Fortune sold to Thai billionaire

Bangkok, 13th November: This week, Chatchaval Jiaravanon, a member of Thailand’s wealthiest family, announced that he had acquired U.S. magazine, Fortune, a leading business publication, for US$150 million.

Chatchaval acquired Fortune from American publisher, Meredith, through Fortune Media Group Holdings which Chatchaval established for the purpose of acquiring the magazine.

HKTDC autumn fairs attract a record 195,000+ buyers

Hong Kong, 14th November: The Hong Kong Trade Development Council (HKTDC) has organised seven trade fairs during October and November. More than 195,000 buyers from 180 countries and regions visited the autumn fairs.

According to the HKTDC, nearly 9,700 exhibitors showcased their products and services at the seven exhibitions and of those, more than 7,200 were from Mainland China or overseas.

Of the seven trade fairs, five of them took place at the Hong Kong Convention and Exhibition Centre (HKCEC), including Hong Kong Electronics Fair (Autumn Edition), electronicAsia, Hong Kong International Lighting Fair (Autumn Edition), Hong Kong Optical Fair, and Hong Kong International Wine & Spirits Fair; while the Hong Kong International Outdoor and Tech Light Expo, and Eco Expo Asia were held at AsiaWorld-Expo (AWE).

Alibaba generates transaction value of US$30 billion on 11th November

China, 11th November: China’s largest e-commerce company, Alibaba Group, announced that it processed a record breaking gross merchandise volume (GMV) of US$30 billion during its “Global Shopping Festival” on 11th November. The transactions were processed through Alipay on Alibaba’s retail marketplaces (1688.com and Alibaba.com). That represents a year-on-year increase of 27%.

According to Alibaba, more than 40% of consumers made purchases from international brands and some 237 brands recorded over RMB 100 million (US$14.4 million) in GMV. Alibaba’s logistics subsidiary, Cainiao Network, processed 1.04 billion delivery orders from Alibaba’s marketplaces, exceeding 1 billion for the first time.

SingEx Venues to manage Singapore Expo for 10 more years

Singapore, 8th November: This week, the Singapore Tourism Board (STB) announced that it has appointed SingEx Venues as the operator for Singapore Expo Convention & Exhibition Centre for 10 more years, effective January 2019. SingEx has been the management company responsible for operating Singapore Expo since 1999 when the venue opened.

SingEx’s current management contract will expire at the end of 2018. As a result, a Request for Proposal (RFP) was published on the government procurement portal, GeBIZ, in December 2017. In selecting SingEx, the STB stated that the company’s proposal demonstrated “a strong understanding of Singapore’s MICE industry and outlined a comprehensive plan to grow the MICE segment in relation to Singapore Expo.”

Informa’s releases positive trading update

London, 9th November: London-listed Informa plc released its trading update for the 10 months ending 31st October 2018. The group posted underlying revenue growth of 3.9% in the period.

The UBM businesses performed well in the same period. Overall, revenue growth in the period was 2.3%. The events business grew by 3.4%. Strong performances were recorded from the following segments: Pharma (CPhI Worldwide), Technology (Black Hat) and Lifestyle & Brands (Furniture China).

BOL’s profits up 142% in Q3

Bangkok, 8th November: Last week, Business Online (BOL), a leading online information service provider in Thailand, announced its financial results for the quarter ended 30th September 2018. Revenues in the third quarter were US$4.05 million, representing strong growth of 25% compared to the same quarter last year. Net profit in the quarter jumped 142%, reaching US$1.2 million.

More than 90% of BOL’s revenues were generated from its core information services – US$3.7 million. This represents a year-on-year increase of 25%. The company attributed the increase in revenues to its information services and to several special projects. Meanwhile, expenses in the quarter increased by 2.1%.