Bamboo Innovator

After the Plenum, sell pianos and dairy; The easing of the one-child policy has put the pocketbook in focus

November 26, 2013 4:48 pm

After the Plenum, sell pianos and dairy

By Patti Waldmeir in Shanghai

The easing of the one-child policy has put the pocketbook in focus, writes Patti Waldmeir

China relaxed its so-called one-child policy this month, and everything from online opinion polls to piano stocks jumped for joy. The theory seemed to be that the only thing keeping Chinese couples from breeding more piano players was Communist party policy. Of course, even in planned economies things are rarely so simple – especially when sex, money and tiger mums are involved. The policy change will allow couples to bear a second child if one of them is an only child; previously they both had to be singletons. It’s probably safe to assume that many of the babies born as a result will learn to play the piano. What’s riskier is assuming that there will be a baby boom in the first place. Read more of this post

Australian Mine, Energy Project Spending Falls 10% as Boom Peaks

Australian Mine, Energy Project Spending Falls 10% as Boom Peaks

The value of mineral and energy projects being developed in Australia, the world’s biggest iron ore exporter, dropped 10 percent to about A$240 billion ($219 billion), reflecting the peaking of the nation’s mining boom. “This large drop in investment is the result of two records being set in the period – a record high for the value of projects being completed (A$30 billion) and the lowest value of new projects being sanctioned in the past decade (A$1.7 billion),” the Bureau of Resources and Energy Economics said today in its twice-yearly report on project investment. At April 30, the value of projects was A$268 billion. Read more of this post

Archer Daniels Midland has tried to win the support of wary Australian farmers as its offer to buy GrainCorp faces intensifying political scrutiny in Canberra

November 27, 2013 4:51 am

ADM seeks to win over Australian farmers

By Gregory Meyer in New York

Archer Daniels Midland has tried to win the support of wary Australian farmers as its offer to buy GrainCorp faces intensifying political scrutiny in Canberra. The measures – new infrastructure spending and a temporary cap on handling fees – promised to wary Australian farmers illustrate the importance of the A$3.4bn ($3.1bn) takeover for the agricultural trader’s plans to broaden crop supplies away from the US. GrainCorp is the largest grain handler in eastern Australia. Read more of this post

Macau’s junket operators prowl Asia to expand VIP business

Macau’s junket operators prowl Asia to expand VIP business

4:16pm EST

By Farah Master

MACAU (Reuters) – On the second floor of Solaire’s plush ocean-front casino in Manila, the dealers speak Mandarin, the players are Chinese and revenue from high-roller gamblers is rising rapidly. “It’s almost not in the Philippines. It’s more like you’re in Macau,” says Francis Hernando, the Philippine gaming body’s vice president for licensed casino development. Read more of this post

Goldman Sachs to GLG Open Asia Hedge Funds as Big Is Chic

Goldman Sachs to GLG Open Asia Hedge Funds as Big Is Chic

Global banks and assets managers are opening hedge funds in Asia for the first time since the 2008 financial crisis, putting pressure on smaller firms that are already struggling to hold onto investors. Goldman Sachs Group Inc., UBS AG and GLG Partners Inc. are gathering investor money for debut hedge funds dedicated to the region. Highbridge Capital Management LLC and Pine River Capital Management LP are restarting or expanding their Asian offerings. Read more of this post

Asia’s Exports Recover, but Can They Still Drive Growth?

November 26, 2013, 12:07 AM

Asia’s Exports Recover, but Can They Still Drive Growth?

NATASHA BRERETON-FUKUI

A string of recent export data shows Asia is finally benefiting from a pickup in demand from the U.S. and Europe. But it’s unclear whether the region can rely on exports to power growth as it has in the past. Exports from East Asia recovered quickly in the immediate aftermath of the global financial crisis, expanding 30.0% in 2010 and 15.6% in 2011. But that growth slowed to just 2.3% last year. Read more of this post

Wal-Mart Returns to Sam Walton Roots Naming New CEO

Wal-Mart Returns to Sam Walton Roots Naming New CEO

Wal-Mart Stores Inc. (WMT) is betting on career insider Doug McMillon, who learned the business from founder Sam Walton, to revive a company struggling with slowing growth at home and in the international regions he oversaw. The world’s largest retailer yesterday named McMillon, 47, chief executive officer, replacing Mike Duke, 63, who retires Feb. 1. An Arkansas native, McMillon has held senior-level executive positions in the U.S. and overseas after starting as a worker in a Wal-Mart warehouse almost 30 years ago. Read more of this post

Moncler Owners to Raise as Much as $1.1 Billion in Skiwear IPO After Cucinelli and Ferragamo Tripled Since Listing in 2012 and 2011 Respectively

Moncler Owners to Raise as Much as $1.1 Billion in Skiwear IPO

Moncler, the Italian maker of $1,220 quilted polyester jackets, will sell shares in a second attempt at an initial public offering next month, raising as much as 783 million euros ($1.1 billion) for the company’s owners. The IPO will raise 585 million euros to 681 million euros and a so-called greenshoe option for underwriters may increase the size of the offering by 15 percent, according to terms of the deal. The stock will be priced between 8.75 euros and 10.20 euros, Moncler said in a statement late yesterday. Read more of this post

I’m a Teen, Watch Me Shop; It’s Goodbye to Big Brand Names, Hello to Cheap ‘Fast Fashion’

I’m a Teen, Watch Me Shop

It’s Goodbye to Big Brand Names, Hello to Cheap ‘Fast Fashion’

SARA GERMANO

Updated Nov. 26, 2013 8:03 p.m. ET

OVERLAND PARK, Kan.—Upon entering the massive Forever 21 store here at the Oak Park Mall, Goldia Kiteck and three of her close friends scattered like spilled marbles. The high-school seniors were on separate missions and pursued them through corridors filled with clingy leggings, racks of chunky necklaces and tank tops with kittens across the front. Read more of this post

Saputo Punished in Bidding War for Australian Dairy Warrnambool Cheese

Saputo Punished in Bidding War for Australian Dairy

Saputo Inc. (SAP)’s sweetened bid for an Australian cheesemaker threatens to erode any cost savings from the takeover, making Canada’s biggest milk processor the third-worst performer among global rivals this year. Saputo yesterday raised its offer for Warrnambool Cheese & Butter Factory Co. by 2.2 percent to A$515 million ($472 million) on condition it gains a controlling stake. That topped competing bids from Bega Cheese Ltd. (BGA) and Murray Goulburn Cooperative Co. The Montreal-based company’s total return has fallen 2.2 percent this year, including share and dividend payouts, trailing a 27-percent gain for the world’s 38 largest food manufacturers, including Nestle SA and Unilever NV. Read more of this post

Slippery U.S. Oil Demand

Slippery U.S. Oil Demand

LIAM DENNING

Updated Nov. 26, 2013 7:18 p.m. ET

It seems America is falling back in love with oil—or at least that is what weekly numbers from the U.S. Energy Department show. But oil demand is a slippery concept. The DOE’s latest data show the U.S. burned an average 20.27 million barrels a day in the four weeks ended Nov. 15. That is up 7.4% year over year, a figure more redolent of China than America. It is the fastest pace of growth in oil demand since May 2010, when the numbers were flattered by 2009’s economic malaise. Gasoline demand, meanwhile, was up 3.9%, and growth in October was apparently running at levels higher still, and not seen since late 2006. Read more of this post

Fracking Bonanza Eludes Wastewater Recycling Investors

Fracking Bonanza Eludes Wastewater Recycling Investors

After two years searching for a blockbuster investment in oilfield water management, fund manager Judson Hill is still holding on to his money. Hill’s NGP Energy Capital Management saw potential in what looked like a hot growth area in energy: treating and recycling the 21 billion barrels of wastewater flowing annually from U.S. oil and natural gas wells — particularly from shale. Read more of this post

Broom-Waving Delhi Voters Sick of Corruption Roil India’s Elite

Broom-Waving Delhi Voters Sick of Corruption Roil India’s Elite

By Indian standards, Arvind Kejriwal is an unusual politician: he doesn’t use a police escort, he won’t field candidates who face murder charges and he publishes the names of those who contribute to his party’s funds. Kejriwal’s campaign against corruption is resonating with voters in New Delhi, shaking up the dominance of the country’s two main political groups and threatening to end the Congress party’s 15-year rule of the city. Some opinion polls show his year-old Aam Aadmi Party may win a third of the seats in a Dec. 4 election, enough to make him the capital’s kingmaker. Read more of this post

Record Gold Fee Spurs Gitanjali’s Diamond Push: Corporate India

Record Gold Fee Spurs Gitanjali’s Diamond Push: Corporate India

Gitanjali Gems Ltd. (GITG), India’s largest jewelry retailer by revenue, is focusing on diamonds as near-record premiums for gold push up costs for a metal that accounts for about 30 percent of its sales. Import curbs in the world’s biggest gold user may force jewelers such as Gitanjali and Rajesh Exports Ltd. (RJEX) to pay a record $200 per ounce over the London price from next month to obtain supplies, according to the All India Gems & Jewellery Trade Federation. The premium is currently $120-$130 an ounce. Read more of this post

Hedge Funds See Repeat of Yen Slide That Paid Soros: Currencies

Hedge Funds See Repeat of Yen Slide That Paid Soros: Currencies

Hedge funds are betting on another run of yen weakness, a trade that made money earlier this year for billionaire George Soros, putting them in opposition to economists who see Japan’s currency little changed into 2014. Futures traders pushed net shorts, or wagers the yen will fall versus the dollar, to the highest since July 2007, according to the Commodity Futures Trading Commission. That contrasts with the median estimate of more than 50 analysts surveyed by Bloomberg, which puts the currency at 102 per dollar at the end of the first quarter of 2014, from 101.47 today. Read more of this post

Hyundai Seeks to Improve Status With Redesigned Genesis Luxury Sedan

Hyundai Seeks to Improve Status With Redesigned Genesis Luxury Sedan

IN-SOO NAM

Updated Nov. 26, 2013 9:24 p.m. ET

SEOUL—More than five years after entering the U.S. premium-car market, Hyundai MotorCo. 005380.SE +0.39% is betting that the latest version of its Genesis sedan will help elevate the company’s global status and erase its reputation for offering a cheaper luxury alternative. With the redesigned Genesis, which sports an edgier and bolder look, including LED signal and fog lamps, the South Korean auto maker is targeting more affluent customers and seeking to improve profit as demand slows for its lower-end models. Read more of this post

Visa woes in Korea frustrate foreign business owners

Visa woes in Korea frustrate foreign business owners

Wednesday, Nov 27, 2013

John Power

The Korea Herald/Asia News Network

Running a successful small business is never easy. But as a foreigner navigating the complex web of immigration law, that challenge can seem all the more daunting. Some foreign businesspeople complain of unclear visa rules and requirements and seemingly arbitrary decision-making. A decision by the local immigration office last month signaled the end of the 3-year-old clothing business of one French citizen. Read more of this post

Vietnam State Companies Still Dominate in Constitution

Vietnam State Companies Still Dominate in Constitution

Vietnam’s leaders are set to tighten their grip on the economy, affirming the central role of the ruling Communist Party and the dominance of state companies in a revised constitution to be approved this week. After indicating in January they could use the charter revamp to edge toward a more market-oriented system and lift growth from its slowest rate in 13 years last year, leaders have opted to retain state-owned enterprises as the economy’s anchor. State firms have contributed to Southeast Asia’s highest bad debt ratio. Read more of this post

Escalating Thailand protests seek to unseat Yingluck Shinawatra; Thai political protests spread outside Bangkok

November 26, 2013 11:11 am

Escalating Thailand protests seek to unseat Yingluck Shinawatra

By Michael Peel in Bangkok

Thai opposition protesters have stepped up their campaign to paralyse and oust the government, defying an arrest warrant issued against the leader of demonstrations that have reignited a bitter power struggle in southeast Asia’s second-largest economy. As Yingluck Shinawatra, prime minister, battled a parliamentary no-confidence motion on Tuesday, anti-government activists built on this week’s occupation of the finance ministry by blockading the interior ministry and forcing the transport, agriculture and tourism departments to close. Read more of this post