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Tag: asia

  • Chow Tai Fook closes 40 stores after sales slump

    Chow Tai Fook closes 40 stores after sales slump

    Hong Kong-based jewelry group Chow Tai Fook has closed 40 stores in Hong Kong after experiencing a 60-per-cent drop in retail sales there amidst the coronavirus outbreak.

    Sales on the mainland fell 42 percent, according to an update on trading for the first two months of this year.

    “In response to the measures of local governments in containing the spread of COVID-19 virus, the majority of our point of sale in Mainland China were temporarily closed since late January, and in Hong Kong and Macau from early February,” read the update.

    “Businesses in both markets were inevitably affected during the period. As of February 29, approximately 70 percent of our points of sale in Mainland China and 64 percent in Hong Kong and Macau had resumed operations.”

    The company said the interest of public health and the safety of its staff remained of utmost importance to the group despite its heavy loss of business.

    Operations at the Chow Tai Fook’s production facilities in Shunde and Shenzhen have resumed operations gradually. Its inventory remains higher than usual in the short term due to a boost in production for the Chinese New Year period of items that now remain unsold.

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  • South Korean fashion chain Aland quits Hong Kong

    South Korean fashion chain Aland quits Hong Kong

    South Korean fashion chain Aland has quietly exited the Hong Kong market, after shuttering its final stores.

    The multi-brand retailer opened its first international branch in 2011 at Harbour City. Riding the ‘Korean Wave’ in the local market, the multi-brand retailer opened multiple stores within the following years, including at Lee Theatre, APM and Megabox. Without an official announcement, Aland has just folded its most recent branch at Mong Kok’s TOP mall, which opened in 2018.

    The South Korean fashion chain Aland, best described as an affordable fast-fashion brand, was founded 15 years ago by sisters Kinam Jung and Jung Eun Jung in Seoul, South Korea and still has branches in their domestic market and Thailand. It recently expanded its footprints in the US.

    Meanwhile, South Korean coffee chain Tom n Toms also left Hon

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  • Gold Tumbles as Investors Scramble to Raise Cash

    Gold Tumbles as Investors Scramble to Raise Cash

    Gold was not spared on Thursday’s market rout, with gold futures on Comex falling by $52, or 3.2 percent, to settle at $1,590.30/oz.

    A drop in the stock market typically raises the safe-haven appeal of gold, but it is now the asset of choice among investors who want to raise cash, and a selloff on Thursday knocked back the yellow metal’s sharp rally that began in December.

    Gold traders are now selling «what they can amid a panicked marketplace,» said Kitco.com analyst Jim Wyckoff on Thursday in a roundup note.

    People are liquidating gold to cover margin calls they have in the equity market, Albert Cheng, chief executive of the Singapore Bullion Market Association, said, explaining the precious metal’s sharp losses.

    Gold is an easily liquidate asset, which again shows its value as a safe haven asset in times like this, Cheng said, noting similar behavior in the 1997 and 2008 financial crises.

    Wall Street endured its worst session since 1987’s «Black Friday» on Thursday, following the World Health Organization’s declaration of the Covid-19 outbreak as a pandemic and U.S. President Donald Trump’s address on Wednesday night, which has seemed to cause further unease about the situation, even as he assured the United States is «more prepared» to fight the pandemic than any other nation.

    At the start of trading on Friday, Singapore’s STI index fell 5 percent, the most at the opening bell since October 2008. Other stock markets also took large hits: Hong Kong’s Hang Seng index fell 5.8 percent, and Shanghai’s Composite Index fell 3.3 percent.

    Australia’s S&P/ASX 200 benchmark fell 7.1 percent in its biggest decline since 2008, and is on track for its worst week on record, while New Zealand’s S&P/NZX 50 index tumbled a record 7.4 percent. Japan’s Nikkei 225 index fell 9.4 percent, and Korea’s Kospi fell 7.6 percent.

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  • APAC Banks Brace for Hiring Freeze

    APAC Banks Brace for Hiring Freeze

    Hiring has slowed down significantly at banks in Asia-Pacific, according to job post data, and a prolonged freeze could last the entire year from the effects on the ongoing pandemic.

    At the beginning of March, the number of listed banking jobs closed surged to 1,200 per weak – more than the average of 500 – while new job posts fell to less than 300, according to GlobalData. The data provider noted that freezes could last for the full year even if the pandemic is moderated and contained this month and April.

    Clearly, the appetite for new personnel has dried up,» said Andrew Haslip, APAC head of financial services content at GlobalData, in a release. With major banks in the region facing a hit to revenue from the drop off in consumers’ demand for credit and even desire to consume more than bulk purchases of toilet paper; most banks are reluctant to take on new staff.

    Haslip forecasts that Asia Pacific will lead the hiring slowdown this month before similar trends will be witnessed across the world next month.

    Wealth managers in Asia are expected to miss client inflow targets en masse and register «heavy losses» on invested assets. But one of the bright spots GlobalData highlights is digital banking where automation capabilities require less physical interaction, though it noted that the area would also face a slowdown in hiring for specialized talent.

    Being able to extend credit and payment services without having to involve a person directly will also be a boon in a time when many bank employees are likely to be ill or self-isolating, Haslip added.

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  • Snap Fitness to open 300 locations in Japan

    Snap Fitness to open 300 locations in Japan

    Snap Fitness plans to open 300 locations in Japan in partnership with local franchisee Global Fitness Japan Co.

    The international franchised gym group will open a flagship location in Tokyo this year, followed by more venues in Osaka and other regions.

    “Snap Fitness has been successfully providing innovative fitness services in a sustainable manner across the world for more than 15 years,” said Kazuki Takenouchi, CEO and GM at Global Fitness Japan.

    “Global Fitness Japan believes Snap Fitness will enhance the wellness of all people’s lives in Japan by providing technology-based, results-driven workouts.”

    With a population of about 126 million, Japan is the 11th most populous country in the world, yet just 3.3 percent of people own a gym membership providing what Snap Fitness’ US-based parent company Lift Brands consider is a significant growth opportunity.

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  • Shopback wins investment from Singapore state fund

    Shopback wins investment from Singapore state fund

    Singaporean cashback startup Shopback has secured around US$30 million in investment from state fund Tamasek, alongside existing investors.

    According to a Business Times report, the deal takes Shopback’s total capital input to US$113 million since it was established in 2014. The investment was made through the firm’s shareholder Dahlia Investments.

    Shopback is expected to use the funding to improve its IT infrastructure, expand its data capabilities and bolster expansion in the Asia-Pacific region, where it currently serves cashback deals to customers across a range of categories.

    The firm clocked more than US$2 billion in sales last year in partnership with at least 2500 retailers.

    Other investors participating in the deal included Rakuten Capital, EDBI, EV Growth, Cornerstone Ventures and 33 Capital.

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  • Tesla Rolls Out Its One Millionth Car

    Tesla Rolls Out Its One Millionth Car

    American electric car maker, Tesla Inc. has rolled out its one-millionth car from its main vehicle manufacturing facility, Tesla Factory, in Fremont, California. The company’s CEO, Elon Musk has posted a photo of the one-millionth car, a red color Tesla Model Y, congratulating his factory team for achieving the new production milestone. The company, which was founded in 2003, started producing cars in 2008 with the Tesla Roadster (discontinued) in 2008, taking 12 years to reach the one million mark.

    Currently, the company offers four models, Model S, Model 3, Model X, and the Model Y. Tesla recently also revealed its fifth pure electric vehicle, the Tesla Cybertruck, which made its debut in November 2019 and is slated to go into production in 2021. Tesla currently operates several production and assembly plants in addition to the Fremont facility, which includes – Giga Nevada near Reno, Giga New York in Buffalo, New York, and the most recently opened Giga Shanghai in Shanghai, China, Tesla’s first plant outside America

    China’s industry ministry urged Tesla to keep its China-made vehicles consistent after some Chinese customers complained the automaker put less advanced chips in their cars.

    The company has already started selling China-made Model 3s and plans to produce the new Model Y at its China plant. Furthermore, the company has started work to build a new Gigafactory near Berlin Germany. Based on the company’s current targets growth rate, Tesla’s next million cars could very well be rolled much sooner. Early this year in January, the company announced that it hopes to ship over 500,000 cars worldwide in 2020.

    Tesla unveiled the Model Y in March 2019, and the prices start at $39,000 (approximately ₹ 27 lakh). The Model Y will be available in a standard range version, and a long-range, Dual-Motor All-Wheel Drive, and Performance variants. The company says that the Model Y electric crossover is spacious enough to carry seven adults (gets optional 3rd row) and their gear. The high-efficiency powertrain and ultra-responsive motors will provide 0-98 kmph in as little as 3.5 seconds and a top speed of up to 241 kmph. The Model Y with the Standard Battery will have a range of 370 km while the long-range variant will be able to travel up to 483 km on a single charge.

  • Disposable cups transformed into photographic paper

    Disposable cups transformed into photographic paper

    The use of disposable cups and other products is on the rise as consumers are prioritizing safety from the coronavirus.

    Disposable protective masks, plastic gloves, and plastic cups are being consumed en masse across South Korea and elsewhere in Asia.

    In the meantime, a new ‘filaroid’ service that recycles disposable products into photographs is becoming popular.

    Disposable cups made from paper, are notorious for hurting the environment due to the laminated substance in the cup’s interior which makes it very difficult to be recycled.

    Filaroid replaces plastic photographic papers with an eco-friendly material recycled from paper cups.

    Paper disposable cups are usually thrown away without any particular damage, making it easier to recycle their sturdy fibre which can be used in photographic paper.

    Downloading a filaroid app on a smartphone allows users to create and edit photos that they want to be printed on the recycled photographic paper.

    “We are working on teaming up with a local paper producer to begin mass production of photo paper recycled from paper cups,” said Oh Seung-ho, CEO of Taeoa Corp, a filaroid service provider.

    Environmental value and profits raised from the recycled products are shared again with consumers. Filaroid offers free printing services every month to reduce the amount of paper cups incinerated each year.

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  • Live streaming drives growth for Chinese online fashion retailer Mogu

    Live streaming drives growth for Chinese online fashion retailer Mogu

    Chinese online fashion and lifestyle retailer Mogu says its live-streaming broadcast formats doubled in the last quarter, driving a 7.8 percent rise in group GMV last year to US$2.6 billion.

    The number of hours of live streaming rose from 3400 hours per day in September last year to 3800 in December. It now contributes 53 percent of the group’s total GMV.

    “Last quarter, we made significant progress in cultivating and empowering our KOLs and LVB hosts, a key component of the engaging and comprehensive fashion and lifestyle destination we are building for our users,” said Qi Chen, chairman and CEO of Mogu.

    “First, we expanded our LVB host talent pool by recruiting nearly 5000 new hosts during the quarter to increase the diversity of fashion and lifestyle-related content and amplify engagement with a wider demographic. Second, we are seeing the performance and growth of our new and mid-tier LVB hosts improve rapidly on our platform driven by the effective systematic execution of the new-KOL incubation and empowering ‘Duo Hundred’ and ‘Migrating Bird’ plans we rolled out in July.

    “Third, we strengthened the infrastructure we have built to empower KOLs by adding 2000 new supply chain vendors that cater to several product categories and are strategically located across different parts of China,” he said.

    “We believe that a combination of strategically expanding and supporting our LVB host talent pool and the increase in our supply chain capacity will create enormous synergies that deepen our competitive advantage and generate sustainable growth going forward.”

    Qi Chen said further progress this year will not be without challenges.

    “The outbreak of the Covid-19 has threatened the health of many people across the globe and disrupted a wide variety of consumer-related industries in China. As a company that serves a majority female-oriented consumer base with a deep-rooted supply chain spread across China, we have not been immune to the impact from the Covid-19 outbreak. We expect that our near-term performance will be impacted by the outbreak and subsequent temporary suspension of operations by factories, large wholesale markets, and express delivery services.”

    Responding to these challenges, Mogu has collaborated with its KOLs and business partners to mitigate the impact of the epidemic as well as seize the opportunities created by it, he said.

    “We capitalized on the growing realization of the importance that online operations play in today’s economy and expanded the pool of brand partners we work with by adding over 500 new ones to our supply chain. We made a strategic decision to prioritize cooperation with brand partners whose sales were most impacted by the outbreak by demonstrating the unique value proposition and differentiated solutions our platform can offer through LVB discount sales.

    “We are also taking advantage of the opportunity to further optimise the systems and processes we use to empower KOLs and suppliers and are benefiting from enhanced streamlining of our cost structure,” he concluded.

    “We believe the outbreak will gradually be contained and business will resume quickly. The word crisis, or weiji in Chinese, contains the characters for both “danger” and “opportunity”. Trials and tribulations create opportunities and we firmly believe that the outbreak will create an opportunity for us to strengthen the impact our KOL-centered LVB business has on the growth of the e-commerce sector as we focus on creating long-term and sustainable growth for our shareholders.”

    Meanwhile, the number of active buyers in the 12-months to December 31 reached 26.6 million, a decrease of 22.9 percent year on year.

    Mogu recorded an operating loss of $229.1 million for the year, largely due to a goodwill impairment incurred which was associated with weaker-than-expected synergies created by the acquisition of Meiliworks (meilishuo.com) in February 2016. The company said the shortfall in the realized synergies was in part due to the company’s shift of focus towards building a KOL-driven interactive e-commerce model, as well as an increasingly competitive market environment and the impact from the outbreak of the coronavirus.

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  • Increased digital traffic in China attracts unwanted guests

    Increased digital traffic in China attracts unwanted guests

    The past decade has ended up with leaving the New Year gift under the New Year Tree. And who said that the gifts can always be pleasant and good. The new decade took the start which is very far from the good.

    Coronavirus, also known as the Covid-19 is the virus, which was first discovered in Wuhan, China on the 31st of December 2019. The local virus, which has spread to almost every single country in the world, has already infected over 180,000 people, across the world in a matter of only three months.

    Coronavirus has killed almost 7000 people and many people have been still infected and located in quarantine. The ones who are not in the hospitals, or in any specifically designated places, are self-isolated at homes. Many countries have moved to the emergency regime and have announced massive lockdowns.

    The first country to suffer from the massive virus outbreak was China. Then several European countries followed, and now it is all over the world, across the oceans and deserts. The World Health Organisation announced the epidemic as the pandemic, meaning that the massive lockdowns in every country should be expected sooner or later.

    While being in a state of isolation and not being able to do anything with it, there is not much left you can do. When every facility is closed and you are barely able to leave the house, all you can do is spend your days in front of the TV or surf the Internet. This is perhaps the best scenario for sparing your time.

    One of the major industries in China is gambling. While gambling in the country is not legal, it is only legalized in Macau. This is the only province in the whole of China, where visitors can gamble and participate in any type of gambling-related event. The city is basically designed for gambling and there is nothing else to do rather than a gamble.

    The city of Macau generates over 80% of the revenue via casino performance. Millions of people visit the Chinese gambling paradise annually and spend a lot of money on gambling. This is one of the reasons why the city is very lucrative and attracts many people. Not only international visitors but also Chinese people from the mainlands of China visit the city monthly. Macau is the Asian capital of the gambling industry.

    The most lucrative period for Macau and gambling in China was supposed to be the Chinese New Year, by the end of January month. The best period for casinos to operate was literally nothing else but the great disappointment. Due to the virus and the massive outbreak, many cities in China were isolated by that period. People were limited to transportation and were not recommended to move anywhere, but the rooms in their houses.

    Once Chinese New Year passed, and Macau had already experienced almost $300 million loss, while it was supposed to generate over $700 million, the authorities decided to shut down all 42 casinos. The shut down was an extremely difficult decision to make. 42 casinos have been closed for a two week period. This was the longest casino shut down period in the whole history of Macau.

    The closure of the casinos caused a massive loss in revenue. The employers are no longer able to maintain the employees and to pay the salaries. The Asian capital of gambling is not left with many options for this period. Considering the fact that online gambling is prohibited in China, there is no industry, which can compensate for the losses.

    According to gambling experts and some of the authorities in the field, this would be the perfect moment for China to reconsider online gambling. The online gambling industry is one of the most efficient industries and people all over the world are involved in online gambling. While the classic brick and mortar casinos are on the shutdown mode, online gambling could reduce the loss and somehow compensate for the closure period.

    Many online casinos have been targeting the Asian market for quite some time already. It is evident that online casinos find the necessity of expanding to previously unknown markets. One of the leading casinos, such as Playamo, has made certain steps forward. It has been announced recently that the games from one of the leading developers, Red Tiger, have been added to the online casino website and the Playmo bonuses are available for the Asian customers as well. The international gambling brand will soon be marking the new standards and the countries, such as China will be the main target for the 2020 market. Especially considering the facilitating circumstances all across the world. Some

    While the experts say that China should change the approach and think of the possible alternatives in order to maintain the leading position in the market, the authorities and the government are not making any sudden moves for now. On the other hand, the ignorance of the problem and possible alternatives can soon face the country with additional problems.

    People who love to gamble and are having a hard time sitting at home in the isolations will sooner or later address some methods which will grant them the ability to gamble online. The activity might be considered illegal and most probably China will need to fight illicit activities. The worst scenarios are that the government could avoid the illegal issues if reconsidering their approach.

    One way or another, according to some experts’ predictions, China might soon experience the second wave of the virus outbreak. As bad as it may sound, people might be balanced in quarantine all over again and the facilities once again. And there it is, the second chance for China should be given, but will they use it? That is the question.

  • HSBC Names New Head of China Investment Bank

    HSBC Names New Head of China Investment Bank

    Leadership shuffles continue under the watch of HSBC’s interim chief executive Noel Quinn including the latest renaming of the head of its China investment banking arm to succeed David Liao.

    Mark Wang Yunfeng, most recently the bank’s China head of global banking and markets, succeeds Liao as president and chief executive of China. Previously, he had held senior roles with Bank of China and Deutsche Bank.

    Liao will remain with the bank and be shifted to another senior position.

    China is central to HSBC’s strategic aim of accelerating growth from its Asian franchise,» said Peter Wong, HSBC’s China chairman. «With his extensive banking experience, particularly in driving China-related business in trading and capital markets, Mark will lead one of the group’s most important markets, helping us to support our customers’ businesses within as well as outside the mainland.

    Wang’s promotion follows a series of other shuffles at HSBC’s top management globally including the appointment this year of Stephen Moss, former group CEO chief of staff, as the regional chief executive overseeing the Middle East, North Africa and Turkey; Latin America and Canada; and most of Europe. Last year, the U.S. CEO was also renamed to former Citi banker Michael Roberts.

    But the question remains about the shuffling of the highest rank. The permanence of Quinn’s role continues to be in doubt since he was named interim head, succeeding John Flint who lasted just 18 months. Onlookers expected closure to the matter during the last annual meeting but no such thing occurred and the bank responded by saying that the appointment process was «ongoing» and in line with its six to 12-month timetable.

    In addition to a massive group overhaul involving up to 35,000 job cuts and a target of $4.5 billion in annual cost savings, the bank faces political headwinds for its China business. Wang takes on an investment bank whose interests in the mainland have already landed it in the crossfires twice including the U.S.-Huawei debacle and the controversial closure an account linked to pro-democracy activities in Hong Kong last year.

    Still, the region will be equipped with internal tailwinds. The bank is set to concentrate its bets on Asia despite the said hurdles alongside a broader challenging environment that now includes a coronavirus pandemic. HSBC most recently announced that it had already hired 800 people since 2017 for its affluent banking businesses in Hong Kong, China and Singapore.

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  • TikTok opens doors of LA facility to show transparency in privacy policies

    TikTok opens doors of LA facility to show transparency in privacy policies

    The Trump administration, as we are all well aware, has recently been suspecting China-owned companies, such as Huawei or ZTE, of espionage and unlawful conduct. Some US officials are also having a problem with the popular video-sharing platform TikTok and its Chinese owner company, ByteDance, and have therefore accused it of being a national security threat. The mentioned above actions resulted in some governmental entities banning the use of TikTok by their staff.

    In response to all the critics and accusations, TikTok is preparing to open the doors of a new LA facility to outside visitors, in particular lawmakers and industry experts, The Wall Street Journal reports. Invited people can visit TikTok’s LA facility in order to observe how platform moderators work, how user-reported content is handled, and review the company’s privacy and security practices.

    The facility is called the “transparency center” and is scheduled to open its doors in May. Additionally, it is said that the building will have different levels of authorization access.

    TikTok has been working hard to address the government officials’ concerns for quite some time already, expressing the fact that the company would never share its users’ information to the Chinese government, nor has it done so before. TikTok has even hired an executive from the US as a cybersecurity officer.

    “Our landscape and industry is rapidly evolving, and we are aware that our systems, policies and practices are not flawless, which is why we are committed to constant improvement,” a TikTok representative stated.

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  • Wirecard Partners Grab for Payments

    Wirecard Partners Grab for Payments

    The firm will process card transactions made via the GrabPay e-wallet and integrate it as a payment method for its merchants.

    Wirecard has entered into a payments partnership with Singapore-based superapp Grab to drive the cashless economy for micro, small and medium enterprises (MSMEs) across Southeast Asia, the Munich-based firm announced in a statement on Wednesday.

    Wirecard said that it will process payments made with the GrabPay e-wallet, starting with the Malaysia, Philippines and Singapore markets.

    Together, we aim to continue disrupting the payment, tech and mobility industries with innovative solutions that can improve the lives of millions, Georg von Waldenfels, Wirecard executive vice president, Group Business Development, said about the partnership.

    Grab operates in eight countries in Southeast Asia, with its app downloaded on over 185 million mobile devices, according to its website.

    GrabPay is among the most popular e-wallets in Southeast Asia, currently accepted by 600,000 merchants.

  • Google uploaded some of its apps in the Samsung Galaxy Store

    Google uploaded some of its apps in the Samsung Galaxy Store

    In a seemingly strange move, Google has uploaded two of its apps – Google Translate and WearOS – to Samsung’s own Galaxy Store. This collaboration will probably continue in the future with more applications added to the Galaxy Store.

    Looking at this reciprocally, Samsung’s own software has been available in the Google Play Store for quite some time now including apps like Samsung Health, SmartThings, Galaxy Wearable and more. This makes sense, as Samsung wants consumers outside their ecosystem to still be able to use the company’s wearables with phones from other brands.

    One possible explanation of why Google apps appeared in the Galaxy Store may lay in the screenshots of the aforementioned apps – WearOS’ in particular. The interface in the images seems to be in Chinese, suggesting that Google is trying to reach Chinese consumers.

    On the other hand, WearOS and Google Translate won’t work at all without Google Play Services installed on the device, and the latter is still inaccessible from China. It all might seem like a futile exercise but the only other explanation is that Google wants its software to be more easily available/accessible on Samsung phones – If people prefer to use the Galaxy Store more often, they’ll now find some Google stuff there too.

    We might have to wait a little longer before the reasoning behind all this becomes clearer, but there’s no harm in Google apps showing in as many places as possible.

  • Eslite to close famous Dunnan store in Taiwan

    Eslite to close famous Dunnan store in Taiwan

    Taiwanese bookstore chain Eslite will shutter its 24-hour Dunnan shop in Taipei when the store’s lease expires at the close of May.

    The bookstore, which has remained popular with backpackers visiting the city since its opening in 1999, was slated for closure after the operators failed to agree on a lease extension with the landlord.

    Given the popularity of the venue, Eslite has committed to continue its 24-hour trading at an alternative location.

    The closure will follow that of another outlet in Tainan’s Anping District at the end of this month, also due to an expired lease that will not be renewed.

    The 30-year-old chain is well known for its unique fusion retail business model as a bookstore, mall and cultural creative platform. It has overseas outlets in Hong Kong, Mainland China and Japan and is reportedly considering expansion into Malaysia if it can find a local partner.

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