The silver lining on multiple directorships?

The silver lining on multiple directorships

Thursday, Jun 12, 2014

Lee Kin Wai

The Straits Times

It is generally believed to be detrimental for a company if its board directors hold several other board positions elsewhere.

The idea is that a director is less likely to be able to effectively oversee a firm if he is too busy with similar responsibilities for many other organisations. Read more of this post

MasterCard expects big growth from ‘big data’ insights

MasterCard expects big growth from ‘big data’ insights

9:22am EDT

By Emma Thomasson

BERLIN (Reuters) – MasterCard Inc, the world’s second-largest debit and credit card company, sees business booming from selling data to retailers, banks and governments on spending patterns found in the payments it processes, a top executive told Reuters. Read more of this post

China to maintain manufacturing supremacy

May 23rd 2014

China to maintain manufacturing supremacy

In the past three decades China has revolutionised global manufacturing. In that time 500m people have moved from its fields to its cities, creating an unprecedented mass of factory workers. China’s economy is changing, however, as wages rise and labour unrest grows. Does this mean an end to its dominance of global manufacturing? The Economist Intelligence Unit believes that new infrastructure and further productivity growth, allied to a continued supply of new urban workers, will keep China competitive, despite several new trends in supply chains. Read more of this post

PCAOB Cracks Down on Fraud; A new PCAOB standard will require auditors to probe more deeply into related-party deals, unusual transactions and executive pay.

June 11, 2014

CFO.com | US

PCAOB Cracks Down on Fraud

A new PCAOB standard will require auditors to probe more deeply into related-party deals, unusual transactions and executive pay.

David M. Katz

Bottom of Form

Citing “decades of financial reporting frauds,” the Public Company Accounting Oversight Board yesterday issued new rules aimed at tightening auditor scrutiny of corporate related-party deals, “significant unusual transactions,” and executive compensation. Read more of this post

Free Wi-Fi is new battleground for China’s internet giants

Free Wi-Fi is new battleground for China’s internet giants

Staff Reporter

2014-06-11

Free Wi-Fi service is expected to become the next battleground for China’s internet giants, who are trying to tap into the online-to-offline (O2O) market, the Shanghai-based National Business Daily reports.

Alipay, the third-party payment service operated by Chinese e-commerce giant Alibaba, recently announced a partnership with Wi-Fi service provider WiTown, under which the two companies will help vendors establish Wi-Fi services at their stores. The Wi-Fi will be offered to customers free of charge. Read more of this post

Political meddling is at the root of India’s power problems

Political meddling is at the root of India’s power problems: Kemp

Tue, Jun 10 2014

By John Kemp

LONDON (Reuters) – (John Kemp is a Reuters market analyst. The views expressed are his own)

For decades, India’s power engineers had a dream: “One Nation. One Grid. One Frequency.”

At the start of this year, that vision was realised. India finally has a nationwide power system stretching from Tamil Nadu in the south to Kashmir in the north, Gujarat in the west to Nagaland in the east. Read more of this post

Revealed: Asian slave labour producing prawns for supermarkets in US, UK

Revealed: Asian slave labour producing prawns for supermarkets in US, UK

Thai ‘ghost ships’ that enslave, brutalise and even kill workers are linked to global shrimp supply chain, Guardian investigation discovers
• Trafficked into slavery on Thai trawlers to catch food for prawns 
• Thailand’s seafood industry: state-sanctioned slavery?
Kate HodalChris Kelly in Songkhla and Felicity Lawrence

The Guardian, Tuesday 10 June 2014 12.05 BST

Slaves forced to work for no pay for years at a time under threat of extreme violence are being used in Asia in the production of seafoodsold by major US, British and other European retailers, the Guardian can reveal.

A six-month investigation has established that large numbers of men bought and sold like animals and held against their will on fishing boats off Thailand are integral to the production of prawns (commonly called shrimp in the US) sold in leading supermarkets around the world, including the top four global retailers: Walmart, Carrefour, Costco andTesco. Read more of this post

Picking winning supply-chain technologies; The latest digital advance won’t necessarily cure your supply-chain woes. Technologies that can help companies grapple with heightened supply-chain volatility outlined

Picking winning supply-chain technologies

The latest digital advance won’t necessarily cure your supply-chain woes. In this video interview, McKinsey’s Alex Niemeyer outlines the technologies that can help companies grapple with heightened supply-chain volatility.

June 2014

Separating fact from fiction

The impact of technology

Managing supply-chain volatility

Companies often look for single, miraculous cures to their supply-chain problems. In this interview with McKinsey’s Thomas Fleming, McKinsey director Alex Niemeyer explains why falling for hype can cost companies millions of dollars and discusses the technological advances he believes have the potential to make a real difference. An edited transcript of Niemeyer’s remarks follows. Read more of this post

Mozilla to Sell $25 Smartphones in India and Indonesia

Jun 11, 2014

Mozilla to Sell $25 Smartphones in India and Indonesia

LORRAINE LUK

SHANGHAI—Smartphones as cheap as $25 powered by Mozilla Corp.’s software will be available in India and Indonesia later this year, an executive said.

Mozilla has been pitching its Firefox mobile operating system for low-cost smartphones in emerging markets as an alternative to Google Inc.’s Android and iOS from Apple Inc. through partnerships with major handset vendors, carriers and assemblers since July. Read more of this post

More Than 1 in 5 Homes in Chinese Cities Are Empty, Survey Says; Southwestern University of Finance and Economics Analysis Finds 49 Million Sold but Vacant Units

More Than 1 in 5 Homes in Chinese Cities Are Empty, Survey Says

Southwestern University of Finance and Economics Analysis Finds 49 Million Sold but Vacant Units

ESTHER FUNG

June 11, 2014 7:01 a.m. ET

SHANGHAI—More than one in five homes in China’s urban areas is vacant, and a current housing-price correction is putting additional pressure on the owners of such empty properties, according to a nationwide survey by researchers from China’s Southwestern University of Finance and Economics. Read more of this post

PCAOB Adopts Standard on Auditing Related-Party Transactions

PCAOB Adopts Standard on Auditing Related-Party Transactions

WASHINGTON, D.C. (JUNE 10, 2014)

BY MICHAEL COHN, EDITOR-IN-CHIEF, ACCOUNTINGTODAY.COM

The Public Company Accounting Oversight Board adopted a new auditing standard Tuesday, along with amendments to other auditing standards, to require auditors to pay more attention to three critical areas of the audit: related-party transactions, significant unusual transactions, and a company’s financial relationships and transactions with its executive officers. Read more of this post

Here’s What It Will Take To Be A CEO In 2040

Here’s What It Will Take To Be A CEO In 2040

DRAKE BAER STRATEGY  JUN. 11, 2014, 2:55 AM

Coming soon?

The term “chief executive officer” has been around since about 1917, when the modern business management system was first established.

new article from PwC’s strategy+business traces the evolution of the role over the past century — and looks ahead to 2040. To save you some time, we’ve distilled the insights of authors Ken FavaroPer-Ola Karlsson andGary L. Neilson into a few takeaways, but it’s worth a full read.  Read more of this post

How To Work 80-Hour Weeks And Not Burn Out

How To Work 80-Hour Weeks And Not Burn Out​

MAGGIE ZHANG STRATEGY  JUN. 11, 2014, 10:55 AM

Have you ever wondered how Wall Street professionals and management consultants somehow work 80-hour weeks without ever seeming to need a break?

In a recent Quora thread, “How do people work 80-100 hours a week and not get burnt out?”, users shared their best tips for balancing a hectic workweek with the rest of their lives. Read more of this post

35 Etiquette Tips For Doing Business Around The World

35 Etiquette Tips For Doing Business Around The World

EMMIE MARTIN STRATEGY  JUN. 11, 2014, 1:35 PM

Picking up a sandwich with your hands during a business lunch in New York wouldn’t be a big deal. But in Rio de Janeiro, it could signify considerable disrespect.

That’s because what’s considered “proper etiquette” or “good manners” varies greatly form country to country — and as a professional traveling overseas for work, if you don’t take the time to familiarize yourself with local social customs, you may appear rude and naïve, and you even run the risk of offending those you’re doing business with.

Though specific social protocol sometimes differs between cities and regions, learning general cultural customs from different countries will help ensure that you’re polite and professional wherever your travels take you.

 

Asia’s new generation of billionaires drive hard bargain with private banks

June 9, 2014 8:18 pm

Asia’s new generation of billionaires drive hard bargain with private banks

By Jeremy Grant

How do you meet a billionaire?

For the many banks and wealth managers chasing business from Asia’s ultra-wealthy, finding the answer to that question makes the difference between managing money for the region’s biggest business tycoons and merely aspiring to do so.

While the global population of billionaires – or ultra-high net worth individuals, in wealth managers’ jargon – has risen 60 per cent since 2009, say Singapore-based consultancy Wealth-X and UBS, the Swiss bank, the number in Asia has grown faster than anywhere else. Read more of this post

Traders face brunt of environmental push on palm oil; The palm oil market is facing a shake-up as leading agri commodities traders and large consumer groups negotiate contracts that must ensure the environmental credentials

Last updated: June 10, 2014 10:59 pm

Traders face brunt of environmental push on palm oil

By Emiko Terazono

Is your toothpaste contributing to deforestation? Not for much longer, as the drive to ensure palm oil is sustainably produced gathers pace.

The palm oil market is facing a shake-up as leading agricultural commodities traders and large consumer groups negotiate contracts that must ensure the environmental credentials of the commodity.

image001 Read more of this post

China probe sparks metals stocks scramble

June 10, 2014 11:21 am

China probe sparks metals stocks scramble

By Lucy Hornby

Metals traders are rushing to secure copper and aluminium stocks following a financing probe in the northeast Chinese port of Qingdao, with at least one company asking courts to freeze inventory while traders move metal to other ports to prevent possible seizure.

CITIC Resources, an arm of Chinese banking, trading and metals conglomerate CITIC Group, said on Tuesday it had asked courts in Qingdao to secure alumina – the raw material for aluminium – and copper it had stored at Qingdao Port. Read more of this post

Flood of cash needs to irrigate businesses

June 10, 2014 3:52 pm

Flood of cash needs to irrigate businesses

By Luke Johnson

Is there just too much capital? Asset prices are at record highs – be it London property or stock market indices – yet still the surpluses rise. What is happening?

Eighteen months ago, Bain published an insightful document called A World Awash With Money . It stated that “financial assets are nearly ten times the value of the global output of all goods and services”. In other words, the financial economy has swamped the real economy. Bain believes this will continue – as China, India and other emerging markets grow, it estimates total global capital will increase by a further $300tn by 2020, or 50 per cent from current levels. Read more of this post

Sources for founders’ secret-sauce ideas; Anne Wood got the idea for the Teletubby look after seeing astronauts in a museum display of space exhibits

Last updated: June 10, 2014 4:24 pm

Sources for founders’ secret-sauce ideas

image001

Eureka moment: Anne Wood got the idea for the Teletubby look after seeing astronauts in a museum display of space exhibits

How does an entrepreneur get inspiration? The challenge is not to come up with just one idea but the next one and the next to take a business forward, whether for another product, a new market or an adjustment to a basic service. We asked entrepreneurs to share their sources of new thinking. Read more of this post

Conflict looms in ‘Asia’s cauldron’; China’s disputes with neighbours are becoming dangerous

June 10, 2014 7:05 pm

Conflict looms in ‘Asia’s cauldron’

China’s disputes with neighbours are becoming dangerous

Maritime disputes between China and its neighbours have reached new levels of tension. The South China Sea, where Beijing has active disputes with both Hanoi and Manila, has become “Asia’s cauldron” in the phrase of Robert Kaplan. In the East China Sea, a stand-off with Japan over the Senkaku/Diaoyu islands has become especially poisonous. Thepotential for miscalculation is high. Japanese and Chinese aircraft regularly fly too close to each other for comfort. Last month, Vietnamese fishermen had to be rescued when their boat sank after clashing with a Chinese vessel. Read more of this post

Thinking machines are ripe for a world takeover; Tech visionaries are willing to spend to simulate human intelligence, writes Anjana Ahuja

June 10, 2014 6:57 pm

Thinking machines are ripe for a world takeover

By Anjana Ahuja

Tech visionaries are willing to spend to simulate human intelligence, writes Anjana Ahuja

If it looks like a duck and sounds like a duck, then it probably is a duck. That is the inelegant logic behind one of the challenges posed in artificial intelligence: the Turing test, which sets out to answer the question, “can machines think?” Read more of this post

Hon Hai to transform into technology services company and will provide total solutions from content creation to information management, cloud storage and data transmission

Hon Hai to transform into technology services company

CNA

2014-06-11

Taiwan’s Hon Hai Precision Industry, a main supplier of Apple, is set to transform itself into a technology services company to meet consumer demand and has no intention of launching own-branded products.

Hon Hai, better known as Foxconn Technology Group, will provide total solutions from content creation to information management, cloud storage and data transmission, Terry Gou told reporters Tuesday at the Global Device Summit, part of the Mobile Asia Expo in Shanghai. Read more of this post

Yu’ebao hits 100 million subscriber mark

Yu’ebao hits 100 million subscriber mark

Staff Reporter

2014-06-11

Over the past year since its launch on June 13, 2013, Yu’ebao, an online public fund operated by Chinese internet giant Alibaba Group, has had a revolutionary effect on China’s public funds and even the overall financial market, reports the Beijing-based Economic Information Daily.

Yu’ebao’s performance has beaten expectations, having reached 81 million subscribers and 500 billion yuan (US$80.3 billion) as of the end of February, the latter the fourth largest among money funds worldwide. The scale climbed further to 541.3 billion yuan (US$86.9 billion) as of March 31 and the number of subscribers has now topped 100 million, the paper said. Thanks to the contribution of Yu’ebao, the total capacity of China’s public fund market has surged 40% year-on-year to 3.4 trillion yuan (US$551 billion). Read more of this post

The founder and chairman of Taiwan’s Hon Hai Precision Industry, the world’s largest contract maker of electronic goods, urged the establishment of a “smart society” that incorporates devices with services

Hon Hai’s Gou calls for creation of ‘smart society’

CNA

2014-06-11

The founder and chairman of Taiwan’s Hon Hai Precision Industry, the world’s largest contract maker of electronic goods, urged Tuesday the establishment of a “smart society” that incorporates devices with services.

Addressing the Global Device Summit as part of the Mobile Asia Expo in Shanghai, Terry Gou said people need a smart and connected society because devices alone cannot meet people’s demands. Read more of this post

Ferrari drops agent as China’s luxury car market shrinks; With its sales in China dropping by one third to 554 cars in 2013, Ferrari has recently terminated a franchise agreement with a Chinese agent

Ferrari drops agent as China’s luxury car market shrinks

Staff Reporter

2014-06-11

With its sales in China dropping by one third to 554 cars in 2013, Ferrari has recently terminated a franchise agreement with a Chinese agent which owns two stores, out of more than 20 in the nation, a reflection of China’s shrinking luxury car market, reports the Chinese-language Beijing Business Today.

A company source told the paper that Ferrari decide to back out of the franchise following allegations that the agent was also selling rival brands at the same time, but market players attributed the move to the shrinkage of China’s top luxury car market. Read more of this post

China’s LED industry: Get big or go home

China’s LED industry: Get big or go home

Staff Reporter

2014-06-11

Over 10,000 Chinese enterprises have jumped onto the LED bandwagon but up to 50% of them will be forced out in five to eight years, said Pan Wenpo, chairman of Guangzhou Guangya Frankfurt Exhibition.

Pan predicted that China’s LED industry will become increasingly concentrated, leading to the emergence of enterprises with annual sales in the billions of yuan over a five-to-eight-year period, according to Shanghai’s China Business News. He added that the industry’s annual output value will grow at an annual clip of 22%-25% and surpass 1 trillion yuan (US$160 billion) in five years, compared with 350 billion yuan (US$56 billion) in 2013. The forecast amounts to 420-430 billion yuan (US$67-$69 billion) this year, as the LED penetration rate could jump to over 80%. The industry will be dominated by enterprises with edges in branding, sales networks and technology, stressed Pan. Read more of this post

New Silk Road to build global access to Chinese culture

New Silk Road to build global access to Chinese culture

XI’AN, June 9 (Xinhua) — China should build a new Silk Road using the Internet to help integrate Chinese culture into the outside world, the vice chief of a Chinese Internet entertainment company said at the weekend.

American cartoons, such as Dreamworks’ “Kung Fu Panda” and Disney’s “Mulan,” are not true embodiments of Chinese culture, said Wang Yuyun, vice president of Perfect World.

“They are Hollywood cultural products made for viewers around the world. American producers borrowed the classic tales or images of China, and the cartoons mainly reflect American values,” she said. Read more of this post

CITIC Securities Analyst Suspended after Disclosing Drug Firm’s Stock-Incentive Compensation Plan; Zhang Mingfang put information on WeChat, prompting investors and fund managers to make quick exits from group chats

06.09.2014 16:17

CITIC Securities Analyst Suspended after Disclosing Drug Firm’s Compensation Plan

Zhang Mingfang put information on WeChat, prompting investors and fund managers to make quick exits from group chats

By staff reporters Zheng Fei and Liu Zhuozhe

(Beijing) – CITIC Securities has suspended an analyst who put information about Lizhu Medicine Group Holding Co. Ltd. on a messaging app’s group chats.

Lizhu, a medicine company listed in Shenzhen, said it will halt trading of its shares on June 9 until it releases a plan on stock-based incentive compensation for its employees. Read more of this post

Three events that shaped our world: If there is one lesson from the past 100 years it is that we are doomed to co-operate

June 10, 2014 7:13 pm

Three events that shaped our world

By Martin Wolf

If there is one lesson from the past 100 years it is that we are doomed to co-operate

image002-1

This year is the 100th anniversary of the start of the first world war, the 70th anniversary of D-Day and the 25th anniversaries of the collapse of the Soviet empire and the savage crackdown around Tiananmen Square. One hundred years ago, Europe’s fragile order fell apart. Seventy years ago, the democracies launched an assault on totalitarian Europe. Twenty-five years ago, Europe became whole and free, while China chose market economics and the party state. We have now lived for a quarter of a century in an era of global capitalism. But the political and economic pressures of such an era are also increasingly evident. Read more of this post

The ex-chairman of fast-food chain Kungfu has lost his appeal in an embezzlement case that sources close to the company say was the result of a dispute involving family members

06.09.2014 18:54

Ex-Boss of Fast-Food Chain Loses Appeal of Embezzlement Conviction

Court upholds verdict against Cai Dabiao in case sources close to Kungfu Catering say was result of power struggle

By staff reporter Wang Jing

image001-1

(Beijing) – The ex-chairman of fast-food chain Kungfu Catering Management Co. Ltd. has lost his appeal in an embezzlement case that sources close to the company say was the result of a dispute involving family members.

The Guangzhou Intermediate People’s Court upheld the conviction of Cai Dabiao on June 6. The southern city’s Tianhe District Court had sentenced Cai to 14 years in prison on December 13 for misappropriation of funds and embezzlement. He will also have 1 million yuan’s worth of personal assets confiscated. Read more of this post

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