Sports Direct: the rise of Britain’s craziest retailer

Sports Direct: the rise of Britain’s craziest retailer

It may not be the prettiest retailer to look at, by Mike Ashley’s Sports Direct is in the FTSE 100 and worth more than £4bn

Mike Ashley still controls more than 60pc of Sports Direct and serves as executive deputy chairman Photo: Action Images

By Graham Ruddick

7:11PM GMT 02 Jan 2014

Sports Direct may well be the craziest business on the high street. Not only is it run by Mike Ashley, a pantomime villain in Newcastle, but it has publicly fallen out with one of its two biggest suppliers, employs the vast majority of its workers on zero-hour contracts and has stores that resemble a jumble sale. Read more of this post

How to win, lose and use money in a novel way

January 3, 2014 4:40 pm

How to win, lose and use money in a novel way

By John Sutherland

Golden-age writers offer enduring insights on unfairness, writes John Sutherland

Money – and the unfairness of its distribution – is much on our minds at the moment. Particularly, it boils the minds of the “sod politics” generation of those aged 20 to 30– the pinched generation, as David Willetts, the universities minister, has called it. Read more of this post

James Grant: The pioneers of market prediction taught us just how unpredictable the economy can be.

Book Review: ‘Fortune Tellers’ by Walter Friedman

The pioneers of market prediction taught us just how unpredictable the economy can be.

JAMES GRANT

Jan. 3, 2014 4:43 p.m. ET

The pioneers of the impossible business of predicting the financial future are the subject of Walter Friedman’s carefully wrought “Fortune Tellers.” Luckily, the book arrives in time for the New Year’s forecasting season. Read more of this post

Global sales of wearable fitness devices, apps to rise

Global sales of wearable fitness devices, apps to rise
Sunday, January 5, 2014
CNA

TAIPEI–Worldwide revenues from wearable electronic devices, applications and services for fitness and personal health are expected to reach US$1.6 billion in 2014, due to increased adoption of the new technology, according to Gartner Inc.

Read more of this post

How a massive meth bust in China is tied to traditional medicine

How a massive meth bust in China is tied to traditional medicine

By Heather Timmons and Gang Yang 5 hours ago

Police in Southern China seized 3 tonnes (more than 6,600 lbs) of methamphetamine in a drug raid this week in a small village in Guangdong, and arrested 182 people in connection with the raid, including a local former Communist Party chief. Read more of this post

Guangdong GDP Surpasses US$1tn

Guangdong GDP Surpasses US$1tn

Staff Reporter

2014-01-04

The GDP of China’s Guangdong province is estimated to have grown 8.5% to over 6 trillion yuan (US$1 trillion), in 2013, becoming the sixth province in the nation to hit this mark. Read more of this post

China’s credit spiral

China’s credit spiral

David Keohane

| Jan 03 11:05 | 7 comments | Share

Just when you think there’s nothing left to say about China’s debt dilemma up pop some more pieces to greet the new year. Two of the most recent saw Soros on theself-contradiction in Chinese policy boat saying that “restarting the furnaces also reignites exponential debt growth, which cannot be sustained for much longer than a couple of years” and Patrick Chovanec providing a touch more detail about what all that messy debt actually means: Read more of this post

China Moves to Tighten Rare-Earths Control, Pave Way for Consolidation

China Moves to Tighten Rare-Earths Control, Pave Way for Consolidation

Minerals Are Used in Sensitive Industries Such as Defense, Telecommunications

CHUIN-WEI YAP

Jan. 3, 2014 8:03 p.m. ET

China dominates global production of rare-earth metals. Here, a mining site in Jiangxi province in 2010.Reuters

BEIJING—China is moving to tighten control over its far-flung rare-earths industry, paving the way for state-backed mining giants to acquire smaller producers and carry out Beijing’s consolidation mandate. Read more of this post

China Aims to Curb Water Use in Cities With Progressive Pricing

China Aims to Curb Water Use in Cities With Progressive Pricing

China, the world’s most populous nation, called on cities to scale charges for water based on consumption by the end of 2015 to conserve the vital resource. The National Development and Reform Commission said local governments should set at least three tiers of water prices, according to a statement on its website today. Areas facing water shortage should implement bigger price increases with usage, the NDRC said. Rapid urbanization in China has put pressure on resources such as water, land and oil. China’s leaders pledged at a November gathering to speed up urbanization as part of policies that represent the biggest expansion of economic freedoms since at least the 1990s. The country’s urban population surpassed that of rural areas for the first time in the country’s history in 2011. Eighty percent of residential households’ monthly average water use should be priced at the first tier, the nation’s top economic planner said. Second-tier prices should be at least 1.5 times higher with third-tier prices doubling from that level.

To contact Bloomberg News staff for this story: Feifei Shen in Beijing at fshen11@bloomberg.net

Huge challenges ahead for Asean

Updated: Saturday January 4, 2014 MYT 7:37:41 AM

Huge challenges ahead for Asean

BY KAVI CHONGKITTAVORN IN BANGKOK

Asia News Network looks at how Asean is preparing for economic integration in 2015. What are the progress so far and what remains to be done?

WHEN Asean leaders gathered in Singapore in 1992, they knew the time had come to get their act together to accelerate the grouping’s economic integration in order to compete globally. Read more of this post

Manmohan Singh failed to build on early political success; Ever the loyal servant, Mr Singh has appeared weak, timid, helpless and out of touch with India’s rising frustrations. “People look at him with pity, and even condescension”

January 3, 2014 3:58 pm

Manmohan Singh failed to build on early political success

By Amy Kazmin in New Delhi

Announcing his imminent retirement from politics after a decade at the helm of the world’s second-most populous nation, Manmohan Singh, India’s prime minister, said repeatedly on Friday that he awaited history’s verdict on his performance. Read more of this post

4 Business Turnarounds in India in the Making

4 Business Turnarounds in the Making

by Cuckoo Paul, Samar Srivastava, Prince Mathews Thomas | Jan 4, 2014

1. Mining Moguls
The unexpected winding up of the Shah Commission, which was investigating illegal mining, may have raised environmentalists’ eyebrows, but the Indian mining sector is looking forward to a better year. Mining had stalled for about two years, hurting mining and steel companies like Sesa Goa and JSW Steel. Karnataka has taken steps to open over 90 mines cleared by the Supreme Court. Sesa Goa, owned by billionaire Anil Agarwal, now has the go-ahead for a lapsed mining lease in Goa. The mine has a capacity to produce 2.3 million tonnes of iron ore a year and will help Agarwal get back into business. This is also good news for JSW and smaller sponge iron manufacturers that operate in the state who were forced to cut production because of raw material shortage. Read more of this post

Surging Korean Won vs Yen Prompts Concern; The exchange rate between the two Asian countries is closely watched, as they compete head-to-head around the world to sell everything from smartphones to cars.

Surging Korean Won Prompts Concern

Samsung Declines on Worries Currency’s Strength Will Hurt Profits

ANJANI TRIVEDI

Updated Jan. 3, 2014 7:46 p.m. ET

The South Korean won fell against the dollar and yen after officials there hinted they were ready to intervene to curb the currency’s strength. The remarks from two South Korean finance officials came after the won hit a two-year high against the dollar last week and reached a five-year high against the yen Thursday. Read more of this post

More Than Half of Jakarta’s 106 7-Eleven Stores Lack Permits

More Than Half of Jakarta 7-Eleven Stores Lack Permits: Jakarta Tourism Agency

By Lenny Tristia Tambun on 6:12 pm January 4, 2014.
More than half of Jakarta’s 106 7-Eleven convenience stores have not obtained proper permits, according to the Jakarta Tourism Agency. Sixty of the stores did not have correct documents: 29 did not have permits to operate and 31 lacked permits to sell retail goods in addition to food. Read more of this post

Malaysia’s Central Bank Warns of Bitcoin Risks; Stops Short of Banning the Virtual Currency

Malaysia’s Central Bank Warns of Bitcoin Risks

Stops Short of Banning the Virtual Currency

SHIE-LYNN LIM

Jan. 3, 2014 12:14 p.m. ET

KUALA LUMPUR, Malaysia—Joining a number of regulators world-wide, Malaysia’s central bank voiced concern about bitcoin on Friday but stopped short of banning the virtual currency. Read more of this post

Lessons learnt from Corporate Malaysia in 2013

Updated: Saturday January 4, 2014 MYT 7:46:05 AM

Lessons learnt from Corporate Malaysia in 2013

BY ROSHAN THIRAN

And make 2014 a great year by learning from everyone and everything.

THE year 2013 has been an amazing one for me (and many of you too!). As is customary for me, I usually reflect on the year gone by and write out lessons I have learnt.

Here are my top 10 lessons from Corporate Malaysia: Read more of this post

Macau is betting on a new kind of Chinese tourism; The former Portuguese colony is threatened by a crackdown on its controversial ‘junkets’. Now, with new malls and lavish shows, it is hoping to replace high rollers with middle-class families

Macau is betting on a new kind of Chinese tourism

The former Portuguese colony is threatened by a crackdown on its controversial ‘junkets’. Now, with new malls and lavish shows, it is hoping to replace high rollers with middle-class families

Jonathan Kaiman in Macau

The Observer, Sunday 5 January 2014

Walk into a casino in China‘s gambling mecca, Macau, and the first thing that strikes you is the silence. There’s no blaring music, no sharp cries of victory; all you hear is the rustle of clothing, a hushed conversation, the occasional thump on a table – subtle signs of fortunes made and lost. Read more of this post

Fiat’s ‘Italian Job’ Won’t Have a Clean Getaway

Fiat’s ‘Italian Job’ Won’t Have a Clean Getaway

Sergio Marchionne has pulled off the caper of a lifetime. The chief executive officer of Fiat SpA –having already rescued the Italian automaker from the brink and returned it to profitability within two years of taking charge in 2004 — now appears to have saved it again by wrestling control of Chrysler from the United Auto Workers union VEBA trust. But like Michael Caine at the end of “The Italian Job” — I’m talking the 1969 original, in which a gold-bar-laden bus teeters on the edge of a canyon wall — Marchionne may find that his epic score places him in a cliffhanger. Read more of this post

What’s up in Public Bank? Since its last bonus issue of shares about 10 years ago, Public Bank had remained relatively quiet, steadily growing amid an increasingly competitive market, without any new corporate exercise until two days ago

Updated: Saturday January 4, 2014 MYT 11:41:14 AM

What’s up in Public Bank?

BY CECILIA KOK

Since its last bonus issue of shares about 10 years ago, Public Bank Bhd had remained relatively quiet, steadily growing amid an increasingly competitive market, without any new corporate exercise until two days ago. Read more of this post

Waiting Tables at Top-Tier Restaurants Is New Career Path for Foodies; Head waiters can earn $80,000 a year or more including tips, versus $45,000 for a line cook working longer hours

Waiting Tables at Top-Tier Restaurants Is New Career Path for Foodies

Head waiters can earn $80,000 a year or more including tips, versus $45,000 for a line cook working longer hours

ALINA DIZIK

Dec. 31, 2013 3:43 p.m. ET

A legion of cooking school grads just want to work in the front of the house, bringing a touch of glamour to waiting tables, Alina Dizik reports. Photo: Brian Harkin for The Wall Street Journal. It only took eight years and a bachelor’s degree, but Leah Beach has finally stopped hearing her least-favorite question: What do you really plan to do for a living? Read more of this post

U.K. Agency Struggles in Fight Against Insider Trading

U.K. Agency Struggles in Fight Against Insider Trading

Critics Point to Rapid Staff Turnover, Insufficient Financial Expertise; ‘FCA Hasn’t Yet Had a Big Scalp’

DAVID ENRICH and HARRIET AGNEW

Updated Jan. 4, 2014 7:43 p.m. ET

LONDON— Carl Linderum was getting ready for work one morning at his London home when he heard a pounding on his door. He figured the group of men outside were employees of his gas provider, there to badger him over a disputed bill. Read more of this post

Transcript of interview with Haruhiko Kuroda, governor of the Bank of Japan

January 3, 2014 1:48 pm

Transcript of interview with Haruhiko Kuroda, governor of the Bank of Japan

Conducted by Martin Wolf, Jonathan Soble and David Pilling in Tokyo, December 12 2013

Speaker key: 
MW Martin Wolf (FT)
JS Jonathan Soble (FT)
DP David Pilling (FT)
HK Haruhiko Kuroda, governor of the Bank of Japan

MW: I’d like to start off with where you think you’ve got to in terms of the performance of the economy and the performance particularly against the inflation objective you’ve set. I know the Bank of Japan accepted a 2 per cent inflation goal in January of this year, and you set out in April a timetable. So how far do you think you’ve come against the objectives you’ve set yourself? Read more of this post

“Bad ideas take a long time to die”: The Two Latin Americas; A Continental Divide Between One Bloc That Favors State Controls and Another That Embraces Free Markets

The Two Latin Americas

A Continental Divide Between One Bloc That Favors State Controls and Another That Embraces Free Markets

DAVID LUHNOW

Jan. 3, 2014 7:55 p.m. ET

There are two Latin Americas right now. The first is a bloc of countries—including Brazil, Argentina and Venezuela—that faces the Atlantic Ocean, mistrusts globalization and gives the state a large role in the economy. The second—made up of countries that face the Pacific such as Mexico, Peru, Chile and Colombia—embraces free trade and free markets. Read more of this post

Spain’s largest bank is in trouble

Spain’s largest bank is in trouble

By Stephen Gandel, senior editor January 3, 2014: 11:38 AM ET

Santander has fallen woefully short of its chairman’s growth targets, and it’s not clear things are improving. FORTUNE — In early December, Banco Santander spent $650 million to buy an 8% stake in the Bank of Shanghai. For Santander (SAN), Spain’s largest bank, the deal looks to be another case of wrong place, wrong time. Read more of this post

Solar Power Craze on Wall St. Propels Start-Up

January 3, 2014

Solar Power Craze on Wall St. Propels Start-Up

By DIANE CARDWELL and JULIE CRESWELL

The first inklings of the idea came to Elon Musk and a cousin in an R.V. heading to the Burning Man festival in 2004. Solar energy, they agreed, could be big. But not even Mr. Musk, the billionaire behind the Tesla electric car, could have foreseen the solar power craze that is sweeping Wall Street. He and his cousins Peter and Lyndon Rive are riding a wave of exuberance over the industry and their young business, SolarCity. Read more of this post

Retreating U.S. stimulus poses risk to world recovery; Fed could trim bond-buying more sharply in future: Plosser; Fed’s Plosser at odds with policy approach favored by Yellen

Retreating U.S. stimulus poses risk to world recovery

2:04pm EST

By Robin Emmott

BRUSSELS (Reuters) – The world economy should finally overcome its hangover from the global financial crisis this year as growth picks up and house prices rise, but reduced U.S. monetary stimulus will pose a challenge. Read more of this post

NAFTA: 20 years of regret for Mexico; Mexico’s growth has been weak since the ‘free trade’ deal was signed, and it missed out on the region’s poverty reduction

NAFTA: 20 years of regret for Mexico

Mexico’s growth has been weak since the ‘free trade’ deal was signed, and it missed out on the region’s poverty reduction

Mark Weisbrot

theguardian.com, Saturday 4 January 2014 13.00 GMT

It was 20 years ago that the North American Free Trade Agreement between the US, Canada, and Mexico was implemented. In Washington, the date coincided with an outbreak of the bacteria cryptosporidium in the city’s water supply, with residents having to boil their water before drinking it. The joke in town was, “See what happens, NAFTA takes effect and you can’t drink the water here.” Read more of this post

JPMorgan Reveals That Stocks Are More Expensive Now Than At Their 2007 Peak

JPMorgan Reveals That Stocks Are More Expensive Now Than At Their 2007 Peak

Tyler Durden on 01/03/2014 09:16 -0500
As we warned was likely to happen back in February of 2013 (given the typical trajectory of earnings expectations through a year), JP Morgan has confirmed that the S&P 500 is now more expensive on a forward P/E basis than it was at its peak in October 2007. So, despite the self-referential bias of each and every talking head asset-gatherer on mainstream media’s denial, stocks do not offer value here… no matter how many TINAs or BTFATHs you hear… At 15.4x NTM earnings, the S&P 500 is now 0.2x turns more expensive than at its peak in October 2007. Furthermore, on a Price-to-Book, Price-to-Cash-Flow, and Price-to-Sales basis, the S&P 500 is also well above its average valuation levels… Still think we can grow into more multiple expansion… then you better hope for an unprecedented rise in confidence… So, are stocks cheap?

How to Invest as Interest Rates Rise; Treasury yields are on the upswing. Here’s how to adjust your portfolio

How to Invest as Interest Rates Rise

Treasury yields are on the upswing. Here’s how to adjust your portfolio.

JOE LIGHT

Updated Jan. 3, 2014 11:51 p.m. ET

And so a new era begins. As interest rates rise, investors need to take a hard look at portfolios that were designed to hold up when yields were on the decline and safety was in high demand. It may be time to ditch beloved high-income sectors, such as utilities and telecommunications, in favor of those in which companies can increase earnings more quickly as the economy picks up steam. Commodities, which often suffer as interest rates rise, will be a tricky bet. Home values haven’t been as hurt by higher mortgage rates as you might expect. Read more of this post

Gold bulls lose faith in bullion’s allure; Last year’s losses battered the metal’s reputation as a store of value

January 3, 2014 8:58 am

Gold bulls lose faith in bullion’s allure

By Gregory Meyer

Last year’s losses battered the metal’s reputation as a store of value

Here’s an activity for the mean-spirited: read what analysts were saying about golda year ago. Nearly all believed the metal would rise in 2013, according to the London Bullion Market Association’s annual survey. Even the most conservative saw only tiny declines. “We remain gold bulls,” Joni Teves of UBS said in a view shared by many. Analysts issued an average price forecast of $1,753 per troy ounce. Read more of this post