China Has First Retail Store to Accept Bitcoin as Payment

China Has First Retail Store to Accept Bitcoin as Payment

11-28 14:23 Caijing

The move drew attentions from many Bitcoin lovers, but no transaction has been made so far.

China now has its first retail store willing to accept Bitcoin despite the country’s central bank has recently denied legitimacy of the growing popular virtual currency. The store in Harbin, the capital city in northeast China’s Heilongjiang province allows customers to pay by scanning QR codes in their Bitcoin wallet, a mobile phone app which can also covert Chinese Yuan into equivalent Bitcoin based on real-time exchange rate. Read more of this post

Cheng Kin-ming: ‘Emperor’ of China’s solar power industry

Cheng Kin-ming: ‘Emperor’ of China’s solar power industry

Staff Reporter

2013-11-27

Cheng Kin-ming, a solar energy and real estate investor from Hong Kong, has been dubbed “the emperor of the photovoltaic industry” in China after he became the most significant stockholder of the Hong Kong-listed Chinese solar panel manufacturer Shunfeng Photovoltaic International, the third-largest stockholder of LDK Solar, and a business partner of Hareon Solar Technology in the past year, reports the Chinese-language Beijing News.

Read more of this post

Burberry has lost rights to its signature tan, black and red plaid in China

Burberry has lost rights to its signature tan, black and red plaid in China

By Heather Timmons and Jennifer Chiu 7 hours ago

Burberry no longer holds exclusive rights to its iconic tan, black and red tartan known as the “Haymarket Check” in China, after the country’s national trademark office revoked the company’s copyright of the design last week. The decision is the latest and most momentous in a long-running legal battlebetween Burberry and Polo Santa Roberta, a Chinese bag and apparel maker from Foshan which has also faced off against Burberry in Hong Kong and Taiwan courts for its look-alike bags. Burberry’s sales in China have been more buoyant this year than other, higher-priced luxury goods makers like Louis Vuitton, in part because the brand is still a novelty there. An influx of Haymarket Check-patterned goods, which seems likely after the recent court decision, might make that company seem a lot less novel. Read more of this post

A Higher Ground for China Rates; Chinese Government-Bond Yields Are Rising, a Sign of More to Come as Beijing Revamps the Financial System

A Higher Ground for China Rates

Chinese Government-Bond Yields Are Rising, a Sign of More to Come as Beijing Revamps the Financial System

AARON BACK

Nov. 27, 2013 9:38 p.m. ET

Consider it China’s dress rehearsal for financial reform. Yields on Chinese 10-year government bonds rose to over 4.7% last week, their highest level since 2004. Rates have since come down a bit, but they remain high, more than a percentage point above where they were in the first half of the year, despite little change in the growth outlook. Read more of this post

Forge Group plunged a record 84 percent after forecasting a loss, leading declines among mining-services companies already struggling as mineral producers cut back spending

Forge Plunges as Cost Overruns Spur Loss Forecast: Sydney Mover

Forge Group Ltd. (FGE) plunged a record 84 percent at the close in Sydney trading after forecasting a loss, leading declines among mining-services companies already struggling as mineral producers cut back spending. Forge, whose clients include Rio Tinto Group, lost more than A$300 million ($274 million) in market value in Sydney today after saying cost overruns and poor management at two Australian projects also forced it to negotiate new debt terms. Read more of this post

With CBA finally paying commissions, Mozo founder claims he’s on way to being ‘SEEK of financial services’

Michael Bailey Deputy editor

With CBA finally paying commissions, Mozo founder claims he’s on way to being ‘SEEK of financial services’

Published 26 November 2013 16:02, Updated 27 November 2013 16:39

Looking for that elusive network effect: Mozo founder and unabashed SEEK fan, Rohan Gamble.Photo: Louise Kennerley

The founder of financial services comparison site Mozo, Rohan Gamble, makes no secret of his wish to emulate SEEK – he even tapped Andrew Bassat as an early investor – and is undertaking his first above-the-line marketing campaign to try and triple visitors to more than 1 million per month. Read more of this post

Leighton faces huge financial black hole in Middle East joint venture

Leighton faces huge financial black hole in Middle East joint venture

November 28, 2013

Richard Baker, Nick McKenzie

Leighton Holdings is sitting on internal advice that warns its troubled Middle Eastern joint venture will struggle to recover all of the $1.1 billion it claims to be owed for construction work. Fairfax Media can also reveal the Al Habtoor Leighton Group (HLG) joint venture has reached settlements with the owners of Middle Eastern developments which have not been publicly announced and have resulted in big losses. Read more of this post

Investors grow wary of Australia’s mining industry; Study highlights the potential problems for the country’s economy

November 27, 2013 7:02 pm

Investors grow wary of Australia’s mining industry

By James Wilson in London

Investment committed to resources projects in Australia has fallen sharply, according to a government report that underscores the potential problems for the country’s economy as the influence of the mining industry fades. The value of spending committed to oil, gas and mining projects stood at $240bn in October compared with A$268bn ($243.2bn) previous six months, according to a twice yearly snapshot of the stock of investment by the Bureau of Resources and Energy Economics. The volume of new projects getting to the stage of final approval was at its lowest in a decade at A$1.7bn. Read more of this post

Aluminium prices have slid to a four-year low, in a development that will heap pressure on the struggling smelting industry

November 27, 2013 6:26 pm

Aluminium prices slide to four-year low

By Jack Farchy Read more of this post

Billionaire Peter Woo Passes Wheelock Chairmanship to His Son

Billionaire Peter Woo Passes Wheelock Chairmanship to His Son

Wheelock & Co. (20), a Hong Kong-based real estate developer and parent of the city’s Wharf Holdings Ltd. (4), said billionaire Chairman Peter Woo, 67, will step down and his son will take over the role. Douglas Woo, who was appointed as managing director effective July 1, will start as chairman on Jan. 1, according to a filing to the Hong Kong stock exchange yesterday. Peter Woo will remain on Wheelock’s board as a director. Read more of this post

Li Ka-shing Laughs off “Divestment” Claims After HK$1.3Bln House Sales

Li Ka-shing Laughs off “Divestment” Claims After HK$1.3Bln House Sales

11-28 12:32 Caijing

The two conglomerates booked about HK$430 billion in gross revenue across the globe last year, but investment in overseas infrastructure this year only amounted to HK$13 billion – less than 2 percent of total income.

Asia’s richest man Li Ka-shing has been busing trying to shake off concerns that he is pulling off of China by offloading assets both in Hong Kong and the Chinese mainland. Read more of this post

Li Ka-shing Says Land Prices in China, Hong Kong Deter Purchases

Li Ka-shing Says Land Prices in China, Hong Kong Deter Purchases

Li Ka-shing, Asia’s richest man, said his companies have slowed land purchases in Hong Kong and China as prices have escalated to a high level. “Land prices in Hong Kong are high, and already showing signs of an unhealthy situation,” Li said, according to a statement from Cheung Kong Holdings Ltd., his flagship developer. “Land prices in China have surged, and we’re unable to win auctions for land.” Read more of this post

Coal-to-Oil $20 Billion Projects Said to Stall: Corporate India

Coal-to-Oil $20 Billion Projects Said to Stall: Corporate India

India will halt a $20 billion plan by Tata group and Jindal Steel & Power Ltd. (JSP) to turn coal into crude oil after scrapping rights to two mining blocks allotted to the companies, two people familiar with the matter said. The coal mines, located in the eastern state of Odisha, are part of 11 blocks to be cancelled because their development was lagging behind schedule, said the people, who asked not to be identified pending an announcement. New Delhi-based Jindal Steel and Strategic Energy Tech. System Ltd., a venture of Sasol Ltd. (SOL) and Tata, had planned to produce a combined 160,000 barrels of crude oil a day, valued at about $6.2 billion annually based on average Brent prices this year. Read more of this post

Tata Sons Withdraws Its Application for Banking License in India

Tata Sons Withdraws Its Application for Banking License in India

Tata Sons Ltd., which runs more than 1,000 companies that make cars to chemicals and salt, withdrew an application for a banking license in India, saying its current financial-services business best suits its needs. The Reserve Bank of India has accepted the withdrawal, according to a separate statement from the central bank. Read more of this post

On the trail of the Yakult Ladies; The Japanese group has an 80,000-strong sales force

November 27, 2013 4:21 pm

On the trail of the Yakult Ladies

By Ben Bland and Jonathan Soble

Sumarni, a 39-year-old Indonesian mother of three, trundles her pink bicycle through a wealthy Jakarta suburb every day, hawking Yakult probiotic yoghurt drinks door-to-door. Dressed in a red-and-white checked shirt with matching trousers and hijab, she is one of about 5,000 “Yakult Ladies” spearheading an expansion drive in Indonesia by the quirky Japanese company that makes the drinks. Read more of this post

“Instead of being a professional firm, KPMG Korea is becoming a political organization in which the CEO and his close aides are exploiting their authority in running the business for their own benefit”

2013-11-27 18:27

Samjong mired in internal feud

By Yi Whan-woo
Samjong KPMG, the country’s third-largest auditor, is embroiled in an internal conflict because followers of former CEO Yun Young-gak are up in arms with current CEO Kim Kyo-tae for Kim’s alleged attempt to weed out his predecessor’s supporters. Read more of this post

EU has included Korea in a preliminary list of illegal fishing nations. This is quite embarrassing for most Koreans, who take pride in their country’s status as one of the top-three deep-sea fishing nations in the world

2013-11-28 17:21

Illegal fishing nation

Following an example set by the United States, the EU has included Korea in a preliminary list of illegal fishing nations. This is quite embarrassing for most Koreans, who take pride in their country’s status as one of the top-three deep-sea fishing nations in the world, and regard illegal fishing as an issue for other countries, including China. Read more of this post

It’s often said in Korea that the manufacturing industry is first-class, whereas the financial industry is a third-class sector

2013-11-28 17:23

Strengthening financial sector

As always, actions speak louder than words 
It’s often said in Korea that the manufacturing industry is first-class, whereas the financial industry is a third-class sector. For this reason, people express doubt if Korea could ever see the birth of a gigantic and well-performing company such as Samsung Electronics emerge in the financial sector.
Given this, the Financial Services Commission’s announcement on Wednesday of a package to boost competitiveness in Korea’s financial industry is a belated but welcome move. It’s right for Shin Je-yoon, the FSC chairman, to say that the prospects for our financial companies will remain dim for as long as they settle for what they have been doing so far, but the most important thing is how to carry out the policies featured in the package. Read more of this post

Financial Services Commission FSC scales back its financial vision of Korea’s financial industry.

FSC scales back its financial vision

As grand plans fade, determined chairman focuses on pragmatism

Nov 28,2013

BY LEE EUN-JOO [angie@joongang.co.kr]

Financial Services Commission Chairman Shin Je-yoon had a determined look as he stepped into the press room yesterday to give a briefing on government measures to boost the competitiveness of Korea’s financial industry. Eight months have passed since the former vice finance minister joined the FSC in the top seat with visions of making Korea’s financial industry stronger and more influential on the global stage.  Read more of this post

Korea’s Paris Baguette grows into global brand; opened its 100th store in China last year

2013-11-26 13:03

Paris Baguette grows into global brand

Paris Baguette opened its third outlet in Tampines, Singapore, Monday

By Chung Hyun-chae
The nation’s bakery giant, Paris Baguette, has been faring well in the global market, especially in China, the U.S., Vietnam and Singapore, thanks to its localization strategy. Read more of this post

Prosecutors have launched an investigation into corruption scandals at Korea’s Kookmin Bank at the request of the Financial Supervisory Service (FSS)

2013-11-27 16:10

Prosecutors start probe of Kookmin

CEO apologizes for corruption scandals
By Kim Rahn

KB Kookmin Bank CEO Lee Kun-ho bows during a media briefing at the bank’s building in central Seoul, Wednesday, while apologizing for allegations of corruption made against the lender

Prosecutors have launched an investigation into corruption scandals at KB Kookmin Bank at the request of the Financial Supervisory Service (FSS).
Former and incumbent CEOs of the lender and its parent company, KB Financial Group, will be subject to questioning. Read more of this post

Vietnam announces big fines for social media ‘propaganda’

Vietnam announces big fines for social media ‘propaganda’

9:20am EST

HANOI (Reuters) – Vietnam will hand out fines of 100 million dong ($4,740) to anyone criticizing the government on social media, under a new law announced this week, the latest measure in a widening crackdown on dissent by the country’s communist rulers. Comments that did not constitute criminal offences would trigger fines if held to be “propaganda against the state”, or spreading “reactionary ideology”, according to the law signed by Prime Minister Nguyen Tan Dung. Read more of this post