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Tag: asia

  • Smart factories: The future of Asia’s manufacturing hub

    Smart factories: The future of Asia’s manufacturing hub

    Manufacturing is one of the key pillars of economies in the Asia Pacific (APAC) region. According to GlobeNewswire, APAC is the largest general manufacturing market in the world, accounting for 43% of the global market. With the advent of the Industry 4.0 revolution, the world’s largest manufacturing hub will experience significant shifts as connectivity becomes the backbone of next-generation factories, where artificial intelligence (AI), machine learning, cloud computing and the Internet of things (IoT) are being embraced to unleash technology-driven smart manufacturing.

    Founded on the interconnectivity of machinery sensors and intelligent systems, the Industrial IoT (IIoT) adds intelligence to traditional manufacturing processes and management. Smart manufacturing solutions help to connect, automate, analyze and monitor equipment and processes to yield informed decision-making, maximize operational efficiency and improve product quality. Advanced IIoT solutions offer real-time data and meaningful insights that accelerate response time to raise overall productivity and sustainability.

    Factories are moving towards real-time capabilities, virtualization, decentralization and modularity to facilitate productivity, precision and agility. At the heart of this revolution are 5G networks that deliver reliable, high-speed connectivity, greater bandwidth to accommodate massive data traffic, extremely low levels of latency between devices, network slicing for virtual separation of networks and mobile edge computing (MEC) to facilitate edge computing. As a key enabler in smart factories, 5G together with IoT bring about innovative technologies such as automation, collaborative robots (cobots) and real-time remote monitoring.

    In 2020, the global smart factory market was valued at USD270.74 billion. According to Mordor Intelligence, this value is estimated to reach USD461.82 billion by 2026 – representing a CAGR of 9.33% during this period. During which, APAC dominates the market owing to increased foreign direct investment and industrial development. In conjunction with the deployment of 5G in countries, governments in the region are also encouraging smart manufacturing adoption through policies and assistance.

    As one of the earliest adopters of 5G innovation in the world, and an economy that relies heavily on manufacturing, South Korea unveiled a plan last year to leverage 5G and AI to roll out smart factory solutions alongside telecom providers to the country’s small and medium-sized businesses. The aim is to have 30,000 factories by 2025.

    In China, where manufacturing accounts for about 38% of the country’s gross domestic product (GDP) in 2020, and the world’s largest manufacturer in terms of output, strategies are in place to tap on advanced manufacturing to grow its position into a manufacturing superpower. Initiated in China, the “Made in China 2025” 10-year government plan was rolled out in 2015 to focus on rapidly developing the country’s manufacturing capabilities critical to its fourth industrial revolution. Reinforcing its efforts, China revealed a more comprehensive plan on 5 March 2021 as part of a new 5-year plan to enhance its manufacturing capabilities by 2025.

    Currently, smart manufacturing is adopted more widely in industries that emphasise high-volume and low-margin production. It is also deployed in highly-regulated industries such as the pharmaceutical and food and beverages industries, where tracking and traceability are critical. Entire value-chain processes can be automated to rely on robotic inspections, for instance, to reduce human errors. With automated inspection processes, smart factories harness machine learning and AI to accurately detect defects.

    Increasingly, innovations are focused on areas such as predictive maintenance, remote monitoring and control, real-time supply chain management, advanced process control and quality management.

    Using a network of IoT sensors, CCTVs and thermal imaging cameras, equipment wear and tear can be determined ahead of time to prevent disruption to production lines. In the event of failures, engineers from across locations can leverage remote augmented reality (AR) to troubleshoot problems so that maintenance can be carried out as promptly as possible to reduce downtime and eventually costs. Blockchain is also becoming relevant for manufacturers as the technology fosters transparency and accountability throughout the supply chain as massive information is shared simultaneously across large quantities of devices.

    Last year, disrupted supply chains owing to global lockdowns placed a tremendous strain on the manufacturing industry to respond to volatile market demands. Yet, manufacturers with fully-automated production lines that relied on AI, big data and remote operations managed to cope better. Manufacturers also saw the benefits of cobots working alongside humans, with cobots performing more repetitive tasks while humans attended to important decision-making to better respond to disruptive trends and deliver more optimal products.

    With 5G networks being critical to the digitalisation of the manufacturing industry, many tech providers are already expanding into the 5G space to provide private 5G networks. For telecom operators, this means tapping on its expertise to generate new revenue streams. Instead of simply providing manufacturers the 5G network capacity and connectivity required to power smart factories, telecom operators are partnering with strategic service providers to assist manufacturers in adopting transformation technologies that future-proof their processes.

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  • Vietnam among world’s 10 largest aviation markets

    Vietnam among world’s 10 largest aviation markets

    Its effective pandemic response has seen Vietnam become the 10th largest aviation market with a week-on-week growth of 12 percent in domestic seat capacity.

    Vietnam registered an additional 117,000 seats between March 8-15, raising its total scheduled capacity to 1.07 million seats, according to data released Tuesday by British aviation analysis company OAG.

    Despite this impressive growth, the figure was still down 31.4 percent against the pre-pandemic level in January 2020, the company said.

    China is still the world’s largest aviation market, with over 16 million seats, followed by the U.S. and India. Indonesia and Japan rounded out the top five.

    “The recent steady if not earth-shattering increases in global capacity are very welcome and reflect as much optimism rather than confidence in the recovery process through the next few months,” OAG said.

    “There remain far too many variables for anyone to be really confident about the shape of a recovery, but vaccine passports and other initiatives are all helping to build some momentum.”

    Experts have suggested that Vietnam test “vaccine passports” on certain groups of entrants before adopting an official policy for the holders.

    Vietnam has recorded 904 cases in its latest Covid-19 outbreak since Jan. 28, but most of the 13 affected localities have gone through many days without any domestic transmission of the novel coronavirus.

    With the pandemic more or less contained, air travel demand has returned to normal, with many cities and provinces, including Hai Phong, Hanoi, Ho Chi Minh City, and Quang Ninh, allowing tourism services to resume.

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  • Alibaba has major ambitions for Vietnamese businesses

    Alibaba has major ambitions for Vietnamese businesses

    Chinese e-commerce giant Alibaba wants to have over 10,000 Vietnamese small and medium-sized enterprises selling on its platform by 2025.

    Its government relation and business development manager, Vu The Tung, who revealed this at a ceremony to sign a memorandum of understanding with the Vietnam Trade Promotion Agency on Tuesday, said his company would help Vietnamese businesses increase their exports by promoting their products.

    The two signatories have been running a training program since August last year to enhance Vietnamese businesses’ ability to participate in global e-commerce.

    Vu Thi Minh Thuy, manager of the agency’s information technology application center, said through the training program over 300 companies have been provided consultancy in online cross-border sales.

    Fifty agriculture, aquaculture, food processing, and packaging companies became ready to sell on Alibaba’s e-commerce platform after completing training in October, she said. The two sides hope to have 1,200 Vietnamese enterprises on the platform by the end of 2021.

    Deputy Minister of Industry and Trade Do Thang Hai, who hailed Alibaba’s support, said: “The Vietnam Trade Promotion Agency and Alibaba will continue to look for enterprises to take part in the training program, and create recognition for Vietnamese brands on Alibaba’s e-commerce platform. They are also planning to create an exclusive section for Vietnamese products on the Alibaba website.”

  • BMW’s New-Gen iDrive System To Provide Level 2 Autonomous Capability

    BMW’s New-Gen iDrive System To Provide Level 2 Autonomous Capability

    BMW has shown off its next-generation iDrive system, which is the software and hardware platform which comprises the infotainment system and in-car experience that has been prevalent since the dawn of the new millennium. Now, approaching its eighth generation, it has a new curved display that starts behind the steering wheel extending across the dashboard.

    BMW has basically merged the 12.3-inch instrument cluster with the 14.9-inch infotainment system — curved into a single unit facing the driver. Of course, not every vehicle will have the same screen size, but the panels will have the appearance of being “floating”.

    This new system will debut on the iX electric SUV as well as the i4 electric sedan. The big deal here is that the onboard computer will be able to process 20 to 30 times, more data than the previous models. This will enable greater synergy with the sensors that the cars will come equipped with enabling higher levels of autonomy.

    BMW’s chief technology officer Franker Weber himself describes the new iDrive as a major step towards fully autonomous technology — with support for level 2 and level 3 systems.

    “It is not an evolutionary step from what we had in the previous generation,” Weber said. “It’s an all-new, all-new system when it comes to sensors, computing, and the way it was developed,” he added.

    Level 2 systems include lane-keeping, blind-spot detection, automatic emergency braking, and adaptive cruise control. Level 3 autonomous driving involves more automation called conditional automation where the driver still has to be in a position to take over the control of the vehicle when requested. This feature is however is contingent on approval from local authorities.

    Weber hasn’t confirmed whether BMW will be providing access to level 3 automation however, he has hinted that level 3 testing is ramping up on the new version of iDrive.

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  • Dropbox Passwords app will soon be free for everyone

    Dropbox Passwords app will soon be free for everyone

    Dropbox is probably one of the most popular cloud services out there. It’s easy to take advantage of what it has to offer and, more importantly, its basic features are completely free. Dropbox Passwords is an extension of the main service that’s meant to provide more security to users who more often than not are using Dropbox to send passwords.

    However, Dropbox Passwords is not a free service and those who want to use it must pay a $9.99 monthly subscription. Passwords is included in the Dropbox Plus subscription along with other benefits, but a free version will soon be available for those who’d like to use it.

    Dropbox announced today that Passwords will be available for free to all users starting in early April. The limited version of Passwords will include some basic features that should be enough for those who don’t want to pay the $9.99 monthly subscription.

    For example, with a free Dropbox Basic plan, users will be allowed to store up to 50 passwords, as well as access them anywhere with automatic syncing on up to three devices. Also, Dropbox will add a feature after launch that will allow users to share any password with anyone through the Passwords app. If you’d like to try out Dropbox Passwords once it becomes available, don’t forget to sign up to be notified when it becomes available.

  • Instagram no longer allows adults to send DMs to underage users

    Instagram no longer allows adults to send DMs to underage users

    Instagram is trying to make itself safer for a certain category of users. Lately, the social network introduced a set of features that limit interactions between Instagram users to protect their privacy. In that regard, the most recent changes announced by Instagram are meant to protect underage users from adults who don’t follow them.

    The new changes will prevent conversations between adults and teens who don’t follow one another. When an adult tries to send a message to a teen on Instagram who doesn’t follow them, they will receive a notification that DMing them isn’t an option.

    In addition to these changes, Instagram will implement prompts to encourage teens to be more careful in conversations with adults they’re already connected to. Instagram will notify teens when an adult who has been “exhibiting potentially suspicious behavior” is interacting with them via direct messages.

    These messages are usually sent to teens if an adult is sending a large amount of friend or message requests to people under 18, and they include various options like block, report, or restrict the adult in question.

    But that’s not all! Instagram announced that in the coming weeks it will make it even more difficult for adults who have been “exhibiting potentially suspicious behavior” to interact with underage Instagram users. Many of these changes will be implemented in some countries this month, but they will be available everywhere by the end of the year.

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  • SK Telecom, Shinsegae Group among bidders for eBay’s Korean business

    SK Telecom, Shinsegae Group among bidders for eBay’s Korean business

    South Korea’s SK Telecom, retailer Shinsegae Group and private equity firm MBK Partners were among those that entered non-binding, preliminary bids for the sale of eBay Inc’s South Korean business, the telecom company, and two sources with knowledge of the matter said on Tuesday.

    EBay Korea operates open market e-commerce platforms Gmarket, Auction and G9, and was South Korea’s third-largest e-commerce firm in 2020 with 12.8% market share, according to Euromonitor.

    The sources declined to be identified as not authorized to talk to the media. MBK Partners, Shinsegae Group, and eBay Korea declined to comment.

    Seoul-based analysts said that eBay hopes to fetch up to 5 trillion won (S4.42 billion) with the sale.

    However, they said the actual sale price may be lower, due to its recent drop in market share compared to rivals such as Korea’s No. 1 e-commerce firm Coupang, and disadvantages of the unit’s traditional “open market” form of e-commerce which simply connects sellers with buyers.

    EBay Korea’s market share has been overtaken in recent years by Coupang, which directly handles inventory, differentiated itself with speedy delivery and raised around $4.6 billion in a blockbuster New York listing earlier this month, as well as Naver Corp, which operates South Korea’s dominant online search portal.

    EBay Korea’s 2020 revenue was estimated to be about 1.3 trillion won, with a 5.3% on-year increase in transactions, compared to a 19% growth in South Korean e-commerce market, KTB Investment & Securities analyst Kim Jin-woo said.

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  • China retail sales rebounds after Covid-19

    China retail sales rebounds after Covid-19

    China’s industrial output and retail sales surged in the first two months of the year, official data showed yesterday, underscoring the country’s recovery from the COVID-19 pandemic. Industrial production spiked a forecast-busting 35.1 percent on-year, the biggest bounce in decades, while retail sales also beat expectations with 33.8 percent growth.

    However, the Chinese National Bureau of Statistics said the latest surge was in part due to distortions from last year’s “low base in the same period.”

    Both indicators fell in the early months of last year after COVID-19 surfaced in central China and spread rapidly across the nation.

    However, the world’s second-largest economy became the first to bounce back globally after imposing strict lockdowns and virus control measures, clocking a full-year economic growth of 2.3 percent.

    “After removing the base effect, the growth of main indicators is stable and macro indicators are in a reasonable range,” the bureau said.

    Data for January and last month were released together to eliminate the influence of uncertainties brought about by the Lunar New Year holiday, which typically falls within this period.

    Industrial activity was likely boosted by the fact that many migrant workers were discouraged from returning to their hometowns because of COVID-19 restrictions, meaning some factories remained open through the holiday or reopened sooner.

    “We expect activity to remain strong in the near-term, as the easing of virus restrictions boosts consumption and fiscal stimulus among key trading partners should keep exports strong,” Capital Economics senior China economist Julian Evans-Pritchard said.

    Urban unemployment rose to 5.5 percent last month, up from 5.2 percent in December, data showed, but experts said the real rate might be higher owing to the high number of workers in unofficial employment.

    “Even though we do see improvement on the global economic environment, they are still very cautious,” Oversea-Chinese Banking Corp (華僑銀行) Greater China head economist Tommy Xie (謝東明) said on the issue of unemployment.

    While urban unemployment rate remains within the government’s target, the caution was likely due to another potential record number of graduates entering the job market this year, he said.

    He added that there is an “uneven recovery” ongoing as well, with smaller firms and industries, such as travel, not fully recovered from the pandemic hit.

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  • Japan’s Lixil adopts DTC model in Singapore retail store launch

    Japan’s Lixil adopts DTC model in Singapore retail store launch

    LIXIL, maker of pioneering water and housing products, today announced the launch of its flagship showroom in Singapore. Located at a heritage shophouse unit at 24 Mohd Sultan Road, the 6,000 square feet store is in the heart of Singapore’s prime lifestyle district. Bringing multiple LIXIL brands under one roof, the store offers a wide range of sustainable living solutions, meaningful design, and cutting-edge hygiene technology.

    The launch of the store comes at a time when the COVID-19 pandemic and the planet’s health have put issues such as sanitation and hygiene at the forefront of consumer minds. Besides offering LIXIL’s unique hygiene technology through the store, LIXIL is also leveraging on its industry-leading experience with a direct-to-consumer business approach and unparalleled retail concept to offer a full bathroom product line-up to reach more consumer segments. The showroom will feature products from GROHE and American Standard, with plans to include INAX, the Japanese brand that manufactures innovative sanitaryware and artistic ceramic tiles.

    Satoshi Konagai, Leader, LIXIL Water Technology-Asia Pacific, said, “We are very happy to inaugurate our flagship showroom and hope to provide the best solutions for their living and working spaces. The customer and retail experience have always been very important to us at LIXIL and we are constantly looking for ways to maximize the value for our consumers.”

    He further added, “Today the world is more concerned than ever about hygiene. Singapore’s recent commitment on sustainability and its exemplary handling of the pandemic showcases a rising awareness on these global issues, and we believe there is a growing demand for solutions to address them. Homeowners expect proven solutions that offer peace of mind. Our technologies such as Touchless faucets and flushing systems, Easy to clean solutions, Double Vortex flushing system, HygieneRim technology and Aqua Ceramic can help to provide the ‘optimum hygiene’ to our discerning consumers.“

    “Also, in a time where people are unable to travel and spend more time at home, they want to be able to feel relaxed and enjoy a spa-like experience right in their own home. Here our solutions like GROHE F-Digital Deluxe, GROHE SmartControl, GROHE Sensia Arena shower toilet can provide a ‘home spa‘ experience to consumers by bringing the enjoyment of water to them.”

    Built on the brand’s core pillars of hygiene, sustainability, and innovative design, LIXIL’s flagship showroom in Singapore takes an experiential approach at showcasing its award-winning water technology and living solutions.

    Some of the key highlights that consumers can expect to see in the store:

    • Cutting-edge technologies in interior design, such as the GROHE F-Digital Deluxe Spa System which consists of a shower system with lights, steam and sound, controlled by an app; as well as GROHE Sensia Arena shower toilet, one of LIXIL’s most internationally awarded product.
    • LIXIL’s first 3D metal-printed faucet, the GROHE Allure Brilliant Icon 3D faucet retailing at S$34,234.24.
    • Kitchen solutions, such as the GROHE Zedra SmartControl which features our “push-and-turn technology”, as well as GROHE Blue, the brand’s sustainable living water filter system and faucet.
    • American Standard’s elegant hygiene products such as its Line Sensor Technology Faucet, the elegant Acacia SupaSleek Collection, and its Signature Collection — featuring its cutting-edge HygieneClean System for toilets, with its Double Vortex flushing technology, anti-stain Aqua Ceramic material, anti-bacterial ComfortClean technology and rimless Hygiene Rim design.
    • FREE 360-degree virtual bathroom design and proprietary LIXIL’s rendering service CustoMySpace, allowing visitors to shortlist their favourite products and render them in 3D in a virtual bathroom setting for them to bring their ideas to life.
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  • Fashion giant H&M’s sales recover in March as stores reopen after lockdowns

    Fashion giant H&M’s sales recover in March as stores reopen after lockdowns

    Sales at fashion group H&M fell slightly less than expected in the three months through February and rose in the first half of March as pandemic restrictions were eased in some markets, allowing hundreds of stores to reopen.

    The world’s second-biggest apparel retailer said on Monday net sales fell 27% from a year earlier, or 21% when measured in local currencies, to 40.1 billion crowns ($4.72 billion).

    Analysts had on average forecast a 30% decline in net sales for the period – the Swedish group’s fiscal first-quarter – according to Refinitiv SmartEstimate.

    “Sales development was significantly affected by the COVID-19 situation, with extensive restrictions and at most over 1,800 stores temporarily closed,” H&M said in a statement.

    “Since the beginning of February, a number of markets have gradually allowed stores to reopen and at the end of the quarter around 1,300 stores remained temporarily closed,” it said, adding that online sales had continued to develop very well.

    RBC analyst Richard Chamberlain, who has a “sector perform” rating on H&M’s shares, said the figures implied that online sales had provided a stronger-than-expected boost in February.

    H&M said sales in the March 1–13 period were up 10% in local currencies as many countries, including single-biggest market Germany, began allowing some stores to reopen. However, about 900 of H&M’s approximately 5,000 stores remained closed due to pandemic lockdowns as of March 13.

    Chamberlain said most stores should be open by mid-April bar new lockdowns in Europe, H&M’s main market.

    “As such, we see the potential for a strong sales recovery in the remainder of the year, with potential for gross margin to surprise on the upside, due to the weaker U.S. dollar,” he said.

    Market leader Inditex, the owner of Zara, last week forecast a return to healthy sales as soon as lockdown are lifted, as it reported a 70% fall in profit for its fiscal year through January. It predicted all its shops would be open by mid-April.

    H&M, whose full December-February earnings report is due on March 31, is bracing for a loss in the quarter after the pandemic slashed 2020 profits by 88%.

    Shares in H&M were up 3% in early trading, taking a year-to-date rise to 32%

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  • Alibaba told to divest media assets

    Alibaba told to divest media assets

    Beijing has reportedly told the Chinese e-commerce conglomerate Alibaba to divest its assets in the media sector out of concern over the company’s growing public influence. Its founder, Jack Ma, the ebullient and unconventional billionaire who officially retired from Alibaba in 2019 but remains a large shareholder, has been in authorities’ crosshairs in recent months.

    In November, Chinese regulators halted a colossal $34bn stock market listing by Ant Group, an Alibaba subsidiary for online payments. The following month, regulators opened an investigation into Alibaba business practices deemed anti-competitive. Now authorities have told the tech company to drastically reduce its presence in the media sector, citing people familiar with the matter.

    Alibaba’s highest-profile media assets include Hong Kong’s leading English-language daily, the South China Morning Post, and China’s Twitter-like social media platform Weibo, and online video platform Bilibili. Officials are worried that the company has too much influence over public opinion and were reportedly appalled about the extent of its media holdings, the Journal said.

    The government did not specify whether Alibaba was requested to completely withdraw from the media or divest part of its shares.

    On Friday, the Journal reported that Alibaba risks being levied with a record fine in China for anti-competitive practices, which could exceed the $975m paid by US chipmaker Qualcomm in 2015.

    According to the article, authorities accuse Alibaba of preventing merchants who sell goods on the platform from also selling on rival websites.

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  • Chocolate retailer Thorntons to close all its UK stores

    Chocolate retailer Thorntons to close all its UK stores

    Chocolate retailer Thorntons is the latest well-known high street brand to fall victim to the Covid crisis, announcing the closure of all its 61 stores, with the likely loss of 600 jobs. The Thorntons brand will remain on offer in supermarkets and other retailers, while its factory in Alfreton, Derbyshire, will make more chocolate for international markets.

    The 600 staff whose jobs are at risk will receive relocation support if they apply successfully for vacancies at Thorntons’ sites in Alfreton or Greenford in west London, the company said.

    Coronavirus pandemic lockdowns have hit Thorntons particularly hard because they have occurred during its peak times, including Christmas and two consecutive Easters. The closures will represent the latest departure of a longstanding high-street name. Thorntons blamed the changing dynamics of the high street and the shift to online retail, as well as the pandemic, for its decision.

    Thorntons was already struggling before the pandemic. In the year to the end of August 2019 it reported a loss of £36m, only a slight improvement from the £38m loss the year before. Joseph Thornton founded the company in Sheffield, using the slogan “Chocolate heaven since 1911”. It floated on the stock market in 1987, but has since struggled with competition from international rivals.

    Thorntons was bought in 2015 by Ferrero, the Italian chocolate manufacturer, in a £112m deal. At the time of the buyout, Thorntons ran 242 stores in Britain and Ireland. The company has abandoned an earlier strategy of investing in new store formats and cafes in an attempt to stave off the structural forces hitting bricks-and-mortar retail.

    Online sales have continued to perform well, Thorntons said, with sales over the last year up by 71% compared with the year before.

    “Unfortunately like many other retailers, the obstacles we have faced and will continue to face on the high street are too severe,” said Adam Goddard, Thorntons’ retail director. “Despite our best efforts we have taken the difficult decision to go into full consultation to start the permanent closure of our retail store estate.

    “As customers continue to change the way they shop, we must change with them.”

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  • Hermes opens giant store in Tokyo’s ritzy Omotesando

    Hermes opens giant store in Tokyo’s ritzy Omotesando

    Hermès is delighted to announce the opening of a new address in Tokyo’s Omotesando district on 28th February 2021. This new 488 square-meter home will be the house’s first free-standing store in Tokyo since the opening of Maison Hermès Ginza in 2001. A beautiful boulevard leading to Meiji Shrine, Omotesando Avenue is today lined on both sides with high-end boutiques and zelkova trees.

    Its intricate back streets are home to Tokyo’s vibrant street culture, attracting designers and artists from all around the world. It is here, on one of the city’s unique streets, adjacent to Shibuya and Harajuku, that the new Hermès store comes to life. The store’s distinctive façade opens directly onto Omotesando Avenue and incorporates the historic stone wall of one of the area’s most notable buildings, which has been preserved by the Parisian architecture agency RDAI.

    The façade is given a contemporary look with a copper-toned stainless-steel grid, adding depth and light to the exterior, just as light and shadows intermingle in a bamboo grove. Upon entering, visitors are greeted by the Ex-Libris in mosaic, inspired by the Hermès Faubourg SaintHonoré store in Paris. On the right side, they can peruse the colorful women’s silk collections, including the new carré Duo Cosmique designed by Kohei Kyomori, and presented exclusively here.

    The window display is also specially designed by this young Japanese artist to celebrate the opening. Further on, fashion jewellery, beauty, and perfume, including the latest men’s fragrance H24 are elegantly displayed. In the beauty corner, the Rouge Hermès lipstick collection will wait to encounter new customers from mid-April. On the left side of the entrance, home collections including tableware and men’s silk are introduced. A leather section at the back of the store welcomes bags, small leather goods, and equestrian collections.

    Walls are covered in wood paneling and bamboo marquetry, accented by fluid curves, and a selection of women’s shoes is displayed on wooden shelves extending from one of the large pillars. The floor is covered with two shades of greenstone, sourced in Asia and laid in a pattern resembling Japanese tatami mats. Custom rugs with a hue reminiscent of forest moss lend a softness to space. Behind the staircase is a refined area for watches and jewelry.

    Finally, customers can pause at a wide table, and enjoy books and a Leporello of unique drawings by French artist François Houtin, displayed in a specially made curved frame. As customers ascend the stairs, they will discover another piece of art, created by Japanese contemporary bamboo artist Shoryu Honda. Inspired by the shape of clouds and infinite Moebius strips, the bamboo sculpture is an example of the sophistication of Japan’s world-class modern bamboo artistry. The sweeping staircase is one of the most striking architectural elements of the store.

    The organic shapes of its vertical columns resemble tree branches, while the stairs call to mind pale green stepping stones. Light filters down from the upper level to the ground floor, just as sunlight glistens between the branches of a forest and invites customers upstairs to dive into the women’s and men’s universes. On the second floor, mobile partitions create an intimate space for each métier while giving the illusion of transparency. There are large fitting rooms for both men and women, with the former designed in order to incorporate made-to-measure orders in the future.

    Among the selection of special objects created for this opening are a skateboard and a surfboard, both revisited in a special edition with Jan Bajtlik’s design Cheval de Fête, and uniquely numbered Mega Chariot carrés and ties by Daiske Nomura. A newly unveiled Hermès bike made of ash wood will also be presented for the occasion. Paying tribute to local artists, materials, and know-how, this new store is a testimony to Hermès’ strong relationship with Japan and invites local customers and new visitors into a discovery of the house’s creativity and fine craftsmanship in a harmonious and warm environment.

  • U.S. Court Reverses Trump Ban on Xiaomi

    U.S. Court Reverses Trump Ban on Xiaomi

    Smartphone giant Xiaomi has been awarded a temporary block for its ban over links with the Chinese military, citing the original move as «arbitrary and capricious».

    U.S. District Judge Rudolph Contreras issued a temporary halt to the ban, claiming that Xiaomi was deprived of the rights for due process and that Xiaomi was likely to win a full reversal of the ban.

    The court is somewhat skeptical that weighty national security interests are actually implicated here, said Contreras on the originally stated concerns by the former administration when issuing the ban.

    In response, Xiaomi will look to continue to request that the court declare its blacklisting as unlawful and permanently remove the designation, according to a statement from the Chinese smartphone company.

    Since Joe Biden took over the White House, an increasing number of firms have pushed back against bans issued by the former Trump administration.

    In addition to Xiaomi, Chinese data firm Luokung Technology said it would sue the U.S. government earlier this month over what it described as an unjustified ban while Boston-based State Street Global Advisors reversed an initial decision against investing in sanctioned entities in the renowned ‘Tracker Fund’ in  Hong Kong.

  • Barrenjoey Raids UBS’ Australia Unit

    Barrenjoey Raids UBS’ Australia Unit

    Startup investment bank Barrenjoey continues to lure talent from UBS’ Australia unit with around ten executives leaving the Swiss bank in the latest wave of moves.

    Multiple executives at UBS, including top analysts, have resigned to join Barrenjoey – an investment banking startup partly owned by Barclays and Magellan Financial Group – according to an Australian Financial Review report.

    Those defecting include banking analyst Jon Mott; mining analyst Glyn Lawcock; the former two’s junior partners Dan Morgan and Minh Pham; gaming and transport analyst Matt Ryan; small caps specialist Josh Kannourakis; associate director of research Craig Stafford; and retail and consumer goods analyst Aryan Norozi.

    In addition to analysts, the investment banking team has also been targeted with equities desk specialist Craig Webb set to join Barrenjoey alongside senior technology, media and industrials banker Luke Bentvelzen.

    Even prior to the mass resignations on Monday, Barrenjoey had already been seeking ex-UBS talent in Australia. Barrenjoey senior managers formerly from UBS include ex-advisory and capital markets managing director Guy Fowler; ex-research head Chris Williams; ex-managing director Matt Hanning; ex-global co-head of flow rates and co-head of global markets Duncan Haig; and ex-senior trader George Kannan.

    Ex-UBS Australia chief executive Matthew Grounds is also rumored to join the investment banking startup following the expiration of a non-compete clause.

    In response to the exits, current UBS co-head of Australasia Nick Hughes said that the local unit had global banking and that it was committed to re-hiring and maintaining high competitiveness in the Australian investment banking sector, though he noted that rapid replacement of loss talent would be a challenge.