China Mobile quarterly profit falls on tougher competition
Quarterly profit at the world's largest phone company, China Mobile, has fallen due to tougher competition, the company has announced. In a statement China Mobile said it "experienced experienced severe difficulties and challenges arising from increasingly complex competition in the information and communications industry, greater impact from Over The Top (OTT) products on the traditional communications industry and more intense horizontal competition due to the continued increase in mobile penetration". The company said it expects new opportunities and further competitive pressure when Beijing begins to roll-out 4G services. Image: © Getty Copyright is owned by Asia Outlook and/or Outlook Publishing. All rights reserved.
Hilton Worldwide enters Myanmar
Hilton Worldwide has become the first major international hotel company to announce its entry into Myanmar. The company has signed a management agreement with LP Holding Co Ltd to operate the Hilton Yangon, a 300 room hotel which is expected to open in the city's central Kyauktada Township area. It is scheduled to open in 2014. "This agreement is a significant milestone for us as it represents both Hilton Worldwide's and the Hilton brand's entry into Myanmar," said Andrew Clough, senior vice president, development, Middle East & Asia Pacific, Hilton Worldwide. "Backed by a strong partner like LP Holding Co., Ltd, we are very confident that as the first internationally branded hotel in Yangon, Hilton Yangon will set the benchmark for quality hospitality experiences catering to both domestic and international travelers." The 21-storey Hilton Yangon is 14.3 kilometers away from Yangon International Airport and is part of Centrepoint Towers, a mixed-use development which includes high-end retail boutiques and a premium office tower. Situated on the corner of Sule Pagoda Road and Merchant Street, the hotel will be located opposite Yangon's High Court building and Independence Monument Park. As the one of the tallest buildings in the city, it will also offer guests views across the Yangon skyline. "Today's announcement represents our first partnership with Hilton Worldwide and combines the expertise of a truly global, award-winning hospitality company with strong local market expertise," said Richard Mayhew, Director, LP Holding Co., Ltd. "Myanmar, and Yangon in particular, is one of the most sought after destinations in Southeast Asia…
