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Tag: asia

  • Tesla Reintroduces Unlimited Free Supercharging On Model S And Model X

    Tesla Reintroduces Unlimited Free Supercharging On Model S And Model X

    Superchargers have had an important role in making Teslas popular simply because they help customers deal with the issue of range anxiety which is the biggest problem an electric car owner has to face. A Tesla Model S powered by a 85 kWh battery pack takes 20 minutes for a 50 percent charge, 40 minutes for 80 percent charge and 75 minutes for 100 percent charge using a supercharger. The duration for a similar spec Model X stands at par as well. There was a time when Tesla used to give this service for free to Model S customers when the company was quite new in the business, however, customers were soon charged to avail the service.

    The California based carmaker in a tweet has confirmed reintroducing the unlimited free charging scheme on the Model S and Model X. At present, Tesla owners in the US need to pay $ 0.28 (28 cents) per kWh or $ 0.13 (13 cents) to $ 0.26 (26 cents) per minute for using a supercharger. This means a full charge on a Tesla Model S through a supercharger would cost $ 19.5 which is over ₹ 1300 in Indian currency. The free charging service is available to Model S and Model X owners only while Model 3 owners will need to pay for the service.

    The offer will help Tesla to sustain sales of both models alongside the Model 3 which is much more affordable. The Model S and Model X were also given an under the skin (mechanical) upgrade to boost its drive range and both models are now compatible with Tesla’s V2 superchargers which have a power range of 200 kWh.

  • Pomelo Purpose range now features recycled PET fabrics

    Pomelo Purpose range now features recycled PET fabrics

    Omnichannel fashion brand Pomelo has released a third collection for its permanent sustainable line Purpose.

    Seeking to lead the sustainability charge in the Southeast Asian fashion industry, the brand will be introducing Recycled PET (RPET) material to its Pomelo Purpose production processes for the first time.

    As with the brand’s previous Pomelo Purpose collection, which placed a focus on clothing made exclusively from organic fabrics, dyes and cruelty-free materials, this collection intentionally incorporates eco-friendly practices from within the supply chain. Aiming to bring awareness to the importance of building sustainable fashion futures, the latest addition to the Purpose line is produced using RPET material and organically-sourced fabrics including linen, cotton, and natural dye.

    RPET material, which is obtained from EcoMax, one of the few Asian suppliers of environmentally-friendly renewable fabric, is made from 100-per-cent post-consumer PET bottles that would otherwise enter landfills or pollute natural habitats. By incorporating RPET material into the production of Purpose pieces, Pomelo hopes to create higher-quality, lasting pieces that ease production pressures on finite natural resources.

    Pomelo is encouraging its customers to drop off used clothing at its select partnered locations and offline stores, including the newly-opened Singapore flagship store at 313@Somerset. Pomelo Purpose shoppers can also schedule free pick-ups by scanning a QR code stitched into their Purpose products. All collected clothing is then redistributed to underprivileged partner communities, organisations and charities in Thailand, Singapore and Indonesia.

    “Purpose by Pomelo has led the way for the fashion industry in the region to adopt environmentally-friendly practices through sustainable materials and processes,” said Pomelo CEO David Jou. “With this launch, we are hoping to make an even bigger impact by providing all Pomelo shoppers an opportunity to start their recycling journey using our free pick up service. We’re very excited to continue bringing innovation to this very important topic.”

    From now until September 5, all Pomelo online customers in Singapore, Thailand and Indonesia will be able to book a free pick-up for up to 3kg of used clothing via the Pomelo App. After the promotional period, free pick-ups will be limited to first-time Pomelo Purpose shoppers only.

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  • Singapore Airlines, Silkair and Vistara to expand codesharing to international flights

    Singapore Airlines, Silkair and Vistara to expand codesharing to international flights

    Passengers traveling with Singapore Airlines (SIA), Silkair and Vistara will have more international flight options as the Singaporean flag carrier and its regional arm, Silkair, signed an agreement with Indian carrier Vistara to expand codesharing to international routes.

    Under the expansion of an existing codeshare agreement which covers Indian domestic flights, SIA and Silkair will add nine new codeshare destinations within India on Vistara-operated flights. The following destinations will be added: Chandigarh, Dibrugarh, Jammu, Leh, Pune, Raipur, Ranchi, Siliguri and Srinagar. SIA will add its ‘SQ’ designator code to Vistara’s new international flights.

    Vistara will add its ’UK’ designator code to SIA and Silkair-operated flights between Singapore and eight destinations in India, including Ahmedabad, Bengaluru, Chennai, Cochin, Hyderabad, Kolkata, Mumbai and New Delhi. As part of the arrangement, Vistara will codeshare on services to more than 40 destinations from Singapore to Australia, New Zealand, Cambodia, Indonesia, Malaysia, Vietnam, Thailand, Taiwan, Japan and the US.

    “These codeshares will be implemented in phases and are subject to regulatory approvals,” reads a press release from the airline.

    “We’re happy to deepen this strategic partnership which means a more seamless flying experience for travelers from India to destinations across Asia, Oceania and the United States,” said Vistara’s chief strategy officer Vinod Kannan.

    The codeshare flights will progressively be made available through SIA and Vistara booking channels once necessary regulatory approvals are obtained, according to the airline.

    Vistara is a joint venture between Singapore Airlines (SIA) and Indian company Tata Sons. It will begin its first international flights by offering daily flights to Singapore from Delhi and Mumbai operated by a Boeing 737-800NG aircraft, starting 6 and 7 August respectively.

    Earlier this year, Vistara signed a codeshare agreement with United Airlines. This agreement expanded the US carrier’s network to over 20 destinations throughout India. Over the past two years, Vistara has also signed codeshare deals with Japan Airlines, British Airways, as well as Singapore Airlines and Silk Air.

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  • HSBC Singapore Expands Foreign Mortgage Solutions

    HSBC Singapore Expands Foreign Mortgage Solutions

    Responding to growing interest among clients, HSBC Singapore now offers mortgages for investment residential properties in five cities across Australia.

    HSBC Singapore is hoping to tap on the growing number of Singaporeans who plan on buying investment properties abroad with the launch of its first overseas mortgage solution, the bank announced on Thursday.

    HSBC International Mortgage will be offered in Singapore in either Singapore or Australian dollars for investment residential properties in and around Sydney, Melbourne, Perth, Brisbane and Adelaide, with other overseas destinations to be added over time.

    Successful applicants will get HSBC Premier status, which gives them access to a relationship manager in Singapore and Australia to facilitate the process, the bank said.

    We went with Australia as the first market for this solution given the close affinity that Singaporeans have for the country on the back of their business, education, holiday or familial ties. as a result of business, education, holiday and familial ties, Ranojoy Dutta, head of Retail Products, HSBC Bank (Singapore), said.

    The bank also highlighted its own «Beyond the Bricks» report from 2018, which indicated that one-third of mass affluent Singaporeans currently have overseas property investments, and 70 percent plan to buy investment properties abroad.

    Singapore’s real estate investment in Australia grew 141 percent in 2018 to $3.5 billion, despite skyrocketing property prices, according to Real Capital Analytics data. According to Knight Frank’s 2018 Wealth Report, Australia was the second-most popular destination for prime property purchases among wealthy Singaporeans.

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  • Mama’s Choice launched in Indonesia

    Mama’s Choice launched in Indonesia

    Halal-certified parenting-product firm Mama’s Choice has launched in Indonesia.

    The business has been founded by a group of young mothers along with parenting influencer Rahne Putri, teaming up with former Lazada Indonesia Co-CEO Duri Granziol. It was launched in response to the group’s noting a lack of safe, Halal and natural personal care products at a price point that is affordable to the average young family.

    “We launched Mama’s Choice because we feel there is a lack of options for expecting and new mothers for safe and affordable care products,” said Mama’s Choice CEO Duri Granziol. “Most mums are overwhelmed with all the choices and don’t want to spend their time reading through all the chemicals that are in most household products, which is why it is our mission to source only the best, safest ingredients to ease the minds of mothers and empowering them to focus on the beauty of their growing family.”

    According to a statement released by the new firm, Mama’s Choice is “a company that puts the health of mothers and babies first and is committed to provide families access to a safe choice for their daily needs, and honest information. Every product is specially formulated from trusted raw ingredients. Each chosen ingredient has been handpicked from nature, with zero harmful chemicals. All Mama’s Choice products are Halal certified, and are tested in Singapore to be free of toxins, and safe to use during pregnancy and while breastfeeding.”

    “In every product development, we always involve experts and also pregnant and nursing women,” said Mama’s Choice head of branding Rahne Putri. “Until now, more than 13,000 mothers have been involved. We do this because we want this product to accommodate what mothers need and make them feel safe when using it.”

    The Mama’s Choice range of products is available at central department store in Grand Indonesia and via its flagship stores on JD.id, Shopee, Lazada and Tokopedia. The brand is currently working to raise awareness and educate the parenting community on maternity, pre- and post-natal care. It plans on being available in more markets across Southeast Asia, commencing with Thailand within the next 12 months.

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  • Hyundai Names Its New Hatchback Grand i10 Nios

    Hyundai Names Its New Hatchback Grand i10 Nios

    Hyundai has named the new-gen Grand i10 as the Grand i10 Nios. The car is set to be launched in India on August 20, 2019. The Grand i10 Nios name is only for India though, worldwide this car will be called the i10. The Grand i10 Nios is the 3rd Generation of the legendary brand ‘i10’ and will co-exist with Grand i10. Hyundai has kick-started bookings for the car in India across its dealerships in the country and the booking amount is set at ₹ 11,000.

    The new Grand i10 Nios gets Hyundai’s Signature ‘cascading grille’ which gives it a wider and stronger appeal to the front while rear gets a low and wide proportioned bumper gives it a sportier look. The compact yet spacious interiors with upper C pad appearing to be floating on the lower C Pad and the door trim character line flowing into the C pad gives a wider and spacious interior feel.The cabin gets a dual-tone treatment with black and beige. The steering wheel too gets a bit of chrome element on it making it looks a bit more sporty. But right in the centre of it all sits the touchscreen infotainment system. It’s likely to get Apple Carplay and Android Auto. The instrument cluster will be part analogue and part digital as well, giving the Hyundai Grand i10 Nios a sporty appeal. It will also get automatic climate control. From what we can see, the car will come with ABS and dual airbags as standard.

    SS Kim, MD & CEO- Hyundai Motor India Ltd said, “Hyundai Motor India has created benchmarks in Indian automobile industry by introducing Cutting-edge technologies and Best-in-segment world-class products for past 21 years. We are glad to present the All New 3rd Generation Grand i10 Nios, that blends the intrinsic and intuitive beauty of the car with unique design sense constantly changing and fulfilling our customers’ expectations. With the new Grand i10 Nios, we have created a new paradigm ensuring to maximize our customers’ emotional values in the perfect harmony with the four elements of Hyundai Design Identity: ‘Sensuous Sportiness’, such as Proportion, Architecture, Styling and Technology.”

    The Hyundai Grand i10 Nios is likely to come with a petrol and diesel powertrain but the company has not yet confirmed the engine line up and we’ll know more closer to the launch of the car

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  • City Chain sales down as store network shrinks

    City Chain sales down as store network shrinks

    City Chain sales plunged 20 percent across Greater China in the three months to June.

    Hong Kong-headquartered parent Stelux International – which spun off its eyewear business last year – said the watch-retailing chain’s poor performance was due to a 14.8-per-cent contraction of its store network and “softened consumer demand”.

    Group-wide turnover fell 18.8 percent to HK$235.3 million for the June quarter.

    City Chain sales in Greater China reached $167.1 million in the quarter, down 20.1 percent, with the store network down from 135 at the end of June last year to just 102.

    Sales in Southeast Asia fell 15.3 percent to $68.2 million with the store network down 36 over a year to 208.

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  • UOB Taps Malay Trade Associations for SME Clients

    UOB Taps Malay Trade Associations for SME Clients

    UOB seeks to expand its banking base in Asia’s small to medium-sized enterprises with the latest targeting of trade association in Malaysia.

    The bank will collaborate with three trade associations (SME Association of Sabah, Malaysia-China Chamber of Commerce (Sabah) and the Sabah-China Chambers of Commerce) in Sabah representing more than 300 SME owners.

    UOB will extend lending facilities and cross-border financial solutions to expand into new markets. In addition, the bank will also offer sharia-compliant financing solutions «at competitive rates and flexible tenures as well as extend government-guaranteed, collateral-free financing schemes administer by local authorities.

    UOB Malaysia’s team of dedicated advisers from across the region will connect SMEs in Sabah with government agencies, trade and industry associations and professional service providers to help them invest and expand across Asia,» said UOB Malaysia managing director and country head of wholesale banking Ng Wei Wei.

    According to UOB’s head of Islamic banking, Mohd Fohauzi Muridan, Islamic financial solutions could be the natural fit for businesses attempting to achieve sustainable goals or create businesses linked with related ecosystems.

    In green technology, for example, Fohauzi notes strong Islamic financing demand for renewable energy, sustainable building and township projects, waste management and transportation projects.

    Given the social and environmental focus embedded in Islamic banking, coupled with its acceptance in Malaysia, Islamic banking can play a leading role in financing SMEs that are committed to achieving sustainability goals, he said. «The ethos of Islamic banking makes it a natural ‘ethical’ financier for such projects.»

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  • UPS invests in Asian express operations

    UPS invests in Asian express operations

    Express firm UPS has revealed a series of investments in Asia that it claimed would increase its service footprint and expedite delivery times.

    The company said that in the first half of the year it had invested in the following:

    • Shenzhen Asia Pacific Air Hub upgrades that increased the hub’s processing capacity by nearly 50% in preparation for volume gains in the coming three years.

    • Transit times reduction across 2,300 trade lanes: Intercontinental transit times reduction by up to four days, while shipments with destinations in Asia see transit times improved by up to two days.

    • Improved geographic reach of UPS Worldwide Express services, offering international shipping with time-definite deliveries in Australia, Hong Kong, Japan, Singapore, and South           Korea; Customers in Xi An, China and new provinces in Vietnam can now access UPS Worldwide Express Freight, guaranteed door-to-door service for palletized shipments over 70kg.

    • Extended pick-up times by up to five hours for export shipments from China, Japan, Taiwan, and South Korea, widening production windows and giving businesses additional time to fulfill customer orders.

    UPS’s Shenzhen Hub serves as a transfer point for shipments moving within the region, and the enhancements improve both reliability and quality of service provided to UPS customers in Asia.

    “At the root of the investments in our Smart Logistics Network is a simple desire to make global commerce easier for Asian businesses—because when they grow, we grow too,” said Ross McCullough, President, UPS Asia Pacific Region.

    “More UPS customers in the region will now be able to have their shipments sent and received in less time; they’ll be able to find us easily in more cities and towns, and they’ll be able to send shipments later in the day than before—all of which will open new opportunities for businesses in the region to trade more efficiently with the rest of the world.”

    Wilfredo Ramos, Vice President of Strategy, UPS Asia Pacific Region, added: “We’re seeing new realities in this region that demand not only inventive solutions but also higher levels of service.

    “Businesses have come to rely on UPS’s extensive experience to help them navigate the volatile highways of trade today. Together with our brokerage capabilities, upgrades like the one at our Shenzhen Hub will give UPS the flexibility to support increases in intra-Asia trade volumes in the coming years.”

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  • DHL Global Forwarding supports Decathlon’s international supply chain

    DHL Global Forwarding supports Decathlon’s international supply chain

    DHL Global Forwarding, the leading international provider of air, sea and road freight services, partners Decathlon, the French sporting goods giant to provide comprehensive services for its international supply chain operation. At the DHL Fashion and Retail Conference held in Ho Chi Minh, both companies shared what it takes to successfully operate a multi-national supply chain, enabling Decathlon stores to stock over 22,400 items covering more than 85 different types of sports.

    Marc Meier, SVP, Global Head of International Supply Chain, DHL Global Forwarding said, “DHL Global Forwarding runs a dedicated DHL control tower which provides a single point of contact in Vietnam and Taiwan for Decathlon’s operations. Providing full visibility for Decathlon’s logistics teams, our control tower services oversee Decathlon’s air, sea and road shipments from factories in Vietnam and Taiwan to the world, including Brazil, Canada, China, Colombia, Europe, India, Malaysia, Morocco and Singapore.”

    Global businesses that source from multiple locations and ship to numerous destinations face a particularly complex supply chain that demands greater visibility and control to optimize operations and reduce costs. With more than 1,000 supply chain experts across 82 offices in 46 countries worldwide, DHL’s International Supply Chain services offer comprehensive solution design and project management backed by a global governance structure that guarantees consistency across operations.

    “Decathlon prioritizes the quality of our products and the entire customer experience to ensure we secure our positioning as the go-to retailer of affordable sports apparel, accessories, and equipment. While we ramp up on our offline and online presence for the convenience of our customers, we are working hard behind-the-scenes to make sure that our manufacturing and logistics processes can efficiently cater to the demand of our discerning customers,” said Thao Nguyen, Head of Procurement and Logistics, Decathlon Vietnam.

    In Vietnam, Decathlon launched two retail stores in Hanoi and Ho Chi Min City in 2019, spanning 4,300sqm and 2,600sqm respectively, and introduced 70 sports brands. The company collaborates with six business partners across Vietnam to keep prices and lead time competitive for the local market and to reduce carbon footprint. As a full-fledged logistics partner, DHL Global Forwarding also provides road freight solutions for the brand to transport goods from Vietnam to Cambodia.

    Vietnam’s attractiveness as a manufacturing hub for the world lies in its geostrategic location, youthful demographics, and abundance of affordable land and labor. Coupled with easy access to multiple markets via free trade agreements, the country’s textile and retail industry is primed for growth as Vietnamese spending power increases and more international brands seek to establish their presence here.

    “Today’s retailers require agile and innovative supply chains to cater to a new generation of customers who demand instant gratification and tap opportunities in emerging markets. With our extensive range of logistics services and expertise in the retail sector, DHL Global Forwarding is well-positioned to support the growth of businesses here,” said Archer Fu, VP, Head of Business Development, DHL Global Forwarding Asia Pacific

    50 Years DHL

    In 2019 DHL is celebrating 50 years since the company’s founding by three entrepreneurs in San Francisco in 1969. DHL began as a disruptor to the traditional delivery industry, circumventing bureaucracy with innovative new service to deliver documents by air overnight. Since then, DHL has grown into a globe-spanning family of DHL companies with about 380,000 employees in over 220 countries and territories that cover the entire spectrum of logistics and supply chain services. DHL’s customer-centricity and can-do culture have fueled five decades of innovation — from the DHL 1000, one of the first word processing computers in the world, to using the purpose-built StreetScooter, an environmentally friendly delivery vehicle powered by an electric drive and developed by Deutsche Post DHL Group. With the Mission 2050 commitment to reach zero group-wide emissions by 2050, DHL is continuing to be a trailblazer in the logistics industry.

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  • Singapore Airlines picks crucial fight against Emirates in India

    Singapore Airlines picks crucial fight against Emirates in India

    Singapore Airlines Ltd just picked a fight with Emirates in a grab for India’s international travelers, and a slice of one the world’s fastest-growing aviation markets.

    Singapore Air’s unprofitable Indian venture, Vistara, launched its first overseas service between New Delhi and Singapore late on Tuesday. It’s the start of an uphill battle against Middle East airline giants, led by Emirates and Etihad Airways, that dominate India’s offshore routes.

    For Singapore Air, ambushed all over South-east Asia by budget airlines, the prize is clear. The number of passengers in India will more than triple to 520 million by 2037, the International Air Transport Association says. And of the 63 million people that flew to and from the country last year, two-thirds were carried by foreign airlines.

    Vistara’s maiden offshore flight is due to touch down at Changi airport early on Wednesday.

    Vistara, 49 percent owned by Singapore Air and 51 percent by Indian conglomerate Tata Group, started out in January 2015. India doesn’t allow foreign airlines to fly between local airports unless they partner with a local company to start a domestic airline.

    The carrier operates 30 Airbus SE and Boeing Co jets and has a local market share of 5 percent, the smallest among six major players. It also plans to fly to Dubai and Bangkok. According to the CAPA Centre for Aviation, Vistara could break even in the year ending March 2020.

    Vistara is a key element of Singapore Airlines’ multi-hub strategy, and the launch of international operations offers additional opportunities to it, a spokesman for the South-east Asian carrier said. He declined to comment on competition. A representative for Vistara referred queries to Singapore Airlines, while Emirates declined to comment.

    Still, airlines from the Middle East have history on their side. They’ve traditionally flown westbound Indians to Dubai and Abu Dhabi on ultra-cheap fares, before putting them on a flight to Europe or North America. Emirates, often dubbed the “unofficial national carrier of India”, controlled almost 15 percent of the market to and from India last year, regulatory data compiled by Bloomberg showed.

    The fares offered by low-cost airlines in India’s notoriously price-sensitive market are another challenge for Singapore Air. A Vistara flight to Singapore from New Delhi on Aug 28 costs 17,379 rupees (S$338), according to online travel agent Makemytrip.com. In comparison, AirAsia Bhd was offering a flight at less than half that price, at 7,745 rupees, albeit with a stop in Kuala Lumpur.

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  • Telenor Pakistan gets ready to bring 5G to Pakistan

    Telenor Pakistan gets ready to bring 5G to Pakistan

    Taking another stride towards network transformation and digitalization, Telenor Pakistan and its network partners have geared up to make the network 5G ready to pass on the benefits of this transformative technology to the people of Pakistan in the coming years.

    5G is the fifth-generation cellular network technology that offers faster data transfer speeds and enables advanced solutions such as smart homes, smart cities, autonomous driving, automated emergency services, remote medical diagnosis, smart manufacturing, cloud gaming, and enhanced content & media experiences to name a few.

    The development cements and once again demonstrates Telenor Pakistan’s position as the frontrunner of innovation and digital transformation in the country. Today, the company has the country’s first and only 4.5G network and takes the lead with such industry-first initiatives as IoT, Cloud Services, and overall digital ecosystem development comprising innovative solutions for gaming, entertainment, and 3G/4G devices portfolio, etc.

    Telenor Pakistan took the first step towards 5G enablement last year by beginning the evolution of its network core from legacy architecture to state-of-the-art virtualized hybrid core, taking the lead towards 5G readiness. The latest development takes Telenor Pakistan one step closer to the successful launch of end-to-end 5G trials to demonstrate the potential of futuristic technologies and solutions for socioeconomic advancement.

    “As Pakistan gears up for future technologies that will be integrated into governance, businesses and people’s lives, the role of 5G becomes imperative,” said Irfan Wahab Khan, Chief Executive Officer Telenor Pakistan and Head of Telenor Emerging Asia Cluster, while sharing his thoughts on the development. “With this latest step towards digitalization and network transformation, Telenor Pakistan is opening up new possibilities for millions of Pakistanis who will be the actual winners in the development. We look forward to continued government support as a digitalization partner for adequate spectrum allocation for adoption and penetration of 5G over the next few years.”

    “Staying devoted to our vision of empowering the people, we have made use of innovative technologies to bring them newer and better opportunities,” said Bilal Kazmi, Chief Marketing Officer, Telenor Pakistan while speaking to the media at Telenor Pakistan Headquarters. “We are happy to further our goals of communications innovation and digitalization across sectors, which is exactly what this development aims for. We will continue to play our part to leverage technology as the greatest equalizer and enhance the ecosystem that we set out to build years ago through network transformation and expansion, data solutions, content services and introduction of affordable devices.”

    Telenor Pakistan, driven by its vision of empowering societies, continues to take groundbreaking initiatives to lead Pakistan towards a digital economy. Connectivity and data being the enablers that empower people, the company believes that connecting people to what matters most to them is truly realized only if it continues to innovate and impact millions of lives.

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  • AirAsia names new Philippines CEO

    AirAsia names new Philippines CEO

    AirAsia has named telecommunications executive Ricardo RickyIsla as the new CEO of AirAsia Philippines.

    Isla joins AirAsia after more than a decade of international product development, sales and distribution experience with telecommunications giant PLDT Global Corporation.

    In addition to his most recent role as regional head of operations for the United Kingdom and Europe, Isla has held general manager positions in its international retail business, as well as in the US, Italy and Singapore.

    AirAsia Philippines’ chairman Maan Hontiveros said: “I am thrilled to welcome Ricky to our senior leadership team. Ricky has an outstanding track record of leading and transforming businesses, especially when it comes to increasing revenue and market share.”

    He commenced his role as CEO of AirAsia Philippines 31 July.

    AirAsia Philippines operates a fleet of 24 aircraft on more than 500 weekly domestic and international flights from its hubs in Manila, Clark, Cebu, and Kalibo.

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  • Strong Wealth Management Flows Drive Q2 Growth at UOB

    Strong Wealth Management Flows Drive Q2 Growth at UOB

    The bank’s strong second quarter was driven by strong wealth management flows, higher credit card volume and higher trading income. UOB’s net earnings grew in the second quarter to S$1.17 billion ($850 million) – 11 percent higher year-on-year and 8 percent higher than the previous quarter, due to improvements in both interest and non-interest income, the bank reported in a filing to Singapore Exchange before the market opened on Friday.

    UOB’s net interest income grew 7 percent to S$1.65 billion, while net fee and commission income increased 6 percent to S$527 million, with strong wealth management flows and higher volume in credit cards and loan-related fees.

    Non-interest income rose 33 percent to S$403 million, driven by higher trading income and gains from investment securities.

    UOB’s net earnings for the first half of 2019 grew 8 percent year-on-year to reach a record S$2.22 billion ($1.61 billion), while total income rose 9 percent to reach S$4.99 billion on the back of strong loan growth and higher trading and investment income. Net interest income grew 8 percent to S$3.24 billion, net fee and commission income stayed flat, and non-interest income rose 36 percent to S$743 million, with stronger gains in trading income and investments.

    The bank reported «healthy income growth» across all business segments compared to 2018 – Group Retail saw 7 percent income growth to S$2.07 billion, led by income growth from high affluent customers, while Group Wholesale Banking saw a 9 percent income growth to S$2.06 billion, led by volume growth and stronger contribution from the investment banking and treasury businesses.

    UOB cited higher staff, revenue-related and IT-related expenses as behind a 10-percent growth in total expenses, reaching S$2.2 billion. Its cost-to-income ratio saw a marginal increase to 44.1 percent.

    Our results reflect the relevance of our strategies in connecting our customers to opportunities across the region, deepening their engagement through our omnichannel approach and offering them the right solutions through our ecosystem partnerships, Wee Ee Cheong, UOB deputy chairman and chief executive officer, said in a statement.

    UOB declared an interim dividend of 55 cents per ordinary share, up from 50 cents the year before.

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  • Amazon targets SMEs with Launchpad

    Amazon targets SMEs with Launchpad

    Amazon has brought its small business-focused Launchpad initiative to Australia.

    Launching on Tuesday, the program aims to help startups and entrepreneurs sell in a wider market. Over 150 local and international brands are already on board.

    As part of the program, brands will be featured on customized product pages, receive marketing support and gain access to Amazon’s fulfillment services including unlimited deliveries through Amazon Prime.

    “Australian investors and entrepreneurs are responsible for some of the most innovative consumer products in the world, from the electric drill right through to Vegemite,” Amazon Australia country manager Rocco Braeuniger said.

    “We know that product creation is only one part of the equation in launching a product and that marketing, logistics and finding an audience can be just as challenging.

    “With Amazon Launchpad, we have a program that will help ease some of these challenges for startups and entrepreneurs alike, allowing them to focus on growing their business and freeing up time for future innovation.”

    Sugar-free drink business Nexba, Beach House Group’s skincare brand Marlowe and sunglasses retailer Soda Shades are some of the local brands participating in the program at launch.

    According to Josh Miller, co-founder of Soda Shades, being featured in the program allows the brand to reach a wider audience.

    The program was initially launched in the US in 2015 and has resulted in thousands of products being launched across several categories. It is now available in eight countries: the US, the UK, Germany, France, Italy, Spain, India and Australia.