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Tag: lifestyle

  • Kia Motors begins sales of 2020 edition of Sorento SUV

    Kia Motors begins sales of 2020 edition of Sorento SUV

    Kia Motors announced Monday it has begun rolling out the 2020 model of its Sorento sport-utility vehicle (SUV) for sale. The updated Sorento comes with new safety features applied to all of its diesel trims and a refreshed design. The diesel version of the compact crossover SUV will have smart safety features, such as lane keep assist, lane departure warning, driver attention warning and others on all of its trims.

    As for design, the automaker said it applied a newly designed dark chrome grille on all of its models, with the highest trim model installed with 19-inch chrome alloy wheels.

    The new model also comes with a new premium trim called “master special,” which features more options, such as rear occupant alert and a head-up display.

    The SUV comes in diesel and gasoline models, with the base diesel model starting at 27.88 million won ($25,000).

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  • Vietnam’s interest rate rises in the lead-up to biggest national holiday

    Vietnam’s interest rate rises in the lead-up to biggest national holiday

    Banks have hiked deposit interest rates by 0.1-0.5 percentage points as the country’s spending demand surges prior to Tet. Private lender Asia Commercial Bank last Friday introduced a new interest schedule with an increase of 0.2-0.3 percentage points in rates on most deposit terms. It also offers rates proportional to the amount of deposit. Techcombank, another of the larger private banks, since January 21, has hiked rates by 0.2-0.3 percentage points for terms of up to 12 months.

    Earlier, in mid-December most private banks had upped rates by 0.1-0.7 percentage points, while state-run banks increased them by up to 0.5 percentage points.

    However, there are also a few banks that choose to ‘go against the current’ by lowering deposit rates on same products. For instance, BIDV, Vietnam’s biggest lender by assets, has just lowered interest rates on its deposit rate schedule effective from January 22.

    BIDV’s 5-month savings is now 5.2 percent interest, down from its previously 5.5 percent which was its approved ceiling rate.

    Previously, at the end of December 2018, BIDV increased the 5-month term interest rate by 0.5 percentage points per year.

    On the same day, VPBank also reduced the interest rate on their 6-36 months terms by 0.1-0.5 percentage points.

    Specifically, the bank’s regular savings interest rate with 6-11-month terms is lowered by 0.2 percentage points, and is now 7 percent. The 12-month term interest rate is 7.05 percent; both 13 and 15 month terms are down 0.2 percentage points, and are now 7.2 and 7.4 percent respectively.

    However, VPBank still currently holds the highest single interest rate in the market of 8.6 percent for its 18-36 month fixed term savings.

    Experts believe that the negative adjustment of interest rates at some banks such as BIDV and VPBank may be for the purpose of restructuring to meet the banks’ individual capital needs, and does not yet accurately reflect the interest rate trend in the following months.

    In fact, the period before the Tet Lunar New Year holiday is when cash is still in high demand in the economy, as businesses need to withdraw money to pay bonuses and salaries, and people will withdraw cash to spend for Tet which will start from February 5.

    At the conference on tasks for the banking industry in 2019 on January 9, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu said that banks have recorded a decline in deposits.

    According to him, this is a phenomenon that banks need to keep their eyes on, to determine where the flow of capital has gone, to real estate or production, or another channel in order to make reasonable adjustments to their plans.

    Tu said the SBV had adamantly stuck to its policy to stabilize interest rates despite very high pressure to drive rates upwards in 2018. Many small banks had raised short-term deposit rates to attract capital and improve liquidity, resulting in the central bank having to pump more money into the market or use other measures to limit and keep interest rates stable for businesses.

    The deputy governor said the SBV had to balance between the conflicting interests of banks, savers and businesses to come up with an appropriate interest rate for the whole market.

    The SBV targets credit growth of 14 percent this year, the same as last year. As a result, he noted, commercial banks will have to make better quality loans this year to avoid bad debt.

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  • WH Smith opens two further stores in Philippines airports

    WH Smith opens two further stores in Philippines airports

    International news and convenience retailer WHSmith has opened two new stores at Mactan-Cebu International Airport. The new branches under local franchise partner Regent Distributor Philippines join three existing stores at Mactan-Cebu and Manila Ninoy Aquino International Airports showcasing the retailer’s latest fascia, fixtures and fittings. The move is part of the brand’s overall strategy to bolster its presence in Asian markets.

    “We are very pleased to add an additional two stores to our growing portfolio in the Philippines”, said Phil McNally, MD international WHSmith. “With a fresh and modern look, we look forward to welcoming customers to the new stores to enjoy a full range of news, books, travel and convenience items.”

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  • Lotte’s Ministop deal falls through

    Lotte’s Ministop deal falls through

    The sale of convenience store chain Ministop fell apart as potential bidder Lotte and the Japan-based convenience franchise failed to agree on a price. The AEON Group of Japan, the largest shareholder of Ministop Korea, filed a notice on Monday that it has suspended the sale process to sell its full stake in the unit. The AEON Group owns a 76.06 percent share while Daesang Group, a Korean food conglomerate, has a 20 percent stake. Japan’s Mitsubishi holds 3.94 percent.

    Ministop Korea also notified its workers of the suspension, vowing to keep searching for a potential suitor.

    Executives from AEON and Ministop visited Seoul over the weekend to meet Shin Dong-bin, chairman of Lotte Group, which also owns 7-Eleven in Korea.

    The retail giant has been considered the likeliest buyer since it reportedly offered the highest price of around 400 billion won ($357.3 million).

    Other competitors include Shinsegae, which owns convenience store franchise Emart24, and Glenwood Private Equity, a local private equity firm.

    Ministop opened a bidding process back in November, but delayed selecting a preferred bidder.

    The introduction of a government regulation banning the opening of convenience stores within 80 meters (262 feet) of another store led to Ministop requesting a higher price, according to local media outlets.

    Ministop’s sale garnered attention from the beginning because it could impact the highly-competitive convenience store chain market in Korea.

    Ministop operates 2,500 stores across the country. If Lotte had succeeded in acquiring Ministop, it could have increased its number of stores from 9,500 to 12,000.

    CU runs the most stores, at 13,109, while the second player is GS25 with 13,018.

    Emart24 ranks fourth with 3,564 stores.

  • Senai Airport Malaysia records 13% passenger growth in 2018

    Senai Airport Malaysia records 13% passenger growth in 2018

    Senai International Airport handled 3.52 million passengers last year, a 13% increase from the number of passengers recorded in 2017. Md Derick Basir, CEO of Senai Airport Terminal Services Sdn Bhd (SATSSB), the airport operator, said growth was mainly driven by domestic passengers with an increase of 234,650 passengers while international passenger traffic rose by 37% to 600,000 in 2018.

    “Growth was fuelled by the southern region’s rigorous economic activities, escalating demand for business and corporate travel, as well as the leisure sector,” he said in a statement.

    Commercial aircraft movement grew 8% with a total of 32,574 landings and takeoffs compared with 2017.

    “The rise in total passenger traffic in 2018 was mainly attributed by the introduction of new routes including Seoul by Jin Air, Sanya and Haikou by Malindo Air, as well as Alor Star and Ipoh by AirAsia.

    “In addition, the increase in flight frequencies to existing sectors such as Kuala Lumpur, Penang, Kota Kinabalu, Langkawi and Bangkok had also contributed to the growth,” he said.

    Md Derick added that SATSSB had also collaborated with industry players including tourism bodies and airlines to promote Johor as a destination, ultimately to encourage the demand for more air connectivity.

    “For 2019, Senai International Airport aims to handle 3.76 million passengers,” he added.

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  • French furniture brand Roche Bobois opens showroom in Singapore

    French furniture brand Roche Bobois opens showroom in Singapore

    French high-end furniture brand Roche Bobois has announced the opening of its Singapore showroom with a brand new design concept. The 5300sqft Roche Bobois Singapore showroom is located in the Boon Siew Building on Bukit Timah Road features an expansive floor-to-ceiling window to frame the brand’s collections, designed to resemble a jewel box from a distance.

    “Singapore is a city known for its appreciation of modernity and open-mindedness and these ideals are central to the Roche Bobois brand”, said company CEO Gilles Bonan.

    “This opening demonstrates the brand’s ambitions in Asia; we are already present in China, Hong Kong, South Korea, the Philippines, Japan, Vietnam and India and we intend to increase our presence in this strategic part of the world.”

    Roche Bobois operates more than 265 showrooms in more than 55 countries. After 17 new stores opened in 2017, it continued its growth last year in cities such as Hanoi, Washington, Tokyo and San Diego, with the Roche Bobois Singapore showroom its latest globally.

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  • Excess car demand for Tet holiday drives prices up in Vietnam

    Excess car demand for Tet holiday drives prices up in Vietnam

    The surge in demand for cars before the Lunar New Year means customers have to wait or pay extra to get immediate delivery. With only weeks to go for the Lunar New Year Festival (Tet), which falls on February 5 this year, consumers are rushing to order automobiles leading to a shortage in the market. They either have to wait for a long time for delivery or, for quick delivery, opt for accessories which can cost an extra VND70-150 million ($3,013-6,458).

    For instance, Hyundai SUV Santa Fe requires an extra VND70-160 million ($3,013-6,887), which is 7-16.1 percent above the minimum listed price, while for the Toyota Fortuner it is VND100-150 million ($4,305-6,457). But most customers will have to wait until March for delivery if they signed the purchase agreement last November or later.

    The only way to get guaranteed delivery before Tet is to buy from someone who signed earlier, car dealers said, explaining that a dealership only gets around 20 units in each model per month but demand is two to three times that number.

    The shortage is because of difficulties in importing at the beginning of 2018 as a result of a new regulation tightening imports, Tran Thanh Binh, director of Thanh Binh Automobile Import Export Trading Service Co Ltd, said.

    The regulation stipulates that traders are only permitted to import if they can provide valid vehicle registration certificates issued by authorities from the countries of origin.

    Original quality control certificates for each vehicle and letters of authorization regarding recalls of defective vehicles from the manufacturers are also required, along with copies of quality assurance certificates provided by the countries of origin.

    “This made companies stop ordering from factories in Indonesia and Thailand. The second half of 2018, however, with these difficulties resolved, businesses have started to order again. But, since the factories also produce for many other markets, Vietnam was not able to order enough,” he explained.

    Vietnam imported 6,362 cars, including 4,264 personal cars, 1,820 trucks in the first 15 days of 2019, according to Vietnam Customs.

  • Thai’s King Power Duty Free, World’s Leading Airport Duty Free Operator 2018

    Thai’s King Power Duty Free, World’s Leading Airport Duty Free Operator 2018

    Thailand’s King Power Duty Free has won the world’s ultimate accolade for travel, tourism and hospitality industry excellence, voted ‘World’s Leading Airport Duty Free Operator 2018 in the 25th World Travel Awards. King Power Duty Free triumphed ahead of than a hundred duty free operators worldwide including shortlisted finalists China Duty Free Group, Hong Kong’s DFS, Dubai Duty Free, Swiss-based Dufry, Duty Free Americas, Germany’s Heinemann Duty Free, France’s Lagardere Travel Retail, and South Korea’s Lotte Duty Free and The Shilla Duty Free.

    “The award strengthens Thailand’s tourism image as a world class destination while underlining the outstanding capability of a Thai company,” said King Power Group CEO, Mr Aiyawatt Srivaddhanaprabha. “King Power is proud to be Thai and committed to the national travel retail business, setting a new benchmark for world-class duty free shopping experience.”

    Operated by King Power International, King Power Duty Free was earlier voted Asia’s Leading Airport Duty Free Operator 2018 in the regional finals of the World Travel Awards.

    World Travel Award was established in 1993 to annually acknowledge, reward, and celebrate excellence across key sectors of the travel, tourism and hospitality industries. Today the brand is recognized globally as the ultimate hallmark of industry excellence, voted by travel, tourism and consumer trade executives.

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  • SEA e-commerce market to grow at 23 per cent

    SEA e-commerce market to grow at 23 per cent

    Southeast Asia’s online retail market is expected to reach US$53 billion in the next five years, according to a recent analysis by Forrester Consulting. The report anticipated a compound annual growth rate (CAGR) for the industry of 23 per cent over the period, given the momentum of smartphone penetration and fast-growing economies in the region. Currently the area’s largest online retail market is Indonesia – which took 41 per cent of Southeast Asian online sales last year – followed by the Philippines with its strong base of social media users.

    The report identified fashion as the main driver of growth in Southeast Asia’s online retail market, while consumer electronics retains the greatest market share at 24.2 per cent. Fashion and cosmetics brands launched online are likely to be a more regular marketplace feature in the near future.

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  • Net-a-Porter launches kidswear with Gucci

    Net-a-Porter launches kidswear with Gucci

    After its Gucci and Dolce & Gabbana childrenswear pop-up e-shops generated a resounding “more!” from Net-a-porter.com customers, the retailer is launching a multi-brand kidswear collective. By “collective”, Net-a-porter.com means, quite simply, a tight edit of brands which have all created exclusive capsule collections for the website. Yeah Right NYC Kids, Alanui Kids, ATM Kids, Chinti & Parker Kids, Lingua Franca Kids, Golden Goose Deluxe and Veja make up the list of seven labels for girls and boys ages one to 12.

    “The new year felt like the perfect time to launch this collective,” Elizabeth von der Goltz, Net-a-porter.com’s global buying director, tells Mini Vogue. “It’s January – kids are back to school but there’s this idea of cosiness and wanting to feel comfortable.”

    The capsules, accordingly, reflect this: cashmere sweaters, comfy cardigans, track pants and trainers populate the new section. “Whether it’s for ourselves or for our kids, we are always thinking about wellness in January so this this an extension of that – it’s luxe athleisure for kids!”

    If the list of brands feels more offbeat than the global labels Net-a-porter.com first dabbled in the kidswear market with, this was intentional.

    “As an online global retailer known for our distinct fashion point of view, we wanted to take this and bring it to the kidswear market, creating something different from traditional retailers.”

    Von der Glotz is particularly excited about the patterned cardies from Alanui Kids collection and the mini-me versions of Golden Goose and Veja sneakers – two of Net-a-porter.com’s best-selling shoe styles.

    The e-tailer is confident it has quietly developed a recipe for success: “Our customers have been highly engaged with all of our kidswear pop-ups with most styles selling out within just a matter of weeks of launching,” she continues.

    Four out of five of the Gucci products sold were logo T-shirts, and the fifth was the belt bag. “It’s so interesting to see, as the pieces are in such high demand in our adult range too.” Starting them early is certainly paying off for the business.

  • Sergio Rossi redefines the power pump

    Sergio Rossi redefines the power pump

    “It is a new definition of the power pump,” is how celebrity stylist Elizabeth Stewart describes styles from her capsule collection with Sergio Rossi. Stewart, who counts Julia Roberts and Viola Davis among her clients, celebrated the launch of the collaboration Thursday in Los Angeles at the Italian luxury brand’s pop-up store at Westfield Century City.

    Pumps and sandals in black, red and light pink are emblazoned with empowering words like “strength,” “hope,” “kindness” and “sharing.” The messages are meant to give women a chance to embrace style, substance and solidarity, with 100 percent of sales supporting Time’s Up, an organization dedicated to women’s safety and equality in the workplace.

    “I wanted the shoes to be a sort of a talisman for the wearer,” Stewart told Footwear News at the event. “First it was ‘strength’ and ‘power’. The idea being you can go on a job interview and you put them on and it gives you strength, but also I don’t want to forget things that women want to be, like kind and sharing. It’s a reminder and source of strength.”

    Sergio Rossi Group CEO Riccardo Sciutto said working with Stewart on the collection was an organic process as she has had a longtime relationship styling her famous clients in the brand’s shoes.

    “When you get trust, the relationship is stronger and it’s easy to do something together all the time,” Sciutto said, adding that it’s the label’s first time supporting a social movement issue.

    Though the words and messages on the shoes were easy to conceive, rendering them on the shoes proved to be a challenge. Initially, Serigo Rossi designers tried to emboss the verbiage, but the production technique used to pull the leather material made the words unreadable, Sciutto explained. To achieve the desired effect, the designers created a special technique to print the words in a slightly different but matching color on the material.

    Along with Stewart’s capsule, which is sold exclusively at the store through March 6, the space also features 37 different styles from Sergio Rossi’s resort ’19 and spring ’19 collections, as well as a customization bar.

    The temporary digs are a part of Sciutto’s retail expansion strategy in the American market. “Half of the business is in Asia, and the rest is split between Europe and America. America is the opportunity. It’s the smallest market for us,” he added.

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  • Burberry sales saved by Mainland China

    Burberry sales saved by Mainland China

    A mid-single-digit rise in Burberry sales in Mainland China in the third quarter helped produce a solid result for the luxury fashion retailer. The strong China performance helped mitigate reduced footfall in the Americas and a subdued European market where tourist spending showed only a small improvement. Global same-store sales rose just 1 per cent.

    However, CEO Marco Gobbetti said the company was buoyed by improvements and ongoing customer excitement ahead of new product delivery – the launch of new creative director Tisci Riccardo’s first runway collection which will hit stores next month.

    “I am pleased with our progress in the quarter as we continued to build brand heat around our new creative vision and shift consumer perception of Burberry. Excitement is growing ahead of next month’s launch of Riccardo’s debut collection,” said Gobbetti.

    “We will continue to manage the business dynamically as we reposition the brand. We confirm our outlook for the full year.”

    He said the company was seeing a continued shift in consumer perceptions of the brand, driving increases in digital engagement and drawing endorsements from key influencers. Increased Burberry sales can only follow.

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  • Vietnam’s largest brewery, foreign-owned, refuses to humor taxman

    Vietnam’s largest brewery, foreign-owned, refuses to humor taxman

    While Sabeco is still at loggerheads with the taxman over alleged back taxes of $135.73 million, it has not provisioned for it. Its 2018 accounts make no mention of the amount in dispute though the HCMC Tax Department has claimed it owes that in taxes and fines and even tried to seize the money from the company’s bank account. Vietnam’s largest brewer, Saigon Beer Alcohol Beverage Corporation (Sabeco), claims it has accurately declared and paid taxes based on guidance from the Ministry of Finance and tax authorities.

    A month ago the department said it would seize VND3.1 trillion ($135.73 million) from the brewery’s bank account for overdue special consumption tax payable between 2007 and 2015 and penalties for administrative violations. But there was reportedly no money in the account.

    Le Duy Minh, deputy head of the tax department, said the account has been temporarily blocked.

    “We have asked Sabeco to provide details of other bank accounts, but it has not fulfilled that request.”

    Sabeco general director Neo Gim Siong Bennett said in a statement on December 30 that Sabeco had not violated any tax regulations.

    Thus, the enforcement action by the tax department was a violation of Vietnamese laws since it was taken “without a valid administrative decision” and “contradicts the written guidance issued by the finance ministry, General Department of Taxation and the city department itself.”

    Speaking about the dispute, Prime Minister Nguyen Xuan Phuc earlier this month asked the tax authorities to desist from action and wait for related ministries and other agencies to come to a decision.

    Mai Tien Dung, Chairman of the Prime Minister’s Office said that government agencies are scrutinizing the case as it involves “foreign elements.”

    Sabeco’s revenues last year rose 5 percent to more than VND36 trillion ($1.56 billion) but higher expenses and falling profits at its joint venture and affiliate companies caused its profit after tax to fall by 11 percent to VND4.4 trillion ($191 million).

    In December 2017 Thai Beverage acquired a 53.59 percent stake in Sabeco from the Ministry of Industry and Trade for $4.84 billion through a local entity, Viet Beverage (VietBev).

    Sabeco now has a 42.8 percent of the beer market, according to the Ho Chi Minh City Securities Corporation. It produced nearly 1.85 billion liters of beer last year.

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  • At Kia, sales go up, but profit doesn’t follow

    At Kia, sales go up, but profit doesn’t follow

    Kia Motors’ sales expanded last year, but profits faltered. Korea’s second-largest carmaker by sales said Friday it posted 94.3 billion won ($84 million) in net profit for the fourth quarter last year, a 10 percent drop year on year.
    Though the carmaker’s revenue in the fourth quarter increased by 3.6 percent to 13.47 trillion won due to increased sales, the company said the Korean won’s strength against the U.S. dollar dragged down profits.

    A similar trend is evident in the company’s annual earnings report. The company posted 54.17 trillion won in revenue for the whole of last year, a 1.2 percent increase from the previous year. Global sales also increased by 2.4 percent during the year, selling more than 2.8 million units.

    Despite expanded sales, the company’s net profit was limited to 1.16 trillion won, a 19.4 percent jump from 2017, but still below market expectations or the company’s average profit recorded between 2014 and 2016.

    Profit in 2017 fell to below a trillion won due to a one-off cost of around a trillion won that was reflected that year after a local court ordered the company to make an overdue payment to employees.

    The goal this year for Hyundai Motor’s sister company is to ramp up profitability, especially in the U.S. and Chinese markets, with new car launches and stronger SUV lineups. The automaker also plans to tackle emerging markets like Russia and India with localized models.

    Kia is betting big on its Telluride SUV to turn its business around in the U.S. market. The largest SUV yet in Kia’s lineup will launch in the United States during the first half of this year.

    “As we launch new cars in the U.S. market including the Telluride SUV and new Soul crossover and diversify our product mix, we expect our profitability to improve,” said Joo Woo-jeong, chief financial officer at Kia, during a conference call with analysts on Friday. “The Telluride SUV was well received at the Detroit Motor Show and its image as an off-roader fits well with demands in the U.S. market.”

    The SUV was recently introduced during the North American International Auto Show in Detroit.

    For China, Joo said Kia will strengthen its local dealer network and better manage car inventories there to improve business. The company is also planning on launching dedicated SUV models for the Chinese market. While Kia sold 370,000 cars in China last year, it hopes to sell 410,000 cars this year based on the new strategies.

    Joo admitted that “China is the most difficult market for Kia” at the moment. Kia plans to sell a total of 2.92 million cars this year, a 3.9 percent increase from last year.

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  • Viettel sole Vietnamese brand in global 500 listing

    Viettel sole Vietnamese brand in global 500 listing

    Military-run telecom giant Viettel is the only Vietnamese firm in the list of 500 most valuable brands in the world. Valued at $4.32 billion, Viettel’s brand was ranked 478th on the list of 500 most valuable brands in the world for 2019, Brand Finance, a leading global brand valuation consultant, announced at the ongoing World Economic Forum in Davos, Switzerland.

    This is the first time a Vietnamese brand has been named in this list.

    Accordingly, Viettel’s brand value in 2019 has increased 35.8 percent year over 2018. The telecom giant’s high brand valuation was largely due to its presence and contribution in 10 foreign markets, suggesting the company was internationally competitive.

    2018 was a successful year for Viettel in  foreign telecommunication sectors, with service revenue growing by 20 percent, mobile subscribers base growing by 70 percent and net cash flow from international operations by $240 million, 3 percent higher compared to 2017.

    Brand Finance’s Global 500 list ranks the most valuable brands in the world covering all business fields including telecommunications, technology, automotive, oil and gas. Some big names in the list include Amazon, Apple, Google, Mercedes-Benz, Shell and Telstra.

    “Every year Brand Finance conducts an assessment of about 5,000 global brands across 40 different areas on various criteria such as revenue, brand strength, and financial health,” said David Haigh, CEO of Brand Finance.

    Out of a total 5,000 global businesses surveyed, there were 500 Southeast Asian businesses, of which only 8 brands made it to the Global 500 list. The listed brands were in three categories: telecommunications, oil and gas, banking.

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