA said this new tender “presents a unique business opportunity for global luxury brand retailers to operate luxury brand boutique in this prestigious aviation hub in Asia”.

    The tender closing date is 28 July 2016 at 2.30 pm (Hong Kong Time).

  • Petron to open more than 250 gas stations in Malaysia and the Philippines

    Petron to open more than 250 gas stations in Malaysia and the Philippines

    The Philippines’ largest oil refiner and distributor Petron Corporation is set to further expand its retail business as it continues to enjoy stronger sales and positive growth potentials, reported The Standard.


    Source: Petron Corporation Facebook Page

    This year, Petron targets to add more than 250 gas stations to the existing 2,800 Petron stations in Malaysia and the Philippines.

    The company, in fact, has already carried out a significant gas station network expansion in Malaysia with the acquisition and rebranding of approximately 550 ExxonMobil stations.

    It also plans to upgrade its Port Dickson Refinery, according to Petron president and chief executive Ramon Ang.

    Ang also disclosed plans to put up 12 retail stations along the Philippines’ 88.5-kilometer, two-lane Tarlac-Pangasinan-La Union Expressway (TPLEX).

    TPLEx has a high traffic volume as it connects the central and northern Luzon provinces to Manila through the Subic-Clark-Tarlac Expressway and the North Luzon Expressway.

    Petron’s parent firm San Miguel Corporation (SMC), through the Private Infra DevCorporation (PIDC), the concessionaire in TPLEx, provides management services, toll collection, traffic safety and security management, toll road maintenance, and other related services along the expressway.

  • Nissan plans to establish 300 dealerships in India by March 2017

    Nissan plans to establish 300 dealerships in India by March 2017

    Japanese car maker Nissan is gearing up to launch “Datsun redi-Go” in the entry level segment and was on course to establish 300 dealerships in the country.

    “We are gearing up to launch Datsun redi-Go, which will compete in the entry level car segment of the Indian market. With redi-Go, Datsun is pioneering a new segment – Urban Cross, combining the best of a hatchback and a cross over”, President of Nissan India Operations, Guillaume Sicard said.

    “As we expand our dealership footprint we are on course to meet our target of establishing 300 dealerships by end of March 2017 across the country,” he said here today.

    At present the company has 218 dealers across 165 cities, Sicard said, adding with new dealerships the company would cover 90 per cent of customers and “enable them with easy and immediate access to committed sales and after sales services”.

  • Maybank Islamic secures four awards

    Maybank Islamic secures four awards

    Maybank Islamic Berhad has clinched the Leadership Issuer of the Year Award for a financial institution by the Asset Triple A Islamic Finance Awards 2015 for its RM1.5 billion Basel III-compliant subordinated sukuk murabahah, which was the single largest deal of its kind launched by an Islamic financial institution.

    The issuance was pursuant to a subordinated sukuk murabahah programme of up to RM10 billion in nominal value established in March 2014.

    The transaction received encouraging response from investors resulting in an oversubscription rate of 2.9 times, enabling Maybank Islamic to upsize the deal from the initial target of RM1 billion. Maybank Investment Bank Berhad acted as the Lead Arranger and Manager.

    “Proceeds raised from the subordinated sukuk murabahah are used to position Maybank Islamic for stronger growth domestically and regionally,” said Maybank Islamic Chief Executive Officer Muzaffar Hisham.

    He also thanked his team for their hard work in the sukuk issuance and The Asset for recognizing this effort.

    “The strong demand we received from investors for this programme is a testimony of Maybank Investment and Maybank Islamic’s leadership in the Islamic capital market space,” he said.

    The Sukuk programme also won an award in the category of Highly Commended Best Bank Capital Sukuk.

    In 2014, Maybank Islamic Berhad cemented its leadership position as it posted robust double-digit growth rates in financing, deposits and in asset size which stood at RM146.4 billion as at December 31 2014.

    Maybank Islamic also won 4 other awards. These were the Islamic Bank of The Year for Asia Pacific and Malaysia, Best Islamic Retail Bank, Best Islamic Trade Finance Bank. It also picked up 2 awards in collaboration with Maybank Investment Bank for Best Corporate Hybrid Sukuk and Best Local Currency Sukuk.

    Maybank Investment also won the following awards – Best Reit sukuk, Best bank capital sukuk-Highly commended, Best corporate sukuk, Best quasi-sovereign sukuk, and Best Islamic Deal.

    The awards ceremony took place here recently and Maybank Islamic was represented by its Deputy CEO, Nor Shahrizan Sulaiman and its Head of Corporate and Investment Banking Arshad Ismail.

    Maybank Islamic is currently the leading Islamic Bank in ASEAN and the largest Islamic Bank in Malaysia securing a 32.7 percent domestic financing market share and accounting for 43.8 percent of Maybank Group’s total domestic loans/financings.

  • Kerry Logistics Appoints New Managing Director

    Kerry Logistics Appoints New Managing Director

    Kerry Logistics Network Limited has appointed Daniel Hegwein as the new Managing Director for Belgium and the Netherlands.

    Effective immediately, Hegwein will oversee the company’s activities in the Benelux region from the Kerry Logistics office at Brussels Airport in Zavantem.

    Hegwein has more than 30 years of experience in the logistics sector, having previously worked for a number of international logistics providers in Hong Kong, Germany, Australia, Switzerland, Taiwan and most recently Belgium.

    The main business fields for Kerry Logistics in Belgium and the Netherlands are air and ocean freight logistics as well as warehousing services and fiscal representation.

    As the Managing Director for both countries, Hegwein will focus on streamlining the operations and sales activities for Kerry Logistics in the Benelux region.

  • FedEx Acquires TNT Express

    FedEx Acquires TNT Express

    FedEx Corporation, FedEx Acquisition B.V. and TNT Express N.V. have jointly announced that FedEx has acquired TNT Express. The €4.4 billion acquisition combines the strengths of the companies – the world’s largest air express network and an unparalleled European road network, which will expand the existing FedEx portfolio and reshape the global transportation and logistics industry.

    “This acquisition is a significant accomplishment and marks the beginning of a new era, filled with promise for our people, customers and shareowners,” said Frederick W. Smith, Chairman and CEO of FedEx. “We are proud to celebrate the joining of two iconic companies and the approximately 400,000 team members who are committed to serving customers around the world.”

    “The timing of this historic event is important, particularly in the current market environment where global e-commerce is growing at double-digit rates,” Smith added. “Adding TNT’s capabilities to our existing world-class suite of services, including GENCO and the recently re-launched FedEx CrossBorder, will further expand the ability of FedEx to support business connections around the world.”

    “Over our 43 year history, FedEx has repeatedly reinvented and revolutionized the industry, from the first overnight express service backed by a money-back guarantee to the invention of internet shipping. And just as we revolutionised the U.S. domestic parcel business through the acquisition and development of what is now FedEx Ground, the acquisition of TNT will change the way customers view FedEx around the world,” Smith continued.

    “We believe that this strategic acquisition will add significant value for FedEx shareowners, team members and customers around the globe, particularly in Europe where we will establish a strong new competitor,” said Alan B. Graf, Jr., FedEx Executive Vice President and Chief Financial Officer. “The TNT team members bring 70 years of diverse experience, which combined with that of FedEx team members, will make this integration a success.”

    Now that FedEx has acquired TNT Express, the integration process will begin immediately. The FedEx track record of successful acquisition integrations in the U.S. and globally will serve the combined companies well to leverage investments in technology, infrastructure, facilities and operational capabilities to position the combined companies for long-term growth and success.

    In the near term, customers can expect to interact with each company as they always have and receive the world-class service they have come to expect. Once the integration is complete, FedEx expects customers to enjoy an expanded global offering that draws upon the breadth of expertise from both companies.