REIT Payout Cuts Spurred by Fed Taper That Hasn’t Come

REIT Payout Cuts Spurred by Fed Taper That Hasn’t Come

Steven Hoffman, owner of a wooden button factory in Brooklyn, New York, was drawn into real estate investment trust CYS Investment Inc. (CYS) by its 12 percent dividend yield. After buying 2,000 of shares a year ago that have since dropped 43 percent amid concern the Federal Reserve would reduce its economic stimulus, he’s now anxious his payout will be cut. “I’m pretty upset that CYS has gotten so upside down,” said Hoffman, 64, adding that he tracks the stock daily to decide whether he’ll hold or sell his stake. Read more of this post

Taiwanese show host Dee Hsu’s husband questioned over insider trading of Top Pot Bakery’s holding company, Genome International Biomedical Co

Show host Dee Hsu’s husband questioned over insider trading

Thursday, October 3, 2013 – 09:26

The China Post/Asia News Network

TAIPEI, Taiwan – Prosecutors yesterday searched the residence of talk show host Dee Hsu (徐熙娣, also known as Little S) and questioned her husband and father-in-law over allegations of gaining profit through insider trading. The Taipei District Prosecutors Office in August investigated an instance of deceptive advertising involving Top Pot Bakery, with the bakery boasting in its advertisements that its bread was made with zero flavoring essence. The ads were found to be inaccurate. Dee Hsu was previously the bakery’s spokeswoman. Prosecutors said that while looking into the case, they discovered an alleged insider trading incident involving Top Pot Bakery’s holding company, Genome International Biomedical Co. Ltd. (GIBC,基因國際生醫股份有限公司). Read more of this post

How Japanese clothing brand Uniqlo aims to be No.1 in the world

How Japanese clothing brand Uniqlo aims to be No.1 in the world

PUBLISHED: 02 OCT 2013 19:49:00 | UPDATED: 03 OCT 2013 08:33:39

The Australian Financial Review

BY SUE MITCHELL

Uniqlo local chief Shoichi Miyasak says: “Our objective is to become the world number one by year 2020 – in order for us to meet that level, becoming the number one in Australia is a thing we have to do.” Photo: Nic Walker

Fast Retailing’s Uniqlo brand is so ubiquitous in Japan that one in four Japanese are estimated to own its trademark down jackets and wearing the brand even has its own word – unibare. Uniqlo may never become a household name in Australia, but its local chief, Shoichi Miyasaka, wants the brand to become the market leader in casual wear – overtaking long-established brands such as Just Jeans and General Pants as well as newcomers such as Top Shop – as part of Fast Retailing’s goal to become the world’s leading clothing company. Read more of this post

Prosecutors are investigating Hyosung Group Chairman Cho Suck-rae for allegedly creating a massive slush fund and evading taxes

2013-10-02 17:11

Hyosung under prosecutors’ probe

By Kim Tae-jong

Prosecutors are investigating Hyosung Group Chairman Cho Suck-rae for allegedly creating a massive slush fund and evading taxes, sources said Wednesday.
The move could potentially result in Cho becoming yet another ill-fated conglomerate owner who may be put on trial and jailed, following Hanhwa Group Chairman Kim Seung-youn, SK Holdings Chairman Chey Tae-won and CJ Group Chairman Lee Jae-hyun. Read more of this post

Korean chaebol debt surpasses government’s

Chaebol debt surpasses government’s

Oct 02,2013

The combined debt of Korea’s top 30 conglomerates is much larger than the debt predicted next year for the entire nation. According to Chaebul.com, the debt held by the top conglomerates including Samsung and Hyundai Motor as of end of 2012 amounted to 574.9 trillion won ($535.2 billion). The Web site specializing in analyzing the nation’s conglomerates stressed that the total debt increased 83.2 percent compared with 313.8 trillion won at the end of 2007, the year before the global financial crisis. The debt, however, does not include that of financial affiliates.

Read more of this post

Assa Abloy to Buy Ameristar, which claims to be the largest ornamental-fence manufacturer in the world

Updated October 1, 2013, 5:12 p.m. ET

Swedish Lock Company to Buy U.S. Fence Maker

Assa Abloy Makes Further Bet on American Market with Deal to Buy Ameristar

GUSTAV SANDSTROM

STOCKHOLM—Assa Abloy AB, ASSA-B.SK +1.56% the Swedish company that is the world’s biggest lock maker by sales, is furthering its bet on growing U.S. demand for high-end security products, agreeing to buy Tulsa-based fence maker Ameristar Fence Products Inc. Specific terms of the deal weren’t disclosed. The transaction follows several other Nordic companies’ spending money on American assets with sales dependent on the strength of U.S. manufacturing and construction. Read more of this post

S. Korea’s top 30 conglomerates owe nearly $557bn; amount excludes debts owed by their financial affiliates.

S. Korea’s top 30 conglomerates owe nearly $557bn

2013.10.01 15:02:33

Aggregate debt of South Korea’s top 30 conglomerates almost doubled from the pre-crisis level to around 600 trillion won ($557 billion), data showed. About half of the 30 large business groups saw their debt to equity ratio rise and their ability to repay debt worsen from five years ago. This prompts calls for them to improve financial stability to avert the spread of liquidity crisis. The nation’s top 30 groups by assets owed a total of 574 trillion won late last year, up 313.8 trillion won or 261.1 trillion from 313.8 trillion won in late 2007, according to an online business data provider Chaebol.com Tuesday. The amount is based on groups’ audit report and excludes debts owed by their financial affiliates.
Debt held by top 30 groups was far higher than that of the government. The government’s debt came in at 443.1 trillion won last year and is expected to reach 480.3 trillion won this year and 515.2 trillion won next year. Debt to equity ratio of top 30 groups declined from 95.3 percent late 2007 to 88.7 percent late last year. Debt to equity ratio measures the degree of soundness of the company. The higher the ratio is, the weaker a company’s financial structure. The problem is excluding some top-ranking groups, most of their financial stability has worsened although the debt to equity ratio went down as a whole.

Vinamilk Sees Revenue Doubling in Overseas Expansion Push

Vinamilk Sees Revenue Doubling in Overseas Expansion Push

Vietnam Dairy Products Joint-Stock Co., the nation’s largest dairy producer, is building a milk factory in Cambodia as it plans a global expansion to more than double annual revenue to $3 billion by 2017. The company known as Vinamilk is opening a plant in the capital of Phnom Penh and will expand into other overseas markets over the next five years, Chairwoman and General Director Mai Kieu Lien said in an e-mailed statement yesterday. Read more of this post

Li Ka-shing offloads more HK assets with US$5bn Hong Kong electricity business spin-off; Wang Shi, chairman of China Vanke, the mainland’s larges residential real estate developer, posted on his microblog that Li offloading assets in Guangzhou and Shanghai is a signal that investors need to start being very careful.

Li Ka-shing offloads more HK assets with US$5bn spin-off

Staff Reporter

2013-09-30

The recent decision by Asia’s richest man, Li Ka-shing, to spin off his Hong Kong electricity business has added to the unease of investors who believe the tycoon has lost faith in the future of the Hong Kong and mainland Chinese economies. Li, the 85-year-old chairman of Cheung Kong Holdings and Hutchison Whampoa, announced that Power Assets Holdings — which he controls — will spin-off subsidiary Hongkong Electric Company in a joint listing of shared staple units valued at an estimated 30.5 billion yuan (US$5 billion). Power Assets will hold less than 50% but more than 30% of HK Electric’s shares following the deal. Read more of this post

Tong Yang Group opted for court receivership for three of its affiliates. This came five days after Tong Yang Chairman Hyun Jae-hyun clarified Tong Yang would never be under court receivership

3 Tong Yang units file for court receivership

Kim Yong-young

2013.09.30 11:14:53

Tong Yang Group opted for court receivership for three of its affiliates Monday. This came five days after Tong Yang Chairman Hyun Jae-hyun clarified Tong Yang would never be under court receivership. Tong Yang Group announced Monday that it filed for the corporate revival process for Tong Yang Inc., Tong Yang Leisure Co. and Tong Yang International Inc. The embattled group has been faced with mounting pressure to repay their debts worth 110 billion won ($102.1 million) including corporate bonds and commercial papers (CP) on this day. Reportedly, it has secured around 60 billion won for the repayment but not for the remainder, prompting concerns over the default.
With the filing for court receivership, the three affiliates will appoint their receivers to be under intensive restructuring programs. Other non-financial affiliates in relatively better financial shape will seek ways to improve their management or stand on their own feet after examining market developments in consultation with creditors. In the announcement Monday, Mr Hyun noted, “our affiliates and assets, if sold in an orderly manner, not in a chaotic manner, will be fully appreciated, minimizing investors’ damages. I urge [all employees] to be accountable and cooperative with the court.”  Read more of this post

The fate of the troubled Tongyang Group has been left to the market and its chances of getting back on its feet by itself are looking increasingly slim

2013-09-27 17:23

Fate of Tongyang tossed to market

By Kim Rahn
The fate of the troubled Tongyang Group has been left to the market and its chances of getting back on its feet by itself are looking increasingly slim. No fresh credit line is forthcoming with government regulators telling it to expect no help. The core of its problems is corporate bills and bonds it and its affiliates issued to keep afloat because banks turned its loan requests down. Tongyang International and Tongyang Leisure need fresh funds to repay maturing debts or face bankruptcy. Read more of this post

Fuss Trounces Bond Rivals by Thinking Like a Stock Picker

Fuss Trounces Bond Rivals by Thinking Like a Stock Picker

Loomis Sayles & Co.’s Dan Fuss left rival bond-fund managers including Bill Gross behind in his eighth decade, by using a style generally associated with bargain-hunting stockpickers. Fuss, who turns 80 tomorrow, managed the two best large U.S. bond funds over the past 10 years. His $15.1 billion Natixis Loomis Sayles Strategic Income Fund and the $21.7 billion Loomis Sayles Bond Fund both returned more than 125 percent over the period, ranking first and second among 65 bond funds with more than $5 billion in assets that have been in existence for at least 10 years, according to data compiled by Bloomberg. The flagship Loomis Sayles Bond Fund, started in 1991, was also the top fixed-income fund over the past 20 years. Read more of this post

China’s top appliance maker Gree eyes banking business, the second Chinese home appliance player to eye a move into the financial industry after Suning

China’s top appliance maker Gree eyes banking business

1:31am EDT

HONG KONG (Reuters) – A unit of China’s Gree Electric Appliances Inc of Zhuhai (000651.SZ: Quote, Profile,Research, Stock Buzz) plans to set up a private bank, the second Chinese home appliance player to eye a move into the financial industry after Suning Commerce Group Co Ltd (002024.SZ: Quote, Profile, Research, Stock Buzz) announced its own plans last month. Gree, with a market value of $14 billion, said in a filing to the Shenzhen stock exchange late on Wednesday that Zhuhai Gree Group Finance Co Ltd is in initial talks with Zhuhai Hengqin Village Bank, but said no agreement has been reached. Read more of this post

Korean court overturns Hanwha chairman’s three-year prison term; The business tycoon had been convicted of using Hanwha affiliates to “unfairly support” ailing companies he owned under assumed names, causing losses to South Korea’s 10th largest conglomerate

Korean court overturns Hanwha chairman’s three-year prison term

12:14am EDT

SEOUL (Reuters) – South Korea’s supreme court has overturned a three-year prison sentence against Hanwha Group Chairman Kim Seung-youn for breach of trust and other charges, sending the case back to a lower court. Shares in Hanwha Corp (000880.KS: Quote, Profile,Research, Stock Buzz) rose 1.5 percent after the decision on Thursday to a 19-month high, versus a flat benchmark index .KS11. The business tycoon had been convicted of using Hanwha affiliates to “unfairly support” ailing companies he owned under assumed names, causing losses to South Korea’s 10th largest conglomerate. Read more of this post

Rip Curl founders step down from the board and might hail a bigger exit; the businesses of Australia’s wealthy entrepreneurs are going through a challenging period of generational change

James Thomson Editor

Rip Curl founders step down from the board and might hail a bigger exit

Published 25 September 2013 11:23, Updated 25 September 2013 14:07

Founders of Rip Curl Brian Singer and Doug Warbrick at Bells Beach. Photo: Paul Harris

It’s no secret that the businesses of Australia’s wealthy entrepreneurs are going through a challenging period of generational change. At Westfield, the transfer of operational power to Frank Lowy’s sons Peter and Steven is all but complete. At Seven Group, Kerry Stokes is carefully managing the rise of son Ryan. At David Hains’s Portland House Group, his sons are firmly in control. It’s the same story on Linfox, where Lindsay Fox hasn’t attended a board meeting in 20 years. Now, two of the coolest men to grace the Rich 200, Rip Curl founders Doug “Claw” Warbrick and Brian “Sing Ding” Singer, are facing up to their moment of generational change. According to a report from Business Day, the pair has stepped down as directors of the company they founded in the late 1960s and turned into a global giant in the surfwear industry. Read more of this post

Premier Foods had a spectacular fall from grace. The company expanded rapidly by borrowing and by buying household names such as Oxo, Hovis and Bisto, making it a stock market darling

Premier Foods could face a cash crunch next year

The revolving boardroom door at Premier Foods should be a red flag to any investor, says Questor

By John Ficenec, Questor editor

6:00AM BST 25 Sep 2013

Premier Foods
143¼p -4¼
Questor says SELL

Premier Foods

PREMIER Foods has lost another senior board member after Mark Moran, the finance director, said he was leaving the company in an announcement yesterday. Boardroom departures are always a major red flag for shareholders and Premier is no exception. On closer inspection, the company is heading towards a cash crunch in 2014 that could mean any value in the equity is toast. Premier had a spectacular fall from grace. The company expanded rapidly by borrowing and by buying household names such as Oxo, Hovis and Bisto, making it a stock market darling, delivering rapid sales and dividend growth. Then the credit crisis struck and, with it, disaster. Shares in Premier were worth £30 in 2007, but have slumped after a painful restructure and an axing of the dividend. Read more of this post