Housewives Bet on Office Space in Shanghai FTZ; 自贸区虚拟地址注册虚热 上海大妈“团购”壳公司

Housewives Bet on Office Space in FTZ

People including housewives are renting any space they can find in the new Shanghai Free Trade Zone in the hopes of subletting it should business pick up. The office-space speculators are setting up companies doing no real business but still holding area inside places such as empty warehouses. Many have signed leases for as much as 20,000 yuan a year in the hopes that subletting to companies nets them even more. An FTZ Management Committee official said the demand for offices may not be as high as some are thinking.

自贸区虚拟地址注册虚热 上海大妈“团购”壳公司 Read more of this post

Entertainment time cut for satellite TV stations in China

Entertainment time cut for satellite TV stations

2013-10-20 23:20:39 GMT2013-10-21 07:20:39(Beijing Time)  Shanghai Daily

Satellite broadcasters in China have been told to cut back on entertainment programs, and even less of overseas programs, giving a headache for choices to station chiefs. The State Administration of Radio, Film and Television announced that starting from next year, it will allow every satellite TV station to buy the copyrights of just one overseas program. The new order is aimed to push for domestically-produced and “morality-building programs.” Read more of this post

Chinese companies investing overseas aren’t telling anyone what they’re up to

Chinese companies investing overseas aren’t telling anyone what they’re up to

By Gwynn Guilford @sinoceros 8 hours ago

Just as it was getting harder for Chinese companies to wring profits out at home, the global financial crisis made overseas assets super-cheap. That sent waves of Chinese companies investing overseas. While China’s outbound investment totaled just $9.9 billion in 2005, it hit $42 billion in the first six months of 2013 alone, according to the Heritage Institute, a think tank. And the rate of increase is now higher than that of foreign direct investment into China. Read more of this post

China’s general aviation market not yet soaring

China’s general aviation market not yet soaring

By Xinhua writers Hu Tao, Mao Haifeng

XI’ AN, Oct. 20 (Xinhua) — China’s general aviation industry has rosy prospects but its development remains slow. Such a contrast between dreams and reality has resulted in mixed feelings at the China International General Aviation Convention, which closed on Sunday in Xi’an, capital of northwest China’s Shaanxi province. At the convention, Xia Xinghua, vice minister of the Civil Aviation Administration of China, said that the country currently has 178 companies, 399 airports or vertipads and 1,610 jets registered for general aviation. And the number of jets is expected to hit 10,000 by 2020, which means an annual compound growth of 22 percent. Read more of this post

China’s Mountains of Construction Rubble

OCTOBER 20, 2013, 5:03 PM

China’s Mountains of Construction Rubble

By AUSTIN RAMZY

The demolition of old structures to clear way for urban development in China has some well-known consequences, notably the violence associated with forcibly removing people from their homes. But in recent years, the country has been increasingly faced with another unwelcome byproduct of the drive to tear down and rebuild: mountains of construction debris. Read more of this post

China’s Arms Industry Makes Global Inroads

October 20, 2013

China’s Arms Industry Makes Global Inroads

By EDWARD WONG and NICOLA CLARK

BEIJING — From the moment Turkey announced plans two years ago to acquire a long-range missile defense system, the multibillion-dollar contract from a key NATO member appeared to be an American company’s to lose. For years, Turkey’s military had relied on NATO-supplied Patriot missiles, built by the American companies Raytheon and Lockheed Martin, to defend its skies, and the system was fully compatible with the air-defense platforms operated by other members of the alliance. Read more of this post

China Gamblers Lured From Macau Seen Reviving Queensland: Retail

China Gamblers Lured From Macau Seen Reviving Queensland: Retail

Sandwiched by forested hills and the Great Barrier Reef, the town of Cairns and its surrounding region are enduring a tourist slump. More than a third of the 3,892 hotel rooms in the tropical Australian getaway were empty in the three months through June. Hong Kong investor Tony Fung has plans to reverse that with a A$4.2 billion ($4 billion) casino resort, complete with artificial lagoon, 18-hole golf course and 25,000-seat arena. The complex will almost double the number of hotel rooms in a region where oversupply has fueled an 18 percent slump in overnight rates since 2007. Read more of this post

Beijing’s programme to build 36m affordable homes is failing to cool the red-hot property market

October 20, 2013 5:17 pm

China: A place to call home

By Simon Rabinovitch

Beijing’s programme to build 36m affordable homes is failing to cool the red-hot property market. They never saw him coming: the man with the bag of crabs. Donning large aviator sunglasses, he strode into the property fair in the eastern Chinese city of Nanjingand calmly launched his protest. He plucked out six crabs on rope leashes, each with tags – “high housing prices” and “high land prices” – tied to their backs. His accomplice unfurled a large banner that asked: “When will housing prices stop going wild?” The crabs crawled all over it, a scuttling metaphor for Chinese property developers. Read more of this post

CCTV: Chinese pay higher price for Starbucks coffee

CCTV: Chinese pay higher price for Starbucks coffee

By Ding Yining | October 21, 2013, Monday |  PRINT EDITION

Labelling them a “luxury in coffee,” a China Central Television report yesterday said Starbucks coffee and mugs were more expensive in China than in London, Chicago and Mumbai. A cup of 354 milliliters of Latte coffee costs 27 yuan (US$4.4) in China as compared to only 19.98 yuan in Chicago, 14.6 yuan in Mumbai and 24.25 yuan in London, the CCTV report said. Read more of this post

Changing Climate Will Cost East Asia: ADB estimates China, Japan, South Korea and Mongolia together to pay $23 billion annually in the years to 2050 to “climate-proof” their infrastructure to cope with changing weather patterns

October 21, 2013, 8:30 AM

Changing Climate Will Cost East Asia

At first glance, the landlocked nation of Mongolia appears particularly well-positioned to withstand rising sea levels and other effects of global climate change. Yet, the changes in climate could still slap the rugged, sparsely populated nation with some of the stiffest unexpected costs in the region. This is one of the findings in a new report from the Manila-headquartered Asian Development Bank. The 197-page report estimates that four Asian nations – China, Japan, South Korea and Mongolia – together can expect to pay $23 billion annually in the years to 2050 to “climate-proof” their infrastructure to cope with changing weather patterns. Read more of this post

Hutchison Considers Retail IPO; Deal Would Follow Scrapped Plan to Sell Supermarket Chain

Hutchison Considers Retail IPO

Deal Would Follow Scrapped Plan to Sell Supermarket Chain

PRUDENCE HO

Oct. 20, 2013 2:06 p.m. ET

HONG KONG—Asia’s richest man could launch one of the world’s biggest recent IPOs, after he failed to get the price he wanted to sell his Hong Kong supermarket chain and said he is considering a deal for his global retail business. Li Ka-shing‘s Hutchison Whampoa Ltd. 0013.HK -2.79% is considering a plan for an initial public offering of stock of its A.S. Watson & Co. unit, a retailer with 11,093 stores that sell things as diverse as aspirin, Bordeaux wine and Apple Inc. iPods in 33 countries. A.S. Watson—which operates Superdrug in the U.K., Kruidvat in the Netherlands and Belgium, and Watson’s and ParknShop in Asia—had first-half sales of 75.8 billion Hong Kong dollars (US$9.8 billion). Read more of this post

Li’s rumoured Hong Kong asset sales keep business community guessing

Last updated: October 21, 2013 5:58 am

Li’s rumoured Hong Kong asset sales keep business community guessing

By Paul J Davies and Demetri Sevastopulo

Li Ka-shing can still create waves in Hong Kong. The octogenarian one-time “superman” of Asia’s tycoon elite might have lost some of his political clout on the island, but his business decisions are watched as closely as ever and pored over in Hong Kong for their greater significance. A string of sales efforts are behind the latest bout of speculation that Asia’s richest man is getting out of the island’s economy. Power Assets, a sub-company of his Hutchison Whampoa conglomerate, is spinning out its Hong Kong electricity supply business in a listing valued at up to $5bn. His property empire, Cheung Kong, has sold the Kingswood Ginza shopping mall in the new territories. Read more of this post

HK retirement protection scheme MPF flops, claim those marching for new deal

MPF flops, claim those marching for new deal
Monday, October 21, 2013
About 40 unionists went on the march yesterday to demand a comprehensive retirement protection scheme. Members of the Hong Kong Confederation of Trade Unions marched from Hoi Fu Centre in Admiralty to the government headquarters at Tamar. In urging the introduction of retirement protection, they called for the abolition of the Mandatory Provident Fund Scheme mechanism whereby employers’ MPF contributions are used to offset long service and severance payments. Read more of this post

“Father of the red chips” Francis Leung Pak-to is leading animation company Imagi to tap into the education business

Imagi sets sights on education sector
Grace Cao
Monday, October 21, 2013
“Father of the red chips” Francis Leung Pak-to is leading Imagi International Holdings (0585) to tap into the education business by making use of HK$634.2 million received from a substantial sale. The firm announced yesterday it will tap the education sector in Hong Kong, Taiwan and the mainland, by developing 180 to 220 episodes of a film series with a new animated character it will develop in the next two years. Read more of this post

Time to Can Any Buying of Silgan; Company Appears Vulnerable as People Lose Taste for Food in Cans; Volumes have fallen by about 1% each year over the past decade with consumers buying more fresh food

Time to Can Any Buying of Silgan

Company Appears Vulnerable as People Lose Taste for Food in Cans

JOHN JANNARONE 

Oct. 20, 2013 8:48 p.m. ET

Always popular, will SpaghettiOs outlive the metal cans they come in? The question came up recently when Campbell Soup, CPB -0.10% which makes SpaghettiOs, teamed up with Green Mountain Coffee Roasters GMCR +3.60% to offer “fresh brewed soup” in single-serve plastic cups. These could offer a simpler heating method than the stovetop or microwaving. Whether that works out or not, the food-can industry is struggling. Volumes have fallen by about 1% each year over the past decade, says the Can Manufacturers Institute. Headwinds include weak demand for soup and consumers buying more fresh food. Read more of this post

Luxury Stocks Lose Favor as Confidence Holds: EcoPulse

Luxury Stocks Lose Favor as Confidence Holds: EcoPulse

U.S. upscale retail stocks have fallen out of favor with investors even though high-income Americans are generally positive about the economic outlook. Shares of Nordstrom Inc. (JWN) have lagged behind the Standard & Poor’s 500 Index by about 12 percentage points since July 1, while Ralph Lauren Corp. has trailed the benchmark index by almost 14 percentage points. As these stocks have weakened, the S&P 500 has rallied 8 percent, closing at a record high Oct. 18. Read more of this post

Cheaper Sugar Sends Candy Makers Abroad; Price Squeeze in U.S. Is Sticky for Confectioners

Cheaper Sugar Sends Candy Makers Abroad

Price Squeeze in U.S. Is Sticky for Confectioners

ALEXANDRA WEXLER

Oct. 20, 2013 11:00 p.m. ET

Despite a prolonged slide in domestic sugar prices, U.S. candy makers are expanding production in other countries as federal price supports and a global glut of the sweet stuff give an ever-greater advantage to foreign rivals. A 50% drop in U.S. sugar prices in the last two years hasn’t been enough to eliminate problems from a longtime price gap between domestic and foreign sugar. On Friday, the U.S. sugar contract in the futures market settled at 22.28 cents a pound, or 14% higher than the benchmark global price. Read more of this post

Sons of former PMs in the limelight in Asia

Updated: Sunday October 20, 2013 MYT 2:43:16 PM

Sons of former PMs in the limelight

There was a great deal of excitement at Datuk Seri Dr Ahmad Zahid Hamidi’s dazzling win as the top Umno vice-president but it was the two sons of two former Prime Ministers who provided the thrilling finish.
DATUK Seri Dr Ahmad Zahid Hamidi was the man of the moment last night. There was an incredible energy around the top Umno vice-president when he arrived at the fifth floor of the PWTC at about 11pm. Everyone loves a winner and he was swamped by supporters and the media as he emerged from the lift. Zahid’s dazzling win at this prestigious level in the Umno hierarchy means that he is now one of the most powerful figures in the party. The win is not just about enhancing his status in the party but it is also an acknowledgement of the Home Minister’s tough approach on crime and security and his unapologetic defence of Malay and religious issues. Read more of this post

Profit warnings from small UK companies rise

October 20, 2013 2:25 pm

Profit warnings from small UK companies rise

By Alison Smith, Chief Corporate Correspondent

The proportion of the UK’s largest companies issuing profit warnings over a three-month period fell to its lowest level for four years, while warnings from smaller companies were on the rise, according to a report from EY. Analysis by the professional services firm, formerly known as Ernst & Young, also showed that this was only the second quarter since 1999 in which no general retailer issued a warning. Read more of this post

More Businesses Want Workers With Math or Science Degrees

More Businesses Want Workers With Math or Science Degrees

JAMES R. HAGERTY

Oct. 20, 2013 7:30 p.m. ET

MALTA, N.Y.—New York state got an influx of high-tech jobs five years ago when its offer of more than $1 billion of incentives, including cash and tax breaks, persuaded Globalfoundries Inc. to set up a semiconductor plant near Saratoga Lake in this town 25 miles north of Albany. There has been one hitch: Because it is hard to find enough people with the right technical skills around here, about half of the 2,200 jobs at the plant were filled by people brought in from outside New York, and 11% are foreigners. In terms of basic math and science skills, “we’re really floundering here in the U.S.,” Mike Russo, Globalfoundries’ director of government relations, said in an interview. Read more of this post

Every year Germans throw 217m sickies as a result of backaches; the average German worker takes a whole week off work every year, compared with a day in the UK, and barely an hour in Greece

October 20, 2013 4:41 pm

Distraction beats doctors for back pain relief

By Lucy Kellaway

Germany, strong enough to carry southern Europe on its back, stays home at the slightest twinge

Backache is common, hurts like hell and no one has the first idea how to cure it. Neither do they know what brings it on. It can be too much jogging. Or lifting something. Or sitting hunched over a computer all day. Or, as happened to me, it can result from standing on one foot trying to insert the other into a sock. Given that the whole of Europe jogs, lifts things, sits slumped over desks and puts on socks, you might have expected the incidence of bad backs in Europe to be evenly spread. Possibly, at the margin, backs ought to be slightly healthier in richer countries where there are stricter rules on how to lift things, and where more gets spent on ergonomic office furniture. Read more of this post

American Debt, Chinese Anxiety

October 20, 2013

American Debt, Chinese Anxiety

By MENZIE D. CHINN

Madison, Wisconson — Last week, the United States once again walked up to the precipice of a debt default, and once again the world wonders why any country, much less the world’s largest economy, would endanger its financial reputation and thus its ability to borrow. Though a potential global financial crisis was averted at the last minute, one notable development has been a string of warnings by Chinese officials. Prime Minister Li Keqiang told Secretary of State John Kerry that he was “highly concerned” about a possible default. Yi Gang, deputy governor of China’s central bank, warned that America “should have the wisdom to solve this problem as soon as possible.” An opinion essay in Xinhua, the state-run media agency, called “ for the befuddled world to start considering building a de-Americanized world.” Read more of this post

Turkey must show allegiance to west as doubts rise over ties

October 20, 2013 12:48 pm

Turkey must show allegiance to west as doubts rise over ties

By Daniel Dombey in Istanbul

Has Turkey, a member of Nato for 61 years, parted company with the west? It is a question Turkey’s allies have begun to face. Three issues have converged to create the doubt: Ankara’s decision to buy a Chinese missile defence system; its alleged ambivalence towards al-Qaeda affiliated fighters in Syria; and, most recently, allegations that Turkey betrayed Iranians spying for Israel to Tehran. Read more of this post

$11.6 Trillion Treasuries Market Losing Cachet With Weakest Foreign Demand Since 2001

Treasuries Losing Cachet With Weakest Foreign Demand Since 2001

The $11.6 trillion U.S. government bond market is losing some of its luster. America’s borrowing costs are on the cusp of exceeding the rest of the world for the first time since 2010 as a political stalemate over public funding triggered a 16-day government shutdown and jeopardized the nation’s ability to pay its debt. Yields on Treasuries, which averaged less than 1 percent as recently as May, are now within 0.2 percentage point of the 1.57 percent for sovereign debt outside the U.S., according to Bank of America Merrill Lynch indexes.

Read more of this post

Struggling bingo operators fear for future of the game

October 20, 2013 2:42 pm

Struggling bingo operators fear for future of the game

By Roger Blitz and Duncan Robinson

In the parlance familiar to its players, the health of bingo is 28 (in a state), to be a bingo operator is to be 43 (down on your knees) and the game’s prospects are looking rather 44 (droopy drawers). Even those with a rudimentary knowledge of the game may be starting to wonder whether its number is up. Bingo is in trouble. Gala Coral, the biggest operator, is packing up its bingo cards and looking at selling its clubs, a deal that a senior executive admitted would be hard pushed to attract interest. Read more of this post

China Seeks Clearer View of Government Debt Mountain; Local Governments Have Borrowed a Pile of Money in Recent Years, Leaving Even Beijing Wondering How Much

China Seeks Clearer View of Government Debt Mountain

Local Governments Have Borrowed a Pile of Money in Recent Years, Leaving Even Beijing Wondering How Much

SHEN HONG

Updated Oct. 20, 2013 9:36 p.m. ET

SHANGHAI—In the next few weeks, the Chinese government is expected to release the results of an ambitious effort to calculate a seemingly simple figure: just how much the country’s local governments have borrowed from banks and investors in the past few years. Estimates vary so widely they are almost meaningless. Government officials, analysts and economists have offered numbers that range from 15 trillion yuan to 30 trillion yuan ($2.46 trillion to $4.92 trillion), which equals nearly 30% to 60% of gross domestic product. “The most scary thing is that even the central government doesn’t really know how large the size of the local government debt is,” said Hu Yifan, economist at Chinese brokerage firm Haitong International. The size of the debt and the uncertainty about how much is out there also underscore a major risk facing the Chinese financial system: how little control the central government has over borrowing by cities and towns. Read more of this post

Thousands in Hong Kong Protest Government’s TV Decision

Thousands in Hong Kong Protest Government’s TV Decision

Thousands of demonstrators in Hong Kong yesterday protested the government’s refusal to explain why it denied a free-to-air license to Hong Kong Television Network Ltd. even as it granted two other permits. Black-clad marchers waved banners showing officials on puppet strings after the government granted the first free-TV licenses in almost 40 years to PCCW Ltd. (8) and I-Cable Communications Ltd. (1097) last week. Police said that there were 21,800 protesters at the demonstration’s peak, while a spokesman for HKTV said at least 10,000 people had marched as of 3 p.m. yesterday, Radio Television Hong Kong reported. A call to the police’s public relations office yesterday went unanswered. Read more of this post