Kempinski Hotel Kuala Lumpur to create 700 jobs on opening in 2020

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http://www.nationmultimedia.com/aec/Kempinski-Hotel-Kuala-Lumpur-to-create-700-jobs-on-30281288.html

The Star
HOME AEC BUSINESS THU, 10 MAR, 2016 7:55 PM

KUALA LUMPUR – Kempinski Hotel Kuala Lumpur, which makes up part of the 5.4 billion ringgit (Bt46.3 billion) 8 Conlay project developed by KSK, will create 700 jobs when the hotel opens for business in 2020.

“In addition to considerable employment opportunities, the Kempinski Hotel Kuala Lumpur also spurs further development of talent in the local service industry, thus stimulating the local economy,” KSK Group chief executive officer Joanne Kua said in a statement yesterday.

The Tourism NKEA aims to attract high-yield tourists through the development of an optimal mix and quality of hotels, with a high level of service delivery.

It was forecast that by 2020, Malaysia will require 37,000 more four- and five-star hotel rooms.

Domestic insurers in Vietnam see potential for expansion to AEC

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/aec/Domestic-insurers-in-Vietnam-see-potential-for-exp-30281247.html

Viet Nam News
HOME AEC BUSINESS THU, 10 MAR, 2016 6:00 PM

HANOI – Vietnamese insurers have been offered great opportunities to expand their share of the regional market thanks to the formation of the Asean Economic Community.

With gross domestic product of US$2.6 trillion (Bt92 trillion), Asean will represent a large market for insurance products to a population of 625 million.

According to Milliman, a US-based consulting company, life insurance penetration in Asean markets is still very low in comparsion with more developed economies.

In 2013, Singapore was the most developed country in the Asean bloc and only reached premium revenue of 4.8 per cent of GDP, which was much lower than that of Hong Kong at 12.1 per cent and 8 per cent in Japan.

Most of the Asean countries have a ratio of less than 2 per cent and this will be a great opportunity for life insurers to expand their market share.

Nguyen Viet Loi, director of the Institute of Strategic and Financial Policies at the Finance Ministry, said yesterday that the development of sea transport, road and air routes within Asean will be a prerequisite for the development of new insurance products.

Korean firm in biogas JV in Laos

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http://www.nationmultimedia.com/aec/Korean-firm-in-biogas-JV-in-Laos-30281191.html

Vientiane Times
HOME AEC BUSINESS THU, 10 MAR, 2016 1:00 AM

VIENTIANE – South Korea’s TN Energy Co is teaming up with Lao State Fuel Co to set up a joint venture to produce bioethanol fuel called Power Gasoline (PG) for sale in the country.

The joint venture, to be called Lao K-tech Co, will be established this year. The new company will be located at Dongphosy village in Hadxaifong district, Vientiane.

The joint venture agreement was signed on March 4 by Lao State Fuel Deputy Directors Anousinh Pholsena and Phaiboun Phomphaphithack, TN Energy Chairman Myung Jai Yoon and President Joo Kyung Choi.

In the first year, the two companies will work together to survey areas for growing the raw materials, especially cassava and sugarcane, for use in producing bioethanol.

To meet its needs, the companies will plant 40 percent of the raw material, while the rest will be bought from local farmers at the current market price.

In addition, some other mixed raw materials, especially the main substance called Rod, a multifunctional additive, will be imported from Korea during the first or second year of production.

TN Energy has invested US$34 million in the project and expects to produce 1.2 million litres of Power Gasoline a mont h once the project is up and running.

In turn, Lao State Fuel will be responsible for allocating locations and storage space as well as finding markets to sell the product.

Speaking at the signing ceremony, Lao State Fuel Technical Staffer Phoukhong Keolakhone said the idea to establish the new company came after seeing the progress made in producing and using Power Gasoline during a pilot project carried out in 2013.

He Highlighted that the project was a cooperation between the Lao State Fuel Company and Korea’s TN Energy Company.

During the pilot project, TN Energy imported ethanol, naphtha and Rod to make Power Gasoline in Laos. After that, the two companies were able to produce 500 litres of Power Gasoline to meet the national standard.

Phoukhong explained that the two companies ran trials using the Power Gasoline on two types of new car both running in Vientiane and the provinces.

The trial showed that the car used 133 litres to cover a distance of 1,270km in Vientiane and used 46 litres to cover 663km from Vientiane to Pakxe.

Phoukhong added that the cars were checked using a computer system at the Kolao Group centre after using the Power Gasoline, saying “The results of the checks were satisfactory because the quality of the biogas matched the national standard.”

Dreaming big to make Singapore a global halal hub

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http://www.nationmultimedia.com/aec/Dreaming-big-to-make-Singapore-a-global-halal-hub-30281189.html

My Outlets president Ronnie Tan, left, with Malek, the chief executive. /The Straits Times

 

Wong Siew Ying
The Straits Times
HOME AEC BUSINESS THU, 10 MAR, 2016 1:00 AM

SINGAPORE – Halal grocer My Outlets aims to establish Singapore as a global gateway for halal products, in the wake of its recent expansion into China.

To realise this, CEO Malek Mattar, 55, is forging partnerships abroad, using technology and making sure all the staff pull in the same direction. Having a well-defined job scope, an open line of communication and fair incentives go a long way in motivating workers.

Q What does your business do?

A Broadly, we are a service provider to firms, a halal value-chain platform, looking at how we can assist emerging SMEs in the halal food industry to expand and grow. We currently work extensively in Malaysia, which has a big and growing halal food industry. We also have a presence in Japan, advising Japanese food manufacturers interested in getting into the halal food sector.

Apart from such services, My Outlets also operates all-halal supermarkets in Singapore (My Outlets Global Halal Hub) and in Dongguan, China (EFH MyOutlets), which was opened recently.

Through our supermarkets, we provide the physical platform for small companies to sell their products, give them exposure and opportunity to grow locally. Some of them may find it hard to put their products in the big supermarkets, so we give them that store frontage.

Q How many supermarkets do you have in Singapore?

A Currently, we are only in Woodlands. We consolidated our operations recently and shut outlets in Bishan and Ubi. That enabled us to double the space of the outlet at Primz Bizhub in Woodlands Close to about 7,000 sq ft. This was also the result of a productivity consultancy which was done with the Singapore Productivity Centre in which we fine-tuned our operations.

We are still a small company with 16 employees in Singapore.

Q What are the key challenges to growing your business?

A Attracting and retaining staff remains a challenge; it’s not just us, businesses in other sectors are experiencing it too. Our staff retention rate is about 88 per cent.

In retail, the hours are long. We try to keep the working environment friendly to retain staff. It’s a family-oriented environment. There are no rigid systems, employees are encouraged to manage their own work. We try not to micro manage, so as to give the workers room to breathe.

We also conduct employee satisfaction surveys, and improve financial and non-financial incentives.

Employee satisfaction for My Outlets came in at 84.4 per cent, based on a Singapore Productivity Centre survey. There were 13 dimensions to this survey, including career development, relations with colleagues, working hours, and evaluation and promotion.

Q How are the points awarded for the incentive programme?

A Staff earn points that are pegged to the sales turnover as well as their roles and performance. It’s a transparent approach – everyone can see the sales numbers.

The incentive is variable and fluctuates according to the sales performance. Management-level staff will get more points. For example, a manager will be given five points for monthly sales of $200,000. For each point earned, he gets $200. So the manager will receive $1,000 for the month, plus his basic salary. This is on top of other perks like carpark and phone allowances.

Q What forms of training do you provide to your staff?

A We participate in different programmes, such as ad hoc seminars by the Singapore Malay Chamber Of Commerce and Industry, and retail management course at the Singapore Productivity Centre. We are a small company, so some of the training is conducted in-house. We also have motivational talks.

We plan to send employees for the Workforce Skills Qualifications System for Retail (Retail WSQ), courses on customer service and inventory management.

What is important is to have open communication. For example, we have group chat on WhatsApp with all the staff – separate groups for different things, so everyone can share their ideas.

We also do a “table-talk” session, whenever issues come up. This will allow matters to be resolved quickly, leaving no room for resentment to fester.

Q How do you ensure the business operates efficiently and productively?

A Technology plays a big part in this. In September, we invested about $80,000 to develop a Retail Plan Portal, which provides real- time sales and inventory monitoring to the SMEs.

They can log in and check on how their products are selling, which ones are moving fast. And for those that are not selling well, perhaps they want to replace them with other products. They also have access to CCTV footage of the store, so they can see what’s going on.

It improves work flow and we have more data on sales, which benefits our suppliers too. We are looking at revamping our website soon.

Q What are the growth plans for the firms outside of South-east Asia?

A I think we need to take advantage of the rapid growth of the halal food demand in North Asia. We set up the EFH MyOutlets with our partners in Dongguan in November. This year, we aim to open many more branches in China, most likely in second-tier cities in the western part of China where there’s a larger Muslim population.

We have been operating in Japan for a year now. My Outlets carries some of the 20 to 30 halal products that Japanese companies are exporting. Some companies ask us to provide advice on what sells and what doesn’t. The taste may not be suitable, the price point may also be too exorbitant. So that’s where we come in and give them advice.

In fact, we just started working with Korean companies, which are exploring halal cosmetics. These may be products that do not use animal ingredients.

Q What is the demand for halal food and how big is the market?

A The halal food industry is on a growth spurt; the global demand for halal food is expected to hit US$2.1 trillion (S$2.9 trillion) this year. This can be a bright spot for Singapore.

Last year, Malaysia exported RM40 billion (S$13.5 billion) worth of halal products. This year it is expected to be about RM50 billion. We can be part of this halal supply chain and put Singapore on the halal map. What we hope to do is to establish Singapore as a gateway for halal products, a global halal hub. This can be the next pillar of growth for Singapore.

Vietnam Airlines sets up new airline

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http://www.nationmultimedia.com/aec/Vietnam-Airlines-sets-up-new-airline-30281182.html

Vietnam Airlines/Viet Nam News

 

Viet Nam News
HOME AEC BUSINESS WED, 9 MAR, 2016 6:14 PM

HANOI – Vietnam Airlines Corp officially set up a new airline based on the restructuring of its subsidiary Vietnam Air Services Co (VASCO), the national carrier said in a press release on Monday.

The new airline will be named VASCO and has a minimum charter capital of 300 billion Vietnamese dong (US$13.43 million) and about 10 airplanes.

Vietnam Airlines will hold 51 per cent of the venture, while the Vietnam Technological and Commercial Joint Stock Banks (Techcombank) will have a 49 per cent stake.

As soon as the airline is established, Techcombank will make an initial investment of VND147 billion, while Vietnam Airlines will provide aircraft and other assets worth about VND157 billion.

Vietnam Airlines said the assets will be valued by the Vietnam Valuation and Finance Consultancy Jsc (VVFC) under the Ministry of Finance.

A representative from Techcombank will be appointed as VASCO’s chairman, while the Chief Executive Officer of VASCO will be from Vietnam Airlines.

In its first stages, VASCO will continue to operate ATR72 aircrafts on domestic routes not capable of handling jet airplanes, such as to Con Dao, Cà Mau, Rach Gia and Dien Bien.

The move comes as Vietnam Airlines continues to lose its domestic market share to the low-cost VietJet Aviation Joint Stock Co Currently, Vietnam Airlines also holds 70 per cent of stake in another low-cost carrier, Jetstar Pacific Airlines.

According to the International Air Transport Association, Vietnam is expected to become one of the world’s top 10 fastest growing aviation markets in the next two decades.

Cathay Pacific net profit jumps 90.5% on low oil prices, strong demand

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http://www.nationmultimedia.com/aec/Cathay-Pacific-net-profit-jumps-90-5-on-low-oil-pr-30281145.html

Cathay Pacific Airways planes parked at the Hong Kong Airport terminal./Reuters

 

HOME AEC BUSINESS WED, 9 MAR, 2016 5:47 PM

BEIJING – Cathay Pacific Airways reported on Wednesday (March 9) a more than 90 per cent surge in net profit for 2015, beating estimates, as record low crude oil prices and a higher contribution from its affiliate Air China boosted income.

Cathay said annual net profit was HK$6 billion (S$1.07 billion), slightly higher than the HK$5.7 billion estimate of 16 analysts polled by Thomson Reuters SmartEstimate.

In its earnings statement, Cathay said contributions from its partners had improved, without giving details. The plunge in crude oil prices also helped reduce fuel costs by 37.8 per cent from a year ago, it added.

Air China, in which Cathay owns about a third, said in January it expects its annual net profit to rise by up to 80 per cent as demand for air travel from China soars.

“The operating environment was better in 2015 than in 2014, but we faced some significant challenges which we expect to continue in 2016,” said Cathay chairman John Slosar.

The airline said cargo revenue fell 9 per cent to HK$23 billion, and forecast demand to remain low in 2016 due to industry overcapacity.

Cathay’s share price rose 3.14 per cent to HK$13.8 on Wednesday after the earnings announcement, outperforming a 0.43 per cent slip of the benchmark Hang Seng Index.

– REUTERS

Bic C Vietnam plans 2nd hypermarket

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http://www.nationmultimedia.com/aec/Bic-C-Vietnam-plans-2nd-hypermarket-30281157.html

pic
Viet Nam News
HOME AEC BUSINESS WED, 9 MAR, 2016 4:45 PM

HCM CITY – French-owned supermarket chain Big C plans to open its second hypermarket and shopping mall in Da Nang next year to meet increasing demand.

The new store will have a total area of 20,000sqm. The hypermarket will sell more than 50,000 items, ranging from fresh, dry and processed food, to cosmetics, fashion products, household utensils and electrical appliances, 95 per cent of which are locally made products.

The shopping mall will be home to shops and boutiques of famous domestic and international brands in the fields of fashion, jewellery, cosmetics, healthcare and beauty care, food court, gym and yoga, cinemas, and entertainment centres, among others

Big C is working with Da Nang’s government to realise its plan.

There are now 32 Big C outlets across Vietnam, with eight in Ho Chi Minh City. Among them, only one is in the hypermarket format.

 

UOB in equity crowdfunding business

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/aec/UOB-in-equity-crowdfunding-business-30281089.html

Janet Young, left, head of Group Channels and Digitalisation, UOB; and Jonathan Medved, Founder and CEO, OurCrowd)/Photo courtesy of UOB

 

The Nation
HOME AEC BUSINESS TUE, 8 MAR, 2016 6:17 PM

SINGAPORE – United Overseas Bank (UOB) recently invested US$10 million in OurCrowd, a leading global equity crowdfunding platform.

UOB’s clients will have an opportunity to broaden their investments into OurCrowd’s portfolio companies,

Through this collaboration, innovative Asian companies with differentiated and highly scalable technology products and services will now get access to another source of funding through OurCrowd’s equity crowdfunding platform. Through equity crowdfunding, they can seek relatively small investments from a large number of investors in return for equity or shares in their start-up company. It provides them with the funding needed to develop their concepts, products and services into viable business models. Moreover, they can also tap into OurCrowd’s global investor network to jumpstart their international expansion and business development.

“As Singapore’s largest SME bank with an extensive regional network, UOB has deep experience from its long-standing support of entrepreneurs, start-ups and SMEs. This collaboration with OurCrowd is a natural extension of our interest in nurturing the growth of small businesses,” said Janet Young, head of Group Channels and Digitalisation, UOB.

“SMEs are the foundation of Asian economies, providing high levels of employment. However, it can be challenging for small businesses to obtain financing, particularly equity financing, in the early stages of growth. Because of this, UOB has partnered with OurCrowd, to connect smart ideas with smart money.”

This collaboration is OurCrowd’s first foray into Asia and represents a significant step towards developing the financial technology ecosystem in the region.

To OurCrowd Founder and CEO Jon Medved, the collaboration represents a huge step forward for OurCrowd and the Asian tech ecosystem.

“Together, we will empower scores of new entrepreneurs and match them with global investors and mentor networks. The beauty of crowdfunding OurCrowd style is that the investor in Asia can now access quality deal flow in Israel, Silicon Valley and beyond, while a Singapore entrepreneur can easily gain top notch global backing.”

Sassoon Investment Corporation (SassCorp), the private investment holding company of the Singapore-based Sassoon family, is also partnering and investing in the first leg of OurCrowd’s Asian expansion.

New Maybank branch opens in Vientiane to spur economic growth

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http://www.nationmultimedia.com/aec/New-Maybank-branch-opens-in-Vientiane-to-spur-econ-30281080.html

Bounfaeng Phaymanivong
Vientiane Times
HOME AEC BUSINESS TUE, 8 MAR, 2016 6:01 PM

VIENTIANE – Maybank opened the second branch in Laos at Nongduang village in Sikhottabong district yesterday, aiming to serve the needs of the local community as well as customers from across the region having trade and investment links in the country.

Speaking at the opening ceremony of the Maybank Nongduang Branch, Deputy Governor of the Bank of the Lao PDR Vatthana Dalaloy said the new branch would attract more Malaysian companies to invest in Laos in the years ahead.

“In 2012, the first branch of Maybank opened in Laos and was successful, enjoying an increase in assets and capital, so the opening of a second branch will enable the banking sector in Laos to supply the needs of customers in providing funds,” she said.

Vatthana said the new branch would also serve to boost trade between Laos and Malaysia in the years to come.

Chairman of Maybank Tan Sri Dato’ Megat Zaharuddin Megat Mohd Nor, Maybank International CEO Pollie Sim, and the Ambassador of Malaysia to Laos Dr Than Tai Hing were present at the opening ceremony along with other invited guests.

According to a senior Maybank official, the newly-opened branch will further strengthen Maybank’s presence in the Indochina region and enhance its ability to meet the banking needs of customers, particularly the growing investor base.

Last year, the Lao economy saw strong inflows of foreign investment projects amounting to over US$1.26 billion, mainly in the hydropower and transportation sectors.

Meanwhile Maybank anticipates that this newly-opened branch will boost the growth in loans and deposits by over 70 percent and 100 percent respectively by the end of this year and also support the increasing trade between Asean and L aos.

Two years ago, Malaysia was ranked the ninth largest foreign investor in Laos with projects worth more than US$382.2 million. However, the latest update of investment projects operated by Malaysian investors has not yet been released.

The establishment of the Asean Economic Community (AEC) last year offers great potential for the development of the Lao economy as many investors from Asean countries are seeking ways to boost their support for Laos as one of the region’s fastest expanding economies.

US tech-firms aid VN start-ups

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http://www.nationmultimedia.com/aec/US-tech-firms-aid-VN-start-ups-30281022.html

Business Desk
Viet Nam News
HOME AEC BUSINESS TUE, 8 MAR, 2016 2:13 AM

HANOI – More than 20 Vietnamese start-ups have an opportunity to seek the support of high-tech United States (US) enterprises and venture capital firms after the Innovation Roadshow 2016 yesterday.

The event was organised by the US Embassy and the Vietnamese Ministry of Science and Technology (MoST).

Vietnam was willing to learn from pioneering countries for the purpose of connecting different sources to support innovation and entrepreneurship incubation and widening the network to keep pace with the latest technological trend in the world, Traàn Vaên Tuøng, Deputy Minister of Science and Technology spoke at the conference.

As the US is home to thousands of the world’s leading high-tech corporations, through such events as the Innovation Roadshow 2016, Vietnam is expected to promote networking between the US and Vietnamese companies, the deputy minister said.

“With more intense co-operation between the US and Vietnam, we do hope that Vietnam’s start-up ecosystem will be more effective, focussed and efficient to bring about valuable opportunities for the start-up community in the country,” Tuong said.

MoST is developing the legal framework for venture investment and start-up accelerators together with the Ministry of Planning and Investment, as well as implementing the national project for supporting the start-up ecosystem for new innovative enterprises till the year 2025, according to the deputy minister.

“This is a big opportunity for us to listen, experience and connect with big technology companies from the US,” Traan Minh Son, co-founder of Lozi, a Vietnamese mobile application for sharing food and drinks, said to Vietnam News.

Ted Osius, the US ambassador to Vietnam, said at the conference that the history of the US economic growth was founded on incredible innovation and creativity and as President Barack Obama said, it was essential for the future of the US to maintain its role as the world’s engine of innovation.

However, innovation was not just essential to the future of the US, it was also vital to Vietnam’s future, he emphasised.

“We are here today to foster and promote the incredible growth in the start-up community in Vietnam,” he added.

David Thorne, the senior advisor to the US Secretary of State, spoke at the event that this Roadshow was important for energising entrepreneurship as they were building up the Global Entrepreneurship Summit to be held in Silicon Valley this summer.

The summit will showcase inspiring entrepreneurs, innovators, and investors from around the world.

“We are looking forward to having strong representation from Asean, especially Vietnam,” he said.