Guangzhou newspaper demands release of Zoomlion whistleblower journalist who wrote articles questioning the accounting of the Chinese construction machinery company

Xin Kuai Bao demands release of Zoomlion whistleblower Chen Yongzhou

Staff Reporter 2013-10-23


“Please release him”: the front page of the Xin Kuai Bao on Wednesday. (Internet photo)

The Guangzhou-based Xin Kuai Bao newspaper has taken a courageous stance by calling on public security authorities to release one of its journalists after he was arrested for writing articles questioning the finances of Chinese construction machinery company Zoomlion. Chen Yongzhou was arrested on Oct. 19 by public security officials from Changsha, the Hunan provincial capital where Zoomlion is based. Chen had written 15 articles about Zoomlion for Xin Kuai Bao, including 10 between September last year and June. A story published on May 27 this year accused Zoomlion of improper accounting methods, forcing the company to halt trading of its shares in Hong Kong and Shenzhen despite slamming the allegations as “distorted” and “misleading.” A Zoomlion spokesperson confirmed that the construction and sanitation equipment manufacturer filed a complaint against Chen with local police last week. On Oct. 23, Xin Kuai Bao’s front page featured an article defending Chen and with the headline “Please release him” in giant characters. In the article, the paper said that it had carefully combed through the facts in each of Chen’s 15 articles on Zoomlion and only discovered one minor factual error. The paper also cited other media chiefs in support of Chen, some of whom pointed out that if Zoomlion has a problem with Chen’s articles the company should have filed a civil suit against the paper rather than calling for public security officials to arrest the journalist. Chen’s wife told reporters that her husband received a phone call from police on the morning of Oct. 17, saying they wanted him to clarify some matters. He went to the local police station the next morning accompanied by his wife and was confronted by officers from Changsha, who produced a piece of paper outlining the crimes he was accused of before quickly taking him away. She said she received a call from him 36 hours later telling her that he had been arrested for damaging Zoomlion’s commercial reputation and asking for her to retain a lawyer. She said she has not seen him since.

GoPro Captures Unreal Backflip Over A 72-Foot Canyon At Red Bull’s Mountain Bike Rampage

GoPro Captures Unreal Backflip Over A 72-Foot Canyon At Red Bull’s Mountain Bike Rampage

GEOFFREY INGERSOLL OCT. 23, 2013, 12:14 AM 3,555 3

Mountain Biker Kelly McGarry wowed onlookers and announcers alike when he busted off a truly gnarly back flip over the 72-foot canyon gap at this year’s Red Bull Rampage, held in Utah from Oct. 11 – 13. One commenter on video wrote: “I’m a nervous wreck just watching it from a recliner.” For his efforts, McGarry pulled in the silver medal. He also pulled in the Red Bull Bike People’s Choice Award from fans watching online. “Last night I was freaking out,” McGarry told reporters, “wondering if I should do it. But I had the speed, it felt right, so I just sent it!” Riders are judged by 4 criteria:

1) Fluidity and Style
2) Air and Amplitude
3) Tricks
4) Line Choice

The gold went to Kyle Strait, the first two-time gold winner in the series. (Aside from the People’s Choice and the silver), the kudos go McGarry, who strapped a Go Pro to his dome.

Warren Buffett Nails It On The Importance Of Luck In Life

Warren Buffett Nails It On The Importance Of Luck In Life


I liked these thoughts from Warren Buffett on Bloomberg today:

WARREN BUFFETT: Well I came up with that a long, long time ago to describe the situation that – I was lucky. I was born in the United States. The odds were 30 or 40-to-1 against that. I had some lucky genes. I was born at the right time. If I’d been born thousands of years ago I’d be some animal’s lunch because I can’t run very fast or climb trees. So there’s so much chance in how we enter the world. And –

LIU: And you were always aware to make sure your children and their grandchildren, and your grandchildren would be grounded.

WARREN BUFFETT: Yes. And we’re not – how you came out of the womb has really nothing to do with what kind of person you are. You decide what kind of person you’re going to be. It does decide whether maybe you never have to do an item of work in your life and maybe determine whether you’re fighting uphill all of the time, but where in my life, in my eyes is we’re all created equal, and but we don’t all have an equal opportunity by a longshot. And my kids really work every day in trying to even up the scorecard.

Luck plays a big role in life.  But you also get to choose how you’re going to use that luck and whether you want to try to make more of your own luck.

Three Things that Actually Motivate: (1) Mastery: Help people develop deep skills; (2) Membership: Create community by honoring individuality; (3) Meaning: Repeat and reinforce a larger purpose

Three Things that Actually Motivate Employees

by Rosabeth Moss Kanter  |   10:00 AM October 23, 2013

The most motivated and productive people I’ve seen recently work in an older company on the American East Coast deploying innovative technology products to transform a traditional industry. To a person, they look astonished when I ask whether their dedication comes from anticipation of the money they could make in the event of an IPO. Newcomers and veterans alike say they are working harder than ever before. Their products are early stage, which means daily frustrations as they run through successive iterations. Getting them to market demands more than corporate systems can handle, so they must beg for IT upgrades, recruit and budget themselves, and even take on sales responsibilities to explain innovations to customers — which adds to the workload. So much pressure, yet they don’t seem to care about the money? Read more of this post

China money rates shoot up as tightening worries rise

China money rates shoot up as tightening worries rise

1:52am EDT

* 7-day repo contract rise more than 1 percentage point

* Beijing is concerned with inflation, property prices

* Intervention to hold back yuan adding liquidity

* Traders will watch ops on Thurs for more signals

By Pete Sweeney

SHANGHAI, Oct 23 (Reuters) – China’s primary short-term money rates rose on Wednesday in a delayed reaction to signals from regulators they are considering tightening liquidity to tamp rising inflationary pressure. A policy adviser to the People’s Bank of China (PBOC) told Reuters on Tuesday that the authority may tighten cash conditions in the financial system to address inflation risks. Read more of this post

Panic grips Union govt as onion price hits Rs 100 a kg

Panic grips Union govt as onion price hits Rs 100 a kg

Dipak Kumar Dash & Tushar Pawar, TNN | Oct 23, 2013, 04.50 AM IST

NEW DELHI/NASHIK: With onion prices continuing to be on fire in the run-up to crucial state polls, an embattled government scrambled to stem the surge but appeared to lack a coherent plan. As onion prices, defying the sharp dip in the rates in the country’s biggest wholesale market at Lasalgaon in Nashik, continued to spiral and touched the Rs 100 per kg mark in the city and elsewhere, panic in the government was obvious. Food minister K V Thomas rushed to Maharashtra as the Congress-ruled state accounts for 28% of the total onion production and can help tame prices by cracking down on hoarders. Read more of this post

The disease that killed a million piglets in China has spread to the US, and no one knows why

The disease that killed a million piglets in China has spread to the US, and no one knows why

By Heather Timmons 12 hours ago

America’s pork industry has been gripped by an outbreak of porcine diarrhea since mid-May, the first appearance of the condition in North America. US farmers havereported 768 cases of the disease, known as porcine epidemic diarrhea virus (PEDV), through the first week of October, which implies that many more thousands of animals could be affected. Although the disease is not transferable to humans, it has been devastating for the US pork industry. It causes severe “watery diarrhea and vomiting in nursing pigs,” according to information from the US’s National Pork Board. Almost all the piglets who get the disease die because of it, and farmers are reportedly filling “wheelbarrows of dead piglets.” Read more of this post

Investigative reporter detained after writing more than a dozen stories criticizing the finances of a major Chinese state-owned construction equipment maker

Free our reporter, begs newspaper as China cracks down on journalists

6:25am EDT

By Megha Rajagopalan

BEIJING (Reuters) – A Chinese newspaper pleaded with police on Wednesday to release an investigative reporter accused of defamation in an unusual public rebuke amid a wider government crackdown on freedom of expression. The state-run New Express tabloid printed a front-page commentary begging police in the south-central city of Changsha to set reporter Chen Yongzhou free under the headline: “Please release him.” Chen was detained after writing more than a dozen stories criticizing the finances of a major state-owned construction equipment maker. Read more of this post

Chinese Acquisition Appetites Shift From Resources

Chinese Acquisition Appetites Shift From Resources


Oct. 23, 2013 8:42 a.m. ET

When it comes to global mergers and acquisitions, China has long been seen as a buyer of natural resources but not much else. But bankers increasingly expect to see companies in industries like technology, real estate and food buying assets overseas, spurred by government policies and readily available financing. The increasing shift in appetite for hard assets or technologies has been noticeable in recent weeks, with Chinese personal-computer maker Lenovo Group Ltd. 0992.HK -0.48%considering a bid for struggling Canadian smartphone maker BlackBerry Ltd. BB.T -0.12%, which The Wall Street Journal reported last week. Should Lenovo pull the deal off, it would be one of the highest-profile deals done by a Chinese player on the global stage. Read more of this post

Glaxo’s China Sales Plunge 61% After Corruption Probe

Glaxo’s China Sales Plunge 61% After Corruption Probe

By Makiko Kitamura  Oct 23, 2013

GlaxoSmithKline Plc (GSK)’s third-quarter sales of pharmaceuticals and vaccines in China fell 61 percent after an anti-corruption probe began there in July, and the drugmaker gave no outlook on how long the downturn would last. Sales of consumer health-care products in China fell 29 percent, the London-based company said today in a statement. Total revenue rose 1 percent to 6.51 billion pounds ($10.5 billion), compared with analysts’ average estimate of 6.64 billion pounds. Read more of this post

ECB says stress tests of 124 eurozone banks begin next month

ECB says stress tests of 124 eurozone banks begin next month

POSTED: 23 Oct 2013 19:45
The European Central Bank said on Wednesday it will start next month to “stress-test” and examine the balance sheets of 124 eurozone banks in advance of assuming its supervisory role.

FRANKFURT: The European Central Bank said on Wednesday it will start next month to “stress-test” and examine the balance sheets of 124 eurozone banks in advance of assuming its supervisory role. “The assessment will commence in November 2013 and will take 12 months to complete,” the ECB said in a statement. It will be carried out together with national authorities and supported by an external consulting firm, it said. The “comprehensive assessment” will look at “key risks”, review the quality of bank assets and include “a stress test to examine the resilience of banks’ balance sheets to stress scenarios”. Aside from building transparency and taking any necessary corrective actions, the exercise aims at “confidence building” and “to assure all stakeholders that banks are fundamentally sound and trustworthy”. “A single comprehensive assessment, uniformly applied to all significant banks, accounting for about 85 percent of the euro area banking system, is an important step forward for Europe and for the future of the euro area economy,” ECB president Mario Draghi said in a statement. “Transparency will be its primary objective. We expect that this assessment will strengthen private sector confidence in the soundness of euro area banks and in the quality of their balance sheets.” This outcome will be published before the ECB assumes its supervisory role of eurozone banks in November 2014.

How sick are Europe’s banks? Wait and see

By Mark Thompson  @MarkThompsonCNN October 23, 2013: 10:01 AM ET Read more of this post

The struggle to tame Africa’s beast of a megacity

The struggle to tame Africa’s beast of a megacity

2:00am EDT

By Tim Cocks

LAGOS (Reuters) – A walk along the two kilometers of light rail that Lagos authorities have managed to build in three years gives a sense of how hard it is to impose order on one of Africa’s most chaotic cities. From either side of the concrete structure – no track has yet been laid – the crowded slums and highways of Nigeria’s lagoon-side commercial hub teem with activity. Its trademark yellow buses overtake, undertake and force their way down impossibly narrow side streets, where women stir pots next to canals clogged with rubbish. With between 15 million and 21 million people – the upper estimate is the official one, though no one really knows – and generating a third of GDP for Africa’s second biggest economy, Lagos has become almost as alluring to yield-hungry investors as it is to the 4,000 or so economic migrants who turn up each day. Read more of this post

How Dilbert’s Scott Adams bungled his way to success; The Dilbert creator’s latest book, a hilarious memoir of his many failures, offers a few tips on how to succeed in spite of yourself

How Dilbert’s Scott Adams bungled his way to success

By Anne Fisher, contributor October 22, 2013: 12:23 PM ET

The Dilbert creator’s latest book, a hilarious memoir of his many failures, offers a few tips on how to succeed in spite of yourself.


FORTUNE — “I’m not an expert at anything, including my own job,” Scott Adams writes in the introduction to How to Fail at Almost Everything and Still Win Big: Kind of the Story of My Life. “I draw like an inebriated howler monkey and my writing style falls somewhere between baffling and sophomoric. It’s an ongoing mystery to me why I keep getting paid.” He also notes upfront that “this is not an advice book. If you’ve ever taken advice from a cartoonist, chances are it didn’t end well.” Breezily ignoring his own disclaimer, Adams goes on to pack the next 229 pages with contrarian career advice, based on the author’s mixed bag of experience in work and life. Although he told his mother when he was eight years old that he wanted to be the next Charles Schulz, Adams started his career in 1979 as a teller at a bank in San Francisco, where “my degree in economics made me somewhat overqualified for the job, and yet I still managed to be dreadful at it.” Altogether, he spent 16 years in corporate America, many of them in the middle rungs of financial management at Pacific Bell, and got an MBA from the Haas School at Berkeley. Read more of this post

Filming Oshin made me think of mom

Filming Oshin made me think of mom


Wednesday, October 23, 2013 – 08:54

My Paper

Child actress Kokone Hamada was selected from among 2,500 hopefuls who auditioned for the role of Oshin Tanimura in Oshin, a film remake of a popular Japanese drama from the 1980s. In an interview with Encore Films, the nine-year-old reveals how it was like to be separated from her family for 52 days of filming.

What were the most difficult moments during filming?

It was during the scene where I had to run and fall in the snow, with strong wind blowing. I was covered in snow and it was freezing to the extent that I couldn’t feel my body. It was so cold and painful that I cried. (But) the separation scene (between Oshin and her family) was definitely the most difficult scene to shoot.

Did filming the scenes with Oshin’s mother, Fuji (Aya Ueto), make you think of your own mother?

There were a lot of times it happened. The scene where Oshin was on a raft, being separated from her parents, and when her mother visited Kagaya Mansion (where Oshin worked). Also, the scene where her mother entered the river reminded me of the time when I had to say goodbye to my own mother at Haneda airport. I was really sad. Read more of this post

The fraud detective: Jim Chanos saw through Enron, Tyco, and the subprime mortgage mess. And made money on them

The fraud detective

Jim Chanos saw through Enron, Tyco, and the subprime mortgage mess. And made money on them.

By Richard Conniff | Sep/Oct 2013

On a muggy Thursday in the dog days of August 2011, the news broke that the American technology giant Hewlett-Packard was about to acquire British software maker Autonomy Corp. The offer price represented a 64 percent premium on the previous day’s close. At his office in mid-Manhattan, hedge fund manager Jim Chanos ’80 did not rejoice. Only a few weeks earlier, his firm, Kynikos Associates, had put together a report on Autonomy, calling its chief operating officer unqualified, its customers unenthusiastic, its market share and growth numbers questionable, its financial disclosures “very poor,” and its margin profile “suspiciously high.” Read more of this post

World’s greatest GIF-maker works 100 hours a week in job that goes on and on and on

World’s greatest GIF-maker works 100 hours a week in job that goes on and on and on

October 23, 2013 – 1:14PM

Sarah Lyall


“I’m very committed to this, but also I’m always in the house … I am not able to do many other things”: Tim Burke can record from 28 sources at once. Photo: Will Vragovic/The New York Times

At 2:44 pm on a recent Sunday, Tim Burke took a moment from monitoring several NFL games for the sports website Deadspin to post something that had nothing to do with football: a smidgen of a clip from an English rugby match he also happened to be following. He stitched together still-frame images captured from the broadcast into a short, continuous loop that showed a player built like a cement mixer strong-arming an opponent to the ground by the unfortunate man’s throat. The GIF, or Graphics Interchange Format, showed a vivid moment, the kind that has become standard currency for online sports journalism. That Burke had time to produce a GIF reflects the vacuum-cleaner-like way he approaches his job. The sports editor over at the website Buzzfeed, Ben Mathis-Lilley, could only observe in awe. Read more of this post

China Tries to Clean Up Toxic Legacy of Its Rare Earth Riches

October 22, 2013

China Tries to Clean Up Toxic Legacy of Its Rare Earth Riches


Rare earth bubble

TIANJIN, China — In northern China, near the Mongolian border, radioactively contaminated leaks from two decades of rare earth refining have been slowly trickling underground toward the Yellow River, a crucial water source for 150 million people. In Jiangxi province in south-central China, the national government has seized control of rare earth mining districts from provincial officials after finding widespread illegal strip-mining of rare earth metals. And in Guangdong province in southeastern China, regulators are struggling to repair rice fields and streams destroyed by powerful acids and other runoff from open-pit rare earth mines that are often run by violent organized crime syndicates. Read more of this post

The Shanghai Secret: How these schools in China made it to No. 1 in the world

October 22, 2013

The Shanghai Secret


SHANGHAI — Whenever I visit China, I am struck by the sharply divergent predictions of its future one hears. Lately, a number of global investors have been “shorting” China, betting that someday soon its powerful economic engine will sputter, as the real estate boom here turns to a bust. Frankly, if I were shorting China today, it would not be because of the real estate bubble, but because of the pollution bubble that is increasingly enveloping some of its biggest cities. Optimists take another view: that, buckle in, China is just getting started, and that what we’re now about to see is the payoff from China’s 30 years of investment in infrastructure and education. I’m not a gambler, so I’ll just watch this from the sidelines. But if you’re looking for evidence as to why the optimistic bet isn’t totally crazy, you might want to visit a Shanghai elementary school. Read more of this post

Breaking up the bamboo ceiling: Making Asian-background Australians less invisible in business

Fiona Smith Columnist

Breaking up the bamboo ceiling: Making Asian-background Australians less invisible in business

Published 23 October 2013 07:15, Updated 23 October 2013 08:39

The director of a household-name company was pleased with himself as he expanded on the promotion of business leaders with an Asian background. “We’ve got one banana and three eggs on our board,” he informed BRW. What he meant was that there is one director with Asian heritage, who has spent much of their career working for Western organisations, and three Anglo-Australians accustomed to dealing with Asian businesses and state-owned enterprises. Despite the lack of political correctness in the delivery, at least this director was conscious of the benefits of capitalising on the talents and experience of Asian-Australians. The CEO of Diversity Council Australia (DCA), Nareen Young, says employers are starting to have conversations about the “bamboo ceiling” – the Asian equivalent of the invisible glass ceiling that has kept women out of positions of power for so long.

6da1435a-3b56-11e3-85ad-f423b978d243_DCA Capitalising on Culture Summary HR Read more of this post

China Intensifies Crackdown on Bond Market

China Intensifies Crackdown on Bond Market

10-22 14:32 Caijing

The long-term solution will be to reduce regulatory arbitrage by ending market segmentation and the current three-rail regulatory system.

By staff reporter Wang Xiaolu

A crackdown on bond market irregularities, triggered by a case involving a high-level Finance Ministry official in 2010, has been intensifying as of late. Heads of fixed income departments in several banks, brokerages, and fund companies have been investigated since March. As part of the latest development, Guosen Securities stated Oct. 11 that Sun Mingxia, head of the company’s fixed income unit, and other two executives at the unit were being investigated by the public security authorities. Read more of this post

Will history repeat itself at KT? Prosecutors raided KT’s head office and its chief Nam Joong-soo’s residence as part of an investigation into bribery allegations involving the telecom operator

2013-10-22 18:26

Will history repeat itself at KT?

Kim Tae-gyu
On Oct. 16, 2008, prosecutors raided KT’s head office in Bundang, Gyeonggi Province and its chief Nam Joong-soo’s residence as part of an investigation into bribery allegations involving the telecom operator and its affiliates. It took less than a month for Nam to resign ― he stepped down on Nov. 5 after a court issued an arrest warrant for him on charges of accepting 300 million won ($260,000) in bribes from subsidiaries and contractors. New CEO Lee Suk-chae filled the vacancy on Jan. 14, 2009, igniting controversy that all prior moves were politically motivated after the launch of the Lee Myung-bak administration in February 2008. Read more of this post

Edison’s revenge: The humble USB cable is part of an electrical revolution. It will make power supplies greener and cheaper

Edison’s revenge: The humble USB cable is part of an electrical revolution. It will make power supplies greener and cheaper

Oct 19th 2013 |From the print edition

FIDDLY cables, incompatible plugs and sockets, and the many adaptors needed to fit them all together used to be the travellers’ bane. But the USB (Universal Serial Bus) has simplified their life. Most phones and other small gadgets can charge from a simple USB cable plugged into a computer or an adaptor. Some 10 billion of them are already in use. Hotel rooms, aircraft seats, cars and new buildings increasingly come with USB sockets as a standard electrical fitting. Read more of this post

The Value Of Apple Weirdly Mirrors The Market For Smartphones As A Whole

The Value Of Apple Weirdly Mirrors The Market For Smartphones As A Whole

JIM EDWARDS OCT. 22, 2013, 4:24 PM 1,469 2

The enterprise value of Apple over the years mirrors the market for smartphones generally, according to an analysis on the Asymco blog. (Enterprise value is a way of measuring the total value of a company based on its market cap, debt and cash.) The Asymco folks suggest that, somehow, Apple is a proxy for the smartphone market as a whole, even though it doesn’t dominate market share. Here’s the chart:

tech_cotd-chart of the day

Apple Targets Microsoft Office With Free Apps; Apple Exploits Microsoft Hesitation on Office

October 22, 2013

Apple Targets Microsoft Office With Free Apps


SAN FRANCISCO — At an event meant to feature its latest iPad tablet computing devices, Apple on Tuesday took aim at one of the biggest and seemingly unassailable businesses of its rival Microsoft, its Office software for tasks like word processing and spreadsheets. Apple said iWork, a set of applications for Macs, iPads and iPhones that essentially duplicates what Microsoft’s Office offers customers, would be free to anyone who bought a new Macintosh computer or mobile device from Apple. Each Apple app used to cost $10 apiece.  The latest version of the Macintosh operating system, Mavericks, will also be free. Read more of this post

China’s betting big on HTML5 mobile apps. Will the US be next?

China’s betting big on HTML5 mobile apps. Will the US be next?

ON OCTOBER 22, 2013

400 million users. More than 10 percent market share in 10 countries. Market leading positions in India and China. And UC Web, the leading mobile browser in China, is betting it all on HTML5. Today, UC Web announced that Amazon is launching an app on its brower’s open platform, which acts like a de facto operating system. In UC Browser, users will be able to open the Amazon “light app” and shop on the site just as they would if they were using a native app, or visiting the website itself. While the retail giant is one of the first global brands to add an app to the platform, UC Web already has more than 1,800 app partners. Read more of this post

A recent rally in Korean stocks is prompting a number of after-hours block trades of shares

Oct 23, 2013

South Korean Share Rally Prompts Stake Sales

By Kanga Kong

A recent rally in Korean stocks is prompting a number of after-hours block trades of shares. Just a day after France’s BNP Paribas SAraised $192.4 million by selling 1% of Seoul-based Shinhan Financial Group055550.SE -2.96% in block trades, Korea Exchange Bank sold a 2.9% holding in its parent Hana Financial Group086790.SE -2.78% to raise $321 million, while Industrial Bank of Korea024110.SE -0.40% offloaded all of its 3.4% stake in Shinsegae Co.004170.SE -3.16%for $82 million, both late Tuesday, according to people familiar with the companies’ plans. Read more of this post

FSS to conduct special probe into Hyosung Group; family of chairman Cho Seok-rae borrowed money from Hyosung Capital, a financial arm of the group, under borrowed names

FSS to conduct special probe into Hyosung Group

2013.10.23 14:47:24

Hyosung Group, which was investigated by the Financial Supervisory Service (FSS) earlier this year, will be under another special probe on allegations that the family of chairman Cho Seok-rae borrowed money from Hyosung Capital, a financial arm of the group, under borrowed names. The FSS will launch a probe next month into Hyosung Capital on suspicions that chairman Cho Seok-rae’s family received several billion won loans from Hyosung Capital using borrowed names of corporate executives, according to a local news agency, Yonhap News Wednesday. Extending loans to the family of the owner did not infringe the relevant law, but FSS has apparently found some irregularities in Hyosung Capital`s loan approval procedure to the owners through its board and is considering restrictions against the group, according to the FSS’s probe on the financial unit of the group from April to May. Back then, the FSS did not investigate into whether the loans under the borrowed names were extended to the family, but this time, appointed a special prosecutor for the probe with rising suspicions. Meanwhile, Seoul Regional Tax Office filed a charge on September 30 against the conglomerate with the prosecution on allegations that the group raised slush funds by evading corporate tax through an accounting fraud worth one trillion won from 1997 and it did not pay taxes through management of borrowed-name assets.

James Packer’s Sri Lanka casino faces delay

James Packer’s Sri Lanka casino faces delay

October 23, 2013 – 4:21PM

Colin Kruger

James Packer’s plans to build a $400 million casino resort in Sri Lanka face further delays after opposition by religious leaders and politicians in Sri Lanka forced the government to alter tax concessions granted to Crown Resort’s consortium. The changes will delay the passage of legislation granting tax concessions to the project. The legislation was originally scheduled to go before parliament this week. Read more of this post

One of South Korea’s biggest gaming firms Paradise Co is building a $1.7 billion casino resort in the coastal city of Incheon to lure the rising number of Chinese gamblers flocking to the country

Paradise seeks Chinese punters with $1.7 bln Korea resort

7:01am EDT

* Paradise Co teams up with Sega Sammy for $1.7 bln South Korea casino resort

* Resort will be one of biggest in South Korea

* South Korea attracting interest of major casino operators

* Chinese tourist numbers on the rise; casino operators attract punters

HONG KONG/SEOUL, Oct 22 (Reuters) – One of South Korea’s biggest gaming firms Paradise Co Ltd is building a $1.7 billion casino resort in the coastal city of Incheon to lure the rising number of Chinese gamblers flocking to the country. Paradise, one of two companies that dominate Korea’s foreigner-only casino market, said on Tuesday it was teaming up with Japanese gaming firm Sega Sammy Holdings Inc for the project, which is scheduled to be completed in 2017 and will be located minutes away from Seoul’s international airport. Read more of this post

Rift between India’s business leaders and its government widens

October 22, 2013 2:08 pm

Rift between India’s business leaders and its government widens

By James Crabtree

Targeting of billionaire Kumar Birla in coal rights probe provokes angry reaction

Pity the titans of corporate India. Just a few years ago, the country’s leading industrialists were lauded at home and admired abroad as custodians of one of the emerging world’s most impressive growth stories. Now they stand becalmed by an economic slowdown and beset by anti-corruption investigations. Their frustration with India’s lacklustre government is clear. Many wait quietly for the saviour they hope will arrive after next year’s elections: opposition leader Narendra Modi. Read more of this post

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