Rahul Gandhi and India: Watery sunrise; The problems of Congress’s front man

Rahul Gandhi and India: Watery sunrise; The problems of Congress’s front man

Jan 18th 2014 | DELHI | From the print edition

IT IS an irony of Indian politics that the man who could have taken over as prime minister at any point in the past five years has never wanted the job. Rahul Gandhi is the 43-year-old scion of the Nehru-Gandhi dynasty that has dominated the ruling Congress party for most of a century. His mother, Sonia Gandhi, the party president, is the political boss of the deferential prime minister, Manmohan Singh. Read more of this post

Rahul Gandhi Won’t Be Congress Party’s Prime Minister Candidate

Rahul Gandhi Won’t Be Congress Party’s Prime Minister Candidate

Rahul Gandhi will lead the campaign of India’s ruling Congress party in national elections due to be held by May, though the scion of the country’s most famous political family won’t be its formal prime minister candidate, a party spokesman said. Read more of this post

Indian business takes aim at AAP’s economic policies

January 16, 2014 1:46 pm

Indian business takes aim at AAP’s economic policies

By Victor Mallet in New Delhi

India’s upstart Aam Aadmi party, the champion of the “common man” propelled unexpectedly into power in Delhi by December’s state election, has enchanted millions of voters from all walks of life with its single-minded campaign against corruption. Read more of this post

Shenzhen Overtakes Hong Kong as Third Busiest Container Port

Shenzhen Overtakes Hong Kong as Third Busiest Container Port

China’s Shenzhen surpassed Hong Kong to become the world’s third-busiest container port for the first time last year, as a strike diverted ships away from the former British colony. Terminals in Shenzhen, in Guangdong province, handled 23.3 million twenty-foot equivalent containers last year, outpacing Hong Kong’s 22.3 million in the same period, data from the Transport Commission of Shenzhen Municipality and Hong Kong Port Development Council show. Port workers at billionaire Li Ka-shing’s Hongkong International Terminals Ltd. went on a 40-day strike in late March last year, demanding higher wages. Evergreen Marine Corp. Taiwan Ltd. and Japan’s Mitsui OSK Lines Ltd. were among shipping lines that diverted vessels to other ports. Shanghai and Singapore remain the world’s two biggest container ports.

To contact the reporter on this story: Rachel Butt in Hong Kong at rbutt4@bloomberg.net

Spain’s next Zara? Fashion label Desigual speeds global growth

Spain’s next Zara? Fashion label Desigual speeds global growth

Thu, Jan 16 2014

By Emma Thomasson

BERLIN (Reuters) – Spanish fashion label Desigual is accelerating its expansion in Europe and emerging markets, seeking to ride predictions of fast growth in women’s apparel while also taking the colorful brand into new areas like perfume and shoes. Read more of this post

In Retail, Culture Trumps Technology

January 16, 2014, 8:42 PM ET

In Retail, Culture Trumps Technology

MICHAEL HICKINS

We’ve all heard the pitch for over a decade: technology will help retailers send contextually relevant marketing messages to mobile devices of consumers wandering around malls and shopping districts. But despite advances in telecommunications infrastructure and data collection and analysis, there’s little proof that any of this actually sells so much as an extra pair of jeans. Read more of this post

I Can’t Believe It’s Butter in My Unilever Rama Spread

I Can’t Believe It’s Butter in My Unilever Rama Spread

Paul Polman, the head of margarine maker Unilever (UNA), has criticized butter in the past, saying the dairy fat “kills.” With sales of the company’s spreads sagging, he is now embracing it. Read more of this post

Precious Metals Manipulation Worse Than Libor Scandal, German Regulator Says

Precious Metals Manipulation Worse Than Libor Scandal, German Regulator Says

Tyler Durden on 01/16/2014 18:39 -0500

Remember when banks were exposed manipulating virtually everything except precious metals, because obviously nobody ever manipulates the price of gold and silver? After all, the biggest “conspiracy theory” of all is that crazy gold bugs blame every move against them on some vile manipulator. It may be time to shift yet another conspiracy “theory” into the “fact” bin, thanks to Elke Koenig, the president of Germany’s top financial regulator, Bafin, which apparently is not as corrupt, complicit and clueless as its US equivalent, and who said that in addition to currency rates, manipulation of precious metals “is worse than the Libor-rigging scandal.” Hear that Bart Chilton and friends from the CFTC? Read more of this post

Miners Chopping $10 Billion Search Bodes Next Price Boom

Miners Chopping $10 Billion Search Bodes Next Price Boom

Mining companies are extending massive cuts in exploration budgets for a second year, setting up the next price boom as China continues its relentless pursuit of metals and energy. Read more of this post

Aluminium premiums hit record high on tight physical market

Last updated: January 16, 2014 12:38 pm

Aluminium premiums hit record high on tight physical market

By Neil Hume, Commodities Editor

“The Rime of the Ancient Mariner” is not the first thing that comes to mind when thinking of the aluminium market but industrial consumers of the metal have much in common with the seafarer. To paraphrase Samuel Coleridge, there’s “metal, metal all around but not a tonne to buy”. Read more of this post

With many Korean securities firms up for sale, smaller players are having a difficult time finding a new owner

In crowded market, scant interest in small securities firms

Jan 17,2014

With many securities firms up for sale, smaller players are having a difficult time finding a new owner, according to industry sources. 

Of the brokerages that poured out in the M&A market last year, only Woori Investment and Securities found a buyer. Late last year, NH Nonghyup Financial Group was selected as the preferred bidder of Woori Financial Group’s securities arm and the two are currently wrapping up negotiations. Read more of this post

Hyundai Card, Hyundai Capital Services to be punished for improper business operation

Hyundai Card, Hyundai Capital Services to be punished for improper business operation

2014.01.16 15:51:50

South Korea’s financial authorities are set to impose a penalty on Hyundai Card and Hyundai Capital Services, which were bent on making money, neglecting their customer protection duty, as the Korean financial industry has been hit by a massive leakage of customer information. This is because Hyundai Card turned a deaf ear to the authorities’ call for refraining from selling fee-based personal information protection products, while Hyundai Capital Services was caught having tapped illegal means to expand into supplementary business areas. The two companies are set to face sanction after Hyundai Card was found to have continued to accept payment for providing credit information protection service despite the Financial Supervisory Service’s request not to do so, and Hyundai Capital Services violated the rule of focusing on original business areas and expanded supplementary services such as credit loans, said sources in the financial sector Thursday. Both companies are supervised by CEO Chung Tae-young. Mr Chung, who is well known for design-oriented and innovative management in the financial industry, has been accused of being preoccupied with only profit and not caring for customers by financial regulatory officials. Hyundai Capital Services was infiltrated by hackers and suffered the leakage of 1.7 million customers’ information, and CEO Chung apologized to its customers for the incident in 2011.

The Yen and Japan’s Trade Deficit; Exchange rates don’t drive trade flows

The Yen and Japan’s Trade Deficit

Exchange rates don’t drive trade flows, savings rates do.

Jan. 16, 2014 7:39 p.m. ET

According to conventional wisdom, a weaker currency should boost exports and reduce imports, but the real world doesn’t work that way. Take the trade figures out of Japan this week. Despite the yen losing 15% of its value against the dollar over the past year, Japan posted a record trade deficit of $5.7 billion in November. Read more of this post

No ordinary Jokowi: Jakarta’s governor is favourite to be Indonesia’s next president, though he is not a candidate

No ordinary Jokowi: Jakarta’s governor is favourite to be Indonesia’s next president, though he is not a candidate

Jan 18th 2014 | From the print edition

IN A gaggle of photographers, assorted hangers-on and just three security guards, a slight figure in a white shirt descends on Benhil, a dilapidated market in central Jakarta. Joko Widodo, known to all as Jokowi, is engaging in what has been a daily activity since he became the city’s governor in October 2012: blusukan, or an unannounced spot-check. The market is to be redeveloped. Besides buying some mangoes and more white shirts, Jokowi wants to know if the stallholders are happy about how the project is being handled. They seem to be—and are thrilled to hobnob with the most popular politician in the country. Read more of this post

Howard Marks’ Views On When Markets Will Be Efficient (Hint: Never)

Howard Marks’ Views On When Markets Will Be Efficient (Hint: Never)

Submitted by Tyler Durden on 01/16/2014 20:25 -0500

While the topic of Howard Marks’ latest letter is the role of luck in everything from the life one leads to investing, the part we found particularly engaging was his discussion of (in)efficient markets, and why according to him inefficient markets are to be cherished, especially if one knows in advance just how rigged the game is and the skill of the other players.  Here is the key excerpt. Read more of this post

Student Loans, the Next Big Threat to the U.S. Economy?

Student Loans, the Next Big Threat to the U.S. Economy?

By Caroline Salas Gage and Janet Lorin January 16, 2014

Tiffany Roberson works for the state of Texas as a parole officer, teaches part-time, and is living with her parents after having completed her master’s degree. She’s held off marrying her boyfriend of four years and starting a family because she owes more than $170,000 in federal and private student loans that she took out to pursue her education in criminal justice. “I’ve never gone into default,” the 30-year-old says. “What really hurts is people say I’m a bum for living at home.” Read more of this post

The $8 Million South Tangerang Mayor Airin Rachmi Diany : ‘My Wealth Comes From God’ after her husband, Tubagus “Wawan” Chaeri Wardana, would be charged with money laundering over his alleged involvement in a crooked medical equipment procurement probe

The $8 Million Mayor: ‘My Wealth Comes From God’

By Jakarta Globe on 7:28 pm January 15, 2014.

South Tangerang mayor Airin Rachmi Diany is escorted away from the Corruption Eradication Commission building in South Jakarta on Dec. 26. (JG Photo/Afriadi Hikmal)

South Tangerang Mayor Airin Rachmi Diany remained philosophical on Wednesday after digesting the news that her husband, Tubagus “Wawan” Chaeri Wardana, would be charged with money laundering over his alleged involvement in a crooked medical equipment procurement scheme.

“One’s job, wealth and challenges all come from Allah and belong to Allah,” she said. Read more of this post

Mining in Indonesia: Smeltdown; The government risks an export slump to boost the metals-processing industry

Mining in Indonesia: Smeltdown; The government risks an export slump to boost the metals-processing industry

Jan 18th 2014 | JAKARTA | From the print edition

INDONESIA’S government concedes that it will cause short-term damage; but on January 12th it went ahead and banned exports of mineral ores, at last implementing a law passed in 2009. Officials say that forcing mining firms to export only processed minerals will attract investment in smelters and refineries. After a year or so this will start to add value to the country’s exports, they say. But it is quite a gamble. Read more of this post

Rice farming in Vietnam: Against the grain; Vietnam’s farmers are growing a crop that no longer pays its way

Rice farming in Vietnam: Against the grain; Vietnam’s farmers are growing a crop that no longer pays its way

Jan 18th 2014 | HANOI AND CHAU DOC | From the print edition

HE prospect from Sam mountain, a rocky outcrop in southern Vietnam’s Mekong delta, is timeless. Paddy fields shine emerald. Irrigation canals reflect the sunlight like mirrors. Three times a year, farmers in surrounding towns put on their rubber boots and plant rice seedlings in the deep soil. A few months later they sell their sacks of grain to traders, who bring it to riverside mills for processing. In its essence, this activity is timeless, too. Read more of this post

Thai Turmoil Bruising Economy Spurs Pressure for Second Rate Cut

Thai Turmoil Bruising Economy Spurs Pressure for Second Rate Cut

Thailand probably will cut its benchmark interest rate for a second straight meeting next week as protests to oust Prime Minister Yingluck Shinawatra’s government crimp economic growth. Read more of this post