In Malaysia, Mahathir’s rising son signals conservative shift

In Malaysia, Mahathir’s rising son signals conservative shift

File photo of Mukhriz Mahathir receiving memento from father Mahathir Mohamad, in Petaling Jaya

7:48pm EDT

By Siva Sithraputhran

KUALA LUMPUR (Reuters) – The chief minister of the rural Malaysian state of Kedah has a familiar face, even if he lacks the charisma, provocative rhetoric and razor-sharp political skills of his famous father. Mukhriz Mahathir is the youngest son of Malaysia’s longest-serving leader, Mahathir Mohamad, whose often authoritarian rule transformed the economy into a developing powerhouse while winning a reputation for cronyism and dubious “mega-projects”. Read more of this post

Troops Forage for Food While Golfers Play on in Shutdown

Troops Forage for Food While Golfers Play on in Shutdown

Grocery stores on Army bases in the U.S. are closed. The golf course at Andrews Air Force base is open. All 128 employees of the Saint Lawrence Seaway Development Corp. are working, while 3,000 safety inspectors employed by the Federal Aviation Administration are off the job. The Food and Drug Administration is reviewing new pharmaceuticals. The National Institutes of Health is turning away new patients for clinical trials. Read more of this post

The NBA makes a play to slam-dunk the world

October 3, 2013 4:59 pm

The NBA makes a play to slam-dunk the world

By Emily Steel

In a new marketing campaign for the National Basketball Association, Chinese characters are plastered across a shot of Los Angeles Lakers star Kobe Bryantthrowing down a slam dunk. Another version of the commercial features the same clip but the Portuguese phrase “E la é para todos”. Yet another in Spanish reads “Y es para todos nosotros”. The translation: the NBA is for everyone. Read more of this post

Stanley Fink’s Hedge-Fund Revival Sours as Losses Mount

Stanley Fink’s Hedge-Fund Revival Sours as Losses Mount

Stanley Fink, who oversaw a 10-fold increase in Man Group Plc (EMG)’s assets under management during his seven years as chief executive officer, is finding it harder to keep investors at his latest hedge-fund firm. Losses and client redemptions have reduced assets at International Standard Asset Management Ltd.’s main hedge fund by almost half over the past 18 months to $585 million, Fink, the firm’s CEO, said in an interview yesterday. London-based ISAM has responded by changing some of its management, examining why the fund hasn’t performed as well as expected and increasing the number of markets it invests in, he said. Read more of this post

Jim Rogers Warns US Stock Investors “Be Careful… You’re In A Fool’s Paradise”

Jim Rogers Warns US Stock Investors “Be Careful… You’re In A Fool’s Paradise”

Tyler Durden on 10/03/2013 17:03 -0400

“It is only a matter of time before the US stock market runs into devastating problems due to the Fed QE program”, Jim Rogers warned during an interview on CNBC Singapore, adding that the prevalance of similar stimulative pograms around the world merely exacerbates the probability and size of a fall. His simple message to US investors – “Be Careful.” Read more of this post

Investors Have to Wing It in the Shutdown; Numbers on Jobs, Oil, Corn and Other Important Indicators Are Casualties of Washington’s Gridlock—Which Could Leave Investors Flying Blind

October 2, 2013, 5:05 p.m. ET

Investors Have to Wing It in the Shutdown

Numbers on Jobs, Oil, Corn and Other Important Indicators Are Casualties of Washington’s Gridlock—Which Could Leave Investors Flying Blind

JUSTIN LAHART

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As far as anyone can tell, the job market is holding steady. But until the government shutdown ends, who really knows? Wednesday, check-cutting giant Automatic Data Processing ADP -1.28% reported that private-sector employers added 166,000 jobs last month, a shade less than the 178,000 expected by economists. But the Conference Board reported its measure of online help-wanted ads reached its highest level on record. And on Tuesday, the Institute for Supply Management said its index of manufacturing employment rose to its highest level in more than a year. Read more of this post

Hedge funds step into the shadows; Financial investors replacing banks in $5tn repo markets

Last updated: October 3, 2013 5:59 pm

Hedge funds step into the shadows

By Tracy Alloway and Arash Massoudi in New York

Some of the world’s best-known hedge funds have stepped into the shoes of Wall Street banks and expanded into the $5tn “repo” market, where financial companies lend out their assets in exchange for short-term loans. The rise of non-bank players in the repo market has come as new rules make the decades-old business less attractive for banks. It marks an evolution of financial markets since the 2008 global financial crisis, which has seen the withdrawal of banks from certain markets and activities where they were once the main actors. Read more of this post

For Lego, rising wealth means more play – and business

For Lego, rising wealth means more play – and business

6:32am EDT

By Eveline Danubrata and Laura Philomin

SINGAPORE (Reuters) – The boss of Lego Group carries two business cards – one the usual kind and the other a Lego mini-figure in his likeness, complete with beard and glasses, with contact details on the back. That kind of playful thinking has helped the Danish company become the world’s second-biggest toy maker as it clicks with fast-growing Asia and builds on its popular plastic bricks with video games and theme parks. Read more of this post

Congress Plays With Fire as Asia Examines Debt

Congress Plays With Fire as Asia Examines Debt

The U.S. doesn’t deserve Asia’s money, not with half of its government in financial jihad mode, damn the global consequences. The biggest economy has long taken its reserve-currency status for granted, but the events of recent days raise Washington’s hubris to entirely new levels. Chinese President Xi Jinping didn’t mention Ted Cruz, John Boehner or the Tea Party this week when he urged major developed economies to adopt responsible policies that avoid negative spillover. He didn’t have to. Their shutdown of the U.S. government and the specter of U.S. default were written between the lines in bold type. The U.S. is playing with fire here in ways it might not recover from. Read more of this post

A group of Norwegian investors and Henning Oldendorff, chairman of the largest charterer of dry-bulk vessels, are forming a shipping bank that will start next year to fill a funding gap in the shipping industry

Investors Form New Shipping Bank to Fill Financing Retreat

A group of Norwegian investors and Henning Oldendorff, chairman of the largest charterer of dry-bulk vessels, are forming a shipping bank that will start next year to fill a funding gap in the shipping industry. Maritime & Merchant AS will be based in Oslo and offer secured lending and syndications and will apply for a banking license later this year, according to a presentation yesterday. It’s seeking to start operations in the second quarter and will raise about $300 million in equity to fund operations and satisfy regulatory requirements on ownership, it said. Read more of this post

Shocked Bitcoin backers reel after raid

Last updated: October 3, 2013 8:30 pm

Shocked Bitcoin backers reel after raid

By Stephen Foley and Tracy Alloway in New York

“Sit him down at his computer and make him do it … Give him the note, let him use his computer to send the coins back, and then kill him … Considering his arrest, I have to assume he will sing.” For the libertarians who championed Silk Road as a free market for drugs and other goods that governments have no business banning, and who back Bitcoin, its currency of choice, the indictment of the website’s founder has been a shock. Read more of this post

More Than 5,000 Stockbrokers From Expelled Firms Still Selling Securities

October 3, 2013, 7:32 p.m. ET

More Than 5,000 Stockbrokers From Expelled Firms Still Selling Securities

Many Brokers Migrate Between Firms Expelled By Regulators

JEAN EAGLESHAM and ROB BARRY

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Regulators expelled the first brokerage firm where Kenneth Dwyer sold securities. They did the same to his third, fourth, seventh and eighth. His 10th closed in June after regulators accused it of fraud. The expelled and defunct firms where Mr. Dwyer worked have left thousands of investors with alleged losses and estimated unpaid claims totaling more than $85 million, according to court documents and lawyers. Read more of this post

REIT Payout Cuts Spurred by Fed Taper That Hasn’t Come

REIT Payout Cuts Spurred by Fed Taper That Hasn’t Come

Steven Hoffman, owner of a wooden button factory in Brooklyn, New York, was drawn into real estate investment trust CYS Investment Inc. (CYS) by its 12 percent dividend yield. After buying 2,000 of shares a year ago that have since dropped 43 percent amid concern the Federal Reserve would reduce its economic stimulus, he’s now anxious his payout will be cut. “I’m pretty upset that CYS has gotten so upside down,” said Hoffman, 64, adding that he tracks the stock daily to decide whether he’ll hold or sell his stake. Read more of this post

Hutchison Whampoa plans to list Watsons in Hong Kong

Hutchison Whampoa plans to list Watsons in Hong Kong: report

Staff Reporter

2013-10-03

Hutchison Whampoa — an investment holding company owned by Hong Kong tycoon Sir Li Ka-shing — plans to list its drugstore chain Watsons on the Hong Kong Stock Exchange after the sale of its ParknShop supermarket business, as the struggling supermarket chain may hurt the value of Watsons, reports the Chinese-language web portal NetEase. A market observer said Hutchison Whampoa is likely to sell ParknShop and list Watsons on the main board of the Hong Kong Stock Exchange within the next 12 to 18 months, with the initial funds raised estimated at US$8-$10 billion. A company spokesperson refused to comment on the matter, however. Read more of this post

Taiwanese show host Dee Hsu’s husband questioned over insider trading of Top Pot Bakery’s holding company, Genome International Biomedical Co

Show host Dee Hsu’s husband questioned over insider trading

Thursday, October 3, 2013 – 09:26

The China Post/Asia News Network

TAIPEI, Taiwan – Prosecutors yesterday searched the residence of talk show host Dee Hsu (徐熙娣, also known as Little S) and questioned her husband and father-in-law over allegations of gaining profit through insider trading. The Taipei District Prosecutors Office in August investigated an instance of deceptive advertising involving Top Pot Bakery, with the bakery boasting in its advertisements that its bread was made with zero flavoring essence. The ads were found to be inaccurate. Dee Hsu was previously the bakery’s spokeswoman. Prosecutors said that while looking into the case, they discovered an alleged insider trading incident involving Top Pot Bakery’s holding company, Genome International Biomedical Co. Ltd. (GIBC,基因國際生醫股份有限公司). Read more of this post

Late for class: India woos foreign colleges as population clock ticks

Late for class: India woos foreign colleges as population clock ticks

1:18am EDT

By Shyamantha Asokan

NEW DELHI (Reuters) – When 19-year old Pavitra Singh, one of 20 million students at India’s universities and colleges, gets her degree in two years’ time, she fears it will not be enough to secure a job. Indian employers tend to agree. Many say graduates from homegrown universities are often unemployable because job seekers do not have the skills they want, one reason why New Delhi is trying to fast-track legislation to allow foreign colleges, until now largely shut out of India, to open their own campuses in the country. Read more of this post

Tourism related real estate projects may cause crisis in China’s Yunnan

Tourism related real estate projects may cause crisis in Yunnan

Staff Reporter

2013-10-03

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Models working for Country Garden, a property development company based in China’s Guangdong province. (Photo/CFP)

The potential tourism market in southwest China’s Yunnan province has attracted developers entering the local real estate market. However, the market is on the verge of a potential crisis as the government does not supervise the development of land, reports the Chinese-language China Real Estate News. Many market observers, for instance, have criticized the Century Golden Resources Group for constructing a five-star hotel, villas, a golf course, and a hot-spring resort, saying that the development was a huge waste of Yunnan’s unique natural resources. Read more of this post

Looks good on paper: A flawed system for judging research is leading to academic fraud

Looks good on paper: A flawed system for judging research is leading to academic fraud

Sep 28th 2013 | BEIJING |From the print edition

DISGUISED as employees of a gas company, a team of policemen burst into a flat in Beijing on September 1st. Two suspects inside panicked and tossed a plastic bag full of money out of a 15th-floor window. Red hundred-yuan notes worth as much as $50,000 fluttered to the pavement below. Money raining down on pedestrians was not as bizarre, however, as the racket behind it. China is known for its pirated DVDs and fake designer gear, but these criminals were producing something more intellectual: fake scholarly articles which they sold to academics, and counterfeit versions of existing medical journals in which they sold publication slots. Read more of this post

Touch-screen maker Wintek Technology is trying to move away from Apple Inc. to mushrooms health drink

Oct 3, 2013

Wintek Technology Looks to Mushrooms to Revive Fortune

LORRAINE LUK

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Touch-screen maker Wintek Technology’s wine “Di Di Jin” made from Taiwanese mushrooms is seen in this undated photograph.

Touch-screen maker Wintek Technology is trying to move away from Apple Inc. to mushrooms. Apart from finding new clients in China and Korea, the touch screen maker is making a foray into the health-care food industry.  Early this year, it started selling its first health drink—a wine made from Taiwanese mushrooms that the company says has many health benefits.The Taiwanese company, which once earned the bulk of its revenue from supplying touch screens to Apple, has been working hard to diversify its business after the Cupertino Calif. company switched to an alternative touch-screen technology. Read more of this post

Critically ill patients who survive a stay in an intensive-care unit, where they are often heavily sedated and ventilated, can find themselves mentally impaired long after release. A new study says the problem is far more common and lasting than previously believed

Updated October 2, 2013, 5:40 p.m. ET

Intensive-Care Units Pose Long-Term Brain Risk, Study Finds

LAURA LANDRO

Critically ill patients who survive a stay in an intensive-care unit, where they are often heavily sedated and ventilated, can find themselves mentally impaired long after release. A new study says the problem is far more common and lasting than previously believed. Nearly 80% of patients with prolonged ICU stays showed cognitive problems a year or more later, and more than half exhibited effects similar to Alzheimer’s disease and traumatic brain injury, according to a report Wednesday in the New England Journal of Medicine. Read more of this post

8 Common Thinking Mistakes Our Brains Make Every Day And How To Prevent Them

8 Common Thinking Mistakes Our Brains Make Every Day And How To Prevent Them

BELLE BETH COOPER, BUFFER 34 MINUTES AGO 0

Get ready to have your mind blown.

I was seriously shocked at some of these mistakes in thinking that I subconsciously make all the time. Obviously, none of them are huge, life-threatening mistakes, but they are really surprising and avoiding them could help us to make more rational, sensible decisions. Being aware of the mistakes we naturally have in our thinking can make a big difference in avoiding them. Unfortunately, most of these occur subconsciously, so it will also take time and effort to avoid them—if you even want to. Regardless, I think it’s fascinating to learn more about how we think and make decisions every day, so let’s take a look at some of these thinking habits we didn’t know we had.

1. We surround ourselves with information that matches our beliefs

We tend to like people who think like us. If we agree with someone’s beliefs, we’re more likely to be friends with them. While this makes sense, it means that we subconsciously begin to ignore or dismiss anything that threatens our world views, since we surround ourselves with people and information that confirm what we already think. This is called confirmation bias. If you’ve ever heard of the frequency illusion, this is very similar. The frequency illusion occurs when you buy a new car, and suddenly you see the same car everywhere. Or when a pregnant woman suddenly notices other pregnant women all over the place. It’s a passive experience, where our brains seek out information that’s related to us, but we believe there’s been an actual increase in the frequency of those occurrences. Confirmation bias is a more active form of the same experience. It happens when we proactively seek out information that confirms our existing beliefs. Not only do we do this with the information we take in, but we approach our memories this way, as well. In an experiment in 1979 at the University of Minnesota, participants read a story about a women called Jane who acted extroverted in some situations and introverted in others. When the participants returned a few days later, they were divided into two groups. One group was asked if Jane would be suited to a job as a librarian, the other group were asked about her having a job as a real-estate agent. The librarian group remembered Jane as being introverted and later said that she would not be suited to a real-estate job. The real-estate group did the exact opposite: they remembered Jane as extroverted, said she would be suited to a real-estate job and when they were later asked if she would make a good librarian, they said no. In 2009, a study at Ohio State showed that we will spend 36 percent more time reading an essay if it aligns with our opinions. Whenever your opinions or beliefs are so intertwined with your self-image you couldn’t pull them away without damaging your core concepts of self, you avoid situations which may cause harm to those beliefs. – David McRaney This trailer for David McRaney’s book, You are Now Less Dumb, explains this concept really well with a story about how people used to think geese grew on trees (seriously), and how challenging our beliefs on a regular basis is the only way to avoid getting caught up in the confirmation bias: Read more of this post

How Japanese clothing brand Uniqlo aims to be No.1 in the world

How Japanese clothing brand Uniqlo aims to be No.1 in the world

PUBLISHED: 02 OCT 2013 19:49:00 | UPDATED: 03 OCT 2013 08:33:39

The Australian Financial Review

BY SUE MITCHELL

Uniqlo local chief Shoichi Miyasak says: “Our objective is to become the world number one by year 2020 – in order for us to meet that level, becoming the number one in Australia is a thing we have to do.” Photo: Nic Walker

Fast Retailing’s Uniqlo brand is so ubiquitous in Japan that one in four Japanese are estimated to own its trademark down jackets and wearing the brand even has its own word – unibare. Uniqlo may never become a household name in Australia, but its local chief, Shoichi Miyasaka, wants the brand to become the market leader in casual wear – overtaking long-established brands such as Just Jeans and General Pants as well as newcomers such as Top Shop – as part of Fast Retailing’s goal to become the world’s leading clothing company. Read more of this post

All entrepreneurs are united by the fear of failure; For every business that makes it, four crumble away to nothing, says entrepreneur Michael Hayman. Too often, failure is swept under the carpet

All entrepreneurs are united by the fear of failure

For every business that makes it, four crumble away to nothing, says entrepreneur Michael Hayman. Too often, failure is swept under the carpet.

When talking about the success of retailer Carphone Warehouse, founder Charles Dunstone joked, “I got away with it”. Photo: Rex Features

By Michael Hayman

4:57PM BST 30 Sep 2013

“I got away with it.” The words Carphone Warehouse founder Sir Charles Dunstone hopes will be etched as an epitaph on his gravestone. Words that have stuck in my mind since I heard him say them. In one short sentence he captured the least told chapter in the life story of many of our greatest entrepreneurs. That there rarely is a grand plan in place and that failure, and the fear of, it is every bit the co-pilot of success. Read more of this post

Talk of Inheritance Tax Sparks Debate in China

October 3, 2013, 8:30 AM

Talk of Inheritance Tax Sparks Debate in China

Whether or not to tax the dead has become a big question in China.

The country doesn’t currently have an inheritance tax—also commonly known as the death or estate tax—a levy paid by people who inherit money or property, or a tax on someone’s estate after they die. But a recent media report has sparked discussion about whether China should start levying such a tax, and if so, how heavy rates should be. The private 21st Century Business Herald reported (in Chinese) on Sept. 27 that the Communist Party’s top decision makers will consider the inheritance tax at the Third Plenum, a key meeting of senior leaders expected in November, citing Liu Heng, an academic adviser to the nation’s State Council, or cabinet. Read more of this post

Maoist Self-Criticism Comes to a TV Near You

Maoist Self-Criticism Comes to a TV Near You

On the evening of Sept. 25, Xi Jinping debuted in his role as China’s father-confessor across state-owned television stations. The occasion was the conclusion of three days of self-criticism sessions that the Chinese president oversaw in Hebei province. Wearing his signature black jacket and open-collared white shirt, Xi sat listening to nervous high-ranking local officials. They had reason to be worried: According to Xinhua News Agency, the state newswire, Xi had stern expectations for what would be accomplished (according to official press accounts, he attended four half-day sessions): “I don’t want to hear fancy words from you when I take part in your sessions. I want real criticisms and self-criticisms.” Read more of this post

China’s Poisoned Air Prompts Woman to Devise Green Tax

China’s Poisoned Air Prompts Woman to Devise Green Tax

Reading in her hotel room in 1996, geology student Cao Jing noticed something alarming: the pages of her book were being coated with brown coal dust. Her realization — in Qinhuangdao, a tourist city where China’s Great Wall meets the sea — marks the moment when the young undergraduate at Beijing’s Tsinghua University became interested in studying the effects of China’s runaway industrial pollution. It was the first step in a 17-year journey that has taken Cao, 36, into the field of economics to tackle emissions in the world’s biggest producer of greenhouse gases. Read more of this post

Former Leighton Holdings’ chief executive Wal King has denied claims he was aware of bribery and fraud allegations made against the building giant

Leighton denies culture of corruption and cover-ups

October 3, 2013 – 11:16AM

Bribery scandal engulfs Leighton Holdings

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Leighton Holdings is once again facing scrutiny over its business practices following the release of internal documents. Former Leighton Holdings’ chief executive Wal King has denied claims he was aware of bribery and fraud allegations made against the building giant. Mr King’s comments came as Leighton Holdings said it was “deeply concerned” about bribery and fraud allegations made against the firm, but denied it had a culture of corruption and cover-ups. Read more of this post

Lego to Boost China Sales With Local Factories Supplying to Asia

Lego to Boost China Sales With Local Factories Supplying to Asia

Lego A/S, Europe’s biggest toymaker, plans to expand its sales in China as rising urbanization and income boost demand for its building-blocks in the world’s most-populous nation. Lego is building manufacturing facilities in China to serve both the country and across Asia, Chief Executive Officer Joergen Vig Knudstorp said yesterday. The region contributes about 10 percent of revenue, he said. Read more of this post

Big Tobacco’s Electronic Shock: Lorillard Makes Another Bet on E-Cigarettes With Skycig, and Industry Risks Suggest Such Deals Could Also Be Worthwhile for Altria and Reynolds American

October 2, 2013, 2:56 p.m. ET

Big Tobacco’s Electronic Shock

Lorillard Makes Another Bet on E-Cigarettes With Skycig, and Industry Risks Suggest Such Deals Could Also Be Worthwhile for Altria and Reynolds American

JOHN JANNARONE

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Big Tobacco has largely stayed on familiar turf in recent years. Now, it is expanding its horizons. Lorillard, LO +0.60% the No. 3 U.S. tobacco company by market value after Altria Group MO +0.12% and Reynolds American, RAI -0.16% has agreed to pay up to $100 million for Skycig, a U.K.-based maker of electronic cigarettes. That follows a $135 million deal last year to buy blu eCigs, a big U.S. brand. Read more of this post

Is Tesco’s dream of building an international empire unravelling?

Is Tesco’s dream of building an international empire unravelling?

When Sir Terry Leahy took Tesco into the US in 2007, he was driven by the knowledge that the company had seemingly achieved success in international markets as diverse as Poland, Ireland, South Korea and Thailand.

Tesco chief executive Philip Clarke said the company is making progress on improving its performance Photo: Reuters

By Graham Ruddick, Retail Correspondent

11:12AM BST 02 Oct 2013

After Tesco became the biggest food retailer in the UK in 1995, Sir Terry and his management team had set their sights on international domination. The company became a market leader in parts of Asia of Eastern Europe, which prompted Tesco to believe it could prosper in the US with its new Fresh & Easy venture. Read more of this post