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Tag: asia

  • Indonesia to boost investment through easy, fast licensing service

    Indonesia to boost investment through easy, fast licensing service

    The Indonesian government held a closed-door meeting to discuss efforts to boost investment and business through the implementation of an easy and fast licensing service.

    “We should improve all aspects of licensing in relation to issuing building and environmental permits as well as authorization,” President Joko Widodo stated during the opening of the meeting here on Tuesday.

    The president remarked that the government should improve the licensing process as part of the efforts to improve the business climate in Indonesia.

    In the 2016 Ease of Doing Business 2016 survey, the World Bank ranked Indonesia 109th out of 189 countries. Singapore topped the list, with Malaysia ranking 18th, Thailand 49th, Brunei 84th, and Vietnam 90th.

    The president also called for the integrated management of the business licensing and registration process to improve efficiency and boost the business climate.

    The meeting was attended by Coordinating Minister for Economic Affairs Darmin Nasution, Coordinating Human Development and Culture Minister Puan Maharani, Coordinating Political, Legal and Security Affairs Minister Luhut Binsar Pandjaitan, Public Works and Public Housing Minister Basuki Hadimuljono, Agrarian and Spatial Planning Minister Ferry Mursyidan Baldan, as well as Justice and Human Rights Minister Yasonna Laoly.

    Earlier, the Indonesian government had decided to prepare guidelines and revise various regulations that will make it easier to do business as part of the efforts to facilitate investors who want to start a business in Indonesia.

    “These guidelines should be formulated soon and will be tabled in a cabinet meeting,” Coordinating Minister for Economic Affairs Darmin Nasution remarked after a coordination meeting here on Thursday.

    The 10 indicators, which are being assessed, include the ease of starting a business, building permits, registration of ownership, payment of taxes, access to credit, and a cooperation agreement.

    Other indicators are the ease in getting an electricity connection, cross-border trade, problem-solving for bankruptcy, and protection for Micro, Small and Medium Enterprises (SMEs).

    One of the rules that has been fixed is the basic capital for the establishment of a Limited Liability Company (PT).

    The government will then revise Trade Regulation No. 90 of 2014 concerning the organization and development of warehouses. As a result, a warehouse registration certificate can be obtained in just a single day.

    However, a warehouse, with an area of less than 98 square meters, will not require a warehouse registration certificate.

    The Ministry of Public Works and Public Housing (PUPR) will also revise Ministerial Regulation No.24 of 2007 on Technical Guidelines for Building Permits (IMB). The IMB will be processed in seven days, and the costs will be reduced by half.

    “We will disseminate information on all regulations in relation to the ease of doing business. The dissemination will be conducted by ministries and other institutions,” the minister affirmed.

    Meanwhile, state-owned electricity company PLN will improve its procedures for granting an electricity connection. The procedures will be divided into four stages. Obtaining a new connection will take 22 days.(*)

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  • Indonesia Jan retail sales grow 12.5% year on year

    Indonesia Jan retail sales grow 12.5% year on year

    Indonesia’s retail sales in January grew 12.5 per cent from a year earlier, bolstered by information and telecommunication equipment especially electronics, a Bank Indonesia survey showed on Friday.

    December annual retail sales growth was revised up to 11.4 per cent from the previously reported 10.4 per cent.

    The survey of 700 retailers in 10 major cities predicted slower February retail sales growth of 11.9 per cent.

    Respondents were optimistic over retail sales in the next three months in line with higher demands ahead of and during the Muslim fasting month in June.

     

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  • French business delegation studies possible cooperation in maritime

    French business delegation studies possible cooperation in maritime

    A French business delegation met the Coordinating Minister for the Maritime Affairs Rizal Ramli to study possible investment in maritime sector in the country.

    “We received a 20-member delegation of business people grouped in Maritime Cluster from France. They are interested in business cooperation in maritime , energy, technology and other sectors, Rizal said.

    The delegation was interested in doing business in Indonesia as they believed the country is serious in bringing to reality its vision to become a worlds maritime axis, he said here on Monday.

    “Relations between Indonesia and France have been mutually beneficial and expanded. It is important for us to continue to promote the relations,” he said.

    He said the delegation had not decided to invest in any sector but it plans to hold a workshop here in October.

    “There would be a workshop between French and Indonesian companies on maritime sector. We will facilitate the plan that concrete business cooperation could be created,” he said.

    On the same occasion, French Ambassador to Indonesia Corinne Breuz’ said France is interested in taking part in the program to develop the maritime sector in Indonesia.

    Part of the delegates represent companies already doing business in Indonesia for more than 20 years, the ambassador said.

    “The companies want to take part in the development of the maritime sector in Indonesia,” he said.

    A deputy at the office of the coordinating minister for maritime affairs Agung Kuswandono said the French companies are interested in venturing in shipping, port, energy and technology sectors.

    “The delegates represent companies operating in various sectors, but no details have been discussed,” Agung said.

    He said similar interest had been expressed by companies from other countries such as the Netherlands, Japan and South Korea.

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  • Rupiah strengthens 72 points

    Rupiah strengthens 72 points

    The Indonesian rupiah strengthened 72 points to Rp12,980 per dollar on Friday evening, compared to Rp13,052 per dollar the day before.

    Developed countries decision to adopt a zero interest rate policy made the yield less interesting and money market investors diverted their funds to developing countries, money market observer Rully Nova said here on Friday.

    “Yields in Indonesia, which still adopts a positive interest rate policy, have attracted investors to invest in rupiah-denominated assets,” he said.

    On the other hand, the fact that sentiment regarding the Fed fund rate faded as several economic indicators did not fully recover has made the US dollar-denominated assets less attractive, he said.

    After all, the rupiahs significant appreciation against the US dollar may have a negative impact on Indonesias export performance, he said.

    “Hopefully, the fluctuation in the rupiahs strengthening will not be too wild and market agents and businesspeople will find it easy to predict it,” he said.

    Market analyst Lukman Leong said the downward trend in Indonesias inflation rate this year is one of the factors behind the rupiah strengthening.

    “The low inflation rate will prompt Bank Indonesia to further lower its interest key rate and consequently, lending rate will fall and domestic consumption will increase in favor of economic growth,” he said.

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  • Financial firms in Taiwan, Indonesia urged to open outlets after MOU

    Financial firms in Taiwan, Indonesia urged to open outlets after MOU

    Taipei, March 12 (CNA) Taiwan’s top financial supervisor, the Financial Supervisory Commission (FSC), has urged financial institutions in Taiwan and Indonesia to open outlets in each other’s country after they signed an memorandum of understanding (MOU) to speed up cooperation in supervising financial businesses.

    The FSC inked the cooperation MOU Friday with its Indonesian counterpart the Financial Services Authority of Indonesia or Otoritas Jasa Keuangan (OJK). The MOU focuses on supervision cooperation in banking, securities and insurance businesses between the two countries.

    FSC Chairperson Wang Li-ling (王儷玲) told the CNA that the cooperation MOU will no doubt facilitate financial development between the two countries.

    Wang, who signed the agreement on the behalf of the FSC in Jakarta, added that she believed Taiwan’s financial sector will benefit from the great growth potential in Indonesia, while the Southeast Asian country has expressed interest in Taiwan’s financial market openness.

    Wang said financial institutions in Taiwan and Indonesia should take advantage of the MOU to explore the financial market in each other’s country.

    She said that is especially true as many Indonesian workers are working in Taiwan and there is strong fund demand from ethnic Chinese investors in Indonesia, leading Indonesian banks to want to set up footholds in Taiwan.

    As for the large number of Indonesian workers in Taiwan, the supervisory mechanism under the newly signed MOU is expected to help them in a wide range of financial services in Taiwan, such as money remittances, deposits and insurance.

    The Taiwanese official said that a populous Indonesia needs a diversity of financial products and Taiwanese financial institutions should go there to provide good products.

    According to the FSC, the local banking sector has set up one subsidiary and two representative offices in Indonesia, and the local securities sector has opened a subsidiary there. The local insurance business sector meanwhile has taken a stake in an Indonesian bank, the TWSE said.

    Market analysts said that the newly-signed MOU is expected to help Taiwan-based Cathay Life Financial Co. (國壽) push for a deal to acquire a 40 percent stake in PT Bank Mayapada Internasional of Indonesia. Cathay Life signed an agreement with Bank Mayapada for the acquisition deal in January 2015. Since the law in Indonesia bars foreign entities from taking a stake of more than 25 percent of any bank there and the deal has been stalled. Analysts said that the MOU could remove the legal obstacles for Cathay Life.

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  • Japanese stores target Thai tourists

    Japanese stores target Thai tourists

    Thai tourists are now in the sights of Japanese department stores after their success in luring Chinese during Lunar New Year.

    Such companies as Isetan Mitsukoshi Holdings and J.Front Retailing, which run the Daimaru and Matsuzakaya department stores, are ramping up efforts to lure Thai tourists during their traditional New Year holiday Songkran, which this year runs from April 13 to 15, reports Nikkei Asian Review.

    A weaker yen has helped boost tourism numbers to Japan, and visitors from Thailand have grown steadily to nearly 800,000 last year following the relaxing of visa requirements in July 2013.

    While most foreign visitors last year came from China, they were followed in volume by South Korea, Taiwan, Hong Kong, the US and then Thailand.

    Isetan Mitsukoshi and J.Front issued pamphlets and other materials to promote their Japanese stores during the Thai International Travel Fair at the Queen Sirikit National Convention Center on February 21, one of Southeast Asia’s largest travel-industry events. They mainly targeted Thai travel agencies.

    J.Front’s Daimaru and Matsuzakaya stores distributed flyers with discount coupons, and also plans to hand them out aboard Asia Atlantic Airlines flights between Thailand and Sapporo. The coupons will also be given to tourists buying the Japan Rail Pass at Thai outlets of Japanese travel agency HIS.

    Daimaru’s store in Sapporo has even prepared a floor guide in Thai language.
    Matsuya, another Japanese department-store chain, will give preferential treatment to customers of three Thai banks – Bank of Ayudhya, Kasikornbank and Krung Thai Bank – at its Ginza store in Tokyo. They will receive discounts and gifts.

    In January, Matsuya had a similar offer for customers holding membership cards from Thai retailer The Mall Group. Sales of duty-free goods at Matsuya during last year’s Songkran holidays surged 50 per cent from a year earlier, the company says.
    Visitors from Thailand spent a total of Y120 billion (US$1 billion) in Japan last year, up a quarter on 2014’s figures, according to a survey by the Japan Tourism Agency.

  • Tom Tailor China opens online

    Tom Tailor China opens online

    German fashion retailer Tom Tailor has opened an online store in China, using JD.com’s JD Worldwideplatform.

    Tom Tailor describes its first online shop in China as “another important milestone in Tom Tailor China’s expansion, following the opening of the first Tom Tailor retail store in Shanghai last November.

    The Tom Tailor online shop features products from across the Tom Tailor, Tom Tailor Denim andTom Tailor Contemporary ranges.

    “In order to expand our online presence with the umbrella brand Tom Tailor in China, JD.com, as China’s largest e-tailer, is an excellent partner,” said Erika Kirsten, Tom Tailor’s manager of corporate communications.

    “JD.com has a high-value user base. With 155 million active consumers across the country who appreciate its versatile product range and superior customer service, JD.com provides the optimal platform for launching Tom Tailor in the Chinese online market.”

    Josh Gartner, JD.com’s senior director of international communications, said apparel is one of the fastest growing categories on the JD.com platform, “because customers know that only JD.com can provide reliable and convenient access to the latest fashions from local and international brands with a 100 per cent guarantee of product quality and authenticity”.

    Tom Tailor China currently has one standalone physical retail store in China and 14 shops-in-shops.

    Tom Tailor targets people aged up to 40, with a focus on high-quality fabrics. Bonita, one of Germany’s leading fashion brand producers and retailers, has been a part of the Tom Tailor Group since August 2012. Bonita sells menswear and womenswear collections for the over 40 age group.

  • Japanese group buys into HMV Asia

    Japanese group buys into HMV Asia

    Hong Kong-based private-equity firm Aid Partners is about to sell a parcel of its HMV Asia shares, which it acquired three years ago.

    It has agreed to sell an 18.37 per cent stake in the business to Japan’s World Innovation Lab for US$9 million. Under the agreement, 2250 new ordinary shares in the capital of the HMV Group’s interests in Hong Kong and Singapore, run by HMV Marketing, will change hands.

    HMV Hong KOng 1

    A stock exchange filing says the proceeds from the stake sale will be used for the general working capital of the HMV Group. World Innovation Lab, which specialises in investment including the technology and media sectors, will help in the strategic development and promotion of the movie and music retailer with its international network and business experience.

    HMV new concept

    Aid Partners is selling the shares to WiL Fund I, an investment fund managed by World Innovation Lab. The Hong Kong firm will still own 81.63 per cent of the business.

    HMV tokyo bike

    Once the deal goes through, Innovation Lab will have a director on the board of HMV.
    Aid Partners bought HMV’s interests in Hong Kong and Singapore in 2013, along with all its licences in mainland China, Macau and Taiwan for an undisclosed amount.

    HMV Hong Kong new 3

    HMV then had six stores in Hong Kong and two in Singapore, plus an eCommerce business in Hong Kong. Aid Partners cut back the music and movie retail stores to five, and opened two restaurants and a cafe under the HMV brand.

    The Asian business is a separate entity from HMV in the UK, which went into administration the month before Aid acquired the Asian business.

    As at June 30, the unaudited net liabilities of HMV Marketing were about HK$39,512,000 (US$5,085,167).

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  • Sephora launches online store for Hong Kong

    Sephora launches online store for Hong Kong

    Sephora has launched an e-commerce platform for the Hong Kong market.

    Part of the ongoing international expansion of its online retail arm, the online store will offer brands unavailable on the ground in Hong Kong, such as Butter London, Skin Inc and Nudestix.

    The LVMH-owned perfumery chain has yet to establish a bricks-and-mortar presence in the country, and commentators are suggesting that the online store will serve as a sounding board to test out the appetite for the retailer’s products and services.

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  • Orchard Road malls seek new ways to draw the crowds

    Orchard Road malls seek new ways to draw the crowds

    As Singapore retailers face pressure from the slowing economy, Orchard Road malls are looking for new ways to draw the crowds.

    Besides renovating the mall and changing the tenant mix, landlords are also throwing in free performances in a bid to attract the crowds.

    For example, over the weekend, shoppers at ION Orchard witnessed a series of aerial circus acts. The performances marked the completion of ION Orchard’s recent revamp, which saw a refreshed facade and new tenants such as Tiffany & Co and French-Italian luxury lifestyle brand Moncler.

    Orchard Turn Developments, which manages ION Orchard, said it is important to enhance the shopping experience.

    Said Mr Chris Chong, chief executive of Orchard Turn Developments: “Increasingly, retail is not just about shopping but also about entertainment, bringing new novel experiences. Last year, we did a butterfly dome featuring live butterflies from the Crysalis. This year, we will bring an exciting new experience with the aerial sphere. We hope shoppers will enjoy this new experience and as a result also enjoy shopping with us.”

    Orchard Road retailers have been hit by a slowing local economy and weak visitor arrivals in the past two years. Analysts estimate that Orchard Road rents fell last year and could drop by another 3-5 per cent this year.

    Besides ION Orchard, other malls being refurbished include Centrepoint and Wisma Atria.

    IMPROVE OVERALL EXPERIENCE: JLL

    Property consultancy JLL said that not all Orchard Road malls require a complete physical overhaul. But landlords and retailers must work together to improve the overall retail experience, amid competition from online retailers and suburban malls.

    Ms Regina Lim, national director of advisory and research at JLL, commented: “I don’t think it has to be a total refreshment or refurbishment; it’s about being more aware of giving shopping a reason to come to your shop or to your mall.

    “So even if the mall isn’t getting a facelift, I think retailers and landlords need to think about giving some reason for families to come down and visit rather than just buy it online.

    “In this day and age where there is quite a bit of supply along Orchard Road, you really need to proactively think about how you want to make your mall a little bit different from the rest and engage the public to come down to the mall to shop. Because people really want to integrate shopping online and offline and going to the mall has to come with some kind of experiential performance and events,” Ms Lim added.

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  • Forevermark Asia launches in Korea, Thailand

    Forevermark Asia launches in Korea, Thailand

    De Beers Group of Companies has launched its diamond brand Forevermark in Asia – with new partners in South Korea and Thailand.

    It is now available in more than 1700 outlets in 38 consumer markets.

    In South Korea, Forevermark Asia launched with licensee partner Golden Dew, which has started selling the brand in 11 of its stores. Golden Dew was founded in 1989 as Korea’s first jewellery brand, says De Beers, and has a presence in more than 70 department stores.
    In Thailand, the brand launched at the opening of an exhibition at Siam Paragon, one of Bangkok’s largest department stores. With its new licensee partner, diamond retail chain Jubilee Diamond, Forevermark will be available in stores across the country, says De Beers.
    Forevermark CEO Stephen Lussier says the brand has had remarkable growth since being established eight years ago.

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  • Apple Continues Expansion in China with New Store Opening on March 19

    Apple Continues Expansion in China with New Store Opening on March 19

    Tech giant Apple has confirmed that a new Apple Store will open in Dalian, China, on March 19, 2016. The new store is part of the company’s ongoing mission to launch at least 40 new Apple Stores in China by October 2016.

    The new Apple Store will be located on 66 Olympia Plaza, marking it as Apple’s second retail outlet in the port city after it opened its first store In Dalian earlier in October 2015. Dalian’s central location and inflow of tourists from Japan and Korea will help the company further secure its tech presence in China, which Apple predicts will be its most dedicated market in the future.

    Apple’s agenda of launching 40 new outlets seems to be working out well after it opened stores in Nanjing, Hong Kong, Chengdu, Qingdao, Guangzhou, Xiamen, Beijing, and the “Green City” — Nanning, as part of its expansion plan. The brand new store will further strengthen Apple’s roots in China and prove great advertising for the iPhone maker in the hub of one of China’s most popular cities.

    The Dalian Apple Store will open at 10:00 am local time. Speculation suggests that this could be the same store which the company claimed to be its “largest flagship” outlet almost three years ago. However, there is no confirmation if the upcoming store will still be Apple’s largest company store to date. Considering that the iPhone maker has been working aggressively to establish its presence around the world, with new stores in Turkey and Singapore, there is a slight possibility that these former plans have changed slightly.

    Plans for Apple’s new store are already arousing curiosity regarding its architectural layout. The tech giant’s consistency in the architectural design of its stores helps give it a distinctive edge against other tech rivals, both local and international. Led by Angela Ahrendts and Jony Ive, the company’s focus on the design elements of its outlets is a clever marketing strategy for luring in more customers. The upcoming store is expected to feature some of Apple’s traditional store elements like a Genius Bar, JointVentures, workshops, and other Apple-based services.

    With the new store in Dalian, Apple could provide customers with an experience better than any other. Even though an Apple Store exists in Dalian, a brand new outlet might help drive more sales for the company.

    Therefore, judging by its fluent progress in opening new retail outlets in various regions of China, Apple seems well on track to fulfill its prophecy, and may even end up opening more than 40 stores by October.

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  • China completes drafting e-commerce law

    China completes drafting e-commerce law

    China has completed a draft version of the country’s first e-commerce law, a lawmaker said on Thursday.

    The draft will be submitted as early as possible to the Financial and Economic Affairs Committee of the National People’s Congress (NPC) for review, said Uzhitu, vice chairman of the committee.

    After that, the draft e-commerce law will be presented to the NPC Standing Committee for further reading, Xinhua news agency quoted Uzhitu as saying.

    The legislation is necessary to deal with new problems in data protection and infringements upon customers’ interests, he added.

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  • China’s Alibaba signs 5-year loan deal

    China’s Alibaba signs 5-year loan deal

    China’s Alibaba Group Holding Ltd  said it has signed a deal for a $3 billion five-year loan, which will help the e-commerce giant as it snaps up stakes in companies within China and overseas.

    Alibaba, led by founder Jack Ma, has been expanding in areas beyond its core e-commerce base, such as online video, as volume growth in its online shopping business slows.

    The firm said in a filing to the US Securities and Exchange Commission (SEC) that it had signed the syndicated loan deal with a group of eight lead arrangers. It added that the amount could increase if there was steep demand.

    “The loan, which is subject to upsize through over subscriptions in syndication, has a five-year bullet maturity and is priced at 110 basis points over LIBOR,” the company said in the filing, referring to the benchmark interest rate used by many global banks when making loans.

    Alibaba added that the loan would be used for “general corporate purposes”, without expanding on what this meant.

    The Wall Street Journal cited sources last month saying Alibaba was in talks with several banks to borrow up to $4 billion to fund expansion plans, including acquisitions.

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  • Indonesia’s first F1 driver is a good-looker who lives in Singapore

    Indonesia’s first F1 driver is a good-looker who lives in Singapore

    When Indonesia’s first Formula One driver Rio Haryanto makes his debut with the Manor Racing team at the new season on March 20, he is likely to set the hearts of female fans a flutter.

    The only Asian to be on the starting grid boasts not only a chiselled jaw and dashing good looks, but also a hot bod to match.

    Rio, 23, will be the third Southeast Asian driver, after a long absence, to compete in Formula One since the championship started in 1950, reported The Jakarta Post. The other two were Malaysian Alex Yoong (2001 and 2002) and Thailand’s Prince Birabongse Bhanudej in the 1950s.

    So all eyes will be on Rio, who reportedly lives in Singapore, when he competes against the likes of champion drivers Lewis Hamilton and Sebastian Vettel in the 21-race series, starting in Melbourne in two weeks’ time.

    Born in Solo, Indonesia, he is a business management graduate, having studied here at private school FTMSGlobal Academy.

    Sponsored by Indonesia’s state energy company Pertamina, the rookie driver has managed to capture a huge following in Indonesia, all eager to see their new sports icon flying their national flag high.

    “I hope by working hard, I will not only represent Indonesia in F1 but achieve [something],” he said in a press conference in February.

    When he is not competing, Rio spends four hours a day to build up his stamina by swimming, jogging, or working out in gym, according to his website.

    He likes high-protein food, and even cooks his favourite fish – salmon – often.

    Apart from his love of racing, Rio hopes to be involved in his family business – his father runs a company that produces Kiky brand writing books.

    He also likes to do his bit for the community. Whenever he returns to his hometown, he would visit an orphanage and share his adventures with the kids, like a big brother hoping to inspire and motivate his younger siblings, according to his website.

    Career jump

    Rio clinched a place in the Manor team after its owner Stephen Fitzpatrick was impressed by his performance.

    He had said in a press statement: “He is tenacious on and off the track and made a big impression on last year’s GP2 battle.”

    On Rio’s big fan base in Indonesia, Fitzpatrick said they would be a booster for his team and for F1.

    “They are keen to see [Rio] on the grid and we’re confident that we’ll see him enjoying some exciting battles in the year ahead.”

    Rio’s racing experience began when he was only six, taking part in the national and international Gokart arena. He joined Formula Asia 2.0 racing competition at 15 and emerged the winner among Asian drivers.

    In the following year he came in first again at Formula BMW Pacific 2009 racing competition.

    At 17, he was qualified to get Formula 1 super licence from Virgin F1 race in a test in Abu Dhabi in 2010. Since then, he had been racing in the GP2 Series with EQ8 Caterham Racing Team.

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