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Korean chaebol woes: Prosecutors are investigating the three siblings who control CJ Group to uncover the whereabouts of an estimated 500 billion won ($450 million) in Hidden Assets

2013-05-22 16:06

CJ probe expands

By Kim Jae-won
Prosecutors are Investigating The Three siblings who Control CJ Group to uncover The whereabouts of an estimated 500 billion won ($ 450 million) in Hidden Assets, Sources said Wednesday.  Read more of this post

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Billionaire The Ning King Emerges on Indonesian Property

Billionaire The Ning King Emerges on Indonesian Property

Not many finance professionals who cover Indonesia’s biggest property companies have heard of The Ning King, the 82-year-old founder of closely held Indonesian conglomerate Argo Manunggal Group.

The — pronounced Tay — owns half of PT Alam Sutera Realty (ASRI), which developed for almost two decades a town west of Jakarta comprised of 30 residential clusters, each with as many as 500 houses. The company’s shares have doubled since October.

He also owns 64 percent of PT Bekasi Fajar Industrial Estate (BEST), which controls the largest industrial land bank among its publicly traded peers in Indonesia. Bekasi Fajar has partnered with Japanese companies to develop industrial parks and is up 46 percent year-to-date. Read more of this post

A more detailed look at China’s economic performance in 2012 shows it tipped further off balance, relying more than ever on credit-fueled investment, a trend it had tried to rein in

May 22, 2013, 1:58 p.m. ET

China Tilts Back to Big Spending

By TOM ORLIK

BEIJING—A more detailed look at China’s economic performance in 2012 shows it tipped further off balance, relying more than ever on credit-fueled investment, a trend it had tried to rein in. A further tilt toward capital spending flies in the face of Beijing’s goals to shift to a consumption-driven economic model and threatens to add to a mounting debt problem, exacerbate industrial overcapacity that is dragging down profits, and produce more empty “ghost cities”. The share of fixed investment in China’s GDP rose to 46.1% in 2012, up from 45.6% in 2011, according to National Bureau of Statistics data, published by data provider CEIC. China’s headline GDP data have been available for some time, but the detailed breakdown between the shares of investment, consumption and exports has only been published this week. Read more of this post

For Proxy Advisers, Influence Wanes; ISS and Glass Lewis dominate an industry that evolved to bring a critical lens to the management proposals that mutual funds and asset managers traditionally had rubber-stamped in corporate elections

Updated May 22, 2013, 6:42 p.m. ET

For Proxy Advisers, Influence Wanes

By JOANN S. LUBLIN and KIRSTEN GRIND

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The landscape for proxy advisers is getting rockier.

Big firms that sell recommendations on how to vote in corporate elections are losing some of their relevance, as companies more aggressively court key investors ahead of big votes and those investors handle more of the voting analysis themselves.

Consider J.P. Morgan ChaseJPM +1.15% & Co. The two biggest proxy advisers—Institutional Shareholder Services Inc. and Glass, Lewis & Co.—recommended that shareholders support a nonbinding proposal to split the roles of chairman and chief executive held by James Dimon. Read more of this post

From Google to FedEx: The Incredible Vanishing Offshore Subsidiary from publicly disclosed financial filings

Updated May 22, 2013, 7:38 p.m. ET

From Google to FedEx: The Incredible Vanishing Subsidiary

By JESSICA HOLZER

WASHINGTON—Some of the biggest U.S. companies, including Google Inc.GOOG -1.94% and FedEx Corp., FDX -2.47% have quietly removed hundreds of offshore subsidiaries from their publicly disclosed financial filings over the past several years. Software maker Oracle Corp., ORCL -2.79% for instance, disclosed more than 400 subsidiaries in its 2010 annual report. By 2012 the list had been whittled to eight—five of which were located in Ireland. Oracle declined to comment. The vanishing subsidiaries don’t stem from asset sales or corporate restructuring. Companies across industries say they are taking advantage of Securities and Exchange Commission rules that demand disclosure only when subsidiary operations are “significant.”

MK-CD451_OFFSHO_G_20130522170008 Read more of this post

Hedge Funds Trail S&P 500 by 10 Percentage Points, Goldman Says

Hedge Funds Trail S&P 500 by 10 Percentage Points, Goldman Says

Hedge funds’ returns have stayed “lackluster” this year, with the $2.3 trillion industry trailing the gains of the Standard & Poor’s 500 Index by about 10 percentage points, according to Goldman Sachs (GS) Group Inc.

Hedge funds gained 5.4 percent on average through May 10, compared with a 15.4 percent rise for the S&P 500 (SPX) and a 14.8 percent increase for the typical mutual fund, a team of Goldman Sachs analysts led by Amanda Sneider and David Kostin wrote in a report released today.

Hedge-fund managers have been hurt in 2013 by their bearish wagers on stocks, with “popular” shorts such as Johnson & Johnson (JNJ) and Gilead Sciences Inc. rising more than the broader equity market, Goldman Sachs said. Fewer than 5 percent of the hedge funds tracked by New York-based Goldman Sachs are beating the S&P 500 or a typical mutual fund that buys stocks of the biggest U.S. companies. Read more of this post

Oil-tanker owners will struggle to retain crews and maintain ships after losing the most money in four decade

Oil-Tanker Crews Seen Quitting on 40-Year High in Losses

Oil-tanker owners will struggle to retain crews and maintain ships after losing the most money in four decades, according to the industry’s biggest trade group.

The problems won’t ease any time soon because some vessel rates may take as long as four years to rebound, said Katharina Stanzel, the managing director of the International Association of Independent Tanker Owners, or Intertanko. Its members operate more than half of the world’s tankers by capacity.

Owners lost about $27 billion since 2009 and rates for the largest vessels may only recover by 2017, according to Intertanko. Daily rates for the biggest carriers slid 68 percent over the past year because of a glut of capacity, figures from London-based Clarkson Plc (CKN), the largest shipbroker, show. Read more of this post

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