Ansell chief says the automotive manufacturers have begun to cut back on purchases

Car industry fallout ‘already here’, says condom maker Ansell

February 18, 2014

Jessica Gardiner

The demise of car making in Australia is already causing pain in the wider economy, as Ansell chief executive Magnus Nicolin says the automotive manufacturers and their suppliers have begun to cut back on purchases of the protective equipment it supplies.

Australia was one of the weaker markets that dragged back Ansell’s underlying revenue growth to just 1 per cent in the December half. Read more of this post

Ian McLeod, who has led the $1 billion profit turnaround at supermarket chain Coles, is stepping down as managing director

Coles boss Ian McLeod steps down

February 18, 2014 – 4:46PM

Eli Greenblat

Coles managing director Ian McLeod is moving to a position in the Westfarmers group. Photo: Paul Jones

Coles boss Ian McLeod, who has led the supermarket group for more than five years and helped turn around the grocery chain, will step aside from the retailer in July to make way for new boss John Durkan. Read more of this post

IKEA napkins among substandard paper towels sold in China

IKEA napkins among substandard paper towels sold in China

Staff Reporter

2014-02-18

Napkins sold by Swedish furniture giant IKEA have been identified as one of several substandard items sold in China and Hong Kong after undergoing tests by the Beijing Consumer Association, reports Hong Kong newspaper Ming Pao.

The Fantastisk napkin made by IKEA and sold at its Beijing, Shanghai and Hong Kong outlets, were among the 14 items found to be substandard by the association out of 30 samples randomly selected from stores in more than 10 provinces and municipalities including Beijing, Shanghai, Tianjin, Hebei, Shandong, Jiangsu, Fujian and Guangdong. Read more of this post

Jim Rogers Tells Us What Everyone Keeps Getting Wrong About China

Jim Rogers Tells Us What Everyone Keeps Getting Wrong About China

MAMTA BADKAR MARKETS  FEB. 17, 2014, 11:48 PM

Concerns about a Chinese hard-landing set off by Beijing’s efforts to deflate the credit bubble are making headlines again.

GDP growth slowed to 7.7% in 2013, the lowest level in 14 years. And the slowdown has played a part in the emerging markets rout we have seen recently. But recent tradeand lending data, and Lunar New Year saleshave come in better than expected.

We reached out to Jim Rogers, chairman of Rogers Holdings , to get his thoughts on the slowdown and on what everyone is getting wrong about China. Read more of this post

Nobel Winner’s Frank Advice to China’s Leadership

Nobel Winner’s Frank Advice to China’s Leadership

By JONATHAN SCHLEFERFEB. 17, 2014

CAMBRIDGE, Mass. — A. Michael Spence won the Nobel Memorial Prize in Economic Science in 2001 for esoteric research on how people make decisions when critical information is hard to obtain. But by that time, after more than a decade and a half as an academic dean at Harvard and Stanford, many of Mr. Spence’s colleagues had begun referring to him as a “former economist.” Read more of this post

Fosun Group invests US$30m in Malaysia’s Secret Recipe; Secret Recipe, founded in 1997, opened more than 300 restaurants in 10 countries

Fosun Group invests US$30m in Malaysia’s Secret Recipe

Staff Reporter

2014-02-18

Fosun Group, a leading private conglomerate in China, has invested 210.5 million yuan (US$30.7 million) in its first overseas investment in the chain restaurant industry, the Shanghai-based China Business News reports.

In recent years, Fosun has been active in investing in the tourism consumption industry before selecting Malaysia-based chain Secret Recipe as its first target. Read more of this post

Abenomics’ wobbly arrows

Updated: Tuesday February 18, 2014 MYT 2:37:46 PM

Abenomics’ wobbly arrows

BY JAMES SAFT

REUTERS: Japan’s bold Abenomics plan is producing spluttering results on key consumption and investment measures, potentially undermining its resolve.

Japan’s economy grew by just 0.3% in the fourth quarter, less than half estimates. That’s despite Japan and its central bank following through strongly on a massive campaign of asset purchases, which is on course to double the amount of money sloshing around the economy in the 20 months to the end of 2014. Read more of this post

Andy Kessler: Don’t Tread on Me-or Make Me Stand in Line; American exceptionalism includes hating to queue. Silicon Valley has been happy to help out.

Andy Kessler: Don’t Tread on Me—or Make Me Stand in Line

American exceptionalism includes hating to queue. Silicon Valley has been happy to help out.

ANDY KESSLER

Feb. 17, 2014 7:12 p.m. ET

What is the heart of American exceptionalism? Is it Alexis de Tocqueville’s “they would rather be equal in slavery than unequal in freedom”? How about Abraham Lincoln’s “conceived in liberty”? Or Ronald Reagan’s spirit of rugged individualism? Meh. Those are answers for a high-school civics exam. It’s actually much simpler: Americans will put up with just about anything—except for waiting in line. Read more of this post

Bitcoin is in a crisis. How the ecosystem responds could determine whether the currency goes the way of tulip bulbs in the 1600s or becomes a breakthrough like email

Feb 17, 2014

Bitcoin’s Crisis Is Turning Point for Currency

FRANCESCO GUERRERA

Many bitcoin

users are probably too young to remember the Notorious B.I.G.’s 1997 rap hit “Mo Money Mo Problems.” A YouTube trip down memory lane won’t be a waste of time: Mo virtual money, mo problems.

After weeks marked by technological breakdowns, regulatory issues and general questions over its viability, bitcoin is in the midst of the worst crisis since it was proposed in a white paper in 2008. Read more of this post

Comment: Now or never for Europe’s exchanges

February 17, 2014 11:29 am

Comment: Now or never for Europe’s exchanges

By Philippe Carré

European businesses are in a bit of a bind. The eurozone, with the exception of Germany, is depressed and the continent’s businesses need to invest to compete with their rivals in America and Asia.

However, money is an extremely scarce commodity, even in spite of the historically low interest rates. The usual route, borrowing from banks, is being obstructed by the need for these banks to fill the estimated €400bn hole in their balance sheets. Read more of this post

More and more Europeans are keen on destroying the EU from the inside

More and more Europeans are keen on destroying the EU from the inside

By Jason Karaian @jkaraian

February 17, 2014

We have just passed the 100-day mark until elections will be held for the European parliament. According to the latest polls, the self-hating parliament, as the head of a prominent think tank puts it, is about to do even more self-harm. Across the EU, voters are flocking to euroskeptic parties whose platforms emphasize taking back powers ceded to Brussels, if not dismantling the bloc entirely.

According to election-tracking site Electionista, which helpfully collects all of the latest poll data in an online spreadsheet, these mostly rightwing parties are poised to make big gains from their previous showings: Read more of this post

Spain’s underground economy is booming; Spain’s economic crisis, the government’s response to it, and pervasive corruption have inspired a flowering of the black market economy

Spain’s underground economy is booming

February 14, 2014: 12:13 PM ET

Spain’s economic crisis, the government’s response to it, and pervasive corruption have inspired a flowering of the black market economy.

By Ian Mount

FORTUNE — Outside the front door of an IKEA in the Barcelona suburb of L’Hospitalet de Llobregat, a group of men — mostly immigrants from Ecuador — offer shoppers informal delivery services. In Spain’s crisis economy, it’s a competitive business — to cut down on conflict, the drivers pick numbered balls to set a queue — and with some negotiating, a shopper can get immediate delivery for less than what IKEA’s official drivers charge. Read more of this post

Peugeot’s China-funded bailout will create an awkward ménage à trois

Peugeot’s China-funded bailout will create an awkward ménage à trois

By Lily Kuo @lilkuo

39 minutes ago

The imminent bailout of troubled carmaker PSA Peugeot Citroen will split control between a French auto dynasty giving up control after more than 200 years, a Chinese state-owned auto company on the rise, and the French government. What could possibly go wrong? Read more of this post

A Big Bet on Gluten-Free: The number of people who must avoid gluten for health reasons is relatively small, but other consumers have joined them to create a lucrative market the food industry covets

A Big Bet on Gluten-Free

By STEPHANIE STROMFEB. 17, 2014

The Girl Scouts recently introduced a gluten-free chocolate chip shortbread cookie to their annually anticipated line of sweet treats.

Vodka companies vie over which one of them was the “first” to introduce a gluten-free version of their products.

And Trader Joe’s recently joked in an advertising flier promoting gluten-free foods that it was selling “Gluten Free Greeting Cards 99 Cents Each! Every Day!” — even though it then went on to say the cards were not edible. Read more of this post

Campbell Soup’s thinks Goldfish crackers can save it from soup

Campbell’s thinks Goldfish can save it from soup

By Roberto A. Ferdman @robferdman

February 14, 2014

You’d think a soup company looking to branch out would be betting the farm on oyster crackers. But Campbell’s is convinced Goldfish are the next big thing.

The American soup giant reported strong earnings today, led by a 14% sales jump in the company’s global baking and snacking business. The company owns Pepperidge Farm, which makes, among other goodies, Goldfish. Sales of the popular, fish-shaped crackers grew by 5% this quarter, adding to a decade of solid growth. Read more of this post

Over half of South Korean listed companies’ shares retreated from late 2007.

55% of S. Korea listed firm shares fall from 7 years ago

2014.02.17 17:36:22

Over half of South Korean listed companies’ shares retreated from late 2007.
Shares of 55 percent, or 719 of 1,319 domestic listed firms closed lower on February 14, 2014 compared to their closing levels in late 2007, said FnGuide and E-Trade Securities Korea that conducted and released the comparison Monday commissioned by Maeil Business Newspaper. During the same period, 45 percent of them, or 600 listed firms, saw their shares advance.
Over the corresponding period, shares of 75 percent, or 338 of 500 US companies listed on the S&P 500, gained, and 57 percent, or 408 of 711 companies listed on the Taiwan Capitalization Weighted Stock Index (TAIEX) climbed as well. In comparison, the Korean stock market is badly bearish.  Read more of this post

Regional Korean gov’t heads to be stripped of budget compilation rights for mismanagement

Regional gov’t heads to be stripped of budget compilation rights for mismanagement

Park Man-won, Chang Won-joo

2014.02.16 13:40:00

The South Korean government will introduce ‘insolvency system’ for poorly-managed regional governments. The new system is an equivalent of corporate workout system. In addition, safety index, which calculates frequency of safety accidents, by region will be made public this year while one-room buildings which have frequent cases of crimes against women will be subject to anti-crime certification.  Read more of this post

S. Korea sees no progress in stem cell research for a decade

S. Korea sees no progress in stem cell research for a decade

Park Gi-hyo, Won Ho-sup

2014.02.18 17:40:23

South Korea has no place in the global competition for stem cell research. The US, Japan and China are running ahead, but Korea has stagnated for ten years after traumatized by the Hwang Woo-suk scandal.
The US, a top country in the field backed by the federal government’s support for embryonic stem cell research since 2009, successfully cloned human embryonic stem cells for the first time in the world last year. Japan became the world’s first country to create induced pluripotent stem cells (iPS cells) in 2006. Last month, a 30-year-old Japanese female researcher took one step further and developed a new technique to create stem cells, called Stimulus-Triggered Acquisition of Pluripotency (STAP).  Read more of this post

South Korean President Park Geun-hye warns against broadcasting market monopoly; “I urge broadcasting regulators to ensure that the industry will not fall into the hands of a handful of conglomerates.”

Park warns against broadcasting market monopoly

Lee Jae-cheol

2014.02.17 17:43:16

South Korean President Park Geun-hye noted Monday, “I urge broadcasting regulators to ensure that the industry will not fall into the hands of a handful of conglomerates.”
President Park said at the policy briefing by the Ministry of Science, ICT and Future Planning and Korea Communications Commission “conglomerates, which set their foot in the broadcasting market, are expanding their presence via vertical integration including increasing their broadcasting channel.”  Read more of this post

The Korean government plans to announce a set of comprehensive measures to curb mounting household debt, the main drag on the South Korean economy, next week

Gov’t to announce measures to curb mounting household debt

Chun Beom-joo, Lee Hyun-jung

2014.02.18 17:46:24

The government plans to announce a set of comprehensive measures to curb mounting household debt, the main drag on the South Korean economy, next week. The measures, to be drawn up by the Finance Ministry and Financial Services Commission, are expected to include limiting loans to those who are seeking to live in high-priced rental homes with debt and reducing the size of housing mortgage loans. The government is also likely to encourage banks to increase the ratio of fixed-rate lending, limit lending by secondary financial institutions and expand support for the financially disadvantaged brackets.  Read more of this post

The South Korean state-run companies markedly cut back on their spending after the government’s plan to normalize their operations

S. Korean state-run companies tighten belt

Shin Hyun-gyu

2014.02.17 14:59:40

The South Korean state-run companies markedly cut back on their spending after the government’s plan to normalize their operations. Their earnings also posted steep rises on the back of utility rate hikes including electricity bill.  Read more of this post

ATV executive director Louie King-bun hit back at disgruntled television audiences and told them to “use their brains” after social activist Lui Yuk-lin threw “hell money” outside the venue

ATV boss tells furious viewers to use brains
Kelly Ip
Tuesday, February 18, 2014
ATV executive director Louie King-bun hit back at disgruntled television audiences and told them to “use their brains.”

In the first public hearing on the license renewals of TVB and ATV at City Hall in Central, many participants urged the government not to renew ATV’s license as its programs are mostly reruns and lack quality. Read more of this post