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Tag: travelling

  • Vietnam Airlines eyes stock market listing in 2019

    Vietnam Airlines eyes stock market listing in 2019

    Vietnam Airlines plans to list its shares on the Ho Chi Minh City Stock Exchange next year amidst rising competition of low-cost carriers. “Vietnam Airlines will go public in the first quarter of next year,” its chief executive, Duong Tri Thanh said. “We are making our target the first quarter of next year, and I think it is feasible.”

    But he admitted the final decision rests with the government.

    The carrier’s shares are traded on Hanoi’s Unlisted Public Company Market (UPCoM) and it has a market capitalization of more than $2 billion.

    The government currently owns around 86 percent of Vietnam Airlines, but has said it wants to reduce this to 51 percent by 2020.

    The country’s largest airline by passengers carried now faces rising competition from budget carrier VietJet Aviation and others. Last month Vietjet became the second most valuable airline in Southeast Asia by market cap behind only Singapore Airlines.

    With the domestic market showing signs of saturation, Vietnam Airlines seeks to expand overseas. In October it started a daily service from central Da Nang City to Osaka City to add to the 70 weekly flights from Vietnam to Japan. In 2020 it plans to begin a direct service to the U.S.

    Vietjet launched a daily service from Hanoi to Osaka last month to take its total number of international routes to 64 in 11 countries. It plans to add two more routes to Japan by next month.

    Other airlines are also jostling for market share. Bamboo Airways, Vietnam’s newest airline, received a license last month and is set to make its maiden flight on December 29.

    Experts said the listing of Vietnam Airlines would allow it to compete with other carriers by attracting more investors.

    “This would be a major Vietnamese company joining the stock exchange, which would interest international investors and potentially enable Vietnam Airlines to raise funds more easily to compete with the likes of VietJet and Bamboo,” the Financial Times quoted Tony Foster, a partner at Hanoi law firm Freshfields, as saying.

    Vietnam’s international aviation market, driven by the rapid growth in tourism, has been expanding at more than 30 percent a year, according to the CAPA Centre for Aviation, an Australian consultancy.

    Vietnam welcomed 14.1 million international tourists from January to November, up 21.3 percent year-on-year, according to the General Statistics Office. As many as 11.4 million of them came by plane, up 15.3 percent, it added.

    Vietnamese carriers transported 45.1 million passengers between January and November, up 11.9 percent year-on-year, and 369.2 million tons of goods, up 18.6 percent, according to the General Statistics Office.

    There are five carriers in Vietnam: Vietnam Airlines, Vietjet Air, Bamboo Airways, Jetstar Pacific and VASCO. Vietnam Airlines owns VASCO and has a 70 percent stake in Jetstar Pacific.

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  • Hamleys Japan in talk for theme park JV

    Hamleys Japan in talk for theme park JV

    Chinese-owned, British headquartered toy store chain Hamleys has entered the Japanese retail market, opening two theme-park styled outlets. Hamleys Japan is targeting 4 million visitors to each store within the first year, with a view to opening 30 stores in the territory over the next five years.

    The new stores have opened in Yokohama (at 32,300sqft) and Fukuoka (at 58,100sqft) in partnership with local video games firm Bandai Namco in a £300 million (US$381.7 million) venture. Each store features around 6000 products on sale and entertainment facilities such as merry-go-rounds, games corners and infant play spaces.

    Hamleys CEO Ralph Cunningham said Japan represents “an exciting and important market” and is key to Hamleys’ continued international growth strategy.

    “We look forward to bringing smiles to the faces of children and families all over Japan and delivering the unique Hamleys in-store experience to this fantastic market.”

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  • Malaysia Airlines’s progress in line with recovery plan

    Malaysia Airlines’s progress in line with recovery plan

    Although relatively little is being said and publicised about Malaysia Airlines Bhd’s (MAB) recovery plan, a substantial amount of progress has actually been achieved in its business operations in line with the plan, which aims to revive the country’s national carrier and sustain its profitability.

    Group CEO Captain Izham Ismail said improvements in terms of cost base, productivity, information technology (IT) systems and customer experience were among the achievements chalked up by the company, thanks to the five-year Malaysia Airlines Recovery Plan.

    In an interview with Bernama, he said plans had been put in place to address the airline’s performance going forward and this had yielded improved performance for the first half of this year.

    The airline performed stronger in the first six months of this year than in the same period of 2017, adding that the key focus for the airline in financial year 2018 included driving revenue.

    “This will be underpinned by continuous improvement in customer experience, product quality and operational excellence while maintaining a productive and competitive cost base,” he said.

    According to Izham, MAB’s cost base has been significantly changed to bring it in line with its peer network airlines.

    As of today, the group has one of the lowest cost bases among its peer network airlines on a cost per available seat kilometre basis.

    The company has also seen material gains in productivity with a more competitively sized workforce, which is further complemented by a commitment towards continuous talent development.

    “A stronger local talent pool has now been established,” he said.

    On the group’s IT system, which is an integral part of overall airline operations, Izham said the complete overhaul had now been completed.

    He said the new Passenger Service System and migration to a cloud-based data centre had improved reliability and cyber security, as well as enhanced agility and better time-to-market.

    He said customer experience had also improved with market-driven metrics based on the company’s customer survey and net promoter measures showing significant positive gains over the last two financial years.

    On the operational front, Izham said the supply chain in engineering had been significantly tightened, which had helped the airline’s on-time performance, although it was still impacted by external factors beyond its control.

    “Since the set up of NewCo (MAB, which took over the operations, assets and liabilities of Malaysian Airline System Bhd or MAS) in 2015, we are showing progress and have recorded a double-digit compound annual growth rate growth (of 21%) over the last three years.

    “That is improvement straight to the bottomline,” he explained.

    MAB managed to record “steady year-on-year (y-o-y) performance” in the second quarter of 2018, with a marginal yield improvement, while revenue per available seat kilometre remained steady with a growth of 2% y-o-y.

    Going forward, Izham said MAB would continue to focus on the customer while making sure to deliver a strong schedule and great service for its customers.

    The airline also aimed to build a diverse Asia-Pacific network with a simplified fleet structure and operations to ensure consistency, and removing complexity in service delivery as well as pursuing a gradual and progressive growth strategy across markets, he said.

    Commenting on Khazanah Nasional Bhd’s plan to relist the national carrier as part of the recovery plan sometime from now until 2020, he said “the plan has always been to re-list Malaysia Airlines”.

    “We are working hard to stabilise the company and return it to profitability before any initial public offering plans can be considered,” he added. Khazanah owns 100% equity interest in MAB.

    In 2014, the sovereign wealth fund had injected investments amounting to RM6 billion to support the airline’s five-year turnaround plan with the aim of returning MAB to profitability by late 2017 and to relist the company by 2018 or 2019.

    Khazanah de-listed MAS from Bursa Malaysia on Dec 31, 2014.

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  • Asiana Korea upgrades the system that monitors flight safety

    Asiana Korea upgrades the system that monitors flight safety

    Asiana Airlines completed an upgrade of its flight operational quality assurance system on Friday. The system analyzes data related to flight operations including piloting decisions during unexpected weather conditions and plane speeds or flying altitudes on certain flight routes.

    It was first implemented in 1995 to ensure safety in flight operations and, since 2015, a committee consisting of eight representatives from both the corporate and labor union has been holding monthly meetings to find potential risks in flight operations based on the data.

    Asiana said the upgrade enables the company to collect and analyze all data on flight operations while the previous system only allowed the company to analyze unusual sets of data. This way, the airline can monitor each pilot’s operational habits and provide more detailed feedback to them.

    The airline is also preparing to launch a so-called Asiana Flight Review Assistance System by 2019 in partnership with its IT service affiliate Asiana IDT to further enhance safety in flight operations. This system will help the company manage all analysis on flight operations using big data technology.

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  • Halt to Hong Kong and Macau one-day trips

    Halt to Hong Kong and Macau one-day trips

    Travel agencies across Guangdong have been ordered to halt all one-day trips to Hong Kong and Macau on weekends via the cross-border bridge to reduce the nuisance suffered by the cities’ residents. The move comes about a week after Guangzhou tourism authorities issued an urgent notice asking travel agencies in the provincial capital to avoid taking groups of visitors across the Hong Kong-Zhuhai-Macau Bridge at weekends.

    Since the crossing opened to traffic on October 24, large numbers of mainland visitors have descended on the usually quiet neighbourhood of Tung Chung, on Lantau Island, crowding bus stops and emptying shop shelves.

    Between October 17 and November 1, more than 1.78 million visas to Hong Kong and Macau were issued to applicants across Guangdong – mostly retirees – making for a year-on-year increase of 26.6 per cent, according to the province’s public security department.

    Aside from Tung Chung residents and activists being upset by the large crowds, there have also been allegations that illegal tour operators were flouting employment laws that prevent mainlanders from working in Hong Kong.

    The Guangdong Provincial Culture and Tourism Department said that it had taken three measures to “further reduce the pressure on the ports and the surrounding areas”.

    In halting short weekend trips to Hong Kong and Macau via the bridge, it had encouraged travel agencies to arrange “quality trips that last two days or more”.

    The other two measures were to get tourism authorities at municipal and lower levels to monitor the agencies closely, and control passenger flow through an online ticketing system for cross-border buses.

    “After our department and other related authorities carried out the control measures, traffic on roads to the bridge’s port in Zhuhai has become smooth, and the number of passengers heading to Hong Kong from Zhuhai has been effectively contained,” the department said.

    According to the Travel Industry Council in Hong Kong, the number of registered tour groups coming over the bridge fell to 340 last weekend from 430 the weekend before.

    Hong Kong’s Immigration Department reported that last weekend, 76,473 passengers entered Hong Kong via the bridge, down from 102,749 the weekend before, a 26 per cent drop.

    The marketing representatives of two major travel agencies in Guangzhou, Guangzhilv and Nanhu, claimed they were not aware of the latest orders.

    On Nanhu’s website, 13 one-day trips to Hong Kong and Macau via the bridge were still available as of Wednesday evening, including weekend trips.

    Guangzhilv’s four one-day trips to Hong Kong all depart on weekdays.

    Alice Chan Cheung Lok-yee, executive director of Hong Kong’s Travel Industry Council, welcomed the new measures by Guangdong, and said it would make further cuts to the number of one-day tours.

    Chan said there was no need to ban all one-day trips if the mainland visitors arrived in properly managed groups led by local tour agents.

    She said the council would monitor the situation and stay in touch with the Guangdong authorities.

    Tourism sector lawmaker Yiu Si-wing expected Guangdong travel agencies to comply with the orders of their provincial authorities and organise more two-day tours.

    This would help relieve pressure on the port-to-port shuttle bus services at the bridge, the border clearance facilities and the local districts that visitors go to, he added.

  • Korea’s Air Pohang to suspend flights while it replaces all of its jets

    Korea’s Air Pohang to suspend flights while it replaces all of its jets

    On last Thursday, regional Korean airline Air Pohang said that it will temporarily suspend flight services next month while it replaces all of its existing passenger jets. In February, Air Pohang began services with two Bombardier 50-seater CRJ-200 aircrafts – one each on the Pohang-Gimpo and the Pohang-Jeju Island routes.

    The company said that it will replace the two CRJ-200s with three Airbus A319 aircrafts by the end of March.

    As the CRJ-200 model has not been in production since 2007, the company said it has experienced difficulties in securing parts for the planes when repairs have had to be made.

    Air Pohang is based in the industrial city of Pohang, about 370 kilometers (230 miles) southeast of Seoul.

    Asia’s fourth largest economy has two full-service carriers: Korean Air and Asiana Airlines. It also has six low-cost airlines: Jin Air, Jeju Air, Air Busan, Air Seoul, Eastar Jet and T’way Air.

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  • Second Hotel Chocolat opens door

    Second Hotel Chocolat opens door

    Hotel Chocolat has opened its second store in Asia Pacific. The British-based luxury chocolate retailer has opened an outlet in Tokyo to follow up its first store in the region, in Hong Kong. The new store is in the giant Aeon Lake Town shopping mall on the outskirts of Tokyo. More are planned for Japan, where there is established demand for luxury confectionery.

    “The reaction to Hotel Chocolat in Japan on our first day of trading last week was hugely encouraging,” said co-founder and CEO of Hotel Chocolat, Angus Thirlwell.

    “Customer engagement, media attention, and sales performance were all well ahead of expectations.
    “Our portfolio of products landed with aplomb. Hot Chocolat drinks, our 8g sculpted chocolate batons, and our Selector range were all in high demand. We look forward to unfolding the brand further here.”

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  • DFS Group Kicks Off Its Seasonal Gifting Campaign

    DFS Group Kicks Off Its Seasonal Gifting Campaign

    DFS Group has kicked off its annual gifting campaign at T Galleria by DFS in Okinawa. The “Give Joy”-themed campaign opened on November 24, showcasing DFS’s first ever “Personalisation Gift Shop” concept, where an assortment of specially curated luxury gifts can be personalised, along with services. The concept will now be rolled out in T Galleria by DFS stores in Hong Kong’s Canton Road and Macau’s City of Dreams, along with stores in Singapore, Angkor (Cambodia), Saipan, Bali, Guam, Okinawa, Hawaii and Sydney.

    The store was transformed into a “gifting wonderland” at the launch as guests were invited to try the personalisation services – monogramming leather goods, and adorning t-shirts and tote bags with Foxy’s six DFS exclusive emoji iron-on patches.

    DFS Group executive VP merchandising Ariel Gentzbourger said: “Thanks to our unique approach to gifting, and our understanding of what our customers are seeking, we have created a shopping experience that is a joy in itself.”

    Gifting-themed entertainment at the event included a life-size advent calendar overflowing with holiday treasures, a special visit from Santa Claus and a “candygram” corner for guests to pick and mix sweet treats.

    View the gallery below for the report of the event (11 images) :

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  • Genting sues The Walt Disney Co for cancelled theme park contract

    Genting sues The Walt Disney Co for cancelled theme park contract

    Genting Malaysia Bhd’s share price fell as much as 18.6% today on news that it is suing Twenty-First Century Fox Inc and The Walt Disney Co for more than US$1 billion (RM4.19 billion) for terminating their contract to develop a Fox-branded theme park at Resorts World Genting in Malaysia. The Fox theme park is a key selling point of the Malaysian casino resort group’s multi-billion ringgit Genting Integrated Tourism Plan.

    Genting Malaysia told Bursa Malaysia today it is suing Fox Entertainment Group, LLC, Twentieth-Century Fox Film Corp, FoxNext, LLC (collectively known as FOX), Twenty-First Century Fox, Inc (21CF) and The Walt Disney Co for the termination of a memorandum of agreement (MoA) relating to the theme park project.

    The Walt Disney Co is in the process of acquring Twenty-First Century Fox.

    Genting Malaysia was the most actively traded counter on the local stock market today, closing 16.7% lower at RM3.00 with some 276.3 million shares traded. It opened lower at RM3 and fell as much as 67 sen from its last adjusted closing price of RM3.60, to trade at a low of RM2.93.

    In a filing with Bursa Malaysia, Genting Malaysia said it has filed legal proceedings in the US against FOX, 21CF and Walt Disney, in response to a notice issued by FOX in which it terminated the MoA and claimed about US$46.2 million (about RM193.6 million) in accelerated payments.

    “Genting Malaysia denies that FOX had grounds to terminate the MoA, denies any liability resulting therefrom, and has pursued cause of action against FOX for breach of contract, and breach of the implied covenant of good faith and fair dealing, among others,” it said.

    The group has also pursued cause of action against Disney and 21CF for inducing breach of contract and for interference with contract.

    The group said it intends to fully enforce its rights under the MoA, claim for the cost of its investments and consequential and punitive damages that in total will exceed US$1 billion, and such other reliefs to be determined by the court.

    Genting Malaysia said the litigation is not expected to impact its current business operations. It said the validity of the causes of action as well as the availability and extent of Genting Malaysia’s damages cannot be ascertained at this juncture.

    To recap, Genting Malaysia entered into the MoA dated June 1, 2013 with Twentieth-Century Fox Licensing & Merchandising, a division of Fox Entertainment Group, Inc. Genting Malaysia was granted a licence to use certain intellectual property rights associated with Fox theatrical motion pictures in connection with the design, development, construction and operation of what was to be called the Twentieth-Century Fox World Theme Park. The MoA was subsequently amended on June 10, 2014 and June 9, 2017.

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  • Malaysia is Airbnb’s fastest growing market in Southeast Asia

    Malaysia is Airbnb’s fastest growing market in Southeast Asia

    Malaysia, one market in the region which has not stifled the growth of short-term accommodation, is Airbnb’s fastest growing market in Southeast Asia, welcoming over two million guests in the past 12 months as of July 1, marking a 99% growth year on year. Airbnb head of public policy for Southeast Asia Mich Goh said that Airbnb, as a platform, is not illegal in Malaysia and there is no clear consensus on what the policy is for short-term rental here as it is a new phenomenon.

    There are now 44,000 listings in Malaysia on Airbnb, which is almost a 60% year-on-year increase.

    Goh said the Malaysian government has been consultative and open to dialogue with the home-sharing platform, where there has been willingness to listen to insights and to hear about how it could help Malaysia to evolve its tourism industry.

    “We treat every country differently. We’ve seen countries all around the world where they reach a moment when they decide whether or not they need to regulate short-term rental. Where we see these discussions go well is where governments are open to discussing this with multiple stakeholders, not just us but open to speaking with hosts, guests, hotel group, local communities and neighbourhoods.

    “Where these discussions have been holistic and involve multiple stakeholders, we’ve seen it reach a stage where smart and innovative policies are implemented that allow the short term rental activity to continue and to thrive to the benefit of the community while making sure any concerns that groups may have are addressed through the regulatory framework,” said Goh.

    Airbnb has signed a memorandum of collaboration (MoC) with the Malaysian Productivity Council (MPC) and a memorandum of understanding (MoU) with Malaysia Digital Economy Corp (MDEC) to drive inclusive, sustainable development of tourism in Malaysia.

    As part of the MoC with MPC, Airbnb will share relevant data and best practices to inform recommendations on short-term accommodation policy in Malaysia, and will assist MPC in shaping national policy plans related to the development of Malaysia’s tourism industry and infrastructure, as well as local communities.

    Airbnb’s MoU with MDEC is focused on promoting digital inclusion and empowering local hospitality entrepreneurs in Malaysia, while building capacity in both homes and experiences throughout the country.

    In Malaysia, Airbnb is having discussions with authorities including the Ministry of Finance, the Royal Malaysian Customs and the Ministry of Tourism and Culture to discuss the implementation of Voluntary Collection Agreements (VCAs) to collect and remit tourist tax.

    The VCA is a tool designed by Airbnb to collect taxes from its host and guest community and remit them on their behalf. This helps to facilitate a streamlined process and lighten the administrative burden for local and state governments, as well as Airbnb hosts.

    Asked on plans by the government to tax e-commerce, Goh said Airbnb will comply once it is implemented. “We’re waiting to see how it would apply in Malaysia and how we would comply when the time comes.”

    In 2017, the Airbnb community contributed RM200.4 million to the local economy. Its typical host earned US$1,200 (RM5,200) renting out their space 19 nights a year. The top five inbound markets for Airbnb in Malaysia are Singapore, China, the US, Indonesia and Australia. Seniors (aged 60 and above) make up Airbnb’s fastest growing age group of guests in Malaysia.

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  • The Walt Disney Company appoints new Head of Consumer Products Commercialization

    The Walt Disney Company appoints new Head of Consumer Products Commercialization

    The Walt Disney Company has announced the appointment of Mahesh Samat, Executive Vice President, Disney Consumer Products Commercialization for the Asia Pacific region. Reporting into Ken Potrock, President, Disney Consumer Products Commercialization, he takes on responsibility for the commercialization of Disney franchises across merchandise, publishing and licensed games throughout India, Southeast Asia, Greater China, Korea, Japan, Australia and New Zealand.

    Samat rejoined The Walt Disney Company in India in November 2016 and went on to integrate the Southeast Asia and India businesses to form The Walt Disney Company’s South Asia regional hub in September 2017. He led most of Disney’s integrated business units driving new strategies that are providing tremendous growth for global franchises and unilaterally creating new business opportunities for all Disney businesses. He previously led The Walt Disney Company’s India operations from 2008-2012.

    “The Asia Pacific region continues to provide immense opportunity for Disney products and experiences,” said Potrock. “I am confident that Mahesh’s proven leadership and steadfast focus on innovation and entrepreneurship will deliver dynamic growth across our brands and product categories.”

    “Disney products and experiences bring our stories and characters closer to fans every day. I am pleased to have the opportunity to lead this exceptional team to delight kids and families across these high growth Asian markets,” said Samat.

    With more than twenty-five years of experience in FMCG, Media and Healthcare across India, Asia-Pacific and Europe, Samat previously worked with Johnson & Johnson, Kellogg’s, Warner-Lambert/Parke-Davis and Boots India Limited. Between 2012 and 2016, he established the Epic Television Networks and its popular Hindi-language, The Epic Channel in India.

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  • Long Thanh Airport could host long haul or beyond-ASEAN flights

    Long Thanh Airport could host long haul or beyond-ASEAN flights

    Several options, including exclusive servicing of long-haul flights, have been proposed for the Long Thanh Airport planned in southern Vietnam. The Civil Aviation Authority of Vietnam (CAAV) has recommended two broad options for dividing traffic between the existing Tan Son Nhat International Airport in Ho Chi Minh City and the Long Thanh Airport that will built in the neighboring province of Dong Nai.

    The first option that it has suggested to the Transport Ministry is that Long Thanh will handle all international flights of more than 1,000 km, with the rest flying into Tan Son Nhat.

    For domestic flights, carriers can choose where they want to be based.

    The second option is to allocate all flights from outside Southeast Asia to Long Thanh.

    The allocation criteria can be reconsidered after five years of actual operation, the CAAV proposed.

    Carriers Jetstar Pacific and Vietjet have supported the second option.

    Vietnam Airlines wants to use Long Thanh for all international flights and certain domestic flights and Tan Son Nhat only for domestic flights.

    The preliminary feasibility report on the Long Thanh airport by a joint venture between firms from Japan, France and Vietnam had suggested that all budget carriers could fly into Tan Son Nhat, and all full-service airlines use Long Thanh.

    But CAAV executives said the law does not distinguish between full-service and low-cost airlines, making the suggestion impractical.

    In the communication it sent recently to the Transport Ministry, the CAAV suggested operating international and domestic flights from both airports, ensuring their equal and non-discriminatory use.

    An aviation specialist who did not want to be named pointed out that airlines would prefer to operate from Tan Son Nhat because of its high capacity and proximity to downtown Ho Chi Minh City.

    The ministry needs to allocate flights in such a way as to ensure both airports benefit equally and the load on Tan Son Nhat eases. The allocation of domestic flights to Tan Son Nhat and international flights to Long Thanh is not feasible since airlines fly the same aircraft on both international and domestic routes, meaning they would often have to fly empty between the two airports, the specialist noted.

    He said the distribution of routes should also depend on the growth of the aviation market.

    Situated 40 kilometers east of Ho Chi Minh City, the Long Thanh airport is expected to take up the overflow from the largest existing airport in the country, the Tan Son Nhat International Airport.

    The Tan Son Nhat International Airport now receives 32 million passengers a year, far beyond its designed capacity of 25 million.

    Long Thanh, to be built in three phases over three decades, was recently listed as one of the world’s 16 most exciting airport projects.

    The first phase is scheduled for completion in 2025 when it will be able to handle 25 million passengers a year. The next two phases will be built in 2030-2035 and 2040-2050.

    It will have a capacity of 100 million passengers and five million tons of cargo when completed.

    The Airports Corporation of Vietnam said airports had handled 87 million passengers in the first 10 months of this year, up 12 percent year-on-year.

    The number of international passengers rose by 23 percent and domestic passengers by 7 percent.

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  • Vingroup to open casino in Pho Quoc Island

    Vingroup to open casino in Pho Quoc Island

    A Vingroup-invested firm has been allowed to include a casino in a hotel-amusement complex on Vietnam’s largest island Phu Quoc. The People’s Committee of Kien Giang Province announced that the Prime Minister has approved in principle the casino’s inclusion in a hotel-amusement being built on the southern province’s island. With the casino business, total investment in the complex will increase to VND50 trillion ($2.14 billion).

    The complex, which is under construction, is scheduled to start operating in 2021. Its main investor is the Phu Quoc Tourism Investment and Development Jsc, a company in which Vingroup, Vietnam’s largest private conglomerate, holds a 50 percent stake.

    The casino project is part of a pilot program that would allow Vietnamese citizens to gamble in casinos in the country for the first time.

    For decades, Vietnam has banned gambling as a social evil. Vietnamese were also prohibited from gambling in the few casinos that have been built in the country.

    Shifting its stance, the government has allowed citizens over 21 years old with a monthly income of at least VND10 million ($445) to gamble in local casinos from last March under a three-year pilot program. However, the casinos have to obtain approval from the government on a case-by-case basis to allow Vietnamese citizens to use their services.

    Vietnam’s average annual income was around $2,200 last year.

    There are fewer than 10 casinos in Vietnam, mostly smaller ones outside major cities. Their services are reserved exclusively for foreign passport holders.

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  • AirAsia X falls on the back of Q3 losses

    AirAsia X falls on the back of Q3 losses

    AirAsia’s share price slid in yesterday’s early morning trade as the airline recorded widening losses. At 9.45am, the counter was down 1.5 sen or 6.25% to 22.5 sen a share on turnover of 2.8 million shares. An increase in average fuel price and a RM138.2mil impairment made on an amount due from a joint venture resulting in AirAsia X’s net losses jumping almost five times to RM197.47mil from RM43.3mil in the year-ago quarter.

    The carrier said the average fuel price in 3Q18 had increased to US$91 per barrel compared with US$65 in 3Q17.

    Meanwhile, the impairment made in the third quarter was related to a lease rental and maintenance reserve due from a JV through a third-party leasing intermediary.

  • Indonesia AirAsia X to cease scheduled operations in January

    Indonesia AirAsia X to cease scheduled operations in January

    Indonesia AirAsia X< will cease scheduled operations in January 2019 and operate as a non-scheduled commercial airline thereafter. The carrier’s only scheduled operation – a seven-times weekly service between Denpasar and Tokyo Narita using an A330 – will be suspended in January, the AirAsia X Group disclosed in its third quarter results.

    “With the challenging operational environment in Indonesia, primarily due to the series of natural disasters that occurred in proximity to Bali, the company is underway to evaluate the available options for our Indonesian associate to ensure sustainability of the company with the last schedule flight from Bali to Narita will end in January 2019,” says AirAsia X group CEO Nadda Buranasiri.

    AirAsia X Indonesia will operate on a non-scheduled commercial airline basis.” IAAX posted a net loss of $1.53 million in the third quarter of the year, compared to a profit of $2.15 million a year ago. It attributed the poor performance to a 34% jump in costs, driven by the rise in fuel prices.

    During the period, it saw a 32% drop in the number of passengers carried, while load factor held steady at 80%. Average base fare climbed 21% to $146.The airline, which has struggled for some time now, also disclosed that it terminated its Jakarta-Tokyo Narita service in October. Last month, sister carrier Indonesia AirAsia said it will take over the routes and slots that IAAX had been using to operate a trio of Airbus A320s. IAAX was operating short-haul services to Denpasar, Jakarta and Surabaya.

    IAAX with two A330-300s. 2005-built PK-XRA is owned and managed by Aviator Capital, while PK-XRC, also built in 2005, is owned by KDAC 2017-1 ABS Portfolio and managed by Deucalion Aviation Funds.

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