Bamboo Innovator

Xi Praises Group of Global Business Leaders; “Many of you are renowned entrepreneurs and business leaders in the world today and you all have profound insight on the global economy. Your suggestions are a very important source of inspiration for the Chinese government.”

Xi Praises Group of Global Business Leaders

China’s Leader Seeks Advice From Global Business Chiefs at Beijing Gathering

LAURIE BURKITT

Updated Oct. 23, 2013 7:33 p.m. ET

BEIJING—China has spent the past year telling foreign companies to clean up their acts. Names ranging from Apple Inc. AAPL +0.98% to Starbucks Corp. SBUX -1.05% toVolkswagen AG VOW3.XE -0.59% have come under intense scrutiny from government-controlled media for the ways they treat Chinese customers. So executives at some of the world’s biggest multinational companies could perhaps be forgiven if they felt a sense of whiplash on Wednesday, when the country’s top Communist Party official publicly sought their advice. “Many of you are renowned entrepreneurs and business leaders in the world today and you all have profound insight on the global economy, so that is why we attach great importance to the suggestions you offer,” Chinese President Xi Jinping told a group of nearly two dozen top foreign executives gathered in a building where Beijing entertains its most exalted guests. “Your suggestions are a very important source of inspiration for the Chinese government.” Read more of this post

The Trademark of China’s Progress; Beijing is finally embracing better brand protections for domestic and foreign firms

The Trademark of China’s Progress

Beijing is finally embracing better brand protections for domestic and foreign firms.

LOKEKHOON TAN AND DAVID WU

Oct. 23, 2013 12:46 p.m. ET

Some observers have speculated for years that Beijing would start taking intellectual property rights seriously once the economy had developed to a point where Chinese companies themselves had valuable intellectual property to protect. That appears to be the case. Witness a set of amendments to the trademark law, approved in August and set to take effect in May, which come as Beijing is eager for domestic firms to move further up the value chain. Read more of this post

Starbucks Is Expensive in China. Who Cares? “Everyone has his own opinion. However, when does a TV station have the right to interfere in a company’s pricing policies?”

Starbucks Is Expensive in China. Who Cares?

What did Starbucks Corp. ever do to the Chinese Communist Party? That’s the question China’s latte-sipping set is asking in the wake of a now-notorious investigation, first aired on national television Sunday, that revealed — among other examples of allegedly shameless profiteering — that a tall latte costs about 45 cents more at a Starbucks in Beijing than it does at one in London, and that Starbucks’s profit margins in the Asia-Pacific region exceed those of any other in which the company operates. The story has dominated China, with major international news media outlets subsequently picking up on it. The global interest is understandable: Starbucks claims to have more than 1,000 stores in China, and the company’s chief executive officer expects China to one day be Starbucks’s second-largest market. Read more of this post

China’s Stocks Slump as Small Companies Tumble on Money Rates

China’s Stocks Slump as Small Companies Tumble on Money Rates

China’s stocks fell, with the benchmark index for smaller companies capping the biggest two-day loss in 18 months, after money-market rates surged. Leshi Internet Information & Technology (Beijing) Co. (300104), the operator of online-video portal LeTV.com, plunged by the 10 percent daily limit for a second day. Inner Mongolia Yili Industrial Group Co. (600887), China’s biggest dairy producer by sales, declined by the most in five months. Huaneng Power International Inc., the listed unit of China’s largest power group, slumped 5.8 percent after third-quarter earnings missed estimates. Read more of this post

China Moves to Help Local Governments Roll Over Debt

China Moves to Help Local Governments Roll Over Debt

Change Will Allow More Short-Term Debt Issues

Oct. 23, 2013 12:14 p.m. ET

SHANGHAI—China took a significant step Wednesday to deal with an explosion of borrowing among local governments by allowing more of them to issue short-term debt to help pay off maturing bonds and loans, according to a person with direct knowledge of the matter. Economists estimate local governments may have borrowed as much as $5 trillion in recent years to  und projects and keep the economy humming as Beijing scaled back the stimulus efforts it had undertaken following the global financial crisis. Concerns are rising that the buildup of debt has been too rapid and that local governments will be unable to pay the money back. Beijing has warned, too, about the potential risks, and is trying to understand and contain any potential problem. Read more of this post

Beijing Air Worse Than Official Standard 62.5% of Last Quarter

Beijing Air Worse Than Official Standard 62.5% of Last Quarter

Air quality in the Chinese cities of Beijing, Tianjin and the surrounding province of Hebei failed to meet government standards on 62.5 percent of days in the third quarter, the nation’s environmental ministry said. Seven of 10 Chinese cities with the worst air pollution during the three-month period ended in September were in Hebei, the Ministry of Environmental Protection said in a statement posted to its website yesterday. The other three were Tianjin, Jinan and Zhengzhou, while Beijing wasn’t among them. Read more of this post

Aging Population Could Trim 3% Off China GDP Growth

October 23, 2013, 2:25 PM

Aging Population Could Trim 3% Off China GDP Growth

China’s one-child policy has hastened such a big slowdown in China’s working-age population that the country’s demographic future is starting to look a lot more like that of rich nations—and that’s bad news for China. According to two Citigroup economists, Nathan Sheets and Robert A. Sockin, China’s “deteriorating demographics” are likely to trim 3.25 percentage points off China’s annual growth rate between 2012 and 2030, compared to its double-digit growth of past decades. While industrialized nations face similar demographic challenges, they have a deeper cushion of wealth to rely upon (witness Japan.) China needs to continue to grow rapidly if it’s ever to reach the fat-and-happy stage. Read more of this post

Gold Leaves on Australian Trees Seen Curbing Costs for Miners; gold is likely to be toxic to the plant and is moved to the leaves and branches where it can be released or shed to the ground

Gold Leaves on Australian Trees Seen Curbing Costs for Miners

Miners looking for gold in Australia may be able to cut exploration costs after the discovery of bullion particles on leaves and branches of trees in Western Australia that may indicate deposits, scientists say. Eucalyptus trees in the state’s Kalgoorlie region, about 595 kilometers (370 miles) east of Perth, have been found to draw up water containing gold particles that are one-fifth the diameter of a human hair, the Commonwealth Scientific and Industrial Research Organisation said in a statement. The gold is likely to be toxic to the plant and is moved to the leaves and branches where it can be released or shed to the ground. Read more of this post

Ending World’s Longest Nonstop Flight Adds Five Hours; “SIA got greedy. It became less popular when SIA configured the cabins to all-business, instead of the business-super economy mix when it was first launched. It’s pretty much a fuel tanker in the air”

Ending World’s Longest Nonstop Flight Adds Five Hours

The end of the world’s longest nonstop commercial flight, a 19-hour slog between Singapore and New York, is bad news for Chia Teck Fatt. Passengers like Chia who are used to making the 9,000-nautical mile journey from Singapore to Newark, New Jersey, will instead fly to New York’s John F. Kennedy International Airport via Frankfurt starting next month, adding five hours to their journeys. Singapore Airlines Ltd. is stopping its services from Singapore to Newark with its all-business class four-engine Airbus SAS A340-500 after ending the second-longest flight from Los Angeles to the island city yesterday. “I’m looking for another way to travel to New York,” said Chia, after checking-in at the business-class lounge at Singapore’s Changi Airport dressed in casual pants, t-shirt, a jacket and loafers. Read more of this post

Toyota Secret Weapon Is Financing Arm Detroit Can’t Match

Toyota Secret Weapon Is Financing Arm Detroit Can’t Match

Toyota Motor Corp.’s in-house lender is leveraging the automaker’s AA- credit rating and cash to offer low rates and keep customers coming back. Toyota’s $37 billion cash pile and credit ratings that outrank General Motors Co. and Ford Motor Co. enable its Toyota Financial Services unit to offer more loans and take on riskier borrowers. The operation, with $95 billion of assets, handles more of affiliated dealers’ direct loans and leases in the U.S. than any other automaker’s captive lender, or wholly owned finance arm. Toyota also uses intense data systems to keep buyers from straying to GM or Ford. Read more of this post

ASB Biodiesel Opens Waste Oil Plant to Supply Hong Kong Drivers

ASB Biodiesel Opens Waste Oil Plant to Supply Hong Kong Drivers

ASB Biodiesel (Hong Kong) Ltd., a manufacturer of biodiesel from waste cooking oil, said it plans to source used oil locally and from countries in Southeast Asia to feed a new $165 million plant. The Hong Kong plant, opened today, can produce 100,000 metric tons of biodiesel a year from waste cooking oil, the company said in a statement. That would offset 257,000 tons of carbon dioxide emissions, or 3.6 percent of the city’s annual emissions, it said. “The biodiesel produced by the plant can be blended with fossil diesel fuel, with enough capacity existing to provide every diesel vehicle on the road in Hong Kong with a 10 percent biodiesel blend,” Chairman Abdulla Saif said at the plant. ASB Biodiesel collects cooking oil and as much as 550 tons of grease waste a day from around 4,000 local restaurants including outlets of Maxim’s Caterers Ltd. and Cafe De Coral Holdings Ltd. (341) to feed the plant, Saif said. It will get about 20 percent of its waste oil from Hong Kong initially, rising to around 45 percent, and will also import waste oil from countries including Singapore and Malaysia, said Chief Executive Officer Anthony Dixon. Read more of this post

Tyson Chases Hormel by Targeting Moms With Burritos; “Tyson wants to increase their value-added and prepared-foods business to become more like Hormel to get to the higher multiple”

Tyson Chases Hormel by Targeting Moms With Burritos: Commodities

Hidden away in one of 19 test kitchens in Tyson Foods Inc. (TSN)’s headquarters, Greg Luchak wraps a Lady Aster cheese omelet and Wright brand bacon into a Mexican Original tortilla. Voila — the breakfast burrito. Luchak, a Tyson principal food scientist, then demonstrates to a visitor a prototype flat-bread ham sandwich topped with lettuce, pickles and crispy onions. The scene may surprise those who know Tyson as the largest U.S. commodity beef and chicken supplier, whose slaughterhouses process an average 132,000 head of cattle and 41.4 million chickens weekly. Read more of this post

P&G Lafley, under pressure to revive the consumer-products giant, may have a willing buyer for its Iams pet-food unit in Meow Mix maker Del Monte Foods

P&G Seen Enticing Del Monte Foods to Iams Deal: Real M&A

Procter & Gamble Co. (PG) Chief Executive Officer A.G. Lafley, under pressure to revive the consumer-products giant, may have a willing buyer for its Iams pet-food unit in Meow Mix maker Del Monte Foods Co. P&G, which brought back Lafley as CEO in May amid calls from investors to improve sales, could boost its share price by selling assets including the Iams division, said shareholder HighMark Capital Management Inc. Del Monte Foods is now a logical buyer of Iams, said Exane BNP Paribas, because the private-equity owned-company is seeking to expand its pet products business after agreeing this month to sell its canned peaches and corn division for $1.68 billion. Read more of this post

Cosmetics Talks Turn Ugly; Industry Group Backs Off of Plan With FDA to Tighten Safety Regulations

Cosmetics Talks Turn Ugly

Industry Group Backs Off of Plan With FDA to Tighten Safety Regulations

THOMAS M. BURTON

Oct. 23, 2013 6:02 p.m. ET

Some of the world’s biggest cosmetics makers have backed out of a proposed plan to tighten U.S. regulation and increase safety tests, potentially jeopardizing the effort. Some cosmetics makers have pushed for a deal—which would affect things like hair dyes, shampoo, mascaras and skin creams—preferring a single national standard to patchwork regulation by 50 states. Proponents of tighter regulation hope to ease consumer concerns about chemicals found in cosmetics and hair-care products. But the Personal Care Products Council, an association of large cosmetics makers that participated in talks, told the Food and Drug Administration it couldn’t accept the deal being negotiated, according to a letter by FDA commissioner Margaret Hamburg dated Sept. 26. Read more of this post

Boom time for SATS-Marina Bay cruise hub; Singapore Cruise Centre (SCC) at HarbourFront has seen falling passenger numbers

Boom time for Marina Bay cruise hub

Thursday, Oct 24, 2013

Jessica Lim

The Straits Times

SINGAPORE – Singapore’s newest cruise terminal is seeing a boom, with passenger numbers expected to exceed 530,000 this travel season – more than double last season’s. This surge is due to more large ships docking at the $500 million Marina Bay Cruise Centre Singapore (MBCCS), as well as ships moving over from the only other cruise terminal at HarbourFront. MBCCS, which began operations in May last year, has lined up 110 ship calls between April 1 and the end of March next year, about 20 per cent more than in the same period last year. Read more of this post

Why There’s No Financial Advice for Most Americans

Why There’s No Financial Advice for Most Americans

America’s middle class needs a lot of help managing its finances. The financial industry isn’t providing much. The latest failed experiment in bringing affordable financial advice to the masses is online platform Nestwise. The startup was shut down on Sept. 1, despite backing by the U.S.’s largest independent broker-dealer, LPL Financial Holdings Inc. A statement by LPL said its resources “can be more effectively deployed in other areas of the business.” Read more of this post