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Tag: Living

  • Oil rises as traders expect Venezuelan supply disruptions amid U.S. sanctions

    Oil rises as traders expect Venezuelan supply disruptions amid U.S. sanctions

    Oil prices rose on Wednesday as concerns about supply disruptions following U.S. sanctions on Venezuela’s oil industry outweighed downward pressure from a darkening outlook for the global economy. U.S. West Texas Intermediate (WTI) crude futures were at $53.54 per barrel at 0455 GMT, up 23 cents, or 0.4 percent, above their last settlement.

    International Brent crude oil futures rose 37 cents, or 0.6 percent, to $61.69 per barrel.

    The gains followed a 2 percent price jump in the previous session, when markets first digested the U.S. sanctions on Venezuela’s oil exports.

    Washington on Monday announced export sanctions against state-owned oil firm Petroleos de Venezuela SA (PDVSA), limiting transactions between U.S. companies that do business with Venezuela through purchases of crude oil and sales of refined products.

    “The sanctions so far have been mostly disruptive for refiners on the U.S. Gulf Coast, who are being forced to seek alternative heavy crude supplies, and have stepped up purchases from Canada,” said Vandana Hari of Vanda Insights, an energy consultancy.

    She added, however, that Canadian oil exports would be “constrained by pipeline capacity bottlenecks.

    The sanctions aim to freeze sale proceeds from PDVSA’s exports of roughly 500,000 barrels per day (bpd) of crude oil to the United States.

    Although the move pushed up oil prices, markets appeared relatively relaxed as the sanctions only affect Venezuelan supply to the United States.

    “The (Venezuelan) export volumes will not be eliminated from the market, but rather rerouted to other countries,” said Paola Rodriguez-Masiu, an analyst at consultancy Rystad Energy.

    With the United States dropping out as a customer for Venezuelan oil, she added that “China and India … will be able to pick up these oil volumes at great discounts.”

    Despite this, some analysts said that non-U.S. oil trading firms with operations in the United States may still avoid dealing with Venezuelan oil.

    The Schork Report, a daily oil and gas trading publication, said on Wednesday that many “international oil traders … have significant trading operations in the U.S. … At least in the short-term, these traders will undoubtedly quit buying from Venezuela until such a time that they are assured that they are not running afoul of U.S. sanctions.”

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    Other analysts also pointed to economic weakness as countering supply-side efforts to tighten the market such as the voluntary supply restraint by the Organization of the Petroleum Exporting Countries (OPEC).

    “Pulling in the opposite (oil price) direction are heightened concerns about global growth, particularly that of China,” said Ole Hansen, head of commodity strategy at Denmark’s Saxo Bank.

    Global economic growth and fuel consumption are expected to slow this year amid a trade dispute between the United States and China, the world’s two biggest economies.

    Officials from Washington and Beijing are set to launch a new round of trade talks on Wednesday aimed at resolving their disputes amid which both sides have slapped hefty import tariffs on each other’s goods.

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  • Singapore Plum stops delivering food

    Singapore Plum stops delivering food

    Hong Kong food-delivery startup Plum has closed its Singapore operations. An email delivered to Plum’s customers read: “It is with great sorrow to announce that we are ceasing our operations in Singapore from 21st January. Plum would like to thank you for your past support and going on this wonderful journey with us. We would not have achieved what we had without you. Best wishes to the year ahead.”

    Plum’s Singapore operations lasted less than a year in a highly competitive market, which saw the exit of hawker food delivery service Fastbee several months ago. The firm’s entire Hong Kong staff were let go in November to “right size” operations.

    The market is set to get even more competitive this coming year as Grab and Go-Jek struggle for market share in the territory.

  • Emami India acquires German brand Creme 21

    Emami India acquires German brand Creme 21

    Indian FMCG major Emami Ltd on Friday said it has acquired German brand Creme 21 in the personal care space, having major business in the Middle East and other focus markets. The brand, which offers skin care and body care products such as creams and lotions, shower gels, sun care range and men’s range, has been acquired at less than 1.5 times of its sales.

    With current sales at over eight million euros and a gross margin of over 50 per cent, the city-headquartered company expects to take this brand on an aggressive growth trajectory.

    “The acquisition has a strong business fit as it operates in our focus markets and chosen categories. We plan to leverage our existing network of distribution and infrastructure to grow the brand.

    “It has good potential for growth and we expect it to add value to our growth trajectory. With this acquisition, the company would be able to enjoy economies of scale due to additional business base,” said company Director Harsha V. Agarwal.

    The company said international acquisition is in line with its strategy for growth through inorganic route.

    Over 80 percent of the brand’s business is contributed by MENA (the Middle East and North Africa) region and the balance by Germany and other focused countries. The products are manufactured by a third party in Germany under asset lean model.

    “The acquisition is being funded from internal accruals,” it added.

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  • The We Company Debuts Made by We

    The We Company Debuts Made by We

    Co-working firm The We Company (previously WeWork) has opened a retail venture and public workspace in New York. The Made by We retail space, cafe and workplace can be used by anyone without the need for a membership, with workstations and meeting rooms available for rent by the minute. The work space features products made by current WeWork member companies available for sale, from apparel to snacks to audiotech gear. It also houses a Bluestone Lane cafe.

    While headquartered in New York City, The We Company has WeWork shared office spaces in major cities across Mainland China, Japan and India, as well as in Ho Chi Minh City, Singapore, Jakarta, Kuala Lumpur, Manila, Busan, Seoul and Bangkok.

    “Made by We was launched with a vision to connect the We community with the rest of the world, and provide people with the best on-demand workspace, services and products, no membership required”, said company partner Julie Rice.

    “Everything we do at The We Company, from the spaces we curate to the service offerings we provide, is intended to create meaningful human connections.”

    View the gallery below for pictures (7 images) :

     

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  • AirAsia carried 16% more passengers in 2018

    AirAsia carried 16% more passengers in 2018

    AirAsia Group Bhd Consolidated AOCs carried a total of 12.1 million passengers in the fourth quarter ended Dec 31, 2018 (4Q18), reflecting a 16% growth from 10.4 million passengers carried a year ago. During the quarter, load factor was 4 percentage points lower at 84% from 88% a year ago, due to significant increase in capacity, which rose 21% to 14.3 million from 11.9 million a year ago.

    The group said in a statement that its available seat kilometres (ASK) grew 14% year-on-year, in line with the group’s strategy to grow its market share.

    For the full financial year ended Dec 31, 2018 (FY18), the group carried a total of 44.4 million, an increase of 14% from 39.0 million passengers carried a year ago.

    Capacity grew 18% to 52.5 million from 44.4 million a year ago while load factor fell 3 percentage points to 85% from 88% a year ago. ASK for the period grew 14%.

    The consolidated AOCs refers to AOCs whose financial and operational results are consolidated for financial reporting purposes, namely the Malaysian, Indonesian and Philippines AOCs.

    In 4Q18, Malaysia AirAsia carried a total of 8.5 million passengers, reflecting a 9% increase from 7.7 million passengers carried a year ago. Load factor fell 5 percentage points to 84% from 89% a year ago.

    The Malaysian operations saw a 16% increase in capacity to 10.2 million from 8.8 million a year ago while ASK rose 9% year-on-year.

    For FY18, Malaysia AirAsia carried 32.3 million passengers, 11% higher than 29.1 million passengers carried a year ago while load factor fell 4 percentage points to 85% from 89% a year ago.

    Capacity grew 16% to 38.0 million from 32.8 million a year ago while ASK rose 12% year-on-year.

    Overall, the group carried a total of 74.8 million passengers in FY18, which is an increase of 14% year-on-year. This includes all operations in Malaysia, Indonesia, Philippines, Thailand, India and Japan.

    The group also expanded its capacity during the year, with ASK up by 15% and load factor of 85%. The group’s total fleet size closed at 224.

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  • Sam’s Club plans to have 40 stores in Chinese mainland by 2020

    Sam’s Club plans to have 40 stores in Chinese mainland by 2020

    Sam’s Club China plans 40 more stores across China by the end of the year – with online sales anticipated to account for 13–15 per cent of its income throughout the territory by that time. The company says it will shortly launch a Sam’s Club store in Shanghai’s Qingpu, the second in Shanghai for the brand, which first opened in the city eight years ago in Pudong.

    Sam’s Club operates as a members-only retail chain with a 2 million-strong membership.

    “As we expand our business across China we also want to control quality and to make sure shoppers enjoy the shopping experience”, said president of Sam’s Club China Andrew Miles.

    Sam’s Club’s existing Shanghai store underwent renovations that were completed last month, adding a wine tasting space, pharmacy, jewellery counter and optical center for eyewear.

    “The remodelling of existing storefronts doesn’t just reflect a newer format but the way we treat our members and how we recruit members and introduce Sam’s Club” said Miles.

    Membership of Sam’s Club China costs CNY260 (US$39) per annum, with premium memberships available at CNY680 ($100) annually. The majority of members join via WeChat.

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  • Gucci adds 6 new intriguing Gucci Places

    Gucci adds 6 new intriguing Gucci Places

    Luxury fashion brand Gucci has labelled six international destinations as ‘Gucci Places’ – a list that includes Daelim Museum in Seoul. The Gucci Places were selected by the Italian Fashion House as destinations that “surprise, arouse interest, and inspire a creative response”, according to a report in Prestige Online. They were chosen in collaboration with well-known artists who were tasked with visiting the place and record their impressions, establishing a visual journey of photographs, travel notes and sketches.

    Daelim Museum was named for its association with Coco Capitan, an artist whose calligraphy has appeared on Gucci collections.

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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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  • Manolo Blahnik opens its first flagship store in Taiwan

    Manolo Blahnik opens its first flagship store in Taiwan

    In May 2018, Manolo Blahnik opened its doors to the public at the triple tower complex Marina Sands Bay in Singapore, strengthening its presence in Asia with Bluebell Group. In January 2019, Manolo Blahnik continues its expansion into Asia with the opening of its first flagship store in Taiwan. The brand is known for its original and creative flair as well as timeless classic styles, which loyal customers from film stars to leading editors, to women who just trust his perfectionism, come back to again and again.

    The newly opened Manolo Blahnik store, a 65 square metre space with a privileged location within the Nanshan Plaza shopping centre, showcases the world-renowned shoes on the first floor of the new upscale retail destination.

    Nick Leith-Smith, the brand’s long-serving architect, said: “Taipei flagship celebrates a material play on Taiwan’s deep cultural and historical connection to bamboo – with a rotating bamboo forest as a central motif. At first, orderly, and geometric, yet with the dynamic movement introducing a curious playfulness to entice and enchant.”

    The new store is another step forward for the company in its expansion across  important markets; and another milestone achieved in the history of the family-owned business that has prevailed in the luxury shoe industry for nearly fifty years.

    The creative soul of the brand is still Mr. Blahnik who, with a career spanning over 40 years, has become one of the world’s most influential footwear designers. His shoes have spellbound an international set of adoring and loyal devotees across the globe.

    He was born in the Canary Islands to a Spanish mother and a Czech father, he studied languages and art in Geneva before moving to Paris in 1965 where he decided to become a set designer.

    On a visit to New York in 1970, he showed his theatre designs to Diana Vreeland, then editor-in-chief of American Vogue, who honed in on his shoes and encouraged him to concentrate on them. Blahnik learnt the art of making shoes by visiting factories, where he talked to machine operators, pattern cutters and technicians. By 1970, he was in London making shoes.

    A year later, Ossie Clark, then the most famous designer in London, used his shoes and from there his career blossomed.

    Manolo Blahnik was established in 1970 with the opening of the first boutique
    in Chelsea, London. It is still a privately owned and family run business with Mr. Blahnik as Creative Director and his sister Evangelina Blahnik led by the enthusiasm of  Kristina Blahnik.

    Kristina, CEO of the company since 2009,  is in charge of brand expansion and optimization of the business worldwide, and in Asia, their transformation is the the result of a long-term partnership with Bluebell Group, which stated in Japan, Malaysia, and Singapore, and Taiwan.

    Kristina, the walking embodiment of the woman her uncle, Manolo designs for, before the latest opening said: “I am thrilled at our new venture with the Bluebell group, they have already demonstrated to be an excellent partner in launching beautiful spaces in prestigious locations”.

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  • How technology is revolutionising the foodservice industry

    How technology is revolutionising the foodservice industry

    We are at the beginning of the most radical transformation of the foodservice industry. Until now, technological innovations in the industry meant ordering food from an app or paying bill through tablets. But now restaurant owners are upping the ante, taking the game to the next level by experimenting with technology like never before. From introducing interactive smart tables and virtual bars to replacing servers with robots, restaurateurs are revolutionising the foodservice industry in the best way possible to enhance the overall customer experience.

    Interactive Smart Tables

    Mumbai-based Drinx Exchange has introduced electronic tech tables, where customers can interact with an electronic screen on the table they’re dining on. From watching live scores of sports, to receiving personalised offers, tracking their orders, paying their bill, and even singing along with the music in the bar, these tech tables will ensure consumers remain engaged through the time they’re in the restaurant. The screen also keeps giving them live offers that are just right for what they drink.

    The electronic table also splits the bill among the number of diners on the table and the payment can be settled on the table itself by scanning a Paytm QR Code on the screen

    Furthermore, the prices of drinks also fluctuate just like the stock exchange and customers can vote to crash the market price. Apart from this, the table also helps the customers in checking the status of their cab if they book it from Drinx Exchange app.

    According to Founders, Drinx Exchange, Rahul Dingra and Dibyendu Bindal, “The bar aims to ease the experience of ordering and makes it less stressful and more exciting for its millennial customers.”

    Virtual Bar

    The Beer Café has recently introduced ‘URBAR’, a virtual bar which allows patrons to reserve and consume their favourite brands.

    One can explore from a wide selection of alco-beverage, pre-pay and stock them in ‘URBar’. The latest ‘wallet for customer’s drinks’ initiative highlights the brand’s vision to redefine the alco-beverage space through technology differentiation and further strengthen its position as a pioneer.

    The patrons can log in to The Beer Café’s mobile app, and click on the URBar icon, reserve in the form of bottle (for spirits), keg (for draught beer), or case (for bottled beer) and start consuming.

    This not only gives patrons the privilege to buy their favourite brands at a special price but also benefits in the form of one price across the nation. A consumer can choose any portion he/she wishes to consume at any Beer Café outlet spread across 12 cities and save the rest for their next outing. The bottle/ keg purchased stands as a prepaid instrument and stock diminishes as the consumer opts to consume.

    There are multiple convenient ways of recharging the account. Customers can use an ‘online’ mobile wallet to add balance to their brew bucks – which is The Beer Café’s own currency. Or ‘pay at store’ by just walking into the closest The Beer Café outlet and the brew crew will be happy to assist the customers.

    What’s more, it also gives patrons the option to spread the cheer around by gifting customisable amounts of their reserved stock to friends, family and colleagues.

    Rahul Singh, Founder & CEO, The Beer Café says, “At The Beer Café, we believe that social drinking should first and foremost be about the experience. Our focus is to improve customer’s real world experience, their choices of brand and location. With the URBar feature, we are giving the users a chance to experience our differentiated proposition in the virtual realm. It is a delightful addition to the existing feature on The Beer Café mobile app. With this initiative we have raised the bar – quite literally!”

    Futuristic Robot

    Travel Food Services (TFS), travel food and retail company, unveils the latest in technology – Mitri, the robot, to make the experience of travellers interactive and fun.

    Mitri will be engaging with customers at TFS’s Dilli Streat outlet at Indira Gandhi International Airport, New Delhi, and is the first ever airport installation in the F&B segment.

    Visitors to the Dilli Streat outlet will be met and greeted by Mitri, who will facilitate activities and engage with them by providing menu detail. It would also be offering food recommendations. Mitri is a testament to Travel Food Service’s commitment of enhancing the travel experience in India, and presents a true example of how technology like Artificial Intelligence can help improve customer satisfaction, and drive productivity and sales.

    Commenting on the latest technology, Gaurav Dewan, COO and Business Head, Travel Food Services said, “We are always on the lookout for latest innovative technologies that can enhance the experience and satisfaction of our customers. We are extremely excited to present Mitri at our Dilli Streat outlet at the Delhi Airport. With Mitri being such an innovative and futuristic concept, and given her success, we are hopeful to bringing her to more outlets across India.”

    Robots Replacing Servers

    At a restaurant in Alibaba Group Holding Ltd’s futuristic ‘FlyZoo’ hotel, tall capsule-shaped robots deliver food that guests have ordered via the FlyZoo app. Meanwhile, at a separate bar, a large robotic arm can mix more than 20 different types of cocktails.

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  • CIMB divests insurance broking business for RM59.6m

    CIMB divests insurance broking business for RM59.6m

    CIMB Group Holdings Bhd’s wholly-owned indirect subsidiary CIG Bhd yesterday entered into a share purchase agreement with HBG Asia Holdings Ltd and HBG Malaysia Sdn Bhd (Howden) to divest its remaining 51% stake in CIMB Howden Insurance Brokers Sdn Bhd (CHIB) to Howden for RM59.6 million.

    The group said approval from Bank Negara Malaysia in relation to the proposed divestment was received by Howden on Nov 27, 2018.

    “CHIB currently operates an insurance broking business and the proposed divestment is in line with CIMB’s aspirations to further streamline and focus on its core banking businesses. As part of the proposed divestment, CHIB will cease to be an associate of CIG,“ CIMB said.

  • Hong Kong Harry Potter-themed cafe sued by Warner Bros

    Hong Kong Harry Potter-themed cafe sued by Warner Bros

    The 9¾ Harry Potter-themed Hong Kong cafe has been sued by Warner Bros for copyright infringement. The cafe, open since 2017, has never claimed to have a formal relationship with the Harry Potter franchise – although it is festooned with art and props made famous in the popular book and movie series. Trademarks registered by the studio within the territory of Hong Kong, including “Harry Potter”, “quidditch”, “muggles”, “Professor McGonagall” and “dementors” are used liberally at the venue. Iconic features and images from the films are used in the cafe’s interior design, including the Gryffindor coat of arms and the Hogwarts Express train ticket for Platform 9¾.

    Located on Yin Chong Street in Mong Kok, the cafe features wall-mounted wands and broomsticks, stuffed owls, portraits of witches and wizards, and faux candlelight. There is even a half-disappearing luggage trolley, as featured at King’s Cross Station, complete with Hedwig in a cage.

    The drinks menu of the Harry Potter-themed Hong Kong cafe includes some Harry Potter-specific concoctions, such as the Polyjuice Potion, Amortentia love potion, golden Felix Felicis (aka “liquid luck”), and Veritaserum. Visitors 18 years and older can down a pint of Butterbeer.

    For food, the cafe serves Western starters and mains named after mythical creatures and charms from the Harry Potter series, such as the soft-shell crab Aragog salad, Romanian longhorn pumpkin pasta (after one of the dragons from Goblet of Fire), and Prior Incantato cream of mushroom soup.

    Warner Bros is seeking an unspecified sum of damages, a removal order plus multiple injunctions.

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