The economic outlook remains closely linked to inflation trends and to the response of central banks, and our forecasts are subject to a number of downside risks, including the supply of energy and credit.

Against this backdrop, Coface made 13 upgrades and 2 downgrades revisions to its country assessments, as well as 26 changes to its sector ratings (13 reclassifications and 13 downgrades). These underline an improvement in the outlook, but an environment that remains very demanding and uncertain.

The resilience of the global economy is confirmed, but the outlook remains gloomy

The growth figures for the beginning of the year for the major economies confirmed that the spectre of recession has receded for the time being (with the exception of Germany). There are several reasons for this. Firstly, Europe has managed to avoid disruption to its energy supplies. Secondly, resilience came from a surge in consumption in North America and China. Finally, emerging economies also confirmed their resilience. All this has led us to revise upwards our growth forecast for the global economy in 2023 to 2.2%.

These various factors are reflected in our country assessments, with 13 upgrades, mainly concerning emerging countries[1] . 7 of the 13 sector upgrades concern the transport sector, which is benefiting from the upturn in tourism and the easing of tensions in supply chains.

Nevertheless, the economic outlook remains lacklustre for 2023 and beyond, particularly in the advanced economies. Our forecast (2.3% growth for 2024) suggest that global growth is unlikely to rebound significantly. The near-stagnation of the global economy is set to continue, with continued weakness in the US, a timid recovery in Europe and Chinese growth below pre-pandemic standards.

Inflation down, but not out

In the list of major risks for the months ahead, the risk of persistent inflation remains high. The “mechanical” fall in inflation in the 1^er half of the year has been confirmed, as the repercussions of the conflict in Ukraine on energy prices are fading in most economies. On the other hand, signals of more entrenched inflation have also been confirmed, with core inflation stabilizing at high levels in the Eurozone, the UK and the USA.

Renewed inflationary pressures are still possible. China’s recovery has not yet reached its full potential, and is likely to exert pressure on gas supplies. Meanwhile, the oil market is tighter following OPEC+’s announcements of production cuts. The organization has withdrawn the equivalent of around 3.7% of global demand from the market. For the time being, we are maintaining our forecast of an annual average of around 90 USD/barrel.

In addition to energy prices, agricultural commodities are also worth monitoring. While their decline in recent months has not necessarily been passed on to consumer prices, new upside risks are already emerging. In addition to the Russian-Ukrainian conflict, which will continue to exert pressure, the El Niño climate phenomenon seems to be on the horizon from the second half of 2023. It could influence production and prices in 2023-24, with warmer temperatures and intense water deficits in some parts of the world.

Tighter credit conditions and a further rise in business insolvencies

The effects on inflation of the unprecedented monetary tightening in recent months are still largely to be seen, particularly in terms of service prices. The latter are still rising at levels that are hardly compatible with the 2% inflation target. Nevertheless, some of the major central banks have decided to pause rate hikes, starting with the Bank of Canada, the Reserve Bank of Australia and, probably, the FED. Conversely, the Bank of England is likely to raise its rate again, and the ECB will probably be forced to hike at its next meetings.

Pauses in rate hikes should allow to assess the impact of actions taken over the past year. Indeed, the turbulence in the banking sector can raise concerns about a credit squeeze, which is already visible. The slowdown in new lending to households and businesses, which drags down domestic demand, economic activity and, ultimately, inflation, also argues for a cautious stance from central banks.

In the coming months, companies will have to contend with an adverse environment of higher prices and tighter credit conditions, as well as sluggish domestic demand. In addition, after an overall increase in margins in 2022, businesses are likely to see their operating profitability decline under the combined effects of a gradual fall in core inflation and rising unit labor costs. The sharp increase in corporate insolvencies since the start of the year in most advanced economies is likely to continue, and even intensify, over the coming months.

Emerging economies will continue to drive global growth, but pockets of vulnerability persist

While advanced economies will see their growth fall in 2024, emerging countries should accelerate, with growth of 3.9%, their strongest expansion since 2018. The main factor will be the gradual recovery of the Chinese economy, which will benefit commodity exporters. The second factor is the pause in the Fed’s monetary tightening cycle.

Coface is therefore upgrading energy-exporting countries such as Saudi Arabia, Qatar, Nigeria and Kazakhstan. Meanwhile, Malaysia and the Philippines, which will benefit from the influx of Chinese tourists, are returning to their pre-pandemic assessments. It should be stressed, however, that the tightening of global financing conditions has put many countries at risk of default. Egypt was downgraded in 2022, and Ghana last February. In the same vein, we are downgrading Kenya and Bolivia this quarter.

Click here for the full Coface barometer

Hashtag: #economy #outlook #inflation #insolvency #riskassessment #countryrisk

https://www.linkedin.com/company/coface/mycompany/

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COFACE: FOR TRADE

With over 75 years of experience and the most extensive international network, Coface is a leader in trade credit insurance & risk management, and a recognized provider of Factoring, Debt Collection, Single Risk insurance, Bonding, and Information Services. Coface’s experts work to the beat of the global economy, helping ~50,000 clients in 100 countries build successful, growing, and dynamic businesses. With Coface’s insight and advice, these companies can make informed decisions. The Group’ solutions strengthen their ability to sell by providing them with reliable information on their commercial partners and protecting them against non-payment risks, both domestically and for export. In 2022, Coface employed ~4,720 people and registered a turnover of €1.81 billion.

Ethereum leaders aim to strengthen Hong Kong as a gateway to the US$81.5 billion APAC market and access to 520K+ developers

HONG KONG SAR – Media OutReach – 13 June 2023 – Today, Scroll, a leading native zkEVM scaling solution for Ethereum, and Newman Capital, a Web3 technology venture capital firm, are thrilled to announce their partnership as co-hosts of the highly anticipated ETH Hong Kong event. Taking place in the third quarter of 2023, this event will be the first Ethereum community-owned gathering of its scale in the city.

“Hong Kong is renowned as a global business and financial center, serving as a critical link between the East and the West,” said Adrian Lai, Founder and Managing Partner of Newman Capital. “The city has attracted many founders and firms due to its access to capital markets, but there is more to be done at a grassroots level to foster local innovation and attract global talent. As a Hong Kong native, I am excited for Newman to play a role in nurturing builders, thereby establishing Hong Kong as a true global blockchain hub.”

According to statista.com, the market opportunity for blockchain applications in China is projected to reach almost US$9.7 billion by 2030. Hong Kong is strategically positioned to optimize its role as a gateway to China and the 520,000+ developers building technology applications.

Recognizing the growing demand for a platform that empowers and connects Web3 builders in Hong Kong and across the wider APAC region, ETH Hong Kong aims to create a collaborative environment to support the development of the Ethereum ecosystem with a strong focus on developer-driven content. By bringing together builders, investors, and industry leaders, the event will foster knowledge sharing, collaboration, and innovation within the Web3 space.

Sandy Peng, Co-founder of Scroll, expressed her enthusiasm, stating, “As an active builder and contributor to Ethereum events around the world, we are thrilled to collaborate with a dedicated group to bring this transformative experience to Hong Kong. This vibrant city has always embraced growth and innovation, providing countless opportunities for forward-thinking entrepreneurs. By offering a platform for builders who share our vision of a decentralized future, we aim to empower developers in Hong Kong and the wider APAC region to seamlessly transition from Web2 to Web3, building applications on blockchains faster, scaling easily, and running applications on Ethereum.”

The Hong Kong government recently introduced a HK$30 billion mutual fund in 2023 to boost the financial sector, including fintech, blockchain, and digital assets. This fund aims to provide grants and funding opportunities to blockchain entrepreneurs, fostering innovation and growth in the sector. Additionally, Hong Kong has maintained a regulatory framework that promotes openness and encourages the development of blockchain and cryptocurrency-related businesses.

The organizing committee for ETH Hong Kong consists of well-known regional and local blockchain entities including FOMO Asia, PANews, 852 WEB3 and YuetDAO.

“We are thrilled to host the first-ever large-scale ETH Hong Kong event,” said Kyle Leung, head of the ETH Hong Kong organizing committee and Co-founder of FOMO Asia. “With a comprehensive schedule of panel discussions, workshops, boot camps, and hackathons led by industry leaders, we aim to further position Hong Kong as a global Web3 hub and advance the growth of the broader ecosystem.”

The ETH Hong Kong event promises to be an immersive experience for participants, providing opportunities for networking, knowledge exchange, and collaboration. Developers, builders, investors, and blockchain enthusiasts interested in participating in ETH Hong Kong can find more information and submit inquiries through the official website: https://www.ethhongkong.co/.

Hashtag: #NewmanCapital #Web3 #Ethereum #ETH #ETHHongKong #Scroll

https://www.linkedin.com/company/newman-capital-vc/

The issuer is solely responsible for the content of this announcement.

About Newman Capital

Newman Capital is a proprietary venture capital firm headquartered in Hong Kong, with a presence throughout Asia and the United States. With a vast knowledge and network, the firm interconnects diverse communities, bridging the gap between East and West, Web2 and Web3, developed and emerging markets, and more. Newman Capital seeks out aspiring founders and groundbreaking technologies at the forefront of Web3, connecting them with top-tier resources to unlock new opportunities for scalable impact. To learn more, visit: https://www.newmancapital.com/

About Scroll

Scroll is a fully EVM-equivalent zk-Rollup built to scale the Ethereum network. Committed to providing users with near-instant and cost-efficient transactions, Scroll upholds the high-security properties offered by the Ethereum network. As a community-centric and fully open-source ecosystem, Scroll aims to make blockchain scalability accessible to billions of users. With its zkEVM protocol layer, developer tools, and decentralized applications, Scroll aims to unlock the power of Web3 with the same security as the Ethereum blockchain. To learn more, visit: https://scroll.io/

ABOUT Fomo Asia

FOMO Asia is one of largest Web3 Conferences in Asia. The team believes in the power of uniting global Web3 thought leaders, founders, builders and investors to drive mass adoption for blockchain technology. FOMO Asia has run large-scale events in key blockchain frontiers in the world, including New York, Austin, Singapore, Taipei, Bangkok, Manila. It organized the Genesis Conference in Hong Kong in March 2023 which attracted more than 3,000 participants worldwide and 130+ speakers to attend. It was considered one of the most influential web3 forces.

https://www.fomoasia.co/

Professor Hao Shen, Department of Marketing, CUHK Business School

HONG KONG SAR – Media OutReach – 13 June 2023 – COVID-19 has done much to change the purchase habits of consumers around the world, especially by significantly accelerating the adoption of online commerce. Around the world, retail stores shut down as countries entered lockdowns to prevent the spread of the virus during the start of the pandemic. Online commerce boomed as consumers flocked online to purchase a wide array of goods.

Two years on, in the new normal that has emerged, it is becoming increasingly apparent that the rise in ecommerce is here to stay. According to figures released by the United Nations Conference on Trade and Development (UNCTAD), the online retail sales of seven countries that altogether made up for around half the world’s total GDP jumped from US$2 trillion in 2019, immediately before the pandemic began. This rose to around US$2.5 trillion in 2020 at the height of the pandemic, and its rise was sustained into 2021 at US$2.9 trillion, with China making up for over half of online retail sales across these markets.

Customers are becoming increasingly savvy in their digital shopping experiences. To ensure businesses stay on top of trends in the post-pandemic world, they must build an effective strategy that takes into account the rapid evolution of consumer preferences that have been brought on by the pandemic.

In this CUHK Business School Research White Paper, we shall examine some of the questions that companies and marketing professionals must deal with to succeed in this new digital age.

Capturing Consumer Attention in the Smartphone Era

First of all, customers now more than ever expect e-ecommerce websites to be clear, informative and highlight the wide variety of products available to them. In light of this, how can companies most effectively capture the attention of consumers in a digital age where the majority of purchase decisions are increasingly being conducted in front of mobile devices such as smartphones?

One of the studies found that in viewing images of potential products on a digital screen, the direction of a person’s eye movement can affect how favourably they evaluated it. For example, the product evaluations are more favourable if eye movement direction matched the direction of travel of other bodily appendages, such as a finger.

As consumers have switched their purchase habits away from physical retail stores, so too has payments now shifted to being dominated by an array of region-specific digital formats, from bank transfers to e-wallets and credit cards and even short-term financing (Buy Now Pay Later) solutions. But can the use of digital payments affect how customers make purchase choices?

In one study, we sought to look at whether making payments in credit cards or cash could lead consumers to think about their purchase decisions in a more abstract versus concrete manner. What we found was that if people paid for purchases with a credit card, as is the case in an online transaction, then it would cause them to activate a more abstract mindset that causes them to focus on the main features of the product or service they are considering purchasing. On the other hand, paying with cash can cause consumers to activate a more concrete mindset and to focus on the minor details of a product or experience.

Embrace The Use of Audio and Visual Elements

Social media has also become a crucial part of any e-commerce plan, with the popularity of platforms such as Instagram, Tiktok to China’s WeChat all surging as people sought to maintain social contact at the height of the pandemic. Many of the current generation now use social media as their main conduit with which to learn more about the world around them, including where to shop and what to buy. In this age of the rise of social media, how can companies leverage off new and exciting ways to communicate to their customers and spread the word of mouth, and how can they shape consumer feedback to their advantage?

What we found was that speaking about a brand tends to increase a person’s connection to it, as opposed to writing about it. That’s why marketing professionals should consider encouraging consumers to utilise channels where they can offer feedback in verbal or spoken forms. By encouraging consumers to provide spoken feedback on their products on social media platforms through video or audio, we found that at least popular brands stand to reap benefits associated with a strengthened consumer connection, whether that be increased resistance to criticism against the brand, or a stronger willingness to wait for products to become available again in cases of stock-out.

The Surprising Impact of Touchscreen Menus

Finally, physical retail itself has been transformed as customers have gradually make their way back to brick and mortar stores, with more and more businesses making use of touch interfaces to communicate and interact with customers. Do their use affect consumer choice and what could be potential implications for consumers and policymakers?

In our research into how restaurants and other food and beverage outlets make use of self-service kiosks, we find that when customers use a touchscreen menu to order food, it makes them more likely choose food which make feel better, such as a piece of cheesecake, rather than something which they know is healthier for them, like a salad.

The two-prong challenge of the arrival of the digital age and the spread of the global pandemic has done much to change how people make purchases. Consumers are continuing their shift into digital shopping and increasing numbers of consumers around the world are shopping online for the first time, likely drawn by its convenience and access to a potentially wide variety of goods. As brands venture into this post-pandemic world that is increasingly driven by e-commerce, they need to adjust their strategies to take advantage of changing habits in order to thrive.

Like most industries, retail will find a way to thrive in the digital age. But it will only be able to do so if marketers possess a deep understanding of how customer habits and behaviours continue to evolve as a result of new technological improvements. At CUHK Business School, we look forward to exploring these ongoing developments as they happen and sharing how they will impact on brands and marketing professionals alike.

Read more: https://cbk.bschool.cuhk.edu.hk/research-whitepapers/retail-marketing-in-the-digital-era/

Hashtag: #CUHKBusinessSchool

The issuer is solely responsible for the content of this announcement.

The world’s first DQHD OLED monitor features AI upscaling and an incredibly fast 0.03ms response time (GtG) to bring gamers closer to the action

SINGAPORE – Media OutReach – 13 June 2023 – Samsung Electronics Co., Ltd. announced the global launch of the Odyssey OLED G9 gaming monitor (G95SC model), which has been enhanced with next-level AI upscaling technology. Building on the success of last year’s Odyssey OLED G8 (G85SB), the new monitor joins the lineup to open a new era of OLED gaming.

“Last year, Samsung addressed the demands and expectations of even the most experienced gamers with the launch of the Odyssey OLED G8,” said Hoon Chung, Executive Vice President of the Visual Display Business at Samsung Electronics. “With the introduction of the Odyssey OLED G9, equipped with unrivalled picture quality, we are excited to offer our customers these powerful gaming monitors and raise the bar for OLED gaming.”

Measuring 49 inches in size with a 1800R curvature, the Odyssey OLED G9 is the first OLED monitor to offer Dual Quad High Definition (DQHD; 5,120 x 1,440) resolution with a 32:9 ratio. The large and wide screen ratio enable users to lose themselves in super-ultrawide vistas — equivalent to two QHD screens side by side. At the same time, its rapid 0.03ms gray-to-gray (GtG) response time and 240Hz refresh rate offer players a competitive edge.

The addition of the Neo Quantum Processor Pro sets the Odyssey OLED G9 apart from other OLED gaming monitors. Using a deep learning algorithm, it intelligently analyses images and automatically upscales to adjust brightness while amplifying contrast. This enables the monitor to restore each detail and deliver the most brilliant images, pixel by pixel.

AMD FreeSync™ Premium Pro further enhances the Odyssey OLED G9’s super smooth gameplay experience. With DisplayHDR™ True Black 400, the monitor delivers incredible details and vivid colours regardless of the game being played or the content the user is watching.

The Odyssey OLED G9 features a slim design housed within a sleek metal frame. On the back of the monitor is the much-loved CoreSync and Core Lighting+ which uses advanced lighting technology to match the colours on-screen, making content more immersive and bringing the gaming experience to life. Built-in stereo speakers complement on-screen content with crisp sound.

Unrivalled Choice on a Detailed, Vivid Display

Equipped with smart TV apps, the Odyssey OLED G9 provides access to streaming and entertainment all in one place. Users can watch their favourite shows from leading OTT (over-the-top) service providers without a connection to a PC or mobile device[1].

The Multi View offering allows users to take full advantage of the large display by enabling game play on up to two screens at once. This means that gamers now can enjoy multitasking without the hassle of a multiple-monitor setup.

The Odyssey OLED G9 offers a variety of convenient functions and features that provide an optimised experience whether gaming or viewing. Versatile connectivity options, including HDMI 2.1 and Micro HDMI 2.1, Display Port 1.4, and Auto Source Switch+, create cleaner connections from one central USB hub while providing a seamless experience regardless of the content source. The Height Adjustable Stand (HAS) enables users to find the perfect gaming or viewing position, regardless of what they are playing.

Local Availability and Pricing

The Odyssey OLED G9 (G95SC) is now available for preorder in Singapore, with general availability starting 26 June at S$3,399 (including GST).

In addition, consumers who preorder the Odyssey OLED G9 will receive a complimentary Galaxy Tab S7 FE Wi-Fi 64GB (worth S$755)[2].

The new Odyssey OLED G9 will be available on the Samsung Online Store, the Samsung Official Store on Lazada and Shopee, as well as major consumer electronics and IT retailers.

For more information about Samsung’s Odyssey OLED monitors and the full Odyssey lineup, please visit: https://www.samsung.com/sg/.

To celebrate the launch of a new model, Odyssey Cup will be held on Samsung Odyssey Twitch channel on June 22, bringing 100 global gamers to Fortnite tournament.

Specifications

Hashtag: #SamsungElectronics

The issuer is solely responsible for the content of this announcement.

About Samsung Electronics Co., Ltd.

Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, and memory, system LSI, foundry, and LED solutions. For the latest news, please visit the Samsung Newsroom at news.samsung.com.

Industry elites gather to explore artificial intelligence trends “Global Innovation Award” recognizes outstanding achievements in corporate innovation

HONG KONG SAR – Media OutReach – 12 June 2023 – The first “Global Innovation Day 2023”, organized by The Hong Kong Management Association, was officially launched at Hong Kong Convention and Exhibition Centre today, attracting over 1,000 participants from Hong Kong, Mainland China, and overseas countries and regions. The organizer was honoured to have Mr Joseph H.L. Chan,JP, Under Secretary for Financial Services and the Treasury, The Government of HKSAR, and Ir Tony Wong,JP, Government Chief Information Officer, Government of HKSAR as the Guest of Honour of the event. It also received support from the management and industry leaders of more than ten multinational corporations and local brands to jointly explore the latest developments in the innovative technology industry and business strategies. On the same day, the finals and announcement of the winners of the “HKMA/HKT Global Innovation Awards 2022/23” were also held, to recognize businesses and organizations from all sectors, for outstanding achievements in innovation.

In his welcome speech, Mr SK Cheong, Deputy Chairman of the Hong Kong Management Association said, “The Government is accelerating the city’s use of innovation and technology in financial services and growth in the FinTech sector. It facilitated an agreement between the Hong Kong Monetary Authority and the People’s Bank of China to ‘link up’ FinTech regulatory facilities in the Mainland and Hong Kong; allowing eligible financial institutions and technology firms to conduct pilot cross-boundary FinTech initiatives concurrently in the GBA cities and Hong Kong, expediting the development of cross-boundary Fintech products.”

In order to support Hong Kong’s development as an international innovation and technology center in accordance with the national “14th Five-Year Plan”, and to celebrate the 25th anniversary of the establishment of the HKSAR, the Hong Kong Management Association launched the “HKMA/HKT Global Innovation Award 2022/23” last year to recognize outstanding achievements in innovation across various industries and sectors. Since the

launch of the award, the response from the industry has been enthusiastic, with the association receiving over 230 entries, including overseas entries from Mainland China, Israel, Italy, Singapore, Spain, and the United States. Representatives from the 30 shortlisted institutions delivered final presentations this morning, showcasing positive, long-term, and sustainable solutions with significant impact in innovation products, services, technologies, practices, and processes.

In the afternoon, the award ceremony and innovation summit were held, with several guests conducting thematic discussions and announcing the results of the finals. Before the start of innovation summit, In his welcome speech, Dr Y K Pang GBS JP, Chairman of the Hong Kong Management Association said, “As technology changes inexorably, new breakthrough innovations are emerging at unprecedented rates and this trend is likely to continue in the coming years. Just a few years ago, Artificial Intelligence was considered science fiction, but today it is already being used in various applications across many industries, creating a significant impact on our work and daily lives. The Global Innovation Day aims to foster dialogues and collaborations across industries, and we hope today’s event has achieved just that.”

The summit featured a distinguished lineup of guests and speakers. Professor Yike Guo, Provost and Chair professor, the Hong Kong University of Science and Technology, delivered a keynote speech on “The Rise of Generative AI Technology” to share the applications and cases of generative AI in various industries, and how to further promote its development.

The panel discussions were divided into two parts. The first part, titled “Navigating the Emerging Technologies and Driving Growth in Start-up Ecosvstems through Innovation and Collaboration,” was hosted by Mr Chan Ho Wing, Deputy GM-Ops Innovation Hub, MTR Corporation, and Mr Herbert Chia, Venture Partner Sequoia Capital. They were joined by Mr Minh Do, Co-Chief Operating Officer, Animoca Brands, Mr Alvin Kwock, Co-Founder OneDegree, Ms Erica Ma, Managing Partner, Cocoon Ignite Ventures and Mr Andy Wong, head of Innovation and Technology, InvestHK, to discuss the trends in emerging technologies, how the government and industry can promote the development of emerging technologies through innovation and collaboration, and to share experiences with start-ups to help them overcome challenges.

The second part was led by Prof Viveca Chan, Founder and CEO, WE Marketing Group, and Mr Andrew Young, Managing Partner, Southern Region, Deloitte China. They were joined by Mr Fred Sheu, National Technology Officer, Microsoft, Ms Jacqueline Teo, Head of Digital Solutions CLP Power Hong Kong, and Mr Leo Tsui, President, APAC at Appnovation, to discuss “The Power of Generative AI: Driving Organizations Innovation and Competitiveness.” They explored the advantages of generative AI over other technologies,

how to create original and unique content, and improve production efficiency, to help participants understand the latest developments in this field.

At the end of the event, the Hong Kong Management Association announced the winners of the “HKMA/HKT Global Innovation Award 2022/23”. Immigration Department of HKSAR and Airport Authority Hong Kong won the “Innovation Organizations Award (Large) – Innovation Champion of the Year”, Allystar Technology Co Ltd won the “Innovation Organizations Award(SME) – Innovation Champion of the Year”, while i2Cool Ltd won the “Innovation Rising Stars Award – Best Rising Star of the Year”.

List of Champion winners of the “HKMA/HKT Global Innovation Award 2022/23”

Please click here to download more event photos:
1. Mr SK Cheong, Deputy Chairman, The Hong Kong Management Association gives welcome speech.
2. Mr Joseph H.L. Chan,JP, Under Secretary for Financial Services and the Treasury, The Government of HKSAR, gives speech.
3. Welcoming Address By Dr Y K Pang, GBS, JP, Chairman, The Hong Kong Management Association

For more details on the event and the full list of speakers, please visit the Global Innovation Day website: https://innovation-award.hkma.org.hk/gid/gid.php

Hashtag: #HongKongManagementAssociation

The issuer is solely responsible for the content of this announcement.

About Hong Kong Management Association

The Hong Kong Management Association (HKMA) was established in 1960. As a non-profit making professional organization, its vision is to be the leading professional organization advancing management excellence in Hong Kong and the Region. To nurture human capital through management education and training at all levels, the Association offers over 2,000 management development programmes and activities to more than 50,000 participants annually. A diverse range of courses are offered including programmes leading to Bachelor, Master and Doctoral degrees offered in partnership with prestigious universities worldwide; Diploma programmes; Certificate courses; Distance Learning courses; seminars and workshops; as well as short courses for business executives and professionals. To recognize best practices in management, the Association organizes eight annual business awards, which are widely respected and have become the highlights of the business community. The Association also provides its 13,000 corporate and individual members with a platform for the exchange of ideas, networking and personal development. (https://www2.hkma.org.hk/)

Malina Ngai, Chief Executive Officer of A.S. Watson (Asia & Europe) joined panelists CGF Board Co-Chairs Frans Muller and Dirk Van de Put to address the global change agenda for retailers and manufacturers.

Despite the unprecedented challenges posed by the pandemic over the past few years, A.S. Watson Group, the world’s largest international health and beauty retailer, has continued to expand and grow. Compared to the year 2019 (prior to the pandemic), the company has increased its global presence by adding three new markets, namely UAE, Qatar, and Saudi Arabia, bringing the total to 28 markets, and has expanded its global store network to over 16,100 stores. Moreover, A.S. Watson’s global member base has grown significantly from 137 million in 2019 to 148 million this year. The resilience is a testament to A.S. Watson’s agility and adaptability in response to a rapidly changing world and customers.

“First of all, we should see changes as new opportunities. Today, consumers are becoming more emotional, more unpredictable, more educated, and more socially conscious. They want more choices, more deals, and have less time and loyalty,” Ngai said.

“It’s becoming very complex to run a retail business because it’s not only about trying to win customers’ share of wallet but also share of time. Time is a new currency. With the constant change in their behaviours, retailers and manufacturers need to adapt accordingly and with pace.”

Ngai explained the way to approach change, “Using the Chinese words for business ‘生意’ (Sheng Yi), it incorporates the concept of customer centricity. The first word 生 (Sheng) means lively, we need to be flexible and not rigid. The second character 意 (Yi) is made up of three parts: 立 – Determination, 日 – Every day and 心 – Think from Customers’ Perspective.

Ngai believes that to create sustainable growth, adaptive change is required and business needs to be determined to work tirelessly every day, listen to and meet customer needs.

“With sustainability being high on customers’ mind, businesses need to align their purpose with the customers’ values so that we can jointly create a more positive impact on the planet.”

Concluding her speech, Ngai urged all companies, big and small, from all geographic locations to work together towards sustainability, “The subject of sustainability is far-reaching and requires collective efforts between retailers and manufacturers to create significant impact.”

Hashtag: #ASWatson

The issuer is solely responsible for the content of this announcement.