SUVs drive car sales: Euromonitor

Global market research company Euromonitor International has determined that global sales of light vehicles grew 1.7% in 2014-2015, driven by the increasing popularity of sports utility vehicles (SUVs), sales of which surged 22% since 2015.

SUVs overtook lower medium cars to become the largest automotive segment in 2015, accounting for 22.9% of light vehicle sales globally. Sales of SUVs grew from 5 million units in 2000 to 20 million in 2015 and are forecast to hit 42 million units by 2031.

Mykola Golovko, Project Manager at Euromonitor International, comments: “The popularity of SUVs in the early 2000s has precipitated a rush of companies trying to capitalise, with a growing number of brands and new concept offerings like crossovers to appeal to a wider audience.”

An increasing number of consumers in key emerging markets will be in a position to trade up from smaller cars to SUVs. However, a combination of key social changes such as urbanisation, smaller households and an ageing population, in conjunction with increasing emissions regulations, have also boosted the fortunes of the small car segment.

Euromonitor predicts that small cars will see a global CAGR of 2.9% between 2015 and 2031 but this is firmly secondary to the projected CAGR of 4.8% for SUVs. The fastest growing SUVs markets in 2014-2015 for Asia were:

Thailand: +56.4%
China: +47.9%

Golovko concludes: “We’ve seen dynamic growth across most segments and markets through 2015, as pent-up demand from the 2009 recession was realised. However, replacement demand in developed markets will start to slow and global growth will be increasingly reliant on SUVs and emerging markets.”

posted from Bloggeroid

MOM forecasts modest labour demand in Singapore for 2016

In 2015, unemployment remained low in Singapore, says the Ministry of Manpower (MOM). Unemployment has remained low, the ministry said in a statement, despite the slowdown in local employment growth.

Employment

Source: MOM website. Figure 1: Local employment change.

Unemployment has remained low and stable since 2011

The unemployment rate for residents in 2015 was 2.8% (up from 2.7% in 2014), while that for citizens remained unchanged at 2.9%.

Total employment growth has moderated

Total employment growth has moderated amidst weaker economic conditions, slower local workforce growth and tightened supply of foreign manpower. Excluding Foreign Domestic Workers (FDWs), total foreign manpower employment grew by 23,300 (0.7%) in 2015, lower than the 122,100 (3.7%) growth in 2014 and the 131,300 (4.2%) growth in 2013.

Employment of locals was flat

Employment of locals¹ was flat after high growth in 2013 and 2014. Local employment growth (net increase of 700 or 0%) moderated significantly after exceptionally high growth in 2013 and 2014 (96,000 or 4.4% in 2014 , 82,900 or 4% in 2013).

The moderation reflects a confluence of structural and cyclical factors. Structurally, MOM is starting to see the effects of slowing local workforce growth. The strong local employment growth to meet labour demand in the earlier years was supported by continued increases in the size of our working-age population, as well as gains in the resident labour force participation rate (LFPR) with more women and older residents joining the labour force. However, these effects are expected to taper significantly in the medium term due to our demographic realities.

Growth of the working-age local population is slowing

This is due to the shrinking size of successive cohorts of younger locals entering the workforce, and more from the “baby boomer” cohorts retiring and exiting the workforce. In 2020, for every one local exiting the working-age cohort, 1.1 locals are expected to enter, down from 1.4 in 2015². 

The LFPR may not improve much further

At 83.1%³, Singapore’s LFPR for residents aged 25 to 64 in 2015 is already higher than that of the OECD average and that of many economies. Singapore’s LFPR for resident males aged 25 to 64 (92.7%) is among the highest in the world, and the LFPR for females aged 25 to 64 (74.1%) has been catching up with that in developed economies⁴.

Even as local employment growth is expected to slow down in the medium term, the moderation was intensified in 2015 due to cyclical weakness in various sectors and the significant net decline of casual workers from the labour force. The slowdown was uneven – local employment declines in some sectors offset local employment growth in other sectors, resulting in the low net overall increase in local employment.

The declines were mainly in externally-oriented sectors such as manufacturing and wholesale trade, and concentrated in the trade-related segments. Real estate services, amid the lacklustre property market, and retail trade, with a slowdown in the increase in new retail space available in 2015 and a decline in retail sales (excluding motor vehicles) volume, were also negatively affected. On the other hand, local employment grew in professional services, financial & insurance services, information & communications, community, social & personal services, and administrative & support services.

Foreign employment growth continues downward

Foreign employment growth (22,600 or 2%, excluding FDWs) has fallen since 2011 (Figure 2), although this was uneven across sectors. The increase in foreign employment was driven primarily by the Services sector, which saw an accelerated pace of foreign workforce growth. Notably, there was a significant increase in the number of work permit holders (WPHs), especially in food & beverage services. In contrast, the number of foreign workers in the marine, process and manufacturing sectors declined amid low oil prices and weak external demand.

Income

Singaporeans' income is up

Median income grew for citizens in 2015. The nominal median monthly income from work of full-time employed citizens (including employer CPF contributions) rose by 6.5% over the year to S$3,798 in June 2015, or 7% in real terms⁵.

There has been a sustained rise in income at the median and 20th percentile over the last five years. The median income (including employer CPF contributions) of full-time employed citizens rose by 32% (5.6% p.a.) in nominal terms from 2010 to 2015, or 16% (3.% p.a.) after adjusting for inflation. Amid on-going initiatives to boost income of low-wage workers, income at the 20th percentile of full-time employed citizens rose by a comparable 31% (5.5% p.a.) in nominal terms, or 16% (2.9% p.a.) in real terms, over the same period.

Redundancy and workforce re-entry⁶

Redundancies have continued upward since 2010, with a decline in re-entry rates

A total of 15,580 workers were laid off in 2015, up from 12,930 in 2014, and the highest since the global financial crisis in 2009. The increase in redundancies was accompanied by a decline in the rate of re-entry into employment among workers made redundant⁷, with both trends reflecting the weaker economic conditions in 2015.

Sectoral outlook

Construction

Total employment growth in the construction sector continued to slow in 2015 (8,600) as compared to previous years (14,300 in 2014, 35,200 in 2013). The slowdown in employment growth was largely due to a moderation in output growth.

Manufacturing

Amid weak external demand, total employment in the manufacturing sector fell in 2015, the bulk of which was due to a decline in the number of foreign workers. Value-added manufacturing shrank by 5.2% in 2015 (a reversal from the 2.7% expansion in 2014), driven largely by a contraction in the transport engineering cluster (in turn largely due to weakness in the marine & offshore segment).

For this year, the employment outlook for the manufacturing sector remains soft. In particular, hiring demand in the marine and offshore segment is expected to be weak. Lower oil prices have weakened the prospects for new rig orders for firms in the marine and offshore segment, and increased the risks of further deferments and cancellations of existing orders. In addition, there could also be negative spillover effects on firms in the precision engineering cluster that support the oil and gas industry.

Services

Services accounted for most of the employment growth in 2015, although growth has slowed compared to 2014. Total employment (excluding FDWs) in this sector increased by 36,500 over the year (compared to 111,700 in 2014). Productivity declined in sub-sectors such as accommodation & food services and transportation & storage, but increased in the wholesale & retail trade and finance & insurance sectors.

Overall employment growth this year is expected to be supported by the Services sector. In particular, the domestic-oriented services sectors are expected to remain a major contributor to employment growth. Sectors such as community, social & personal services should continue to see firm demand for manpower, especially in the healthcare segment.

2016 outlook

In line with the Ministry of Trade and Industry’s (MTI) projected GDP growth of 1% to 3%, MOM expects labour demand to be modest in 2016. MOM expects redundancies to continue to rise in sectors facing weak external demand and that are undergoing restructuring. On the other hand, domestic-oriented services sectors such as community, social & personal services and food & beverage services are expected to continue to demand labour.

Wages are also expected to rise at a "more moderate pace" compared to 2015, while consolidation and exits of businesses are also expected given the economic conditions.

Foo See Yang, Vice President and Country General Manager of Kelly Services Singapore, commented that the results from MOM’s 2015 Market Labour Report are in line with the current economic situation of slow total employment growth in 2015. "Despite growth for the third consecutive quarter in 2015 at 0.9%, this is much lower than the 3% to 4% growth levels seen in 2011 through 2014. With the new normal being a slowing economy, Kelly Services expects companies in Singapore to continue to take a cautious approach to hiring for the rest of the year," said Foo.

"Amid the uncertain economic backdrop and as the Singapore economy continues to restructure and adopt a manpower-lean mentality, we are observing a growing number of our clients adapting by hiring contract and free agent talent, even at managerial and senior levels. This concept, known as talent supply chain management, integrates contract and free agent talent into hiring strategies which allows companies to stay flexible to meet their short-term business objectives, maximise the use of their resources while also planning for the long-term. In addition, it is critical that companies adopt a contract-friendly culture and policies that allow for career growth and progression for their contract employees.

"Similarly, talent will need to shift their mind-sets and embrace contract roles with a continued tight labour market and job vacancies on the decline. Individuals will need to ensure they have the desired skills for the jobs that are available. With this year’s budget predicted to be more focused on supporting the greater economy, individuals should continue to take initiative to upskill and leverage the available SkillsFuture funds the government is currently offering."

Foo added that contract and free-agent work arrangements are in line with the findings from the most recent Kelly Services Global Workforce Index (KGWI), which shows that workplace flexibility is increasingly important for talent of all generations.

Interested?

Read the WorkSmart Asia blog post about Kelly Services Global Workforce Index findings for the Asia Pacific region

1 Refers to Singaporeans and permanent residents.
2 Data from the Singapore Department of Statistics
3 LFPR statistics are from Labour Force in Singapore, June 20154 A detailed analysis is available in an annex to MOM’s Statement on Labour Market Developments (March 2015) (PDF)
5 Gross monthly income data are from the Labour Market Report, 2015, MOM
6 Data on redundancy and re-entry into employment are from the Labour Market Report, 2015, MOM
7 This refers to workers made redundant in Q315, who secured re-employment by December 2015.

Performance management receives little praise for 46% of Asia Pacific employers

Source: Willis Towers Watson. Types of performance management objectives.

Employers in Asia Pacific are using performance management processes to drive broad organisational objectives, and believe that by and large, these objectives are being met. However, Willis Towers Watson’s 2015 Talent Management and Rewards Pulse Survey* — Asia Pacific also found that almost half (46%) of employers in Asia either said their performance management processes are ineffective, or are neutral. Willis Towers Watson is a global advisory, broking and solutions company.

 
This gap could be explained by what is measured, and what is not. The research, which reached out to employers to learn about their performance management processes, shows companies are largely concerned with tracking compliance, and not qualitative or business outcomes. Most employers measure success through metrics such as the percentage of managers who complete annual reviews on time (39%), or employees who complete the process on time (37%). Only one in five employers measure the quality of goals set. Almost one in three employers do not formally measure effectiveness.

“Employers seem to be at a crossroads when it comes to their performance management processes,” said Dhritiman Chakrabarti, Asia Pacific Leader for Rewards, Talent & Communication at Willis Towers Watson. “On the one hand, they sense change is needed, but on the other hand, they are not sure what specific form that change should take. It’s because of this uncertainty that a few have turned to extreme steps such as going completely ratingless, which makes news headlines and causes other employers to wonder uneasily if they should follow suit.”

The survey shows that 6% of employers have eliminated performance ratings/scores, and an additional 11% are considering doing so. 10% of organisations are considering scrapping performance management all together. Instead, employers are finding ways to improve their current system: For instance, three in five employers have already changed or are in the process of changing their focus to include performance achievement and future potential. Another three in five have introduced or are considering introducing new technology.

“These are positive changes, but incremental. Employers could go a step further,” said Chakrabarti. “The key to driving high performance across the workforce is to align performance management — and individual performance objectives — to strategic business priorities. Once employees feel they are making a true contribution to the success of the business, their engagement rises and their potential can be unlocked.” 

 
According to the survey, lack of helpful feedback and resources are the greatest barriers to effective performance management. Almost three in five (59%) say managers spend too little time having ongoing conversations with employees about their individual performance, while 57% report a lack of effective feedback. Two-thirds of employers spend less than four hours on performance management per employee per year — the time is spent covering the annual performance review.

Additionally, more than half of employees say managers and supervisors do not have the necessary skills (53%) or are pressed for time to manage performance effectively (54%). “Developing — and maintaining — an effective performance management process is never an easy ask,” said Chakrabarti. “Performance management not only needs to keep employees motivated and engaged in the current organisation, it also needs an eye to where the organisation is going, and the skills needed to take it there. Today very few employers in Asia Pacific have this type of forward-looking agenda. By taking a strategic and holistic — including communication and technology, for instance — view of performance management, employers can ensure their workforce, often their most valuable resource, is also their greatest competitive advantage.”

*The Talent Management & Rewards Pulse Survey was conducted in October and November 2015. A total of 365 large and mid-sized Asian employers from 11 countries (Australia, mainland China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand), representing a cross section of industries participated. Respondents were primarily HR executives.

Hawksford reports new business formation figures for Singapore in Q415

Source: Hawksford report. Shareholder's country of origin. 

The number of companies formed in Singapore dropped in Q415, both quarter on quarter and year on year, but foreign investors and enterprises have continued to establish their enterprises or subsidiaries in the island state even in an uncertain economy, notes Hawksford, an international provider of corporate, private client and fund administration services.

The fall is within the standard range observed for fourth quarters, Hawksford said. Private limited companies continued to be the dominant type, accounting for 48.8% share of total business formation. The quarter saw 1,421 non-exempt private limited companies formed, reflecting Singapore's reputation as a pro-business nation. A total of 16,612 businesses were formed in Q415, against 20,540 businesses in Q414, and 17,608 businesses in Q315. According to the World Bank, 38,306 new limited liability businesses were set up in 2014.

Jacqueline Low, COO of Hawksford Singapore, said: "The dip registered in the numbers for the quarter is something usual, it is in line with the market behaviour for the last quarter of a year. The numbers match the final quarter averages recorded in previous years, excluding 2014. Overall 2015 has been a fairly good year in terms of business registrations."

The share of foreign-held companies remained at 35% in Q415, staying constant against 2014. Foreign individual shareholders made up 28% of the pie over the same period, with individuals from India, China and Malaysia dominating. 

Low added: "Singapore continued to attract foreign companies, investors and entrepreneurs because of its strong business fundamentals and its strength as a financial and trade hub. However we should also take note that it is not insulated from the global economic conditions."

Interested?

Read the Q4 2015 Singapore Business Formation Statistics Report (PDF)

View the World Bank lists on the number of new limited liability businesses between 2011 and 2014

Online browsing on the upswing before Chinese new year: Criteo

The window display at Shanghai Tang, Raffles City, Singapore, ahead of the year of the monkey on February 8, 2016.

· Criteo data reveals that e-commerce transactions spiked by 40% two weeks before Chinese New Year in 2015, and three in 10 of the transactions were completed on a mobile device.

· More than 45% of online transactions in Southeast Asia, Hong Kong, India and Taiwan are now happening on mobile

· Mobile optimisation, a ‘click-and-brick’ approach to consumer engagement and instant delivery services key to improving sales before, during and after Chinese New Year in 2016

Criteo, the performance marketing technology company, has released seasonal data in anticipation of Chinese New Year, to help e-commerce businesses better engage consumers during the festive season. The company’s deep dive into consumer browsing and buying activity revealed that in the two weeks leading up to Chinese New Year, consumers browsed retail products more actively than before – a 25% increase in items added to shopping carts.

The results also showed a 40% increase in e-commerce sales during the same period, of which, three in 10 transactions were completed on a mobile device. For companies focused on attracting and retaining consumers during this time period, Criteo advises that online advertising campaigns should be fully optimised across desktops, laptops and mobile devices.

The findings are based on an analysis of 174 million online transactions in Hong Kong, Malaysia, Singapore, Taiwan and Vietnam before, during and after Chinese New Year in 2015.

“Due to the traditional practice of wearing new clothes to symbolise a new beginning, consumers are doing a tremendous amount of online shopping two weeks before Chinese New Year. Based on 2015 data, sales on mobile, in particular, have also hit record numbers. This spending period presents retail companies with a huge opportunity to engage consumers through personalised and relevant online advertising,” said Yuko Saito, Managing Director, Criteo Southeast Asia, Hong Kong, India and Taiwan.

In its eCommerce Industry Outlook 2016, Criteo shares three additional trends that will impact Asian shoppers during the Chinese New Year season:

Smartphone shopping will continue to gain ground

Smartphones are the first point of Internet access or brand interaction for many consumers and are therefore playing a key role in driving e-commerce growth. In Southeast Asia, Hong Kong, India and Taiwan, on aggregate, more than 45% of online transactions are now happening on mobile, compared to 29% in the second quarter of 2015. Indonesia was the highest at 56%, followed by Singapore at 45%.

Retailers will see a high web influence on their in-store sales

With the majority of consumers now researching online before or while visiting a store, understanding a shopper’s online activity is vital. According to Google, eight out of 10 shoppers with a smartphone are using it inside the store to help them with product research and price comparisons, with most of them eventually completing a transaction at the physical point of sale (POS). Retailers can acquire a better view of the customer’s shopping journey by connecting with them via branded apps or beacon technology, before matching each customer’s email ID with loyalty programmes at in-store POS terminals.

Instant delivery services will become common

Order fulfilment will be a big focus for retailers in 2016, with many offering delivery options to match Amazon’s Prime Now service. Prime Now, a service via mobile app that is available to Amazon Prime members, offers free delivery within two hours in selected areas, seven days a week. Both online and “click-and-brick” retailers will be trying this strategy through specialised third-party e-commerce logistics providers. Faster delivery at lower charges will also drive growth of cross-border shopping as consumers will not mind buying from other countries to save money.

“During special occasions like Chinese New Year, we observe instances of intensive, last-minute shopping, where consumers take less time to consider a purchase and require products to be delivered on short notice for personal use or gift-giving. Taking a three pronged approach – engaging consumers on the mobile web or on mobile apps, leveraging consumers’ web browsing data to deliver personalised in-store and mobile shopping experiences, and investing in instant delivery services will be crucial to increasing sales conversions,” said Saito.

Interested?

Read more about Criteo’s Seven Big eCommerce Trends for 2016

Read the TechTrade Asia blog post about Criteo's State of Mobile Commerce report for Q315

Singapore Airlines tops positive buzz rankings in Singapore: Yougov

Source: Yougov.

Yougov has released the top buzz rankings by industry category in Singapore, listing five brands per category. The Buzz Rankings charts show the brands with the highest average Buzz scores between January and December 2015. Scores are representative of the general population:


· eCommerce and mCommerce – Q0010 is the highest ranked brand in this category, followed by Groupon and then Carousell.

· Retail: Fashion – Uniqlo is the highest-ranked brand, followed by H&M and then Robinsons. Robinsons is the only home-grown brand in the category.

· Financial Institutions and Services – DBS and its POSBank took up No. 1 and No. 2 in the rankings, followed by OCBC.

· Insurance – NTUC Income, followed by Prudential and then Great Eastern, were the most discussed.

· Mobile Devices – Apple and Samsung dominated in this category.

· Dining: Quick Service Restaurant (QSR) & Casual – McDonald’s is the highest ranked brand in this category, with Starbucks next, and then Subway.

· Travel – Singapore Airlines created the most buzz in this category, followed by AirBnB and then Emirates.


YouGov's BrandIndex is a daily measure of brand perception among the public, tracking many brands across multiple sectors simultaneously. Every six months, the company publishes the Best Brand Ranking across the globe. The 2015 Rankings compare BrandIndex Buzz scores for over 250 brands in Singapore, to reveal the brands with the most positive noise in the year. Singapore is a recent new addition to BrandIndex, with brands tracked since January of 2015.


Interested?

Read about the detailed methodology, and view Best Brand Rankings for other countries and regions

Wuhan, Changsha are top China sustainable cities for 2015

The 2015 China Sustainable Cities Report: Measuring Ecological and Human Development has found that all 35 cities on the Urban Ecological Input Index (EUII) have improved on their average performance since 2014. The report, evaluating Chinese cities' performance in sustainable development, was launched in Beijing during the 2015 International Forum on Sustainable Cities in China. 

Commissioned by the United Nations Development Programme (UNDP) in association with Xinhua Oriental Outlook Weekly and drafted by an expert team at Tongji University, the report is the first of its kind in China since the recent adoption of 17 Sustainable Development Goals by 193 member states of the United Nations (UN) in September 2015. The report offers the opportunity to specifically address Sustainable Development Goal 11, which highlights the importance of making cities and human settlements inclusive, safe, resilient and sustainable. 

"As the United Nations Secretary General Ban Ki-moon pointed out, our struggle for global sustainability will be won or lost in our cities," said Alain Noudehou, UN Resident Coordinator and UNDP Resident Representative in China during the Forum. "Urbanisation is transforming the social and economic patterns of the world. The report is a timely effort as Chinese cities are aligning their local five year plans with the national five year plan, and in line with the global Sustainable Development Goals and plans should take a human-centred approach that fosters human development within the ecological limits, "he added.

The research establishes models and methods for the evaluation of urban sustainable development based on The China Sustainable Cities Index, a quantitative and objective evaluation system to assist cities in assessing their sustainability performance, based on UNDP's Human Development Index (HDI), which has been applied to countries worldwide since 1990. Here it has been deployed at city level alongside the Urban Ecological Input Index (UEII).

Professor Zhu Dajian, Director of the Sustainable Development and New-Type Urbanization Think Tank and the first author of the report, says that "the report gives overall recommendations for development paths for cities depending on their current development stage, whether they need to improve human development, decrease ecological input, or both."

Yu Shaoliang, Vice President of Xinhua News Agency noted the complexity of sustainable urbanisation of Chinese cities stating, "to promote the new-type urbanisation in China, new criteria are needed for evaluation and pursuit of urban functions. Therefore, concepts such as 'sustainability' and 'livability' should be incorporated in urban planning and construction."

According to the report, The China Sustainable Cities Index does not emphasise the rank of cities relative to one another, where differences are often quite minor, but instead recognises an acceptable range for both human and environmental development as the ultimate goal for a sustainable city. This year's report introduces governance as a key parameter in addition to the existing pillars of sustainable development; economy, society and environment. In China, the term 'sustainable' is often applied to cities with rapid growth and high levels of human development but the report's findings demonstrate that is this not sufficient. Environmental impacts must also be taken into account as a deteriorated environment will eventually undermine human development, say the authors of the report.

Of the 35 cities evaluated in the report, Wuhan, Changsha and five other cities have achieved high human development while also minimising damage to the environment. Although many cities, particularly outside of the more developed eastern parts of the country, will require more support in their transition to sustainability, overall the trends are positive.

The forum also recognised the cities of Wuhan and Changsha as 2015 China Sustainable Cities and the solid waste management initiative in Guangzhou, vocational training in Foshan and ecotourism in Wulong, Chongqing as 2015 Good Practices of China Urban Sustainability.

Yeezy Boost 350 in tan available on 29 December

Source: adidas.

Following the very quick global sell-out of the YEEZY BOOST 350 in black, Kanye West and adidas Originals have released the shoe in tan.

The YEEZY BOOST 350 combines the forward-thinking technologies of adidas with a classic aesthetic and represents a bold new design ideal. The shoe marks the sixth footwear model launched in the partnership between West and adidas.

The 'lo-top' YEEZY BOOST 350 in tan features uppers composed of tonal Primeknit, a material developed using adidas’ most advanced digital engineering techniques to fit like a second skin. Colour-coordinated outsoles offer comfort, performance, and style.

Interested?

Retailing at S$329, the YEEZY BOOST 350 in tan will hit selected stores globally on December 29 2015. In Singapore, limited pairs will be available at the adidas Originals Store at Pacific Plaza via a raffle system*.

Read the WorkSmart Asia blog post about the YEEZY BOOST 350 in black

Hashtags: #YEEZYBOOST, #adidasSG, #adidasOriginals

*The Raffle will be held at 10am, with each winner entitled to purchase a single pair of adidas YEEZY BOOST 350 shoes.

Terms and Conditions:

 Participants have to be in adidas Originals footwear with 2 other accompanying adidas Originals

items (top/bottom/accessories/hardware) to be entitled for the ballot

 The adidas Originals Footwear and adidas Originals Items have to be worn during registration and

raffle day

 Collection of the ballot tags will start on 27 December 2015 (1100 – 2030) and end on

28 December 2015 (1100 – 2030)

 Collection of the ballot tags will be held at adidas Originals Store at Pacific Plaza

• Participants have to fill out the ballot tags at registration counter; all information must be filled using a valid ID card.

• After registration each participant will be issued a ballot slip with 2 ballot tags. Place one ballot tag

into the raffle box of your size and keep the other side of the ballot tag as proof of registration.

• Only one registration per participant is allowed. Double registrations will be disqualified

• Raffle winners must present their copy of the ballot tag and a valid photo ID that matches the

information on the ballot tag for validation upon purchase.

• All participants must be present during the time of the announcement when their ballot tag is drawn

in order to purchase the YEEZY BOOST 350. Winners who are called three times by the emcee during the event but cannot present themselves or the documentation needed to validate themselves will be forfeited. A new draw will be made to announce another winner. 

Rush for office space in Metro Manila continues in Q315

Premium and Grade A office space takeup in Metro Manila's main business districts (CBDs) continued to accelerate in Q315 due to strong pre-leasing activity, according to the most recent Office Briefing published by Savills international associate KMC MAG Group, a Philippines real estate services firm.

More than 200,000 sq m (232,961) was newly delivered in Q3, and almost everything was snapped up, at 231,412 sq m - a record takeup rate. 

"Most of the new spaces delivered have been pre-leased prior to completion; that is why takeup is very high," said Michael McCullough, KMC MAG Managing Director.

Upcoming supply is estimated to reach around 1.8-million sq m in 2018. Despite the significant amount of supply, KMC MAG says that overall office rental and vacancy rates are expected to remain stable given the strong pre-leasing activity.

"We continue to see interest from both local and foreign firms across all CBDs, although most of the interest is currently in Bonifacio Global City (BGC) only because it is where most of the new supply will come from," said McCullough.

"The profiles of companies who have pre-leased or are currently pre-leasing space vary across all CBDs. Ortigas, Bay Area, and Quezon City are very attractive to new IT-BPO firms who are just starting to outsource services and processes to the Philippines because of the lower rates.

"Makati remains the CBD of choice for large-scale enterprises who want to upgrade their headquarters and move to a better location, however many firms are forced to look towards BGC due to the lack of available and suitable space."

Thanks to the sustained IT-BPO industry demand and the relatively low level of new supply in these areas, Bay Area and Quezon City are projected to have the lowest vacancy rates and strongest rental rate growth among the business districts within the next 12 months.

In Q3, the Bay Area recorded a 17% year on year (YoY) rental rate growth, with Grade A rentals averaging from Php673.4 to Php700 per sq m/month and an ultra-low 1.3% vacancy rate.

Meanwhile, Quezon City posted an 8.5% YoY growth, with average Grade A office rates ranging from Php700.4 to Php750.0 per sq m/month. Located in the northernmost part of Metro Manila, Quezon City boasts vacancy rates of under 1% with only 0.2% of its total stock unoccupied, making it the best performing CBD in the country this quarter.

Makati, on the other hand, remains as the premium CBD, posting a 4.3% YoY growth with the highest asking net Grade A rental rates averaging Php 979.1 to Php 1400.0 per sq m/month. In spite of this, Makati's vacancy rate remains low at 3%, and is likely to become lower once Tower 6789 becomes fully occupied.

BGC comes in next, with a rental growth of 3.7% YoY and an average asking rental rate of Php860.4 to Php1,100 per sq m/month. The district's vacancy rate increased slightly to 2.6%; however, it should be noted that this is because it has absorbed most of the new demand, allowing it to post its highest recorded quarterly takeup since Q114 of 49,639 sq m.

Ortigas' growth remains strong at 6.8% YoY, bringing average rental rates up to Php624.6 per sq m/month, with an upper rate of Php750 per sq m/month. Ortigas' strong rental growth is expected to continue, given its current 2.5% vacancy rate and lack of new supply until the end of 2016.

Alabang is the only CBD office market with sluggish growth. YoY growth was 0.6% and vacancy rates 16%. This brought down the average asking rental rates to Php 605.3per sq m/month in Q315 from Php601.8 per sq m/month a year ago.

Interested?

Read the report (PDF)

China business confidence remains soft

A modest recovery in overall business confidence masked a pullback in activity in December, as China's largest firms continued to grapple with lower demand and an uncertain business environment. Companies did not expect to see a significant improvement in early 2016, with the Future Expectations Indicator remaining close to last month's series low said MNI Indicators, part of Deutsche Borse Group. The company offers macro-economic data and insight to businesses and the investment community.

The MNI China Business Sentiment Indicator*, a gauge of current business sentiment, rose 5.6% to 52.7 in December from 49.9 in November, edging back above the 50 level that separates expansion from contraction. In spite of the bounce back, overall confidence wasn't able to recover to October's level. The slowdown in China this year has been confirmed, with the 2015 average falling to 52.2 from 53.9 in 2014 and well below the series average of 58.1.

Real activity measures in the survey continued to decline, losing further ground from the sharp rise in August with both new orders and production now sitting below their long-run averages. Monetary policy loosening has had a material impact on production and new orders in 2015, although the tendency for the indicators to fall back shortly after any rate cuts suggests that more is required to meaningfully revive demand.

Other areas of the report showed that credit conditions continued to remain relatively loose, although a smaller majority reported that loans were easier to access. Following the IMF's decision to include the yuan in the Special Drawing Rights basket a greater proportion of respondents said that the exchange rate was helping their business, while companies were roughly evenly split on whether the exchange rate over Q116 will help or hurt their operations.

Commenting on the latest survey, Philip Uglow, Chief Economist of MNI Indicators said, "It has been a choppy year for the Chinese economy with volatility in the MNI China Business Sentiment Indicator at the highest since 2009, while GDP for the year is likely to grow at the slowest pace in 25 years. Still, the relatively modest easing in the MNI China Business Sentiment Indicator over the year as a whole suggests China is undergoing more of a bumpy rather than hard landing.

"While our expectation is that growth over 2016 will likely ease further, continued reforms and a gradual structural shift in the economy away from industrial overcapacity towards greater depth in the service economy will pave the way for more sustainable growth in the long-term."

*MNI China Business Sentiment is a monthly poll of Chinese business executives at companies listed on either the Shanghai or Shenzhen stock exchanges. Companies are a mix of manufacturing and service sector firms.

The survey tracks and predicts Chinese economic conditions and is an indicator of GDP. Data is collected through computer aided telephone interviews (CATI) and around 200 companies are surveyed each month.
Respondents are asked their opinion on whether a particular business activity has increased, decreased or remained the same compared with the previous month as well as their expectations for three months ahead, e.g. is Production higher/same/lower compared with a month ago?

Diffusion indicators are then calculated by adding the percentage share of positive responses to half the percentage of those respondents reporting no change. An indicator reading above 50 shows expansion, below 50 indicates contraction and a result of 50 means no change. Series which show a seasonal pattern are seasonally adjusted using the US Census Bureau's X12 seasonal adjustment program. Seasonal factors are calculated annually.

Harbour City tops Hong Kong Google mobile searches for 2015

Source: Harbour City.

Harbour City, the largest shopping mall in Hong Kong, was named by Google's Year in Search as the leader in Top Trending Mobile Searches for Local Destinations of 2015. Located in Tsim Sha Tsui, Hong Kong's core tourist district, the mall was also ranked sixth in Top Trending Search Keywords on Mobile. 

Spread over 2 million sq ft, Harbour City offers shopping, dining, entertainment and sightseeing services. Three of the restaurants in Harbour City - Lady M, House of Jasmine and Coffee Academics - were named 3rd, 6th and 8th respectively in the Top Trending Places for Food on Mobile Search. 

Google noted Harbour City's variety of promotions and events, such as Where's Wally? and Google Play Game Week, have helped the mall take the top spot. The mall is currently running a Christmas presentation in celebration of Hong Kong Disneyland's 10th anniversary.

LinkedIn's top Singapore marketers for 2015 share secrets for success

LinkedIn has identified the top Singapore marketers across industries who are leveraging the online professional networking platform to their best advantage, not only for their personal brand, but also as advocates for their organisation.

LinkedIn’s Most Engaged Marketers list for 2015 includes professionals a range of industries from e-commerce and broadcasting to logistics and automotive. Matthieu Vermeulen, Director Marketing & E-Commerce Solutions APAC, DHL eCommerce Singapore, (fifth) commented: “The Asia Pacific (APAC) region accounts for more than half of all social media users worldwide and more than 70% of people land jobs through networking. In other words; you simply have to develop a personal brand in APAC, both online and offline if you want a better working day, no matter what you do. After years of working on your brand, you know it was more than worth it when you walk into a meeting and are greeted by someone, who says: 'I read your articles on LinkedIn, I think we have a lot of good things to discuss here.'”

Miguel Bernas, Director, Digital Marketing APAC at PayPal, who ranked ninth on the list, advises: “LinkedIn is a fantastic platform to build your personal brand, yet too many people just don’t get it right. Too often even some of the best marketers cross the line between building authority and shameless self-promotion. First, a brand must always be authentic. While the quality and frequency of sharing content matters, your audience (yes, your social network is an audience) notices when all you talk about are your own achievements.”

Olivier Legrand, Head of Marketing Solutions for LinkedIn in Asia Pacific* said: “These savvy marketers are masters at building networks that have both reach and relevance, and they understand that their personal brand and thought leadership can add a strong dimension to the brands they represent. With well over a million members in Singapore and growing, we are looking forward to see more marketers harnessing the power of LinkedIn to drive business results on the world's most effective platform for engaging professionals.”

The following are the LinkedIn Most Engaged Marketers 2015: Singapore Rankings

1. Nicholas Kontopoulos – SAP Hybris
2. Mathilda D’silva – MediaCorp
3. Ai-Ling See – EMC
4. Maneesh Sah – Aon Hewitt
5. Mathhieu Vermeulen – DHL eCommerce Singapore
6. Sara Varela – Marina Bay Sands
7. Omer Wilson – Digital Realty
8. Timi Siytangco – Outbrain
9. Miguel Bernas – PayPal
10. Adrian Yeo – General Motors

Hashtag: #LIMostEngaged

*In November 2015, LinkedIn announced Legrand’s added responsibility as Managing Director of LinkedIn in Asia Pacific from 1 January 2016.

Hilton Worldwide is the best company to work for in Greater China for 2015

Hilton Worldwide has been named the top company in the 2015's Best Companies to Work For in Greater China list by Great Place to Work Institute, the global research firm that identifies and classifies the world's best workplaces. Hilton received this recognition based on the results of the 2015 Great Place to Work survey which polled 200,000 employees.

In total, 112 companies from Hong Kong, Mainland China and Taiwan completed the evaluation process, which examined the companies' workplace environment by asking employees about their workplace experience as well as how they feel about their company's policies and management process. While employees answered the 58-statement Trust Index survey, the HR and senior management teams of participating companies were also asked to submit a Culture Audit questionnaire, outlining their HR policies and practices.

"We strive to be an employer of choice and this is deeply rooted in our human resource strategy which places our team members at the heart of everything we do at Hilton. Loyal and happy employees are the foundation of our company and are critical to our success. We are continuously exploring new opportunities to engage, develop and reward our team members so that they remain fulfilled and appreciated as part of the Hilton family," said Martin Rinck, President, Asia Pacific, Hilton Worldwide.

Interested?

View the 2015 Best Companies To Work For In Greater China

Dubai Islamic Bank listed in LinkedIn's Most In-Demand Employers 2015 list for MENA

Source: DIB.

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has been recognised as one of the most preferred employers for potential candidates on LinkedIn within the MENA region. DIB was ranked 16th amongst the MENA’s top 20 Most In-Demand Employers 2015, making it one of the top 10 local brands on the list. DIB is also the sole bank in the list.

LinkedIn releases an annual list of the top employers based on billions of interactions from LinkedIn members across the world. The ranking is based on employer brand awareness and the methodology includes reach, engagement and job activity. As such, businesses are ranked according to the number of users who view profiles of their employees, connect with their employees, visit or follow their company pages, and view or apply to job postings by the company.

Cornel Fourie, Head of Human Resources, Dubai Islamic Bank, said: “As the first Islamic bank in the UAE, we are proud of this accomplishment and delighted to be named as one of the premium talent brands in the MENA region for the first time. This recognition underscores our relentless efforts to position the Islamic banking sector as an attractive employer of aspiring talents as well as our commitment to nurture the new generation of UAE banking professionals. As we grow and continue to expand, we are eager to see more talented individuals including UAE nationals leading the future of the banking sector locally and driving the global appeal of Islamic finance.”

Ali Matar, Head of Talent Solutions, LinkedIn MENA, added; “We were very pleased to recognise our top Talent Solutions clients in MENA for 2015 in the inaugural ceremony, held in Dubai, UAE. Local brands have been celebrated based on their outstanding recruitment strategy, engagement and results on our LinkedIn platform. We believe that Dubai Islamic Bank's curated and strategic approach to talent acquisition through social recruiting contributes significantly to their brand strength which in its turn impacts positively their employee retention and engagement.”

Recognising the importance of this platform, DIB has been strengthening its presence on LinkedIn to connect with job seekers who are looking to engage with its talent brand. These receive continuous updates on job openings and ongoing initiatives such as participation in career exhibitions. Currently, DIB has more than 116,000 followers including employee members, an increase of 97% from the same period in 2014.

DIB has created a range of training programmes across different levels of the bank while it actively participates at various career fairs across the country to engage job seekers. It also runs awareness programmes of its services. 

Facebook lists what captured the world's attention in 2015

Source: Facebook.

Facebook's Year in Review for 2015 has been launched with a dedicated website at yearinreview.fb.com, together with an accompanying video.

The company has identified the US presidential election as the most-discussed topic globally, followed by the November 13 attacks in Paris, the Syrian civil war and refugee crisis, the Nepal earthquakes and the Greek debt crisis.

Game of Thrones was the most interesting TV series, while Star Wars: The Force Awakens is the movie that has captured the most global attention.

Floyd Mayweather, Jr. and Manny Pacquiao were the most talked-about athletes of the year following their highly watched fight in May.

Clash of Kings, a new RTS RPG multiplayer war game developed by ELEX, is Facebook's Game of the Year on both web and mobile with more than 70 million players worldwide.

Facebook: 2015 Year in Review Lists

Topics (Global)
US presidential election
November 13 attacks in Paris
Syrian civil war & Refugee Crisis
Nepal earthquakes
Greek debt crisis
Marriage equality
Fight against ISIS
Charlie Hebdo attack
Baltimore protests
Charleston shooting & flag Debate

India's top topics for 2015.

Australia's top places reflect the popularity of various tourist spots, particularly zoos, which offer more picture-sharing opportunities. Sydney and Melbourne dominate.

Places (Singapore)
Universal Studios Singapore
Gardens by the Bay
Marina Bay Sands
Singapore Botanic Gardens
Marina Bay Singapore
Sentosa Island
Resorts World at Sentosa
Singapore Zoo
Trick Eye Museum Singapore
SEA Aquarium, Marine Life Park

Source: Siam Paragon Development Company. Update 23 December: Mrs Chadatip Chutrakul, CEO of Siam Paragon Development Company said, "This year marks the decade of Siam Paragon's operations. Throughout the past years, Siam Paragon has proved itself to be a project that exudes elegance with high standards and elevates Bangkok to the status of a world-class shopping destination. Siam Paragon has welcomed local shoppers and foreign tourists with no fewer than 250,000 visitors a day. As a result of the fact that Facebook gave the 6^th ranking to Siam Paragon as the world's most talked about places and being the only one destination in Asia making the top 10 rankings in 2015; we thank all of you for taking part in Siam Paragon's formidable achievement."

A handful of Asian venues made it to the Top 20 Global Places in Facebook. The Top 20 Global Places and all country-specific Places lists are based on the number of Facebook check-ins at these locations over the course of 2015. Siam Paragon was in 6th place while Gardens By The Bay and Marina Bay Sands and are in the 13th and 14th position respectively.

Entertainers (Global)
Ed Sheeran
Taylor Swift
Kanye West
Nicky Jam
Wiz Khalifa
Drake
Pitbull
Caitlyn Jenner
The Weeknd
Shakira

TV Shows (Global)
Game of Thrones (GoT)
The Walking Dead
The Daily Show
Saturday Night Live
WWE Raw
The Simpsons
19 Kids and Counting
Grey’s Anatomy
Last Week Tonight with John Oliver
Orange is the New Black (OITNB)

Movies (Global)
Star Wars: The Force Awakens
Furious 7
Jurassic World
Avengers: Age of Ultron
American Sniper
Straight Outta Compton
Fifty Shades of Grey
Mad Max: Fury Road
Magic Mike XXL
Pitch Perfect 2 

Athletes (Global)
Floyd Mayweather, Jr.
Manny Pacquiao
Ronda Rousey
Lionel Messi
Cristiano Ronaldo
Tom Brady
Stephen Curry
LeBron James
Serena Williams
Carlos Tevez

New Games (Global)
FIFA 15
Fallout Shelter & Fallout 4
Call of Duty: Black Ops 3
Mortal Kombat X
Batman: Arkham Knight
The Witcher 3: Wild Hunt
Metal Gear Solid V: The Phantom Pain
Dying Light
Star Wars: Battlefront
Halo 5: Guardians 

Interested?

Explore the Year in Review. The Year in Review video captured some special moments in Singapore, which includes Singapore’s 50th birthday and remembering elder statesman Lee Kuan Yew.  
See the Top 20 Places

Editor's note: It should be noted that country lists, offered in local languages, cannot be compared to the English lists. Country lists reflecting what local language speakers think, limiting perspectives to people most likely living in the country, whereas the lists in English could reflect what English speakers around the world think. The list for Taiwan, for example, is in traditional Chinese, which is only used in Taiwan, Hong Kong and Macau.

*Methodology

All Year in Review lists (except for New Sticker Packs and Places) were measured by how frequently a topic was mentioned in Facebook posts made between January 1 and December 1, 2015. To put these lists together, Facebook posts were analysed in an aggregated, anonymised way, and then ranked to create a snapshot of the year on Facebook. To determine the Top New Sticker Packs, Facebook looked at all sticker packs that launched in 2015 and ranked them by most sticker sends per day averaged across the year. Sticker Pack lists were not included in this blog post.

Hong Kong puts up winter wonderland experience

Source: HKTB website.

December in Hong Kong is the perfect winter getaway with the temperatures cooling below 15°C. The 2015 Hong Kong WinterFest, on now, includes a number of installations and experiences.

A jewellery-inspired Serpenti light art installation in Statue Square, Central organised by the Hong Kong Tourism Board (HKTB) and BVLGARI is five minutes' walk from the Observation Wheel, where 15-minute rides on luxury gondolas are available to provide a view of the iconic Victoria Harbour and Hong Kong skyline.

A Star Ferry ride, rated as one of Tripadvisor’s Top 10 Must-See Destinations in Hong Kong, offers a different perspective of Victoria Harbour, Victoria Peak and the Hong Kong skyscrapers. Timed right, passengers on the ferry can view the 8pm, Symphony of Lights show - where 44 buildings around the harbour perform a musically synchronised 13-minute display - from the middle of the harbour.

This year, Harbour City partners Hong Kong Disneyland in conjunction with Disney’s 10^th anniversary celebration to transform the Ocean Terminal Forecourt into a Happily Ever After Christmas Avenue complete with a tree and holiday window displays. 

Just five minutes' walk away is 1881 Heritage, the former headquarters of the Hong Kong Marine Police, where the Grand Piazza has been transformed into a 13 m high gothic cathedral-like ice palace, complete with ice-skating rink.

Round up the year at the New Year Countdown Celebrations on 31 December 2015, with a pyromusical and fireworks at the stroke of midnight. Vantage points include the waterfront along Tsim Sha Tsui; the Hong Kong Cultural Centre Open Piazza and Tsim Sha Tsui Promenade; West Kowloon Waterfront Promenade; New Central Harbourfront; the promenade at the Golden Bauhinia Square in Wan Chai and the areas around Central Piers No. 9 and 10.

Interested?

2015 Hong Kong WinterFest Highlights

Event/Venue	Date/Time
Harbour City’s Disney Happily Ever After	Till 3 Jan 2016
1881 Heritage, Tsim Sha Tsui	Till 3 Jan 2016 10am to 10pm
The Peak Galleria’s Jelly Belly	Till 3 Jan 2016
Times Square’s LEGO Star Wars	Till 1 Jan 2016
Pacific Place’s The Little Prince	Till 1 Jan 2016
Ngong Ping 360’s Hello Kitty & Friends and Ip Man Exhibition	Till 8 Mar 2016
The Sparkling BVLGARI Roman Holiday, Statue Square, Central	Till 1 Jan 2016 5pm to 11pm 24 and 31 Dec 2015 5pm to 12 midnight
Udderbelly Festival Hong Kong at Central Harbourfront Event Space	Till 15 Feb 2016
Hong Kong Cultural Centre’s Hong Kong Pulse 3D Light Show	9 to 28 Dec 2015 8:20pm, 8:45pm, 9:15pm, 9:45pm nightly (about eight minutes per session)
The Hong Kong Observation Wheel	Mondays to Sundays and public holidays 10am to 11pm *Ticket sales stop 15 minutes before closing.
Star Ferry	Mon to Sun and Public Holidays 6:30am to 11:30pm
The Big Bus Night Tour	Nightly 6pm onwards; 1 hour *Operated by Big Bus Tours
Open-top Bus Starry Night	Nightly 4pm onwards; 2.5 Hours *Operated by Gray Line Tours of Hong Kong
Hong Kong New Year Countdown Celebrations	31 December 2015 Pyromusical to Midnight

Read the WorkSmart Asia blog posts about the 2015 festive season, including:

Singapore Gift Guide 2015, the pleasure edition

Singapore Gift Guide 2015, the tech edition

Who in APAC will be spending the most online, according to the Adobe Digital Index

How Facebook sees mobile redefining the season

The City of Sydney's Christmas programme

Sofitel So Singapore's French fusion Christmas menu

The launch of Casa Ferrero, Ferrero Rocher's popup store

House of Sillage launches the Holiday by House of Sillage fragrance