Bad Banks Turn Toxic China Debt to Treasure for Investors?

Bad Banks Turn Toxic China Debt to Treasure for Investors

Lai Xiaomin, chairman of China Huarong Asset Management Co., found his schedule packed one morning this year with back-to-back meetings with visitors from Goldman Sachs Group Inc. (GS) and Morgan Stanley. (MS) Since the nation’s largest bad-loan manager was restructured into a commercial company last October, Wall Street banks have been clamoring to get in the door. Executives including Goldman Sachs Vice Chairman J. Michael Evans and Morgan Stanley’s co-head of investment banking in the Asia-Pacific region, Shane Zhang, lauded Huarong’s success and expressed interest in buying stakes, according to statements issued by the firm after the meetings in Beijing in January. Read more of this post

Starbucks Aims to Move Beyond Beans

October 8, 2013

Starbucks Aims to Move Beyond Beans

By STEPHANIE STROM

La Boulange baked goods at a Starbucks in Seattle.

SEATTLE — In a suburb due east of Los Angeles, Starbucks is opening a $70 million, state-of-the-art plant that will produce cold-pressed juices. The factory is the latest investment that underscores Starbucks’ determination to transform its brand from being synonymous with coffee to a food and beverage juggernaut. In the last two years, Starbucks has spent $750 million acquiring three new businesses — Evolution Fresh juices, La Boulange Café and Bakery, and Teavana — as it tries to muscle in on prized grocery shelves and compete in territory now dominated by the likes of Panera Bread and Chipotle. “We have a lot going on,” Howard Schultz, the chief executive, said in an interview at the company’s offices here. Read more of this post

ASEAN stumbling on road to single community goal by 2015, Brunei urges political will

ASEAN stumbling on road to single community goal by 2015, Brunei urges political will
(45 mins ago)

Asian leaders began meeting today in Brunei against a backdrop of divisive territorial disputes and flagging free trade efforts. Opening the 23rd Association of Southeast Asian Nations (ASEAN) Summit in Brunei today, Sultan Hassanal Bolkiah (pictured) said the outlook for the bloc was positive, but there are challenges to the one community goal.
“Overall the outlook for the ASEAN region remains promising,” Sultan Hassanal Bolkiah said. “Nonetheless, with two years left to go we still face challenges in implementing our community roadmap.” Read more of this post

Korean firms lag far behind in innovation; Three Korean firms have been included in a list of the world’s 100 most innovative companies: Samsung, LG Electronics, LG Industrial Systems)

2013-10-08 18:20

Korean firms lag far behind in innovation

By Kim Tae-jong
Three Korean firms have been included in a list of the world’s 100 most innovative companies. But Korea still lags far behind Japan in terms of patent-based metrics, as a total of 28 Japanese companies made the list. The three local firms appearing in Thomson Reuters’ Top 100 Global Innovators report were LG Electronics, LSIS and Samsung Electronics
This list shows patent activity as a proxy for innovation and honors the 100 corporations that are at the heart of pushing patents, and selects those that secure global patent protection for their intellectual property, continue to push the envelope with new technologies and invest more in R&D. Read more of this post

Long working hours entail a heap of associated problems in Korea; OECD averaged 1,696 hours while Korea reached 2,092 hours a year

2013-10-08 17:17

Cutting working hours

Few will deny that South Koreans are the hardest-working people on the planet. While the yearly working hours among the member states of the Organization for Economic Cooperation and Development (OECD) averaged 1,696 in 2011, South Korea’s reached 2,092 hours last year. In fact, long working hours entail a heap of associated problems. First of all, employees are prone to depression and anxiety disorders. It’s also rare to find any improvements in productivity because employees work at a slower rate during business hours.     Read more of this post

The Korea New Exchange (KONEX) has suffered from sluggish trading as the bourse has failed to attract companies and investors

2013-10-08 17:15

KONEX struggles to attract investors

By Yi Whan-woo
The Korea New Exchange (KONEX) has suffered from sluggish trading as the bourse has failed to attract companies and investors. The country’s third stock market was launched on July 1 to help the start-ups and venture companies draw investors under the Park Geun-hye administration’s creativity-based economic paradigm. According to the Korea Exchange (KRX), Monday, the average daily trading volume at the KONEX stood at 222 million won in September, a pittance of the main KOSPI’s 4.46 trillion won and the tech-heavy KOSDAQ’s 1.59 trillion won. Read more of this post

Uighurs in China Say Bias Is Growing

October 7, 2013

Uighurs in China Say Bias Is Growing

By ANDREW JACOBS

KASHGAR, China — Job seekers looking for opportunities in this ancient oasis town in China’s far western Xinjiang region would seem to have ample options, based on a quick glance at a local help-wanted Web site. The Kashgar Cultural Center has an opening for an experienced dance choreographer, the prefectural Communist Party office is hiring a driver and nearby Shule County needs an archivist. But these and dozens of other job openings share one caveat: ethnic Uighurs, the Muslim, Turkic-speaking people who make up nearly 90 percent of Kashgar’s population, need not apply. Roughly half of the 161 positions advertised on the Civil Servant Examination Information Web site indicate that only ethnic Han Chinese or native Mandarin speakers will be considered. Read more of this post

CCTV interviewed Chinese on streets: “What is patriotism?”

CCTV interviewed Chinese on streets: “What is patriotism?”

Alia | October 8th, 2013 – 3:09 am

“What is patriotism? What kind of behaviors do you consider to be patriotic?” These are the questions that many Chinese were asked by China Central Television (CCTV) during this past National Day holidays. In the current China where the word “patriotism” has more negative connotation than positive, some of the “unexpected” answers unsurprisingly went viral. The latest viral response is from a college student in Beijing. When asked about what came to his mind after hearing the word “patriot,” the student in the picture answered: “Patriot reminds me of missiles.” The response, while completely off the point, perfectly illustrates the absurdity of asking such questions in today’s China, especially among the younger generations. Yes, many Chinese are still hardcore patriots, or even nationalists as described in many western media, when it comes to Japan, islands/rocks in the ocean, Taiwan and Tibet. But most of them, when asked about being a patriot on an abstract level, would give very mixed answers. Read more of this post

4G and overcapacity to reshape China’s smartphone industry

4G and overcapacity to reshape China’s smartphone industry

Staff Reporter 

2013-10-09

On the eve of the release of 4G mobile phone licenses, indigenous mobile phone brands in China are in for a bumpy ride due to the vicious price competition arising from overcapacities, reports the Chinese-language Beijing Times. Although market leaders Samsung and Apple are still going strong in China’s mobile phone market, indigenous brands dominate the remainder of the market share. According to research firm Canalys, the leading domestic brands — ZTE, Huawei, Coolpad, Lenovo, and Xiaomi — account for 20% of the global shipment in the second quarter this year. On the global top-10 list for mobile phones, headed by Samsung and Apple, Chinese brands also take four spots, including Lenovo in third, Coolpad in fourth, Huawei in sixth, and ZTE coming in seventh. Read more of this post

In China, parents bribe to get students into top schools, despite campaign against corruption

In China, parents bribe to get students into top schools, despite campaign against corruption

By William Wan, Published: October 8

BEIJING — For years, Yang Jie’s friends warned her to save up for her daughter’s education. Not for tuition or textbooks, but for the bribes needed to get into this city’s better public schools. A strong-willed, self-made businesswoman, Yang largely ignored their advice. “Success in life,” she told her daughter, “is achieved through hard work.” But now, with her daughter entering the anxiety-filled application process for middle school, Yang is questioning that principle. She has watched her friends shower teachers and school ­administrators with favors, ­presents and money. One friend bought a new elevator for a top school. His child was admitted soon after. Read more of this post

2% of China’s public consumes one-third of world’s luxury goods

2% of China’s public consumes one-third of world’s luxury goods

Staff Reporter

2013-10-08

According to China’s official population clock, there are an estimated 1,359,025,970 people in China as of Sept. 26, with just 2% of that number — some 27,180,519 people — consuming one third of the world’s luxury items. The 2% are the backbone of the global luxury goods sales and the target of hundreds of international brand names, the Chinese-language Money Week magazine reports. Read more of this post

Aussies the world’s richest people by the median wealth measure: Credit Suisse

Aussies the world’s richest people: Credit Suisse

October 9, 2013 – 1:20PM

Australians remain the richest people in the world, by one measure at least. The median wealth of adult Australians stands at $US219,505 ($233,504) – the highest level in the world, according to the Credit Suisse 2013 Global Wealth Report, released on Wednesday. Median wealth is the midpoint between richest and poorest, meaning that 50 per cent of the population has more than $233,504, and 50 per cent less than that. By the measure of average wealth, Australians fall back to second with $US402,578 per person, ranking behind the Swiss who were the world’s richest on $US513,000. Read more of this post

In Indonesia, a New Breed of Politician Is on the Rise

Updated October 8, 2013, 10:15 p.m. ET

In Indonesia, a New Breed of Politician Is on the Rise

‘What We’re Seeing Is Extraordinary”

BEN OTTO And ANDREAS ISMAR

Fifteen years after the overthrow of strongman Suharto, and less than a year before Indonesia’s first transition between two directly elected presidents, leaders that bear little resemblance to their predecessors are emerging in this young democracy of more than 240 million people. They are mayors, governors and technocrats with a reputation for clean hands in a country dogged by corruption. Many have risen with little money and few connections in a political system where leaders traditionally hail from the military or dynastic families. Read more of this post

50% of Jakarta Public Transport Drivers Don’t Have Licenses

50% of Jakarta Public Transport Drivers Don’t Have Licenses

By Suara Pembaruan on 4:46 pm October 8, 2013.
Category Law & Order, News
Almost half of Jakarta’s 28,000 public transport drivers are either not in possession of a motor vehicle license or are too young to be behind the wheel, according to an official with the city’s transportation council. “Around 50 percent of public transport drivers in Jakarta don’t have a driver’s license,” Azas Tigor Nainggolan, chairman of Jakarta Transportation Council told BeritaSatu on Tuesday. “Our field observations show that, mainly at night, many of the drivers are in fact minors. Sometimes, they’re even driving drunk.” Read more of this post

Taiwan Warns That China Could Mount Successful Invasion by 2020

Taiwan Warns That China Could Mount Successful Invasion by 2020

By Debra Mao and Argin Chang – Oct 8, 2013

China may be able to successfully invade Taiwan by 2020 as it develops technology to prevent allies such as the U.S. from coming to the island’s aid, the Taiwanese defense ministry said. A military modernization campaign has seen China’s People’s Liberation Army enhance its ability to make long-range precision strikes and develop so-called area-denial technology, the ministry said in its 2013 National Defense Report. Read more of this post