Translating Cookpad, Japan’s top cooking and recipe-sharing site with 20 million users, including 80-90% of all Jap women in their 20s and 30s, and more than 1.5 million registered recipes

Translating Japan’s top cooking site

BY MAKIKO ITOH

AUG 22, 2013

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The Internet isn’t all kitten videos and saucy stuff, you know. In Japan, food and cooking makes up a large part of the Net — and recipe-sharing site Cookpad is its biggest juggernaut. With 20 million users — including an astonishing 80 to 90 percent of all Japanese women in their 20s and 30s — and more than 1.5 million registered recipes, it’s the go-to source for Japanese home cooks. Earlier this month it launched an English-language website (en.cookpad.com), a pared-down version with around 1,600 recipes initially translated from the mother site; this number is promised to grow to at least 30,000. I’ve been involved in working on several of the translations myself. Read more of this post

Lee Kai-Fu, China’s Innovation Idol

Lee Kai-Fu, China’s Innovation Idol

By Lauren Hilgers on August 22, 2013

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Lee Kai-Fu, China’s foremost evangelist for innovation, works on the 12th floor of a Beijing office building with a sprawling electronics mall in the basement. On a hot, gray summer day, the view outside his window is anything but inspiring. That doesn’t seem to bother Lee, who’s thinking about Steve Jobs. “One would believe, because China has four times as many people as the U.S., for every American Steve Jobs, China should have four,” he says as he fixes his wire-rimmed glasses. “But we don’t. We don’t have a single Steve Jobs.”

Read more of this post

Apple’s Falling China Share Vexes IPhone Case Makers; “Apple has no fresh ideas, no new designs. The market changes very quickly. If you don’t change, you will die.”

Apple’s Falling China Share Vexes IPhone Case Makers

Apple Inc. (AAPL)’s falling market share in China is prompting thousands of local accessory makers to give more attention to products that fit mobile phones and tablet computers made by Samsung Electronics Co. (005930) and domestic rivals.

A shift to devices from Samsung, Lenovo Group Ltd. (992) and a widening array of Chinese makers offering cheaper handsets is pushing up costs for those that previously relied on the iPad and iPhone, said Vincent Kwok, chief executive officer of Guangzhou-based Magic Kingdom, a maker of protective cases. Read more of this post

Alibaba vs. Tencent: China’s Growing Internet Turf War

Alibaba vs. Tencent: China’s Growing Internet Turf War

By Lulu Yilun Chen on August 22, 2013

Two of China’s richest men are intensifying their rivalry in the world’s biggest Internet market. The country’s largest e-commerce company, Alibaba Group Holding, led by Executive Chairman Jack Ma, is under assault from top Internet player Tencent Holdings (700:HK), chaired by Pony Ma. (The two aren’t related.) Tencent, a megaportal and China’s version of AOL (AOL), got a jump on Alibaba in mobile apps. Its chat software WeChat, released two years ago, has more than 300 million users—eclipsing the mobile app of Sina Weibo, a Twitter-like microblogging site in which Alibaba bought a stake in April. Now Tencent is trying to expand into the kind of fee-generating online payment services Alibaba dominates. Read more of this post

‘Jurassic Park 3D’ Opens No. 1 in China

August 21, 2013, 7:49 PM

‘Jurassic Park 3D’ Opens No. 1 in China

By Alexandra Cheney

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“Jurassic Park” (1993)

“Jurassic Park 3D,” the re-release of the 1993 science-fiction film from Steven Spielberg, debuted Tuesday in China at No. 1. The film, which brought in $6.3 million from 2,500 screens, marks the fourth-highest opening day of the year in China. “Iron Man 3” ($19.1 million), “Pacific Rim,” ($8.6 million) and “Fast and Furious 6,” ($8.3 million) are ahead of the dinosaur re-release, while “Man of Steel” ($6.2 million) and “The Hobbit” ($5.6 million) trail the 20-year old Universal Studios film. The film has grossed more than $45.4 million domestically since it was re-released in 3D in April, and more than $20.7 million internationally. “Jurassic Park 3D” will open this weekend in Panama, Mexico, Spain, Ireland and the United Kingdom. When the film originally premiered in 1993, it grossed $970 million worldwide, overtaking “E.T. The Extra-Terrestrial” as the highest-grossing film at that time. This is the first time the film is being shown in China, a country with proven success in 3D conversions. In 2012, “Titanic 3D” grossed $11.2 million opening weekend and took in a total of $150.2 million there.

New study reveals corruption pattern in China

New study reveals corruption pattern

Updated: 2013-08-22 07:41

By Tang Yue, Zhang Yuchen and Wu Wencong ( China Daily)

Many fallen officials had occupied high-level posts, report Tang Yue, Zhang Yuchen and Wu Wencong.

02587d4d8601137f9e2a2b Read more of this post

or Banks, the Chinese ‘Princeling’ Stock Has Fallen; Drought in IPO Market Curbs Need for Elite Connections

August 22, 2013, 11:46 a.m. ET

For Banks, the Chinese ‘Princeling’ Stock Has Fallen

Drought in IPO Market Curbs Need for Elite Connections

WEI GU

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The great irony of the U.S. government’s investigation into the hiring of Chinese princelings by J.P. Morgan Chase JPM +1.12% & Co. is that right now, the children of China’s elite aren’t that valuable to the big investment banks. China’s state-owned companies, where the princelings could help the most, are far less important to the banks than they were when there was a steady parade of multibillion-dollar initial public offerings. Recently, China has suffered an IPO drought. Read more of this post

Correlations: East Asia Grows Older, Faster

Correlations: East Asia Grows Older, Faster

By Evan Applegate on August 22, 2013

East Asia’s “tiger” economies, once home to a big supply of young labor, are seeing the fastest rise worldwide in the percentage of their elderly population. Is a grayer nation destined for decline? Harvard economist David Bloom says such fears may be overblown, if the developed world is a template. Labor force participation among older citizens has actually risen in Organisation for Economic Co-operation and Development nations, increasing the supply of productive workers.

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India’s Problem Is Exports, Not the Rupee

India’s Problem Is Exports, Not the Rupee

King Canute had it easy. Indian Finance Minister Palaniappan Chidambaram has battled currency markets for two months, trying to stem the collapse of the Indian rupee from 55 to a dollar in May to 65 this week. He has found commanding currency markets even harder than commanding the ocean waves.

He should stop trying. A weaker rupee is not inherently a terrible thing. Rather than frantically shoring up the currency, Chidambaram should target the structural impediments in the economy that have caused both Indian and foreign investors to lose faith in the once-glowing India story. Read more of this post

Crashing markets spell trouble for India’s privatization plans

Crashing markets spell trouble for India’s privatization plans

5:50pm EDT

By Manoj Kumar and Rajesh Kumar Singh

NEW DELHI (Reuters) – The collapse of the rupee is derailing India’s hopes of raising more than $6 billion from the sale of stakes in state-run firms, jeopardizing a key plank of Finance Minister P.Chidambaram’s blueprint to reverse the country’s economic malaise. Investor confidence has evaporated amid fears over the rising cost of funding India’s gaping current account deficit, prompting New Delhi to delay plans to raise much-needed funds through partial privatizations, finance ministry sources said. Read more of this post

Doctors Face New Scrutiny Over Gifts; New Health Law Calls for Increased Disclosures

August 22, 2013, 7:57 p.m. ET

Doctors Face New Scrutiny Over Gifts

New Health Law Calls for Increased Disclosures

PETER LOFTUS

U.S. doctors are bracing for increased public scrutiny of the payments and gifts they receive from pharmaceutical and medical-device companies as a result of the new health law.

Starting this month, companies must record nearly every transaction with doctors—from sales reps bearing pizza to compensation for expert advice on research—to comply with the so-called Sunshine Act provision of the U.S. health-care overhaul. The companies must report data on individual doctors and how much they received to a federal health agency, which will post it on a searchable, public website beginning September 2014. Read more of this post

Why the U.S. Power Grid’s Days Are Numbered; 3,200 utilities that make up the U.S. electrical grid sell $400 billion worth of electricity a year

Why the U.S. Power Grid’s Days Are Numbered

By Chris MartinMark Chediak, and Ken Wells on August 22, 2013

http://www.businessweek.com/articles/2013-08-22/homegrown-green-energy-is-making-power-utilities-irrelevant

There are 3,200 utilities that make up the U.S. electrical grid, the largest machine in the world. These power companies sell $400 billion worth of electricity a year, mostly derived from burning fossil fuels in centralized stations and distributed over 2.7 million miles of power lines. Regulators set rates; utilities get guaranteed returns; investors get sure-thing dividends. It’s a model that hasn’t changed much since Thomas Edison invented the light bulb. And it’s doomed to obsolescence. Read more of this post

London’s Savile Row Tailors Strive to Stay a Cut Above

London’s Savile Row Tailors Strive to Stay a Cut Above

By Sarah Shannon on August 22, 2013

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Visitors to 10 Savile Row in London are greeted by photographs of the current Sultan of Oman in full military regalia. Deeper inside the shop of tailor Dege & Skinner, above a rack of silk handkerchiefs, hangs a smaller picture of Prince William. There’s a reason for the sultan’s exalted status: Half of Dege & Skinner’s revenue comes from outside the U.K., and that share is growing. Read more of this post

A Century of International Potash Intrigue

A Century of International Potash Intrigue

In case you didn’t notice, the world’s potash markets went haywire last week, after the announcement that Russia’s OAO Uralkali, the world’s largest producer of this crucial ingredient in fertilizer, suspended its participation in an alleged cartel with its long-time Belarus partner Belaruskali. Their joint marketing venture, the Belarusian Potash Co., produced at its peak 40 percent of the world’s potash, with much of the balance coming from Canpotex Ltd., another syndicate based in North America. Together these two set production quotas and divided global markets, ensuring stable prices and steady profits. Read more of this post

Indonesia: A rise in economic nationalism compounds broader worries about South-East Asia’s giant

A rise in economic nationalism compounds broader worries about South-East Asia’s giant

Aug 24th 2013 | JAKARTA |From the print edition

HOW quickly the mood can turn. Barely a year ago Indonesia was the toast of emerging-market investors. The country revelled in the world’s demand for its vast reserves of coal, oil and other resources, and celebrated with a consumer boom: economic growth clipped along at over 6%. Politics was stable, macroeconomic policy sound. Foreign investors were scrabbling to get into a market of 240m people and apparently boundless potential. Read more of this post

Indonesia to See Big Growth in Digital Media: PwC

Indonesia to See Big Growth in Digital Media: PwC

By Jakarta Globe on 9:24 am August 23, 2013.
With increasing access to the Internet and an explosive growth in mobile devices and entertainment, most notably in the BRIC countries, businesses must engage in constant innovation in order to keep pace with evolving markets, PricewaterhouseCooper projected on Thursday. In its annual Global Entertainment and Media Outlook 2013-2017, PwC said that growth in the industry will come from spending on digitally delivered media in the next five years, although most spending will continue to be on on-digital media. Read more of this post

In Indonesia, buzzers are not heard, but tweet for money

In Indonesia, buzzers are not heard, but tweet for money

5:43pm EDT

By Andjarsari Paramaditha

JAKARTA (Reuters) – In Indonesia’s capital Jakarta, a buzzer is not an alarm or a bell, but someone with a Twitter account and more than 2,000 followers who is paid to tweet. Jakarta is the world’s tweet capital and advertisers eager to reach the under-30 crowd are paying popular Twitter users to spread their word through social media, starting at about $21 per tweet. While celebrity endorsements via Twitter are common worldwide, Indonesia is unusual because advertisers are paying the Average Joes too. Read more of this post

Taiwan Data Reflects Decoupling from U.S.; “Demand from the U.S. is actually stabilizing, but that’s not seen in Taiwan’s exports. It has to do with the competitiveness of products from Taiwan.”

August 23, 2013, 2:03 AM

Taiwan Data Reflects Decoupling from U.S.

By Aries Poon

Gone are the days when Taiwan’s trade and production data acted as a barometer of the health of developed economies, particularly the U.S. Last year, as the U.S. economy expanded 2.8%, Taiwan’s exports to the U.S. dropped 9.3%. In the first seven months of this year the island’s exports to the U.S. were off 1.1% from a year earlier, despite the quickening U.S. recovery.

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Israel Struggles With Upgrade From Emerging to Developed Market

Israel Struggles With Upgrade From Emerging to Developed Market

By Shoshanna Solomon on August 22, 2013

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In the minds of many investors, Israel left the ranks of emerging markets in 2010. In May of that year, MSCI (MSCI), the New York-based firm that builds popular investing indexes, added the country to its benchmark of developed nations. The promotion was a sign of Israel’s success: Its economy had recovered from the financial crisis faster than most advanced nations, and foreign money was pouring into its stock market. In 2009, Israel’s benchmark TA-25 stock index gained 75 percent. “We’re playing with the big boys now,” said Ester Levanon, then the chief executive officer of the Tel Aviv Stock Exchange (TASE), after winning MSCI’s approval. Read more of this post

Is Germany Repeating American Errors at Bretton Woods?

Is Germany Repeating American Errors at Bretton Woods?

At the founding of the Bretton Woods international monetary system in 1944, the world’s dominant creditor nation, the U.S., set out to revive a fixed exchange-rate system by offering a war-torn, debt-ridden world a new deal in monetary relations, one to be supported by concessionary dollar loans from a new International Monetary Fund.

Today, Germany is trying to resuscitate the periphery of the crisis-stricken euro area in much the same way, and it is worth looking back at the formation of Bretton Woods for clues as to how this will play out. Read more of this post

Stock Splits Lose Their Allure for Companies Trading Above $100; Just 10 companies in the S&P 500 have carried out stock splits this year, compared with an average of 48 since 1980.

Stock Splits Lose Their Allure for Companies Trading Above $100

By Whitney Kisling and Alex Barinka on August 22, 2013

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Priceline.com (PCLN), Apple (AAPL), and MasterCard (MA) would seem ideal candidates for a stock split. The latter two are trading at more than $500 per share, and online travel site Priceline is flirting with $1,000, making the inveterate dot-com-era survivor the most expensive stock in the Standard & Poor’s 500-stock index. Yet splits have lost their allure to executives even amid a four-year-plus bull market that has sent the number of stocks trading above $100 to a record. Sixty-three companies in the S&P 500 are now above that threshold, twice the level in 2010, according to data compiled by Bloomberg. Just 10 have split their stock this year, compared with an average of 48 annually since 1980.

Read more of this post

What does NASDAQ meltdown mean for future IPOs? In Markets’ Tuned-Up Machinery, Stubborn Ghosts Remain

AUGUST 22, 2013, 8:38 PM

In Markets’ Tuned-Up Machinery, Stubborn Ghosts Remain

By FLOYD NORRIS

A generation ago, when the stock market crashed on Oct. 19, 1987, the Nasdaq stock market appeared to have done much better than the New York Stock Exchange. While the Dow Jones industrial average fell 23 percent that day, the Nasdaq composite index was off just 11 percent.

It was not, it turned out, that Nasdaq stocks were more highly regarded. It was, instead, a question of the technology used. Read more of this post

Central banks in the developing world have lost $81bn of emergency reserves through capital outflows and currency market interventions since early May, even before renewed turmoil in emerging markets

Last updated: August 22, 2013 8:06 pm

Emerging markets central banks’ emergency reserves drop by $81bn

By Robin Wigglesworth in London

Central banks in the developing world have lost $81bn of emergency reserves through capital outflows and currency market interventions since early May, even before renewed turmoil in emerging markets. The figure, which excludes China, is equal to roughly 2 per cent of all developing country central bank reserves, according to Morgan Stanley analysts, who compiled the data from central bank filings for May, June and July. However, some countries have suffered more precipitous drops. Indonesia has lost 13.6 per cent of its central bank reserves from the end of April until the end of July, Turkey spent 12.7 per cent and Ukraine burnt through almost 10 per cent. India, another country that has seen its currency pummelled in recent months, has shed almost 5.5 per cent of its reserves. Read more of this post

Private equity: have investors learned from their mistakes? Buyouts on the rise again, but sector insists that the recession put paid to ‘simplistic financial engineering’ in takeovers

Private equity: have investors learned from their mistakes?

Buyouts on the rise again, but sector insists that the recession put paid to ‘simplistic financial engineering’ in takeovers

Sean Farrell

The Guardian, Thursday 22 August 2013 20.34 BST

The buyout frenzy reached its peak in 2007 when US firm KKR and Axa Private Equity backed the £11.1bn buyout of Alliance Boots. Photograph: Ian West/PA

It seems a long time ago when private equity was the unacceptable face of capitalism in Britain. But on the eve of the banking crisis, in June 2007, prominent British representatives of the industry were hauled before parliament’s Treasury select committee to explain themselves as political and public disquiet over the sector reached a peak. Read more of this post

Now the Brics party is over, they must wind down the state’s role

August 22, 2013 1:48 pm

Now the Brics party is over, they must wind down the state’s role

By Anders Aslund

Nations did not take advantage of the good years to improve their economies, says Anders Aslund

After a decade of infatuation, investors have suddenly turned their backs onemerging markets. In the Bric countries – Brazil, Russia, India and China – growth rates have quickly fallen and current account balances have deteriorated. The surprise is not that the romance is over but that it could have lasted for so long. From 2000 to 2008 the world went through one of the greatest commodity and credit booms of all times. Genesis warns that after seven years of plenty, “seven years of famine will come . . . and the famine will ravage the land”. Perhaps the combined commodity and credit cycle, from which the Bric countries have benefited more than their due, is divinely appointed. Read more of this post

Moody’s Mulls Downgrade of Big Banks as U.S. Support Wanes

Moody’s Mulls Downgrade of Big Banks as U.S. Support Wanes

Moody’s Investors Service may cut debt ratings on at least four of the six largest U.S. banks as it examines whether the government would be less likely to ensure creditors are repaid in a crisis. Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM), Morgan Stanley (MS) and Wells Fargo & Co. (WFC) may be downgraded, Moody’s said today in a statement. Bank of America Corp. (BAC) and Citigroup Inc. (C) are under review, with the direction of any rating change uncertain, Moody’s said. Bank of New York Mellon Corp. and State Street Corp. were already under review, Moody’s said. Read more of this post

CCP: UK lenders got up to 60% commission for mis-sold insurance

August 22, 2013 8:16 pm

CCP: UK lenders got up to 60% commission for mis-sold insurance

By Sharlene Goff

UK lenders that have agreed to pay up to £1.3bn to customers who were mis-sold credit card insurance received commission rates of up to 60 per cent, according to the regulator.

The Financial Conduct Authority said on Thursday that 13 banks and other card issuers would refund credit card customers who they referred to CPP, an insurance provider, for extra protection against stolen cards and identity theft. Read more of this post

Asset-management companies in China: Lipstick on a pig; China is still dealing with the mess left by previous bank bail-outs

Asset-management companies in China: Lipstick on a pig; China is still dealing with the mess left by previous bank bail-outs

Aug 24th 2013 | SHANGHAI |From the print edition

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NEWS surfaced this week that Cinda, an asset-management company (AMC) created during China’s last round of banking bail-outs, is talking to bankers about a stockmarket flotation. That raises an intriguing question: how would the Chinese government handle its next banking crisis? If experience is a guide, it will be through a combination of enormous injections of public money, the creation of complicated structures and the obfuscation of data. Read more of this post

Judging music competitions: The sound of silence; Top musicians are judged as much for their movements as for their melodies

Judging music competitions: The sound of silence; Top musicians are judged as much for their movements as for their melodies

Aug 24th 2013 |From the print edition

SOME music has always been about the performance. Watching a rock band live, for example, is not just a matter of appreciating the quality of the sound. What the musicians get up to on stage is almost as important. But you might think that classical music would be immune from such distractions—doubly so when a performance is being judged as part of a competition. However, a study by Chia-Jung Tsay, a concert pianist who is also a researcher at University College, London, suggests that even judges awarding prizes can be swayed by what they see as well as what they hear. Dr Tsay’s study, just published in the Proceedings of the National Academy of Sciences, employed over 1,000 volunteers (half novices and half experts) to evaluate the performances of candidates in ten prestigious music competitions, to see if they agreed with the judges’ decisions. Each volunteer assessed 30 performances—the top three from each competition. The catch was that only a third of volunteers were shown the performances accompanied by the soundtrack. The other two-thirds got either to see each performance or to hear it, but not both. Novices who saw and heard the whole thing, or merely heard it, did little better than chance at working out who had won—guessing right slightly more than a third of the time. Those who only saw it, however, did much better. They agreed with the actual decision almost half the time. Even more intriguingly the experts, who one might think would be trained to screen out histrionic flummery on the part of performers and concentrate entirely on the sound of the music itself, did worse than the novices when they could hear the performance, whether or not they could see it as well: they guessed right slightly under a third of the time. When they could see but not hear it, they did precisely as well as the novices, agreeing with the judges just under half the time. Still worse, for those who believe competitions truly pick the best musician, when both novice and expert participants watched silent videos that showed only the performers’ outlines (as illustrated at the top of the article), they still got it right just under half the time. What they seemed to be picking up on were gestures that they thought conveyed passion. It was these that gave a performer his or her edge.

One moral of this story, then, is that music competitions really are a bit of a lottery. If even experts cannot pick the winner from the top three when they can see and hear the performances, it suggests that real judges in such competitions might, once they have winnowed out the no-hopers, just as well toss a coin to decide who is actually top. The other lesson, given that this is never really going to happen, is that competitors should brush up on their stage skills as well as their musical ones.

A problem of cosmic proportions: Three experiments are starting to study dark energy, the most abundant stuff in the universe. But a theory has just been published purporting to show it does not exist

A problem of cosmic proportions: Three experiments are starting to study dark energy, the most abundant stuff in the universe. But a theory has just been published purporting to show it does not exist

Aug 24th 2013 |From the print edition

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IN THE 1920s astronomers realised that the universe was running away from them. The farther off a galaxy was, the faster it retreated. Logically, this implied everything had once been in one place. That discovery, which led to the Big Bang theory, was the start of modern cosmology. In 1998, however, a new generation of astronomers discovered that not only is the universe expanding, it is doing so at an ever faster clip. No one knows what is causing this accelerating expansion, but whatever it is has been given a name. It is known as dark energy, and even though its nature is mysterious, its effect is such that its quantity can be calculated. As far as can be determined, it makes up two-thirds of the mass (and therefore, E being equal to mc2, two-thirds of the energy) in the universe. It is thus, literally, a big deal. If you do not understand dark energy, you cannot truly understand reality. Read more of this post