Ray Dolby, Inventor of Surround Sound, Dies at 80; while Ray Dolby was an engineer at heart, his achievements “grew out of a love of music and the arts.”

Ray Dolby, Inventor of Surround Sound, Dies at 80

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Ray Dolby, the billionaire U.S. inventor whose name became synonymous with high-end home and cinema surround sound, has died. He was 80. He died yesterday at his home in San Francisco, according to a statement by Dolby Laboratories Inc. (DLB) He had been suffering from Alzheimer’s disease and was diagnosed in July with acute leukemia, the San Francisco-based company said. Through the company he founded in 1965, Dolby pioneered noise-reduction and surround-sound technologies that are used in movies, cinemas, personal computers and home theater equipment. The Dolby logo — two block-letter Ds, facing each other — became a sign of audio quality, indicating the presence of Dolby technology that reduced the hiss from cassette tapes, for instance, or added a digital soundtrack to movies. Tom Dolby, one of his sons, said in the statement that while his father was an engineer at heart, his achievements “grew out of a love of music and the arts.” When Dolby Laboratories went public in 2005, its shares surged 35 percent on the first day of trading. The founder, who held more than 50 patents, received $306 million from the IPO, and his 69.8 percent stake became worth $1.65 billion. As of yesterday his net worth was $2.85 billion, according to the Bloomberg Billionaires Index. Read more of this post

Detecting Accounting Frauds in Asia (Part 1) (Bamboo Innovator Insight)

The following article is extracted from the Bamboo Innovator Insight weekly column blog related to the context and thought leadership behind the stock idea generation process of Asian wide-moat businesses that are featured in the upcoming monthly Moat Report Asia. Fellow value investors get to go behind the scene to learn thought-provoking timely insights on key macro and industry trends in Asia as well as benefit from the occasional discussion of potential red flags, misgovernance or fraud-detection trails ahead of time to enhance the critical-thinking skill about the myriad pitfalls of investing in Asia at the microstructure- and firm-level.

  • Detecting Accounting Frauds in Asia (Part 1), Sep 11, 2013 (BeyondProxy)

DetectingFrauds1

 

Opportunities in Event-Driven Investing and Spinoffs in Asia (Bamboo Innovator Insight)

The following article is extracted from the Bamboo Innovator Insight weekly column blog related to the context and thought leadership behind the stock idea generation process of Asian wide-moat businesses that are featured in the upcoming monthly Moat Report Asia. Fellow value investors get to go behind the scene to learn thought-provoking timely insights on key macro and industry trends in Asia as well as benefit from the occasional discussion of potential red flags, misgovernance or fraud-detection trails ahead of time to enhance the critical-thinking skill about the myriad pitfalls of investing in Asia at the microstructure- and firm-level.

  • Opportunities in Event-Driven Investing and Spinoffs in Asia, Sep 9, 2013 (BeyondProxy)

Spinoff

 

Doubts Rise as China Touts Upturn; Beijing’s Reliance on Credit-Fueled Megaprojects, Exports Raises Questions About Rebound’s Length

Updated September 12, 2013, 7:08 p.m. ET

Doubts Rise as China Touts Upturn

Beijing’s Reliance on Credit-Fueled Megaprojects, Exports Raises Questions About Rebound’s Length

BOB DAVIS, TOM ORLIK and LAURIE BURKITT

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BEIJING—China’s leaders are trumpeting their commitment to overhauls, but there are signs a recent turnaround in the Chinese economy relies on old policies, raising doubts about how long the rebound can continue. Some economists and business leaders say Beijing is pulling the same levers it has used in the past to produce growth, leaving untouched a reliance on exports abroad and credit-fueled investment in large infrastructure projects at home—the very model China says it wants to scrap. Over the past two months, China’s industrial output, electricity production and exports have posted solid gains, buoying global markets and easing fears the country would join other emerging economies reeling in anticipation that the U.S. Federal Reserve will curb bond-buying. Read more of this post

It’s China, it’s bad loans, and it’s securitisation

It’s China, it’s bad loans, and it’s securitisation

David Keohane

| Sep 13 08:33 | 3 comments | Share

What could possibly go wrong? It looks increasingly likely that China is gearing up for another round of bad-loan cleansing with asset management companies seemingly being prepared for some more NPL absorption and a move towards what might be loosely termed market-based approaches to restructurings. It looks like this will include securitisation, which Chinese authorities have been dipping their toes back into since a Lehman-burning, according to SocGen’s Wei Yao (with our emphasis):

China’s credit asset securitisation (CAS) got off to a meaningful start in 2005 when the government accelerated policy initiatives to set up the regulatory framework. Domestic issuance of asset-backed securities (ABS) took off, rising from almost zero to nearly CNY70bn by 2008. However, as soon as the Lehman crisis hit, policymakers suspended the trial programme and only cautiously resumed it in 2011 with six deals totalling CNY22bn, which were subsequently followed in 2012 by a second trial of CNY50bn. Entering 2013, the reluctance has continued to thaw and interest has continued to rise.In August, the State Council announced to steadily push ahead with the pilot scheme for securitisation. A new round of CNY300bn is widely expected to kick off soon. Read more of this post

Banks ‘seeking to transfer non-performing loans’

Banks ‘seeking to transfer non-performing loans’

Updated: 2013-09-13 15:44

By Yang Ziman (chinadaily.com.cn)

A number of banks, including State-owned establishments, are transferring non-performing loans to asset management companies, the 21st Century Business Herald reported. The transfers will be completed by the end of the third quarter, an employee of an asset management company told the newspaper. A bank based in north China has launched a bid to offload its 747 million yuan ($122 million) bad loans to one of the top four AMCs in the country, the newspaper reported. Read more of this post

Middle Managers Have an Outsized Impact on Innovation

Middle Managers Have an Outsized Impact on Innovation

by Ethan Mollick  |   11:00 AM September 12, 2013

Just the mention of “middle managers” is enough to make people’s eyes roll back. But these supposedly boring cogs of the corporation, these objects of derision in Dilbertland, can have a profound impact on innovation and performance. Companies need to pay attention to them and reward their special talent at making the best of the restrictions and limitations of their positions — of making lemonade from lemons. For decades, researchers and businesspeople have assumed that in the thick of large organizations, what matters is process. Are the right resources available? Are incentives effective? If the organization isn’t being innovative, the solution must be structural. Read more of this post

Gianni Agnelli, the Godfather of Style; The Italian industrialist who ran Fiat during the jet-set age was one of the most stylish men of the 20th century. Many have copied his casually inventive look, but his elegance remains inimitable

September 12, 2013, 12:25 p.m. ET

Gianni Agnelli, the Godfather of Style

The Italian industrialist who ran Fiat during the jet-set age was one of the most stylish men of the 20th century. Many have copied his casually inventive look, but his elegance remains inimitable

RICH COHEN

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STYLE ICON | Agnelli, whose nicknames included ‘L’avvocato’ (because he had a law degree) and the ‘Rake of the Riviera,’ photographed by Andy Warhol in 1972

IN THE END, when the money is lost and the records broken, only style remains—a handful of gestures that recall a life or an era. Napoleon is dust, but the men at a dinner party still wear buttons on their sleeves because the Little Corporal wanted to stop his soldiers from wiping their noses. Arnold Rothstein was buried ages ago, but wise guys still carry cash in a roll in their front pockets because the gangster rumored to have fixed the World Series wanted to get at his dough fast. True visionaries are imitated not only by those who knew them but by those who knew those who knew them—culture is people copying people they’ve never met. Over time, the names are forgotten, but a few habits survive. In the last half century, there was perhaps no man more imitated than the late Gianni Agnelli, the Italian industrialist, chairman of Fiat and playboy of playboys in the jet-set age. When you see a kid wearing his watch or tie just so, you might be seeing a copy of a copy of Gianni. Read more of this post

Crying Kids on Planes Spawn Childfree Zones to Nannies

Crying Kids on Planes Spawn Childfree Zones to Nannies

Andy Curr says her worst ever in-flight experience was brought on her by her own offspring. Curr, a web designer from Sydney, was traveling from London to Bangkok about three years ago when her second-youngest daughter, then 20 months, “screamed all the way,” she said. The wailing got her older children going, too. “Once one goes off, they all start,” said Curr, 41. Balancing the needs of customers wanting a peaceful trip with those of harried parents has become a major challenge for airlines trying to cater to both groups. Singapore Airlines Ltd. (SIA)’s budget carrier Scoot unveiled a childfree zone for passengers prepared to pay extra, following AirAsia X Bhd. and Malaysian Airline System Bhd, who also segregate kids. Seat-kicking and unruly children came ahead of drunken passengers, rude cabin crew, and lecherous neighbors as on-board annoyances in a July survey by British financial services comparison website Gocompare. Respondents said they’d be prepared to add 50 pounds ($78.6) to the cost of a return flight if they could sit in childfree zones. “People love their own kids, but they might not necessarily love someone else’s to the same extent,” said Scoot Chief Executive Officer Campbell Wilson. “Allowing someone the option of traveling with the assurance of not having young children around is simply one of the many choices you have.” Scoot charges an extra S$14.95 for 41 economy-class seats directly behind business class with three inches of extra legroom, where children under 12 aren’t allowed. Read more of this post

Apple is no longer an innovative company, says the man who helped Steve Jobs design the Mac

Apple is no longer an innovative company, says the man who helped Steve Jobs design the Mac

By Christopher Mims @mims September 12, 2013

Hartmut Esslinger knows a thing or two about industrial design and what it’s done for Apple. He worked directly with Steve Jobs to establish a “design language” that was used on the Macintosh line of computers for over a decade. Esslinger’s iconoclastic firm had already designed over 100 products for Sony when he signed an exclusive, $1-million-a-year contract with Apple in 1982. But that Apple is mostly gone, says Esslinger in an interview with Quartz. The Apple of today resembles Sony of the 1980′s, says Esslinger, who witnessed the succession process at Sony first-hand: The visionary founder has been replaced by leaders who aren’t thinking beyond refinement and increasing profit. “Steve Jobs was a man who didn’t care for any rational argument why something should not be tried,” says Esslinger. “He said a lot of ‘no,’ but he also said a lot of ‘yes’ to things and he stubbornly insisted on trying new things.” Read more of this post

The Chinese vending machine full of live crabs

One more way China is out-innovating the US: with a vending machine full of live crabs

By Gwynn Guilford @sinoceros 3 hours ago

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It’s that time of year again, when the people of China unite in tearing apart exoskeletons to suck up the flesh of hairy crabs. From August to October, the crabs—which get their name from the hair-like tendrils that grow on their claws—sell like hotcakes throughout China. Except, hotcakes don’t sell in vending machines. Live hairy crabs? Apparently, yes. On September 11, a vending machine stocked with live crabs appeared on a street in Hangzhou, the capital of Zhejiang province. The machine, which is restocked daily, sells crabs for around 20 yuan ($3.27), along with the appropriate accoutrements (crab vinegar and two bags of ginger tea). Read more of this post

In Scotland’s borderland, enthusiasm for independence elusive

In Scotland’s borderland, enthusiasm for independence elusive

Thu, Sep 12 2013

By Hannah Vinter

COLDSTREAM (Reuters) – The old battlefields where Englishmen and Scotsmen once shed each other’s blood are a reminder of historic enmities in the border region. But with a year to go before Scotland votes on independence, enthusiasm for a break between the two countries is hard to find in its towns and farming communities. The 96-mile (154-km) border cuts across mainland Britain from the North Sea to the Irish Sea, through an area that was fought over and the scene of cross-border raids for centuries. The apparent lack of support for independence, gauged by conversations with borderers, suggests Scots here will not be swayed by old rivalries – something that the “Yes” campaign has tried to capitalize on. Read more of this post

Global Fund seeks $15 billion to control three big killers

Global Fund seeks $15 billion to control three big killers

Thu, Sep 12 2013

By Kate Kelland

LONDON (Reuters) – The world’s biggest funder of the fight against AIDS, tuberculosis (TB) and malaria said on Thursday it needs $15 billion over the next three years to begin bringing “the three big global pandemics” under control. In a report released ahead of a pledging conference later this year, the Global Fund to Fight AIDS, TB and Malaria said timely investments could avert $47 billion in extra treatment costs and save millions of lives, but warned that acting too late would mean missing important opportunities. Read more of this post

Gears allow planthopper to super jump in the right direction, report says

Gears allow planthopper to super jump in the right direction, report says

By Meeri Kim, Friday, September 13, 1:59 AM

A jumping insect has gears, scientists discovered, a rare instance in which man and nature independently converged on the same idea. It was not easy to verify. The planthopper (Issus coleoptratus) is tiny, just a bit larger than a flea. And it jumps extremely fast — with an acceleration of 200 Gs, a level close to the highest ever survived by a human. But neurobiologist Malcolm Burrows and engineer Gregory P. Sutton, both of the University of Cambridge, used a high-speed camera attached to a microscope to capture the bugs in action. They put the tiny test subjects on their backs on sticky wax and gently rubbed their bellies to provoke them to move their hind legs as if jumping. Read more of this post

James Grant: Jay-Z Rapping About Warhol Is Evidence Of An Art Bubble

JIM GRANT: Jay-Z Rapping About Warhol Is Evidence Of An Art Bubble

ROBERT FRANKCNBC SEP. 11, 2013, 6:25 PM 2,285 9

Plenty of economists, art dealers and collectors have warned of an art bubble over the past year. But there is one sure sign that the art market is overdone: Jay Z is now rapping about Warhol, Basquiat and Art Basel.

“It ain’t hard to tell 
I’m the new Jean-Michel
Surrounded by Warhols
My whole team ball
Twin Bugattis outside
Art Basel”

Market guru James Grant quotes Jay Z’s “Picasso Baby” in his latest Grant’s Interest Rate Observer, arguing that prices in the contemporary art market may not be justified by long-term value. While well-hyped artists like Jeff Koons, Damien Hirst and Jean-Michel Basquiat are fetching eight-digit prices, it’s unclear whether their work will withstand the test of time, art critics and museums. Read more of this post

Korea Will Soon Be Home To The World’s First ‘Invisible’ Skyscraper

Korea Will Soon Be Home To The World’s First ‘Invisible’ Skyscraper

MEGAN WILLETT SEP. 11, 2013, 5:39 PM 18,721 12

cheongna city infinity tower_dia-invisibible diagram_gds

The world will soon have its first “invisible” skyscraper. There’s no construction date yet for the planned 1,476-foot tower, called Tower Infinity. But its architects have just been granted a construction permit to begin building outside of Seoul, South Korea near Incheon International Airport. The visionaries behind the project, GDS Architects, will make the tower appear “invisible” using an LED facade system with optical cameras to display what’s directly behind the building. When turned on, the “reflective skin” of the building will give the illusion that Tower Infinity is blending in with the skyline. The building’s projections may also be used for broadcasting special events, or for advertising purposes, according to GDS Architects.

Read more of this post

Ex-RBS Bond Trader Gets 50 Months in Hong Kong Jail for Fraud in trying to hide losses of 19.5 million pounds ($30.8 million)

Ex-RBS Trader Gets 50 Months in Hong Kong Jail for Fraud

Shirlina Tsang, a former Royal Bank of Scotland Group Plc (RBS) trader who pleaded guilty in Hong Kong to fraud for trying to hide losses of 19.5 million pounds ($30.8 million), was sentenced to 50 months in jail. Tsang, 43, created false records of her bond trading from mid-2010 until Oct. 14, 2011 to make it appear she was generating profit at the Edinburgh-based bank, according to the prosecution’s charge sheet. RBS said it discovered the fraud two years ago after an internal review, notified the authorities and fired her.

“This is an extremely serious offense,” District Court Judge Garry Tallentire said today. Tsang could’ve been jailed for as long as seven years.

Tsang was remorseful, admitted her mistake to RBS and repaid the bank her bonus, her lawyer Edwin Choy told the judge today. Tsang’s “colossal misjudgment” was due to work stress and depression caused by her brother’s death, he said in his mitigation plea.

Anita Chow, another of Tsang’s lawyers, declined to comment on her sentence after the hearing.

“RBS takes any matter of this nature very seriously,” said Yuk Min Hui, a spokeswoman for the bank in Hong Kong. “We have been cooperating fully with all relevant authorities.”

RBS, Britain’s biggest publicly owned lender after a record 45.5 billion pound bailout in 2008, reported net income of 535 million pounds in the first half, compared with a 2 billion-pound loss in the year earlier period.

The case is Hong Kong SAR v Tsang Pui-Yu, Shirlina, DCCC326/2013, Hong Kong District Court.

To contact the reporter on this story: Douglas Wong in Hong Kong at dwong19@bloomberg.net

Why Fraudsters Should Applaud the SEC

Why Fraudsters Should Applaud the SEC

Mary Jo White began her tenure as chairman of the Securities and Exchange Commission this year with a promise: The agency would require more fraudsters to confess what they did, as opposed to the SEC’s usual practice of letting them pay fines without admitting anything. Judging from the case of Ebrahim Shabudin, the fulfillment of that pledge is off to a poor start. Shabudin, 65, is one of the few high-ranking bankers to be indicted over conduct related to the financial crisis. The San Francisco lender where he served as chief operating officer and chief credit officer, United Commercial Bank, failed in 2009, costing the Federal Deposit Insurance Corp. about $1.2 billion. Shabudin held the same positions at the bank’s publicly traded parent company, UCBH Holdings Inc. The government says he and other senior executives deliberately delayed recognizing loan losses. Read more of this post

The founders of Coffitivity, a U.S. website that streams ambient cafe sounds, were surprised to discover that some of the site’s biggest fans were in a city with a thriving cafe culture: Seoul

September 13, 2013, 12:17 PM

Big in Korea: Virtual Cafe Sounds

By Jenna Davis

Coffitivity, a U.S.-based website that allows users to stream ambient coffee shop sounds for free, is creating an unexpected buzz — in Seoul. The site, which launched half a year ago, touts the slogan “enough noise to work,” based on research that shows a moderate level of noise is conducive to creativity. The result is a soundtrack of clanging dishware, muffled voices and the occasional unbridled chuckle—all at 70 decibels, the ideal level. Read more of this post

Phonebloks: the truly customisable smartphone

Phonebloks: the truly customisable smartphone

September 13, 2013 – 10:36AM

Salvador Rodriguez

art-Untitled-2-620x349

Phonebloks: Pull it apart and put it back together again. Photo: Dave Hakkens

Everyone’s chatting about the latest iPhones, but the Apple devices are not the only smartphones taking the internet by storm this week. A proposed customisable smartphone project called Phonebloks has gone viral on YouTube with more than 5 million views in just three days. Phonebloks is a new kind of phone that is made out of detachable blocks that can be easily replaced – just like Lego – allowing users to customise their device by picking and choosing the components that matter to them most. Read more of this post

Not-so secret lives of vloggers; ‘You can’t predict what will take off . . . you have to have a large library of content to provide a base for monetising’

September 12, 2013 5:53 pm

Not-so secret lives of vloggers

By Emma Jacobs

Michelle Phan: ‘You can’t predict what will take off . . . you have to have a large library of content to provide a base for monetising’

Alex Day is a celebrity; of sorts. The 24-year-old musician from Essex is recognised in the street. Fans are always nice to him but their comments can be tricky to handle. “I’m never really sure what to say to people who like my video of me sitting in my pants in my bedroom talking about my mum,” he says. Seven years after creating his own YouTube channel, called nerimon, Mr Day is a star vlogger, or video blogger. Back in 2006 he dabbled in video to relieve his teenage tedium. “I was 17, bored, in college studying media. I had a MacBook and making videos was just a thing to do. My audience was just bored college guys like me wanting a bit of distraction.” Since then he has been posting songs, music videos and funny films about his everyday life. Resisting offers from music labels, he has released three albums and two EPs. In December 2011, his single “Forever Yours” reached number four in the UK charts. He earns about £100,000 a year from a combination of YouTube revenues (via the partnership programme that gives the content creators a percentage of advertising income), music sales (through which he earns 70 per cent of his income) and merchandise. Read more of this post

Machines Made to Know You, by Touch, Voice, Even by Heart

SEPTEMBER 10, 2013, 7:20 AM

Machines Made to Know You, by Touch, Voice, Even by Heart

By SOMINI SENGUPTA

How does a machine verify the identity of a human being? Irises, heartbeats, fingertips and voices, for starters. Authentication has been a tough nut to crack since the early days of the Web. Now comes a batch of high-tech alternatives, some straight from science fiction, as worries grow about the security risks associated with traditional user name and password systems. Apple on Tuesday introduced two new iPhones, including for the first time a model with a fingerprint sensor that can be used instead of a passcode to open the phone and buy products. The new feature is part of a trove of authentication tools being developed for consumers, and not just for phones. Read more of this post

In Silicon Valley start-up world, pedigree counts

In Silicon Valley start-up world, pedigree counts

Thu, Sep 12 2013

By Sarah McBride

SAN FRANCISCO (Reuters) – When asked to name the most notable rags-to-riches entrepreneur that his firm has funded, venture capitalist Ben Horowitz doesn’t hesitate: Christian Gheorghe, a Romanian immigrant who came to the United States without speaking English, and rose from limo driver to founder of a business-analytics company, Tidemark. It’s an impressive tale that encapsulates the way Silicon Valley likes to think of itself: a pure meritocracy; a place where talent rises to the top regardless of social class, educational pedigree, race, nationality or anything else. Read more of this post

Facebook news feed changed everything; By turning a series of lonely events into something like a story … news feed gave Facebook a soul.

Facebook news feed changed everything

September 13, 2013 – 12:09PM

On the seventh birthday of Facebook’s news feed, Farhad Manjoo examines why it’s the most influential feature on the internet. In the time before news feed, the web was a strange, quiet, and probably very lonely place. I say “probably” because I can barely remember the way things worked back then. After Facebook launched news feed, nothing on the web would ever be the same again.

By turning a series of lonely events into something like a story … news feed gave Facebook a soul.  Read more of this post

Engineers searching for smartphone innovation look within

Engineers searching for smartphone innovation look within

2:13pm EDT

By Noel Randewich

SAN FRANCISCO (Reuters) – As Apple and other smartphone makers find it harder to wow consumers with new devices, engineers think future breakthroughs may depend more on finding new ways to integrate existing components than on inventing more powerful chips. Apple’s new iPhone 5S introduced on Tuesday shows how difficult it is to keep coming up with compelling innovations after years of blockbuster hits. The new device boasts a fingerprint reader and a beefed up processor, but it failed to inspire a rally on Wall Street typical of past smartphone launches by the Cupertino, California, company. Read more of this post

Hugo Barra Talks About His Future at Xiaomi and Why He Really Left Google

Exclusive: Hugo Barra Talks About His Future at Xiaomi and Why He Really Left Google

Published on September 12, 2013
by Kara Swisher

“First, let’s begin with the name,” said Hugo Barra to me, in his first extended interview since he wasnamed new head of global for Xiaomi a little over two weeks ago. “Think of ‘show me,’ and then pronounce the first word as if it was ‘shower.’” Barra’s last day at Google as head of product management at its key Android mobile unit was in September, but he’s already enthusiastically trying to get the rest of the world to know a lot more about the upstart phone maker that has been called the “Apple of China,” but that has hopes to be more compared to Google or Amazon in the future. Read more of this post

Chinese Phones Challenge ‘Cheap’ iPhone

Sep 11, 2013

Chinese Phones Challenge ‘Cheap’ iPhone

YUN-HEE KIM

AI-CD468_CHINAS_G_20130911025558

While Samsung Electronics Co.005930.SE -0.28% and Apple Inc.AAPL +1.06% own the majority of profits in the smartphone industry, their market shares are falling globally. The reason?  Cheaper alternatives in markets such as China where there are a slew of startups that are launching high-spec phones at nearly half the price. In Hong Kong’s bustling electronics market in Sham Shui Po, it’s easy to find cheaper smartphones that are giving Apple and Samsung a run for their money. Read more of this post

The Hidden Losses of China SOEs: While corruption cases grab headlines, it’s the SOE system that brings the greatest losses

The Hidden Losses of SOEs – Economic Observer Online

By the EO Editorial Board
Issue 636, Sept 9, 2013

The corruption scandal at China National Petroleum Corporation (CNPC) continues to unfold. Recently, Jiang Jiemin (蒋洁敏), the former director of The State-owned Assets Supervision and Administration Commission (SASAC) and former chairman of CNPC, was placed under investigation for corruption. He marks the fifth senior CNPC official to fall in the last few weeks. We still don’t know how much was lost because of these corruption cases, but CNPC is a central state-owned enterprise holding trillions of yuan in state-owned assets. After the corruption probe was revealed, the company’s market value fell by up to ten billion yuan. This case has once again underscored how state-owned assets can easily be stripped away through “transactional losses.”  This refers to when state assets are sold on the cheap rather than at a fair price, either through incompetence or corruption. Read more of this post

Shanghai Free-Trade Zone Sparked Excitement but Is Short on Specifics

September 13, 2013, 6:59 a.m. ET

Shanghai Free-Trade Zone Sparked Excitement but Is Short on Specifics

SHEN HONG

SHANGHAI—Enthusiasm over China’s plans for a free-trade zone in Shanghai has reached fever-pitch levels, with stocks connected to the project rallying heavily, but officials are staying mum on details, and major stumbling blocks remain. Analysts say while companies operating in the 29-square-kilometer zone may benefit from looser capital controls and fewer barriers to trade and investment, it will be years before the testing ground in Shanghai has a more meaningful impact on the world’s second-largest economy. Read more of this post

China’s internet giant Tencent applies for private banking license

China’s Tencent applies for private banking license: media

4:02am EDT

BEIJING (Reuters) – Tencent Holdings Ltd (0700.HK: Quote,ProfileResearchStock Buzz), one of China’s biggest Internet companies with a market cap of almost $100 billion, has applied for a private banking license, Chinese media reported on Friday. The company, known for its wildly popular social messaging app WeChat and its lucrative online games, had its submission approved by provincial authorities in Guangdong, said the Southern Metropolis newspaper. Read more of this post

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