NNA Asia top stories Thursday, Nov. 8
TOKYO, NNA – The following are the top stories from NNA Asia for Thursday, Nov. 8.
Japan's Shiseido to establish Philippine firm with Singapore's Luxasia in Dec
MANILA, NNA – Japanese cosmetics maker Shiseido Co. is making inroads into the potentially high-growth Philippines market in a joint venture with a Singapore firm.
The company said Wednesday it had agreed with Luxasia Partners Pte. Ltd., a regional cosmetics agent, to set up Shiseido Philippines Corp. in December, with Shiseido holding a majority stake. The joint venture will begin operating in July next year after integrating the sales channels of two local agents.
Hyundai, Kia investing $250 mil. in Grab partnership for EV use in SE Asia
SINGAPORE, NNA – South Korean automakers Hyundai Motor Co. and Kia Motors Corp. will invest $250 million more in a project with Singapore-based ride-hailing platform Grab Holdings Inc., to promote the use of electric vehicles across Southeast Asia.
The three firms will launch a series of EV pilot projects in the region starting with Singapore in 2019, using EVs to maximize cost efficiencies for Grab’s driver partners, while working with the public and private sectors to improve EV infrastructure, including charging stations.
Hong Kong Q4 air trade index in sharp drop amid U.S.-China trade row
HONG KONG, NNA – Hong Kong’s air trade outlook index plunged in the October-December quarter, a peak shipment season, as the U.S.- China trade dispute is generating uncertainty over global growth and trade.
DHL Hong Kong Air Trade Leading Index, based on a quarterly survey by the government-backed Hong Kong Productivity Council, fell to 41.7, down 6.1 points from the previous quarter. It was the second largest decline since the survey started in 2014.
An index above 50 indicates a positive outlook while an index below 50 signals a cautious outlook.