Chinese Developers Move Beyond Shopping; Building a Deluxe Mall Isn’t Enough; Firms Add Rafting, Skiing, Riding

Chinese Developers Move Beyond Shopping

Building a Deluxe Mall Isn’t Enough; Firms Add Rafting, Skiing, Riding

WEI GU

Updated Nov. 14, 2013 7:29 p.m. ET

To make a big profit as a Chinese property developer, it used to be that all you needed to do was build a mall and stuff it with luxury brands. But as Chinese get richer and have more time for leisure, they want more than just shopping, and developers are moving to meet the demand, providing venues for horse riding, rafting, skiing and more. Read more of this post

Cheapskate China Wins No Friends in Philippines

Cheapskate China Wins No Friends in Philippines

As hundreds of thousands of Filipinos struggled to find food, water, shelter and the bodies of loved ones in the wake of Typhoon Haiyan, China quickly dipped into its world-leading $3.7 trillion of currency reserves and came up with … all of $100,000. That was Beijing’s first miserly offer of aid to the storm-tossed Philippines. By Thursday, an international outcry over China’s stinginess shamed it into upping its pledge to a modest $1.6 million worth of relief materials such as tents and blankets. But the damage was already done. Read more of this post

China cake millionaire at home in his six castles

China cake millionaire at home in his six castles

Thursday, Nov 14, 2013

Tom Hancock

AFP

CHONGQING, China – As the greatest urbanisation drive in history swells China’s cities with ranks of identikit apartment blocks, one culinary businessman is indulging his architectural appetite with a visual feast of extravagant, outlandish castles. “I don’t have any hobbies, except for planting trees and building castles,” said Liu Chonghua, standing on a crenellated turret atop the largest of the six he has constructed. Read more of this post

Alipay’s Yuerbao grows from 55.6bn to 100bn within 1.5 month

BEIJING – NOV 15TH, 8:33 | TAGS: YUEBAO FUND ALIBABA INTERNET FINANCE

Alipay’s Yuebao grows from 55.6bn to 100bn within 1.5 month

On November 14th, Tianhong Fund announced on its microblogging account that the scale of Yuebao, a monetary fund product, has exceeded 100bn yuan and its investors are about to reach 30m. Yuebao was launched on June 13th this year and became the first public offering of fund of over 100bn yuan in the country. Its report of the third quarter shows the scale of Tianhong Zenglibao Monetary Fund, which practically operates Yuebao, had reached 55.653bn yuan by the end of September, with around 13.67m investors. It had already become the biggest fund in the market then. The rapid expansion of Tianhong Zenglibao Fund may owe much to the promotion of Alibaba’s “Double Eleven” promotion.

‘Tuhao’ may become part of English glossary

‘Tuhao’ may become part of English glossary

2013-11-15 01:36:45 GMT2013-11-15 09:36:45(Beijing Time)  Shanghai Daily

China’s new buzzword, tuhao, may be in next year’s Oxford English Dictionary. The word caught the attention of the dictionary’s editing team after BBC’s recent program on influential Chinese words. “If its influence continues, it is very likely to appear on our updated list of words,” said Julie Kleeman, project manager with the editing team. Kleeman told the Beijing Youth Daily that tuhao has some similarities with the English word bling, which refers to expensive, ostentatious clothing or jewelry. Both the words have existed for long but later on took a new meaning. Read more of this post

Schooled by success: The start-ups Aussie Rich-listers are investing in

Ben Hurley Reporter

Schooled by success: The start-ups Rich-listers are investing in

Published 13 November 2013 07:28, Updated 14 November 2013 00:44

Australia’s wealthiest families are putting themselves at the forefront of technological innovation, backing the next generation of disruptive start-ups using their money, business nous and connections. Read more of this post

Gold Seen Flowing East as Refiners Recasting Bars for Asia

Gold Seen Flowing East as Refiners Recasting Bars for Asia

Gold demand in China, India and the Middle East surged in the 12 months to September while European sales contracted, underscoring a shift in the global bullion market from west to east, according to the World Gold Council. China’s demand for jewelry, bars and coins rose 30 percent to 996.3 metric tons, while usage in India gained 24 percent to 977.6 tons, WGC data showed. European demand fell 11 percent, with drops in France, Switzerland and the U.K. Asia and the Middle East’s share of global sales grew to 68 percent in the 12 months from 65 percent, while Europe’s fell to 8.3 percent from 11 percent, according to data compiled by Bloomberg. Read more of this post

There’s A Logical System Behind IKEA’s Strange Product Names. It turns out they are part of a system created by dyslexic founder Ingvar Kamprad, who wanted to avoid relying on numbers

There’s A Logical System Behind IKEA’s Strange Product Names

GUS LUBIN NOV. 13, 2013, 3:52 PM 4,793 1

The other day I went to IKEA and bought four Pax, a Malm, a PS Gullholmen, an Ofelia, a Blanda Matt, a Mysa Ronn, and a few other essentials. To many that list may be incomprehensible, yet there are enough customers around the world who swear by IKEA’s cheap and stylish, albeit flimsy, products that surely some readers will understand. Where do these crazy names come from? It turns out they are part of a system created by dyslexic founder Ingvar Kamprad, who wanted to avoid relying on numbers. Here’s the system:

• Upholstered furniture, coffee tables, rattan furniture, bookshelves, media storage, doorknobs: Swedish placenames
• Beds, wardrobes, hall furniture: Norwegian place names
• Dining tables and chairs: Finnish place names
• Bookcase ranges: Occupations
• Bathroom articles: Scandinavian lakes, rivers and bays
• Kitchens: grammatical terms, sometimes also other names
• Chairs, desks: men’s names
• Fabrics, curtains: women’s names
• Garden furniture: Swedish islands
• Carpets: Danish place names
• Lighting: terms from music, chemistry, meteorology, measures, weights, seasons, months, days, boats, nautical terms
• Bedlinen, bed covers, pillows/cushions: flowers, plants, precious stones
• Children’s items: mammals, birds, adjectives
• Curtain accessories: mathematical and geometrical terms
• Kitchen utensils: foreign words, spices, herbs, fish, mushrooms, fruits or berries, functional descriptions
• Boxes, wall decoration, pictures and frames, clocks: colloquial expressions, also Swedish place names Read more of this post

Retailers are selling women scores of men’s dress shoe styles redesigned with different proportions or new materials

Manolo Blahnik Women’s Wingtips Seen Curbing Shoe Slump

Wingtips aren’t just for men anymore.

Retailers such as Saks Inc. and Barneys New York Inc. are selling women scores of men’s dress shoe styles redesigned with different proportions or new materials. The footwear — think embellished smoking slippers and python-skin Derby flats — is fetching prices more typical of high-fashion stilettos than casual Oxfords, helping chains boost sales in an area where growth was flagging. Read more of this post

McDonald’s Acknowledges Service Has Suffered; Burger Giant Says It Erred by Adding Too Many Menu Items Too Quickly

McDonald’s Acknowledges Service Has Suffered

Burger Giant Says It Erred by Adding Too Many Menu Items Too Quickly

JULIE JARGON

Nov. 14, 2013 7:26 p.m. ET

McDonald’s Corp. MCD -0.56% came out with its strongest acknowledgment yet that its customer service in the U.S. has suffered recently, and that it blundered by introducing too many new menu items too quickly. Jeff Stratton, president of McDonald’s USA, said the chain introduced several new products and limited-time offers this year to give customers more variety. Read more of this post

Rio Tinto’s most important growth project has suffered another setback, with financing of the Oyu Tolgoi expansion in Mongolia delayed indefinitely

Rio Tinto’s Mongolia mine hits another snag

November 15, 2013 – 9:17AM

Peter Ker

Rio Tinto’s most important growth project has suffered another setback, with financing of the Oyu Tolgoi expansion in Mongolia delayed indefinitely. Rio said ongoing quibbles with the Mongolian Government remained unresolved, meaning that a global effort to raise $US4 billion for the second stage of the mine could not be completed in the near term. Read more of this post

Protection for the US sugar industry is losing political support; Sugar has cost taxpayers $278.2m in 2013

November 14, 2013 7:31 pm

Commodities: A sweet deal

By Gregory Meyer in New York and Stephanie Kirchgaessner in Washington

The US government’s vast assets include office buildings, mineral resources, aircraft carriers and national parks. This year it added mountains of sugar. Warehouses from North Dakota to Louisiana are piled high with 296,500 tons of the sweet crystal, since October 1 the property of the Department of Agriculture. In coming days, the agency says it plans to sell off its stocks at a “substantial loss per pound”. Sugar has cost taxpayers $278.2m in 2013. Read more of this post

South Korean soap operas hook foreign audiences

November 13, 2013 3:52 pm

South Korean soap operas hook foreign audiences

By Simon Mundy

Eyes bulging at the steaming plate before her, Lee Soo-­kyung eagerly wolfs down a mouthful of rice, unperturbed by the film camera hovering a chopstick’s length from her face. But the constant interruptions by Park Joon-wha give the actress, her pretty features offset by a frumpy collared shirt, little chance to enjoy the meal. Read more of this post

Kimchi deficit’ can’t dull ardour for traditional dish in South Korea

Kimchi deficit’ can’t dull ardour for traditional dish in South Korea

Friday, 15 November, 2013, 3:50am

Agence France-Presse in Seoul

It’s the season for spicy cabbage, despite worries that the country imports more than it exports

It’s kimchi-making season in South Korea, with households across the country preparing and laying down stocks of the ubiquitous spicy side-dish for the coming winter. But many foreign visitors, including the most intrepid foodies, will probably leave without ever tasting a Korean-made version of the national dish of fermented, chilli-soused cabbage. Read more of this post

Household debt looms large in Korea

Household debt looms large

As U.S. economy shows strength, Korea braces for start of Fed tapering

BY LEE HO-JEONG, LEE EUN-JOO [ojlee82@joongang.co.kr]

Nov 15,2013

While the world monitors when the U.S. Fed might start winding down its stimulus program, concerns are rising over the impact it will have on a Korean economy with massive household debt. Tom Byrne, senior vice president of Moody’s Investors Service, told reporters in Seoul yesterday that he expects economic growth to accelerate. Read more of this post

Foreign food chains target breakfast market in Korea

2013-11-14 17:28

Foreign food chains target breakfast market

By Park Ji-won

While rice has long been the most popular breakfast food in Korean culture, bread is mounting a challenge for that title as more and more people avail themselves to convenient western food, especially on busy mornings. “I usually eat sandwiches in a coffee shop or from the morning menu in franchise hamburger chains because they are quick and easy,” Kim Jong-hoon, 31, an office worker for a major food company, said. The entire landscape of morning meals in Korea has begun to change. Foreign food companies are jumping into the breakfast market, even threatening market-leader McDonald’s. Read more of this post

Abenomics Payday Still Awaits; Spending Worries Weigh on Japan’s Rebound; Abe’s Stimulus Program Has Lifted the Nation’s Economy, but Companies Are Reluctant to Raise Wages

Abenomics Payday Still Awaits

AARON BACK

Nov. 14, 2013 3:48 a.m. ET

Abenomics is at risk of stalling out unless workers start seeing fatter paychecks. So far, it doesn’t look good. The importance of household incomes was highlighted by Japan’s third-quarter gross domestic product growth, which slowed to an annualized rate of 1.9%, compared with 3.8% in the previous quarter. One key weakness: Household consumption rose just 0.1% from the previous quarter. Despite general euphoria around Prime Minister Shinzo Abe’s economic plan, regular folks aren’t seeing it in their pay, which, after all, is the ultimate gauge of whether Abenomics will be seen as a success by most Japanese. Read more of this post

Rice Plan Signals End of Era as New World Farmers Beat Old Japan

Rice Plan Signals End of Era as New World Farmers Beat Old Japan

The patchwork of tiny rice paddies that have decorated the terraced hillsides and alluvial plains of Japan for centuries is under threat as the government presses aging farmers to consolidate holdings or switch crops. The gentan system, which has paid landowners to reduce crops for more than four decades, should be dismantled by 2018, the agriculture ministry said in a proposal to Prime Minister Shinzo Abe’s ruling party this month. The ministry also said it plans to create land banks in every prefecture to connect small holdings into larger tracts. Read more of this post

Returning to Japan, hedge funds bet this time is different

Returning to Japan, hedge funds bet this time is different

Thu, Nov 14 2013

By Tommy Wilkes and Nishant Kumar

LONDON/HONG KONG (Reuters) – Japan, a frustration for the world’s sharpest hedge fund minds for more than a decade, is proving one of the industry’s biggest winners this year. Big names from New York to London have made billions betting that “Abenomics” – the monetary stimulus program launched under Prime Minister Shinzo Abe – would send the yen sliding and stocks surging. Read more of this post

It’s the first arrow of Abenomics that matters; What is really radical is the bold gamble to rid Japan of 15 years of deflation

November 13, 2013 5:26 pm

It’s the first arrow of Abenomics that matters

By David Pilling

What is really radical is the bold gamble to rid Japan of 15 years of deflation

Ayear after Shinzo Abe gave notice of his plan to restore Japan to economic vigour, the prime minister’s first arrow of massive monetary expansion is flying as swiftly as anyone could have dreamt. The yen is sharply down, the stock market up and consumer price inflation is edging towards 1 per cent, though there are doubts about how long the inflationary flame will flicker. In the first six months of this year the economy grew at an impressively fast annualised rate of 4 per cent. No one has seen anything like it in years.

Read more of this post

Ratan Tata critical of India’s domestic investment policy

November 14, 2013 6:59 am

Ratan Tata critical of India’s domestic investment policy

By Victor Mallet in New Delhi

One of India’s best-known industrialists has criticised the obstacles facing investors in India in a rare public comment on the country’s policy shortcomings. Ratan Tata, chairman emeritus of the Tata Group and elder statesman of Indian business, made the televised criticism in a remark to David Cameron, UK prime minister, about the group’s substantial investments in Britain. Read more of this post

Hong Kong’s Economy Is In The Calm Before The Storm

Hong Kong’s Economy Is In The Calm Before The Storm

THE ECONOMIST NOV. 14, 2013, 4:01 PM 1,768 3

Like a cartoon character whose legs continue to pump even after he has run off a cliff, Hong Kong’s house prices have remained buoyant even as purchasing activity in the real-estate sector has crashed to levels not seen since the slump at the start of the millennium. The situation cannot continue indefinitely: sooner or later prices will follow sales down. Property prices more than doubled in Hong Kong between end-2008 and end-2012. Policymakers have taken several steps to try to cool the market, including tightening restrictions on mortgage loan/value ratios and increasing stamp duty in late 2012 and early 2013. However, according to the Hong Kong Rating and Valuation Department (RVD), property prices in September 2013 were still 7.8% higher than in December 2012. Read more of this post

Bull Market in Art Spurs Hunt for Big Returns, Records

Bull Market in Art Spurs Hunt for Big Returns, Records

When an egg-shaped, punctured canvas fetched $20.9 million on Tuesday at Christie’s, it set a record for Lucio Fontana and demonstrated the allure of selling art in a bull market. “Concetto Spaziale, La Fine di Dio” had changed hands for $1.3 million a decade earlier at Sotheby’s (BID) in London. That’s a 32 percent annualized return, better than all but 13 companies in the Standard & Poor’s 500 Index over the same period. Read more of this post