Cirque Du Soleil Performer Sarah Guillot-Guyard, a 31-year-old mother of two children ages 8 and 5, Plunges To Her Death During Live Vegas Show

Cirque Du Soleil Performer Plunges To Her Death During Live Vegas Show

ALY WEISMAN JUL. 1, 2013, 10:15 AM 8,517 5

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31-year-old Sarah Guillot-Guyard fell 50 feet to her death Saturday night in Las Vegas.

A female Cirque du Soleil performer died Saturday night after falling during a performance of the show “Ka” at the MGM Grand in Las Vegas. The incident marks the first death from an accident onstage in Cirque’s 30-year history. Sarah Guillot-Guyard, a 31-year-old mother of two children ages 8 and 5, fell nearly 50 feet in a fatal high-wire accident. Read more of this post

Picture of the Day: Chinese Banks and PBOC

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Numbers Go Missing From China Factory Report Without Explanation; China No Longer Making Up Numbers, Now Simply Deleting Them

China No Longer Making Up Numbers, Now Simply Deleting Them

Tyler Durden on 07/02/2013 08:18 -0400

For many years, the Chinese politburo (not to be confused with the US Department of Labor) had a simple solution to accusations that central planning doesn’t work: just make up the economic numbers. However, a few months ago China found itself in hot water when it became impossible to pretend its manipulated numbers were even remotely credible, driven by a massive discrepancy between China exports to Hong Kong and HK imports from China. The immediate result by China, and the PBOC, as it attempted to regain some credibility was an drastic and epic move to force capital reallocation, in the process nearly wiping out its banking sector when interbank lending rates exploded to over 25%. For now, China appears to have regained some control even if the ensuing CNY1 trillion deleveraging that is imminent is sure to lead to unprecedented pain for the country that is more addicted to credit creation than any other. But in the meantime, China has once again fallen bank to doing what it does best: manipulating economic data, in this case the recently announced PMI. Only this time there is a twist: instead of goalseeking reported data to comply with some artificial reality that Beijing approves of, now China is simply flat out refusing to report numbers, period!

Numbers Go Missing From China Factory Report Without Explanation

By Bloomberg News  Jul 1, 2013

An official report on China’s manufacturing in June omitted numbers for export orders, imports and inventories of finished goods, without any explanation for the gaps. Five of 12 sub-indexes usually released with the Purchasing Managers’ Index were absent from today’s releases from the National Bureau of Statistics and the China Federation of Logistics and Purchasing. The others were for backlogs of work and quantities of purchases. The statistics bureau didn’t immediately respond to e-mailed questions asking for comment. Read more of this post

“Hire mediocre people and make yourself look good.” The manager’s fear of delegating; Some executives hold their businesses and their employees back by not letting go; “I never wanted to delegate for fear of losing my clients”

Last updated: July 1, 2013 7:57 pm

The manager’s fear of delegating

By Naomi Shragai

A young chief executive who founded a thriving company appears to be at the peak of his success. But instead of enjoying his achievement, he is stress­ed and overwhelmed with responsibility. His problem is a failure to delegate work. “The company is a triangle and I feel at the bottom of it, holding everything up,” is how he expresses his dilemma. Although he envies managers who are able to delegate, he feels unable to, believing that the company is an extension of himself and his personality. He adds: “I make these emotional connections and I believe that what I do is about the relationships I make with people. I never wanted to delegate for fear of losing my clients.” Although most executives would agree that delegating is crucial to a business’s success, many still micromanage in such a way that they continue to control most aspects of the work. For many, the skill of delegating can be learnt. But when an executive fails to do so even if it is essential to the growth and functioning of the business, the problem may be more deep-rooted. Beliefs that I have come across in my psychotherapy practice, such as “this business is all about me”; “no one can do it as well as me”; or “people are likely to let me down”, are all justifications that sabotage delegation. One consequence of these beliefs is that staff being managed can feel undermined or undervalued, and may soon lose interest in their jobs. The harm to the company can be twofold, according to Jeannie Hodder, a business coach who works at London Business School. First, micromanaged staff cease thinking for themselves, and without imaginative input the company is deprived of innovative ideas and can stagnate. Second, overly hands-on executives can be left feeling overburdened and stressed, and without time to devise strategy. Read more of this post

How LEGO Stopped Thinking Outside the Box and Innovated Inside the Brick

How LEGO Stopped Thinking Outside the Box and Innovated Inside the Brick

Published : July 01, 2013 in Knowledge@Wharton

Few toys have caught the imagination of children everywhere more than LEGOs — the multi-colored plastic blocks that can snap together to construct houses, castles, space ships or fantastical imaginary figures. The Danish company (whose name roughly translates to “play well”) traces its roots to a failed carpenter named Ole Kirk Christiansen, who in 1932 decided to put his skills to work creating toys made of wood. In the late 1940s, Christiansen invested in the then-risky injection molding technology needed to make the plastic blocks. In the late 1950s, Ole Kirk’s son, Godtfred, came up with the interlocking stud-and-tube design that made the company a household name. But there is a side to the company’s story that is rarely told, one that Wharton practice professor David Robertson says can serve as a guide to both the importance and the perils of innovation in today’s global marketplace. In his new book,Brick by Brick: How LEGO Rewrote the Rules of Innovation and Conquered the Global Toy Industry, Robertson, who wrote the book with journalist Bill Breen, recounts how a binge of innovation almost bankrupted LEGO — and how the company brought itself back from the brink by returning to its roots. An edited transcript of the conversation follows.

Knowledge@Wharton: We’re here today with Wharton practice professor David Robertson, author of the new book, Brick by Brick: How LEGO Rewrote the Rules of Innovation and Conquered the Global Toy Industry. David, thanks for being with us today. Read more of this post

If staff are jaded they can bring a business down. But if they’re engaged your enterprise will fly

Are your staff bored stiff?

June 27, 2013

Kate Jones

If staff are jaded they can bring a business down. But if they’re engaged your enterprise will fly. What’s the difference between a company staffed by a motivated team and a company staffed by an unmotivated team? Success and failure, according to the owner of one of Australia’s most iconic brands. Mr Whippy owner Stan Gordon, chief executive of Franchised Food Company, which also owns Cold Rock Ice Creamery, Pretzel World and Nutshack, says having an enthusiastic staff is crucial to the viability of every business. “Having a motivated team actually helps your business grow and if they’re driven, they’ll also grow and embrace the business’ vision,” he says. “The first thing I’d do if I had unmotivated staff is look at what I, as a team leader, am doing wrong. “Am I not creating enough challenges? Is the work too repetitive? Am I not recognising the work done? Maybe I’m not motivated?” Gordon says it should be obvious to any boss that their staff is lacking motivation. “You can see them skulking around the office, dragging their feet around, everything’s a hassle, they make mistakes but always have excuses,” he says. A high turnover of staff is the best indicator and the most costly result of a directionless team, Gordon says. “Like anyone, I would much rather hire people to grow the business than replace outgoing staff,” he says. Gordon oversees 22 staff at the company’s Melbourne head office, plus more than 3000 employees in franchises all over Australia. Drawing on his 20 years of experience in marketing, franchising and people-management, here and in his native South Africa, Gordon has listed the top 10 ways to keep employees motivated. Read more of this post

Kevin Rudd is ditching the optimism of his predecessor and selling himself as the best leader to steer Australia through a downturn as Chinese demand wanes. Rudd’s language puts him more in tune with voters than the message of prosperity and employment growth emphasized by Gillard and former Treasurer Wayne Swan

Australia Recession Risk Flagged by Rudd in Rhetoric Shift

Kevin Rudd is ditching the optimism of his predecessor and selling himself as the best leader to steer Australia through a downturn as Chinese demand wanes.

The new prime minister, who ousted Julia Gillard last week as the ruling Labor party headed toward a landslide election loss, is channeling his ex-boss Ross Garnaut in flagging that the end of a China-led mining boom could lead to a recession. He’s highlighted the dangers posed by a slowing China in at least five statements and warned policies advocated by his opponent Tony Abbott would result in British-style contraction. Read more of this post

Your Brand Is the Exhaust Fume of the Engine of Your Life; The truth is this: The brand follows the work. In a world of “personal brand” and “leadership brand” and “personal reinvention” and so forth, we should not forget: the real signal is the work itself, and the social signaling is just its echo

Your Brand Is the Exhaust Fume of the Engine of Your Life

by Nilofer Merchant  |   8:00 AM July 1, 2013

“How do you manage your brand?” I get asked that question really often, especially at public-venue speaking events. Typically, I sigh. It is not that the question is silly, or the questioner shallow, but because this question itself represents so much of what is stopping all of us from doing work that matters.

We talk about “reinventing your brand” when in reality the goal is to reinvent what you work on. We talk about the “brand called you” when we talk about being able to do more of the work you love to do. We talk about ways to “deliver on the impact equation” without asking first, “what is it you want to impact?” We are told by marketing gurus that “everyone now owns a media company!” — as if somehow this is, itself, the goal — rather than a means to an end. Marketing has become the default language — the lingua franca of the day — that we use to describe work, and it is distorting how we evaluate what matters. Read more of this post

The Petty Source of Lincoln’s Greatness

This year’s celebration of the Fourth of July is amplified by the sesquicentennial of the Union victory at Gettysburg on July 3, 1863. The holiday will no doubt serve up the requisite dose of patriotic feeling, sentimentality and togetherness to convince us that we have exercised some civic virtue. But the vacation time spent with family and friends will mostly serve to remind us that we are exhausted.

Exhaustion is the national refrain. When everyone from a basketball coach to a Cabinet member retires from view, we are told how exhausted each is and discover a public echo of our own private feeling. Read more of this post

Cindy Crawford’s ‘Sleep Quotient’ Guides Move to Stocks; Accounting-Trained Saxophonist Kenny G makes his own picks and checks them daily, while relying on an investment pro to stay out of trouble

Cindy Crawford’s ‘Sleep Quotient’ Guides Move to Stocks

Supermodel Cindy Crawford likes stocks, so long as she can sleep at night.

Saxophonist Kenny G makes his own picks and checks them daily, while relying on an investment pro to stay out of trouble.

Gossip columns play up stars’ foibles, but most celebrities take a conservative approach to investing, knowing their income is unpredictable, said Todd Morgan of Bel Air Investment Advisors, who oversees $6.5 billion. About a fifth of that comes from people in the entertainment industry. Read more of this post

Successful Change: The Challenge for Leaders

Successful Change: The Challenge for Leaders

Published : July 01, 2013 in Knowledge@Wharton

Studies put the failure rate of organizational change at 70% or higher. Yet, managers face increasing pressure to implement change to meet short- and long-term goals. Gregory P. Shea and Cassie A. Solomon share their approach to dealing with this challenge in Leading Successful Change: 8 Keys to Making Change Work. Jeff Klein, director of the Wharton Graduate Leadership Program, recently spoke with the authors about why we are not as good at change as we need to be, and how we can get better at it. An edited transcript of the conversation follows.

Jeff Klein: We are here today with Greg Shea and Cassie Solomon to discuss their new book, Leading Successful Change. Greg and Cassie, thanks for being with us today. You start off with a paradox. You say, “We live in a world of permanent change. Our main jobs are change.” Yet, most organizational efforts to succeed with change fail. Can you talk about that? Read more of this post

‘Global Brand Power’: Barbara Kahn on How Branding Has Changed

‘Global Brand Power’: Barbara Kahn on How Branding Has Changed

Published : July 01, 2013 in Knowledge@Wharton

According to Barbara Kahn, director of the Jay H. Baker Retailing Center at Wharton, the increasing popularity of social media has two implications for marketers: First, customers now control the message and second, companies must make sure that key elements of their brand can translate throughout the world. In a recent interview with Wharton MBA candidate Alexandra Idol, Kahn discusses her new book, Global Brand Power: Leveraging Branding for Long-Term Growth, the brand “as a mechanism for growth” and how companies can become more customer focused. An edited transcript of the conversation follows.

Alexandra Idol: I’m here today to speak with Wharton marketing professor Barbara Kahn, regarding her new book Global Brand Power. I’m curious as to what inspired you to write a book about global brand power?

Barbara Kahn: Although there are plenty of books on branding out there, I think that there are a few advantages this one [offers]. First of all, it’s short, which I think is a big advantage for busy business people. But second of all, things have changed, in that it is much more important to understand the global implications of your brand. Many people today started with a brand that was in their local market or for a particular product and didn’t consider the implications of the global marketplace. Also, in this world of social media and the Internet, what it means to be a brand is different because of those different mediums and types of communication. Read more of this post

‘Innovation Prowess’: George S. Day on What Distinguishes Growth Leaders

‘Innovation Prowess’: George S. Day on What Distinguishes Growth Leaders

Published : July 01, 2013 in Knowledge@Wharton

How did IBM, General Electric and other companies become growth leaders? Why is it that some companies lag behind — and stay behind? Those are the questions that Wharton marketing professor George S. Day explores in his book, Innovation Prowess: A Leadership Strategy to Accelerate Growth. Recently, Day spoke with David Heckman, practice leader, senior management at the Wharton School’s Aresty Institute of Executive Education, about why innovation prowess is the key to growth leadership. An edited transcript of the conversation follows.

David Heckman: I’m here with professor George Day to interview him about his new book, Innovation Prowess. George, welcome to Knowledge@Wharton.

George S. Day: Thank you, Dave. I’m very excited about sharing my thinking on my new book,Innovation Prowess. I’ve been working for over 25 years to understand what distinguishes consistent growth leaders — that is, companies that grow organically with their own resources — from growth laggards. I’m looking at growth leaders like IBM, Samsung, LEGO and companies of that caliber to try to discern over many, many years, what sets them apart. The answer comes in two parts. Firstly, they have what I call growth-seeking discipline. This resonates with Peter Drucker’s notion that innovation is a skill, just like learning the piano, that you build when you practice and invest a lot of time. It’s a replicable and disciplined skill. Read more of this post

How Emotions Make the Sale

How Emotions Make the Sale

Posted on June 21, 2013

How do you sell perfume without giving the customer a whiff?

How do you sell high-end athletic wear capable of withstanding the toughest outdoor conditions to people who are not likely to do anything more dangerous than hop a subway?

And what about the magic of dolls for little girls these days? Are sales dead in a world driven by digital gaming and other cyber adventures?

Four retailers who spoke at a conference in May at Wharton’s Jay H. Baker Retailing Center came up with same answer: Connect with the consumer on an emotional level, and the sales will follow. Read more of this post

How past failures helped make ZocDoc into a roaring success; Founder Cyrus Massoumi’s first company didn’t fare so well

Cyrus Massoumi, Founder and CEO of ZocDoc

July 1, 2013: 11:50 AM ET

How past failures helped make ZocDoc into a roaring success.

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FORTUNE — Fortune’s Brainstorm Tech Conference (July 22-24 in Aspen, Colo.) regularly brings together the best and brightest minds in tech innovation. Each week, Fortune turns the spotlight on a different conference attendee to offer his or her own personal insight into business, tech, and entrepreneurship. This week, we asked ZocDoc Founder and CEO Cyrus Massoumi to answer 10 questions about life outside of work, the company he admires most, and industry advice for young entrepreneurs. His responses follow. Read more of this post

A Quantum of Solace: Timeless Questions About the Universe

July 1, 2013

A Quantum of Solace

By DENNIS OVERBYE

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Niels Bohr, the Danish physicist and philosopher-king of quantum theory, once said that great truth is a statement whose opposite is also a great truth. This pretty much captured the spirit of those elusive rules that govern the subatomic world, where light can be a wave — no, a particle — well, actually, whatever you need it to be for your particular experiment.

It also seems to me to sum up much of the history of science and philosophy, in which the learned consensus keeps swinging between the yin-and-yang theories of existence: free will and fate, change and eternity, atomicity and continuity. Read more of this post

When Italians Chat, Hands and Fingers Do the Talking

June 30, 2013

When Italians Chat, Hands and Fingers Do the Talking

By RACHEL DONADIO

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ROME — In the great open-air theater that is Rome, the characters talk with their hands as much as their mouths. While talking animatedly on their cellphones or smoking cigarettes or even while downshifting their tiny cars through rush-hour traffic, they gesticulate with enviably elegant coordination.

From the classic fingers pinched against the thumb that can mean “Whaddya want from me?” or “I wasn’t born yesterday” to a hand circled slowly, indicating “Whatever” or “That’ll be the day,” there is an eloquence to the Italian hand gesture. In a culture that prizes oratory, nothing deflates airy rhetoric more swiftly. Read more of this post

Hitler’s food taster feared death with every morsel

Hitler’s food taster feared death with every morsel

Mon, Jul 1 2013

By Michelle Martin

BERLIN (Reuters) – Margot Woelk spent the last few years of World War Two eating lavish meals and fearing that every mouthful could mean death.

The former food taster for Adolf Hitler was served a plate of food and forced to eat it between 11 and 12 every morning for most of the last 2-1/2 years of the Nazi German leader’s life. Read more of this post

New Family Office Angst; the annual cost of running a $100 million family office is as high as 1% of assets, or $1 million. That’s four or five times more expensive than the cost of operating a larger shop of, say, $1 billion

July 1, 2013, 4:19 P.M. ET

New Family Office Angst

By Robert Milburn

According to Robert Casey, senior research director at the Family Wealth Alliance, the annual cost of running a $100 million family office is as high as 1% of assets, or $1 million. That’s four or five times more expensive than the cost of operating a larger shop of, say, $1 billion.

As Penta first noted two years ago, compliance costs associated with the Dodd-Frank financial legislation was forcing single and multifamily offices to merge. That’s what it has done. The market for single family offices seems to have reached the mature stage, with no asset growth since 2005, while the average assets of a multifamily office have grown threefold to $7.4 billion. Read more of this post

Obama and the crumbling of a liberal fantasy hero

ast updated: July 1, 2013 7:36 pm

Obama and the crumbling of a liberal fantasy hero

By Gideon Rachman

The most vociferous critics expected far more than a mere mortal could deliver

It has taken a long time, but the world’s fantasies about Barack Obama are finally crumbling. In Europe, once the headquarters of the global cult of Obama, the disillusionment is particularly bitter. Monday’s newspapers were full of savage quotes about the perfidy of the Obama-led US. Read more of this post

China’s Lady Buffett and HK-listed white spirits company Silver Base wrote off more than HK$600 million worth of sales that it could not recoup

Drink firm has little to cheer as ban hits
Victor Cheung
Tuesday, July 02, 2013

SilverBase Dukang

Economic slowdown and a ban on liquor consumption at official banquets sparked losses of more than HK$1 billion for the year to March 31 at Silver Base (0886). The distributor of several famous brands of white spirits, or baijiu, also wrote off more than HK$600 million worth of sales that it could not recoup. For the 2012-13 fiscal year, losses hit HK$1.13 billion, compared with a profit of HK$926 million in the previous fiscal year. Revenue slumped 87percent to HK$390.19 million. The losses include HK$650 million impairment and write-off loss for trade receivables, and some HK$100 million for inventory provision. In addition, inventories doubled to HK$1.22 billion. Liquor bans on government departments have “brought a direct and severe hit to the sales of high-end baijiu” brands such as Wuliangye, the company said. But Wuliangye Yibin, the maker of upmarket baiju, still saw 50percent in bottom line growth in the same period. Since 2009, chairman Liang Guoxing has been reducing his stake from 67percent to less than 50percent. New World (0017) group founder Cheng Yu-tung has also downsized his stake in Silver Base from the second half of last year, from more than 8percent to less than 5percent. But Liu Yang, chairwoman of Atlantis Investment Management, spent some HK$258 million to buy the firm’s shares from September and now holds a 14percent stake. Read more of this post

Debunking Alternative Medicines: Of 51,000 supplements on the market, Dr. Offit finds only a few have proven benefits, with the popularity of the rest a testament to the power of self-delusion and the powerful placebo effect

July 1, 2013

Mind Over Matter: Debunking Alternative Medicines

By ABIGAIL ZUGER, M.D.

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When Dr. Paul A. Offit published “Autism’s False Prophets” in 2008, he elected to skip the usual round of book signings. His defense of childhood vaccinations so enraged some people who consider them a cause of autism that he was getting credible death threats.

Others might have chosen to flee the public arena after that, but not Dr. Offit, the chief of infectious diseases at Children’s Hospital of Philadelphia, whose appetite for the good fight seems only to have grown. Over the last decade he has become a leading debunker of mass misconceptions surrounding infections and vaccines, and now he is taking on the entire field of alternative medicine, from acupuncture to vitamins. Read more of this post

New Approach to Depression: Transcranial magnetic stimulation, which uses magnetic pulses to stimulate parts of the brain connected to mood, has helped some patients with severe depression

JULY 1, 2013, 5:20 PM

New Approach to Depression

By RONI CARYN RABIN

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Martha Rhodes experienced her first bout of depression at 13. By her late 50s, she had taken just about every antidepressant there is, including Zoloft, Lexapro and Paxil — which did the trick for many years, but had side effects — then Effexor, Lamictal, Seroquel and Abilify.

After a suicide attempt in 2009, she tried something radically different: transcranial magnetic stimulation, or TMS, a treatment in which magnetic pulses are used to stimulate parts of the brain believed to be involved in mood regulation. Unlike electroconvulsive or shock therapy, which is also used to treat stubborn depression, TMS does not generally produce seizures. Read more of this post

How Biotechs Got Hot; Sizzling IPO Market Reflects Upswing in Drug Approvals Amid R&D Successes

July 1, 2013, 6:01 p.m. ET

How Biotechs Got Hot

Sizzling IPO Market Reflects Upswing in Drug Approvals Amid R&D Successes

JONATHAN D. ROCKOFF and TELIS DEMOS

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Biotechnology companies are enjoying their best run with initial public offerings in a decade, amid an upswing in new drug approvals, strong performance by some already public biotech firms and legal changes last year that make it easier for companies to gauge investor interest in a potential IPO.

Through the first half of 2013 there have been 16 U.S.-listed biotech IPOs, raising $1.1 billion in proceeds, according to Renaissance Capital LLC, a Greenwich, Conn.-based provider of IPO research and investment products, making this year, at the midpoint, already the best for biotech IPO fundraising since 2004. Read more of this post

To Avoid Root Canals, Teeth That Replace Themselves; Stem-Cell Research Makes Progress in Quest to Avoid the Dreaded Drill

July 1, 2013, 7:14 p.m. ET

To Avoid Root Canals, Teeth That Replace Themselves

Stem-Cell Research Makes Progress in Quest to Avoid the Dreaded Drill

SHIRLEY S. WANG

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Advances in treating tooth decay may one day lead to an ability to restore tooth tissue – and to avoid root canals, according to scientists. Shirley Wang and Baylor College of Dentistry Professor of Biomedical Sciences Dr. Rena D’Souza join Lunch Break with details. Photo: Getty Images.

Could the days of the root canal, for decades the symbol of the most excruciating kind of minor surgery, finally be numbered?

Scientists have made advances in treating tooth decay that they hope will let them restore tooth tissue—and avoid the painful dental procedure. Several recent studies have demonstrated in animals that procedures involving tooth stem cells appear to regrow the critical, living tooth tissue known as pulp. Read more of this post

The long-term-care insurance industry now is shrinking, premiums are soaring and there is no fix in sight

Updated July 1, 2013, 11:03 p.m. ET

Long-Term-Care Insurance Leaves Customers Groping

KELLY GREENE and LESLIE SCISM

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Rob and Katherine Deane thought they were being responsible by buying insurance policies to provide for care in their later years. Instead, the Michigan couple are encountering a growing gap in health-care coverage that the government overhaul will do nothing to fix.

The Deanes say they got hit last year with rate increases on both of their long-term-care policies, insurance plans that pay for nursing homes or in-home care. Manulife Financial Corp.’s MFC.T +0.42% John Hancock unit told Mrs. Deane that the premium on her 10-year-old policy would jump 77% to $6,406 a year. Her husband’s insurer, Unum GroupUNM +1.26% increased his premium by 25%. Read more of this post

Onyx has been transformed from a struggling biotech company to a $10 billion acquisition target in just a few years, the result of gambles made by its hard-charging chief executive, N. Anthony Coles who sued his company’s partner and agreed to pay more than $800 million for an unproven drug startup

July 1, 2013, 7:36 p.m. ET

How Onyx Transformed Itself Into a Target

JOSEPH WALKER

Onyx Pharmaceuticals Inc. ONXX +51.27% has been transformed from a struggling biotech company to a $10 billion acquisition target in just a few years, the result of gambles made by its hard-charging chief executive, N. Anthony Coles, who sued his company’s partner and agreed to pay more than $800 million for an unproven drug startup.

Now, Onyx is seen as a possible prize for large drug companies seeking a cancer drug with attractive business prospects. Onyx last week rejected an acquisition proposal from Amgen Inc. AMGN -1.19% News of the rejection and courting by other suitors sent Onyx stock surging 51% Monday to $131.33 a share, giving it a market value of $9.55 billion. Read more of this post

Myanmar’s religious violence threatens South-east Asia

Myanmar’s religious violence threatens South-east Asia

Renewed violence between Buddhists and Muslims in Myanmar appears to be spreading regionally. Since May, at least eight people have died in a series of retaliatory attacks by Muslims from Myanmar against Myanmar Buddhists in Kuala Lumpur, which has a community of Myanmar refugees and illegal workers.

9 HOURS 22 MIN AGO

Renewed violence between Buddhists and Muslims in Myanmar appears to be spreading regionally. Since May, at least eight people have died in a series of retaliatory attacks by Muslims from Myanmar against Myanmar Buddhists in Kuala Lumpur, which has a community of Myanmar refugees and illegal workers.

Concerns abound that the violence among Myanmar nationals in Malaysia may radicalise non-Myanmar Muslims, and this could lead to a vicious cycle of reprisals and counter-reprisals. Read more of this post

Private equity’s new fee trick

Private equity’s new fee trick

By Dan Primack July 1, 2013: 11:44 AM ET

Private equity fund fees don’t always cover what they are supposed to cover.

FORTUNE — Almost all private equity funds charge their investors an annual management fee, which is used to cover such overhead as salaries, office space and administrative functions. It’s usually around 2% on uncalled capital, and begins to ratchet down as the fund ages.

We can quibble on whether 2% is an appropriate percentage — particularly when certain fund sizes become stratospheric — but it’s a fairly simple arrangement that both sides can easily understand before signing on the dotted line. Unfortunately, however, some private equity firms are beginning to violate the spirit of these agreements, by outsourcing certain activities and applying the charges on top of the baseline management fee. Read more of this post

New Chinese law: Visit your parents

New Chinese law: Visit your parents

By Meng Meng and Katie Hunt, for CNN

July 2, 2013 — Updated 1036 GMT (1836 HKT)

Hong Kong (CNN) — Lola Wang, a 28-year-old marketing officer in Shanghai, makes a six-hour trip to Shandong to see her parents twice a year — once during the Lunar New Year and again during the National Day holiday in October.

“I feel like I should visit my parents more but having a job in the financial industry means I have to work long hours and sacrifice some of my personal time for work,” Wang, an only child, tells CNN. Read more of this post

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