OPPO Find X8 and Find X8 Pro launched in global markets
Overseas markets have become the growth engine for OPPO, contributing approximately 60% of its total shipments
OPPO’s globalization is rooted in localization and driven by its focus on premiumization
JAKARTA, INDONESIA – Media OutReach Newswire – 21 November 2024 –OPPO, the world’s leading smart device brand, today announced the global availability of its Find X8 and Find X8 Pro flagship smartphones. Each delivers ultra-grade experiences across camera, performance, and battery life and debuts ColorOS 15 with its suite of advanced OPPO AI solutions. The global release of the OPPO Find X8 series underscores OPPO’s commitment to globalization and its dedication to delivering top-quality products and services to users worldwide.
OPPO Find X8 series
“Our progress in globalization stems from OPPO’s commitment to understanding local communities and delivering exceptional products and services.” said Billy Zhang, President of Overseas Marketing, Sales and Services at OPPO. “As we expand in overseas market, we remain committed to creating diverse and innovative solutions that enhance the users experience.”
Billy Zhang, President of Overseas Marketing, Sales and Services of OPPO at the launch event
Overseas markets as OPPO’s growth engine
Overseas markets have become the growth engine for OPPO. Currently, the company operates in over 70 countries and regions, with more than 300,000 retail spaces worldwide. OPPO now ranks No. 4 globally in smartphone shipments, and overseas shipments account for approximately 60% of its total volume.
Southeast Asia remains a core market for OPPO, where the brand holds the top position. Newly established markets in 2024, such as Brazil and Argentina, underscore OPPO’s commitment to expanding in Latin America. Now OPPO ranks NO.5 with a 62% year-on-year growth in Latin America.[1]
OPPO’s ambitions of globalization extend beyond smartphones as it evolves into a comprehensive global technology company. With a diverse product portfolio that includes internet services—engaging 700 million ColorOS users worldwide[2]—and a growing lineup of IoT products, OPPO is dedicated to expanding its presence in global markets.
The latest launched OPPO Find X8 Pro, OPPO Pad3 Pro, and OPPO Enco X3i
Strengthening local connections through retail, manufacturing, and cultural engagement
A significant part of OPPO’s globalization success comes from its commitment to connect with local communities.
With the goal of resonating with people and understanding their unique cultures, OPPO partners with Discovery Channel this year to launch the “Culture in a Shot” initiatives, celebrating cultural diversity through OPPO imaging technology. To date, over 330 million people worldwide have been inspired by these cultural images and stories.
OPPO partners with Discovery Channel to launch the Culture in a Shot
OPPO’s understanding of local culture is also evident in its retail strategy. As part of its retail 3.0 Pro upgrading plan with a $60 million investment, OPPO integrates the local culture into its retail space to create a welcoming and familiar environment for customers. In Indonesia, for example, OPPO stores feature coffee corners with locally sourced coffee.
To ensure reliable quality for local consumers, OPPO is not just sold globally but also made globally. With manufacturing centers in 8 countries, OPPO’s local production capabilities enable it to efficiently meet regional market demands while strengthening connections with local communities and economies.
Driving premiumization through joint innovation with global tech giants
As OPPO expands globally, it is also focusing on premiumization. By collaborating with leading tech companies such as Google, MediaTek, Ericsson, and Hasselblad, OPPO continues to push the boundaries of what’s possible in AI, imaging, and connectivity. For example, featuring AI Telescope Zoom and Lightning Snap, OPPO Find X8 Series is the perfect Matchday Phone for fans, under the collaboration between UEFA and OPPO.
These partnerships empower OPPO to deliver exceptional, premium experiences that cater to discerning consumers worldwide, and strengthening its influence in premium markets.
OPPO Find X8 series as the Matchday Phone
With a focus on global expansion, local engagement, and premium experiences, OPPO is committed to bringing innovative, high-quality solutions to users worldwide. The OPPO Find X8 series global launch exemplifies this commitment, and it is backed by OPPO’s dedicated global service network in over 62 countries and regions. As it moves towards globalization and localization, OPPO remains dedicated to delivering technology that empowers and connects communities around the world.
[1] Data from Canalys 2024 Q3
[2] Data as of June 2024
Hashtag: #OPPO
The issuer is solely responsible for the content of this announcement.
About OPPO
OPPO is a leading global smart device brand. Since the launch of its first mobile phone – “Smiley Face” – in 2008, OPPO has been in relentless pursuit of the perfect synergy of aesthetic satisfaction and innovative technology. Today, OPPO provides a wide range of smart devices spearheaded by the Find and Reno series. Beyond devices, OPPO also provides its users with ColorOS operating system and internet services. OPPO has footprints in more than 70 countries and regions, with more than 40,000 employees dedicated to creating a better life for customers around the world.
OPPO Find X8 and Find X8 Pro launched in global markets
Find X8 Series delivers ultra-grade cameras, performance and battery life
ColorOS 15 debuts on Find X8 Series with cutting-edge OPPO AI
JAKARTA, INDONESIA – Media OutReach Newswire – 21 November 2024 –OPPO, the world’s leading smart device brand, today announced the global availability of its Find X8 and Find X8 Pro flagship smartphones. Each delivers ultra-grade experiences across camera, performance, and battery life and debuts ColorOS 15 with its suite of advanced OPPO AI solutions.
“With Find X8 Series, we have broken through barriers that have held smartphones back for generations. An exquisite, ultra-slim design, along with ultra-grade cameras, ultra-long-lasting battery life, and ultra-powerful performance, are now a reality for the first time. Thanks to our intelligent ColorOS 15, OPPO AI, and our close partnerships with industry leaders, Find X8 and Find X8 Pro make creativity, productivity, and everyday tasks easier, quicker, and more seamless than ever. Find X8 Series really is the new global standard for smartphone excellence.”— Pete Lau, SVP and Chief Product Officer, OPPO
Stylish, Slim & Durable
Both Find X8 and Find X8 Pro are premium, elegant, and durable, with rich glass and aluminium construction plus striking Cosmos Ring design, delivering a super-comfortable in-hand experience, whichever you choose. Despite ultra-beating camera systems, each sets a new benchmark in its class for ultra-slim flagship camera phone design.
Find X8 represents a golden size. With its 6.59″ display and an easy-to-hold design, it balances being both compact and immersive, and the slender 7.85mm profile and light 193g weight ensure whatever the scenario, it’s a perfect fit.[i] Fans of big-screened smartphones will love Find X8 Pro’s expansive 6.78″ Infinite View Display. Its size is offset by its elegant, curved frame and quad-curved glass on the front and back, creating a soft, easy-to-manage hold.
OPPO Find X8 in Shell Pink, and Find X8 Pro in Pearl White
Both Find X8 and Find X8 Pro are IP68 and IP69 dust and water-resistant, able to withstand being submerged in 1.5m of water for 30 minutes and jet sprays of water up to 80ºC for total peace of mind. Find X8 also adds Swiss SGS and Military Grade certification, tested to whole-phone drop resistance and MGJB 150.18A MIL-STD impact standards.
Available in Star Grey, Space Black and Shell Pink, Find X8’s diffuse finish is elevated and fingerprint-resistant, whichever colour you choose. Find X8 Pro is available in Space Black and Pearl White. Both carry forward this sleek, diffuse aesthetic, but each Pearl White Find X8 Pro adds a unique pearlescent pattern, infusing an exclusive quality to the colour.
Less Bezel & More Screen
Find X8 and Find X8 Pro deliver immersive views and stunning, bright, crisp, high-quality screens. Each phone features a super-smooth 120Hz display and up to 1600 nits peak brightness for easy outdoor viewing, even on a sunny day. When playing back HDR content, Find X8 Series beams at up to 4500 nits, and the ProXDR displays support the Ultra HDR standard, so your photos look glorious across compatible apps and services.
OPPO Find X8 and Find X8 Pro
For Find X8 and Find X8 Pro, the bezels surrounding the displays have been shrunk to create a futuristic, immersive view. Find X8 showcases the thinnest bezel of any OPPO phone, symmetrical on all sides at just 1.45mm, creating a nearly edge-to-edge impression. Find X8 Pro’s visually symmetrical 1.9mm bezel is also ultra-slim, with the larger size and quad-curved glass elevating the look and feel further still.
Splash Touch technology means you can use Find X8 Series outdoors in the rain or when your hands are wet without interruption, and with high-frequency PWM dimming, DC dimming, and TÜV Rheinland Eye Comfort 4.0 certification, enjoy a view that’s easy on the eyes across both Find X8 and Find X8 Pro.
Hasselblad Master Camera System
OPPO Find X8 Series introduces OPPO’s all-new Hasselblad Master Camera System with ultra-beating zoom and cutting-edge AI-powered capabilities. Both phones feature all-50MP cameras, with Find X8’s combination including a 15mm (0.6x), 24mm (1x), and 73mm (3x) periscope camera mix, while Find X8 Pro has a quad-camera, adding a 135mm (6x) periscope camera for further-reaching zoom and a larger 23mm wide-angle camera sensor.
Find X8 Pro’s dual-periscope cameras
Both Find X8 and Find X8 Pro debut OPPO’s triple prism periscope camera with a flagship 50MP, 1/1.95-inch Sony LYT600 sensor, capturing superior lowlight photos and videos despite its compact size. Find X8 Pro is also the first globally available smartphone to feature two periscope cameras, offering industry-leading gapless zoom performance.
With Hasselblad Portrait Mode, Find X8 and Find X8 Pro put the iconic Hasselblad look in your pocket – a perfect pairing with the periscope cameras – and Find X8 Pro is the only global smartphone to offer optical 135mm portraits for high-impact, dynamic photos of people and pets.
When you need next-level zoom, AI Telescope Zoom takes Find X8 Series’ incredible hardware even further, breaking through limitations to create stunning photos at up to 60x. So whether it’s a picturesque landscape or a performer on stage, Find X8 and Find X8 Pro go the distance.
OPPO Lightning Snap in action
OPPO Find X8 Series also introduces Lightning Snap, capturing a burst of photos at up to seven frames per second with a long press of the shutter button, and all without sacrificing image processing. This means each frame looks like a dedicated still image, taking full advantage of OPPO’s HyperTone Image Engine. Find X8 Pro owners can also access Lightning Snap by using the Quick Button, a touch-sensitive strip on its right side that can quickly launch the camera and control zoom.
With its all-50MP rear camera system, Find X8 and Find X8 Pro aren’t just photography champions; they also record Dolby Vision HDR video at up to 4K resolution, 60fps from all cameras, including the front camera, making both phones ultimate creator tools.
Transforming the Livephoto experience, Find X8 Series marks an end to poor-quality accompanying video clips. Capturing the essence of every moment with movie-grade dynamic range and stabilisation in every clip, Find X8’s Livephoto quality means each frame can be turned into a potential photo for maximum flexibility.
The Ultra-Powerful MediaTek Dimensity 9400
OPPO Find X8 features the MediaTek Dimensity 9400 for stellar gaming performance
With the latest MediaTek Dimensity 9400 chipset, Find X8 and Find X8 Pro pack class-leading power. Built on TSMC’s 2nd generation 3nm process and featuring MediaTek’s 2nd generation all Big Core design, the Dimensity 9400 delivers 35% faster CPU and 41% faster GPU performance. More than just powerful, MediaTek has achieved game-changing efficiencies of 40% from the CPU and 44% from the GPU, and with AI tasks using 35% less power, the Dimensity 9400 and Find X8 Series are future-proofed performance champions.[ii]
OPPO and MediaTek have worked closely to optimise Find X8 Series with the all-new Trinity Engine, and each phone features a customised cooling system, harnessing a high-performance vapour chamber, graphite layer, and thermal conductive gel to deliver improved heat dissipation for ultra-powerful performance.
The Ultimate Concert Phone with AI LinkBoost
Find X8 Series features OPPO’s new AI LinkBoost for unrivalled connectivity. With a total of 20 antennas, Find X8 and Find X8 Pro ensure you stay as connected as possible, even in challenging environments.
Perfect for concerts, AI LinkBoost is optimised for stadiums, enabling 79% faster video uploads in congested environments.iii Together with industry-leading zoom capabilities and ultra-long battery life, you can capture higher-quality, further-reaching clips and share them with ease like never before.
Find X8 and Find X8 Pro with AI LinkBoost for ultra-stable connectivity
AI LinkBoost’s superpowers take Find X8 Series beyond stadiums. In weak network conditions, such as in an elevator or a basement, AI LinkBoost enhances uplink and downlink throughput by 50%. AI LinkBoost also makes sure connectivity won’t hold back your gaming, thanks to a triple Wi-Fi antenna, so no matter how you hold it, you’ll benefit from the best possible connection and experience up to 40.11% less latency during playback.iii
Slim Style; Huge Battery Life
Pioneering silicon-carbon battery technology adds ultra-beating battery performance to Find X8 Series despite both phones’ sleek profiles. Find X8 has a better-than-flagship 5630mAh battery, and Find X8 Pro’s incredible 5910mAh higher-than-ultra capacity delivers true multi-day performance.
More than just long-lasting, Find X8 and Find X8 Pro are also fast-charging, with 80W OPPO SUPERVOOCTM charging for hours of power in minutes of charge time. Both phones deliver ultra-beating wireless charging with 50W AIRVOOCTM, and when paired with an OPPO Mag Charge case, Find X8 Series can enjoy the speed of 50W AIRVOOCTM with the convenience of magnetic charging and mounting.
ColorOS 15 & OPPO AI
OPPO Find X8 Series introduces ColorOS 15, setting the bar for ultra-smooth experiences and ultra-smart AI capabilities.
By overhauling more than 800 elements to create a sleek, minimalist aesthetic with refined effects, navigating ColorOS 15 is a seamless, fluid experience, and Flux Themes creates easy-to-swap visual profiles you can switch between in moments. ColorOS 15’s fluidity is made possible by OPPO’s Luminous Rendering Engine, resulting in an 18% faster touch response and 40% superior stability.[iii]
Launching with Android 15, Find X8 Series will receive six years of security updates for long-lasting peace of mind.
To streamline photo edits, OPPO AI Eraser has been upgraded for superior object detection and generative fill, while three new AI-powered creative tools have been added.
AI Clarity Enhance can crisp up a crop or low-resolution image
AI Clarity Enhance transforms a low-resolution photo or cropped image into a crisp, clear, natural-looking ultra-high-definition image. AI Unblur restores natural details, colours and textures, such as skin and hair, so you can breathe new life into action shots and blurry photos. AI Reflection Remover removes glare and reflections to reveal the photo you were trying to capture all along.
Dare to dream with OPPO AI Studio, and create countless generated images, choosing between realistic, illustrated and a host of fantastical styles to create your next avatar, profile picture or social post.
From creativity to productivity, ColorOS 15 upgrades OPPO’s AI ToolBox. This context-aware menu is in the Smart Sidebar when you need it, with AI Summary, AI Speak, AI Reply and AI Writer returning to streamline reading and writing for Find X8 Series, whether browsing the web or writing a message.
AI Assistant for OPPO Notes and Documents
AI Assistant for Notes restructures and streamlines content in an instant, while also correcting spelling, grammar and tone, and it can intelligently expand or shorten notes. Within the new Documents app, existing text files, spreadsheets and presentations can be summarised in seven languages. It also supports pro-grade translation and can rewrite documents in more formal or casual styles. Recorder can capture hours of audio in multiple languages, generating a transcript and a summary for personal assistant-level support, so you can focus on the task at hand.
ColorOS 15 also introduces Google Circle to Search for OPPO smart devices. With a simple long press, users can instantly search for whatever’s on-screen without needing to switch apps. And with the Google Gemini app and Gemini as ColorOS’s digital assistant, whether checking the weather, chatting with Gemini, or planning your next vacation, OPPO and Google are on hand to make life easier.
With Touch to Share, OPPO continues to break through established barriers, enabling one-tap wireless file-sharing between iOS/iPadOS and ColorOS 15 devices using NFC.[iv]
Find X8 and Find X8 Pro Touch to Share in action
OPPO Find X8 and Find X8 Pro availability
Find X8 is available with 12GB + 256GB and 16GB + 512GB, Find X8 Pro is available with 16GB + 512GB.
[i] Dimensions and weight vary depending on colour
[ii] Data from MediaTek and OPPO Labs
[iii] Data from OPPO Labs
[iv] Touch to Share requires O+ Connect app to be installed from the App Store. The feature currently supports wireless file-sharing between ColorOS 15 and iOS/iPad OS devices, with NFC touch to share made available in a future update.
Hashtag: #OPPO
The issuer is solely responsible for the content of this announcement.
About OPPO
OPPO is a leading global smart device brand. Since the launch of its first mobile phone – “Smiley Face” – in 2008, OPPO has been in relentless pursuit of the perfect synergy of aesthetic satisfaction and innovative technology. Today, OPPO provides a wide range of smart devices spearheaded by the Find X and Reno series. Beyond devices, OPPO also provides its users with ColorOS operating system and internet services such as OPPO Cloud and OPPO+. OPPO has footprints in more than 60 countries and regions, with more than 40,000 employees dedicated to creating a better life for customers around the world.
SINGAPORE – Media OutReach Newswire – 21 November 2024 – Aon plc (NYSE: AON), a leading global professional services firm, today appointed Magnus Roe as global chief data and analytics officer. This appointment is part of the firm’s strategy to advance its commercial solutions with analytical capabilities and empower clients to make better decisions.
Magnus Roe
Roe will be based in Singapore, Aon’s global analytics hub, and lead Aon’s global data and analytics team to innovate and leverage the firm’s expertise and capabilities to serve clients and support colleagues. Roe will report to Mindy Simon, Chief Operating Officer at Aon, and our solution lines, working closely with Andy Marcell, CEO of Risk Capital, and Lambros Lambrou, CEO of Human Capital.
Simon said, “Magnus brings extensive experience as the former head of strategy for risk analytics, where he showed remarkable leadership and vision for the firm, shaping the strategic path for reinsurance analytics and future capabilities for Commercial Risk Solutions. We are excited about the expertise and leadership Magnus brings to this role and the opportunity to accelerate Aon’s full breadth of data and analytics solutions for our clients.”
In his new role, Roe will integrate AI, data governance, data strategy and analytics into Aon’s data and analytics strategy. This will include close collaboration with Aon’s Risk Capital and Human Capital analytics teams to ensure the firm’s data capabilities provide actionable insights to its clients. Roe will also continue to coordinate Aon’s data privacy expertise with law and compliance, enabling the firm to manage complex risk and regulatory environments.
Roe said, “There is great momentum at Aon, particularly surrounding our investments and strategy around Aon’s Centre for Innovation and Analytics. I am thrilled to lead this exceptional team as we continue to innovate at scale, leveraging our global expertise and proprietary capabilities to advance how we serve clients and enable colleagues.”
Roe served most recently as head of strategy for risk analytics at Aon. Previously, he served as global COO for reinsurance analytics to deliver solutions and analytics to Aon clients and colleagues. Hashtag: #Aon
The issuer is solely responsible for the content of this announcement.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
Disclaimer The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.
BANGKOK, THAILAND – Media OutReach Newswire – 21 November 2024 – On November 18, 2024, “Blessed Xizang, Loving Shannan”: The Cultural Tourism & Investment Promotion Event (Thailand) for Shannan City, Xizang Autonomous Region, China, organized by the Shannan Municipal People’s Government, was successfully held in Bangkok, Thailand.
Attendees included CI REN, Deputy Mayor of Shannan Municipal People’s Government, LA YUAN, Secretary of the Party Leadership Group and Deputy Director-General of the Shannan Municipal Bureau of Culture and Tourism, PU QIONG, Secretary of the Party Leadership Group and Deputy Director-General of the Shannan Investment Promotion Bureau, andYU ZHEN, General Manager of Shannan Tourism and Culture Investment Co., Ltd. and Shannan Guolv International Travel Agency Investment Co., Ltd., along with other officials from relevant departments; Miss THARINEE SOMBOON, Deputy Executive Director for East Asia Region, Tourism Authority of Thailand, CHEN MEIJUAN, Director of Member Services at the Thailand Tourism Association; and representatives from China Travel Service (Thailand) Co., Ltd. and local travel agencies as well as tourism enthusiasts, totaling nearly a hundred participants.
The event commenced with a presentation of intangible cultural heritage (ICH) dance and music videos from Shannan City, which set the stage for the promotion. Accompanied by enchanting melodies, graceful movements, and exquisite ethnic costumes, the vibrant cultural heritage was showcased in full splendor, captivating the audience and evoking their admiration and aspirations.
Located in the southern part of the Xizang Autonomous Region along the middle reaches of the Yarlung Zangbo River, Shannan City derives its name from its position south of the Gangdise Mountains. It shares borders with India and Bhutan and is the closest prefecture-level city to Lhasa, the capital of the Xizang Autonomous Region, positioning it as the economic core of central and southern Xizang. The region features unique snow-covered plateau scenery and a wealth of scenic sites, and its sacred mountains and lakes are famous, including the towering Kula Kangri, the jade-like Yamdrok Lake, and the magnificent Zhari Namco. In addition, renowned as the “cradle of the Xizang people and the source of Xizang culture,” Shannan boasts numerous historical “firsts,” including the first farmland, the first village, the first Xizang king, the first palace, the first temple, the first scripture, and the first Xizang opera, positioning it as a vital site for the preservation of unique Chinese ethnic culture.
In his speech, Deputy Mayor CI REN highlighted that Shannan City is dedicated to showcasing its unique natural and cultural treasures, striving to establish itself as a “distinctive area within a world-class tourism destination” by world-class tourism resources. Thailand, as a significant economy in Southeast Asia and a key nation along the Belt and Road, also serves as an important source of tourists for China. We highly value our exchanges and cooperation with Thailand. We aim to capitalize on the facilitative conditions of visa-free travel between China and Thailand to foster mutual interactions and exchanges, bringing close cooperation between Shannan City and Thailand in areas such as reciprocal tourism, resource sharing, joint market development, and brand co-creation.
The event featured a “Roots of Xizang Culture” exhibition area showcasing Shannan City, Xizang Autonomous Region. This included a photo zone, a cultural and creative product sales area, experiences with ICH costumes and folding fan painting, Xizang character classes. These diverse activities attracted numerous Thai travel agencies, allowing them to genuinely appreciate Shannan’s distinctive cultural heritage. During the event, tourism ambassadors from Shannan City offered an in-depth introduction to the region’s premium cultural tourism resources and travel itineraries, with particular emphasis on the supportive policies for the development of inbound tourism. At the conclusion, Shannan City exchanged gifts with Thailand, and both parties reached a consensus to collaboratively explore the inbound tourism market.
Finally, taking advantage of this opportunity, Shannan City in the Xizang Autonomous Region established a cultural tourism marketing and promotion center in Thailand. Concurrently, Shannan Guolv International Travel Agency Investment Co., Ltd. signed a tourism cooperation framework agreement with Dongyu Tourism Trade Co., Ltd. This indicates that both parties will pursue closer collaboration in areas such as the development of Shannan tourism products, reciprocal tourist exchanges, and brand development.
Following the meeting, Shannan City engaged in discussions with nearly 20 local Thai travel agents. Secretary PU QIONG presented an investment promotion, while General Manager YU ZHEN showcased Shannan’s tourism products. The Thai agents raised further inquiries regarding Shannan’s product offerings, entry procedures, types of reception services, and service standards. Shannan City responded proactively, affirming its readiness to welcome Thai tourists with the highest level of enthusiasm and service quality.
To deepen the impact of this promotional activity and facilitate mutual tourist exchanges and cultural interactions, Thailand will organize local travel agencies to undertake a site visit to Shannan City during the Xizang New Year, allowing them to experience its unique world-class natural landscapes and authentic local customs firsthand. Concurrently, during Thailand’s Songkran Festival, Shannan City will arrange for local travel agencies to explore Bangkok. It is hoped that this model of cultural exchange, resource sharing, and collaborative marketing will invigorate the inbound and outbound tourism market, establishing a solid foundation for deeper and more sustainable long-term cooperation. Hashtag: #Shannan
The issuer is solely responsible for the content of this announcement.
Hong Kong’s Tsim Sha Tsui maintains a high global ranking position as the world’s 4th most expensive retail street; the area continued to top the APAC ranking as region’s the most expensive retail destination
Via Montenapoleone becomes the first European shopping street to top the rankings, overtaking New York’s Upper 5th Avenue
Rents increased in 79 of the 138 locations tracked, declining in just 19, with global average rental increase of 4.4%
HONG KONG SAR – Media OutReach Newswire – 21 November 2024 – Milan’s Via Montenapoleone, where rents have risen by nearly a third in the past two years, has overtaken New York’s Upper 5th Avenue to be crowned the world’s most expensive retail destination, according to Cushman & Wakefield (NYSE: CWK).
It is the first time a European street has topped the global rankings in the firm’s flagship retail report ‘Main Streets Across the World’. Now in its 34th edition, the report focuses on headline rents in 138 best-in-class urban retail locations across the globe, many of which are linked to the luxury sector, utilising Cushman & Wakefield’s proprietary data. The global index ranks the most expensive destination in each market.
Synonymous with fashion and luxury, Via Montenapoleone has steadily climbed the rankings in recent years, reaching second for the first time in 2023. Rents rose 11% to US$2,047 per square foot (psf) in the past 12 months, whereas rents on Upper 5th Avenue (US$2,000) remained flat for a second consecutive year. Alongside continuing strong retailer demand amid constrained supply, Via Montenapoleone also benefitted from the euro’s appreciation against the U.S. dollar.
London’s New Bond Street (US$1,762) leapfrogged Hong Kong’s Tsim Sha Tsui to take third, despite the latter’s positive rental growth. With 10% year-on-year (YOY) rental growth, Paris’s Avenue des Champs Élysées retained fifth position, although Tokyo’s Ginza district narrowed the gap with a 25% YOY increase.
Main Streets Across the World – Global Ranking by Market 2024
Global Ranking 2024
Global Ranking 2023
Location
Rent (USD/sq.ft/yr)
Rent (EUR/sqm/yr)
YOY (LCY)
1
2
Via Montenapoleone, Milan
$2,047
€ 20,000
11%
2
1
Upper 5th Avenue (49th to 60th Sts), New York
$2,000
€ 19,537
0%
3
4
New Bond Street, London
$1,762
€ 17,210
13%
4
3
Tsim Sha Tsui (main street shops), Hong Kong
$1,607
€ 15,697
7%
5
5
Avenue des Champs Élysées, Paris
$1,282
€ 12,519
10%
6
6
Ginza, Tokyo
$1,186
€ 11,582
25%
7
7
Bahnhofstrasse, Zurich
$981
€ 9,585
1%
8
8
Pitt Street Mall, Sydney
$802
€ 7,832
0%
9
9
Myeongdong, Seoul
$688
€ 6,719
3%
10
10
Kohlmarkt, Vienna
$553
€ 5,400
5%
Source: Cushman & Wakefield
Competitive tension for limited space saw YOY rental growth recorded in 57% (79) of the 138 locations tracked, declines in just 14% (19), with the remainder 29% (40) flat. This resulted in a global average rental increase of 4.4%. Americas was the strongest performer regionally at 8.5%, driven by rental growth of almost 11% in the U.S. – more than double the 5.2% recorded last year – followed by Europe and Asia Pacific at 3.5% and 3.1% respectively. Rents across the 138 locations are now on average nearly 6% above pre-pandemic levels.
Global Outlook
Prime retail destinations have mostly successfully weathered the storm precipitated by interest rate hikes to curb inflation in 2022 and 2023, which led to a rapid increase in the cost of living, weak consumer sentiment and sluggish economic growth. Retail now stands to benefit from the gathering pace of interest rate cuts, economic recovery, easing cost of living pressures, and real wage increases.
Report author Dr. Dominic Brown, Cushman & Wakefield’s Head of International Research, said: “Increased discretionary spending among consumers will further boost the performance of prime retail destinations. How quickly and strongly that feeds through into rental growth at a market level will vary due to local nuances and market dynamics. Growth at a global and regional level was led by the U.S. this year, but every region had really strong double-digit growth in certain markets – truly exceptional in some cases – and others where rents have slipped for one reason or another. However, performance at the very top end underlines that the strength of ‘prime’ continues to rise and we expect that to continue as conditions improve.”
Asia Pacific
Hong Kong continued to feature strongly on the global rankings, coming in at number 4 this year. John Siu, Managing Director, Hong Kong at Cushman & Wakefield, said, “We are pleased to see Hong Kong maintaining its position as one of the top retail destinations globally. This achievement underscores the resilience and attractiveness of Hong Kong’s retail market, even amidst a challenging business landscape. Looking ahead, we expect to see more leasing activities and an increasing importance of Chinese mainland brands and retailers entering the Hong Kong retail market, using it as a stepping-stone to promote their brands on the international stage.The ongoing recovery in tourist arrivals and the easing of economic headwinds are also expected to further support tourists’ spending sentiment and, consequently, the retail performance in the city’s core locations. As the retail market continues to evolve, we believe landlords will focus on customer experience and innovation to attract more new retailers and international brands.”
Rents closely reflected wider macroeconomic performance within the region. India has been the strongest major economy in the world this year, and Indiranagar 100 Feet Road in Bengaluru leads the region’s rental growth at 32% YOY. Rental growth across 16 tracked Indian locations averaged a 9% increase YOY. Southeast Asian economies also performed strongly, driven in part by robust domestic consumption, which has led to rental growth of up to 7% in Jakarta and between 1% to 5% elsewhere in the sub-region. Japan surprised by defying weak growth conditions. After four stable years, rents moved higher in 2024, led by Ginza at 25% YOY, while Osaka’s Midosuji recorded 9% growth.
Asia Pacific Ranking by Market 2024
APAC Ranking 2024
APAC Ranking 2023
City
Location
Rent (USD/sq.ft/yr)
Rent (EUR/sqm/yr)
YOY (LCY)
1
1
Hong Kong
Tsim Sha Tsui (main street shops)
$1,607
€ 15,697
7%
2
2
Hong Kong
Causeway Bay (main street shops)
$1,430
€ 13,965
3%
3
3
Tokyo
Ginza
$1,186
€ 11,582
25%
4
4
Tokyo
Omotesando
$949
€ 9,266
14%
5
6
Osaka
Midosuji
$830
€ 8,107
9%
6
5
Sydney
Pitt Street Mall
$802
€ 7,832
0%
7
8
Hong Kong
Central (main street shops)
$721
€ 7,041
6%
8
7
Tokyo
Shinjuku
$711
€ 6,949
0%
9
9
Seoul
Myeongdong
$688
€ 6,719
3%
10
10
Seoul
Gangnam Station
$595
€ 5,807
1%
Source: Cushman & Wakefield
Please click here to download the full report. Hashtag: #Cushman&Wakefield
The issuer is solely responsible for the content of this announcement.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2023, the firm reported revenue of $9.5 billion across its core services of valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (https://www.linkedin.com/company/cushman-&-wakefield-greater-china).
NEW YORK, US/GENEVA, SWITZERLAND – Media OutReach Newswire – 21 November 2024 – For the first time, an insurance payout has been triggered by the International Federation of Red Cross and Red Crescent Societies’ Disaster Response Emergency Fund (‘IFRC-DREF’), as demands for disaster relief surpassed its ‘deductible’ threshold.
A Bangladesh Red Crescent volunteer helps a lady away from her flooded home following Cyclone Remal. The response was part funded through an IFRC-DREF allocation Photo: BRCS
The IFRC-DREF is a vital fund that provides immediate funding for National Red Cross and Red Crescent Societies when disasters strike, especially for smaller-scale emergencies that may not attract global attention. Previously, the fund could run dry before year-end, prompting the IFRC to secure a groundbreaking — and humanitarian-sector first — indemnity insurance policy with Aon and reinsurers.
Since the start of 2023, and for an annual premium of CHF3m, the IFRC-DREF ‘pot’ has been insured on an indemnity basis. A potential payout of up to CHF15m is available if, or when, demands on the IFRC-DREF fund because of natural hazard-associated disasters hit a certain threshold — a ‘deductible’ set at CHF33m in one calendar year. For the rest of the calendar year, further demands on the IFRC-DREF for natural hazard disasters are covered by the insurance payout, up to that total maximum of CHF15m.
In 2023, the threshold was not reached so the policy did not pay out. But in 2024 it has been, with allocations to respond to Super Typhoon Yagi in Asia last week tipping IFRC-DREF spend over the insurance trigger threshold. Overall, there have been almost 100 separate IFRC-DREF allocations in 2024; combined those to respond to the impacts of eligible natural hazards have exceeded CHF 33m. When National Red Cross and Red Crescent Societies make further requests of the fund in September, October, November or December, allocations to respond to natural hazard disasters will be paid for by the commercial insurers, up to that CHF15m cap.
The IFRC’s Under Secretary General for Global Relations and Humanitarian Diplomacy, Nena Stoiljkovic, announced the insurance payout at an event at the United Nations General Assembly in New York on Wednesday.
Ahead of it, Ms Stoiljkovic said:
“The triggering of the IFRC-DREF insurance policy is a significant moment. For the first time ever a single, worldwide, commercial indemnity insurance policy will pay the emergency humanitarian costs of disasters. The scale of the needs caused by 2024’s disasters is sobering. But the fact the insurance is helping with the burden is good news and proof that there are innovative finance solutions that we hope to grow in coming years.”
The IFRC has plans to grow its IFRC-DREF insurance, to widen coverage beyond disasters caused by natural hazards — to epidemics and anticipatory action, for example. It hopes grant donors will see the added value of contributing to the IFRC-DREF fund if their humanitarian contributions could potentially be multiplied in particularly calamitous years.
Notes to journalists
In 2024, IFRC-DREF allocations so far have been paid, among others to:
Maldives Red Crescent to help deal with a Filariasis outbreak in January (CHF 299,986)
Chile Red Cross to help deal with wildfires in February (CHF 496,982)
Eswatini Red Cross to help with its drought response in March (CHF 546,683)
Iraqi Red Crescent to help with it deal with Flash Floods in April (CHF 499,900)
Honduran Red Cross to help it deal with a hospital fire in May (CHF 336,394)
Armenia Red Cross to help its response to floods in June (CHF 499,759)
Venezuelan Red Cross in the aftermath of Hurricane Beryl in July (CHF 270,049)
Philippines Red Cross after floods in August (CHF 738,170)
Cameroon Red Cross after floods in September (CHF 421,471)
The single largest allocation so far in 2024 was to the Sudanese Red Crescent after floods in September (CHF 943,271); the single ‘smallest’ allocation was the Red Cross of Equatorial Guinea after a shipwreck in July (CHF 24,962).
More data is available by searching ‘DREF’ under ‘Appeal Type’ at the ‘IFRC’s Go Platform’
1 CHF = 1.19 USD
IFRC-DREF insurance is co-funded by InsuResilience Solutions Fund (ISF) to support project preparatory work, development and refinement of the insurance product as well as premium funding.
IFRC-DREF insurance is also made possible by generous support in paying the premium, particularly from the British Red Cross, the Danish Red Cross and the British government (FCDO).
IFRC-DREF has provided rapid and efficient funding to local Red Cross and Red Crescent Societies before and after disasters strike since 1979. However, with the increasing frequency and intensity of disasters, particularly due to climate change, the demand for humanitarian assistance continues to grow.
More information on IFRC-DREF insurance can be found here: IFRC-DREF Insurance
For more information, for interviews, for quotes from IFRC-DREF partners or for video of IFRC and Red Cross Red Crescent responses to disasters contact media@ifrc.org
Hashtag: #Aon #IFRC
The issuer is solely responsible for the content of this announcement.
US Secretary of Defense Lloyd J. Austin (left) and Minister of Defense Chansamone Chanyalath (right)
Laos and the United States are set to deepen their development cooperation within the framework of US-ASEAN relations, as US Secretary of Defense Lloyd J. Austin visited Laos on 19 November.
KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 21 November 2024 – As a critical resource in the global economy, oil is integral not only to the energy sector but also to industries such as transportation, manufacturing, and agriculture. Changes in its prices impact inflation rates, production costs, and global trade. For instance, oil price increases can accelerate global inflation. This effect ripples through various sectors, with higher transportation and production costs driving up prices for goods and services worldwide. Kar Yong Ang, a financial market analyst at Octa Broker, deciphers current oil market trends, elucidating the economic and trading implications for market participants to consider.
Current state of the oil market In 2024, the global oil market faces an intricate balance of supply and demand, with production hovering around 101.5 million barrels per day, closely mirroring daily consumption. OPEC+, primarily responding to concerns over weak demand due to slowing economic growth in major markets, recently implemented production cuts aimed at reducing volatility. Unlike previous measures driven by supply shortages, this strategic adjustment seeks to stabilise prices amid shifts in market sentiment and to offset demand uncertainties from countries like China. Furthermore, sanctions affecting Russian oil exports have introduced additional market opacity due to shadow fleet operations.
Macroeconomic activity in major oil consumers, including the U.S. and China, continues to drive global demand trends. Studies suggest a 1% global GDP rise generally correlates with an approximate 0.8% increase in oil demand, underscoring how economic performance directly influences energy consumption. In recent months, U.S. demand has shown a moderate decline due to inflation and high interest rates, which have impacted consumer spending. China’s demand has been tempered by a stabilising growth rate, signalling a softening in oil demand from Asia’s largest economy.
Last autumn price peaks have given way to a more recent stabilisation, with oil prices now ranging between $70 and $75 per barrel. As of middle November 2024, Brent crude was trading around $71.97, while West Texas Intermediate (WTI) stood at $68.04 per barrel. This recent dip from the previous week reflects the market’s sensitivity to both demand forecasts and ongoing geopolitical factors.
Factors that affect the oil market Political tensions in oil-producing regions play a significant role in shaping global oil prices. For example, recent sanctions on Russia have limited its oil export capabilities, impacting around 4 million barrels per day, or roughly 5% of global supply. Additionally, production cuts by OPEC+ have introduced further supply restrictions to stabilise prices. Such geopolitical decisions highlight the importance of political stability in the oil sector.
In the U.S., recent political shifts could lead to policy changes impacting domestic oil production. Donald Trump’s re-election signals a potential return to deregulation, favouring domestic production growth. His prior administration expanded U.S. oil output to a record high of 13 million barrels per day in 2019, and similar policies could drive further supply increases. Higher U.S. production, however, could introduce more supply into the global market, likely exerting downward pressure on prices and potentially increasing market volatility.
Technological advancements and a shift towards renewable energy are gradually reducing the reliance on traditional oil. The International Energy Agency (IEA) projects that by 2040, renewable sources could meet over 40% of global energy demand, as countries aim to cut carbon emissions in line with climate goals. Despite these shifts, oil is expected to remain essential for sectors like aviation and heavy manufacturing, although overall demand may see a decline in the coming decades.
Future prospects of the oil market OPEC+ production decisions, global economic recovery trends, and seasonal demand patterns will likely influence short-term oil market dynamics. Seasonal heating demand during the winter months typically drives prices upward, especially in colder regions. Emerging markets, particularly in Asia, are anticipated to see steady growth in oil demand as industrial activity expands. This short-term demand increase could provide upward pressure on prices, balancing out some of the recent supply constraints.
In the long term, the oil market faces a transformative shift as renewable energy adoption accelerates. With governments worldwide investing heavily in sustainable energy infrastructure, global oil demand is projected to decline gradually over the next two decades. According to the IEA, global oil consumption could decrease by as much as 25% by 2040 as electric vehicle adoption and green technology become mainstream. This energy transition poses both challenges and opportunities for the oil sector, requiring adaptation to shifting consumer demands.
Trump’s victory could significantly influence oil market dynamics through policies that favour the oil and gas sector. His administration previously prioritised energy independence, implementing deregulation policies that boosted domestic production. A return to such policies could lead to increased U.S. output, potentially intensifying competition in the global market and affecting price stability. Additionally, shifts in foreign policy could reshape trade relations with major oil-producing nations, impacting global oil flows.
Oil remains a critical asset within the global economy, influencing inflation, production costs, and economic stability. At the same time, the asset’s price is affected by geopolitical stability, OPEC decisions, technological advances, environmental policies, global supply and demand, as well as the US dollar strength since the price of oil is commonly denominated in US dollars. Traders and investors should monitor these factors to be aware of recent market trends and to be able to identify potential price movements more carefully. Hashtag: #Octa
The issuer is solely responsible for the content of this announcement.
Octa
Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.
The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.
In the APAC region, Octa received the ‘Best Trading Platform Malaysia 2024’ and the ‘Most Reliable Broker Asia 2023’ awards from Brands and Business Magazine and International Global Forex Awards, respectively.