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Saturday, 2 November 2013

Tamara Mellon's New Man



TAMARA MELLON has named a new CEO at the helm of her eponymous company, former St John chief executive Glenn McMahon. He succeeds Fritz Winans, who has left the company.
"Glenn has great experience managing global luxury businesses," founder, chairman and creative director Mellon said today. "That was the level of experience we were looking for. He understands my vision and how to execute my vision, which is very important to me."TAMARA MELLON has named a new CEO at the helm of her eponymous company, former St John chief executive Glenn McMahon. He succeeds Fritz Winans, who has left the company.
Before his six-year tenure at St John, McMahon was president of Dolce & Gabbana USA, president of Ellen Tracy, executive vice president of Giorgio Armani Collezioni USA and vice president of Donna Karan, WWD reports. He will be based at Mellon's New York offices at 660 Madison Avenue.
"Tamara represents the modern woman today," said McMahon. "She's a personality for sure, and she's well known globally. I'm pleased to work alongside her, and I love her business model of 'Buy now, wear now.'"
Tamara Mellon - featuring collections that are renewed monthly rather than seasonally - will launch next month with ready-to-wear, handbags and shoes in key stockists, with the launch of e-commerce and standalone stores come next year.

Nazir Razak compliments Najib Razak's Budget 2014

KUALA LUMPUR: The government has correctly prioritised fiscal consolidation, restraining expenditure while being prudent with income expectations for 2014.

CIMB Group Group Chief Executive Datuk Seri Nazir Razak said this when referring to the Budget 2014 which was announced yesterday by Prime Minister Datuk Seri Najib Razak.

“The financial markets will welcome the reaffirmation of the targeted 2013 and 2014 budget deficits of 4% and 3.5% respectively for the country's Gross Domestic Product (GDP).

“We compliment the government for showing its resolve by going ahead with less popular measures such as the goods and services tax (GST) and higher Real Property Gains Tax (RPGT) to underpin fiscal consolidation over the medium term,” he said in a media statement.

Nazir said despite the various measures, the Federal Government’s debt is still forecast to rise to 54.8% by the end of 2013 and the country’s current account surplus is expected to narrow further.

“It is imperative therefore that in the near term the government manages its spending meticulously and is agile enough to adjust to unforeseen events in a potentially volatile global economic environment while for the longer term it stays firmly on the path of fiscal consolidation.

“We expect global funds to be ever more discerning between countries based on the financial strength of governments.

“We specifically welcome the government's initiative to improve operations of the derivatives market which will reduce credit risk and cost of hedging for banks and corporate, and incentives to increase savings for retirement by young Malaysians,” he said.

Najib, when tabling the budget yesterday, said the government is committed to ensure that the Federal debt level would remain low and not exceed 55% of the country’s GDP.

Najib said the government was on track in reducing its fiscal deficit from 4.5% of GDP in 2012 to 4% of GDP this year and 3.5% of GDP in 2014.

According to Najib, who is also Finance Minister, Budget 2014 was formulated to ensure that Malaysia’s economy would continue to grow at a healthy pace while its fiscal deficit continue to decline.

Friday, 1 November 2013

CIMB's Nazir Razak Moots ASEAN Banking Masterplan

KUALA LUMPUR: Asean needs to work on a banking master plan to prepare its banks to move forward in building their business in the region, said banker Datuk Seri Nazir Razak, who leads CIMB Group Holdings Bhd, the fifth largest universal banking group in Asean.
He said the Asean Banking Integration Framework (ABIF), which is still in progress, is short on details of what is being planned for Asean banks in the next decade as the Asean Economic Community (AEC) draws closer.
The ABIF aims to identify banks that can be classified as "Qualified Asean Bank" - which will enable them to expand in the region and be treated as domestic banks in the host country.
Nazir said while the framework concept paper of ABIF has been issued, "it is still short on details and I hope regulators will work together and get a clear framework on a master plan for Asean banking, so we can all prepare".

"There is no such master plan for Asean (and) many of us have gone around the region trying to build our business and grappling with the changes that are going to facilitate us in building our Asean banks."
He said when Asean first touched on AEC, the plan was to build one Asean bank but now, there are multiple Asean banks across the region because there is not "enough momentum behind the idea of creating one banking market for Asean".
He cited Bank Negara Malaysia's financial sector master plan as an example that can be emulated as it allows local banks "to look 10 years ahead and know the pace of liberalization, the central bank's expectations of us, so we align our business accordingly".
Nazir was speaking after participating as one of the panelists discussing AEC's prospects by 2015 on the second day of the Securities Commission's World Capital Markets Symposium, here, yesterday.
In the discussion, he expressed worries over the outcome of AEC's targets come 2016, as some of these targets "are not achievable".
Asean governments, he said, should set realistic targets and inform their people accordingly should the targets not benefit the overall Asean population of 600 million.
"If the people at large do not buy into Asean, then when it is implemented, there will be disappointments and push back," he said, adding that Asean is in need of good leadership, which falls in Indonesia due to its large economy.
"Indonesia is the largest economy in Asean and is incredibly capable and its companies are strong. But I understand Indonesia's position, as to be a leader, you have to lead by example."
Nazir urged Asean leaders not to take the AEC lightly and avoid discussing the challenging issues as "at the rate we are going today, we are going to find something that is different than what was presented in the AEC charter dated in 2007".
The session on AEC was moderated by CNBC Arabia bureau chief for Kuwait and Cairo, Nagwa Assran. The other panelists were BNP Paribas Investment Partners Hong Kong senior strategist Chi Lo and Thailand's former PTT Global Ltd chief executive officer Anon Sirisaengtaksin.
Lo, who spoke on China's relationship with Asean, said AEC offers a lot of opportunities for China. The Asean economy, which has the biggest pool of offshore Renminbi, will benefit and Asean has potential to amass the Chinese currency and develop its offshore business.
Anon said Thai companies are looking forward to AEC, especially in the trading of petrochemical products, as AEC will be able to develop a bigger value chain for these products.
Responding to the moderator's suggestion that AEC be postponed if Asean members are not ready for it, Nazir quipped: "If the problem in the Gulf Cooperation Countries is that they never agree on everything, here in Asean, we agree on everything but we do something else."


Retreive from  http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=178822:cimbs-nazir-razak-moots-asean-banking-masterplan&Itemid=3#ixzz2jSzffnBP 

Wednesday, 30 October 2013

Don't hope for more handouts in 2014 Budget, says CIMB chief Nazir Razak

Malaysians should not hope for additional incentives or handouts in the upcoming budget, given the government's finances, especially in dealing with the current budget deficit, CIMB Group Chief Executive Officer Datuk Seri Nazir Razak said.
He said the government was facing the daunting task of getting the 2014 Budget right, based on the current gearing level, amid uncertain global conditions.
He said that now was the time for financial institutions, as well as the people to give priority to the government's agenda in managing the budget deficit.
"We've gone through a good period of incentives. The most important thing right now is the government's financial health.
"If the government gets that wrong, ratings will be negative, thus cost of borrowings will be impacted," he told a press conference after launching Plug n Pay, the bank's latest electronic payment system, yesterday.
Plug n Pay is Malaysia's first-ever chip-based mobile point-of-sale solution that offers businesses of any size an affordable yet secure way of managing electronic payments using Smartphones and tablets. The initiative was in line with government efforts to promote the adoption of electronic payment and to reduce dependency on the cash transaction for greater economic efficiency.
Bank Negara Malaysia hoped to boost the number of cashless transactions per capita from 44 to 200 and reduce the usage of checks by more than half from 207 million to 100 million by 2020.
Nazir, quoting a global research finding, said the world's point-of-sale solutions currently amounted to 30 million units and the figure was expected to more than double in the next three to five years, driven by new technology worldwide.
Based on the growth, he was optimistic that the take up rate for CIMB's Plug n Pay would be very strong.
"The availability and affordability of Smartphones as well as the tablets are widespread in Malaysia. Hence, the move away from a cash-only in a more cashless ecosystem is a natural step," he added.
Already available in the market, the Plug n Pay device is priced at RM250 each and can accept any MasterCard and VISA branded cards. 

Tamara Mellon: It's time to break the high-Maintenance Tamara Myth




If you ever doubted the power of clothes to sustain, cheer and support, Tamara Mellon, former president of Jimmy Choo, can put you straight. As a 12-year-old English girl leading an outwardly privileged existence in Beverly Hills in the Seventies, she found clothes were her sole diversion and one of her few solaces.


"If you looked in my bedroom there was nothing educational or cultural," she says. "Clothes were all my mother was interested in." Not that they ever provided a bond between the two.
These days Mellon's home is in New York, although she's spending increasing time on the West Coast where her boyfriend, Mike Ovitz, the formidable founder of Creative Artists Agency and a former president of Disney, has bases in LA and San Francisco. So we're sitting in her suite at Claridge's while she gets made up for a photo shoot.
Talk and pout: Mellon's the expert, having turned her glamorous lifestyle into the living embodiment of first Jimmy Choo and now, with her non-compete clause out of the way, her own brand. This is the woman who in 2007, during her daily appearances at Southwark Crown Court as a witness against her ex-husband Matthew Mellon (who was accused of hacking her computers), delighted the nation with her slick pencil skirts and ultra-high crocodile stilettos.
Looking back, Mellon says it was all she could do to put one foot in front of the other and thinks she took her eye off the ball style-wise during this period. To the outside world, however, she was the picture of Mistress-of-the-Universe gutsy composure, all the more remarkable given the melodramatic meltdown of her personal life, which by rights should have been confined to an airport blockbuster. Her beloved father died in 2004. She divorced in 2005 after one too many of her husband's drug-fuelled disappearances, had to deal with a hostile takeover in 2006 and found herself in court again, this time facing off her mother, in 2009.
Tamara Mellon at her marriage to Matthew Mellon; a Bianca Jagger-inspired look from her new autumn/winter 2013 collection at tamaramellon.com Photo: REX
Ah yes. Ann Yeardye. Mellon's relationship with her mother, a former Chanel model, was - massive understatement - not cosy. There were no thrashings with wire coat hangers, but according to Tamara there were plenty of barbed insults and cruel behavior that culminated in daughter suing mother in 2009 for around £6 million - money that had been accidentally paid to Yeardye after the first sale of Jimmy Choo, the company Mellon had done much to build, almost from scratch.
Her father, Tom Yeardye, who had taken Vidal Sassoon products to the United States and whom she idolized, seems to have kept the peace by distancing himself from the battles. "He very much wanted us to appear the perfect family outwardly, so it was important to look nice, always," says Mellon.
"My mother would say I was ugly and stupid. In a dysfunctional home like that, clothes are how you come to value yourself. Also, they were the only thing I had to play with."
British boarding school - Heathfield - came as a relief, although the food was stodgy and the girls all wore "granny knickers". That wasn't a bad thing though, because what with her Calvin Kleins, her curling tongs and her style knowledge (this was a teenager accustomed to hanging out with Rudi Gernreich, infamous designer of the topless bathing suit, and his model muse Peggy Moffitt), Mellon became an instant guru, dispensing advice and winning popularity.
Clothes continued their hold. At finishing school in Switzerland - the same establishment attended by Diana, Princess of Wales - it was all miniskirts and après-ski. At Browns, the exclusive London boutique where she went to work as a sales assistant, it was body-con Alaïa on which she spent far more than she earned. At British Vogue, where she eventually became an accessories editor, Tamara Style coalesced. The rest of us might have been doing Grunge (it was the early Nineties) but she was a short/tight-dressed, jewelled, sandalled party girl, permanently glossy, even when she'd been out all night.
She always had expensive tastes. In Beverly Hills it was Fiorucci and Gloria Vanderbilt. By her mid-twenties, she'd worked out her look - "sexy but not vulgar Helmut Newton". Back then this translated into Tom Ford's Gucci - she was never your bow-wearing, polka-dot-toting kind of girl.
For her wedding, which took place at Blenheim in front of Hugh Grant, Liz Hurley, Elle Macpherson and 400 other intimates (plus American Vogue ), she wore slinky Valentino couture - partly, she says, because she hadn't sorted anything out. She'd been so busy with Choo she hadn't had time to think about her own outfit until six weeks before the wedding. The dress cost her £15,000, the same as her annual salary at Jimmy Choo (a recurrent theme of In My Shoes , her compulsively candid, rip-roaringly readable autobiography).
Then again, dating from those picture-perfect days in LA, there was always dissonance between perfectly poised outward Tamara and the turmoil within. The only time the two states resembled one another was when she entered rehab in the Nineties, shortly after being "let go" from Vogue . "It's such a fight to stay clean, it's as much as you can do to put on a pair of jeans."
Hers would have fitted perfectly, though. She's a stickler for details. One of the many reasons she eventually left Jimmy Choo at the end of 2011 was over issues of quality ("A luxury brand shouldn't be using leather that costs less than £50 a square metre," she says). But she'd lost control long before that. "One of my worst decisions ever was to sell a majority stake in Jimmy Choo. I'll never do that again."
And this is how she comes to be the main stakeholder in her new venture, the eponymously named label that launches any moment and aims to challenge the sillier aspects of the current fashion system by delivering small capsule collections of clothes to stores every month, in the relevant season. "I don't know any woman who buys her coats in July," says Mellon. "This is buy now, wear now." It's also quintessential Mellon - super-slick leather pencil skirts, leopard-print boots and sexy silk shirts worn slightly oversized, because "that's modern now, as is wearing skinny drainpipes under slit dresses and fringes. It's classic but with an edge."
I ask her why she thinks the rest of the fashion world can't seem to operate along these delivery principles. "Maybe because it's easier to build something from ground up than turn around a supertanker."
Now 46, she seems happier than she has for years. After Choo, she was able to spend more time with her daughter Minty, 11, with whom she seems to share many interests, including a keen nose for business. Nor has Minty been put off fashion. Mellon often finds missing jackets turn up in her daughter's wardrobe. Tamara has finally found her bonding exercise.