a presentation to international seminar 15 jul 14 in bandung, by fairprice

Singapore Retail

Larry Toh, Group Manager, Operations (Singapore)

Jul 2014

Source: Photos from SPH archives

PROGRAMME AGENDA

A. Introduction and Overview

B. Do Well

C. Do Right

D. Do Good

E. Do Together

F. Key Challenges

A. Introduction & Overview

Our Beginnings

1973 – World Oil Crisis•Operated 1 store

• Employed about 30 workers•Revenue of S$9 million

Singapore Employees

Co-operative

(SILO – 11 stores)

NTUC Welcome Consumer

Co-operative

(16 stores)

Merger

1983

Formation of FairPrice

2013280 stores

~8800 staff$3 billion in revenue

Transformation Over The Years

• Best Place to Shop

• Best Place to Work

• Best Corporate Citizen

A Shared Vision and Mission

Our Mission

To provide customers with the

best value, quality products and

excellent service. Be a preferred

employer, to moderate the cost of

living in Singapore, and serve the

needs of our members, the labour

movement and the community.

Our Vision

To be Singapore’s

leading world-class

retailer with a heart.

8

Professionalism

We do things right the first time.

We uphold integrity in dealings with external and

internal customers. We add value to the

organisation’s growth and progress.

Customer-Focus

We provide service with a smile, always.

We go the extra mile to delight our customers.

We treat every customer as our friend.

Team Work

We work together in the interest of the company.

We motivate and guide each other to achieve

organisational goals. We respect each other’s

views..

Our Core Values

QualityValue

Service

Our Brand Promise

H - Helpful

E - Empathetic

A - Attentive to Details

R - Reliable

T - Trust

Our Service DNA & Motto

11

Celebrating Our 40th Anniversary With A Bang! Contributed 40 m back to community

•10 m to labour movement

•10 m to FP members

•10 m to FP employees

•10 m to FP foundation

12

Chief Executive

Officer (Singapore)

Mr Seah Kian Peng

Deputy CEO,

Singapore

(Operations)

Mr Gerry Lee

General Manager

Supermarket/Online

Mr Peter Teo

Deputy CEO,

Singapore

(Purchasing)

Mr Tng Ah Yiam

Director

Real Estate

<Vacant>

General Manager

Hypermarket

Mr Lum Hon Fye

Director

Supply Chain

Mr Dickson Yeo

Financial

Controller

Mr Lim Kok

Guan

Senior Director

Corp

Development

Mr Lum Hon Fye

General Manager

Convenience

Mr Victor Cheong

General Manager

Finest

Mr Traves Tan

Senior Director

Business Groups Support

Ms Lian Lay Yong

Asst Director

Store Design

Ms Nor Abdah Bte Abdullah

Managing

Director

(Corporate

Services)

<Vacant>

Chief Information Officer

Mr Bernard Chew

Director

Food Safety & Quality

Ms Chong Nyet Chin

Director

Legal

Mr Poh Leong Sim

Director

Brand & Marketing

Ms Christina Lim

Director

Human Resource

Ms Rebecca Teo

Director

Corporate Communications

Mr Jonas Kor

Director

Organisation Development

Mr Koh Kok Sin

Director

Corp Planning

Mr Foo Wei Young

Organisation Structure – FairPrice Singapore

Group CEO

Mr Tan Kian Chew

13

Deputy CEO, Singapore (Operations)

Gerry Lee

Supermarket

General

Manager

Peter Teo

Group Manager

(Group H1)

Andy Chia

Warehouse Club

Dy General

Manager

Lee Kin Seng

Finest

General

Manager

Traves Tan

Group Manager

(Group S1)

Larry Toh

Convenience

General

Manager

Victor Cheong

Hypermarket

General

Manager

Lum Hon Fye

Group Manager

(Group FM1)

William Chin

Group Manager

(Group S2)

Tan Huey Ling

Group Manager

(Group H2)

Lester Lee

Group Manager

(Group FM2)

Tan Kian Seng

Business

Groups Support

Senior Director

Lian Lay Yong

Manager (BGS/Plus!)

Huang Shufen

Manager (BGS)

Harriet Ng

Manager (BGS)

Toh Jia Yan

Manager (BGS)

Wai Mun

Group Manager

(Hyper)

Tan Teck Nam

Store Design

Asst Director

Nor Abdah

Organisation Structure – Business Groups

Group Manager

Fresh Food Task Force

Oh Kwee SengDeputy GM

Victor Lim Senior Manager

(Store Design)

Peh Peng Yeow

Online

Dy General

Manager

Tan Huey Ling

Group Manager

(Group MM)

Annie Chua

1973 1998 2002 2003 2006 2007

A leading, multi-format retailer with ~280 stores;

trusted brand serving over 500,000 customers everyday;

8800 staff, $3 billion revenue

Multiple Retail Formats to Serve Diverse Needs of Customer Segments

S/N Formats Total No. of Stores

1 98

2 16

3 6

4 164

Total 284

120

Store Universe (as of 24 Jun 2014)

1. Developing a Customer-Focused

Strategy

2. Translating Targets into

Customer-Focused Goals

3. Tracking of Achievements

1. Food Safety & Quality Initiatives

2. Customer Experience

Management

3. Productivity Initiatives

4. Social Media Initiatives

1. Sharing and Working with

Partners

1. Moderating the Cost of Living

2. Our CSR efforts

3. FP Foundation

Our Guiding Principles

Do Well Do Right

Do GoodDo

Together

B. DO WELL1. Developing a Customer-Focused Strategy

2. Translating Targets into Customer-Focused

Goals – Our KPIs and Roles

3. Tracking of Achievements

18

B1. Development of 5-Year Strategic Plan

Super, Hyper, CVS, WHC

Assessment of Industry & Market Potential

B. DO WELL

FY 2020

New Businesses, New

Opportunities

Measurement Target Frequency

1 Budgeted Growtha) Sales

b) Contributions

Budget sales and

contribution; last

year’s sales and

contribution

Monthly

Half Yearly

2. Quality Assurance AuditMeet Quality and food Safety

standard

a) Retail Quality Assessment

b) Internal Quality Audit

c) Summons

a)>=80% score

b)>=90% score

c)<= 2 Summons

Monthly

Half Yearly

Current FY

3 Mystery Shopper Audit a) Meet required service

standard

b) Complaint vs compliments

ratio

c) Staff and customer injury

a)>= 85% score

b)1:15

c)<= 2

Monthly

Current FY

Current FY

B2. Translating Business Targets into Customer Focused Goals – Branches’ KPIs

19B. DO WELL

Measurement Target Frequency

4 GMROI Management – Group

To meet Stock EfficiencyLY : times ____ times Monthly

5 Efficiency ManagementTo meet budgeted :

a) Operating Cost as a % of sales

b) Staff cost as % of sales

c) Sales per manhour

a) %

b) %

c) _____

Monthly

Monthly

Monthly

6 Team Building Managementa) Monthly meeting by Group

b) Weekly staff briefing

c) Community Bonding Project

d) Know your customers – Walk the

Talk

e) Safety & Emergency Exercise

a) Minutes, Reports

b) 4 briefings per week

c) Participate in

community activities

d) 50% at selling area

talking to customers

Monthly

Weekly

Current FY

On-Going

B2. Translating Business Targets into Customer Focused Goals – Branches’ KPIs

20B. DO WELL

Expected End

Result

Principal Activities Time (%)

Meet Sales & Profit

Targets

• Ensure stock availability – no OOS

• Ensure good display and merchandising.

• Ensure profitable space utilization of selling area

• Monitor trends and competiton

• Explore and implement strategies to increase

sales

15%

Cost Control to

meet GP% targets

• Monitor and take actions to improve on store

stock-take results.

• Track and minimize write-offs and pilferages.

• Promote house-brand and our imports.

• Seek ways to improve systems and means to

reduce expenses in all areas such as staff cost,

administrative cost, logistic cost etc.

25%

Food Safety • Ensure compliance to ISO and HACCP

procedures.

• Maintain good housekeeping standards i.e store

cleanliness.

20%

B2. Translating Business Targets into Customer Focused Goals – Role of a Branch Manager

21B. DO WELL

Expected End

Result

Principal Activities Time (%)

Increase Productivity • Staff recruitment planning.

• Review and improve dept scheduling.

• Monitor work performance of staff

• Motivate staff and build team spirit

• Monitor stock movements closely to improve

stock turn

20%

Good Customer

Service

• Enforce customer service standards

• Review customers feedback

• Train staff to meet customer service standard

• Identify poor performance for re-training

• Handle and Minimize customer complaints

20%

Minimum 50% of time to be on the shop floor

B2. Translating Business Targets into Customer Focused Goals – Role of a Branch Manager

22B. DO WELL

• POS system• Payment Media• Cashiering• Productivity projects – Self Checkouts, Cash Management

Front Office

• Manage Operations Hotline• Productivity projects – Electronic Shelf Labels, Self Scanning,

Deli OrderingHotline

• SAP BI• Administrative

• Admin Support to Grp Managers• Maintenance of documentations and SOPs

• Project – Online

Business Analytics & Admin

• Store Ordering (SAP system)• PDA system• E-forms• Supplier Portal

Merchandising

B2. Translating Business Targets into Customer Focused Goals – Role of Business Groups Support

23B. DO WELL

• Support and establish standards for Branch Operations

▫ Daily Sales / Gross Profit

▫ Write-off / shrinkages

▫ Display and merchandising

• Manage and execute activities relating to the promotion and

merchandising for the various categories of fresh products

• Provide guidance and support to the fresh food operating

team

• Liaise with Purchasing department to develop new initiatives

and strategies relating to fresh category

B2. Translating Business Targets into Customer Focused Goals – Role of Fresh Food Taskforce

24B. DO WELL

B3. Tracking of Achievements – Internal Indicators (Financial)

25B. DO WELL

26

Reader’s Digest Trusted BrandTrusted Brand (Platinum) for Supermarket Chain (2008 –

2012)

Trusted Brand (Gold) for Cooking Oil (2008 – 2012)

Trusted Brand (Gold) for Rice Category (2011 - 2012)

Asia’s Top 1000 BrandsRanked 4th, & the only homegrown local brand in the top 10 list

Retail Asia-Pacific Top 500Ranked 1st among the top ten retailers in the Asia-Pacific market

Received the Gold Award

Best Place to Shop

B3. Tracking of Achievements – Other Indicators (Accolades)

B. DO WELL

Service excellence framework to guide our

strategies & actions

Achievement of Singapore Service Class in Dec 2010 & Feb 2014


27B. DO WELL

FairPrice scores the highest amongst Supermarket

Retailers @ 71.4 for Customer Satisfaction Index

• Survey conducted between January and March

2013 by Institute of Service Excellence (IES),

based on 7,656 respondents


28B. DO WELL

FairPrice is #4 and the only home-grown brand in

the Top 10- Singapore Country Ranking in Campaign Asia-Pacific Asia’s Top 1000

Brands report 2012


29B. DO WELL

Top 10 brands in Singapore:

1. Apple

2. Samsung

3. Sony

4. FairPrice

5. Nestle

6. Canon

7. Panasonic

8. Nike

9. Maggi

10. Hewlett Packard

Other local brands’ rankings:

22. Singtel

25. Singapore Airlines

B3. Tracking of Achievements – Other Indicators (Other Accolades)

30B. DO WELL

C. DO RIGHT1. Food Safety & Quality Initiatives

2. Customer Experience Management

3. Productivity Initiatives

4. Other Technology Initiatives

Integrated Food Safety & Quality Management Systems

C. DO RIGHT

C1. Food Safety & Quality

32

C1. Food Safety & Quality – ISO / HACCP

ISO 9000 certified

1st supermarket retailer in

Singapore to achieve the

ISO 22000 / HACCP – food

safety standard

33C. DO RIGHT

34

Checks are done at store through Retail Quality Audits (RQA) and

Internal Quality Audits (IQA)

• IQA verifies implementation of ISO 22000 and ISO 9001 quality

standards at branches.

• RQA assesses branches on their compliance to Good Retail

Practices, and also on their housekeeping standards and food

safety on the trading floor.

C. DO RIGHT

Our food safety policy focuses on 3 areas:

Compliance Conformance Prevention

We comply with all

relevant food safety

regulations.

We conform to

procedures in

maintaining a hygienic

environment.

We educate all relevant

employees on food safety

and proper handling of

food products.

35

C2. Customer Experience Management (CEM System) Management Reports

COMPLAINT

Delivery Truck

1.5%

Price

3.8%Policy/Guideline

3.4%

Product Quailty (PVT

label)

0.2%

Product Quailty (other

brand)

16.4%

Product Quailty (house

brand)

1.5%

Other

9.4%

Injury

2.8%

Loyalty Program (other)

0.0%Loyalty Program (FP)

6.8%

Delivery Service

0.4%

Housekeeping

2.1%

Customer Service

38.0%

Security Staff

1.1% A and P

1.1%

Stock issues

9.8%

Store environment

1.7%

Types of Reports

• Breakdown of Total Feedback

received

• Total No of Valid Injury Cases

• No of Suggestions

• Ratio of Compliments to

Complaints

• Compliments per million

transactions

• Valid Complaints per million

transactions

• Net Promoter Score

• Mystery Shopper Audit

C. DO RIGHT

Feedback Type

9 7 0

1 7 1 8

2 3 4 7

1 7 8 6

2 2 6 04 7 8

4 8 5

5 6 1

4 3 3

4 6 9

7 7

7 8

5 1

6 2

6 7

5 8

5 6

5 0

5 0

2 0 6 3

1 7 8 2

2 3 1 8

1 5 9 2

5 6 4

5 2 6

4 3 0

4 6 6

0

400

800

1200

1600

2000

2400

2800

3200

Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

No. of Compliments No. of Complaints No. of Suggestions

Ratio of Compliments : Complaints

132.76

206.78

75.16

122.46

104.82

257.56

107.67107.38

111.76

98.26114.61

119.07

206.60

113.77

119.11123.30

82.2

148.71

119.20

0

30

60

90

120

150

180

210

240

270

FY12/13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

FY12/13 Average Ratio FY13/14 Target (10.00) Ratio FY12/13

First retailer

to implement

bar-coding

First retailer to build,

own and manage a

Fresh Food

Distribution Centre

FairPrice Plus:

First co-brand

banking card

36

C3. Technology & Productivity Initiatives – Key Milestones

1991 2003 2007

Launch of FairPrice

Online (FPOL)

2002

C. DO RIGHT

$41 million

automated

sortation &

conveyor

system

(GLS)

Launch of Self

Checkouts (SCOs)

& Electronic Shelf

Labels (ESLs)

Launch of

iPhone

app

Launch of

Contactless

Payment

&

Personal Self

Scanning

37

C3. Technology & Productivity Initiatives – Key Milestones

2009 2012 2013

First retailer

to go into

social media :

Launch of

“That’s My

FairPrice”

Facebook

Page

2011

C. DO RIGHT

S/N Projects As of Jun 14

i Self Checkouts (SCO) 15 stores

ii Electronic Shelf Labels (ESL) 108 stores

iii Contactless Payment All stores

iv Personal Self Scanning (PSS) Piloting at BTPZ

C3. Productivity Initiatives – Detailed Highlights

C. DO RIGHT

• Objective: Provision of self-service kiosks that allow

customers to process their own transactions

Advantages:

Alleviation of manpower shortage

Reduction of queues during peak

periods

Increase in cashiering productivity

of >40%

Availability of open counters at all

times

C3i. Self Checkout Counters (SCOs)

C. DO RIGHT

• Objective: Elimination of manual printing and changing

of price labels

• Advantages:

▫ Timely and accurate price changes

▫ Time saved in updating of shelf labels

▫ Cost savings from reduced paper printing

• Enhancement in 2013

▫ Dot matrix and NFC tags

▫ Larger screens, clearer contrast ratio and

display

▫ Available at WGV and HGA NFC tag

C3ii. Electronic Shelf Labels (ESLs)

C. DO RIGHT

Acceptance of Co-brand Credit Cards

At All stores

2008 2009 2010 2011 2012June2013

2007

Acceptance of All Visa, Master &

Diners cards at All FP outlets

Change over to new IP enabled

terminals for faster transactions

Acceptance of Nets

Flash Pay

Piloted Contactless

Payment @ 3 stores

Rollout of single terminal solution

to all stores

C3iii. Evolution of Payment @ FairPrice

C. DO RIGHT

• Objective: Consolidation of various payment

functions on a single terminal▫ Digital Signature (<$45, no signature)

▫ Contactless Payment (<$100)

• Advantages:▫ Reduction of peripherals at checkouts

▫ Electronic signature storage for credit card transactions

▫ Faster transaction speed via contactless payments (6

secs for contactless vs 25 secs for traditional process)

▫ Improve customer service

C3iii. Single Terminal Solution (POS)

C. DO RIGHT

• Objective: Provision of hand-held

devices that allow customers to scan

their own purchases

• Advantages:▫ Mitigation of manpower shortage

▫ Reduction of waiting time for processing of

large purchases

▫ Greater customer involvement and

engagement in the shopping process

C3iv. Personal Self Scanning (PSS)

C. DO RIGHT

• Piloted at BTPZ on 25 Nov 13

• KPIs:▫ Improve cashier productivity

(reduction of scanning time by 50%)

▫ Achieve 20% PSS usage rate of total transactions

C3iv. Personal Self Scanning (PSS)

C. DO RIGHT

45

FIRST supermarket chain to engage

customers via Facebook & Twitter

C4. Social Media Initiatives

FairPrice Sg Twitter

> 127,000 fans –

That’s My FairPrice Facebook

C. DO RIGHT

Beyond Print - “What’s Up At FairPrice”

• One-stop promotion information > 25,000 unique visitors/mth> 250,000 page views/mth> 18,000 mobile views/mth

• Access via “My FairPrice” iPhone app

My FairPrice + app

Enhanced version which provides:

Promotional offers

Recipes/ Tips/ News

Shopping list planner

Store locater

Wine/House brand products

Feedback location & camera function

QR code scanner

Mobile commerce, etc

Close to 28,000 downloads (31Oct’13)

Wine Pairing App

• More than 12,000 downloads

• Android : IOS => 2,829 : 9,810 (Sep 13)

• Sharing on FaceBook and Twitter

• Wine tips and video

• Pre-order wine in bulk


C. DO RIGHT

Features life streaming programmes and Video on Demand content

Created for Singaporeans who enjoy cooking at home

Viewable anytime, anywhere on smart phone, smart TV, tablet and computer

Content includes recipe ideas, tips & tricks, Cook-along videos with celebrity chefs and more

47

www.foodforlifetv.tv


C. DO RIGHT

D. DO GOOD

1. Moderating the Cost of Living

2. Our CSR efforts

2%

discounts for

Seniors on

Tuesdays

Over 500

Every Day

Low Price

(EDLP)

essential

items priced

equal or

lower than

other retailers

More

than 2,000

Housebran

d items

priced at

least 10%

cheaper

than

comparable

national

brands

LinkPoints

loyalty

programme &

instant points

redemption

200820072002199919941985

200 items

priced 20-

25%

cheaper

than other

brands

"All-in-

one" Plus!

card that

functions as

VISA,

NETS, ATM

and Link

Card

D1. Moderating the Cost of Living

49D. DO GOOD

50


HELPING FAMILIES SAVE THROUGH:

50D. DO GOOD

500 Daily Essentials

2,000 SKUs of

Housebrands10-15% cheaper than national

brands

200 SKUs – Lowest

Price ProductsAt least 20% cheaper than

national brands

2% Seniors’ Discount Every Tuesday


51D. DO GOOD

Membership Rebates


52D. DO GOOD

LinkPoints


54D. DO GOOD

Introduction of Instant LinkPoints Redemption in 2008

Mill

ion

s

Over the past 5 years, average LinkPoints redeemed > LinkPoints issued by 25%!

Source: NTUC Link

programme


55D. DO GOOD

1 2

56

D2. Our CSR Efforts – 4 Pillars of Committment

3 4

D. DO GOOD

D. DO GOOD 57

D2i. Our CSR Efforts – Responsible Retailing

Parenting with A Heart

Seminar SME Suppliers Support

& Development Programme

Building Trust through Our Products

Building Sustainable Relationships

Reaching out to the less privileged

D. DO GOOD 58

D2ii. Our CSR Efforts – Community Care

Staff Volunteerism & Doing Good

Bring Your Own Bag (BYOB)

D. DO GOOD 59

D2iii. Our CSR Efforts – Sustainable Environment

• Launched in 2007

• First supermarket retailer in

Singapore to reward

customers for using own bags

No of bags saved

(in mils)

FY 07/08 2.1

FY 08/09 4.9

FY 09/10 5.2

FY10/11 6.0

FY 11/12 6.6

FY 12/13 7.5

TOTAL 32.3

Eco Store Features • 46 stores renovated to be

eco-friendly;

• Named pioneer partner by

Building & Construction

Authority (BCA) in its new

Green Mark Portfolio

Programme

BCA Green Mark Platinum:

FairPrice Finest @

Zhongshan Park

BCA Green Mark

GoldPLUS:

FairPrice Finest @ myVillage

BCA Green Mark Gold

FairPrice @ Ang Mo Kio

Block 712

D. DO GOOD 60

D2iii. Our CSR Efforts – Sustainable Environment

Green Mark Accolades

Straits Times Article on ST, 7 September 2013

Recognising & Supporting Our Staff

D. DO GOOD 61

D2iv. Our CSR Efforts – Wonderful Workplace

Biggest Contingent for ESA award

D. DO GOOD 62

Winner of the Inaugural

Best Efforts in CSR CategorySingapore Retailers Association Awards 2013

Winner of

Best Community DeveloperInternational Singapore Compact CSR Summit 2013

D2. CSR Accolades - 2013

2008 - Launch of FairPrice Foundation

D. DO GOOD 63

D3. FairPrice Foundation

Helping Poor and Needy

Promote Nation Building

& Community Bonding

Advance Workers’

Welfare

D. DO GOOD 64

D3. FairPrice Foundation – Our Strategic Thrusts

E. DO TOGETHER

1) Sharing and Working with Partners

• Strategic Alliance with ExxonMobil

▫ Over 60 FairPrice Xpress and Cheers stores at Esso Petrol Stations

▫ Offers 24-hour shopping convenience for motorists on the go

E1. Sharing & Working with Partners - ExxonMobil

66E. DO TOGETHER

What is ?

• Plus! is a joint venture amongst FairPrice, OCBC Bank and NTUC Link

• All banking products and services are provided by OCBC Bank for Plus!

67

E1. Sharing & Working with Partners – NTUC Link & OCBC

E. DO TOGETHER

• Previously known as LINK Programme

• Re-launched as in October 2010 to provide enhanced privileges and benefits to union members and customers of NTUC social enterprises

• It is currently Singapore’s largest consumer loyalty programme

• Cards used to earn LinkPoints:

Background of

68

E1. Sharing & Working with Partners – NTUC Link & OCBC

E. DO TOGETHER

http://www.fairprice.com.sg/webapp/wcs/stores/servlet/FerretFPServView?langId=-1&storeId=90001&catalogId=10051&Corporate=Y

The Straits Times, 21 Sep 2011

E1. Sharing & Working with Partners – Customer Value Proposition

69E. DO TOGETHER

70

F. Key Challenges

71

- Cover News, Straits Times, 2 Nov 2013

F. KEY CHALLENGES

F1. Continued Rising Wage Costs

72

$4.00

$4.20

$4.40

$4.60

$4.80

$5.00

$5.20

$5.40

$5.60

$5.80

$6.00

$600

$700

$800

$900

$1,000

$1,100

$1,200

Sep-07 Jul-08 Jan-11 Jul-12 Jul-13

FT monthly rate PT hourly rate

• FT monthly rate increased by 15% over last year • PT hourly rate increased by 16.7% over last year

F. KEY CHALLENGES

F1. Continued Rising Wage Costs

73

“Job vacancies in Singapore's wholesale and retail trade sector stood at 6,160 as of September last year...Of these, 27 per cent were front-line jobs in sales and service”- Retailers in Singapore forced to make tough decisions amid labour crunch, Straits Times, May 2013

“Restaurant Wok & Barrel closed its doors in March 2013, citing a shortage of manpower as the main reason. ”

FairPrice has about 900 vacancies as of Oct ’13 (not including new stores’ needs)

F. KEY CHALLENGES

F2. Acute Shortage of Manpower

FairPrice Hub @ BenoiArtist impression

74

QUESTIONS?

•730,000 Sq Ft

•$350 million

•16 Storey

•260,000 sq ft office space

•130,000 sq ft retail space

•Fairprice HQ

•Warehouse club

•Most high Tech Distribution center

a presentation to international seminar 15 jul 14 in bandung, by fairprice

Economy & Finance