Technology and society: China has its own distinctive version of the maker movement, which spans electronics hobbyists and high-tech startups

Technology and society: China has its own distinctive version of the maker movement, which spans electronics hobbyists and high-tech startups

Nov 30th 2013 | From the print edition

IT IS a drizzly October day in Shanghai, and beneath a few dozen bright orange tents, set up in the plaza of a shiny new innovation park, hundreds of electronics hobbyists and entrepreneurs are attending China’s second Maker Carnival. The “maker” movement, an offshoot of do-it-yourself culture whose adherents design and build their own technology products, is more established in America: the most recent Maker Faire New York, for example, held in September, boasted some 75,000 participants and over 650 stalls. But size isn’t everything, even in China. Read more of this post

Short Circuit for Foreign Electronics Vendors; A ‘buy local’ push sparked by security concerns is hurting foreign and helping domestic makers of electronic gear

11.27.2013 15:53

Short Circuit for Foreign Electronics Vendors

A ‘buy local’ push sparked by security concerns is hurting foreign and helping domestic makers of electronic gear

By staff reporter Qin Min

(Beijing) – What’s hot lately in China’s electronics industry is not the latest gadget but procurement guidance from the central government that is starting to sting Western companies. That guidance can be summarized in two words: Buy local. Several sources close to the American electronics giant Cisco Systems Inc. told Caixin that Chinese government agencies and state-owned enterprises (SOEs) have been told to “when possible” turn their backs on electronics equipment offered by overseas firms in favor of domestic company products. Read more of this post

Outspoken property tycoon Ren Zhiqiang’s secret to success

Outspoken property tycoon Ren Zhiqiang’s secret to success

Staff Reporter

2013-11-28

Ren Zhiqiang attends the Boao Forum for Asia. (Photo/CNS)

The 62-year-old chairman of Beijing Huayuan Property, Ren Zhiqiang, is known for his frank and straightforward criticism of China’s property policies. In an interview with the celebrity entrepreneur in late October, the Guangzhou-based Southern People Weekly unlocked the mystery of Ren’s outspoken character. Read more of this post

China’s reforms to hit investment trust industry hard: study

China’s reforms to hit investment trust industry hard: study

1:17am EST

BEIJING (Reuters) – The breakneck pace of growth in China’s 10 trillion yuan ($1.64 trillion) investment trust industry is unsustainable and earnings risk drying up as the government steps up financial reforms that will change sources of revenue, research shows. Close to 90 percent of revenues in the industry are at risk in the long run with about 40 percent of earnings forecast to disappear completely in five years, according to a study by consultant McKinsey & Company and Ping An Trust. Read more of this post

China Makes Environmental Case for Increasing Big Coal’s Clout

China Makes Environmental Case for Increasing Big Coal’s Clout

Beijing Wants State-Owned Giants to Manage Industry’s Development, Environmental Consequences

CHUIN-WEI YAP

Updated Nov. 28, 2013 8:08 a.m. ET

BEIJING—China is moving to increase the clout of its state-owned coal giants, as it seeks to clean up a sprawling and heavily polluting industry that is nevertheless crucial to its energy needs. In a policy proposal unveiled Thursday, the State Council, China’s cabinet, said it wants big corporate champions to manage the economic development and environmental consequences of the industry, which also has a slew of smaller operators. Read more of this post

China Faces CNY$20Trl Infrastructure Funding Gap in 2020 for Urbanization Drive: Think Tank

China Faces CNY$20Trl Infrastructure Funding Gap in 2020 for Urbanization Drive: Think Tank

11-29 11:24 Caijing Read more of this post

The J.Crew Invasion

The J.Crew Invasion

By Emma Rosenblum November 27, 2013

Dozens of shivering British fashion bloggers, TV personalities, and socialites snake down London’s Regent Street, waiting patiently to get into the Nov. 6 opening night party for the J.Crew flagship store. Inside, bearded men like James Middleton, brother of Kate and Pippa, browse skinny ties and shrunken blazers. Women in full skirts and crop tops paw through tables of pastel cashmere. Everyone’s hair is chicly disheveled, as are their teeth. On the stairs up to the second level of the 17,000-square-foot space, the biggest of the three J.Crew stores that opened in London in November, two partyers pause. “Oh! There’s Mickey and Jenna,” one whispers reverentially, pointing at J.Crew Chief Executive Officer Millard “Mickey” Drexler and Creative Director and President Jenna Lyons. He’s playing town mayor in a navy blazer and a white button-down. She’s in sparkly green pumps and her signature oversize black glasses. There’s a photo booth and Champagne cocktails, and it’s all very fabulous and also kind of funny, because it’s just J.Crew, after all. Read more of this post

How Alyssa Milano Created a Fan-Gear Fashion Empire for Women

How Alyssa Milano Created a Fan-Gear Fashion Empire for Women

By Joel Stein November 27, 2013

Alyssa Milano isn’t crazy about pink. “I was in Dodger Stadium, and I was freezing—it was the beginning of the season, before the poop smell sets in,” says the star of TV’s Who’s the Boss? and Charmed, recalling a baseball game she attended eight years ago. “I went into the store to get something warm to wear. And I was offended.” The only color available in women’s clothing was pink. “Their answer for female sports apparel back then was ‘pink it and shrink it.’ It was either that or buy something from the kids’ section. Which I did. I got a kid’s hoodie.” In Dodger blue. Read more of this post

Sugar Mills to Prolong Shutdown in India’s Uttar Pradesh on Cane

Sugar Mills to Prolong Shutdown in India’s Uttar Pradesh on Cane

Sugar mills in Uttar Pradesh, India’s biggest growing state, will extend a shutdown to prevent losses from widening as a dispute over pricing of cane continues, potentially reducing the country’s output, a millers’ group said. Factories will remain shut as the mills can only pay 225 rupees ($3.60) per 100 kilograms (220 pounds) of cane, compared with the state-set price of 280 rupees, Abinash Verma, director general of the Indian Sugar Mills Association, told reporters in New Delhi today. India ranks second globally among sugar producers after Brazil. Read more of this post

Despite a tarnished record, commodities have not lost their lustre for all

Despite a tarnished record, commodities have not lost their lustre for all

Nov 30th 2013 | From the print edition

GRAIN silos, oil pipelines and copper smelters are not exactly glamorous. Yet for a glorious couple of years up until mid-2008, commodities were all the rage. China was booming, and supplies of everything from soyabeans to iron ore were failing to keep pace, prompting a giddy leap in prices. Financial engineers minted all manner of products tied to these movements. Not only were commodities on a roll, their patter went; they also provided a crucial hedge for any diversified portfolio, since they did not move in tandem with other assets. Read more of this post

GrainCorp Verdict Clouds Australia Open-For-Business Pledge

GrainCorp Verdict Clouds Australia Open-For-Business Pledge

The Australian government’s decision to block Archer-Daniels-Midland Co. (ADM)’s takeover of GrainCorp Ltd. comes 12 weeks after Prime Minister Tony Abbott’s election-night vow that Australia is open for business. Citing national interest grounds, Treasurer Joe Hockey barred the A$2.2 billion ($2 billion) deal in the biggest rejection since Singapore Exchange Ltd.’s A$8.4 billion bid for ASX Ltd. was blocked in 2011. Also this week, Hockey flagged the possibility of taxpayer support for national carrier Qantas Airways Ltd. (QAN) Australia’s dollar fell and GrainCorp’s shares plunged 22 percent after today’s announcement. Read more of this post

Canada Pension Funds Bet on Asia’s Growth

Canada Pension Funds Bet on Asia’s Growth

CPP Investment Board Teams with Mumbai Group for New Venture; Caisse Buys Australian Port Stake

BEN DUMMETT

Nov. 28, 2013 11:50 a.m. ET

TORONTO–Canada’s two biggest pension funds continue to demonstrate their prowess as global investors, making bets that Asia’s economic growth will drive demand for commercial real estate and shipping services. Canada Pension Plan Investment Board, the country’s largest pension fund, said Thursday it is committing $200 million for an 80% stake in a new venture with Mumbai-based Shapoorji Pallonji Group to invest in commercial real estate in India to take advantage of the Asian country’s growing economy. Read more of this post

S&P justifies its concerns on Malaysia’s household debt

Updated: Friday November 29, 2013 MYT 7:00:53 AM

S&P justifies its concerns on household debt

BY CHOONG EN HAN

PETALING JAYA: The credit cycle is at its best, with Malaysia’s economy enjoying full employment, but ratings agency Standard & Poor’s (S&P) believes that as household debt continues to rise, systemic imbalances will pose a risk to financial institutions. Read more of this post

South Korea will witness the creation of a fund supermarket as early as March next year, which enables investors to easily compare and invest in all the online public funds on sale

S. Korea’s first fund supermarket to open next March

Park Seung-cheol

2013.11.26 17:20:04

South Korea will witness the creation of a fund supermarket as early as March next year, which enables investors to easily compare and invest in all the online public funds on sale. The Financial Services Commission (FSC) said Tuesday that ‘Online Fund Korea’, the nation’s first fund supermarket, filed for approval and we will review and enable it to launch as early as March next year. Online Fund Korea was created by the 47 asset management firms which jointly invested 22 billion won ($20.7 million). Cha Moon-hyun, former CEO of Woori Asset Management was named as chief executive of Online Fund Korea. Kim Jin-hong, high-ranking official from FSC, said, “FSC’s all approval procedures will be wrapped up by end-February next year,” adding “we’ll not spare efforts for Online Fund Korea to begin operation by next March.” Investors will be allowed to purchase all the available kinds of public offering funds from Online Fund Korea website without visiting off-line channel. The supermarket with competitive edge in counter maintenance and labor costs will charge commission one third less than online market. This will open up the door for investors to invest in diverse funds at lower costs, so all eyes are on if the new market will be reshaped to become more consumer-oriented.

Hit by the 2008 financial crisis, Doosan E&C has been struggling with a sharp decline in contracts and squeezed margins, resulting in a liquidity crisis. Doosan Heavy owns 88% in Doosan E&C

2013-11-28 16:51

Does Doosan leader feel new job worth it?

By Choi Kyong-ae
Doosan Group Chairman Park Yong-maan seems to have successfully spent his first 100 days as chief of the Korea Chamber of Commerce and Industry (KCCI). But his successful debut as the KCCI chairman meant he has had to sacrifice some of his time and energy that could otherwise have been spent handling pending issues at Doosan Group, such as the troubled Doosan Engineering & Construction. Read more of this post

A massive amount of Korea’s builders and shippers’ corporate bonds will come due in the second quarter of next year

$39 billion corporate debt to mature next year

2013.11.28 16:26:22

Over 41 trillion won ($38.6 billion) worth of corporate bonds in South Korea are due to mature next year. A massive amount of the country’s builders and shippers’ corporate bonds will come due in the second quarter of next year, which will pressure marginal firms to raise funds. A total of 41.2 trillion won of corporate bonds will come due in 2014, according to sources in the financial investment industry and Samsung Securities Thursday. The amount is up 2.5 trillion won from 38.7 trillion won this year.  Read more of this post

Sony is last Japanese company standing in tough smartphone market

November 28, 2013 4:51 pm

Sony is last Japanese company standing in tough smartphone market

By Sarah Mishkin in Taipei and Jennifer Thompson in Tokyo

One by one, Japanese electronics makers have fallen by the wayside as competition intensifies in the smartphone market: Panasonic and NEC both abandoned the business altogether this year, while Fujitsu and Sharp now only sell their smartphones within Japan. The last Japanese company standing is Sony, where improving sales of its Xperia smartphones helped narrow the operating loss in its computer and smartphone division to Y900m last quarter from Y23.1bn the same quarter a year ago. Read more of this post

Rice farming in Japan: Political staple; The government abolishes previously sacrosanct agricultural subsidies

Rice farming in Japan: Political staple; The government abolishes previously sacrosanct agricultural subsidies

Nov 30th 2013 | TOKYO | From the print edition

NOT even the most ardent reformers around Shinzo Abe, Japan’s prime minister, believed that he would dare to scrap the policy, known as gentan, under which the government has paid farmers to reduce rice crops since 1971. But on November 26th the agriculture ministry said the system would be phased out by 2018. Rice growers, said Mr Abe, will be able to produce crops “based on their own management decisions”. Read more of this post

Jakarta in a jam: The urban transport issue is proving to be one big headache in Indonesia’s capital for the politicians to solve

Updated: Tuesday November 26, 2013 MYT 7:34:50 AM

Jakarta in a jam

BY KARIM RASLAN

The urban transport issue is proving to be one big headache in Indonesia’s capital for the politicians to solve.

KUALA Lumpur is not the only city struggling with traffic congestion. On most weekdays, the Indonesian capital, Jakarta, is basically a barely moving parking lot. The city’s notorious macet is estimated to cause annual losses in excess of US$3bil (RM9.6bil). This figure will spiral even further as President Susilo Bambang Yudhoyono’s administration launches its Low Cost Green Car policies — policies that don’t appear to have been paired with any mass transport initiatives. Read more of this post

Wockhardt’s Main Drug Factory Faces FDA Bans After Lapses

Wockhardt’s Main Drug Factory Faces FDA Bans After Lapses

Nov. 27 (Bloomberg) — Wockhardt Ltd. was banned from selling some medicines to the U.S. from its most lucrative factory in India after U.S. regulators added it to a list of restricted facilities. Its stock slumped as much as 14 percent. The Mumbai-based company’s Chikalthana plant in Aurangabad, was added to the Food and Drug Administration’s “red list,” which means its products may be detained without physical examination, the FDA said in a statement yesterday. Read more of this post

Ratan Tata still has big hopes for little Nano

Ratan Tata still has big hopes for little Nano

Tata Motors‘ Nano may have been a consistent flop in India, but the former chairman of parent and conglomerate Tata Group still has high hopes for the world’s cheapest car. In an interview on CNBC’s Managing Asia, Ratan Tata said he believes the minicar still has the potential to take off in the home market. “A re-launched Nano with some of the differences that we’re trying to incorporate, yes I do,” said Tata, adding that the company has plans to launch the Nano outside of the Indian market, but did not give a timeframe for when. Read more of this post

KKR to Take Minority Stake in India’s Gland Pharma

KKR to Take Minority Stake in India’s Gland Pharma

KENAN MACHADO

Nov. 28, 2013 2:43 a.m. ET

MUMBAI— KKR & Co. L.P. KKR +0.08% Thursday said it had agreed to pick up a minority stake in Indian generic injectable pharmaceutical products company Gland Pharma Ltd. for about $200 million. The U.S. private-equity firm didn’t disclose how much stake it had planned to buy. As part of the deal, KKR will also buy the stake held by Evolvence India Life Sciences Fund, an existing private equity investor in Gland Pharma. Read more of this post

Financial-sector reform in India: A financial system intended to promote equality and stability no longer does

Financial-sector reform in India: A financial system intended to promote equality and stability no longer does

Nov 30th 2013 | MUMBAI | From the print edition

SINCE taking office in September Raghuram Rajan, the governor of India’s central bank, has championed financial-sector liberalisation as a way to boost growth and help the poor. Change is risky, he has said. “But as India develops, not changing is even riskier.” India’s financial system is like a ramshackle engine lovingly maintained by a sect of oil-spattered engineers and wearily tolerated by most people who depend on it. After Indira Gandhi, then prime minister, nationalised most banks in 1969, India slipped towards financial socialism, with a central bank that printed rupees on politicians’ command. When India opened up in 1991 a wave of reform took place. The system today is a mishmash. Market forces have a role, but the state looms large. Read more of this post

Billionaire Agarwal Regrets $8 Billion Aluminum Spending

Billionaire Agarwal Regrets $8 Billion Aluminum Spending

Billionaire Anil Agarwal, who controls London-based Vedanta Resources Plc (VED), said he regrets investing 500 billion rupees ($8 billion) on an aluminum complex in India that’s faced a shortage of raw materials. “I could either invest in Vedanta Aluminium or I could have bought Asarco,” Agarwal said in an interview with Bloomberg TV India in New Delhi aired today, referring to U.S. copper miner Asarco LLC. “If you ask me today, I regret it.” Read more of this post

As bad loans mount, India gets tough on ‘willful’ default

As bad loans mount, India gets tough on ‘willful’ default

4:08pm EST

By Swati Pandey

MUMBAI (Reuters) – Kemrock Industries and Exports (KEMR.NS: Quote, Profile, Research, Stock Buzz) owns a golf course near its plant in western India and its chairman, Kalpesh Patel, talks of the high salaries he pays employees. Still, the company has defaulted on payments for about $250 million in loans and Patel’s banks, frustrated that they are unable to seize assets as he fights them in court, say they want to declare him a “willful defaulter”, a fast-growing category in India as bad loans mount. Read more of this post

Thai Prime Minister Struggles to Find Way Out of Crisis

Thai Prime Minister Struggles to Find Way Out of Crisis

Yingluck Shinawatra Survives No-Confidence Vote, but Faces Mounting Protests

JAMES HOOKWAY

Updated Nov. 28, 2013 6:31 a.m. ET

BANGKOK—When Thailand’s Prime Minister Yingluck Shinawatra was elected in 2011, it looked for a while that the country’s long-running political crisis was over. She built a fragile détente with the army generals who ousted her brother Thaksin Shinawatra in 2006 and set the country on a path to recovery after severe floods crippled industries and shocked supply chains around the world. Read more of this post

Thai companies likely to grow through M&A under AEC

Thai companies likely to grow through M&A under AEC

Watchiranont Thongtep
The Nation November 29, 2013 1:00 am

In preparation for the Asean Economic Community in 2015, major Thai companies are likely to be more active in pursuing mergers and acquisitions of firms in the region while multinational corporations are focusing more on business expansion in Myanmar, financial and investment experts said yesterday. Read more of this post

Rice Bond Flop Adds to Yingluck Protest Misfortune: Asean Credit

Rice Bond Flop Adds to Yingluck Protest Misfortune: Asean Credit

The failure of a bond sale for subsidized rice purchases adds to Prime Minister Yingluck Shinawatra’s challenges as she rounds up support to counter protesters occupying government offices. The finance ministry sold 37 billion baht ($1.2 billion) of three-year notes on behalf of Bank for Agriculture & Agricultural Cooperatives on Nov. 25, short of its 75 billion baht goal. The yield of 3.53 percent was 39 basis points above that on similar-maturity sovereign debt, according to the Public Debt Management Office. That compared with a 30 basis point premium at the last offer on Oct. 31, Thai Bond Market Association figures show. Read more of this post