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Tag: asia

  • ZTE Launches Industry’s Smallest 5GC Product

    ZTE Launches Industry’s Smallest 5GC Product

    ZTE Corporation has unveiled the industry’s smallest 5GC product, dubbed the Mini5GC.

    ZTE’s new Mini5GC features miniaturization, lightweight, simple networking, and ultra-high integration. The company states that it can well facilitate safe production, flexible adjustment of work sites, and efficient and accurate emergency rescue in mining areas.

    This is part of its continued innovations in 5G core network products to boost the in-depth development of 5G private networks.

    For Mini5GC, the number of general network functions is customized from more than 10 to just four, and the network communication and resource occupation are optimized. Thus, a lightweight 5GC can be deployed on one 1U server.

    Moreover, the size of the server is reduced to A3 paper, and its weight is reduced to less than 5kg. With high integration, the 5GC product has 5Gbps forwarding capability and excellent performance for the same size in the industry.

    With simple deployment, the Mini5GC can adapt to any rack, and its power consumption is about 100 watts. Also, through pre-installation of software and hardware upon delivery, on-site one-click modification, and plug-and-play the required services can be quickly launched in several hours.

    To date, ZTE’s Mini5GC has carried out pilot verification in five typical fields, including mining, transportation, manufacturing and government affairs. ZTE and SHAANXI ZHIN TECHNOLOGY CO., LTD. have jointly built a mine-use 5GC based on the Mini5GC to provide in-place data distribution for underground mining, so as to improve mining service efficiency and provide a high-availability network to ensure safe production in the mining area.

    Moving forward, ZTE says it will work with more industry partners to integrate product innovation and business model innovation to help operators explore intelligent digital development and boost the prosperity of the 5G industries.

  • Indonesia Hikes Fuel Prices To Rein In Ballooning Subsidies

    Indonesia Hikes Fuel Prices To Rein In Ballooning Subsidies

    Indonesia raised subsidised fuel prices by about 30% on Saturday, as the government moves to rein in ballooning subsidies despite a risk of mass protests.

    The price of subsidized gasoline was raised to 10,000 rupiah ($67 U.S. cents) a litre from 7,650 rupiah, while that of subsidised diesel rose to 6,800 rupiah a litre from 5,150 rupiah, energy minister Arifin Tasrif said.

    “I actually wanted domestic fuel prices to remain affordable by providing subsidies, but the budget for subsidies has tripled and will continue to increase,” President Joko Widodo told a news conference.

    “Now the government has to decide in a difficult situation. This is the government’s last option,” said Jokowi, as the president is known.

    Southeast Asia’s largest economy had already jacked up its 2022 energy subsidies to 502 trillion rupiah ($34 billion), triple the original budget, pushed by rising global prices of oil and a depreciating rupiah currency.

    If prices were not raised, the budget would have ballooned to 698 trillion rupiah, said Finance Minister Sri Mulyani Indrawati.

    She estimated total energy subsidies would range between 591 trillion and 649 trillion rupiah for this year following the price hike, assuming the average crude price stays between $85 and $100 a barrel the rest of the year.

    High energy subsidies had restrained Indonesia’s inflation, at 4.69% in August, allowing the central bank to delay raising interest rates until last month, well behind regional and global peers.

    Hariyadi Sukamdani, head of the Indonesian Employers Association, said price pressure from the fuel price hike would not be too much, predicting inflation will top 6% at the end of the year.

    “If prices of goods are too expensive, people won’t buy. We can’t raise prices too much,” he said.

    Businesses are using unsubsidised fuels, but the price hike will affect logistics costs, Hariyadi said.

    Still, accelerating inflation could put pressure on Bank Indonesia (BI) to tighten monetary policy more quickly. The bank holds a two-day policy meeting ending on Sept. 22.

    Bank Mandiri economist Faisal Rachman estimated inflation could accelerate to between 6% and 7% and BI could raise the policy rate to 4.25% this year from 3.75% now.

    Faisal forecasts 5% economic growth this year despite the fuel price increase, supported by commodity exports and post-pandemic mobility, adding that the government’s cash distribution could help cushion some of the impact on consumption. The economy grew 5.44% in the April-June quarter.

    The government has allocated an additional 24.17 trillion rupiah for cash handouts to help the poor cope with the policy’s impact, Jokowi said.

    Fuel prices are politically sensitive in Indonesia, and the changes will have major implications for households and small businesses, as subsidised fuel accounts for more than 80% of state-owned oil giant Pertamina’s sales.

    The last fuel price hike was in 2014, months after Jokowi took office, aiming to free up fiscal space. That sparked protests across the archipelago.

    The opposition Labour Party has arranged a protest involving thousands of workers for Tuesday, chairman Said Iqbal, who also heads a trade union, told Reuters. He called on parliament to pressure the government to cancel the price hike.

    “This will hurt purchasing power,” he said. “Wages have not increased for three years and inflation is bound to rise sharply.”

    Small protests against any price hike, mostly led by students, had erupted in the recent days in several cities.

    After the price hike announcement, Pertamina said it was committed to ensuring adequate fuel supplies nationally. Cars were seen queuing in some stations in the capital Jakarta after the announcement.

    Pertamina, Asia’s biggest gasoline importer, had deferred some of its gasoline deliveries for September ahead of the price hike, due to an expected drop in fuel demand, traders said.

    Decades ago Indonesia was a major oil exporter, becoming a member of the Organization of Petroleum Exporting Countries in the 1960s, but its oil output declined and it turned to net oil importer in the 2000s. Indonesia is still an exporter of gas.

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  • Malaysian retail sales set new record

    Malaysian retail sales set new record

    Malaysia’s retail sales saw recorded growth in the second quarter of this year, surging 62.5 percent year on year, according to Retail Group Malaysia (RGM).

    The strong growth was estimated to result from the Hari Raya festival and the ease of Covid-19 operating restrictions. Given the swift growing pace, Malaysia Retailers Association and Malaysia Retail Chain Association project sales in the third quarter will have an average growth rate of 61.7 per cent.

    “Hari Raya Aidilfitri was celebrated nationwide on May 3 and 4. This period had accelerated the pace of recovery of Malaysia’s retail industry,” RGM said in a statement. “Shopping centres and main commercial centers throughout Malaysia started to attract large shopping crowd three weeks before Hari Raya. The peak was one week before Hari Raya.”

    Fashion and accessories accounted for the highest growth, increasing 152 percent year on year during the quarter. Retail sales of the department stores and supermarkets jumped 59.7 percent.

    Other sub-sectors, including furniture, electronics, and healthcare, also enjoyed double-digit growth.

    RMB also added that Malaysian consumers’ purchasing power has been affected due to inflation. The manpower shortage has also influenced retailers’ sales and operation hours.

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  • Underwear label Triumph refreshes brand vision to ‘remain relevant’

    Underwear label Triumph refreshes brand vision to ‘remain relevant’

    German, family-owned lingerie brand Triumph has diversified its product offer and refreshed its brand vision. Alana Jones, head of marketing at Triumph Australia, described the transformation as “only natural” for a historical brand to remain relevant.

    “Women’s lives, attitudes, wants and needs are forever developing, and as such, brands need to move and adapt alongside them,” she said.

    The brand says it aims to “contemporise” the fits of its products to suit the “ever-evolving underwear landscape better”.

    Triumph surveyed 20,000 females worldwide to understand a “monumental shift” taking place in their lives. The brand says women no longer wish to engage with brands promoting toxic or unrealistic body stereotypes.

    The survey concluded that consumers are “seeking out” brands that understand them as individuals taking all their complexities and nuances into consideration.

    “From the products they purchase, the images they see, through to their purchase experience, both online and in-store, we want to create a consistently memorable consumer journey by being distinctive, inspirational and relevant,” said Jones.

    Coinciding with this renewal, the brand’s new Spring/Summer 22 season includes new products and sizings celebrating women’s individuality. The season is led by a variety of Shape Smart Syles which includes an adaptable underwear concept called Triumph Flex Smart – which follows the unique movements of a woman’s body and supports them.

    Likewise, Triumph’s Fit Smart collection also features material that physically adapts to the body and adjusts to meet individual needs. A new wire-free Shape Smart bra has been designed to enhance and accentuate women’s natural curves, available in 35 size variations.

  • Hermes reseller Ginza Xiaoma makes its Singapore debut

    Hermes reseller Ginza Xiaoma makes its Singapore debut

    Ginza Xiaoma, the Japanese authorised partner of French luxury brand Hermes, has opened its first boutique in Singapore, its third globally. Located on Orchard Road, the 240sqm store follows a flagship in the Ginza Tokyo, and a Hong Kong boutique.

    Founded in 2015, Ginza Xiaoma has almost 10 years of experience buying, consigning, selling, and trading-in Hermes handbags and accessories.

    According to the company, customers can purchase Hermes handbags at the Singapore store, which offers the region’s largest selection of rare Hermes handbags, including a Sterling Silver Kelly 15, Diamond Himalaya Kelly 28, and Birkin Faubourg.

    Ginza Xiaoma Singapore also hosts the region’s private buyer-only online Hermes auctions and allows individuals to consign their bags. The company says it will introduce NFT auctions and blockchain proof of authenticity in future.

    “We’d already established some strong relationships with local collectors and knew there was an appetite for Hermes resellers,” said a Ginza Xiaoma executive.

    “Singapore is rich with stylish, affluent luxury lovers, but there are a limited number of high-end resellers catering to them.”

    As reported by Statista, Singapore’s luxury fashion industry will generate $770 million in revenue this year. The market is anticipated to increase by 4.79 per cent annually (CAGR from 2022-2027).

  • Swiss watch brand Norqain opens first store in Asia

    Swiss watch brand Norqain opens first store in Asia

    Swiss-made watch brand Norqain has made its debut in Singapore, as part of an expansion into the Asia market.  The watch retailer has collaborated with Southeast Asia distributor Melchers, a Singapore branch of Melchers Group, for the launch. This is also the brand’s second global flagship store after the first opened in Zermatt, Switzerland, last year.  Norqain says the new store, located on Orchard Road, aims to replicate the feeling of the Swiss Alps, features an original ski-lift ch

    Norqain says the new store, located on Orchard Road, aims to replicate the feeling of the Swiss Alps, features an original ski-lift chair from Zermatt.

    The store’s interior was inspired by the Swiss Alps, with black, blue, and white as the primary colours running throughout the space. There is also a wooden bar inside the store.

    Norqain says on its Instagram that it wants to convey to customers “a real feel for the Norqain world and the Norqainer spirit”.

    The family-owned Swiss watch company is based in Nidau (Bienne), the heart of the Swiss watch industry. Founded in 2018, it makes mechanical automatic watches designed in-house.

    Jean-Claude Biver, a well-known Luxembourgish-Swiss watchmaker who used to serve as president of the LVMH Watch Division, announced in June that he would join Norqain’s board as an advisor.

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  • Starbucks appoints Laxman Narasimhan as its next CEO

    Starbucks appoints Laxman Narasimhan as its next CEO

    Starbucks today announced that Laxman Narasimhan will become the company’s next chief executive officer and a member of the Starbucks Board of Directors. Narasimhan will join Starbucks as incoming ceo on October 1, 2022 after relocating from London to the Seattle area and will work closely with Howard Schultz, interim ceo, before assuming the ceo role and joining the Board on April 1, 2023.

    Narasimhan brings nearly 30 years of experience leading and advising global consumer-facing brands. Known for his considerable operational expertise, he has a proven track record in developing purpose-led brands. Building on companies’ histories, he has succeeded in rallying talent to deliver on future ambitions by driving consumer-centric and digital innovations. Most recently, he served as chief executive officer of Reckitt, a FTSE-12 listed multinational consumer health, hygiene and nutrition company, where he led the company through a major strategic transformation and a return to sustainable growth.

    “Laxman is an inspiring leader. His deep, hands-on experience driving strategic transformations at global consumer-facing businesses makes him the ideal choice to accelerate Starbucks growth and capture the opportunities ahead of us. His understanding of our culture and values, coupled with his expertise as a brand builder, innovation champion, and operational leader will be true differentiators as we position Starbucks for the next 50 years, generating value for all our stakeholders. On behalf of the entire Board, I am thrilled to welcome Laxman as Starbucks next ceo,” said Mellody Hobson, Independent Starbucks Board of Directors chair.

    During the transition period, Narasimhan will be fully immersed in the company, spending time with Schultz and the management team, partners and customers and gaining in-depth exposure to the brand, company culture, and Reinvention plan. This will initially include Starbucks store immersions, visiting manufacturing plants and coffee farms, connecting with partners around the globe as well as Starbucks long term business partners.

    Schultz will remain in the role of interim ceo during this transition period, following which he will continue as a member of the Starbucks Board of Directors. He will remain closely involved with the company’s Reinvention and act as an ongoing advisor to Narasimhan.

    “When I learned about Laxman’s desire to relocate, it became apparent that he is the right leader to take Starbucks into its next chapter. He is uniquely positioned to shape this work and lead the company forward with his partner-centered approach and demonstrated track record of building capabilities and driving growth in both mature and emerging markets. As I have had the opportunity to get to know him, it has become clear that he shares our passion of investing in humanity and in our commitment to our partners, customers, and communities. The perspectives he brings will be a strong asset as we build on our heritage in this new era of greater well-being. I greatly look forward to our partnership over the coming months and years,” said Schultz.

    “Starbucks commitment to uplift humanity through connection and compassion has long distinguished the company, building an unrivaled, globally admired brand that has transformed the way we connect over coffee. I am humbled to be joining this iconic company at such a pivotal time, as the Reinvention and investments in the partner and customer experiences position us to meet the changing demands we face today and set us up for an even stronger future,” said Narasimhan. “I look forward to working closely with Howard, the Board, and the entire leadership team – and to listening and learning from Starbucks partners – as we collectively build on this work to lead the company into its next chapter of growth and impact.”

    Previously, Narasimhan held various leadership roles at PepsiCo, including as global chief commercial officer, where he was responsible for the company’s long-term strategy and digital capabilities. He also served as ceo of the company’s Latin America, Europe and Sub-Saharan Africa operations, and previously as the ceo of PepsiCo Latin America, and the cfo of PepsiCo Americas Foods. Prior to PepsiCo, Narasimhan was a senior partner at McKinsey & Company, where he focused on its consumer, retail and technology practices in the U.S., Asia and India and led the firm’s thinking on the future of retail.

    Narasimhan is also a trustee of the Brookings Institution, a member of the Council on Foreign Relations, served as a member of the UK Prime Minister’s Build Back Better Council, and is a member of Verizon’s Board of Directors. He holds a degree in Mechanical Engineering from the College of Engineering, University of Pune, India. He has an MA in German and International Studies from The Lauder Institute at The University of Pennsylvania and an MBA in Finance from The Wharton School of The University of Pennsylvania.

  • Branded sales boost revenue for AVL

    Branded sales boost revenue for AVL

    Australian Vintage Limited (AVL) has reported a total revenue increase of eight per cent to the end of April 2016 on the back of strong branded sales.

    The increase in revenue is a reflection on higher branded sales in the UK, Europe, Australasia, and North America, however it was partially offset by lower bulk wine sales.

    Neil McGuigan (pictured), chief executive officer of AVL, said: “Australasia/North America sales are up eight per cent on last year with bottled sales up 19 per cent and cask sales down 20 per cent. Cask sales are down due to significant pricing pressure.

    “Sales of our bottled product into UK/Europe are up 19 per cent on last year due mainly to the increased sales footprint in the UK market. Bulk sales into this market are down by 77 per cent compared to last year as we continue to focus on changing from a bulk wine producer to a branded business.

    “Sales of our three key brands, McGuigan, Tempus Two and Nepenthe continue to grow with sales to the end of April up 20 per cent on last year.

    “AVL’s commitment to quality has recently resulted in three of the McGuigan Black Label red wines being recognised in the top five selling red wines in Australia. This commitment to quality was again reinforced at the International Wine Challenge held in London where the McGuigan brand was awarded four Trophies, five Gold, nine Silver and 12 Bronze medals including the Trophy for the Best Australian White Wine of Show for the 2010 Shortlist Eden Valley Riesling. AVL will continue to push the boundaries with quality wine production and vineyard innovation to continue to enhance Australia’s reputation globally,” said McGuigan.

    Meanwhile, the company terminated its Del Rios vineyard lease and paid the $4.9 million termination fee earlier this year. This termination together with the recent expiry of other onerous third party grower contracts will provide significant savings in future grape costs.

    “The company continues to focus on increasing branded sales and at the same time improving the efficiency of the business and improving the quality of our outstanding wines. We remain confident that our core strategies are correct,” said McGuigan.

    “Subject to no material changes to the current exchange rates we remain confident that our 2016 net profit before one off items will be up 10 to 15 per cent on last year’s $7.1 million net profit after tax and before one off items.”

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  • Twitter says it is now testing the feature that is most demanded by users

    Twitter says it is now testing the feature that is most demanded by users

    Did you ever post a tweet and realize that you’ve made a huge mistake? Without an edit button, there is nothing that Twitter users can do except delete the post and write it again. However, most Twitter members aren’t interested in having to re-type a tweet. But Twitter posted a blog today in which it says that it is internally testing a new feature called Edit Tweet which will be limited at first to Twitter Blue subscribers.

    It is no surprise that an edit function has been the number one wish from Twitter users since most other social media apps offer some editing capabilities; what good is a social media app if you accidentally push out a missive that has the point you’re trying to make covered up by typing miscues? According to Twitter, “Edit Tweet is a feature that lets people make changes to their Tweet after it’s been published. Think of it as a short period of time to do things like fix typos, add missed tags, and more.”For the initial test, Twitter will allow tweets to be edited multiple times during a 30-minute time period following the publication of a tweet. Subscribers will be able to determine which messages have been edited because these tweets will carry an icon, a timestamp, and a label to alert users that a particular post has been modified. Users will be able to view the original tweet and other edits made to it by tapping on the label which pulls up that tweet’s Edit History.

    Later this month (it now is September folks!) subscribers to Twitter Blue will get the first shot at using Edit Tweet. Early access to new features is one of the things that Twitter Blue subscribers pay $4.99 a month for. Making the testing even more selective, the feature will not only be exclusive to Twitter Blue users, it will be tested in one country only at first and as Twitter sees how people are using Edit Tweet, it will expand the testing to other countries.

     

    “We’ll also be paying close attention to how the feature impacts the way people read, write, and engage with Tweets,” Twitter states in the blog post. The company adds that it wants tweeting to “feel more approachable and less stressful. You should be able to participate in the conversation in a way that makes sense to you, and we’ll keep working on ways that make it feel effortless to do just that.”

    Meanwhile, all eyes will be on the Delaware Court of Chancery for five days starting on October 17th. Twitter is suing the richest man in the world, multi-billionaire Elon Musk, for rescinding his $44 billion, $54.20 a share takeover bid for Twitter. Musk, who is countersuing, alleges that Twitter misrepresented to him the number of fake accounts on Twitter that are controlled by “Bots.”

    With Twitter shares currently trading at $38.71, investors have already priced into the stock the extremely low likelihood that Musk will consummate the transaction. Both Musk and Twitter are arguing over the scope of Musk’s demands in the Discovery phase of the pre-trial which is when both sides turn over material, including documents, pertinent to the trial.

    Twitter claims that Musk is asking for huge amounts of information that are not relevant to the main issue of the litigation. That issue is whether Musk violated the contract he signed with Twitter to purchase the firm. Most contracts of this type include a break-up fee that is paid by the party pulling out of the deal. Musk’s deal with Twitter calls for him to pay the company $1 billion if he doesn’t follow through with the acquisition. Musk has already said that he will refuse to pay it.

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  • US Crypto Firm Buys into Swiss Criptonite

    US Crypto Firm Buys into Swiss Criptonite

    Interest in digital assets in Europe is so strong that a US crypto investment management company is building on its existing partnership with a Swiss crypto firm to meet the demand.

    SEC-regulated Wave Financial is buying a minority stake in Criptonite, as it aims to increase its offering for digital assets in Europe, it said in a statement Thursday.

    The move is a first step toward fully acquiring the Geneva-based digital asset manager.

    We have seen unprecedented demand from institutional and other accredited investors for professionally managed digital asset funds in Europe, Matteo Dante Perruccio, president of International at Wave Financial said.

    For Criptonite it opens a new era, in which we will have the opportunity to propose a unique investment offering, Florian Rais, founder, and CEO of Criptonite Asset Management said.

    Since partnering in 2021, the two companies have launched several Actively Managed Certificates (AMCs) in Europe.

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  • China Broadband Communications Rebrands as CBC Tech

    China Broadband Communications Rebrands as CBC Tech

    Effective September 1, China Broadband Communications rebrands as CBC Tech to reflect the company’s vision to become a next-generation network-as-a-service (NaaS) provider. CBC Tech will focus on providing elevated customer experiences and technological innovations to enable global enterprises to grow in China, as well as empowering Chinese companies that plan to penetrate overseas markets.

    This rebranding marks a significant milestone for the company as it veers away from providing traditional telecom operator services. As a NaaS provider, CBC Tech will embrace cloud-native networks and security-as-a-service solutions to help enterprises advance. CBC Tech will also continue to strengthen R&D capabilities, enhance the eNet network to meet customers’ changing network and security needs and provide customers with an excellent digital experience.

    “Upgrading the CBC brand to CBC Tech aims to reshape the company’s vision, mission and culture to better integrate telecommunications and technology advantages in the transformation process, complete with an innovation roadmap. This transformation will be made through continual investment in people, technology and processes,” said Richard Fung, co-founder and CEO of CBC Tech. “CBC Tech will spare no effort to focus on business development and provide the best employee and customer experience. Our goal is to expand eNet network coverage to 50 markets outside of China in the next one to one and a half years.”

  • LVMH to launch Stella beauty Maison with Stella McCartney

    LVMH to launch Stella beauty Maison with Stella McCartney

    Following a successful partnership with LVMH which began in 2019, Stella McCartney has collaborated with the LVMH Beauty division to develop her new skincare line, STELLA by Stella McCartney.

    After pioneering the conscious luxury fashion industry, Stella’s ambition is to offer an alternative to luxury skincare, an Alter-Care™.  A new approach that supports caring for ourselves and Mother Earth in perfect harmony.  Rooted in nature, with Stella’s vegan and cruelty-free principles at its heart, this ‘conscious luxury’ skincare line is natural, effective, and responsible.

    “I am delighted that Stella McCartney, after pioneering a sustainable and responsible luxury fashion, is now partnering with LVMH, committed to change the codes of cosmetics, the packaging and the ingredients. The launch of STELLA by Stella McCartney perfectly resonates with the Group’s longstanding commitment toward sustainability and we are proud to support it”, said Antoine Arnault, Image & Environment, LVMH.

    “We set out with an idea, and because we didn’t want to compromise – on outstanding results, the origin of our ingredients, and, of course, ensuring we minimised our impact on Mother Earth – we kept on trying.  We worked hard for almost three years with LVMH constantly evolving and aiming for what I felt was possible: rooted in nature, truly effective and responsible skincare. It’s a game changer and I want to share it with everyone.  I believe the consumer needs to know there’s another way, that they have a choice.”  said Stella McCartney.

    Based on Stella’s personal philosophy of using ‘only what you need’, the range consists of three essential products: Reset Cleanser, Alter-Care Serum and Restore Cream. The line-up is a culmination of three years’ worth of innovation and exploration with LVMH Recherche, the Group’s Beauty R&D unit. Offering impressive, clinically-proven results, this new range has been formulated to work in harmony with the skin, supporting its key functions of regeneration and protection.

    Each stage of the product lifecycle has been challenged to minimise its impact – from the ingredients to the packaging, to operations all the way through to consumer usage.  All product formulas are made with at least 99% natural-origin ingredients, and each is available in a unique eco-conscious refill.

    The line has a uniquely beautiful scent, ‘High Cliff’, created in collaboration with renowned perfumer Francis Kurkdjian, Founder and Artistic Director of Maison Francis Kurkdjian and Perfume Creation Director of Parfums Christian Dior.

    All the products will be available on www.stellamccartneybeauty.com and through a selection of UK retailers and boutiques including: the Stella McCartney UK flagship store on Old Bond Street from early September and Space NK from mid-September.

    Stella McCartney has chosen to support the conservation NGO Wetlands International, committing to donate 1% of the net sales of STELLA skincare.

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  • Invest Hong Kong highlights e-commerce advantages for growing businesses

    Invest Hong Kong highlights e-commerce advantages for growing businesses

    Hong Kong has been great place to set up an eCommerce business long before the demand for online shopping increased due to the pandemic.

    E-Commerce sales in Hong Kong are expected to grow at an annual growth rate of 8.3% between 2021 and 2024.

    The Hong Kong e-Commerce market has been rapidly growing in the past five years and is expected to grow even more.

    This growth is attributable to the favourable economic environment and advanced technological infrastructure, increasing consumer confidence in online transactions.

    This article outlines the many reasons Hong Kong is a great palace for e-Commerce businesses and why the business-friendly environment in Hong Kong makes such businesses thrive.

    What is an e-Commerce Business?

    E-commerce businesses are those that operate completely online.

    The business model operates by trading goods online through the internet.

    There is no physical store that customers can visit, so there is a huge focus on digital marketing to gain an edge over your competitors.

    You can sell almost anything through an e-Commerce business, such as books, clothes, groceries, furniture or even provide professional services such as legal and accountancy advice.

    Through e-Commerce, business owners no longer have to worry about the costs of maintaining a physical store and simply focus on managing orders and shipping the products to the customer.

    1. Leading eCommerce Market & Business Growth Potential

    Hong Kong has a thriving online market where the market volume for eCommerce businesses stands at nearly US 11 million by 2025.

    This highlights the level of potential growth in eCommerce businesses in Hong Kong. Compared to other countries, Hong Kong is one of the best markets to run an eCommerce business.

    Moreover, if you open up an e-Commerce business in Hong Kong, there is significant potential for your business to rapidly grow as you are not just limited to trading in Hong Kong.

    You can easily carry out your business activities in Mainland China and beyond.

    This is a huge opportunity to grow your business as China currently represents almost X% of the entire global eCommerce market.

    2. Technology Driven / Advanced Technology Infrastructure 

    Hong Kong is one of the world’s leading digital cities where computers, smartphones, and internet usage are consistently higher than anywhere else in the world.

    Hong Kong has been facing a rapid increase in internet usage as nearly 5.9 million people aged ten and above had smartphones in 2019.

    Alongside personal use of technology, businesses are also heavily dependent on technology.

    nother government study highlighted that nearly 38% of companies in Hong Kong had their websites.

    As most businesses and consumers are familiar with technology and use the internet to complete their day to day activities, they are more reliant on doing things online, especially shopping.

    This can be by ordering groceries, clothing, office equipment, school supplies and home furniture.

    This increased demand and reliance on using technology provides a great market for e-Commerce businesses.

    3. Favourable Tax System

    If you are running an offshore eCommerce business, Hong Kong is the best option for you as you can relieve a huge financial burden in terms of taxes.

    Being a highly popular low-tax jurisdiction, Hong Kong has been interesting for many entrepreneurs looking to set up an eCommerce company.

    Incorporating your eCommerce as a company in Hong Kong will allow you to benefit from the following tax requirements:

    • Corporate income tax of only 8.25% for the first HKD 2 million
    • No capital gains tax
    • No tax on dividends
    • No sales tax or value-added tax
    • No tax on any profits derived from outside Hong Kong

    According to the international tax standard set by the Organisation for Economic Co-operation and Development, Hong Kong is a ‘’white list’ country.

    All white list countries have implemented the internationally agreed tax standard, which ensures transparency and security when running your eCommerce business.

    4. Innovative Digital Banking

    Hong Kong is one of the world’s financial hubs, has more than 70 of the world’s leading international banks present in the country.

    Moreover, Hong Kong banks can easily approve applications relating to e-Commerce businesses.

    While you can always open a local bank account, there are more convenient alternative fintech platforms in Hong Kong which you can use as a business bank account.

    Consumers are also increasingly opting for more innovative digital banking means when shopping online such as paying through digital wallets and mobile banking applications.

    Merchant Solutions highlights that more and more consumers prefer to shop on their mobile phones due to the ease that comes with online banking.

    This trend is expected to grow, and e-Commerce businesses that take advantage of this and offer digital wallets that their customers use will gain popularity and continue to grow.

    This is a huge benefit as it is expected that nearly one-third of all e-Commerce purchases in Hong Kong will be digital wallet transactions within the next five years.

    Hong Kong is a country that is already taking the lead with digital banking and offering innovative alternative banking solutions which increase the demand and preference for online transactions and purchasing from e-Commerce businesses.

    5. Strong Logistic Infrastructure

    Hong Kong has a strong logistic infrastructure set up to meet the increasing demand for online transactions.

    The surge in e-Commerce businesses can only be successful if logistics support such businesses.

    Hong Kong can meet such demands as it currently ranks high in the World Bank’s global ranking of logistics capabilities and quality.

    Moreover, Hong Kong has a well-developed transportation system and infrastructure, ensuring that shipments can be easily made when orders are made from an e-Commerce business.

    These seamless supply chains have allowed Hong Kong to develop a great reputation within the eCommerce industry.

    6. Easy Company Formation

    The process of incorporating a company for your e-Commerce business in Hong Kong is extremely simple, easy and affordable.

    All you need to do is gather the necessary documents and make an online application.

    As long as you complete your application correctly, you should be able to incorporate your company in no time!

    7. Easy Investment Opportunities 

    Due to Hong Kong’s strong business reputation due to its transparent regulations and tax system, investors are more confident to invest in e-Commerce businesses incorporated within the country.

    Having easy access to such investment opportunities is a major reason why e-Commerce businesses thrive in Hong Kong.

    Funding your business, especially in its early stages, is one of the hardest struggles for businesses.

    Hong Kong provides a great business-friendly environment that gives investors the confidence that they will get a return on their investment.

  • Retail sales in Hong Kong rebound after two months of decline

    Retail sales in Hong Kong rebound after two months of decline

    Hong Kong’s retail sales jumped 11.7% in April from a year earlier, ending two consecutive months of declines, with the rebound helped by a receding COVID pandemic and the disbursement of government’s consumption vouchers.

    The retail sector has been under pressure particularly after the financial hub imposed stringent restrictions to curb the coronavirus, although the government expects the sector to pick up as cases decline and measures are eased.

    Retail sales in April jumped 11.7% from a year earlier to HK$30.2 billion ($3.85 billion), official data released on Wednesday showed. That followed a 13.8% drop in March.

    “The retail sector should continue to recover provided that the local epidemic situation remains stable,” a government spokesman said, adding that a consumption voucher scheme and other government measures would lend more support.

    In volume terms, retail sales in April rose 8.1% from a year earlier, compared with a 16.8% decline in March.

    For the January to April period, the value of retail sales fell 3.1% from the year-ago period while volume dropped 6.1%.

    At the beginning of this year, Hong Kong implemented its strictest anti-virus measures. The Omicron variant triggered a dramatic spike in infections, with businesses hit hard by widespread closures.

    The city’s economy contracted 4% in the first quarter from the same period a year earlier, ending four quarters of recovery.

    The unemployment rate rose to 5.4% in the February-April quarter, the highest since the April-June quarter in 2021.

    The government has revised down Hong Kong’s 2022 economic growth forecast to 1% to 2%, from an earlier 2% to 3.5%.

    Sales of jewellery, watches, clocks and valuable gifts, which before the pandemic relied heavily on tourists from the mainland, rose 13.9% in April following a revised 35.9% drop in March, the data showed. The border with mainland China remains largely closed due to COVID.

    Clothing, footwear and related products increased 1.6% in April against a revised 41.4% drop in March.

    Tourist arrivals in April fell 17.8% from a year earlier to 4,692. That compared with a 73% plunge in March.

    Online retail sales were a bright spot, surging 34.8% year-on-year in April in value terms after a revised 31.2% growth in March.

    Hong Kong eased COVID restrictions further in May as cases eased, reopening beaches and swimming pools, and extending hours for bars, while restaurants are allowed to serve eight people per table, up from four.

  • Coles expands parental leave program

    Coles expands parental leave program

    Coles is expanding the support available for current and new team members across its network who are preparing for parenthood or adjusting to being a new parent.

    The supermarket giant has removed the 12-month service eligibility period for team members to apply for parental leave, meaning primary and secondary carers can now access paid parental leave benefits without having to wait.

    Coles has also increased the paid parental leave for secondary carers from two weeks to four weeks, with access to the leave able to be taken up to 24 months after the birth, adoption, or surrogacy birth of a child. Coles will also offer flexibility of how the leave is taken, such as single days, multiple days, or blocks of days.

    Kris Webb, Chief of People and Culture at Coles, said they want to make Coles a great place to work for all team members, which means supporting them through significant life moments such as planning to welcome a new addition to their family.

    “For people who are having a child and wanting to work for Coles, we don’t want them to feel they need to wait to receive primary carers leave, because we know that this is not always possible. No one should feel they need to hold off having a family because of their job.

    “We also are pleased to be extending our secondary carers leave because we know how important it is for primary carers to have the support of their partners during these important times of their lives.  This policy applies to team members who work in our stores, our distribution centres and our store support centre, so it’s really expansive and we hope will make a big difference to our team members planning to grow their families.”

    Coles is also formalising its policy for having paid parental leave extended to primary carers who suffer a pregnancy loss (stillbirth) through birth, adoption, or surrogacy.

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