Let there be light in Singapore’s vacant “dark condos”

Let there be light

Thursday, Jun 12, 2014

Kalpana Rashiwala

The Business Times

SINGAPORE – No official statistics are available on vacancy rates in individual completed condominium projects. But BT’s lensmen put together a snapshot of “dark condos” in Singapore when they photographed a selection of projects between 8pm and 9.30pm on weekdays in the last week of May, before the start of the school holidays – and it’s a telling picture. Read more of this post

Anger rises as India swelters under record heatwave

Anger rises as India swelters under record heatwave

5:55am EDT

By Tommy Wilkes

NEW DELHI (Reuters) – Swathes of north India are sweltering under the longest heatwave on record, triggering widespread breakdowns in the supply of electricity and increasingly angry protests over the government’s failure to provide people with basic services.

The power crisis and heatwave, which some activists say has caused dozens of deaths, is one of the first major challenges for Prime Minister Narendra Modi, who was elected three weeks ago partly on promises to provide reliable electricity supplies. Read more of this post

Foreign interns pay the price for Japan’s labor shortage

Foreign interns pay the price for Japan’s labor shortage

12:30am EDT

By Alexandra Harney and Antoni Slodkowski

HAKUSAN, Japan/HAIMEN, China, June 12 (Reuters) – Wednesday, Oct. 31, 2012 was a regular work day at Kameda, a family-owned apparel factory housed in rusting corrugated metal buildings in the western Japanese city of Hakusan. For three Chinese women, it was a day of escape.

At about 6:30 that morning, Ichiro Takahara, a Japanese union organizer, rolled up outside the dormitory where the women lived. Lu Xindi, Qian Juan and Jiang Cheng were waiting – they had been secretly plotting this move for months. Takahara drove them to a convenience store and then to the local labor standards office. Read more of this post

Following the (M&A) Example of Others

Posted: June 9, 2014

Matt Palmquist is a freelance business journalist based in Oakland, Calif.

Following the (M&A) Example of Others

Bottom Line: Acquiring a company in an emerging market carries a considerable amount of risk for U.S. firms. But carefully watching the decisions and outcomes of other companies leads to substantially better postmerger performance for acquiring firms.

Following in another firm’s footsteps doesn’t usually make for an effective business plan. But as the world’s economies continue their steady march toward integration, a new study finds that U.S. companies can better plan and execute mergers in developing markets by monitoring other firms’ previous acquisitions in the same countries. Read more of this post

Here’s What You Need To Know About The Crisis In The Chinese Metals Market

Here’s What You Need To Know About The Crisis In The Chinese Metals Market

MAMTA BADKAR MARKETS  JUN. 12, 2014, 3:22 AM

A scandal surrounding metals-wear housing is rocking Asian markets.

At issue are numerous loans that have been made with copper and aluminum pledged as collateral. The growing concern is that the same copper and aluminum has been pledged multiple times improperly.

A subsidiary of a Chinese aluminum producer, Dezheng Resources, is being investigated for allegedly pledging the same stock of aluminum and copper against multiple banks, to access cheap funding, reports Lucy Hornby at Financial Times. Read more of this post

IMF sounds global housing alarm

June 11, 2014 7:00 pm

IMF sounds global housing alarm

By Robin Harding in Washington

The world must act to contain the risk of another devastating housing crash, the International Monetary Fund warned on Wednesday, as it published new data showing house prices are well above their historical average in many countries.

   Read more of this post

Foreign carmakers milk China’s cash cow

June 11, 2014 5:31 pm

Foreign carmakers milk China’s cash cow

By Tom Mitchell in Beijing

In the 1950s, a former GM president reportedly observed that “what’s good for General Motors is good for the US”. Charles Erwin Wilson was in fact misquoted, but 60 years later it would appear that what is really good for GM is the China market.

In the first quarter of this year, GM’s China joint ventures reported net income of $595m, compared to just $100m for the company’s global operations. Read more of this post

China metal financing fears spread to Singapore

June 11, 2014 3:04 pm

China metal financing fears spread to Singapore

By Lucy Hornby in Beijing and Jeremy Grant in SingaporeAuthor alerts

An investigation into metals financing in a northeastern Chinese port city has cast a chill in Singapore, where a surge of business financing imports into China has bankers increasingly worried.

A Chinese company’s alleged use of metal as collateral to get loans from several international banks shows that commodity-backed loans are not as safe as bankers assumed. Read more of this post

Is ‘smart beta’ smart enough to last? If it relies on ‘dumb beta’ to work, it will be eliminated over time

June 11, 2014 5:09 pm

Is ‘smart beta’ smart enough to last?

By John AuthersAuthor alerts

If it relies on ‘dumb beta’ to work, it will be eliminated over time

How smart is Smart Beta really? Does it depend on Dumb Beta staying dumb and never wising up?

Those lucky enough not to speak fluent financial jargon could be excused for not understanding these sentences. But they cut to the heart of the debate over how to attempt to beat the stock market. Read more of this post

India must accept it is urban and reap the benefits; Modi has tapped into aspiration that offers new challenges and opportunities

June 11, 2014 3:31 pm

India must accept it is urban and reap the benefits

By David PillingAuthor alerts

Modi has tapped into aspiration that offers new challenges and opportunities

One of the main reasons Narendra Modi scored such an overwhelming victory in last month’s general election is also one of the least recognised: India is far more urban than it likes to think. Read more of this post

Thailand: Salute to the past; Military rule by detention, censorship and diktat has taken hold in a country known for its openness

June 11, 2014 6:39 pm

Thailand: Salute to the past

By Michael Peel and David Pilling

Military rule by detention, censorship and diktat has taken hold in a country known for its openness

Banners unfurled near Bangkok’s Victory Monument proclaim that what Thailand needs most is unity for the sake of “nation, religion and King”. The message, part of the new military junta’s campaign to “return happiness to the people”, is backed by a programme of festivals featuring free food, orchestral music and young women in camouflage miniskirts. Read more of this post

Korean credit market degenerates into big businesses’ coffers

Credit market degenerates into big businesses’ coffers

Seo Tae-wook, Chun Kyung-woon

Corporate bond market, one of the major pillars in the capital market, along with stock market, is descending into a funding channel for some large companies including Samsung Everland, LG Electronics and SK Energy.
Companies, which belong to large business groups and are entitled to strong support from parent companies, have no problems in raising long-term funds at low interest rates. In contrast, those with relatively lower credit rating find no place in the debt securities market and are driven to short-term fund market, struggling with liquidity shortage.
The outstanding issuance of AAA and AA rated bonds recorded 149.6 trillion won ($146 billion) as of late May, according to the investment bank industry Wednesday. This represents over 40 trillion won or a 36.5 percent rise in two years from 109.6 trillion won in January 2012.  Read more of this post

Hard graft on cards for Macau; If some people in Hong Kong have been left reeling by the threat of a possible 20-percent cut in the number of mainlanders that throng its malls, Macau is now going through a similar phase

Hard graft on cards for Macau
Mary Ma
Thursday, June 12, 2014
If some people in Hong Kong have been left reeling by the threat of a possible 20-percent cut in the number of mainlanders that throng its malls, Macau is now going through a similar phase.

But its gripe is not about the number of mainlanders.

For the Macau Monetary Authority has set July 1 as the deadline for jewelry stores and pawnshops operating on casino floors to remove all their China UnionPay card terminals. Read more of this post

Chinese wines struggle to uncork overseas sales; China’s makers of merlot and chardonnay have found success at home, but have struggled to convince drinkers overseas that their wines can compete with offerings from more established wine

Chinese wines struggle to uncork overseas sales

2014-06-11 18:11:22 Caijing

China’s makers of merlot and chardonnay have found success at home, but have struggled to convince drinkers overseas that their wines can compete with offerings from more established wine nations.

By Dennis CHONG

HONG KONG, June 1, 2014 (AFP) – China’s makers of merlot and chardonnay have found success at home, but have struggled to convince drinkers overseas that their wines can compete with offerings from more established wine nations. Read more of this post

One in five executives thinks corruption is widespread in Canada’s business world, EY report shows

One in five executives thinks corruption is widespread in Canada’s business world, EY report shows

Claire Brownell | June 11, 2014 | Last Updated: Jun 11 5:29 PM ET
One in five executives thinks bribery and corruption are widespread in Canada’s business world, according to a new report from Ernst & Young.

The accounting and professional services firm released the figure from its global fraud survey, which polled executives from around the world about their perception of corruption and cybercrime. The survey found that while fewer Canadian executives think corruption is widespread in their country than the global average of 40%, the perception of corruption in Canada has increased since 2012, when 14% of Canadian executives said it was common. Read more of this post

Lululemon board battle highlights pressure for short-term shareholder gain

Lululemon board battle highlights pressure for short-term shareholder gain

Theresa Tedesco | June 11, 2014 | Last Updated: Jun 11 8:01 PM ET
Having watched his iconic creation stretched too thin, the founder of yogawear maker Lululemon Athletica Inc. took an unusually bold stance. Chip Wilson went public with his battle against the Vancouver-based company’s board of directors at the annual general meeting on Wednesday by voting against the reappointment of two independent directors, most notably the chairman of the board. Read more of this post

In Indonesia, Foreign Investors Wait to See Who Will Be President

In Indonesia, Foreign Investors Wait to See Who Will Be President

By Eveline Danubrata & Faith Hung on 07:45 am Jun 12, 2014

Jakarta/Taipei. Billions of dollars in foreign investment hinge on next month’s Indonesian presidential election, with at least one major company holding back after a former special forces general made a surprisingly strong entry into the fray.

A tight July 9 election that will decide who runs Southeast Asia’s largest economy for the next five years pits popular Jakarta governor Joko “Jokowi” Widodo against the ex-general, Prabowo Subianto. Read more of this post

Portraits of the 500: The busiest Costco in the world – in Seoul

Portraits of the 500: The busiest Costco in the world

Caroline Fairchild

@FortuneMagazine

JUNE 6, 2014, 2:00 PM EDT

Portraits of the 500: The busiest Costco in the world

At Costco’s busiest store, the aisles are often packed.

This location in Seoul, South Korea, isn’t bigger than the retail giant’s typical warehouse store, just busier. Read more of this post

Anti-chaebol regulation eased

Updated : 2014-06-11 17:26

Anti-chaebol regulation eased
By Yoon Ja-young

The government plans to ease restrictions on chaebol in their competition with small companies and mom-and-pop stores.
The National Commission for Corporate Partnership (NCCP) announced plans to improve the regulations on competition between conglomerates and SMEs, Wednesday. Read more of this post