Business News

Dr William Fung’s company is a vital cog in almost every major supply chain. But how will soaring costs alter his sourcing strategy? “In the next five years, prices are only going in one direction.” If you were looking to crown the most influential, best-connected company most people have never heard of, you might start your search at one of the most conspicuous addresses in Hong Kong. Looming over the city’s bustling Sham Shui Po district is the headquarters of Li & Fung, the sourcing and logistics Company that provides the operational heft behind China’s dominance of consumer goods. Li & Fung does not shout about its achievements, but its value as a power broker in global supply chains inspires awe among its Western rivals. If it is Made in China, Li & Fung knows about it and probably helped it on the journey from factory to shelf. Founded in Guangzhou, China, in 1906, the company has become increasingly vertically integrated and now offers everything from product design and material sourcing to shipping services for retailers and manufacturers including Walmart, Toys “R” Us and Avon. It distributes in more than 40 countries and turned over US$15bn in 2010, with profits up 27% at US$551m. In July 2011, it announced the acquisition of five companies to boost its design and distribution arms. Change is in the air, however, for a company that set itself an ambitious (overambitious, say some analysts) target of doubling operating profit in the three years to 2013. Chairman Victor Fung will step down by 2012 to be replaced by his brother, Dr William Fung, currently Group Managing Director. Meanwhile, the landscape is shifting, according to a new report from KPMG International – Product Sourcing in Asia Pacific – which identifies rising manufacturing capabilities in Bangladesh, Vietnam and other […]

The City of Sydney is supporting business and residents while cementing Sydney’s place as a regional powerhouse. A record budget of nearly $2 billion over the next decade will provide the infrastructure necessary to support economic and population growth while attracting trade, tourism and high-value jobs. This investment is on top of the round-the-clock services delivered every day to meet the needs of over one million people who visit the City each day. “The City of Sydney is ‘fit for the future’ and has the scale and capacity to ensure Sydney continues to deliver its potential as a thriving, business-friendly and liveable global city,” Lord Mayor Clover Moore said. “The City has more than 400 infrastructure projects planned for the next 10 years. These will generate tens of millions of dollars in new contracts for businesses of all sizes and support around 2,000 new jobs a year. “This comes on top of the $3.9 billion worth of residential and commercial developments we have recently approved, including two new residential buildings in the heart of the city that will be over 230m tall.” “This enormous combination of public and private investment is a vote of confidence in the City of Sydney.” The Independent Pricing and regulatory Tribunal (IPAR) is currently assessing the City’s response to the NSW Government’s ‘Fit for the Future’ program. Members of the public are also able to tell IPART what they think of their councils between now and July 31. Through prudent financial management and forward planning, the City of Sydney has the scale and capacity to meet Sydney’s current and future needs. The NSW Treasury Corporation, TCorp, rates the City’s Financial Sustainability as ‘Strong’ with a positive outlook – the only one of 152 NSW Councils to receive this rating. The City is leading its own […]

With Asia well poised for future economic success, the Philippines is slated to be one of the region’s growth leaders, as long as it continues to reduce corruption, invest public monies to build key infrastructure, and solve its electric generation and transmission issues. This is a according to Competitiveness: Catching the next wave: The Philippines a report released  by Deloitte Touche Tohmatsu Limited (Deloitte Global). Additionally, the report projects the key industries that will likely drive the Philippines growth over the next 20 years include manufacturing, business process outsourcing (BPO), construction, transportation and logistics, and information and communications. The report also outlines steps the government can take to make the region more attractive to business, including increasing corporate governance and reducing corruption. “The strong growth in global manufacturing to 2033 will drive world growth, and this presents the Philippines with great potential to integrate into the global supply chain of high-value manufacturing,” said Gary Coleman, Managing Director, Global Clients and Industries, Deloitte Global. “If the government makes smart investments in infrastructure—including roads and harbors—that would help to boost the construction and transportation sectors and lead to higher productivity growth in the coming years as well.” While the report notes that the BPO industry will be a source of employment for new graduates, it cautions that to achieve long-term growth, the Philippines must reduce unemployment and the government must implement policies to improve the business climate. It also urges the government to reduce bribery and corruption through reform measures that include the procurement process, civil servant training and wages, and instituting reporting and enforcement mechanisms. Additional industry driving growth highlights include: Manufacturing: To help boost manufacturing initiatives, the government should introduce a number of special industrial zones that benefit from a combination of supportive government policies. The Philippines should also begin […]

New Expanded Content Programme & Exclusive Content from Frost & Sullivan Singapore, 20 Jun 2015 – Vitafoods Asia, the only event dedicated to the nutraceutical, functional food and beverages, and dietary supplement industries in Asia, today announces the programme for its second edition of the Vitafoods Asia Conference. Running alongside the exhibition from 2 – 3 September at AsiaWorld-Expo in Hong Kong, the conference boasts a brand new format and an increase in content offering. Delegates can expect to hear from well-respected industry experts across segments and job functions during the two-day event. Speakers include professionals from A*STAR, Agence Tesla, ASEAN Food & Beverage Alliance, BrandHive, The Chinese University of Hong Kong, Chung Shan Medical University, Duke-NUS Graduate Medical School, EAS Strategies, Euromonitor International, Food Industry Asia, Frost & Sullivan, HealthBrandBuilders, The HealthyMarketingTeam Ltd, Herbalife Taiwan Inc., Hong Kong University of Science and Technology, Innova Market Insights, International Society for Nutraceuticals and Functional Foods, Kaohsiung Medical University, National Yang-Ming University, and NSF International. Mr Chris Lee, Portfolio Director, Vitafoods Events, shared, “Building upon the success of our European event in May, the Vitafoods Asia Conference will bear a similar programme structure. We continue to highlight best practice, with market research and development in areas such as weight management and healthy ageing. The Conference also focuses more on regulatory aspects this year, in response to industry demand. Through this platform, we aim to facilitate dialogue, knowledge-sharing, and innovation within the industry, so as to facilitate the development of better and safer end-products for the consumer.” Two Streams: Connecting Science with Business With sessions that cover both commercial and science aspects of business, delegates are presented with a full picture of the production cycle from idea to retail shelves. Content is divided into two distinct, parallel streams: Your Business focuses on how […]

Fifth Edition to be Held from 2 – 3 September 2015 in Hong Kong Singapore – The fifth edition of Vitafoods Asia, the only event dedicated to the nutraceutical, functional food and beverages, and dietary supplement industries in Asia, returns to Hong Kong from 2 – 3 September 2015 at the AsiaWorld-Expo. Pre-registration is now open at www.vitafoodsasia.com/register, and entrance is free for industry professionals. The global nutraceutical market has to-date enjoyed steady growth for more than a decade, and factors widely recognised as drivers include an increasing consumer interest and awareness in diet-disease relationships, rising healthcare costs, and a growing ageing population. According to Euromonitor International, the retail value of fortified (or functional) food and beverages across Asia Pacific is expected to grow by 50.0% from 2014 – 2019, amounting to US$153.7 billion by the end of that period. Within the region, the top five performing markets are China, Japan, Indonesia, South Korea, and Hong Kong respectively, with China accounting for nearly 60% of the territory’s total sales. Catering to the varied needs of manufacturers, distributors, wholesalers, scientists, R&D personnel, and marketing professionals, Vitafoods Asia features over 170 international exhibiting companies, who will present their latest ingredients and raw materials to upwards of 3,000 visitors from across Asia. Mr Chris Lee, Portfolio Director, Vitafoods Events, said, “Building upon the success of our last event, the team is working to enhance some of the best-loved visitor attractions of the show, as well as introduce fresh elements that will improve the experience for exhibitors and visitors alike. Ultimately, we aim to create a platform that promotes knowledge-sharing and networking, both of which facilitate business deals for the industry.” A Showcase of the Finest & Hottest Innovations Since its inception, Vitafoods Asia has been lauded by industry experts as a professional and […]

The grand opening of the Konecranes Philippines office in May has brought Konecranes’ comprehensive range of overhead cranes, gantry cranes, jib cranes and electric and manual hoists to the country as well as its leading maintenance and inspection services. Konecranes will share the new premises in Carmona (approx. 45kms south of Manila) with its newly appointed dealer for port equipment, AsiaGlobal Technologies Inc. Konecranes port equipment includes stackers, container lift trucks and RTG cranes. “We are pleased to be able to offer an even better level of service and local support to the Philippines,” says Mr Raymond Dayleg, Country Manager, Konecranes Philippines. “AsiaGlobal Technologies is a reliable dealer and sharing the premises with them will foster good communication and greater service for our valued customers,” he said. “We’re also happy to provide our latest range of diagnostic and maintenance services, including our Crane Reliability Study and well as RopeQ and RailQ diagnostic services,” said Mr Dayleg, whose company is the leading crane maintenance organisation in the world, with approximately 450,000 makes and models of crane under service worldwide. Konecranes is the world’s largest supplier of lifting equipment for industrial purposes. Their products include the most significant innovations developed for overhead crane applications. This industry leading technology is based on their innovation power in mechanical and electrical design, and the application of the most modern industrial manufacturing technology. The reliability of Konecranes industrial cranes and other lifting equipment is both the result of experience and commitment to engineering excellence. Konecranes has gained an extensive and diverse global customer base in lifting businesses. General manufacturing represents the largest single customer segment. Konecranes is also dedicated to improving performance in all kinds of industries. They provide lifting solutions in ports, oil & gas, mining, automotive, warehousing, entertainment, energy, steel, petrochemicals, shipyards pulp & […]

TOKYO, May 14, 2015 – Mitsubishi Corporation (MC) and Mitsubishi Electric Corporation (MELCO) are setting up a new plant in India at MELCO subsidiary Mitsubishi Elevator India Private Limited (IMEC) to start manufacturing of elevators for the Indian market. The move is expected to enhance competitiveness in what is now considered to be the world’s second largest new elevator and escalator market and contribute to their target of achieving 5,000 units per year in sales in India by FY2020. The escalator and elevator market in India is growing rapidly in keeping with the country’s rapid economic growth. With demand reaching 47,000 units for newly constructed buildings in 2014, India is now the world’s second largest market for new escalators and elevators, following China, and demand is expected to see continued growth. MC’s elevator business in India dates back to 1995, when it started to support a local sales agent. In 2012, MC and MELCO established an elevator distribution joint venture company in Chennai in the state of Tamil Nadu in order to strengthen its business base for sales, installation and maintenance. The joint venture has been expanding its business with the introduction the “NEXIEZ-LITE”, a new product developed for low- and mid-rise buildings. The establishment of this new production plant in Bengaluru, in Southern of India, which is home to a number of IT companies, will not only enable IMEC to localize the manufacture of elevator products, particularly the NEXIEZ-LITE, but will also serve to strengthen the competitiveness of MELCO products in terms of price and lead time. It will also contribute to business expansion, based on a streamlined structure for production, sales, installment and maintenance. IMEC is also planning to construct 41-meter high elevator test tower and a field training center for installment and maintenance in an effort to […]