Latest news with #RichardLim
Yahoo
24-06-2025
- Business
- Yahoo
Retail lobby group accused of M&S cyber cover-up
Britain's biggest retail lobby group has been accused of a cover up after publishing 'made up' Marks & Spencer sales figures following a cyber attack on the retailer. Shops were told last week that the British Retail Consortium (BRC) had been using out-of-date numbers for M&S while its systems were down, masking the true impact of the cyber attack on its sales. The admission has provoked astonishment among members. One senior retail executive said the BRC had 'effectively said to industry that the data is completely made up'. The inaccurate figures were included in the BRC-KPMG benchmark, which is seen as a crucial tool for high street stores to understand how they are performing against competitors. Analysts and the Government also monitor the index to track the wider health of the retail sector. The benchmark does not break out the individual performance of each retailer, but is compiled using sales figures submitted by shops for different categories including clothing, accessories and books. The BRC said it had used out-of-date figures for M&S because it had not received any data from the company. Rather than excluding M&S, the BRC used 'placeholder' numbers for weeks. These figures were based on figures from before the cyber attack, which forced the retailer to suspend online sales for months. The practice only came to light after the BRC sent an email to members last week telling them they should be careful in using the data. One senior retail executive said: 'It's one thing to take the number out. It's another to add one in and make it up.' Analysts said the distortion of the figures risked damaging trust in the benchmark. Richard Lim, chief executive of Retail Economics, said: 'BRC members that participate in the scheme will be using it to inform their tactics and strategies all the way up to board level. There will be specific categories that potentially wouldn't have given a clear picture of underlying trade.' The BRC argued that excluding M&S from the benchmark would have allowed competitors to work out crucial information about the retailer, such as market share. Separate figures suggest M&S has suffered a significant hit to sales from the cyber attack, which saw its systems frozen and customer data stolen. Kantar data found that clothing sales at M&S were down by a fifth in the four weeks to May 25 compared with the same period a year earlier. Meanwhile, spending on food was nearly flat, with NIQ numbers showing spending in M&S's food halls rose by 0.8pc in the four weeks to May 17 compared with a year earlier M&S has warned that the breach will wipe £300m from its profits after the attack reduced availability of food across its stores and stopped it from being able to accept online orders. The retailer only resumed online orders earlier this month, more than six weeks after the attack began. It has come as a major setback to bosses, who had been credited with steering a turnaround of the retailer before the attack. Stuart Machin, M&S's chief executive, saw his pay package jump almost 40pc last year to £7.1m amid a rise in performance-linked bonuses. A spokesman for the BRC said: 'The BRC-KPMG Retail Sales Monitor is a leading indicator of retail sales activity in the UK used by businesses, analysts and the Government. All retail contributors submit their data on the basis that it remains strictly confidential and secure. 'We have tried and tested processes to ensure that no commercially sensitive information, including market share, can be deduced from changes to the data - particularly where a contributor is unable to submit for a period of time, or when contributors leave or join the benchmark.' The BRC gets its funding from retailers, with members paying a fee based on their revenues. M&S is one of the largest retailers in the UK by revenues, making £13.8bn in sales in its last financial year. M&S was contacted for comment.
Fibre2Fashion
21-06-2025
- Business
- Fibre2Fashion
Cyber security, operational, financial risks priority for UK retailers
Cyber and data security is cited as the biggest risk across the UK retail sector at present, followed by operational and financial risks, according to a study by Barclays Corporate Banking and Retail Economics. 'Cyberattacks have been top of the agenda for retail boardrooms across the UK in recent weeks, and our research shows that just one in four retailers feel "highly prepared" to detect, respond to, and recover from a major cyber incident,' Richard Lim, chief executive of Retail Economics, said in a post on microblogging platform X. 'Against the backdrop of tariff uncertainty, geopolitical instability and pressure on profitability, this year's report also shows that risks have become more widespread,' he wrote. Cyber and data security is cited as the biggest risk across the UK retail sector, followed by operational and financial risks, a study by Barclays Corporate Banking and Retail Economics found. Fifty-eight per cent of respondents placed cyber resilience among their top three concerns, while 11 per cent admitted they are unprepared for cyberattacks. Cost control has become a sharper strategic focus. Fifty-eight per cent of respondents placed cyber resilience among their top three concerns. Resilience to cyber threats requires proactive investment, from infrastructure upgrades and supply chain security to regular stress-testing and board-level ownership of response protocols, he noted. Eleven per cent of surveyed retailers admitted they remain unprepared for cyberattacks, exposing serious vulnerabilities at a time when digital infrastructure is critical to operations, trust and continuity. Sixty-four per cent of retailers have increased their focus on cybersecurity over the past 12 months—from upgrading systems and stress-testing response plans to embedding security across supply chains, Lim wrote. 'The number of principal risks disclosed by the UK's top 30 listed retailers has risen to 278, with 40 new or escalating risks in the past year alone. Of these, cyber-related risks account for a high quarter (25 per cent) of this increase,' he mentioned. Financial pressure remains a close top concern for 2025-26 as well, with 55 per cent of respondents placing financial strength among their top three concerns. Financial resilience has emerged as the most commonly selected first-choice priority (23 per cent) as retailers manage a fresh wave of cost increases. UK retailers are set to face a £6.5-billion rise in operating costs in 2025, driven by increases to the National Living Wage, Employer National Insurance contributions, business rates, utilities and property costs. Over the past decade, average pre-tax profit margins have almost halved—from 10.4 per cent in 2014 to just 5.7 per cent in 2024. Despite a decade of inflation, this translates into a fall of over £7.3 billion in pre-tax profits across the sector from £32.7 billion to £25.4 billion. 'It means cost control has become a sharper strategic focus—yet many retailers are balancing defensive measures with forward-looking investment in technology, data, and supply chain resilience,' Lim added. Fifty-seven per cent of respondents placed operational agility among the top three concerns. Trade tensions continue to test supply chains, while artificial intelligence and digital transformation present major opportunities, but only for businesses with the skills and agility to respond, according to the report. Fibre2Fashion News Desk (DS)
Yahoo
18-06-2025
- Business
- Yahoo
Eaton partners Fengsheng Electric to meet growing demand for single-phase UPS solutions in Singapore
Eaton unveils the new 9PX 5–11kVA Gen2 UPS – its next-gen online UPS engineered with advanced silicon carbide components to deliver industry-leading efficiency, performance, and compact design. SINGAPORE, June 18, 2025 /PRNewswire/ -- Intelligent power management company Eaton has appointed Fengsheng Electric as an authorized distributor for its single-phase Uninterruptible Power Supply (UPS) solutions in Singapore. This partnership strengthens Eaton's distribution network and extends its reach into new segments across residential, commercial, and industrial projects - complementing its existing strong presence in the IT segment. "Singapore's drive towards a smart nation and its vibrant ecosystem of SMEs and multinational corporations necessitate reliable power at every level of their critical infrastructure," said Brian Neo, Country Manager, Singapore, Eaton's Electrical Sector. "Through our collaboration with Fengsheng Electric, we're enabling more businesses in Singapore to future-proof their power systems and operate with confidence, without the worry of costly downtime." "We are thrilled to partner with Eaton, a recognized leader in power management solutions," said Richard Lim, Managing Director of Fengsheng Electric. "We pride ourselves on being a reliable, one-stop supplier of quality electrical products for industrial to residential applications. Eaton's industry-leading UPS solutions are a strong addition to our existing portfolio, allowing us to offer customers even greater choice and assurance in meeting their power protection needs. With Eaton, we continue our commitment to delivering the best from the most trusted names in the industry." As Eaton expands its channel partner network, the company is also deepening its commitment to powering the digital future with the launch of its next-generation 9PX Gen 2 UPS. With up to 97% efficiency, the next-gen 9PX G2 (5–11kVA) UPS helps cut operating costs, outperforming competing brands. Rising energy costs, proliferation of GPUs, and expanding IT infrastructure across Asia are fueling a surge in demand for more efficient, reliable power protection - especially at the edge. The 5.1–10kVA single-phase UPS market in the Asia & Oceania region is estimated at USD $100 million in 2025, with projected annual growth at 10%. Designed as edge-ready solutions, the 9PX Gen 2 aims to help end-users as well as managed service providers meet modern business and IT power protection demands. Key features include: Unmatched performance and energy efficiency: Up to 97% efficiency in online mode High power density in a compact footprint, freeing up valuable rack space for other critical equipment Enhanced user experience, compatibility and connectivity features including Advanced Battery Management (ABM+) that increases battery service life by up to 50% through predictive maintenance Versatile deployment: Ideal for small data centers, enterprise data rooms, mission-critical applications across healthcare, light industrial, education, and more "We are committed to meeting the growing need for robust and efficient power management, particularly in the rapidly expanding edge computing and small data center landscapes across Asia," said Choo Chee Khiang, General Manager, Singapore, Indonesia & Malaysia, Eaton's Electrical Sector. "Built on a trusted legacy of excellence, the enhanced 9PX Gen 2 delivers improved performance and efficiency, ensuring peace of mind for always-on, uninterrupted operations." For more information on the 9PX (5-11kVA) Gen 2, please visit the product page hyperlinked. About Eaton: Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we're helping to solve the world's most urgent power management challenges and building a more sustainable society for people today and generations to come. Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of nearly $25 billion in 2024, the company serves customers in more than 160 countries. Eaton entered the Asia-Pacific market during the 1970s and has grown significantly since then. Eaton moved its Asia-Pacific headquarters from Hong Kong to Shanghai in 2004. Today, Eaton has nearly 18,000 employees and 33 manufacturing facilities in the Asia-Pacific region. For more information, visit Follow us on LinkedIn. View original content to download multimedia: SOURCE Eaton Sign in to access your portfolio
Yahoo
17-06-2025
- Business
- Yahoo
UK retailers face escalating threats as cybersecurity readiness falters
Of the 117 senior UK retail executives interviewed for the research, 11% acknowledge their lack of preparedness for cybersecurity threats. Cybersecurity has also been recognised by 58% of retail leaders as one of the top three risks facing their industry in the coming year, signalling increased awareness of the dangers posed by ransomware, data breaches, and system failures. This growing apprehension has led to an increase in investments in cybersecurity among retailers, with 64% enhancing their focus on this area over the past year. Efforts include system upgrades, response plan evaluations, and the integration of security measures throughout supply chains, according to the research. It also noted that the complexity and interconnectivity of risks have also intensified, as evidenced by the top 30 UK-listed retailers disclosing 278 principal risks, including 40 new or escalating concerns within the last year. Cyber-related issues represent 25% of these emerging risks. In April this year, Marks & Spencer suspended online and app orders due to a significant cyberattack and anticipated an operating profit impact of around £300m for the fiscal year 2025/26 before implementing any mitigating strategies. Additionally, The North Face experienced a "small-scale credential stuffing attack," prompting customer notifications. Retail Economics chief executive Richard Lim said: 'Cyber threats are no longer just an IT issue. They cut to the heart of customer trust, brand reputation and operational continuity. It's concerning that so many retailers still lack the confidence and capability to respond effectively. Resilience today isn't just about protection. It's about being ready to act, recover quickly and adapt at speed. 'The most forward-thinking retailers are using cyber risk as a catalyst for broader transformation. They are accelerating investment in digital infrastructure, strengthening internal agility and embedding resilience across their operations. These are the bold decisions, made under pressure, that will shape long-term success.' Financial pressure Beyond cybersecurity, financial challenges loom large for retailers who are bracing for a £6.5bn surge in operating costs in 2025. Factors contributing to this increase include higher National Living Wage rates, Employer National Insurance contributions, business rates, utilities, and property expenses. The study showed that average pre-tax profit margins have dwindled from 10.4% in 2014 to 5.7% in 2024, a loss exceeding £7.3bn in pre-tax profits across the sector. In response to these pressures, retailers are sharpening their focus on cost control while also investing in technology, data analytics, and supply chain fortification. The resilience gap among retailers is becoming more pronounced. While some see themselves as 'ahead of the game' in risk management, a slight increase from 26% to 28%, the proportion lagging behind has risen more significantly from 21% to 25%. A majority of retail leaders (58%) believe the performance disparity between top-performing and underperforming businesses is expanding. Barclays UK Corporate Banking retail and wholesale head Karen Johnson said: 'As operational and financial risks continue to escalate, it's clear that embracing technological advancements and enhancing cybersecurity measures will be key to building resilience for UK retailers." "UK retailers face escalating threats as cybersecurity readiness falters" was originally created and published by Just Style, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
30-05-2025
- Business
- CNA
Energy Market Authority chairman Richard Lim to step down in September
SINGAPORE: Energy Market Authority (EMA) chairman Richard Lim will step down in September after leading the energy authority's board for five years. Mr Lim will relinquish his appointment as chairman on Sep 30, the Ministry of Trade and Industry (MTI) said on Friday (May 30) in a press release. He will be succeeded by Mrs Tan Ching Yee, former Permanent Secretary (Finance). 'Under Mr Lim's leadership, EMA has undertaken important moves to strengthen Singapore's energy security,' said the ministry. These include the set-up of Meranti Power to develop fast-start power generation and the establishment of the centralised gas procurement framework. 'He has also been instrumental in advancing Singapore's energy transition, such as the deployment of solar energy, the pursuit of low-carbon electricity imports from the region and ongoing studies on the feasibility of other low-carbon technologies such as hydrogen and geothermal energy.' Dr Beh Swan Gin, Permanent Secretary at MTI, expressed the ministry's 'deep appreciation' for Mr Lim's contributions. Mr Lim 'has been instrumental in guiding EMA since April 2020 as chairman', he said. 'I am confident that Ching Yee will build on Richard's contributions and steer EMA to new heights.' NEW CHAIRPERSON Mrs Tan, 60, will be appointed EMA's deputy chairperson from Jun 1 to Sep 30, before assuming the role of chairperson from Oct 1, said MTI. Her appointment in the position ends on Mar 31, 2027. Mrs Tan has held various appointments at MTI, the Ministry of Education, the Ministry of Health and the former Ministry of Information, Communications and the Arts. In 2016, she was concurrently appointed as Permanent Secretary (Finance) and Permanent Secretary (Prime Minister's Office) (Special Duties). During the COVID-19 pandemic, she oversaw critical relief measures for families and businesses through the use of reserves, said MTI. She also represented Singapore as G20 Finance Deputy and Sherpa for nine years, advancing Singapore's international interests at global and regional forums. 'In her various leadership roles, she has consistently emphasised people and leadership development," said the ministry, adding that she nurtured a culture of excellence and teamwork. Mrs Tan, who began her career in public service in 1986, retired from the sector on May 1. She was awarded the Public Administration Medal (Gold) in 2008 and the Meritorious Service Medal in 2018.
