Japan edges closer to lifting casino ban

October 24, 2013 4:50 am

Japan edges closer to lifting casino ban

By Jonathan Soble in Tokyo

A long-debated proposal to lift Japan’s ban on casino gambling could finally come to fruition this year after a multi-party group of lawmakers agreed to submit a legalisation bill to the current session of parliament. Iwaya Tsutomu, a member of the ruling Liberal Democratic party who is part of the pro-casino group, said Tokyo’s selection last month as host of the 2020 Olympic games had given fresh impetus to its push for legalisation. Read more of this post

FDI in Indonesia has fallen for the first time in two years as southeast Asia’s biggest economy faces growing challenges from a widening current account deficit to rising economic nationalism ahead of next year’s elections

October 23, 2013 11:49 am

Foreign direct investment falters in Indonesia

By Ben Bland in Jakarta

Foreign direct investment in Indonesia has fallen in US dollar terms for the first time in two years as southeast Asia’s biggest economy faces growing challenges from a widening current account deficit to rising economic nationalism ahead of next year’s elections. The government’s investment co-ordinating body (BKPM) said on Wednesday that realised FDI fell from $7.2bn in the second quarter to $7bn in the third quarter, the first quarter-on-quarter decline since 2011. That still represented a rise of more than 18 per cent compared with the third quarter of last year. Read more of this post

Electronic Retailer Courts Asia Breaks Ground for Its Megastore in Bekasi

Electronic Retailer Courts Asia Breaks Ground for Its Megastore in Bekasi

By Johan Mulyadi on 11:00 pm October 23, 2013.
Bekasi. Singapore-based Courts Asia, an electronics retailer, is hoping to tap the Indonesian market with its first store in Bekasi, West Java, on the outskirts of Jakarta. The ground-breaking ceremony at the site took place on Wednesday. The company plans to spend $20 million on the Bekasi megastore, expected to be operational by the second half of 2014. The store, to be located in Kota Harapan Indah, Bekasi, will occupy 13,000 square meters. It will stock a wide range of products from computer products and electronics, to home furnishings. “Big-box stores have lower rental cost per square meter and this should compensate for the lower shopping traffic as compared to shopping malls. A big-box store can also earn rent from food and beverage vendors located on the premises,” Courts Asia chief executive Terence Donald O’Connor said during the ceremony. Besides the Bekasi store, the company also plans to open another in Bumi Serpong Damai in Tangerang, Banten. It is expected to open some time in 2015. Courts Asia plans to open an additional 10 stores in Indonesia in the next five years, O’Connor said. The company raised S$44 million ($36 million) from an initial public offering early this month. It will use the bulk of the proceeds to finance its Indonesian expansion, which according to its website, will amount to about S$40 million. “Indonesia’s growth is driven by a burgeoning consumer market that is still under-penetrated. It is highly attractive. We plan to launch stores in urban areas to capture our target customers — the rising middle-class,” O’Connor said. Read more of this post

Failed malls in India point to soured retail boom

Failed malls in India point to soured retail boom

Agence France-Presse | Updated On: October 23, 2013 09:51 (IST)

Mumbai: The Centre One shopping mall on the outskirts of Mumbai is gloomy and bereft of customers, even during India’s annual festive and wedding season when retailers traditionally cash in. “Business is dull, usually weak,” said one bored-looking fashion salesman. The shopping centre’s empty look is no exception. In the past decade, supermarkets and malls have spread across India’s large cities and towns, fuelled by fast economic growth and excitement about middle-class buying power. Read more of this post

Oil traders hunger for lost years of volatility; “As long as oil remains rangebound, it’s like free money to write puts and calls, so a lot of people are coming into the market to do it. The problem is that if oil does move, you lose a money”

October 23, 2013 10:35 am

Oil traders hunger for lost years of volatility

By Gregory Meyer in New York and Ajay Makan in London

Clive Capital has thrown in the towel. Deep into its third year of losses, what was onceone of the world’s largest commodity hedge funds shut down late last month. The closure is symptomatic of a broader trend – or more accurately, the lack of one. Hedge funds once feasted on wild action in oil. Now, volatility has fallen to historic lows. Plodding prices have forced traders to experiment with new ways to make money. Read more of this post

S. Korea fashion industry reshaping under way

S. Korea fashion industry reshaping under way

Kim Ji-mi

2013.10.23 17:52:37

South Korea’s fashion industry dynamics are changing. For start, Cheil Industries, a leading player in the industry since 1970s, agreed to sell its fashion unit to Samsung Everland.
Cheil Industries, LG Fashion and Kolon Industries had dominated the fashion market, but their grip has dismantled since 2010. Now, Kolon Industries’ fashion operations generate 1.3 trillion won ($1.2 billion) in sales, only one third of the company’s total sales of over four trillion won. The fashion operations are no longer a flagship business of Kolon Industries. In contrast, E-Land has launched low and mid-priced brands and sold them in standalone stores and earned two trillion won in sales last year, surpassing Cheil Industries to take the top position. The sales figure excludes another two trillion won it brought in from abroad. Cheil Industries garnered 1.5 trillion won in sales in the local fashion market. The dominance of the three fashion conglomerates is giving way to an emergence of multiple companies, as large retailers including Lotte Department Store, Shinsegae Group and Hyundai Department Store are aggressively pushing into the industry. Shinsegae Group’s fashion arm Shinsegae International imports and sells luxurious brands such as Armani, Marni, and Dolce & Gabbana. Shinsegae International is also promoting domestic brands including Vov, G-Cut and Vidivici. Lotte Department Store’s global fashion business division has unveiled Niceclaup, Thyren, J-Press and Furla. Hyundai Department Store Group’s affiliate Hyundai Home Shopping, meanwhile, acquired local women’s clothes company Handsome, and opened new brand Iro.

Samsung group’s unlisted Samsung Display unit could become the biggest shareholder of Corning, maker of scratch-resistant Gorilla Glass used in many mobile gadgets

With Corning deal, Samsung tightens grip on supply chain

Oct 24,2013

Samsung Electronics moved to strengthen its grip on vital electronics parts supplies as it looks to stay ahead of rival Apple Inc with new products in a fast-changing technology industry. The Korean group’s unlisted Samsung Display unit could become the biggest shareholder of Corning, maker of scratch-resistant Gorilla Glass used in many mobile gadgets, as part of a deal in which Corning buys Samsung Display out of a 1995 joint venture making glass for liquid crystal displays. Read more of this post

Value investors see tech stocks coming of age

October 23, 2013 9:02 am

Value investors see tech stocks coming of age

By John Authers

It is time to consign the dotcom bubble to the history books

In the long run, everything is a toaster. This is one of the more memorable lines delivered by Professor Bruce Greenwald, who teaches the class in Value Investing at Columbia Business School that was once taught by Benjamin Graham, and taken by Warren Buffett. The comment is a classic put-down by value investors against the overhyped hopes of rival “growth” investors. Great innovations may make money for a while, they say, but eventually they will be commodified and compete on price, like everyone else – much like a toaster. Read more of this post

Using tech playbook, oil drillers shower employees with stock

Using tech playbook, oil drillers shower employees with stock

1:24am EDT

By Ernest Scheyder

NEW YORK (Reuters) – U.S. energy exploration companies leading a domestic oil boom increasingly are using stock options to find and maintain employees, evoking comparisons to the dot-com bubble of the late 1990s. Some compensation experts and investment analysts worry that employees of small- and medium-sized firms that are still searching for sizeable profits could be lulled by a false sense of financial security. Read more of this post

Pinterest value leaps 52% to $3.8bn

October 23, 2013 11:44 pm

Pinterest value leaps 52% to $3.8bn

By Hannah Kuchler

Pinterest, the social network that styles itself as a scrapbook, has seen its valuation soar by more than 50 per cent in just eight months after its latest fundraising round valued the company at $3.8bn. The San Francisco-based company, which has yet to generate any revenue, raised $225m in a round led by Fidelity Investments with participation from existing investors. The social network had already raised $200m earlier this year at a valuation of $2.5bn. Read more of this post

Asos is on the brink of breaking into China’s booming e-commerce market, further broadening the online fashion retailer’s global reach

October 23, 2013 7:50 am

Asos on brink of launching in China

By Mark Wembridge in Hong Kong

Asos is on the brink of breaking into China’s booming e-commerce market, further broadening the online fashion retailer’s global reach. Asos, which on Wednesday reported a near-40 per cent year-on-year jump in its annual revenues to £769.4m in the 12 months to August 31, said that its Chinese operations were “now in [their] final testing phase and will be launched imminently”. Read more of this post

The SingTel killer app that almost was; LoopMe’s launch scrapped following legal battle between firms that worked on it

PUBLISHED OCTOBER 24, 2013

The SingTel killer app that almost was

LoopMe’s launch scrapped following legal battle between firms that worked on it

JOYCE HOOI JOYCEH@SPH.COM.SG

Original launch date: SingTel’s LoopMe app, which saw a low-key soft launch earlier in the year, was slated for a global launch on Aug 15. – PHOTO: BLOOMBERG

[SINGAPORE] Earlier this year, SingTel came breathtakingly close to launching its very own hybrid of WhatsApp and Viber – an app called LoopMe. Its official launch was eventually canned, but not before it was held up for months after a legal brawl broke out between two firms that had worked on it. SingTel has declined to comment on LoopMe, but app stores have a record of LoopMe being offered for free as an “all-in-one communications app” by SingTel Idea Factory Pte Ltd earlier this year. The app has since been removed from the iTunes and Google Play stores. Read more of this post

A combination of an influx of people from overseas and persistent land and building shortages has pushed rates for prime office space in Myanmar/Yangon towards $100 per square metre – significantly higher than costs than in much more developed countries in the region such as Singapore

October 23, 2013 4:26 pm

Myanmar property prices surge as country opens up to investment

By Michael Peel in Yangon

Myanmar’s emergence as one of the world’s great new commercial frontiers has sent property values soaring and triggered fears that all but the largest investors could be priced out of the market. A combination of an influx of people from overseas and persistent land and building shortages has pushed rates for prime office space towards $100 per square metre – significantly higher than costs than in much more developed countries in the region such as Singapore, business people and others say. Read more of this post

Pullback of funds from emerging markets likely to begin in earnest next year

Updated: Thursday October 24, 2013 MYT 9:36:51 AM

Pullback of funds from emerging markets likely to begin in earnest next year

KUALA LUMPUR: A fund manager based in the United States said he sees “headwinds” for emerging markets as the Federal Reserve unwinds its five-year-old monetary stimulus, amid a slow but sure recovery in the world’s largest economy. Grant Bowers, portfolio manager of Franklin Templeton Investments’ US Opportunities Fund, told newsmen in a briefing that what had been dubbed the “great rotation” of funds out of emerging markets was “still playing out”, triggered by the planned tapering of the Federal Reserve’s US$85bil a month bond-buying programme and easy money policies. Read more of this post

Heineken’s profit warning: all about EM

Heineken’s profit warning: all about EM

Oct 23, 2013 10:28am by Jonathan Wheatley

Is Russia the world’s toughest beer market? It’s beginning to look that way, after Heineken said on Tuesday it would see a 10 per cent decline in volumes sales in the country this year. That’s even worse than a recent gloomy assessment by Carlsberg, which said volume had slumped by 7 per cent in the first half. “Russia is a very, very difficult market,” René Hooft Graafland, Heineken’s chief financial officer, said on a conference call, warning that profits were likely to fall this year “in the low single digits”, sending the brewer’s shares down 5 per cent by mid morning in Amsterdam. Read more of this post

Europe’s Flawed Growth Strategy; Reliance on Exports Isn’t a Sustainable Approach

Europe’s Flawed Growth Strategy

Reliance on Exports Isn’t a Sustainable Approach

DAVID WESSEL

Updated Oct. 23, 2013 1:40 p.m. ET

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Now that Washington has reopened the government and averted potential default, the global spotlight will shift back to the euro zone. Europe has a way of making the U.S. economy look good. In the U.S., the unemployment rate is a still-high 7.2%. In the 17 countries that share the euro, it’s 12%, ranging from 5.2% in Germany to 26.2% in Spain. Neither the U.S. nor Europe has a compelling strategy to boost the slow pace of economic growth. But Europe in particular has stumbled onto a short-term approach that can’t last: Make the rest of Europe more like frugal Germany, relying heavily on exports rather than on domestic consumer spending and business investment. Read more of this post

Crime in Mexico: Out of sight, not out of mind; Having decided to play down the fight against drug kingpins, Enrique Peña Nieto has yet to come up with a serious alternative

Crime in Mexico: Out of sight, not out of mind; Having decided to play down the fight against drug kingpins, Enrique Peña Nieto has yet to come up with a serious alternative

Oct 19th 2013 | TIJUANA |From the print edition

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A HUMAN hellhole lies under the noses of American tourists driving from California into Mexico. Below the bridge leading into Tijuana is a dry canal strewn with heroin syringes that is home to countless migrants and vagrants, most of them thrown out of the United States for not having the right papers. Jesús Alberto Capella, Tijuana’s chief of police, says their numbers have included about 10,000 ex-convicts turfed out of American jails this year. They live under tarpaulins and in foxholes dug into the side of the canal. The place is a cauldron of violence. It is also a focal point for President Enrique Peña Nieto’s strategy of applying what officials call “social acupuncture” to some of the most dangerous parts of Mexico. Read more of this post

Active assault on low-volatility trackers

October 21, 2013 12:26 pm

Active assault on low-volatility trackers

By Jackie Noblett

Several firms are looking to take a slice of the growth of assets that have flooded into low-volatility index exchange traded funds by rolling out actively managed funds. While prevalent among institutions for years, these retail funds are increasingly going head-to-head with the popular index-based ETFs in the market. Fund executives and analysts say the decision to go active versus passive is a matter of philosophy and intent rather than of one being better than the other. Read more of this post

Sotheby’s Investor Marcato Pushes to Sell New York, London Properties; Hedge Fund Believes Moves Could Free Up $1.3 Billion in Cash

Sotheby’s Investor Marcato Pushes to Sell New York, London Properties

Hedge Fund Believes Moves Could Free Up $1.3 Billion in Cash

DAVID BENOIT

CONNECT

Updated Oct. 23, 2013 8:59 p.m. ET

Sotheby’s BID +0.21% doesn’t just have an activist problem. It has a two-activists problem. The auction house faces one hedge fund manager— Daniel Loeb of Third Point LLC—loudly banging down the doors over its performance. Meanwhile, another hedge fund is working behind the doors to get the company to sell its physical home. That second hedge fund, Marcato Capital Management LLC, spelled out its arguments for the first time in a presentation to investors Wednesday evening. According to the presentation, reviewed by The Wall Street Journal, Marcato wants Sotheby’s to sell its New York and London properties and unlock the capital it uses in its smaller art financing and art dealing operations. Read more of this post

Being Entrepreneurial in Your Storytelling: An Institutional Tale

Being Entrepreneurial in Your Storytelling: An Institutional Tale

Lianne Lefsrud University of Alberta – Department of Strategic Management and Organization

P. Devereaux Jennings University of Alberta – Department of Strategic Management and Organization

September 2013
Ross School of Business Paper No. 1207

Abstract: 
Stories help us make sense of the world around us and our role in it, including defining ‘success’. Stories reflect society and culture at large, but are also very context-specific; they involve particular individuals and organizations. Thus, stories are a powerful mechanism linking the society and the organization. We offer an institutional view of storytelling’s role in small businesses and entrepreneurial endeavors. In academic vernacular, from our institutional viewpoint, we examine the types of organizational stories told, their sources and processes of creation, along with their direct and indirect effects. In practical terms: what stories are told, how, why, and with what effect? To do so, we rely primarily on research and examples from organization theory, strategy and entrepreneurship, focusing on new and small ventures where possible. In our concluding discussion, we suggest potential directions for researchers and possible storytelling improvements for small business owners and entrepreneurs.

Swiss confectionery king Richard Spruengli dies aged 97

Swiss confectionery king Richard Spruengli dies aged 97

8:57am EDT

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ZURICH (Reuters) – Richard Spruengli, Switzerland’s confectionery king and creator of the “Luxemburgerli” bite-sized macaroons beloved by Swiss bankers, has died aged 97, his family announced on Wednesday. Part of a dynasty of confectioners who helped seal Switzerland’s reputation for producing premium chocolate, Spruengli took over the eponymous family patisserie on Zurich’s upmarket Paradeplatz in 1956. He masterminded the cafe’s flagship mini macaroons which have drawn bankers and tourists through the cafe doors for more than 50 years. In 1994, Spruengli handed control of the family business to a sixth generation of confectioners, his nephews Milan and Tomas Prenosil. The cafe, across the square from the headquarters of Credit Suisse and a stone’s throw from UBS, remains a favoured breakfast haunt for Zurich financiers. The family ran the Paradeplatz cafe, opened in 1859, in tandem with a chocolate factory on the banks of Lake Zurich until 1892 when the business was divided between two brothers. The younger brother took the Spruengli cafe business while the older acquired the factory, which later became premium chocolate producer Lindt & Spruengli, the maker of Lindor pralines and gold foil-wrapped chocolate Easter bunnies. The two businesses have operated as independent companies since the split. A family announcement in the Tages Anzeiger newspaper said Spruengli died last Friday.

8 Questions for 3 Buffetts

OCTOBER 23, 2013, 3:11 PM

8 Questions for 3 Buffetts

By JEFFREY GOLDFARB

Warren E. Buffett’s son Howard Graham Buffett and his grandson Howard Warren Buffett have written a new book, “Forty Chances: Finding Hope in a Hungry World,” which chronicles their philanthropic work on hunger, farming and poverty around the world. This is an edited transcript of a discussion with Warren Buffett, his son and grandson.

Q. We’ve heard a lot about efficient markets over the past week thanks to the Nobel Prizes. Warren, you’ve made a career out of exploiting inefficiencies. It’s hard not to come away from this book without thinking that food and agriculture are the most inefficient markets in the world. Why is that?

Howard Graham Buffett In the United States, it’s different than in Africa. In a developed country like ours, most of it has to do with distribution systems. In many cases, it has to do with not having enough labor to deal with some of the food that we produce. Our issues are not safety or, in most cases, accessibility. Accessibility can be an issue in rural areas. Affordability is less of an issue. Of course, it’s an issue for some people. A lot of it has to do with what our policies and rules are and whether that allows organizations to operate and function within them. And some of those rules are a bit prohibitive. If you move to Africa, that gets really complex. It’s leadership, corruption, infrastructure, you name it. In eastern Congo, we just finished building — we didn’t build it, but we funded it — the building of a very small hydroelectric plant. And when it was completed, there were two European companies that came immediately. One is producing soap because the Democratic Republic of Congo doesn’t produce any soap and the raw materials are there. And one is extracting enzymes from papaya. Before, they had no power, so now they can do the processing. Sometimes, the things we think are so simple but not so easy to grasp are the things that work the best. Even in the middle of conflict, we are able to provide business opportunity. Read more of this post

Top Jap Woman Bureaucrat Read 150 Books in Jail After False Charges; Fighter for justice

Top Woman Bureaucrat Read 150 Books in Jail After False Charges

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On Atsuko Muraki’s first day of work in Japan’s bureaucracy 35 years ago, she was given an assignment: help make tea each morning for the entire section of 20-30 people.Her response was to do it — and ask for more work. “I felt it couldn’t be helped,” Muraki said. “At the same time, I asked my manager not to go easy on me in terms of my main duties. He trained me properly.” Today, Muraki is administrative vice minister at the Ministry of Health, Labour and Welfare, Japan’s most senior female bureaucrat and the second woman ever to reach that rank. Along the way she had to overcome not just discrimination but corruption charges that later proved to be false. During the investigation she spent five months in detention. The 57-year-old mother of two is a symbol of Prime Minister Shinzo Abe’s pledge to put women in 30 percent of leadership positions in Japan by 2020. Halting women’s tendency to drop out of the labor market in their 30s would release an untapped resource and bolster growth in the world’s third largest economy as the workforce shrinks, Abe says. He has cited the influence of Kathy Matsui, chief Japan equity strategist at Goldman Sachs. Matsui wrote in an update this year to her long-running “Womenomics” report that increasing female employment to match that of males would mean 8 million more people in the labor force and a gross domestic product as much as 14 percent higher. Read more of this post

Seeking Moats in the Small-Cap Universe

Seeking Moats in the Small-Cap Universe

By Todd Wenning | 10-23-13 | 06:00 AM | Email Article

I’m excited to kick off a monthly series on small-cap stocks for Morningstar.com. The focus of the series will be identifying smaller firms that exhibit moatworthy characteristics and are run by skillful management teams. This is a promising combination for any company to have, but it’s particularly attractive for smaller companies with long growth runways, as they have the ability to compound shareholders’ capital at high rates of return over long periods of time.

Easier Said Than Done
Of course, it’s not a simple task to identify such companies at just the right time. Indeed, there are many “false positives” for enterprising small-cap investors to sort through during their research process. For an illustration of the concept, consider the following examples.

  • A company with significant short-term competitive advantages that may not be defensible in the medium to long term. As such, it may not possess an economic moat. Apparel retailers, for instance, are often found in this category–as fashion trends shift, some firms enjoy a temporary advantage only to lose it when the next trend emerges. A few names that come to mind here are New York & Company (NWY), Christopher & Banks (CBK), and Pacific Sunwear (PSUN).
  • A company that has an economic moat, but whose advantages are slowly being eaten away by able competitors, resulting in less attractive long-term returns on capital.
  • A company that has exhibited strong growth in recent years or has a valuable franchise, but may be nearing the end of its growth runway, with management struggling to extend it through new product launches. A classic example here is World Wrestling Entertainment (WWE). The company is the undisputed heavyweight in its niche, but scalability is limited, as there are only so many events and products the company can tie to its wrestling franchise. Back in 2000, you may recall, the company tried to launch the “XFL” as an alternative to the National Football League, but the project folded a year later. This speaks to the company’s struggles to find new growth runways outside of wrestling.
  • A company that has an attractive business model but is led by poor capital allocators who have consistently made value-destructive investments that limit the company’s long-term potential. Read more of this post

East Coast Q3 Letter: Our Seventy-Two Point Check List

East Coast Q3 Letter: Our Seventy-Two Point Check List

by ValueWalk StaffOctober 23, 2013

A great matter is architecture, nor can everyone undertake it. He must be of the greatest ability, the keenest enthusiasm, the highest learning, the widest experience, and, above all, serious, of sound judgment and counsel, who would presume to call himself an architect. The greatest glory in the art of building is to have a good sense of what is appropriate. For to build is a matter of necessity; to build conveniently is the product of both necessity and utility; but to build something praised by the magnificent, yet not rejected by the frugal, is the province only of an artist of experience, wisdom, and thorough deliberation. Moreover, to make something that appears to be convenient for use, and that can without doubt be afforded and built as projected, is the job not of the architect so much as the workman. But to preconceive and to determine in the mind and with judgment something that will be perfect and complete in its every part is the achievement of such a mind as we seek. Through his intellect he must invent, through experience recognize, through judgment select, through deliberation compose, and through skill effect whatever he undertakes. I maintain that each is based on prudence and mature reflection. …Yet he should not be inarticulate, nor insensitive to the sound of harmony; … that he does not obstruct the light; that he does not transgress the servitudes on rain dripping from the eaves, on watercourses, and on rights of way, except where there is provision; and that he has a sound knowledge of winds, their direction, and their names; still, I would not criticize him for being better educated. But he should forsake painting and mathematics no more than the poet should ignore tone and meter. Nor do I imagine a limited knowledge of them is enough. …

Teenage Golfer Lydia Ko Turns Professional Via Social Media

Teenage Golfer Lydia Ko Turns Professional Via Social Media

Lydia Ko, the world’s top-ranked woman amateur golfer, said she’s turned professional and plans to play for cash for the first time at next month’s season-ending LPGA Tour event in Florida. Ko, a 16-year-old New Zealander who became the youngest winner of an LPGA title last year, made the announcement today via a YouTube video posted on her Twitter account in which she features in a skit with All Blacks rugby player Israel Dagg. “She was reluctant to hold a traditional press conference,” New Zealand Golf Chief Executive Officer Dean Murphy said in a statement. “She has also been very busy studying for exams and wanted to make this announcement in a different way.” Read more of this post

Japan’s Cuisine Set to Be Deemed Intangible Cultural Heritage

October 24, 2013, 9:20 AM

Japan’s Cuisine Set to Be Deemed Intangible Cultural Heritage

By Yumi Otagaki

Japan’s widely diverse cuisine ranging from sushi to ramen is one step closer to becoming a UNESCO-designated intangible cultural heritage. Following in the footsteps of a number of other countries who have received recognition for their food, Japan has applied to have its traditional diet also receive the designation. Read more of this post

Do investment consultants pick future winners?

LARRY SWEDROE / 

MONEYWATCH/ October 21, 2013, 10:58 AM

Do investment consultants pick future winners?

(MoneyWatch) Many retirement plans, foundations, universities, endowments and other plan sponsors hire investment consultants. It’s estimated that as of June 2011, over $13 trillion of tax-exempt U.S. institutional assets were advised on by investment consultants. Previous studies have found that over 80 percent of U.S. public plan sponsors and half of corporate sponsors engage consultants. Read more of this post

Astronomers discover most distant galaxy yet

Astronomers discover most distant galaxy yet

6:53pm EDT

By Irene Klotz

CAPE CANAVERAL, Florida (Reuters) – Astronomers have found the most distant galaxy yet, a discovery that pushes back scientists’ view of the universe to about 700 million years after it is thought to have come into existence. Light from the galaxy, designated by scientists as z8_GND_5296, took about 13.1 billion years to reach the orbiting Hubble Space Telescope and the Keck Observatory in Hawaii, both of which detected the galaxy in infrared light. Read more of this post

Vietnamese police have arrested the owner of an unlicensed cosmetic surgery centre after he allegedly threw the body of a patient who died during a botched operation into a river

Vietnam arrests cosmetic surgeon over missing patient

Wednesday, October 23, 2013 – 18:15

AFP

HANOI – Vietnamese police have arrested the owner of an unlicensed cosmetic surgery centre after he allegedly threw the body of a patient who died during a botched operation into a river, state media said Wednesday. The 39-year-old woman, who has not been seen since Saturday, is believed by police to have died on the operating table while undergoing a breast enhancement procedure, according to the official Vietnam News Agency. Read more of this post

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