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Tag: asia

  • Gross margin growth helps Esprit produce first profit in five years

    Gross margin growth helps Esprit produce first profit in five years

    After flagging an expected return to profitability for the full year earlier this month, Esprit on Wednesday announced its final results and said that revenues rose to HK$8.3 billion (€953m/£808m/US$1bn) in 2021.

    It didn’t give a comparable revenue figure but said that net profit surged “significantly” to $381 million. The company had made a $414 million loss in the final six months of 2020, the closest comparable period after it changed its financial year-end date.

    Revenue in the year was affected by lockdowns in the company’s major European markets in Q1 and further restrictions in Q4, but the group still generated strong revenue across all three of its channels combined (e-commerce, wholesale, and owned retail stores).

    Of course, a big chunk of sales came online — both its own and third-party sites — during lockdowns, helping it to make up for some of the negative impacts as far as physical stores were concerned. Another driver of growth came from selling fewer discounted products from the company’s retail business compared to 2020.

    Looking ahead, it expects to be negatively affected by the “lingering effects of the pandemic and the conflict in Ukraine”. The “already unstable logistics industry and disrupted supply chain” will also likely be further issues that will result in higher costs.

    But it believes it’s “on track to ongoing profit growth” nonetheless.

    CEO and COO Pal William Eui Won said: “The remarkable results are definitely a testament to the company’s collective efforts by devoted staff at Esprit, including the successful migration of selected strategic functions from Germany back to Hong Kong, Esprit’s new global headquarters.

    “Combining expertise from the two offices has created a stronger organizational balance and workplace synergy. It is also evident that the current management team has crafted the correct infrastructure to re-establish Esprit to become a market leader. We will continue to strengthen it by becoming a truly omnipresent brand and enhancing our product portfolio that fits with the company’s mission of making our customers ‘feel good to look good’.”

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  • UBS Announces Share Repurchase

    UBS Announces Share Repurchase

    Switzerland’s largest bank announced it will commence a new share buyback program starting March 31.

    UBS announced it is moving ahead with plans to purchase up to $6 billion of its shares over the next two years starting tomorrow, the bank said in a statement released today.

    In conjunction with a share buyback program launched in February 2021, UBS intends to purchase up to $5 billion by the end of this year.

    As part of the 2021 repurchase program, UBS bought back over 240 million of its shares, representing 6.5 percent of current registered capital at the time. The value of the transaction was 3.8 billion Swiss francs of which 1.5 billion francs ($1.6 billion) took place in 2022, the bank said.

  • Uber, BP partner in global grocery delivery partnership

    Uber, BP partner in global grocery delivery partnership

    Convenience giant bp is teaming with Uber Technologies on a new global strategic convenience delivery partnership, extending their existing local arrangements to reach more consumers across the world, the companies announced Tuesday. Together, bp and Uber Eats will offer an extensive range of quality convenience products, including fresh and prepared foods, from select retail locations in parts of the United States and globally.

    bp is the first convenience retailer to team up with Uber Eats on a global level and aims to have more than 3,000 retail locations available on the delivery platform over the next three years. The partnership supports bp’s goal of growing its access to customers and expanding its delivery footprint, in response to soaring demand for food, groceries, and everyday essentials brought to the door.

    The new partnership covers retail sites on the West Coast of the United States as well as Australia, New Zealand, Poland, and South Africa. Sites in the eastern United States and UK will be added to the app for the first time this year, with plans to launch in other European markets beginning in 2023.

    “We’re thrilled to team up with Uber Eats globally giving us the opportunity to reach many more consumers online in addition to those who currently visit our retail sites,” said Emma Delaney, executive vice president of customers & products for London-based bp. “We’ve seen how the pandemic has accelerated customer demand for delivered convenience and this partnership will allow us to scale up quickly on the Uber platform. And for the first time, we will be able to offer delivery options to existing customers on our own BPme app by the end of 2023.”

    With 20,500 bp retail sites across the world and 550 million customers living within 20 minutes of a bp retail site, bp and Uber see enormous opportunities for growth. bp sites offer a range of products tailored to local markets that include hot and cold drinks, prepared food options, grocery staples, fresh produce, as well as wine, beer, and flowers.

    As part of the agreement, Uber Eats and bp will work to introduce delivery options onto bp’s own app, BPme — initially planned to be available in the U.S., UK, and Australia by the end of 2023 — powered by Uber Direct. This new offer will allow bp to directly connect its customers to delivery riders, making Uber Eats the select partner in fulfilling these orders. Since 2019, bp has seen a three-fold increase in users of the BPme app, with 16 million active loyalty users worldwide.

    In the U.S., Uber Eats will be made available to bp’s network of independently owned retail locations with the goal of making it easy for these partners to sign up to the Uber Eats platform and access benefits based on bp’s scale.

    “With more than 20,500 locations around the world, bp’s reach is enormous — making them critical partners as we pursue our ambitions of helping consumers across the world get what they need delivered to their doorsteps,” said Pierre Dimitri Gore-Coty, Uber’s senior vice president of global delivery. “We are proud to support this next phase of the company’s convenience growth through this delivery partnership and look forward to deeper collaboration in the future.”

    bp and Uber already work together in mobility with bp providing electric vehicle charging for Uber’s ride-hail drivers. The companies will explore other areas for future cooperation in convenience, including opportunities to utilize low carbon delivery methods to fulfill orders from bp sites.

    The bp partnership falls in line with Uber Eats’ plans to add more grocery delivery options. Since launching grocery delivery in July 2020, Uber has seen consistent growth in the U.S. for the category. The San Francisco-based tech company partnered with Southeastern Grocers, operator of Winn-Dixie and Fresco y Más stores, in September 2020, and last summer expanded its home delivery reach with the addition of 1,200 Albertsons Cos. stores, began a pilot program with Costco in Texas, expanded on-demand delivery to pharmacy chains Walgreens and Rite Aid and partnered with the Smart & Final grocery warehouse chain in January of this year.

  • Australian Researchers To Study How Tesla Car Batteries Can Power Grid

    Australian Researchers To Study How Tesla Car Batteries Can Power Grid

    Australia’s University of Queensland (UQ) on Wednesday said it would recruit Tesla Inc car owners around the world to analyze if the vehicle’s spare battery capacity could support the energy grid and even power homes in the future. The university has partnered with analytics platform Teslascope for the research project, which it said would be a world-first trial that would check how owners of electric vehicles (EV) currently drive and charge their vehicles. For the first phase of the study, Tesla owners in Australia, the United States, Canada, Norway, Sweden, Germany, and Britain can apply. The program could be expanded later to include other electric vehicle companies.

    With increasing numbers of electric vehicles globally, scientists are looking to find how the batteries can provide other cleaner energy services besides helping lower emissions in the transport industry. Researchers at UQ said most EVs are driven only one-eighth of their daily driving range of 400 km (249 miles), providing opportunities to store energy and export power to the grid using vehicle-to-grid (V2G) chargers. “(The study) will not only help to inform EV policy internationally but importantly assess the feasibility of using EVs as batteries-on-wheels,” Jake Whitehead, Research Fellow at UQ, told Reuters.

    V2G technology is a connection between the EV and the grid through which power can flow from the grid to the vehicle and vice-versa. That potentially enables car owners to sell energy to the network, while utilities could use electric cars as a backstop during peak demand periods. The study, which aims to initially recruit 500 Tesla owners, will collect usage data through the vehicle’s software interface and in return users will be offered a free premium subscription to Teslascope for a year. Australia last week pledged A$178 million ($132 million) to ramp up the rollout of charging stations for electric vehicles but did not set targets to phase out petrol cars.

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  • Geely Unit Lotus Tech Aims To Raise Up To $500 Million In Funds

    Geely Unit Lotus Tech Aims To Raise Up To $500 Million In Funds

    Lotus Technology, a new unit of China’s Geely set up to develop the technology to power Lotus sports cars, is planning to raise $400 million to $500 million before the end of this year, its chief financial officer told Reuters.

    Lotus Technology, part of Group Lotus which is in turn owned jointly by the Chinese automaker and Malaysia’s Etika Automotive, intends to kick off the funding round before Christmas, Alexious Lee said in an interview.

    That will give Lotus Technology a post-money valuation – the value of a company after a round of financing from external investors – of $5 billion to $6 billion, Lee added. Lee said the firm will launch its first product – an electric sports utility vehicle – in the first quarter of next year and aims to have three models within the next five years.

    “We have gotten a lot of traction, especially from international investors, because wow, this is Lotus,” said Lee, adding that the company was looking to sell a 10% to 15% stake.

    The company will spend more than half the new funds on research, and 30%-40% on marketing with the remainder going to working capital. Lee said Lotus Technology remained on track for a potential initial public offering as soon as 2023, likely in New York or Hong Kong. Lotus Cars, the maker of the Lotus Esprit, famously driven by James Bond in 1977’s “The Spy Who Loved Me”, positions its vehicles in a segment similar to rival Porsche. It is set to open a new factory in Wuhan, China next year.

    “We are an asset light business because we don’t own our own manufacturing. It’s owned by our parents,” said Lee.

    Premium and luxury car sales are growing in China as coronavirus pandemic travel restrictions leave consumers in the world’s biggest car market with more money to spend. Lotus Tech’s investors include Nio Capital, an investment firm founded by the CEO of Chinese electric vehicle maker Nio Inc, which valued the unit at 15 billion yuan in September.

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  • Swiss Set To Drop Criminal Probe Of VW Emissions Scandal

    Swiss Set To Drop Criminal Probe Of VW Emissions Scandal

    Swiss federal prosecutors are set to drop a nearly five-year criminal investigation into Volkswagen’s diesel emissions scandal after concluding they did not have a strong enough case to file charges, they said on Tuesday.

    The Office of the Attorney General said it had informed the German carmaker and its Swiss dealership arm this month “that it considers the investigation to be complete and intends to drop the case,” it said in a statement, confirming a report by broadcaster SRF.

    The defendants and private plaintiffs can still review the case file and submit more evidence before the case is closed officially, it said.

    VW admitted in September 2015 it had installed secret software in hundreds of thousands of U.S. diesel cars to cheat exhaust emissions tests and make the cars appear cleaner than they were, and that as many as 11 million vehicles could have similar software installed worldwide.

    SRF said Swiss plaintiffs could still claim damages through civil law, noting VW has already paid out billions abroad.

    Swiss prosecutors opened criminal proceedings after a court ruled they must conduct their own investigation into hundreds of complaints lodged in Switzerland.

    The case centred on the potential damage to around 175,000 customers who bought or leased VW group vehicles with diesel motors that at least some VW officials must have known had been manipulated.

    SRF said Swiss plaintiffs could still claim damages through civil law, noting VW has already paid out billions abroad. “But without official culprits, such proceedings in Switzerland are very costly and difficult for individuals,” it added.

    Contacted by Reuters on Tuesday, VW had no immediate comment.

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  • Domino’s Pizza China operator applies for Hong Kong listing

    Domino’s Pizza China operator applies for Hong Kong listing

    The operator of Domino’s Pizza in China, DPC Dash, has filed for Hong Kong stock exchange listing to expand its footprint in China.

    However, it was not clear how much the company was aiming to raise in its Hong Kong listing. The company is currently Domino’s Pizza master franchisee in Mainland China, operating 485 stores across 10 cities. More than half of the stores are located in Beijing and Shanghai.

    DPC Dash said it plans to increase its footprint in the country with 120 new stores slated to open this year followed by 180 stores next year.

    “Given the vast number of potential store locations in China, we expect we will continue to open new stores at a rapid pace in 2024 and 2025,” the company said in its online filing.

    DPC Dash recorded 45.9-per-cent year-on-year growth in revenue last year, reaching US$251.5 million. Despite an 18.7 per cent increase in same-store sales, the company has experienced a net loss for each of the past three years, which according to the filing, resulted from extensive store openings, marketing, staff training and technology.

    The company also said operations at some of its stores in Shanghai and Shenzhen have been adversely impacted since mid-March of this year as a result of local governments implementing temporary lockdowns and travel restrictions.

    According to The Frost & Sullivan Report, China pizza market was worth $1.6 billion in 2020 and is expected to reach $9.79 billion by 2025.

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  • Central Retail becomes Reebok’s sole Thai distributor

    Central Retail becomes Reebok’s sole Thai distributor

    Sports brand Reebok has appointed CRC Sports, a subsidiary of Central Retail, as its sole distributor in Thailand.

    According to CRC Sports, it will take responsibility for e-commerce operations and the wholesale distribution of Reebok, pushing growth opportunities and aims to make Reebok one of the top five sports brands in Thailand.

    CRC Sports plans to expand Reebok’s network to more than 100 locations this year and enhance Reebok’s online presence through websites and e-commerce marketplaces like Lazada, Shopee and Central.

    “The heritage and potential of Reebok and its product portfolio support our efforts to offer even more of the best sporting trends to the new generation,” said Tony Morton, president of CRC Sports Company.

    “To have a world-renowned sports brand like Reebok in our portfolio helps to solidify our position as the go-to destination for sports apparel, shoes and sports equipment.”

    Other channels such as Click & Collect, Personal Shoppers, Call & Shop, Line Chat & Shop, and Facebook Live events are used to offer retail experiences for Reebok’s customers in Thailand.

  • Apple’s new iOS 15 privacy features have advertisers on edge

    Apple’s new iOS 15 privacy features have advertisers on edge

    After Apple created chaos in the advertising industry last year with the App Tracking Transparency (ATT) feature, experts in the field are concerned that Apple will continue offering more privacy features and put a larger crimp into the business of selling products to consumers who depend heavily on their mobile devices.

    Two recent features that advertisers are concerned about are Private Relay and Hide My Email, both released in iOS 15. The latter allows you to create a random email address that will automatically forward emails to your personal inbox. You can read and reply to those emails but your personal email address will be hidden by the randomly created address.

    Apple points out that it doesn’t read any of the content in emails that go through Hide My Email except to filter out spam. Apple says that it needs to do this to “maintain our status as a trusted email provider.” All email messages going through the Hide My Email platform are deleted from Apple’s relay servers after they are delivered to you, a process that usually takes only seconds.

    Hide My Email tricks advertisers who normally collect your email address from online forms you’ve filled out and then send spam to that address. However, with Hide My Email, the marketers no longer have access to your real email address.

    To enable Hide My Email, go to Settings > Tap your name at the top of the screen. From the new screen, go to iCloud > Hide My Email. From there, go to Create New Address. A random address that ends with @iCloud.com will be created which will forward to your personal inbox. If you’re not happy with the random address, you can press the button that says  “Use Different Address to see a new one.” If you’re happy with the address, tap on “Continue.”

    The next screen will allow you to create a note next to the new address so that you can remember what you used it for. Hit “Next” in the upper right corner and it’s all over; you’ve created your fake email address. To delete it, go to Settings > iCloud > Hide My Email to see a list of your randomly generated email addresses and where mail to that address is getting forwarded to.

    To delete any of those addresses, tap on Deactivate Email Address at the bottom of the screen. A pop-up screen will ask you to confirm which address you want to 86, Tap on it and press the “Deactivate” button. That’s it.

    What we should tell you is that for you to sign up for Hide My Email, you must subscribe to a premium iCloud tier of service. This doesn’t have to put you in the poorhouse as 50GB of additional cloud storage is only 99 cents a month. 200GB of iCloud storage is $2.99 per month, and a whopping 2TB of iCloud storage will cost you $9.99 monthly.

    Another feature scaring Ad executives is Private Relay which also requires an iCloud subscription. It acts like a VPN blocking your IP address while encrypting traffic on the web. To turn it on, go to Settings > Tap your name at the top of the screen > iCloud > Private Relay.

    Private Relay blocks workarounds developed by companies to get around ATT and Hide My Email prevents online marketing firms from knowing the real email addresses of their customers preventing them from being targeted for follow-up purchases. Both features are devastating to marketers who have been using IP addresses (blocked by Private Relay) and email addresses (hidden by Hide My Email) to workaround App Tracking Transparency.

    Grant Simmons, a vice president at ad performance tracking firm Kochava, says of Apple’s continued war against third-party marketers, “It’s got the industry holding their collective breath.”

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  • TikTok is working on a ‘Watch History’ feature

    TikTok is working on a ‘Watch History’ feature

    You saw a video on TikTok that you really liked, but you didn’t save it and didn’t remember the name of the uploader. You want to watch the video again, but you can’t seem to find it. What do you do? Well, if TikTok releases this feature, you will be able to see what videos you have watched and then find the video in question.

    Hammod Oh, a Twitter user who discovers upcoming features on different social platforms, found out that TikTok is testing a new “Watch History” feature. The feature will allow users to easily see what videos they’ve already watched for up to seven days. So, the end of your never-ending search for that interesting video you saw could be close.

    In a tweet, later shared by social media consultant Matt Navarra, Hammod Oh shared a screenshot that shows a new option called “Watch History,” which was probably under the “content and activity” section in the settings menu of the TikTok app.

    Currently, TikTok’s new “Watch History” feature is only available to selected users who are part of the test program for the feature. There isn’t any information on when we could expect TikTok to officially release the feature for the rest of us. TikTok only told TechCrunch, “We’re always thinking about new ways to bring value to our community and enrich the TikTok experience.”

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  • New Apple patents hint at a better pressure sensor technology

    New Apple patents hint at a better pressure sensor technology

    Force Touch, also called 3D Touch, was a technology that Apple used for some years but then suddenly replaced with Haptic Touch. With 3D Touch, iPhone users had the ability to access more menus by simply applying different pressures to their iPhone display.

    Although it’s a tiny possibility, it appears that Apple might again introduce a newer and improved version of its previous 3D Touch technology. The US Patent & Trademark Office published a few new patents from Apple for various future Apple devices, and all of them are for new force-pressure sensors.

    One of these patents is for force-pressure sensors built into the Apple Watch and small form factor devices such as the AirPods. According to the patent,  Apple’s new pressure-sensitive surface would utilize microelectromechanical fluid pressure sensors. These sensors would be smaller, have better force sensitivity, and be more durable than conventional pressure sensors.

    To get a better idea of how the new pressure sensor technology could be implemented into the Apple Watch, Apple has shown in its patent a picture of an Apple Watch with a pressure-sensitive side instead of a physical button.

    Another Apple patent shows how Apple’s new pressure sensor technology could be utilized in Apple Watch bands, creating so-called smart bands. Thanks to the new technology, these smart bands would be able to detect blood pressure, heart rate, and pulse wave velocity.

    Apple’s patents show that Apple’s new sensor tech could be utilized in the iPhone. The image below, for example, shows how Apple could put multiple small pressure sensor modules in the iPhone instead of a single component.

    Now, it should be noted that companies often patent technologies that they never implement into real consumer products. But if Apple decides to use this new pressure sensor technology, it could mean that we may just receive 3D Touch 2.0 in some future iPhone generation.

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  • US to consider tariffs on solar panels made in Southeast Asia

    US to consider tariffs on solar panels made in Southeast Asia

    U.S. trade officials on Monday said they will launch an investigation that could result in tariffs on solar panels imported from four Southeast Asian nations, a blow to clean energy project developers that rely on cheap imports to keep costs down.

    The Commerce Department’s decision regarding imports from Malaysia, Thailand, Vietnam and Cambodia was a victory for Auxin Solar. The San Jose, California-based solar manufacturer this year requested the probe, arguing that Chinese manufacturers shifted production to those nations to avoid paying U.S. duties in place for nearly a decade on Chinese-made solar goods.

    Auxin’s petition is the latest in a string of efforts by U.S. solar producers to stem the flow of cheap Asian panels that they argue make their products unable to compete in the market.

    Solar industry trade groups said the investigation alone would immediately hamstring project development and harm U.S. progress in addressing climate change. President Joe Biden has set a goal of weaning the U.S. electricity sector off of fossil fuels by 2035, a target that could propel solar to supply up to 40% of the nation’s electricity needs – up from 3% currently.

    Imports from the four countries account for about 80% of the panels expected to be installed in the United States this year, according to the American Clean Power Association industry group.

    “This decision effectively freezes development in the U.S. solar industry,” association CEO Heather Zichal said on a conference call with reporters. “Frankly, the Commerce Department’s action to initiate this investigation is a disaster for our industry.”

    In a statement, a Commerce Department spokesperson said the department would “conduct an open and transparent investigation.”

    “This inquiry is just a first step – there has been no determination one way or the other on the merits, and no additional duties will be imposed at this time,” the spokesperson said.

    In a memo posted on a Commerce Department website earlier in the day, officials said Auxin had provided information indicating that solar companies operating in the four countries are subsidiaries of large Chinese producers and that products made there would be subject to U.S. countervailing and anti-dumping duties if made in China.

    “Auxin properly alleged the elements necessary for a circumvention determination,” the memo said.

    The Commerce Department said it will issue a preliminary determination within 150 days. Auxin welcomed the decision.

    “We are grateful Commerce officials recognized the need to investigate this pervasive backdoor dumping and how it continues to injure American solar producers,” Auxin Chief Executive Mamun Rashid said in a statement.

    U.S. solar trade groups lobbied heavily against the Commerce Department taking up the petition.

  • Billion-dollar projects stir hope of economic recovery

    Billion-dollar projects stir hope of economic recovery

    A number of billion-dollar projects are in the works, signaling a robust economic recovery. Last week Danish toy company Lego received a license for a $1-billion factory in the southern province of Binh Duong. The company’s second-largest factory in Asia and sixth largest in the world is among the fastest to be approved in Vietnam with all procedures being completed within six months.

    Local companies have also been launching billion-dollar projects.

    Steel giant Hoa Phat Group this month secured credit from eight banks for its Hoa Phat Dung Quat 2 plant, its biggest to date with a total investment of VND85 trillion.

    Diversified group T&T began work on a VND35-trillion resort and golf project in the northern province of Phu Tho at the end of last month, hoping to take advantage of the expected recovery in tourism in the next few years.

    Nguyen Van Toan, deputy chairman of the Vietnam Association of Financial Investors, said the country has the potential to attract $40 billion in FDI this year, a 27 percent increase from last year.

    It has shown resilience amid Covid-19 and focused on digital transformation during social distancing, and the government continues to prioritize FDI, he added.

    Nguyen Mai, chairman of the association, said the resumption of international travel on March 15 would allow more foreign investors to enter Vietnam without difficulty and therefore make business decisions quickly.

    American, European, and Japanese companies are looking to restructure supply chains and Vietnam could take this opportunity to attract their investments, he said.

    The key advantages for foreign companies here are the availability of land and human resources, he said.

    The government wants to make 2022 the year of recovery from Covid, and has set a GDP growth target of 6-6.5 percent compared to 2.58 percent last year.

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  • Lendlease Singapore launches ‘You Won’t Believe It’s Trash’ exhibition

    Lendlease Singapore launches ‘You Won’t Believe It’s Trash’ exhibition

    Lendlease Singapore is promoting sustainable and zero-waste habits among shoppers and visitors through the recently launched exhibition dubbed ‘You Won’t Believe It’s Trash’ (YWBIT).

    The public artwork exhibition is being introduced across four Lendlease malls – Paya Lebar Quarter, Jem, Parkway Parade and 313@Somerset. The event will be held until May 18. YWBIT showcases creative work, such as movie props and models made from discarded items, including cardboard boxes, broom heads and other materials, by local artist Simon Tan.

    “Through my art, I want everyone to know that they should think carefully before throwing things away because by saving things for reuse, they are saving the Earth,” Tan said.

    The exhibition will also showcase illustrations designed by local environmentalist Woo Qiyun with support from designer Stacey Yip. The illustrations will portray how malls can be reimagined to enable low-waste shopping and encourage circularity.

    “Through these visual artworks created by local artists, we hope the exhibition will strike a chord with the public and urge everyone to be more conscious of our consumption, as well as the waste we generate,” said Joelle Chen, sustainability director at Lendlease Singapore.

    Meanwhile, an onsite vending machine is installed at the exhibition to collect empty and clean aluminum drink cans, plastic drink bottles, and papers for recycling. In addition to the sustainable exhibition, Lendlease also partnered with GreenSquare to place fabric recycling bins at each of the malls’ bin centers from next month to collect unwanted garments.

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  • Ikea set to open in downtown Bangkok

    Ikea set to open in downtown Bangkok

    Swedish home furnishings retailer Ikea is expanding its footprint in Thailand with a new store slated to open at Bangkok’s latest shopping mall, Emsphere on Sukhumvit Road.

    The company announced on Facebook that Ikea Emsphere will mark the brand’s fourth store in the country after Bangna and Bang Yai in Bangkok and its third store in Phuket. The opening date has not yet been disclosed.

    “Ikea and partners will announce details of cooperation soon and look forward to a warm welcome from all customers as well,” Ikea said.

    Emsphere is part of The Mall Group’s EM District project which includes The Emporium and The EmQuatier opposite. Currently under construction, the new centre is expected to be completed later this year. The mix-used building will span more than 200,000sqm, and besides Ikea is set to become home to a series of luxury brands.

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