Uber Malaysia expands, kicks off promotion for Raya

Uber, three years old in Malaysia, is now available in 15 cities across the country. Coverage in Kuala Terengganu, Batu Pahat and Sandakan has just been added.

Source: Uber. Uber is available in 15 cities in Malaysia.

The company is kicking off the Hari Raya (Eid) celebrations in conjunction with the new expansion with free rides. Till 25 June 2017, Uber customers can enjoy five free rides worth RM6 for trips from 9am to 5pm with the code UBERBALIKRAYA.

The free rides offer is valid for all rides in Malaysia where Uber is available, till June 25.

Seletar airport to handle 700,000 passengers a year

Source: Seletar Airport. Artist's impression of the new airport in Singapore.

Plans for enhanced facilities for passengers travelling through Seletar Airport have been unveiled at the groundbreaking ceremony for the airport’s new terminal building. The new terminal will be completed end-2018.

The new, two-storey terminal is sited at the eastern side of Seletar Airport. It will have a gross floor area of 9,500 sq m, of which 500 sq m will be dedicated to serving business aviation passengers.

Designed for around 700,000 passenger movements per annum, the building will be significantly larger than the current terminal, which handled about 26,700 passenger movements in 2015. This will support the relocation of scheduled turboprop flights from Changi Airport to Seletar Airport upon the completion of the new terminal.

To handle scheduled commercial flights, the departure area will have four check-in counters, four immigration counters, two security screening stations and a gate holdroom which can seat close to 200 passengers.

Passengers travelling on chartered business jets and private jets can look forward to a private drop-off area and a dedicated check-in area where they will be able to enjoy quick pre-departure clearance in a private and exclusive setting. The terminal will also feature amenities such a lounge area and dedicated immigration and security screening areas for these passengers.

On the airside (the area passengers go to after immigration procedures), passengers will be able to board their flights conveniently with three aircraft parking stands adjacent to the terminal. This reduces the need for passengers to be bussed, enabling greater operational efficiency and faster aircraft turnaround time. The three aircraft parking stands will be supplemented by another 60 located at the rest of the airport.

See Seng Wan, GM, Seletar Airport, said, “We have made good progress with the redevelopment of Seletar Airport in recent years. Today’s groundbreaking for the new terminal is another milestone in our plans for the airport. We look forward to providing passengers with a new level of experience, in terms of comfort and convenience, when the terminal opens.”

Daniel Ng, Director (Aviation Industry), CAAS, said, "The expansion of Seletar Airport will accommodate the growth of our air traffic and optimise operational resources. The new passenger terminal building will also complement operations at Changi Airport and allow for more capacity.”

Redevelopment of the airport commenced in 2008 and since then, the airport has seen several enhancements including the lengthening of its runway, the construction of a new control tower and fire station, a doubling of the number of parking stands, additional taxiways and upgraded aircraft parking aprons.

Singapore's F&B industry dives deep into value creation

Lee's presentation shared industry forecasts on the Asian food industry opportunity.

Singapore’s food and beverage (F&B) industry is shifting its focus away from productivity and onto value creation. Spearheaded by the Singapore Manufacturing Federation (SMF) and International Enterprise Singapore (IE Singapore), the industry is transforming as manufacturers look towards innovation, growth, and internationalisation.

Lee says Singapore F&B manufacturers have much to offer
the world.

From April 12 to 15, FoodAsia2016 will showcase a range of home-grown companies with first-of-a-kind creations as part of the Singapore Pavilion led by SMF. FoodAsia, a specialised exhibition dedicated to food and drink, is a part of Food&HotelAsia (FHA), Asia’s premier and most comprehensive biennial trade event for the food and hospitality industry. A total of 114 companies will be at the 1,857 sq m Singapore Pavilion, reflecting a 50% expansion compared to the previous event, with 24 others exhibiting in other events at FHA.

Asian F&B industry tipped for robust growth

The F&B industry is thriving in the Asia Pacific region as the world economy shifts from the West to the East. According to Euromonitor International, the region’s F&B ingredients industry is expected to have a CAGR of 4% over 2012 to 2017, accounting for 38% of global use of value-added food and drink ingredients by 2017. This prospect has attracted many foreign investors to expand into Asia, resulting in stiffer competition among local and regional F&B players. To compete, the Singapore F&B industry is looking toward creating long-term value and developing strategies that will set it apart.

“Despite a fall in global trade in 2015, Asia’s total trade with the rest of the world in packaged foods attained third spot in 2015, behind Europe and the Americas¹. Asia Pacific is also projected to have the second-highest growth rate for packaged foods in the next five years². So even with a modest economic outlook for 2016, there are pockets of opportunities in the region. It is thus imperative for Singapore companies to look beyond our market, innovate and transform their business models, in order to sustain future growth. With a strong ecosystem of food companies in place, the Singapore food and beverage industry is at a prime spot to ride this growth trajectory,” says Lee Yee Fung, Group Director for Lifestyle Business at International Enterprise (IE) Singapore.

Prima is introducing wholegrain LaMian (noodles) in
laksa and curry flavours. One pack will fulfil an adult's 
minimum recommended daily intake for whole grains. The 
steamed noodles are made with 51% Superfine Wholegrain 
flour, and come with Prima Taste paste. The halal-certified packs 
do not contain added MSG or preservatives, and have no 
artificial colouring or flavouring. Typical instant noodle packs 
offer fried noodles and powder-based seasoning.

Lee shared Euromonitor figures on the packaged foods opportunity, nothing that the Asia Pacific CAGR is 4.8% from 2015 to 2020, second only to the Middle East and Africa at 4.9% for the same period. Australasia comes in fourth with a 1.9% CAGR. Lee also pointed out that Asians have become more sophisticated consumers, with Asia projected to make up 66% of the global middle class population by the year 2030, according to Kharas and Gertz.

Instead of going for the cheapest product, Asian consumers are demanding quality, convenience and safety in their food. "These are opportunities going forward and as food manufacturers we should think about how to capture those opportunities," he said, pointing to Singapore's advantages of infrastructure and a tradition in food safety as plusses. Inherent strengths, Lee said, include free trade agreements, an emphasis on food safety, and excellent business infrastructure, including global connectivity and Singapore's leading position as a financial hub.

Value creation and internationalisation 

New products and solutions that will be showcased by Singapore food manufacturers at FoodAsia2016 range from ready-to-cook meals, premium chocolates, and canned fish otah.

One example of innovation is frozen "Hargow Crystal Skin” in a retail pack, which is the first of its kind globally. Developed by Tee Yih Jia Food Manufacturing, the pastry to make hargow (Chinese shrimp dumplings), is traditionally handmade. Quality can be inconsistent, and it has to be made fresh each time to remain pliable. This product can be thawed as required, and offers a consistent, tender yet chewy skin after steaming. Tee Yih Jia anticipates that it will reduce food preparation times significantly and will benefit home cooks, restaurant owners, dimsum manufacturers.

Tee Yih Jia is introducing frozen hargow skins for more consistent hargow, every time. These are the first frozen hargow crystal skins in the world.

Source: Tan Seng Kee Foods (TSK). TSK is known for its Kang Kang (康康) fresh, preservative-free shelf-stable noodle range. The company is launching Express Meal Kits, which incorporate its noodles together with sauces for laksa, curry mee and the non-spicy prawn mee. All products are halal and have a shelf life of a month. 

Tan Seng Kee Foods (TSK), already well known for Kang Kang (康康) noodles, will be introducing Express Meal Kits based on the fresh, preservative-free noodles. These all-natural and preservative-free pasteurised fresh noodles have a shelf life of three to four weeks without refrigeration, six months in chilled conditions and 12 months if frozen. The company is launching Express Meal Kits, which incorporate its noodles together with sauces for laksa, curry mee and prawn mee. All three flavours were chosen for their popularity, with the prawn mee offering a non-spicy alternative for those who prefer it.

The Factory Chocolat is offering matcha flavoured luxury chocolate-covered fruit. The freeze-drying process preserves the antioxidant and vitamin content of the fruit.

The Factory Chocolat, manufacturer of a range of freeze-dried fruit chocolates, will be unveiling its Gourmet range at FoodAsia2016. It is one of the local companies that have successfully expanded and exported its products overseas, to Mainland China, Hong Kong, Indonesia, Taiwan, Thailand, and Vietnam. The company will introduce matcha (green tea) flavoured fruit chocolates, presented in premium packaging. Each fruit is carefully coated in a thin layer of dark chocolate and then white chocolate, and finally rolled in matcha powder from Japan that has been specially chosen to complement the chocolate and the freeze-dried fruit.

“FoodAsia2016 is a good platform for us to introduce our new product as it presents a catchment with so many visitors coming from different parts of the world. It creates export potential for our product,” says Ronald Ng, General Manager of The Factory Chocolat.

SMF has in place several initiatives that aim to help local F&B manufacturers create value and internationalise, including the Working-in-Partnership (WIP) Programme. WIP allows local food exporters to consolidate their efforts and ship their products directly to overseas supermarkets. This does away with middlemen, helping food companies reduce operational costs, while leveraging on the strength of collective branding.

“Innovative practices and technology as well as strategic alliances are important pillars for the Singapore F&B industry to create value, stay competitive in the global and local market, and contribute towards a diverse global food industry. The Singapore Pavilion at FoodAsia2016 allows exhibitors to build networks and distribution channels. SMF helps to make the internationalisation process easier for our exhibitors through the Hosted Buyers Programme, whereby buyers from all parts of the world are brought to meet the exhibitors directly. We are seeing some positive results of food companies’ efforts to expand overseas, especially as the Made in Singapore brand becomes increasingly recognised for food safety and high quality, ” says Sunny Koh, SMF Deputy President and Chairman of SMF Food & Beverages Industry Group.

Koh speaks at a media preview of Food&HotelAsia.

Koh emphasised that both retailers and manufacturers have to transform, and the value chain trimmed. "Retailers facing challenge of operational costs, low margins and strong competition from e-commerce channels," said Koh. "For exporters, gone are the days where you sit in the office waiting for orders to come."

Internationalisation is the answer, Koh said, noting that food manufacturers can get help from fellow SMEs; government support; as well as from trade associations and chambers.

He shared that the Working-in-Partnership (WIP) Programme allows manufacturers to share the costs of shipping their food products in the same container, which is then sent to the port closest to the customer. The initiative helps SMEs to achieve internationalisation faster and more easily, he noted, and does away with logistics middlemen to narrow the price between e-shop and physical shop.

"Singapore products in China are selling at two to three times the Singapore retail price. WIP consolidation can cut retail prices down," he said. Soy sauce, for instance, may cost S$5.30 a bottle locally, but RMB78 (S$16.28) in China. "With WIP we can cut it down to RMB32.15 (S$6.71), and penetrate the market better, in a more efficient way," he said.

Koh added that the WIP programme, already working with companies in Thailand and Myanmar, is set to expand. "By going direct some of the Singapore products in Thailand can retail at almost same price as (those from) local manufacturers," he said.

This year, FHA expects to attract more than 65,000 trade attendees from more than 90 countries and regions. In collaboration with IE Singapore, SMF will be inviting more than 130 buyers from over 60 companies across 18 countries and regions to meet Singapore exhibitors through scheduled business matching sessions.

“We are pleased that more local exhibitors are taking up booth space this year. It is a testament to their confidence that the convergence of buyers and exhibitors from across the globe at FoodAsia forms a budding marketplace for the Singapore food sector to develop partnerships and broaden their network with the relevant buyers,” said Ting Siew Mui, Project Director of Lifestyle Events at Singapore Exhibition Services, organiser of FHA.

FHA will see many firsts in 2016, including a significant number of new exhibitors from Singapore, such as Boon Tong Kee, Fraser & Neave, Lam Soon, Owl International, Super Group and Yeo Hiap Seng. There are exhibitors from Singapore both at the Singapore pavilion and outside it. Individual exhibitors include Aalst Chocolate, Cocoaorient, Delifrance Singapore, Euraco Finefood and Foodxervices.

Interested?

FHA2016 will run from 12 to 15 April 2016 at Singapore Expo (Halls 1 to 9 Annex) from
10am – 6pm (12 – 14 April 2016) and 10am – 4pm (15 April 2016)
The event is open to business and trade professionals only

Read the WorkSmart Asia blog post on what's new at FHA

1 According to International Trade Centre, total trade of packaged foods between each region and the rest of the world are as follows: Europe (US$416 billion), Americas (US$295 billion), Asia (US$197 billion), Middle East and Africa (US$88 billion), and Oceania (US$40 billion).
2 According to Euromonitor, Asia Pacific’s market size for packaged food is expected to grow at a 4.8% five-year CAGR till 2020. This is the highest growth rate projected after the combined Middle East and Africa region.

CoAssets adds SME projects to crowdfunding portfolio, looks towards Australia

Singapore crowd funding company CoAssets has announced that it has extended its crowdfunding platform into the SME sector. Through the company's lead generation platform, which allows registered users to view, research, and ultimately invest in real estate or SME projects, Singaporean SMEs can now immediately connect with investors, bridging a funding gap in the business funding sector.

Getty Goh, CEO, CoAssets said, "Given our proven track record with real estate crowdfunding, and the growing demand for business loans in Singapore, we decided to extend our platform to the SME sector. We are an alternative source of capital for property developers and SMEs, both in Singapore and abroad, and look forward in facilitating their search for competitively priced capital in a timely fashion."

In addition to its advances in the Singapore market, the company is looking to expand the reach of its business crowdfunding arm into Australia, via its wholly owned subsidiary. The company recently became a Corporate Authorized Representative of the Melbourne Securities Corporation, allowing CoAssets to target the Australian business and real estate crowdfunding market. With the start of operations in Australia, CoAssets will solidify its regional expansion with presence in five key markets: Singapore, China, Indonesia, Australia and Malaysia.

Goh said that recent financial results are encouraging and set the stage for the company's transition onto the Australian main board this year. "As flagged in November 2015, CoAssets sees its Australian operations as a key driver of future growth. The company will now be operating its leading crowdfunding platform in five countries, targeting a combined population of 1.5 billion+, and an addressable market estimated to be US$100 billion annually. The Australian Government has set a big focus on financial innovation, including crowdfunding, and given our success throughout the region, the time is right for us to expand our offering in Australia," Goh said.

CoAssets further announced that Singapore's Ex-Chief Artillery Officer, Colonel Lawrence Lim, will be their Chief Operating Officer (COO) from 4 May 2016. As COO, Colonel Lim will drive CoAssets' day-to-day operations, while Goh further implements the company's operational strategy.

To date, CoAssets has brokered deals worth more than S$44 million in total. 

GoDaddy launches in 11 Asian markets

GoDaddy, a global technology provider dedicated to small businesses, has launched in 11 Asian markets, bringing its suite of cloud-based products and expert customer care to millions of small and medium enterprises (SMEs) across the region.

With the launch of 11 new markets, GoDaddy is now in a total of 10 languages and 14 markets across Asia, including: Hong Kong (English and Traditional Chinese), Indonesia, Japan, Malaysia (English and Malay), Philippines (English and Filipino), Singapore (English and Simplified Chinese), South Korea, Taiwan, Thailand, and Vietnam.

Following the launch in Asia, GoDaddy is now helping small businesses in 53 markets, supporting 26 languages and 44 currencies. GoDaddy has more than 4 million international customers.

“Asia is home to one of the largest, most vibrant small business communities in the world,” said GoDaddy CEO Blake Irving. “As Internet growth and smartphone adoption continue to accelerate across the region, it’s important that these businesses are able to create strong digital identities that will help them achieve their goals and compete online. GoDaddy is committed to providing the products and services that will enable Asia entrepreneurs to easily start, confidently grow and successfully run their own ventures.”

Small and medium enterprises account for over 97% of all enterprises and employ over half of the workforce across APEC economies*. At the same time, more people in Asia are utilising the Internet and connected devices to stay informed and make purchases. Seven in 10 (72%) of people in Hong Kong access the Internet daily and 74% use a smartphone**; 81% of people in Singapore access the Internet and 88% use a smartphone**. Overall, Internet growth across Asia has grown 1,319% between 2000-2015***.

With such trends in progress, the impact of creating an online presence for small businesses can be significant. A RedShift Research survey of 1,000 very small businesses in Hong Kong and Singapore that built websites for their ventures found that 45% saw their business increase by 25% or more.

Localised, purpose-built products

GoDaddy offers a suite of cloud-based products in the local language and currency to help businesses find the perfect domain name, create a beautiful website, find new customers, and improve business productivity. Specific product highlights include:

Domains

• As the world’s largest domain registrar with more than 62 million domains under management, GoDaddy offers the largest top-level domain (TLD) inventory in each of the new Asia markets. GoDaddy’s extensive inventory includes country-specific domains for Asia markets (e.g., .sg for Singapore and .tw for Taiwan). 
• GoDaddy also offers .cn for mainland China to help facilitate cross-border commerce between China and neighbouring markets. 
• GoDaddy has an aftermarket platform as well, where users can buy and sell domain names. 

Website hosting

GoDaddy hosts more than 10 million websites across more than 55,000 servers around the world and is hyper-focused on delivering fast, reliable and easy to use Web hosting.

The company offers options such as Managed WordPress Hosting, an optimised platform for customers who require performance and scalability. All of the technical hosting aspects are managed for customers including setup, software updates, network security and daily backups.

Build a website

GoDaddy Website Builder provides a do-it-yourself design tool for building a full-featured website. Website Builder gives customers hundreds of customisable designs to choose from, integrates social media, and allows quick and effortless changes.

Business applications

Productivity tools make the business of business easier. GoDaddy provides customers with professional email connected to domain names and productivity solutions, enabling them to communicate and collaborate more effectively.

Personalised customer care

A dedicated team of customer care experts who understand the needs of small business owners complement GoDaddy products. GoDaddy offers local language customer care and a direct phone number in each of the new Asia markets, enabling customers to get personalised assistance as they create their digital presence.

*Asia Pacific Economic Cooperation
**Google Consumer Barometer
***Internet World Stats

Yellowfashion.in now available in Sri Lanka

Source: Yellowfashion.in website. 

-

 First curated online women ethnic wear store of its kind to foray overseas

- Eyes over Rs15 crores in revenues over the next three years

Yellowfashion.in, one of India's curated online women ethnic wear destinations, has expanded into Sri Lanka. The venture, well-known for its selection of sarees from across India, is betting on the fast growing Internet user base (6 million according to the ITU) and cultural similarities in clothing preference in Sri Lanka. 

The company estimates 15% of its revenues from 2016 and 2017 to come from the Sri Lankan market, with Sri Lanka contributing Rs15 crore over the next three years. Yellowfashion.in has signed up DTDC as a fulfilment partner to ensure delivery in three to six days to Sri Lankan customers, and put in place an international payment gateway. 

Darshan Patodi, Co-founder, Yellowfashion.in said, "Our in-depth market research revealed that the country, besides witnessing a growing Internet user base, is also very similar in nature to the Indian market when it comes to women ethnic wear choices. (The) Sri Lankan economy has since bounced back, it is geographically proximate and the partnership with DTDC gives us the logistical support required to ensure or track record of happy customers, which is retained in the new market as well. We look forward to the foray contributing significantly to our growth and profitability in the years ahead."

"What really is exciting about the market is that for a lot of women in Sri Lanka (the) saree is both regular wear and a fashion/lifestyle statement. Their affordability levels are high and they are seeking both design and quality which we are known for. Yellowfashion.in's approach of curating what is available on its online store vibes well with this need. Not to mention it being an untapped market. The initial response is encouraging," added Pallavi Patodi, Co-founder, Yellowfashion.in.

According to a Google India study, apparel is the highest contributor after electronics when it comes to e-commerce. The study has found that apparel is purchased 30% more times than any segment, making it one of the most stable domains in the Indian e-commerce landscape. Apparel contributes 34% to the value of total online purchases, says KPMG India.

MINISO opens outlets in Singapore and Dubai

Source: MINISO.

Fast fashion brand MINISO has opened flagship stores in Singapore and Dubai as part of an accelerated global expansion that promises up to 100 new stores a month. The company has been penetrating China since 2013, and counts the Singapore and Dubai openings as a major milestone in its globalisation strategy.

Founded by Miyake Jyunya, chief designer and Chinese entrepreneur Ye Guofu, MINISO aims to offer an alternative to high-level retail through quality products at affordable prices. The stores offer home necessities, health and beauty solutions, fashion jewellery, office supplies, stationery, and gifts, with the catalogue running to over 10,000 types products.

As one of the most developed market economies in Asia, a key services and shipping hub and the fourth global financial centre after New York, London and Hong Kong, Singapore is an important destination for MINISO's first international venture, the company said in a statement. Singaporean consumers have always been sensitive to changes in fashion, a philosophy built on and shared by MINISO.

Dubai likewise is a significant location in the global services and retail sector and serves to highlight the newly established reach of the MINISO brand in addition to its ability to expand into developed markets.

After Singapore and Dubai, the company will turn its attention to Europe and eventually the rest of the world, MINISO said.

Interested?

The Dubai store is in Al Ghurair Store, Deira, while the Singapore stores are in Harbourfront Centre and Plaza Singapura.

Singapore's Budget 2015 supports businesses

Source: Ministry of Finance, Singapore. Infrastructure investments were also announced as part of Budget 2015.

The measures announced in yesterday's Singapore Budget 2015 by Deputy Prime Minister and Minister for Finance, Tharman Shanmugaratnam for businesses included more training help, tapering off aid for business restructuring, freezing of foreign worker levies other than for manufacturing and construction, as well as boosting innovation and expansion.

Training and development 

"We will invest continually in Singaporeans, throughout their careers," said Shanmugaratnam. With SkillsFuture, the government will help Singaporeans learn at every age and develop mastery and flair in every field. The SkillsFuture measures specific to businesses are:

· SkillsFuture Earn and Learn Programme. Fresh polytechnic and ITE graduates will be placed in jobs and receive a salary while undergoing institution-based and structured on-the-job training that leads to an industry-recognised qualification. Both trainees and employers will receive substantial support from the government.

· Targeted support for career progression. According to Shanmugaratnam, these will support individuals who wish to develop the specialist skills required for future growth clusters. 
"For example, they may include software developers, satellite engineers or master craftsmen. The awards can also support those who already have deep specialist skills and wish to develop other competencies such as business and cross-cultural  skills," he said. 

According to the Minister, the growth clusters Singapore will focus on are:

• Advanced manufacturing, including advanced robotics and additive manufacturing (3D printing); 
• Applied health sciences, such as developing new medical devices and better nutrition, and transforming healthcare delivery; Smart, sustainable urban solutions, from water and waste management to transport and urban planning; 
• Logistics and aerospace, capitalising on air and seaport infrastructure and investing in new technological platforms; and 
• Asian and global financial services. 

SkillsFuture Study Awards will be introduced in phases, starting this year, and will be awarded to about 2,000 recipients per year eventually. SkillsFuture Fellowships will also be introduced from 2016, to develop Singaporeans to achieve mastery in their respective fields. About 100 fellowships will be awarded each year.

· Under the SkillsFuture Leadership Development Initiative, collaborations with strategic companies will be stepped up, to develop a pipeline of Singaporeans to take on corporate leadership roles and responsibilities.

· Industry collaboration. To uplift the broad base of companies, and to help Singaporeans develop their careers, the government will work with employers, unions, and education and training providers to develop and implement Sectoral Manpower Plans (SMPs) in all key sectors by 2020.

To help SMEs overcome the constraints they face in developing capabilities and capacity, the government will also work with industry partners to develop a shared pool of SkillsFuture Mentors with specialised, industry-relevant skills which SMEs can tap on.

More details on these initiatives will be provided subsequently.

Restructuring support

Shanmugaratnam noted that Singapore's productivity level is 13% higher today than the start of the national restructuring journey in 2010. "This is an average growth rate of 2.5% per year. All of this gain was achieved in 2010 (11.6%) and 2011 (2.3%) as we recovered from the recession, and growth has been negligible in the three years since then," he said.

More productivity is possible, especially when globalising companies are compared against those firms which only compete locally, he added. "There is a stark difference between productivity growth in industries where our businesses compete internationally, and in those where businesses compete mainly in the domestic market, such as construction, retail and F&B. 

"Over the past five years, our outward-oriented sectors saw productivity growth of over 5% per year on average, compared to less than 1% for our domestic-oriented sectors. Further, employment growth has been mainly in the domestic-oriented sectors. This is essentially why our overall productivity growth has lagged," he said.

"Every sector can achieve a lift in productivity, but it is especially important for our domestic sectors. It will only happen as firms rethink business strategies, seek to break the mould by finding new ways of growing their revenues, and take full advantage of government incentives for upgrading. Our tight labour market itself will motivate businesses to do so. We know that this major upgrading is possible in our domestic industries where productivity has lagged, because there are leaders internationally who have done it."

As businesses may need more time to adjust to rising costs as they restructure, the Transition Support Package will be extended by two years but provided at reduced support levels.

· The Wage Credit Scheme will be extended to 2017, to give employers more time to adjust to the tight labour market. Gross monthly wage increases of at least S$50 in the qualifying year (2016 to 2017), up to a gross monthly wage level of $4,000, will qualify for 20% co-funding.

In addition, gross monthly wage increases of at least S$50 given in 2015 and sustained in 2016/2017, and wage increases given in 2016 and sustained in 2017, will continue to be co-funded at 20%.

· The 30% Corporate Income Tax (CIT) Rebate will be extended for Year of Assessment (YA) 2016 and YA2017, with a reduced cap of S$20,000 per company per YA. The reduced cap will ensure that more support is focused on SMEs.

· The Productivity and Innovation Credit (PIC) Bonus will be phased out after YA2015 as it was intended as a transitional measure and has been successful in spreading the culture of productivity amongst SMEs. Businesses will continue to benefit from the PIC scheme which has been extended till YA2018, and the PIC+ scheme introduced in Budget 2014.

Foreign worker levies 

As the net inflow of foreign workers (excluding construction) has slowed significantly, the Government will defer this year’s round of announced levy increases for S Pass and Work Permit Holders, with the exception of Work Permit Holder levies in the Manufacturing and Construction sectors. 

Shanmugaratnam stressed that the government is not changing its stance on reliance on foreign talent. "..to avoid any misunderstanding, let me affirm unequivocally that while we are adjusting the pace of our foreign worker measures, we are not changing direction. It remains crucial for Singapore that we restructure towards reducing our reliance on manpower, and find new and more innovative ways to do business," he said.

"Our basic approach remains unchanged. We have to stay the course in reducing reliance on labour and especially unskilled foreign workers. However, we will continue to calibrate our foreign worker policies as informed by evidence on the pace of inflows, the quality of workers being employed, and the progress being made in raising productivity, sector by sector."

Strengthening support for innovation

Shanmugaratnam noted that Singapore's public investments have catalysed S$8.6 billion of industry R&D since 2011. He lauded local electronics manufacturer Dou Yee International as an innovation success story. "From a small trading business, it has transformed itself into a dominant player in the electrostatic materials industry with an annual turnover of S$300 million. It did this through R&D and a longstanding partnership with A*STAR. Most recently, Dou Yee has worked with A*STAR to develop smart plastic packaging that extends the freshness and shelf-life of food," he said.

"In our next Research, Innovation and Enterprise five-year plan, we will step up efforts to help companies develop, test and commercialise new products and solutions. More details will be provided later in the year."

· To support SME innovation, the Capability Development Grant (CDG) will be made more accessible to companies via a simplified application process for projects below S$30,000. The CDG’s enhanced funding support level of up to 70% of qualifying costs will also be extended for three more years, to 31 March 2018.

· To promote industry collaborations, SPRING’s Collaborative Industry Projects will be extended to all industry sectors to develop productive and innovative solutions. The Partnerships for Capability Transformation (PACT) scheme will also be enhanced to foster collaboration between large companies and SMEs in their supply chain.

· The National Research Fund will be topped up by S$1 billion this year, with greater efforts to help companies develop and commercialise new products.

· To ensure that promising companies have access to capital that they need to grow, the government will:

• Top up the Business Angel Scheme (BAS) by S$75 million and increase the co-investment cap to S$2 million per company for BAS and SPRING’s Startup Enterprise Development Scheme (SEEDS) to reduce early-stage funding gaps for startups. 
• Pilot a venture debt risk-sharing programme to provide 50% risk-sharing to selected financial institutions for such loans, over an initial period of two years. The aim is to catalyse about 100 venture debt loans, totalling approximately S$500 million. 

Expanding overseas

To support internationalisation, the government will:

· Raise the support level for SMEs for all activities under IE Singapore’s grant schemes from 50% to 70% for three years, to 31 March 2018*.

· Enhance the Double Tax Deduction for Internationalisation scheme to cover qualifying manpower expenses incurred for Singaporeans posted to new overseas entities.

· Introduce a new International Growth Scheme to provide qualifying companies a 10% concessionary tax rate on their incremental income from qualifying internationalisation activities. The scheme will expire on 31 March 2020.

Encouraging mergers & acquisitions

To help companies acquire scale through mergers & acquisitions (M&A), the government will:

· Increase the tax allowance for acquisition costs from the current 5% to 25% of the value of acquisition, with the cap on the allowance remaining at S$5 million per YA. In addition, companies will be able to claim M&A benefits for acquisitions that result in at least 20% shareholding in the target company, down from the current threshold of 50% shareholding. Also, the M&A tax allowance scheme will be extended till 31 March 2020.

· Extend the scope of IE Singapore’s Internationalisation Finance Scheme to cover overseas M&A financing.

More details will be announced at the Ministry of Trade and Industry’s Committee of Supply.

Read more about the Budget for 2015 here.

*These are the Global Company Partnership (GCP), and the Market Readiness Assistance (MRA) grants. The current support level for both these schemes is up to 50%, except for four activities: design, branding, intellectual property, and M&A, which are supported at 70% from 1 Apr 2012 to 31 Mar 2015.

Euromonitor shares four pillars to a successful entry into emerging markets

Global market research company Euromonitor International has released Succeed in Emerging Markets: Selection, Strategy and First Steps, an e-book focusing on a four pillar model to assist in entering emerging markets.

The first pillar is market, and it incorporates macroeconomic stability, consumer market size, growth and openness.

The second pillar in Euromonitor’s strategy is population and focuses on demographics. This assists in understanding how a business product or service will fit into a competitive landscape.

The third pillar focuses on access, or the reality of market entry. If a country is not easily accessible, businesses will not successfully produce goods in the market or reach consumers. Other topics discussed within the access pillar are infrastructure, Internet, partners and the retail landscape.

The final pillar reviews the business environment in a particular market, with emphasis on the regulatory environment and corruption.

According to Euromonitor’s Head of Strategic, Economic and Consumer Insight, Sarah Boumphrey, “Too many companies perform inadequate amounts of research prior to launching a product or service in a new market. This is problematic because some markets simply might not work. Utilising Euromonitor’s four pillar model before entering new markets provides a better understanding of the needs of consumers and the business environment in countries of interest.”

Euromonitor’s four pillar market entry strategy model should be tailored on a case-by-case basis based on sector-specific and business-specific factors to ensure the best information is used for each business.

Download a complimentary copy of the white paper about market entry in emerging markets here. 

Jack Wills opens flagship store in Singapore, its 78th in the world

Cult British fashion brand Jack Wills has debuted in Singapore with the grand opening of its first store in Raffles City Shopping Centre on November 4. The brand has a strong following amongst some of the most quintessentially British style icons, including Princes William and Harry, Emma Watson and Cheryl Cole. Its registered trademark, “Fabulously British”, encapsulates the inspiration behind Jack Wills – quality goods that draw heavily on British heritage and style. 

A black-and-white store front
opens up to herringbone wood
flooring, bedecked with a hand-
painted Union Jack and a
colonial-inspired column divider
with velvet Union Jack curtains.

The Singapore outlet is the brand’s fourth store in Asia, and the first outside of Hong Kong since the company’s entered the region in 2011. 

The Fabulously British brand’s Global Business Development Director Sanjay Sharma said during the Grand Opening Party in Singapore that the Raffles City store had been two years in the planning. “Since we opened our first store in Hong Kong in 2011, I have watched Jack Wills grow and flourish in the region,” said Sharma. 

“In just three years, Asia has risen to become our second most important market, after the UK, and I am thrilled to be here in Singapore to launch our very first store in this sophisticated, fashion-forward country. The Raffles City store will become the 78th Jack Wills store in the world – with many more to come.”

Sharma said Singapore will be a regional hub from which to expand the brand into Southeast Asia, and as the flagship store, the store in Singapore will carry nearly all of the Jack Wills range.

Source: Jack Wills. Part of the
Christmas collection.

The 2,400 sq ft Raffles City store opens with the Jack Wills Autumn and Christmas 2014 collections. The Autumn 2014 collection includes a range of versatile pieces that can be mixed and matched to reflect several style tribes, while the Christmas 2014 collection features festive hues, soft textures and iconic “Made in Britain” outerwear. 

Men's long-sleeved shirts on display
at the store.

Jack Wills is renowned for the impeccable quality of their men’s shirting, and for the Christmas season the classic Salcombe Shirt is made from polished Oxford cotton for a nod to traditional dress shirts, and then reimagined in modern eye-catching prints. 

Women’s shirts are reinvented in lighter, more feminine fabrications like the semi-sheer chiffon. Tops have been crafted from intricate lace to build on the quality, indulgent feel on the range. The collections are available in-store and online, and visitors to the boutique can also shop for accessories, homeware and gifts (boxsets from the Christmas collection are pictured below). 

The three Jack Wills stores in Hong Kong are at Leighton Centre, Ocean Terminal and Festival Walk, with a fourth at New Town Plaza opening in December. A store in Macau is also opening this month.

The Wanda Reign Wuhan is officially open

Wanda Hotels & Resorts has officially launched the Wanda Reign Wuhan as of 29 March. Wanda Reign is Wanda Hotels & Resorts' premier luxury hotel brand, and offers a host of private services for its guests.

Source: Wanda Reign website

The "Imperial Welcome" programme offers the use of a Bentley for example, while the "Reign Butler" combines Chinese hospitality with British butler traditions to provide bespoke personal assistant services throughout a guest's stay, including support for schedule management, nutritional advice, and shopping guidance. 

Located in Wuhan's East Lake Scenic Area near shopping and tourist landmarks, the Wanda Reign Wuhan is 30 minutes away by car from Wuhan Tianhe airport and 15 minutes from the Wuhan high-speed railway station.
The Wanda Reign Wuhan features marble and crystal interiors and has 413 rooms and suites. An embossed mural, the focal point in the hotel lobby, draws inspiration from the scenery of Wuhan East Lake, China's biggest urban lake. The 10m high and 60m long wall space is sculpted with white marble, Chinese jade and finished with gold threading. 

The "Bed of Reign" is handcrafted using pure New Zealand wool and US Talalay* latex by experts, while the "Dream Catcher" series is all about comfort. All the rooms and suites feature interactive TV, electronic cats' eyes, smart lighting systems, and automatic toilets. The hotel's presidential suite is embellished with embroidery with gold foil on silk, artistic cloisonne ornaments, and copper artwork. 

The book of Liki* (禮記), a Chinese classic, can be found in every guest room. The book records the oriental charters and regulations as well as rites and morality of ancient Confucian culture. The Wanda Reign is also the first hotel to use Hermes toiletries, which adds further prestige to the whole experience. 

The Wanda Reign Wuhan houses three restaurants featuring different cuisines. An international buffet and a la carte menu is offered at Cafe Reign; Huaiyang cuisine combined with the essence of Cantonese and local dishes is served at the River Drunk Huaiyang Restaurant; and contemporary fusion Japanese and French cuisine is available at He Restaurant. 

The 1,500 sq m pillar-less grand ballroom and seven function rooms are equipped with simultaneous interpretation systems, video conference systems and digital video conference systems. On the top floor of the hotel, Club Reign provides  members with a gathering place to relax. 

Wanda Hotels & Resorts is expanding aggressively. On its calendar are grand openings for the Wanda Realm Guangzhou in May, Wanda Realm Chifeng (Inner Mongolia) in June, Wanda Realm Jinghua and Wanda Realm Jining in July, Wanda Realm Changzhou in August, and the Wanda Vista Lanzhou in October.

"To be a leading global luxury hotel management group in China is our vision. Till the end of 2013, Wanda Hotels & Resorts has built and managed 54 five-star hotels, and expects to expand this number to 100 hotels by 2015. New Wanda Reign hotels will soon open in Shanghai, Chengdu and other international cities. 

"We believe that the three different hotel brands of Wanda Hotels & Resorts will satisfy the needs of different guests and all of them will enjoy consistent hospitality from our heart. As the premier luxury brand hotel in China, the Wanda Reign Wuhan will elevate the hospitality of Wuhan to a higher level," Ilja Poepper, Vice President Sales & Marketing of Wanda Hotels & Resorts said.

*Liki or Liji, also called the Book of Rites, is one of five Chinese classic texts that was used for Confucian education. Confucius lived from 551 to 479 BC.

*Talalay is a manufacturing process for the latex used in mattresses that is said to create a relatively more consistent and supple latex that continues to be bounce back to its original shape after years of use.