Source | LinkedIn | LinkedIn Daily Rundown (Asia)
Asia’s mega airports: Hong Kong, Singapore, Seoul… and The Philippines? Authorities are looking to expand a former military gateway into a $10 billion, 1,500-ha complex that can handle 130 million passengers annually. The new Sangley Point airport is expected to ease congestion at the country’s main airport, Ninoy Aquino International Airport (NAIA), though it may challenge another upcoming Bulacan airport by conglomerate San Miguel Corporation.The Asia-Pacific region will account for more than half of new passengers over the next 20 years. • Join the conversation.
The US-China trade war, China’s slowdown and Brexit keep weighing on Asia’s economies. Singapore narrowly missed a technical recession as gross domestic product (GDP) rose 0.1% in its third quarter, as its central bank eased monetary policy for the first time since 2016. The World Bank has slashed its East Asia GDP forecast this year to 5.8% from a previously estimated 6%, and the 6.4% rate registered last year. The lender also predicts India’s GDP will grow by 6% from a previous forecast of 7.5% as consumption slows. • Join the conversation.
Japanese retail group Seven & I Holdings will restructure by cutting nearly 3,000 jobs and shuttering some of its department stores, adding it will “do more to revitalise” its remaining stores. The firm will also close or move 1,000 unprofitable 7-Eleven convenience stores. It is the latest of Japanese operators revamping their business models amid disruption from e-commerce. Marui Group is leasing out department store space to internet companies to focus on selling “customer experiences”. Consumer patterns are changing: spending on fashion fell 40% in the last 20 years. • Join the conversation.