Amazing baby photos!

Dad’s amazing flying baby photos

2013-06-09 02:54:17 GMT2013-06-09 10:54:17(Beijing Time)  SINA.com

That’s one busy baby! Emil Nyström, a Sweden-based photographer has created a photo series starring his infant daughter, doctoring the images so she’s placed in all sorts of crazy scenarios—soaring through the air on the back of a plane, slicing fruit with a katana sword, fixing a car engine—you know, all the stuff babies do. “My ideas and inspiration come from different places,” Nyström said. “Luckily, I haven’t had too many challenges. The main thing is to prepare the setup well. And because my baby isn’t too good at long working hours, if i get 15 minutes [of shots] I’ve had a good day.” And your day will be better after checking out these photos.

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Korean prosecutors will chase the leader of world’s largest Christian congregation for allegedly stealing tens of billions of won in worshippers’ money and underpaying taxes

2013-06-09 16:50

Pastor Cho in trouble

Korean Christianity’s illness befalls Full Gospel Church 

By Kim Tong-hyung

Prosecutors will chase the leader of world’s largest Christian congregation for allegedly stealing tens of billions of won in worshippers’ money and underpaying taxes.
Their decision to indict Cho Yong-gi, founder and pastor of the Yoido Full Gospel Church, on Saturday was another kick in the teeth for the country’s mighty but increasingly unpopular protestant church, frequently described as greedy, dishonest and socially regressive. Cho and some members of the church’s senior leadership have fallen out spectacularly in recent years as the 77-year-old minister came under constant accusations of corruption and nepotism. A group of church elders in 2011 filed a complaint with prosecutors claiming that Cho diverted more than 20 billion Korean won (about $18 million) in the church’s fund to acquire the stocks of a company owned by his son, Hee-jun, at prices dramatically higher than market value in 2002. The younger Cho, former chairman of the church-affiliated newspaper Kookmin Ilbo, currently serving a jail term for an unrelated financial crime, had sustained heavy losses from stock investments then.

pastor davidchoyonggicho_part174275284Yoido-Full-Gospel-Church-Seoulseo51 Read more of this post

Embracing your Dragon Boat Festival holiday which commemorates the death of Qu Yuan, an upright minister who found it impossible to put into practice those ambitions and ideals in a corrupt era

Embracing your Dragon Boat Festival holiday

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Hometown of Qu Yuan prepare to mark upcoming Dragon Boat Festival

The 5th day of the 5th month of the lunar year is an important day for the Chinese people. The day is called Duan Wu Festival, or Dragon Boat Festival, celebrated everywhere in China. This festival dates back to about 2,000 years ago with a number of legends explaining its origin. The best-known story centers on a great patriotic poet named Qu Yuan. Read more of this post

Why have a ‘culture’ and what value does it add?

Why have a ‘culture’ and what value does it add?

Robert Hooijberg, Dan Denison and Nancy Lane | Business | Sat, June 08 2013, 3:29 PM

Paper Edition | Page: 16

Managers regularly ask us whether we think it is a good idea for their organizations to have a culture and what value it might add. The question is interesting because it presumes a company does not already have a culture. This is a myth.

All organizations inevitably have a culture; they do not have a choice. Its culture consists of its values and principles as they are expressed through management and employee behaviors and the organization’s systems and processes. An organization’s culture often reflects the values of its founders: Whether it’s Sam Walton of WalMart or Steve Jobs for Apple, one can clearly see the impact its founder and his or her values on what happens in that organization.  Read more of this post

How to Demotivate Your Best Employees; Many companies hand out awards such as “employee of the month,” but do they work to motivate performance? Not really, says professor Ian Larkin. In fact, they may turn off your best employees altogether

How to Demotivate Your Best Employees

by Dina Gerdeman | Jun 10, 2013

Many companies hand out awards such as “employee of the month,” but do they work to motivate performance? Not really, says professor Ian Larkin. In fact, they may turn off your best employees altogether

It would seem to make sense that when companies recognize their workers with awards, they are likely to see a boost in morale and perhaps even inspire them to work harder.

It turns out that sometimes rewarding employees for good behavior can actually backfire, leading to a drop in motivation and productivity.  Read more of this post

Thousands of people attended prayers to celebrate what would have been the 92nd birthday of the late Indonesian President Suharto in Solo, Central Java

Suharto’s Birthday Keeps Discussion Alive

By Imron Rosyid Taufikur on 11:36 pm June 9, 2013.

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A guide gives a tour around Suharto’s memorial park in Bantul, Yogyakarta, which was unveiled on Saturday. (JG Photo/Aiera Maharani)

Thousands of people attended prayers to celebrate what would have been the 92nd birthday of the late President Suharto in Solo, Central Java, on Saturday. Read more of this post

Canada’s Entrepreneur of the Year, Alan Ulsifer of FYidoctors, has transformed the optical industry by creating a giant network of opticians who bring new products and diagnostics technology to clients from coast to coast

World entrepreneurs reaffirm business is the best route to change, reform and prosperity

Rick Spence | 13/06/09 | Last Updated: 13/06/07 2:09 PM ET

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Canada’s Entrepreneur of the Year, Alan Ulsifer of FYidoctors, has transformed the optical industry by creating a giant network of opticians who bring new products and diagnostics technology to clients from coast to coast.

MONACO — “Entrepreneurs make the world work better.” That was the message from Ernst & Young’s incoming chief executive, Mark Weinberger, as he kicked off the World Entrepreneur of the Year conference last week in Monte Carlo. A full 47 countries (including first-time participants Uruguay and Serbia) sent their entrepreneurial champions to the combined competition/professional-development/networking session, and the enthusiasm was infectious. Read more of this post

The Turkish founder of Greek yoghurt business Chobani has been named the world’s best entrepreneur for building a $1bn (£640m) turnover business in less than six years

Yoghurt tycoon named world’s best entrepreneur

The Turkish founder of a Greek yoghurt business has been named the world’s best entrepreneur for building a $1bn (£640m) turnover business in less than six years.

Chobani, which launched in the UK last year, has annual sales of almost $1bn and around 3,000 staff.

By James Hurley

3:48PM BST 09 Jun 2013

Hamdi Ulukaya, who launched New York-based Chobani in 2007, won the Ernst & Young World Entrepreneur of the Year competition in Monte Carlo on Saturday night.

Mr Ulukaya, who was described by judges as the “personification of every immigrant’s American dream”, pipped 48 entrepreneurs to the prize, including Lance Uggla, founder of British financial information firm Markit. Chobani, now America’s biggest yoghurt business, began with just five employees after Mr Ulukaya bought a closed factory from US food giant Kraft using a government loan. Read more of this post

Washington Post Media’s Katharine Weymouth on why running the business is tough; “You have to fail. You have to make mistakes in order to have the successes”

June 9, 2013 1:50 pm

Katharine Weymouth, publisher, Washington Post Media

By Emily Steel

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New edition: Katharine Weymouth is the fifth member of the Graham family to be publisher of Washington Post Media; From left: publisher Katharine Weymouth, former executive editor Ben Bradlee, former chairman and C.E.O. Katharine Graham, current executive editor Marcus Brauchli, and chairman and C.E.O. Don Graham.

Scotch-taped to the door of Katharine Weymouth’s office in the executive suite of theWashington Post headquarters are printouts of two photographs she took during a visit last year to Facebook’s Silicon Valley headquarters.

In bold, red, capital letters, one poster asks: “What would you do if you weren’t afraid?” The other reads: “Done is better than perfect.”

The proclamations are a constant reminder to the publisher of one of the US’s most venerable newspapers to embrace the Valley’s culture of endorsing failure – a somewhat foreign notion in the world of traditional media.

“You have to fail. You have to make mistakes in order to have the successes,” she says. “We in the media are not very forgiving of traditional organisations making mistakes.” Read more of this post

Family businesses ‘need to bridge generations’

Family businesses ‘need to bridge generations’

Watchiranont Thongtep
The Nation
June 10, 2013 1:00 am

Family businesses appear to be a key mainstream of global business. But bridging the gaps between the founding and new generations is important for long-term stability, an expert suggests.

“More than 80 per cent of the companies in the country were started and operate as a family business. Once the company grows up, a smooth transition in family management is crucial for sustainability,” Akachai Apisakkul, dean at the School of Business at the University of the Thai Chamber of Commerce (UTCC), told The Nation recently. Read more of this post

Taiwan’s Formosa Plastic/Petrochemicals Heir Claims $4 Billion of Assets Misappropriated by Late Patriarch’s Financial Advisers

Plastic Heir Claims $4 Billion of Assets Misappropriated

Winston Wong, the eldest son and estate administrator of deceased Taiwan petrochemicals tycoon Wang Yung-ching, sued two Hong Kong companies, claiming they misappropriated $4 billion in assets. Hong Kong’s High Court on May 2 named Wong as administrator of his father’s estate. Wong filed a lawsuit today against Jao Chien Fang and Chang Pen-yuan, formerly his father’s financial advisers, as well as Hua Yang Investment (H.K.) Ltd. and Winson International Investments Ltd. He accused the defendants of acting dishonestly to misappropriate his father’s assets, and is seeking their return plus interest. “This is an important and humbling moment as I stand in my father’s shoes as administrator and continue the efforts to identify and recover everything that should have been declared in his estate,” Wong said in a statement today. Today’s suit adds to litigation that Wong has filed in the U.S., Taiwan, Bermuda and Hong Kong over Wang’s holdings since his death in 2008 at the age of 91. The $4 billion held in Hong Kong includes power plants in China and real estate, with Wong estimating the total value of his late father’s assets at about $18 billion. Read more of this post

Spain’s ownership web set to untangle

June 9, 2013 12:53 pm

Spain’s ownership web set to untangle

By Miles Johnson in Madrid

Spain

Spanish business, it is said, can be a small place. Whether they are sharing bottles of rioja at upmarket Madrid restaurants, or the same classrooms, or even the same blood, large parts of the country’s business elite have ties that stretch back generations. This cosy, interconnected world is epitomised by the nexus of cross-shareholdings between banks and many of Spain’s largest companies, largely constructed during the past two decades. Out of the 35 companies in the Ibex stock index, 15 are connected to another member though a significant shareholding. If Bankia, the nationalised savings bank recently dropped from the index, were included, that figure would rise to 19. With the financial crisis having ripped through the balance sheets of the caja system, corporate Spain is undergoing an upheaval. As capital-strapped lendersare forced to sell non-core holdings, this long-standing and complicated web of cross-shareholdings is at risk of disappearing. Read more of this post

The 50 Best Performing S&P 500 Stocks in 2013

The 50 Best Performing S&P 500 Stocks in 2013

FRIDAY, JUNE 7, 2013 AT 02:03PM

As of 2 PM today, the average stock in the S&P 500 is up 16.94% so far in 2013.  And nearly all stocks in the index are up on the year.  Of the 500 members, 453 of them are in the green this year, while just 47 are in the red. Below is a list of the 50 best performing stocks in the S&P 500 year to date.  As shown, two stocks — Netflix (NFLX) and Best Buy (BBY) — are up more than 100%.  Go figure! Micron (MU) ranks third with a YTD gain of 99.13%, followed by Hewlett-Packard (HPQ) at 73.33% and First Solar (FSLR) at 72.35%.  AVP, AMD, EA, BSX and HRB round out the top ten. One stock that’s clearly not on the list of 2013’s best performing stocks is Apple (AAPL).  Apple is actually down 16.98% YTD, ranking it as the 7th WORST stock in the index on the year.

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The Downside of Entrepreneurial Success; They hit the jackpot once, and then think they have the magic

June 7, 2013, 1:57 p.m. ET

The Downside of Entrepreneurial Success

They hit the jackpot once, and then think they have the magic. It’s up to financial advisers to burst their bubble.

By DAISY MAXEY

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Sometimes, the worst thing that can happen to an entrepreneur is being successful.

So say many financial advisers who tell tales of entrepreneurs who hit it big—only to let success go their heads. It’s then up to the advisers to somehow keep their clients from taking subsequent risks that threaten their financial future. Financial adviser Tony DaRoza, for instance, remembers all too well the client who did so well he ended up losing $100 million. After selling his first technology company and taking his second public, the client took only enough money off the table to ensure that his family would be fine and that his children could go to college, recalls Mr. DaRoza, a managing director at the Merrill Lynch Wealth Management unit of Bank of America Corp. BAC +1.36% in San Francisco. Most of the rest disappeared when the tech bubble burst, he says. The problem, Mr. DaRoza says, rests with the “gambling mentality” of some entrepreneurs. A bit of a risk-taking bent is a good thing; it’s how entrepreneurs make their fortune. But after one or several successful business ventures, entrepreneurs may begin to believe they’re infallible. And for some it isn’t just their own endeavors they’re certain of; their confidence in taking risks may kick in when they are approached by a persuasive colleague, acquaintance or family member seeking money for a new venture. Read more of this post

Imperial Family’s car woes sparked Toyota whistleblower; What if a car crash hurt or even killed Crown Prince Naruhito, Japan’s heir to the Imperial throne?

Imperial Family’s car woes sparked Toyota whistleblower

The giant carmaker insists it has overcome its deadly 2009-11 crises; critics say problems have just been buried

BY DAVID MCNEILL

SPECIAL TO THE JAPAN TIMES

JUN 9, 2013

In 2008, Toyota faced an embarrassing problem: The Imperial Family’s luxury Century Royal, used to carry Crown Prince Naruhito around Japan, was a dud. Memos flew back and forth between managers and senior engineers trying to find the cause of what appeared to be a speed-control fault. “This is a very difficult situation,” fretted one engineer. “The Imperial Household Agency feels there is risk if it should recur.”

The unspoken concern was clear: What if a crash hurt or even killed Japan’s heir to the Imperial throne?

The problem seemed rooted in electronics — but its solution was elusive, even to all those trained minds. Toyota replaced the gas pedal, the throttle system and the engine computer at its own expense. Read more of this post

Dark sides of Toyota’s drive to be No. 1

Dark sides of Toyota’s drive to be No. 1

BY DAVID MCNEILL

SPECIAL TO THE JAPAN TIMES

JUN 9, 2013

Like most corporate giants, Toyota isn’t all squeaky clean. Yet in their book “Toyota no Shotai” (“The True Colors of Toyota”) published in Japanese in 2006, Hajime Yokota and Makoto Sataka catalog the Japanese media’s timidity when it comes to covering the nation’s top advertiser.

In May 2004, an accident resulting in death occurred in Toyota’s Tsutsumi factory in the city of Toyota, Aichi Prefecture. Yet, as the book details, the mainstream media ignored the event for months, along with allegations made by the victim’s father that it was the result of Toyota’s emphasis on efficiency.

The book also references how, after a Toyota employee murdered his wife and child in 1992, editors in the mainstream media mostly ignored his connections to Toyota — instead referring to him as “a resident of the city of Toyota.” Read more of this post

Toyota has “lost something. It used to have this godlike reputation for quality. But now it has shown that it has feet of clay”; “Toyota said we were all one big family. But now they are betraying us.”

How even the mightiest can sometimes succumb to their own success

BY DAVID MCNEILL

SPECIAL TO THE JAPAN TIMES

JUN 9, 2013

Toyota was famously slow to respond to the glut of claims of sudden acceleration problems afflicting some of its vehicles — at least until a now-notorious recording of an emergency 911 call made from one of the passengers stuck in 45-year-old California Highway Patrolman Mark Saylor’s speeding Lexus on Aug. 28, 2009.

“We’re doing 120 (mph [193 kph]). We’re in trouble … we can’t … there’s no brakes,” said the caller, moments before the car crashed at a San Diego intersection and burst into flames, killing everyone inside — Saylor, his wife, daughter and brother-in-law. Read more of this post

GungHo’s Popular ‘Puzzle & Dragons’ Is Upending the Industry Hierarchy, Challenging Leaders Such as Nintendo

June 9, 2013, 8:26 p.m. ET

A Smartphone Game Breathes Fire

GungHo’s Popular ‘Puzzle & Dragons’ Is Upending the Industry Hierarchy, Challenging Leaders Such as Nintendo

By MAYUMI NEGISHI

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When told in May that mobile-game hit “Puzzle & Dragons” had catapulted his company’s market value past that of Nintendo Co., 7974.OK +1.71% the chief executive of GungHo Online Entertainment Inc. 3765.JA +14.85% didn’t feel a burst of pride.

“It made me feel lousy. I felt embarrassed,” said Kazuki Morishita about being compared with the videogame giant, whose “Super Mario Bros.” influenced his decision to create videogames. “We haven’t even reached the level of the ground Nintendo is standing on, in terms of the ability to create.”

The rise of GungHo as a possible peer to Nintendo is emblematic of how smartphone games are fomenting a revolution in the videogame sector. Increasingly, sophisticated touch screens on smartphones have given low-cost game designers as much of a chance as established and large game makers to reach millions of new players. Read more of this post

Cash Scarcity Threatening Berlin’s Thriving Startup Scene

Cash Scarcity Threatening Berlin’s Thriving Startup Scene

Naren Shaam spoke virtually no German and knew only one person in Berlin. That didn’t keep him from founding his travel planning website, GoEuro, there.

“Berlin was the right choice,” said the 30-year-old Harvard Business School graduate, who now has 20 people working for him at his offices in an old industrial building. “I would do it again here.”

Young people like Shaam have made the German capital a global hotbed for startups, drawn by a raw, artsy atmosphere that rivals Brooklyn’s as an icon of global hip. The city is home to 2,500 fledgling tech companies, employing some 30,000 people, according to the Federal Association of German Startups, which was set up in the city last year. Read more of this post

Large Companies Making the Cloud Their Own

June 9, 2013, 5:35 PM ET

Large Companies Making the Cloud Their Own

Michael Hickins

Bill Smyth, a global business manager at conglomerate 3M Co. , is in charge of developing new online products such as the 3M Visual Attention Service, which helps marketers identify the most effective elements of their websites. Not so long ago, the development of that product would have required the support of the company’s IT department, which would have had to tap 3M’s capital budget to order special servers, a time-consuming and bureaucratic process. But this time, Mr. Smyth simply rented the necessary resources on his own from Azure Microsoft Corp. ’s cloud-based computing service. That allowed him to bypass the IT department and the capital budget allocation process, and access computing power through a Microsoft website within minutes or hours instead of weeks or months. Read more of this post

Google’s growth in India is being hampered by poor technological infrastructure that is unable to keep pace with the demands of hundreds of millions of new internet users

June 9, 2013 11:29 pm

Google highlights India bandwidth threat

By James Crabtree in Mumbai

Google’s growth in India is being hampered by poor technological infrastructure that is unable to keep pace with the demands of hundreds of millions of new internet users, says the US-based search group’s Indian head. India is the world’s third most populous online nation, with 150m net users, while the country is likely to surpass the US for second place behind China during the next two years. But a combination of sluggish bandwidth and counterproductive government policy threaten to slow India’s online economy, says Rajan Anandan, Google’s managing director in India. “The single biggest constraint to the growth of the internet in India is bandwidth. It’s patchy. You don’t have a lot of speed,” Mr Anandan says. “It is very, very important that we solve the bandwidth infrastructure problems. That is priority number one, two, three and four.” Read more of this post

New stamping ground for Nike and Adidas as 3D shoes kick off

June 9, 2013 6:35 pm

New stamping ground for Nike and Adidas as 3D shoes kick off

By Barney Jopson in New York

Nike and Adidas are embracing 3D printing to speed up the shoemaking process, using the technology to make multiple prototype versions at a previously impossible speed.

While 3D printing has generated hype over potential home use – including gun making – it is becoming an important complement to the multinationals’ labour-intensive Asian factories.

3D printers lay down particles of plastic, metal or even wood in thin layers that build up into solid objects. The footwear makers are using them to print and modify prototype plastic soles with studs, or cleats, for football and running shoes. Read more of this post

Alzheimer Research Cuts Show Folly of Sequestration: Albert Hunt

Alzheimer Research Cuts Show Folly of Sequestration: Albert Hunt

Many Republicans, and Democrats, never thought the automatic across-the-board spending cuts known as sequestration would take effect. After all, they might produce dangerous, if unintended, consequences such as potentially bankrupting the U.S. health-care system, along with millions of families. Typical Washington hyperbole, right? It actually is happening under sequestration, which kicked in three months ago, a product of America’s political dysfunction. Because the cuts only affect the margins of a wide array of defense and domestic discretionary programs, there mostly hasn’t been an immediate pinch; the public backlash has been minimal. The long-term consequences, in more than a few cases, are ominous. There’s no better case study than Alzheimer’s disease. With the sequestration-enforced cuts at the National Institutes of Health, research to find a cure or better treatment is slowing. Alzheimer’s, the most common form of dementia, is the sixth leading cause of death in the U.S. Five million Americans are afflicted with the disease. It costs about $200 billion a year, creating a severe strain for public health care and many families. Then there’s the emotional toll: The Alzheimer’s Association estimates that caregivers had an additional $9 billion of health-care costs last year. Read more of this post

South Korea’s conglomerate STX bankruptcy filing is a reminder of the prolonged slump in the marine-transport business; STX Group has $9 billion in total debt

June 9, 2013, 11:44 a.m. ET

STX Bankruptcy Filing Reflects Global Slump in Shipping

By KYONG-AE CHOI and KANGA KONG

SEOUL—The bankruptcy filing by what once was a major profit driver of one of South Korea’s conglomerates is a reminder of the prolonged slump in the marine-transport business. STX Pan Ocean Co., 028670.SE -14.93% the bulk-transportation unit of STX Group,011810.SE -2.03% the country’s 13th-biggest company by assets, filed for court receivership Friday after failing to find a buyer. STX Group had put up for sale its almost 36% interest in STX Pan Ocean, but no buyers came forward. The company, which is listed in Seoul and Singapore, was valued at $231 million in early April but that fell to $170 million by the end of last week. “A combination of a sharp decline in freight rates, a delayed industry recovery, oversupply of ships due to an increased production at Chinese shipyards and higher fuel costs drove up debt and squeezed margins,” STX Pan Ocean said Friday. The decline in the shipping and shipbuilding industries since the 2008 financial crisis has hit STX Group particularly hard. About 90% of the group’s sales come from those businesses. Its other main business, construction, also has been hit by the global economic downturn. “Even if a company ran one of the three businesses—shipping, shipbuilding and construction—it would be hard to survive today. STX has all of them,” said an executive who left STX late last year. STX Group, with more than 10 trillion won, or $9 billion, in total debt, has sold 1.13 trillion won in assets as part of a 2.5 trillion won asset sale plan announced in May of last year. STX has said it would continue to cut its workforce, wages and benefits. It has already cut the number of executives and annual salaries by around a fifth. Read more of this post

The rise of the real collateral ‘mining’ business; The market has under-estimated the degree to which commodity producers, by means of collateral manufacturing, have been propping up commodity prices the past five years

The rise of the real collateral ‘mining’ business

Izabella Kaminska | Jun 05 21:45 | 12 comments | Share

FT Alphaville was cordially invited to talk about the collateralisation of commodities at two separate conferences this past month. We thank IHS Global and the Association des Economiste Quebcois for the opportunity. The crux of our argument was that you can’t really understand what’s going on in commodity markets unless you appreciate that commodities are no longer a pure consumption-based market. More to the point, that marginal prices are increasingly being dictated by the market’s alternative collateral, store-of-value, and safe-asset role in the global economy. This is being fuelled by a general scarcity of quality collateral in the market. For those interested, a copy of our presentation slides can be found here.

To summarise the key points:

The market has under-estimated the degree to which commodity producers, by means of collateral manufacturing, have been propping up commodity prices the past five years. Collateral manufacturing refers to the distinct production of commodities to cater to the demands of the financial sector, rather than to real consumable physical demand. In some way, commodity producers have been playing the role of property developers in what might otherwise be described as the subpriming of commodities. Just like property developers in the naughties, commodity producers have been producing commodities in response to demand that would not be there if not for subsidisation by an investment class keen to overpay for exposure to the asset class. Read more of this post

For Australia, the Asian Century might be already over after just 13 years

Our Asian future requires a change of mind

June 10, 2013

Matthew Kidman

A structural shift is on, and we have to capitalise on it rather than throw our hands in the air and blame the government.

Politicians and economists have us convinced that we are now in the Asian Century. Asia is the new version of the ”sleeping giant” that has been awoken from its 600-year slumber and is rapidly becoming the driving economic force of the 21st century. A changing of the guard from North America to a dynamic population of close to 4 billion led by the industrious Chinese.

For Australia, the Western culture attached to Asia, this is viewed as a fabulous opportunity to enhance our already prosperous existence, while other Westerners such as Europe and the US slowly fall by the wayside. Read more of this post

The Philippine Stock Exchange (PSE) is trimming its listing boards to two, with emphasis on making sure companies planning to go public are viable

PSE trims listing boards to two

By Neil Jerome Morales (The Philippine Star) | Updated June 9, 2013 – 12:00am

MANILA, Philippines – The Philippine Stock Exchange (PSE) is trimming its listing boards to two, with emphasis on making sure companies planning to go public are viable.

The operator of the country’s sole stock exchange said the Securities and Exchange Commission has approved the PSE’s rules creating the two-board system: the Small, Medium and Emerging (SME) board and the Main Board. Read more of this post

Yum! Brands struggling to revive Little Sheep, once the largest hot pot chain in China which it acquired for $587m in May 2011

Yum! Brands struggling to revive Little Sheep hot pot chain

Wu Jui-ta and Staff Reporter

2013-06-10

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Little Sheep, once the largest hot pot chain in China, saw its sales and revenue fall last year after it was acquired by US fast good giant Yum! Brands, reports our Chinese-language sister paper Commercial Times. The chain is now now feeling the pinch of a shrinking clientele and declining sales, and is dragging down the overall performance of the fast good giant. Last year, the group’s overall sales in China rose annually by 24% to 6.9 billion yuan (US$1.1 billion), while its food-sector profit in China rose by 18.1% year-on-year, according to Yum! Brands figures. It overall profits last year also saw an increase of 18.5%, excluding the poor performance of the Little Sheep chain. Yum! Brands has attempted to change the image of Little Sheep since its acquisition in 2011, hiking up its prices across China late last year in an attempt to reestablish it as a high-end restaurant chain. The average cost of eating at the restaurant rising from 70 yuan (US$11) to over 90 yuan (US$15). Industry insiders said that the move to increase prices is the direct cause of the restaurant’s poor performance, as it has driven many of its old clients away, adding that Yum! Brands may have to reevaluate their business model for the chain.

Yum’s Little Sheep: tasty meal or indigestion?

Thursday, 06 June, 2013, 5:16pm
Comment›Blogs
Doug Young

An interesting new Chinese media report is questioning whether US fast food giant Yum (NYSE: YUM) is spoiling the Little Sheep chain of hot pot restaurants it acquired just a year ago. The numbers released by Yum certainly don’t look very so-so, and comments by an unnamed restaurant official don’t paint a very rosy picture either for Little Sheep under Yum’s management. But it’s probably still too early to say whether this acquisition will be a success, and I would still be willing to bet we’ll see Little Sheep start making some new and exciting moves later this year.  Read more of this post

China’s domestic beauty and personal care firms fighting back international rivals

China’s domestic beauty and personal care firms fighting back international rivals

Staff Reporter

2013-06-10

Domestic firms within China’s beauty and personal care industry have gradually taken back some of the lost ground from international rivals, grabbing back 25% of the market share to reach a total 45%, while foreign brands such as Procter & Gamble and Unilever continue to underperform, Beijing’s Economic Observer reports.

Guangzhou Blue Moon, which grabbed just 14% of China’s laundry detergent market in 2007, has now taken 63% of the market share, while other domestic brands such as the cosmetics and personal health care product maker Softto has also seen a positive turn around in the market. Read more of this post

65% of Chinese said that fortune involves immoral practices, as only morally degraded people can amass a big fortune, while the remaining 35% believed that fortune involves skill, as only hard-working people can become rich

Fortune linked to immorality: survey

Staff Reporter

2013-06-10

According to an online survey regarding the concept of fortune in China, 65% of the respondents said that fortune involves immoral practices, as only morally degraded people can amass a big fortune, while the remaining 35% believed that fortune involves skill, as only hard-working people can become rich, according to Phoenix New Media, who conducted the report.

The survey results conform to the negative views concerning wealth prevailing in Chinese society, as China’s increased polarization between rich and poor has lead many to become anti-rich, believing the country’s most wealthy must act immorally to amass their fortunes. Read more of this post

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