Man Made Disaster
The Asia-Pacific will overtake Europe as the region whose tourists spend the most money overseas within 10 years, a report said Wednesday, driven by an explosion in the number of Chinese travellers.
An emerging global middle class will increase from 2 to 5 billion by 2030. This represents future global retail growth that will see emerging markets equal to developed markets in terms of retail spend with USD30 trillion. With these sheer numbers, what is the most common denominator that all retailers should be able to exploit to grow rapidly? Data.
Trends in the growth explosion
ITV undercover documentary finds girls as young as 13 forced to work 11 hours a day in unsafe conditions, despite factory collapse last year that killed 1,130.
Bangladesh garment factories producing clothes for British retailers are forcing girls as young as 13 to work up to 11 hours a day in appalling conditions, according to an ITV documentary to be shown on Thursday night.
Hoping to advance its offline-to-online (O2O) business model and boost its back-office capabilities including big data, smart search, high-performance computing, and internet banking, Suning Commerce Group Co. recently opened its first overseas R&D center in Silicon Valley.
The center will serve as the company's US hub for science and technology. Backed by an initial investment of USD5 million, it plans to start with a staff of 50 in 2014 and to grow it to 200 people by 2017.
Company publishes list of factories subject to independent inspection, but workers' groups say reports are vague. One in six clothing factories used by Walmart in Bangladesh failed to meet basic standards of structural, fire or electrical safety, the US retailer has found.
Television channels, adwallahs and brands are cashing in on the Sachin fever. Online retailers too have joined the bandwagon. From creating a dedicated microsite to having specially ordered collectibles embossed with the face of the master blaster, online retailers are cashing in on the frenzy around his farewell. Tendulkar will play his last and 200th test in Mumbai’s Wankhede stadium from 14-18 November.
Primark has extended its compensation for the victims of the Bangladesh factory fire – which killed over 1,000 garment workers six months ago. The discount clothing retailer said it would pay another three months of salaries to the 3,600 victims of the disaster "to alleviate their immediate hardship." It has already paid out two short-term financial payments to those affected.
A Bangladeshi garment factory that burned down on Tuesday night, killing seven people, made material for Target clothes in Australia, while Woolworths conceded it may also have sourced fabric from the same factory.
Wal-Mart Stores Inc told investors on Thursday that it could provide up to USD50 million in low-interest loans or other types of payments to Bangladesh factory owners for building improvements.
The money is part of the more than USD100 million in loans and access to capital that a group of North American companies including Wal-Mart and Gap Inc pledged in July. The Bangladesh central bank would need to approve any foreign currency loan. Details about lending rates also need to be finalised.
Fast Retailing Co Ltd, Asia's biggest retailer and operator of the Uniqlo clothing chain, said on Thursday it had signed a Europe-led safety pact for Bangladesh garment factories after a building collapse in April killed more than 1,100 people.
A spokesman for the Japanese firm said the company had taken several months to join the accord – already signed by European clothing companies H&M and Zara operator Inditex SA – because it wanted to thoroughly consider the pact's conditions.