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Christians seek time off for Sunday services in Johor

Christians seek time off for Sunday services in Johor

Sunday, November 24, 2013 – 08:49

The Star/Asia News Network

PETALING JAYA, Malaysia – The Council of Churches Malaysia (CCM) will seek time off for Christians in Johor to fulfil their religious obligations on Sundays following the change of the state’s rest days to Friday and Saturday. “We will request for time off for both workers and students to attend church services on Sunday,” said CCM general secretary Rev Dr Hermen Shastri. Read more of this post

Indian fund managers fumble even as stocks hit record highs

Indian fund managers fumble even as stocks hit record highs

4:07pm EST

By Himank Sharma

MUMBAI (Reuters) – In a year when Indian shares have hit record highs, the country’s embattled fund managers are headed for a milestone of their own: their worst performance since the global financial crisis in 2008. The poor showing comes at a bad time for an industry already under pressure from a market regulator angry about results and an ongoing exodus of retail investors from Indian stocks. Read more of this post

Taxing times for Singapore as corporate strategy faces scrutiny

Taxing times for Singapore as corporate strategy faces scrutiny

4:12pm EST

By Rachel Armstrong

SINGAPORE (Reuters) – Tiny Singapore does not look at first sight like one of Apple Inc’s priority markets: it has no official Apple Store and doesn’t even rate a mention in the company’s latest annual report. Apple South Asia Pte Ltd, however, its Singapore entity, booked $14.9 billion in revenue for the 12 months to September 2012 – more than it would have received had the country’s entire 5.3 million population each bought an iPhone 5S, an iPad Air and a MacBook Pro. Read more of this post

Chemicals Maker’s $2 Billion U.S. Bet Driven by Fracked Gas

Chemicals Maker’s $2 Billion U.S. Bet Driven by Fracked Gas

Formosa (6505) Plastics Group, Asia’s largest chemical producer, is seeking U.S. permits for a $2 billion expansion of its Texas operations as cheaper natural gas prices make U.S. production more competitive. The Taiwanese company asked federal and state environmental regulators to approve plans for an ethane cracker unit and downstream derivatives, Formosa Plastics Vice Chairman Susan Wang said in an interview in Washington yesterday. She is visiting the U.S. as part of a business delegation led by former Taiwan Vice President Vincent Siew. Read more of this post

Nonprofit that flipped homes to investors faces scrutiny

Nonprofit that flipped homes to investors faces scrutiny

1:40pm EST

By Matthew Goldstein and Emily Flitter

NEW YORK (Reuters) – A U.S. housing regulator has been investigating the activities of a small California not-for-profit that bought hundreds of foreclosed homes through a federally backed program intended to help local communities hurt by the housing bust, according to government documents reviewed by Reuters. The U.S. Department of Housing and Urban Development’s Office of the Inspector General late last year began probing San Diego-based Heartland Coalition’s participation in the “First Look” program in Las Vegas and other U.S. cities, according to a redacted investigation report and a letter from the regulator in response to a Freedom of Information Act request. Read more of this post

EDB’s next big thing: connections; Strengthening vertical and horizontal linkages key for S’pore economy

PUBLISHED NOVEMBER 25, 2013

EDB’s next big thing: connections

Strengthening vertical and horizontal linkages key for S’pore economy

TEH SHI NING TSHINING@SPH.COM.SG

“What Singapore has done to date is to build up very strong industry verticals,” says Yeoh Keat Chuan – PHOTO: SPH

[SINGAPORE] Singapore’s economic planners continue to scan the horizon for the “next big thing”. But this is no longer just about picking out unexplored sectors to zero in on and make winners of, as they once did with electronics, petrochemicals or biomedicals. Rather, the next big things now are the ligaments connecting these industries: potentially disruptive technologies such as 3D printing, digital advancements, consumer analytics, supplier networks, and access to the growth market of Asean. Read more of this post

Governments Losing Full Faith and Credit

Governments Losing Full Faith and Credit

RICHARD BARLEY

Nov. 24, 2013 1:58 p.m. ET

Investing is inherently risky. But in the postcrisis world, old notions about what is and isn’t safe are in doubt. Political risk, as governments juggle strained finances and social tensions over rising wealth and income inequality, is increasingly in focus. The outcome is that traditionally “risky” instruments, such as nonfinancial corporate bonds and stocks, may actually be among the places investors feel more comfortable. Conversely, government securities, traditionally a haven, may now be a source of unease. Read more of this post

28% of M&A deals in emerging markets hit snags

PUBLISHED NOVEMBER 25, 2013

28% of M&A deals in emerging markets hit snags

India and Indonesia prove particularly challenging in Asia

MICHELLE QUAH MICHQUAH@SPH.COM.SG

Regulatory probes were the most common among the issues faced, affecting half of the troubled deals, followed by litigation.

[SINGAPORE] Emerging and growth markets are often an attractive destination for many dealmakers, but it is no secret that they also come with greater risks. A substantial number of merger-and-acquisition (M&A) deals in these markets are hit by major setbacks, says a study conducted by international law firm Freshfields Bruckhaus Deringer. Read more of this post

Swiss Voters Reject High-Pay Initiative; Referendum to Limit Executive Pay Overwhelmingly Rejected

Swiss Voters Reject High-Pay Initiative

Referendum to Limit Executive Pay Overwhelmingly Rejected

NEIL MACLUCAS

Updated Nov. 24, 2013 12:34 p.m. ET

ZURICH—Switzerland stepped back from a movement to control corporate pay, overwhelmingly rejecting an initiative that would have restricted executive salaries to 12 times that of the lowest paid employee. Roughly 65% of Swiss voters Sunday opposed the 1:12 Initiative for Fair Pay, according to results from all of the country’s 26 cantons reported by Swiss television. Another 34% supported the proposal, which was named for the organizers’ belief that no one in a Swiss company should earn more in a month than someone else makes in a year. Read more of this post

Fund management reform will help avert groupthink

November 24, 2013 7:04 pm

Fund management reform will help avert groupthink

By John Authers

Can globalised capital markets co-exist with democracy and the nation state? It is reasonable now to fear that the answer is “no,” and that means that reforming the investment industry should be a far higher priority than it is. Markets and democracy have much in common. Just as Winston Churchill said democracy was the worst form of government apart from all the others that had been tried, so markets may well be the worst way to allocate capital and set prices – apart from all the others. Read more of this post

Europe’s Easy-Money Policy Snubs German Savers; Nation Finds Lacks the Clout It Once Had With Central Bank

Europe’s Easy-Money Policy Snubs German Savers

Nation Finds Lacks the Clout It Once Had With Central Bank

BRIAN BLACKSTONE And ANTON TROIANOVSKI

Nov. 24, 2013 5:35 p.m. ET

German savers angry over low interest rates are complicating the European Central Bank’s efforts to keep Europe from sliding into a downward spiral of falling prices and economic stagnation. But the uproar in Europe’s biggest economy over the ECB’s latest interest-rate cut earlier this month to a record-low 0.25% is unlikely to stop the ECB from pursuing radical measures if needed to avoid a decade of economic malaise. For while Germany still matters greatly, it has lost its perceived veto at the ECB on major decisions. Read more of this post

One in six UK manufacturers reverse offshoring in growing trend

November 25, 2013 12:05 am

One in six UK manufacturers reverse offshoring in growing trend

By Brian Groom, Business and Employment Editor

One in six UK manufacturers has brought production back from overseas during the past year or is in the process of doing so, suggesting that “reshoring” is starting to gain traction. The number of companies returning production from countries such as China is outstripping those moving output overseas, according to a survey of more than 500 small and medium-sized manufacturers. Read more of this post

Indian health activists are seeking to prevent Gilead from patenting its new treatment for Hepatitis C in the country in a fresh battle over affordable access to medicine

November 24, 2013 6:56 pm

Indian health activists move to prevent Gilead’s drug patent

By Andrew Jack in London

Indian health activists are seeking to prevent Gilead from patenting its new treatment for Hepatitis C in the country in a fresh battle over affordable access to medicine. The Initiative for Medicines, Access & Knowledge in India said it had filed a “pre-grant” application in Calcutta to block a patent application on the drug sofosbuvir, just as Gilead, the US pharmaceutical group that developed the medicine, won European regulatory authorisation for its use. Read more of this post

Do shareholder perks add up for investors?

November 22, 2013 7:04 pm

Do shareholder perks add up for investors?

By Lucy Warwick-Ching

Twenty years ago, shareholder perks played a major part in persuading investors to buy shares. Discounts of thousands of pounds on new-build properties were commonplace for shareholders in housebuilders, while generous shopping vouchers for retail share owners abounded. Today’s investors, however, often need to spend hundreds, if not thousands, of pounds to accumulate enough shares to qualify for perks attached to shares. The tough economic climate of the past few years has resulted in some companies focusing on other priorities such as dividend payments at the expense of their most generous shareholder offers. Read more of this post

China rides rollercoaster love affair with Bitcoin

Last updated: November 22, 2013 3:03 pm

China rides rollercoaster love affair with Bitcoin

By Simon Rabinovitch in Shanghai

Such has been the explosive growth of Bitcoin in China that the country’s biggest exchange for the digital currency had its logo scrawled on its front entrance in magic marker until this week. With about $60m in daily transactions, BTCChina is, as of early this month, also the world’s biggest Bitcoin exchange, accounting for nearly one-third of the global market. Not bad for a company that was officially registered only in June.   Read more of this post

‘Chocfinger’ ambitions soured by tough cocoa market; In the world of cocoa, there are few who know more about the market than the man dubbed “Chocfinger”

Last updated: November 24, 2013 12:24 pm

‘Chocfinger’ ambitions soured by tough cocoa market

By Emiko Terazono

In the world of cocoa, there are few who know more about the market than the man dubbed “Chocfinger”. So it was a shock to many in the commodities market when the London-based trading house Armajaro, co-founded by Anthony Ward, the canny trader known for his audacious trades in the cocoa market, had to be rescued earlier this month. Under pressure from its financing banks, his commodities and hedge fund group was forced into the fire sale of lossmaking Armajaro Trading – which moves physical cocoa, coffee and sugar around the world – to Swiss-based rival Ecom Agroindustrial. Read more of this post

‘Boiler room’ scam shut down; The majority of boiler room scams are targeted at men aged 65 and older who are active investors. On average, victims tend to lose about £20,000, which they are unlikely to recover

November 22, 2013 6:55 pm

‘Boiler room’ scam shut down

By Elaine Moore

A suspected boiler room scam has been closed in an unusual pre-emptive action by the financial regulator. On Tuesday, the Financial Conduct Authority (FCA) announced that it had frozen the global assets of First Capital Wealth, which is suspected of promoting and selling dubious investments without authorisation. First Capital Wealth has also been forbidden from selling investments after a High Court judge said that it posed a serious risk to consumers. Read more of this post

Starbucks is now selling 46% more things an hour than it was five years ago

Starbucks is now selling 46% more things an hour than it was five years ago

By Matt Phillips @MatthewPhillips

November 22, 2013

Maybe it’s all the caffeine. The productivity of Starbucks staff has been surging over the last few years. According to a presentation it made to investors earlier this week, a key number by which the Seattle coffee giant measures productivity—”transactions per labor hour”—is set to end the current fiscal year at 11.7. “If you look back to 2008, you would have seen this [at] eight transactions per labor hour, and we base it on transactions,” said Starbucks executive Clifford Burrows at Morgan Stanley’s Global Consumer & Retail Conference earlier this week. That’s a roughly 46% increase since 2008. Read more of this post

Fund management reform will help avert groupthink

November 24, 2013 7:04 pm

Fund management reform will help avert groupthink

By John Authers

Can globalised capital markets co-exist with democracy and the nation state? It is reasonable now to fear that the answer is “no,” and that means that reforming the investment industry should be a far higher priority than it is. Markets and democracy have much in common. Just as Winston Churchill said democracy was the worst form of government apart from all the others that had been tried, so markets may well be the worst way to allocate capital and set prices – apart from all the others. Read more of this post

US shale boom causing slowdown in LNG industry

November 24, 2013 4:56 pm

US shale boom causing slowdown in LNG industry

By Guy Chazan and Ajay Makan

Asian buyers’ reluctance to sign the long-term contracts that have traditionally underpinned big liquefied natural gas projects is causing a sharp slowdown in the LNG industry worldwide. A key reason for the standstill is the North American shale gas boom, which promises a cheaper alternative to existing supplies. Amid the uncertainty, LNG developments from east Africa to Canada are being held up, raising fears of a future shortage that could push up global gas prices. Read more of this post

US banks warn Fed interest cut could force them to charge depositors

November 24, 2013 7:00 pm

US banks warn Fed interest cut could force them to charge depositors

By Tom Braithwaite and Stephen Foley in New York and Robin Harding in Washington

Leading US banks have warned that they could start charging companies and consumers for deposits if the US Federal Reserve cuts the interest it pays on bank reserves. Depositors already have to cope with near-zero interest rates, but paying just to leave money in the bank would be highly unusual and unwelcome for companies and households. Read more of this post

A disunited Europe will struggle even to disintegrate

November 24, 2013 7:28 pm

A disunited Europe will struggle even to disintegrate

By Wolfgang Münchau

The hard reality is that all the radical options require a consensus that does not exist

Is it time to repatriate powers from the EU? Such a bold option is a matter of interest not only in the UK, where David Cameron, the prime minister, has proposed areferendum on British membership of the union based on his hope to do just that. More surprisingly, it has also become the most hotly debated issue in the eurozone – albeit for different reasons. Read more of this post

The South Korean government will keep watchful eye on 12 public firms that it selects as the target for debt reduction

Gov’t to put 12 public firms under control list

Shin Hyun-gyu, Chang Jae-woong

2013.11.24 18:13:36

The South Korean government will keep watchful eye on 12 public firms that it selects as the target for debt reduction. The list included 12 public firms – Korea Land Housing Corporation, Korea Electric Power Corporation, Korea National Oil Corporation, Korea Gas Corporation, Korea Railroad Corporation, Korea Coal Corporation, Korea Water Resources Corporation, Korea Rail Network Authority, Korea Expressway Corporation, Korea Resources Corporation, Korea Student Aid Foundation and Korea Deposit Insurance Corporation.  Read more of this post

Five global megatrends to hit Korea; PwC chief advises Korea Inc. to adapt and innovate to remain competitive

2013-11-24 15:28

Five global megatrends to hit Korea

PwC chief advises Korea Inc. to adapt and innovate to remain competitive
By Lee Hyo-sik
Korea has emerged as a global industrial powerhouse since the Korean War. Over the past six decades, automakers, shipbuilders, steelmakers and other manufacturers have become leaders in the industry. Companies like Samsung Electronics and Hyundai Motor have successfully sold Korea-made products across the world. Read more of this post

In South Korea, Delays Drag a Project to Build Homegrown Fighter Jets

November 24, 2013

In South Korea, Delays Drag a Project to Build Homegrown Fighter Jets

By CHOE SANG-HUN

SEOUL — Facing the threat of North Korea and feeling squeezed by China and Japan on its flanks, South Korea has always dreamed of a “self-reliant” defense force. The catchphrase dates to the days of President Park Geun-hye’s father, the military strongman Park Chung-hee, who ruled the country from 1961 to 1979. But in the 21st century, the country faces a crucial hurdle on its road to that goal, as it contemplates its most ambitious and risky defense acquisition project ever: developing an advanced jet fighter and producing 120 units for its air force in addition to many more for export, possibly to the Middle East, Latin America and Southeast Asian countries that want to bolster their air defense against China’s growing military power and territorial claims but cannot afford high-end American jets for cost and other reasons. Read more of this post

Roar of the East being heard; New Asian players are gearing up to dominate the global corporate stage

Roar of the East being heard

By KARL WILSON in Sydney ( China Daily )Updated: 2013-11-25 01:43:27

New Asian players are gearing up to dominate the global corporate stage

When Chinese automaker Geely paid $1.8 billion for Swedish automobile giant Volvo in 2010, itrepresented another successful step-up by an Asian company onto the global corporate stage. Geely’s move helped it bypass one of those essential stages in corporate expansion, namelybrand building and market recognition, by simply buying an established global company. Read more of this post

China Central Bank Denies Legitimacy of Bitcoins

China Central Bank Denies Legitimacy of Bitcoins

11-22 10:25 Caijing

The U.S. Department of Justice and Securities and Exchange Commission both accepted the legitimacy of Bitcoins at a Monday’s hearing

China’s central bank has recently denied that Bitcoin, the growing popular virtual currency, is a legitimate financial instrument despite wide acceptance from U.S. regulators. Yi Gang, deputy governor of the People’s Bank of China(PBoC) made the remarks Thursday in the country’s first official response to surging popularity of the virtual currency in China over the last few weeks. Read more of this post

China NDRC will extend probes into price fixing in sectors including airlines, daily consumer goods, vehicles, telecoms, pharmaceuticals, and household appliances

China to Target Airlines, Consumer Goods, Auto, Telecom in Price-Fixing Probes: Xinhua

11-25 10:24 Caijing

An NDRC offical said “China has paid high attention to anti-price-fixing.” Read more of this post

China’s largest oolong tea producer, Ping Shan Tea Group (0364), is considering widening its product range by acquiring plantation sites beyond Fujian province such as those for Pu’er in Yunnan

Ping Shan Tea growth brews
Monday, November 25, 2013
China’s largest oolong tea producer, Ping Shan Tea Group (0364), is considering widening its product range by acquiring plantation sites beyond Fujian province such as those for Pu’er in Yunnan. Formerly named Huafeng Group, with focus on textile manufacturing, the firm changed its name last month after the injection of the tea business. Read more of this post

Danish facility services company ISS is the world’s fourth-largest employer

Facility services companies clean up in China

Staff Reporter

2013-11-25

The Danish company, ISS A/S, is not very well known around the world, but the facility services provider has two very impressive qualities. The first is that the company is the world’s fourth-largest employer. Read more of this post