Short Seller Glaucus Alleges Irregularities in Singapore-Listed China Minzhong; fresh and processed vegetables producer “fabricated” its sales figures to its top two customers; Shareholders include GIC, Templeton, Salim’s Indofood, CMIA

Aug 25, 2013

Short Seller Glaucus Alleges Irregularities in China Minzhong

By Gaurav Raghuvanshi

China Minzhong Food Corp.K2N.SG -47.78% Monday halted trading in its shares in Singapore as the food supplier’s stock fell sharply after a short seller published a report alleging irregularities in the company’s business. The company’s share price nearly halved to S$0.53 before the company requested a halt pending the release of an announcement. It didn’t give details. Glaucus Research Group, a firm with a short position on China Minzhong, said in a report that the fresh and processed vegetables producer “fabricated” its sales figures to its top two customers. The research firm cited registry records to claim that China Minzhong’s biggest customer, a Taiwan-based food distributor, was incorporated in November 2009. That was after China Minzhong’s track record period of 2007-2009 mentioned in its initial public offering prospectus, it said. It also said that according to filings by China’s State Administration for Industry and Commerce, China Minzhong’s second-biggest customer had zero revenue in 2009. The research firm didn’t name the two customers. Glaucus Research recommended a ‘strong sell’ on China Minzhong with a price target of S$0.00 for the company’s shares. Glaucus Research, based in California, said it was short China Minzhong, which means that it stands to gain from the decline in the company’s share price. Read more of this post

What is life all about? Using business strategy to find your life’s purpose


What is life all about? Using business strategy to find your life’s purpose

What is life all about? What’s your five-year plan? Your ten-year plan? If you’re anything like me, your answer is probably something along the lines of “I have no idea.” And just being asked that question makes you feel inadequate. Like you’re always supposed to know what the future will hold. In his powerful book, How Will You Measure Your Life?, Clayton Christensen reflects that so many of his students at Harvard Business School feel they should always be able to answer “What is life all about?” They expect to have their whole lives mapped out — and if they don’t, something is wrong with them.

Via How Will You Measure Your Life?:

Starting as early as high school, they think that to be successful they need to have a concrete vision of exactly what it is they want to do with their lives. Underlying this belief is the implicit assumption that they should risk deviating from their vision only if things go horribly wrong. Christensen points out a fundamental irony: these business students don’t realize that most businesses, well-planned as they may be, don’t really know what they want to be either. A full 93% of all companies start out doing one thing and abandon that strategy because it wasn’t viable. Read more of this post

How To Overcome Fear And Self-Doubt

How To Overcome Fear And Self-Doubt

JAMES CLEARJAMESCLEAR.COM AUG. 24, 2013, 12:53 PM 4,633 4

I was lifting with the owner of my gym. She was doing clean and jerks. I was squatting. In between sets, I asked if she had ever competed in an Olympic weightlifting meet. “You should do one. They are a lot of fun and you’re definitely built to be a weightlifter.” “That’s what everyone tells me, but I don’t know,” she responded. “Competitions make me kind of nervous. I just think: what if I miss this lift and all of these people see it?” Let’s pause for a moment. Remember, this is someone who OWNS a gym. She misses lifts every single week and sees hundreds of other people do the same. And yet here she is, letting her fear of being judged prevent her from doing something that she’d like to do. This little conversation reminded me of why I hate “fear–based decision making” and got me thinking about the importance of overcoming fear. Let’s talk about how you can get past fear and self–doubt and do the things that you want to do.

Fear–Based Decision Making

Fear–based decision making is when you let your fears or worries dictate your actions (or, in most cases, your lack of action). Read more of this post

The Perils of Short-Term Thinking

The Perils of Short-Term Thinking

by Javier Gimeno | Aug 23, 2013

It’s hard to ignore shareholder demands for quarterly earnings miracles. But too often what looks like “success” today can inhibit a company’s competitiveness tomorrow

Increasingly outspoken activist shareholders and a culture of instant gratification permeate today’s global boardrooms. Forget the annual report: these days, shareholders’ decisions often hinge on financial analysts‘ quarterly financial expectations – and, with perks, jobs and bonuses at stake, more and more senior executives are unable to ignore them. Pressure to produce short-term results has increased in the last five years, according to 63 percent of global executives who responded to a recent McKinsey & Company survey. This fosters what the business community has come to call “short-termism”, defined by the Financial Times as “an excessive focus on short-term results at the expense of long-term interests”.  Read more of this post

Let My People Go Surfing: The Education of a Reluctant Businessman

Let My People Go Surfing: The Education of a Reluctant Businessman Paperback

by Yvon Chouinard  (Author)


In his long-awaited memoir, Yvon Chouinard-legendary climber, businessman, environmentalist, and founder of Patagonia, Inc.-shares the persistence and courage that have gone into being head of one of the most respected and environmentally responsible companies on earth. From his youth as the son of a French Canadian blacksmith to the thrilling, ambitious climbing expeditions that inspired his innovative designs for the sport’s equipment, Let My People Go Surfing is the story of a man who brought doing good and having grand adventures into the heart of his business life-a book that will deeply affect entrepreneurs and outdoor enthusiasts alike. Read more of this post

Marissa Mayer Might Have Missed The Chance To Work For Google If It Hadn’t Been For An Unintended Keystroke

Marissa Mayer Might Have Missed The Chance To Work For Google If It Hadn’t Been For An Unintended Keystroke

ALYSON SHONTELL AUG. 24, 2013, 12:13 PM 22,490 14


Yahoo CEO Marissa Mayer has had an impressive career which famously began at Google, where she spent a decade and made a fortune. Her unauthorized biography is detailed here, by Business Insider’s Nicholas Carlson. In it, Carlson describes how a lucky keystroke helped Marissa Mayer land at Google, which was then a little-known startup. When Mayer graduated from Stanford, she received more than 12 job offers. She wasn’t interested in adding more opportunities to the pile. So when an email from a recruiter appeared in her inbox, she tried to delete it. Luckily for Mayer, her finger missed the delete key and she ended up opening the pitch instead. The pitch promoted an opportunity at Google, a startup she had heard about through a Stanford professor.  Carlson describes the lucky incident:

Instead of hitting delete, Mayer hit the space bar and opened the email. That email’s subject line: “Work at Google?” Mayer read the email and remembered a conversation she had with Eric Roberts who was still a mentor years after she took his computer science class for non-majors. The prior fall, Roberts listened to Mayer talk about the recommendation engine she’d built, and then told her she should meet with a pair of Ph.D. students who were working on similar stuff. Their names: Sergey Brin and Larry Page. Mayer realized that Google was their startup. Trusting Roberts’ recommendation, she replied to an email she had meant to delete, writing that she’d like an interview.

Young Tech Sees Itself in Microsoft’s Ballmer; Those in mobile and cloud computing, which Microsoft has not taken full advantage of, know that they could one day face similar problems

August 25, 2013

Young Tech Sees Itself in Microsoft’s Ballmer


SAN FRANCISCO — As a young executive at Microsoft, Steven A. Ballmer helped topple older, slower-moving technology giants like the Digital Equipment Corporation, Wang and Novell. These days, it is Microsoft’s turn to fend off the upstarts as it struggles to compete in a computing world that is increasingly mobile and based in a “cloud” of Internet-connected computers to which many customers gain access at the same time. It’s all part of the inevitable life cycle for technology companies. “Getting disrupted is the defining characteristic of this industry,” said Aaron Levie, the chief executive of Box, an online data storage company. “You can even have a near monopoly like Microsoft did, and then everything gets redefined.” Read more of this post

Under Jeff Bezos, Washington Post poised to become incubator for media innovation

Under Jeff Bezos, Washington Post poised to become incubator for media innovation

Diane Francis | 13/08/24 | Last Updated: 13/08/23 2:50 PM ET
There is speculation as to what Amazon founder Jeff Bezos is going to do with his latest acquisition, the venerable Washington Post.

Bezos’s e-book success provides blueprint for newspaper overhaul

Jeff Bezos has already transformed one traditional print business — books — into a digital one. The experience provides a blueprint for how the billionaire technology executive is now poised to overhaul newspapers following his US$250 million acquisition of the Washington Post. But it’s really not difficult to discern. Bezos is going to do to the media (newspapers, magazines and television) what Amazon did to bookstores and authors. One need only consider his mission statement for Amazon, the book business he began in 1994: “Our vision is to have every book ever printed, in any language, available in under 60 seconds.” Read more of this post

Techies to Grapple With Big Changes; VMware’s annual conference, VMworld, comes as a technology approach that the company pushed—to change how servers are used—is beginning to affect other markets

August 25, 2013, 10:34 p.m. ET

Techies to Grapple With Big Changes


SAN FRANCISCO—VMware Inc. VMW +2.74% isn’t exactly a household word, at least outside of Silicon Valley. But the software maker’s annual conference has become a key meeting place for those who help manage computer rooms—a techie tribe grappling with major changes. The event it started, called VMworld, is kicking off in a convention center here this week. It comes as a technology approach that the company pushed—to change how servers are used—is beginning to affect other markets. Read more of this post

Next CEO’s Biggest Job: Fixing Microsoft’s Culture; At Software Giant, Taking the Safe, Profitable Route Often Wins Out Over Innovation

Updated August 25, 2013, 8:01 p.m. ET

Next CEO’s Biggest Job: Fixing Microsoft’s Culture

At Software Giant, Taking the Safe, Profitable Route Often Wins Out Over Innovation



Months before Apple Inc. AAPL -0.39% unveiled its iPad in January 2010, the tech world was buzzing about mockups of a tablet computer from Microsoft Corp.MSFT +7.29% Created by an inventor of the company’s Xbox videogame machine, the Courier folded like a book and let users sketch and jot ideas on a touchscreen. That spring, Microsoft Chief Executive Steve Ballmer told employees at Courier’s Seattle laboratory that he was pulling the plug on the device. Mr. Ballmer said he was redirecting resources to the next version of the company’s Windows operating system, which was more than two years away, according to Georg Petschnigg and other former employees of the lab. Read more of this post

Magazine publisher Conde Nast announced a major partnership with in which the Internet retailer will handle print and digital subscriptions for glossy publications such as Vogue, Wired and Vanity Fair

Conde Nast launches new subscriber service with Amazon

Tue, Aug 20 2013

By Jennifer Saba

NEW YORK (Reuters) – Magazine publisher Conde Nast announced a major partnership with Inc on Tuesday in which the Internet retailer will handle print and digital subscriptions for glossy publications such as Vogue, Wired and Vanity Fair. Conde Nast is the first magazine publisher to collaborate with Amazon on this type of service, a move that will simplify and eventually save money on its subscription process and give it access to a huge new customer base. Currently, subscriptions involve direct mail and stacks of magazine insert cards. Read more of this post

How Technology Wrecks the Middle Class?

AUGUST 24, 2013, 2:35 PM

How Technology Wrecks the Middle Class


In the four years since the Great Recession officially ended, the productivity of American workers — those lucky enough to have jobs — has risen smartly. But the United States still has two million fewer jobs than before the downturn, the unemployment rate is stuck at levels not seen since the early 1990s and the proportion of adults who are working is four percentage points off its peak in 2000. This job drought has spurred pundits to wonder whether a profound employment sickness has overtaken us. And from there, it’s only a short leap to ask whether that illness isn’t productivity itself. Have we mechanized and computerized ourselves into obsolescence? Read more of this post

A Dearth of Tech IPOs Could Expose Stock Rally

August 25, 2013, 6:01 p.m. ET

A Dearth of Tech IPOs Could Expose Stock Rally

Just 16% of New U.S. Listings This Year Have Been Technology or Internet Companies


Initial public offerings from technology-related companies and booming U.S. stock markets usually go together—such as PCLN +0.22% and 1999. Not this year. The Dow Jones Industrial Average has climbed 15% since Jan. 1, even after declining 3% this month largely on jitters about corporate earnings and expectations that the Federal Reserve will scale back stimulus measures in the coming months. At the current pace, the number of IPOs in the U.S. could hit 200, the most since 2007. Read more of this post

3-D Printing Stirs Copyright Clash on Homemade IPhone Gear

3-D Printing Stirs Copyright Clash on Homemade IPhone Gear: Tech

Fernando Sosa had no doubt his sword-covered iPhone dock inspired by the hit TV series “Game of Thrones” would become a top seller for his small manufacturing startup. Then he heard from HBO. Defending a copyright on electronics featuring its show, HBO in February demanded Sosa halt sales on his website. He did, and gave more than a dozen customers refunds for $49.99. Read more of this post

Wedding Gown in-a-Box Slump Risks Cutting Prices for IPOs

Wedding Gown in-a-Box Slump Risks Cutting Prices for IPOs

By Belinda Cao  Aug 26, 2013

The 48 percent slump in LightInTheBox Holding Co. (LITB), the Chinese online discount retailer that sold shares in the U.S. this year, risks reducing the price for the nation’s companies seeking to go public, IPOX Schuster LLC said. American depositary receipts of LightInTheBox plunged below their June 6 debut level last week, after the Beijing-based company said sales will decline. The ADRs posted the biggest slump on the Bloomberg China-US Equity Index of the most-traded Chinese stocks. The measure added 0.7 percent last week, led by NetEase Inc. (NTES) and Trina Solar Ltd. (TSL) China Telecom Corp. traded at the biggest premium to the Hong Kong shares in two weeks. Read more of this post

Lenovo, Taking Page From Apple, Chases Samsung in China

Lenovo, Taking Page From Apple, Chases Samsung in China

Taking a page from the playbook of Apple Inc. (AAPL), a company it’s already beaten in China smartphone sales, Lenovo Group Ltd. (992) is counting on a chain of retail stores to help it surpass leader Samsung Electronics Co. (005930) The outlets offer the gleaming glass and wide counters found at Apple shops, with phones and tablets sitting on tables for customers to try out. Lenovo’s Solution Center takes the place of the Genius Bar, and staff look trim and neat in black polo shirts instead of Apple’s blue Tees. Read more of this post

Yinchuan, capital of Ningxia Hui autonomous region, might soon be known as the sparkling wine capital of China.

Yinchuan, destined to be China’s wine capital

Updated: 2013-08-26 06:56

By Zhong Nan and Li Fangfang ( China Daily) Read more of this post

Plunge in coal prices disrupts private lending chain in China’s Shaanxi’s Shenmu

Plunge in coal prices disrupts private lending chain in Shenmu

Staff Reporter


Due to a plunge in coal prices last year, Shenmu county in northwestern China’s Shaanxi province — a bastion of the coal industry which was the main source behind the county’s GDP of 100 billion yuan (US$16.3 billion) — has been plagued by a private-debt crisis as many debtors have fled from the municipality. The crisis has disrupted the private funding chain in the county, seriously threatening the operation of many private enterprises and the continuation of ongoing projects. Read more of this post

How the cookie crumbled for Tesco in China

How the cookie crumbled for Tesco

Updated: 2013-08-26 06:56

By Mike Bastin ( China Daily) Read more of this post

Electric carmaker Tesla hits roadblock in China after a local businessperson claimed trademark rights to the name

Electric carmaker Tesla hits roadblock in China over trademark

Reuters | Friday, 23 Aug 2013 | 9:44 AM ET

Popular electric carmaker Tesla Motors’ plans to enter the world’s biggest auto market have stalled after a businessperson in China claimed trademark rights to the name, people close to the California-based company have told Reuters. The maker of the best-selling U.S. electric car—the premium Model S sedan with a price tag of $70,000—had originally hoped to launch a flagship showroom in Beijing at the start of the year, according to three sources, but has had to put that idea on hold partly because of the trademark issue. Read more of this post

Cut the cord, before China’s municipal gov’ts strangle themselves

Cut the cord, before China’s municipal gov’ts strangle themselves

Gregory Chow


Many questions have arisen on the huge accumulation of debt by China’s municipal governments, including: What is its specific amount? What are its reasons? Is it a serious problem? How to solve it? The total debt of China’s municipal governments is estimated at 14 trillion yuan (US$2.3 trillion), 30% of its national income of 48 trillion yuan (US$7.8 trillion), compared with the share of 14.4% of the central government’s debt. As a result, the Chinese government’s total debt amounts to 44% of the national income, far below the 100% of the US government’s debt, which is not a serious problem in the eyes of most American people, especially Democrats. Read more of this post

China Suspended PMI Details Over Accuracy Concerns, Bureau Says

China Suspended PMI Details Over Accuracy Concerns, Bureau Says

By Bloomberg News  Aug 26, 2013

China suspended the release of industry-specific data from a purchasing managers’ index for manufacturing because of accuracy concerns, the National Bureau of Statistics said.

“We can’t ensure all industry-specific data can reach accuracy requirements,” Sheng Laiyun, a statistics agency official, said at a briefing in Beijing today. “Samples in some industries are very small, and accidental changes may affect overall data quality — we were concerned that some of the numbers may affect related investors and users.” Read more of this post

Charlene Chu Interview with Goldman on China’s Credit Bubble

Charlene Chu Interview with Goldman on China’s Credit Bubble

Charlene Chu is a Senior Director in the Financial Institutions Group at Fitch Ratings, based in Beijing. She oversees the credit ratings of Chinese banks and other financial institutions. Before joining Fitch, Ms. Chu was a Senior Analyst in the emerging markets group at the Federal Reserve Bank of New York. Below she shares her concerns about China’s rapid credit growth. Charlene Chu who was called a hero by SocGen analyst, Albert Edwards, was recently interviewed by Allison Nathan of Goldman Sachs. Below is a transcript of the interview with Charlene Chu. The views stated herein are those of the interviewee and do not necessarily reflect those of Goldman Sachs.

Allison Nathan: How large has the recent credit expansion in China been and how worrisome is it? Read more of this post

Beijing reviews grain acquisition amid rising corruption

Beijing reviews grain acquisition amid rising corruption

Staff Reporter


A group of China’s government agencies and scholars, led by the National Development and Reform Commission, are reviewing policy reforms dealing with grain acquisition, the Beijing-based Economic Information Daily reports. Discussions have yet to reach a consensus, although the direction will most likely move toward market-oriented policy, protecting the interest of farmers and reducing intervention in the market, said Li Guoxiang, a researcher at the Rural Development Institute of the China Academy of Social Sciences. Government acquisition concerns the minimum purchase price of wheat grain and rice, and the temporary storage of corn, soybeans and rapeseed. When market prices are lower, the government buys grain in order to protect the interests of farmers and boost confidence in growing grains. In recent years, acquisition prices have continued to rise, exposing a number of shortcomings. Read more of this post

At Haier, the company’s management structure pivots around ZZJYTs (zi zhu jing ying ti, which in English means independent operation units). The ZZJYT model inspires entrepreneurial spirit in workers

Taking customers to a Haier ground to serve them better

Updated: 2013-08-26 06:56

By Cecily Liu in London ( China Daily) Read more of this post

China Rethinks Deals for Resources

August 25, 2013, 8:35 p.m. ET

China Rethinks Deals for Resources


BEIJING—A dusty $8 billion Australian mine that has yet to export a chunk of ore is emblematic of why China is rethinking its huge, multiyear effort to buy up resources abroad. The mine, the Sino Iron project more than 900 miles north of Perth, in Western Australia, was launched in 2006 with an estimated $2.5 billion in development costs. The mine was to supply China with iron ore, a crucial steelmaking ingredient, and help China break into a global mining market dominated by BHP BillitonBHP.AU -0.18%Rio Tinto RIO.AU +0.15% and Vale VALE3.BR -0.39% SA. Instead, Chinese owner Citic Pacific Ltd. 0267.HK +0.67% has grappled with everything from high labor costs and naturally occurring asbestos in the rock to a massive ore-grinding mill that years after its installation still doesn’t work. Read more of this post

South Korea’s foreign exchange reserve adequacy ratio is lower than India and Indonesia, which are rattled by signs of a financial crisis

S. Korea lags behind India, Indonesia in FX reserve adequacy ratio


Based on economic data, South Korea’s foreign exchange reserve adequacy ratio is lower than India and Indonesia, which are rattled by signs of a financial crisis. According to data from the Bank of Korea, Ministry of Strategy and Finance and International Monetary Fund (IMF), Korea held $329.7 billion in foreign exchange reserve as of late July this year, equivalent to 130 percent of the base level set forth by the International Monetary Fund (IMF). Taking into account short-term external debt, the outstanding balance of investment in securities and others by foreigners, M2 money supply and exports, the IMF sets out a base level of foreign exchange reserves by country and suggests a country hold 100 to 150 percent of such level. Korea has maintained about 130 percent of such level for the recent years. Indonesia posted a reserve adequacy ratio of 165 percent and India that of 180 percent in late 2011, according to the IMF’s estimates for Asian emerging countries. Many of the countries’ ratios exceeded that of Korea, as the ratio of the Philippines came to 344 percent and that of Thailand 317 percent. Malaysia’s ratio stood at 137 percent as of late 2012. Korea runs a current account surplus and boasts a fiscal discipline, yet the country suffers a frequent inflow and outflow of foreign investment funds, as well as risk arising from North Korea. As a result, Korea cannot afford to be secure about foreign currency reserves even as it meets the IMF’s guideline. This has bolstered the voice that Korea needs to increase foreign currency reserves in case major economies wind down quantitative easing.

In India, Even Cricket Is No Longer Cricket

In India, Even Cricket Is No Longer Cricket

Since its inauguration in 2008, the Indian Premier League, India’s biggest sporting and television spectacle, has often been on the front rather than the sports page of Indian newspapers. “Rich, fast and powerful,” this abbreviated version of the British sport of cricket became “for many an image of the new India,” as James Astill writes in “The Great Tamasha: Cricket, Corruption, and the Turbulent Rise of Modern India.” Intoxicating the country’s emerging middle class, it “also drew in a powerful horde of investors and chancers — film stars, politicians and billionaire tycoons.” Read more of this post

How India’s Growth Ended In Tears

How India’s Growth Ended In Tears



It’s enough to make a poor man cry and a wealthy investor sprint for the exit. From the back of a van in Delhi’s chaotic Karol Bagh market, opposition politicians are selling discounted onions to disgruntled voters ahead of next year’s general election. The humble red onion, heart of the vegetable curry most Indians depend on, has more than trebled in price in the last few weeks and opposition leaders hope the increase will take a large bite into the Congress-led government’s remaining support. Read more of this post

Food Worth $6.8b Rots in India Each Year: Minister

Food Worth $6.8b Rots in India Each Year: Minister

By Agence France-Presse on 8:47 pm August 23, 2013.
New Delhi. Food grains, fruits and vegetables worth $6.8 billion go to waste every year in India because of inadequate storage facilities, a minister said on Friday. Agriculture minister Sharad Pawar said the country’s storage requirement was 61.3 million tons against the current capacity of around 29 million tons, citing a report commissioned last year. “The present gap is around 32 million tons,” he said in the upper house of the parliament, according to the Press Trust of India news agency. The total wastage of cereals, fruits and vegetables would add up to 440 billion rupees ($6.8 billion) a year, the minister said. Read more of this post

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