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Tag: asia

  • Scentre Selling Stakes in Westfield Burwood mall

    Scentre Selling Stakes in Westfield Burwood mall

    Retail landlord Scentre Group has sold a 50 per cent stake in its Westfield Burwood mall in Sydney to Perron Group for $575 million.

    The deal with the Perth-based company, founded by the late Perth billionaire Stan Perron, represents a 4.1 per cent premium to the centre’s $1.1 billion book value as of December 31, 2018.

    The proceeds from the off-market transaction, brokered by Colliers International’s Lachlan MacGillivray, will initially be used to repay debt, according to Scentre Group.

    Scentre Group CEO Peter Allen said the returns will also provide the group with further capital to pursue its strategic objectives of creating long-term value for security holders.

    The transaction is expected to be dilutive to FFO per security in 2019 by approximately 0.2 cents per security.

    “We are excited by the unique opportunity to invest in one of the highest quality shopping centres in Australia,” said Perron Group CEO Ross Robertson.

    “Westfield Burwood is one of the top 50 shopping centres in Australia with customer visitation of more than 14 million per annum and total retail sales of close to $500 million.”

    Perron Group also holds half stakes in other Scentre Group assets, including Westfield Woden in Canberra, Westfield Airport West in Melbourne and Westfield Geelong in Victoria.

    Scentre Group’s forecast distribution remained unchanged at 22.60 cents per security.

    The group will continue to manage Westfield Burwood.

    The Burwood deal comes as the owner of Westfield shopping centres in Australia and New Zealand won state government approval for its $500 redevelopment masterplan at Westfield Doncaster in Melbourne’s east, a key feature of which is the 14-storey tower rising above a two-level podium for retail outlets.

    The Westfield Doncaster redevelopment project will add 43000sqm of retail and 18,000sqm of commercial office space on the site.

  • Optus expanding 5G fixed wireless service

    Optus expanding 5G fixed wireless service

    Australia’s Optus has announced plans to expand its 5G fixed wireless service to more areas of the country by the end of the month.

    The wholly-owned Singtel subsidiary announced that by the end of the month, it will deploy 5G in three more communities in the state of New South Wales, one in the Australian Capital Territory and one in Brisbane.

    One of Optus’ early 5G fixed wireless areas, in a suburb of New South Wales capital Sydney, has recorded peak download speeds of 295Mbps and is achieving average speeds of 100Mbps, Optus said. This is an improvement on the 170Mbps peak speed achieved during a launch in January.

    The operator currently has more than 70 5G-ready sites nationwide and has earmarked the first of its planned 30 5G sites in the state of Victoria, which will be switched on within the next few months.

    Optus Networks managing director Dennis Wong said the early adopters of its 5G service are providing insights into the initially expected use cases for 5G. Analysis shows that customers are currently using 5G fixed wireless for traditional purposes.

    “Our first customers are currently using 5G for video downloads, internet connectivity and browsing, but we see exciting 5G consumer applications in the future including a much richer AR and VR gaming experience and improved in-home device connectivity,” he said.

    “Despite being in its infancy, we are already gaining valuable insights into the new 5G technology [including] a better understanding of how to best tune the technology to improve performance. We are also gaining valuable insights around how to adjust our network and its technical features to support interoperability of multiple devices.”

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  • Daimler Plans To Cut Administration Costs By 20%

    Daimler Plans To Cut Administration Costs By 20%

    Incoming Daimler boss Ola Kaellenius is working on a cost cut program to reach profit margin targets which are threatened by global trade woes and ramp up issues at factories, Handelsblatt reported, citing company sources.

    Kaellenius, who will take over from Dieter Zetsche after the company’s annual general meeting on May 22, has been working for months on a cost cut initiative, dubbed “Move”, which is expected to be ready in the summer, the paper said.

    Central administration costs are to be cut by about 20%, the paper said, adding billions of euros in efficiency potential would be targeted.

    Daimler declined to comment.

    Kaellenius said earlier this month that Daimler will cut development costs of new Mercedes-Benz cars by a significant amount by 2025 and will intensify alliances with rivals as a way to improve margins.

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  • Range Rover Sport Petrol Launched

    Range Rover Sport Petrol Launched

    Jaguar Land Rover India has launched the 2019 Range Rover Sport with a new 2-litre petrol engine. The car is priced at ₹ 86.71 lakh (ex-showroom India). The Range Rover Sport petrol will be available in S, SE & HSE trims and the new petrol engine adds on to the diesel option available on the car. The Range Rover Sport is available with a 3-litre diesel but now there’s a 2-litre petrol engine with a twin-scroll turbocharger on offer which delivers 296 bhp and 400 Nm of peak torque. All that power helps the Range Rover Sport petrol to accelerate from 0 to 100 kmph in 7.1 seconds while top speed stands at jut over 200 kmph. The 2-litre engine replaces the 3.0-litre Supercharged V6 that used to make 335 bhp.

    The company had previously launched the 2019 Range Rover Sport only in the diesel avatar with prices starting from ₹ 99.48 lakh, going all the way up to ₹ 1.74 crore for the flagship variant.

    Exterior changes on the 2019 Range Rover include the new and sleeker looking grille that adds to the plush look of the SUV along with the Matrix LED headlamps with daytime running lights. The SUV also comes with sequential illuminating indicators now. The front bumper has been tweaked as well and sits lower as well, feeding more air to cool brakes. At the side, gill fans now have four slots and are finished in brushed silver, while there is the new Byron blue and Rossello Red paint options available as well. In addition to the new alloy wheel design, the new Range Rovers also get a tweaked rear bumper that houses twin-exhausts.

    The Range Rover Sport sits above the Velar in the company’s product portfolio and looks cotemporary and gets features like a sliding panoramic roof and powered tailgate. The 2019 model comes with enhanced features like a three-zone climate control, protect, control pro, park pack and cabin air ionisation.

    Rohit Suri, President & Managing Director, Jaguar Land Rover India Ltd. said, “The success of the Range Rover Sport has been integral in driving demand for the Land Rover portfolio in India. The Model Year 2019 2.0 l petrol derivative should further increase the aspirational value of the flagship model at an attractive and exciting price.”

    Inside, the the Range Rover Sport comes with a contemporary interior and advanced features such as the Touch Pro Duo infotainment system, 12.3-inch Interactive Driver Display and full colour Head-up Display

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  • Rajeev Sethi takes helm at Ooredoo Myanmar

    Rajeev Sethi takes helm at Ooredoo Myanmar

    Qatar-based Ooredoo Group has appointed Rajeev Sethi (pictured) as chief executive officer of Ooredoo Myanmar.

    He succeeds Vikram Sinha, who continues to stay on as a member of the company’s board.

    Sethi joins Ooredoo Myanmar from Airtel Africa, where he served most recently as chief commercial officer.

    He comes with over 24 years of work experience, of which 15 have been in the telecoms industry, holding leadership roles in multinational companies including Grameenphone in Bangladesh, Uninor India, Vodafone India, Hewlett Packard and Hutchison Telecom.

    Equinix has appointed Yee May Leong as managing director of South Asia to lead the company’s business strategy in Singapore and Indonesia.

    Leong is based in Singapore and reports directly to Samuel Lee, president of Equinix Asia-Pacific.

    Leong brings to the table with over 30 years of experience in the ICT sector.

    Prior to joining Equinix, Leong served as vice president of the communications sector for IBM in Asia-Pacific, overseeing the company’s strategic business development in ASEAN, Australia, India, Korea and New Zealand.

    Prior to that, she has also held senior management positions in leading technology companies including IBM, Lotus, F5 Networks and Orange Business Services.

  • North Korean department store boasts ‘world-class’ design

    North Korean department store boasts ‘world-class’ design

    Pyongyang department store design takes cues from foreign states.

    A new North Korean department store just opened in Pyongyang is drawing attention for welcoming foreign technologies and products, as well as management strategies and culture.

    The Choson Sinbo, the pro-Pyongyang media outlet headquartered in Tokyo, introduced the new Daesung Department Store that opened in Pyongyang in April, describing it as a “modern mall” created in close cooperation with foreign states.

    It reported that architects at the Paektusan Academy of Architecture, known as North Korea’s top architectural research facility, strived to bring in world-class design from advanced nations, ranging from overall interior design to methods of showcasing products.

    It is the department store’s strategy to sell both expensive world-class brands and North Korean-made quality products that are more affordable.

    “Unlike Pyongyang Department Store No.1 or the Gwangbok District Commercial Center where quality North Korean goods are sold, Daesung Department Store not only sells North Korean goods, but also various world-class brands,” said the Choson Sinbo.

    “They sell both affordable and expensive goods together.”

    Daesung Department Store is reflecting global trends to sell both high and low-end brands from overseas as well as popular domestic brands within the confines of a single store.

    Flat-screen televisions made by Sony and Philips, water purifiers from Maybaum, washing machines by Siemens, rice cookers by Tiger, and electronic goods by Panasonic were among the goods offered at the store.

    North Korea also invited foreign experts to study the methods of showcasing products at the store, bringing in various tools to increase sales.

    Daesung Department Store was first built in 1986 on Pyongyang’s Munsu Street, and was renovated recently for expansion.

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  • HKT wins smart parking system contracts

    HKT wins smart parking system contracts

    Hong Kong operator HKT has secured HK$680 million ($86.6 million) worth of contracts to design, deploy and manage a new-generation smart parking meter system in Hong Kong.

    The two contracts with the HKSAR government’s Transport Department will see HKT deploy a mobile app-enabled parking meter system as part of the government’s Smart Mobility initiative.

    The system will use vehicle sensors to detect the occupancy of parking spaces and provide real-time information on parking vacancy for motorists. It will also allow users to pay parking fees with multiple payment methods, including credit that can be topped up to the app remotely.

    In addition, data from the system will be collected ad provided to the Transport Department to conduct parking analysis. The new parking meters will gradually replace existing meters in Hong Kong Island, Kowloon and the New Territories by early 2022.

    HKT’s contract includes the design, development and implementation of the new parking meters, as well as management, operation and maintenance of the system.

    “At HKT, we are very committed to helping accelerate Hong Kong to become a smarter city and empowering digital transformation for enterprises,” HKT Commercial Group managing director Tom Chan said.

    “We have been investing on advanced ICT and digital solutions in the last five years. We will continue with our dedication to develop innovations with latest technologies to empower the development of Hong Kong.”

  • SKT showcases potential of 5G in VR streaming

    SKT showcases potential of 5G in VR streaming

    SK Telecom is demonstrating the potential of 5G to enable virtual reality video streaming by developing exclusive VR content for a popular reality TV series.

    The company is offering 100 exclusive VR clips related to the Produce X 101 idol audition program on the oksuku OTT video service.

    The new content, added to a dedicated menu within the SKT-5GX section of the streaming app, will be provided to SK Telecom customers free of charge. The company is currently offering around 400 VR video clips on this section of the streaming app.

    SK Telecom said it has utilized 5G technologies for the planning, filming and delivery phases of the project. The company used 3D ultra-high definition video cameras to film joint performances, and applied video distortion correction technology to produce realistic and natural 3D video.

    “SK Telecom is witnessing a dramatic rise in the use of VR video contents on ‘oksusu’ since the launch of its 5G service,” the company’s 5GX VP and head of service business group Yang Maeng-seog said.

    “SK Telecom will continue to provide customers with a differentiated 5G experience by rapidly expanding dedicated services and contents on diverse themes.”

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  • L Catterton Asia Selling RM Williams

    L Catterton Asia Selling RM Williams

    L Catterton Asia, the Singapore-based private equity firm, is set to sell its stake in Australian luxury footwear retailer RM Williams.

    The investment company, controlled by LVMH Group and the Arnault family, has put the business up for sale for US$500 million.

    If successful, the sale would mark the second major retail sector divestment by the fund in recent months, after it sold down its 58.86 percent stake in Chinese mall operator Sasseur Cayman Holding to just 1.36 percent.

    The RM Williams sale will be managed by investment bank Goldman Sachs.

    L Catterton currently owns 82 percent of the business, up from its initial 49 percent investment back in 2014.

    The other shareholders are IFM Investors, which manages not-for-profit superannuation investment funds, and actor Hugh Jackman.

    RM Williams has about 50 retail stores in Australia and London and exports to about 15 countries with a network of about 900 stockists. It was founded in 1932.

  • Telstra to launch HTC 5G Hub next week

    Telstra to launch HTC 5G Hub next week

    Australian operator Telstra has is taking pre-orders for what it is calling the country’s first 5G mobile device. The HTC 5G Hub will be available in Telstra stores from next Tuesday.

    The HTC 5G hub is a 5G and 4GX (LTE-Advanced) media hotspot designed for both enterprise and consumer use.

    The hotspot can support up to 20 Wi-Fi enabled devices as well as a gigabit Ethernet connection and provides an all-day battery life.

    For corporate customers, the device offers corporate VPN authentication and remote wipe capability. For the consumer segment, the device offers a voice-activated remote control for other home smart devices and media hub capabilities.

    Telstra CEO Andy Penn said the launch of the device was an important milestone in the operator’s transition to 5G.

    “Our launch of the HTC 5G Hub is the moment 5G becomes a reality for Australian consumers. Since 2016, we have been working with some of the world’s leading technology brands to ensure Australians are among the first in the world to be able to access 5G,” he said.

    “HTC has been a key partner for Telstra, innovating new technologies and driving greater connectivity for our customers. This launch of Australia’s first 5G mobile device is a testament to that partnership and we are proud to be launching it today”.

    At launch, customers will be able to access 5G in selected areas of Adelaide, Brisbane, Canberra, the Gold Coast, Hobart, Launceston, Melbourne, Perth, Sydney and Towoomba, he said.

    “This is just the start. The roll out of 5G coverage is ongoing and, as 5G develops, there will be more devices and more technologies to come. But this is an important step we take today, as the first Australian network to offer mobile 5G”.

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  • Tigers delivers global B2B and B2C supply chain solutions for Rapha

    Tigers delivers global B2B and B2C supply chain solutions for Rapha

    Tigers is expanding its partnership with Rapha on both B2B and B2C delivery solutions as global e-commerce demand continues to grow for the cycling sportswear brand. Tigers UK is providing fulfillment services for Rapha, including distribution within the UK, the European Union, and Korea from its new Thurrock-based facility near London Gateway.

    Other markets in Asia will be served from Tigers’ Hong Kong warehouse, where the enterprise and e-commerce specialist is headquartered.

    Rapha was established in 2004 in London, UK, to address a need for stylish, high-performance cycling clothing, and continues to push the boundaries of innovation in cycle wear.

    “As e-commerce continues to grow globally, we are happy to welcome exciting brands such as Rapha to our portfolio, and to help them provide the highest-quality service to their customers around the world,” said Shahar Ayash, Managing Director – UK and Europe, Tigers.

    “Rapha not only produces sportswear clothing, they are also passionate cycling advocates with the aim to make road cycling the most popular sport in the world – and we are happy to support them in their mission.”

    Rapha is using Tigers’ Cloud-based SmartHub:Connect (SH:C) platform, which was launched last year and provides customers with end-to-end visibility of the global supply chain.

    “Customer experience is a core part of the logistics function today, and technology is a major lever in supporting this,” said Alex Bezer, Director of Technology, Rapha.

    “It was important to us that we found a partner who delivered on this promise, which Tigers put at the core of their proposition, with the guarantee of full visibility through the global supply chain and logistics cycle using SH:C.”

    SH:C is a single freight, e-commerce, and logistics platform with a built-in virtual warehouse solution.

    “Digital technology is the future of the logistics and supply chain industry, and Rapha is demonstrating how SH:C simplifies e-commerce, fulfillment, and distribution for organizations, especially for those with a global marketplace,” said Ayash.

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  • Google to ban Huawei’s access to Android

    Google to ban Huawei’s access to Android

    Huawei’s consumer business has been dealt a potentially devastating blow to its future prospects after US president Donald Trump formally added the vendor to a list of companies that American companies cannot trade with if they don’t obtain a license.

    Huawei was added to the entity list of banned companies covered by the national emergency Trump declared last week, which gave him the power to regulate commerce to ostensibly protect national security.

    In the wake of Huawei being added to the list, Google has barred Huawei from receiving some updates to Android, announcing that it is “complying with the order and reviewing the implications”.

    US Chipmakers including Intel, Qualcomm, and Broadcom also reportedly told employees that they will cease supplying Huawei until further notice.

    But the US Commerce Department has subsequently issued a three-month exemption allowing Huawei to continue to purchase and access American products in order to maintain existing networks and provide software updates to existing devices.

    The exemption will not Huawei to purchase US components for new products. On the bright side for Huawei, the Commerce Department has announced it may extend the exemption further than the initial 90 days.

    In various communications including one sent to Globe Telecom in the Philippines, Huawei has pledged to continue providing security updates and after-sales services for its devices.

    Huawei founder and CEO Ren Zhengfei has meanwhile taken a bullish stance over the impact of the ban, telling Japanese media that the company’s growth “may slow, but only slightly.”

    The vendor had been anticipating the ban for some time, and has been investing in producing homegrown chips and further developing its own operating system in preparation.

    Ren has rejected the prospect of building manufacturing facilities in the US – even if the government asks Huawei to.

     

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  • YouTrip raises $25.5m for SEA expansion

    YouTrip raises $25.5m for SEA expansion

    Hong Kong developed multi-currency mobile wallet YouTrip has raised $25.5 million in a pre-Series A funding round to help pursue expansion in Southeast Asia.

    YouTrip was developed in Hong Kong to be Singapore’s first multi-currency mobile wallet with a prepaid Mastercard. It was developed in partnership with Mastercard and Singapore’s largest public transport card issuer EZ-Link.

    Designed with travelers in mind, YouTrip allows users to pay in over 150 currencies and to exchange and store 10 selected currencies through an in-app exchange feature.

    YouTrip’s $25.5 million funding round was the largest pre Series A funding round for a Hong Kong founded a startup,and attracted participating investors including major Asian family offices and venture capital firm Insignia Ventures Partners.

    YouTrip plans to use the proceeds to invest heavily in growing its team and technology infrastructure to bolster its engineering hub based in Hong Kong, further enhance its payment infrastructure, roll out new product features, and expand into more Southeast Asian markets.

    “As a frequent traveler, I was surprised with how much banks mark up on overseas transactions – this was among the many reasons why I started YouTrip with Arthur Mak, who is also chairman of YouTrip,” the company’s co-founder and CEO Caecilia Chu said.

    “As the regional travel industry continues to post robust growth, YouTrip recognizes the pain points of travelers and equally, the immense opportunity to better serve their financial needs. We are dedicated to creating the best mobile financial services for travelers by simplifying overseas spending and creating a fuss-free travel experience.”

  • Wolverhampton Wolves to open Shanghai Football Store

    Wolverhampton Wolves to open Shanghai Football Store

    English Premier League football team Wolverhampton Wanderers is opening a retail store in Shanghai.

    The July 15 opening, timed to coincide with the Premier League Asia Trophy in which the club is participating, will see the Wolves Megastore become one of the first anchor tenants of the Bund Financial Centre Mall. The location is situated on the Shanghai Bund near the headquarters of the club’s Chinese owner Fosun.

    “We see China as a key market for us, both in terms of fan acquisition and also developing the commercial aspirations of the club,” said Wolves MD Laurie Dalrymple, “and timing the store opening for when the first team and staff are in Shanghai was a natural fit.”

    The store will stock Wolves-inspired fashion lines unique to the Chinese market along with replica products.

    A series of Wolves pop-up stores will also be opening in Nanjing, Hangzhou and Chengdu.

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  • Ather Energy Begins Setting Up Fast Charging Infrastructure In Chennai

    Ather Energy Begins Setting Up Fast Charging Infrastructure In Chennai

    Ather Energy has started setting up the company’s fast charging network, Ather Grid in Chennai. In all, between 50-55 Ather Grid points will be set up in Chennai and running by the end of the year. The fast charging network can be used by all electric two-wheelers and four-wheelers and Ather is offering this facility free of charge till the end of 2019. Chennai has 7 active fast charging Ather Points installed and is the second city in India to have Ather’s charging network after Bengaluru.

    “Ather Grid has seen steady adoption in Bengaluru and we believe that accessible charging infrastructure is critical before launching our products in any market we enter. We have already signed up with multiple partners and will add 50 charging points by the end of the year. Chennai was a natural choice for our expansion as the auto hub of the country and as the birthplace of Ather in IIT Madras. We are working on setting-up the charging network and our experience centre – Ather Space – in time for the launch of the Ather 450 in the coming weeks,” said Ravneet Phokela, Chief Business Officer.

    With the installation of the charging network, Ather Energy officially makes its foray into Chennai. The city will also have its own experience centre – Ather Space – and pre-orders for the Ather electric scooters for Chennai will open in June. The charging network is supported by the Ather Grid app which allows all EV owners to locate and check the availability of the nearest charging stations in real time. Currently, the Ather Grid network spans across 31 charging points across 24 locations in Bengaluru and 7 locations in Chennai. The company plans to expand the network and set up charging points in 30 cities by 2023.

    Ather Energy was founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain, and last year the company launched its two smart-connected electric scooters, the Ather 340 and the Ather 450. Ather Energy is backed by founders of Flipkart, Tiger Global and Hero MotoCorp. The company currently operates in Bengaluru and will be officially launching operations in Chennai in June 2019, followed by other major cities across the country.

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