Manila takes aim at casino boom

The two most richly valued companies in the financial and consumer discretionary sectors in Southeast Asia share two things in common - both are controlled by Filipino tycoons and both are building casinos by the azure waters of Manila Bay.

The lofty valuations of Bloomberry Resorts Corp at forward price-earnings ratio of 37 times and Belle Corp at 73, show the size of bets being laid on the Philippines' ambition to join Macau and Singapore among the ranks of Asia's top gaming destinations.

via Business feed http://www.scmp.com/business/companies/article/1113827/manila-takes-aim-casino-boom

China Beige Book signals limits in rebound

China's economic rebound is uneven, with improvements in retailing, real estate and mining countered by rising inventories and lower corporate borrowing, according to a report modelled on the US Federal Reserve's Beige Book.

via Business feed http://www.scmp.com/business/economy/article/1113887/china-beige-book-signals-limits-rebound

SHKP trims luxuries at top end of town

Sun Hung Kai Properties, Hong Kong's largest developer, will cut the number of "super luxury" features in its new projects as cashed-up buyers retreat following the introduction of the anti-speculation tax in late October.

SHKP said it would also slow the acquisition of old properties for redevelopment, a move that could affect the supply of new flats on the market.

via Business feed http://www.scmp.com/business/companies/article/1113886/shkp-trims-luxuries-top-end-town

Pricing move puts spark into power shares

Shares in mainland power and coal producers gained after Beijing's announcement of a new power and coal price linkage mechanism that frees coal prices from state intervention and lets power prices track coal price movements more closely.

But analysts warned investors that the move did not guarantee profit stability since Beijing retained the right to set power prices and intervene in the setting of coal prices "in times of unusual price volatility".

via Business feed http://www.scmp.com/business/commodities/article/1113885/pricing-move-puts-spark-power-shares

NVC founder's share sale pushes down stock price

Shares in beleaguered NVC Lighting Holding dropped 9.3 per cent yesterday after announcing that its founder and former chairman Wu Changjiang is selling nearly two-thirds of his shares to Elec-Tech International (HK).

Wu will transfer 372.9 million of his total 587.4 million shares in the lighting manufacturer, which amounts to 11.81 per cent of the issued share capital of the company, according to a filing to the Hong Kong stock exchange.

via Business feed http://www.scmp.com/business/companies/article/1113884/nvc-founders-share-sale-pushes-down-stock-price

Dim sum debt leapfrogs rivals to be best in Asia

Dim sum bonds were transformed into the best local-currency company notes in Asia this year from the worst in 2011, and are among the top picks of Western Asset Management as China's economy rebounds.

via Business feed http://www.scmp.com/business/banking-finance/article/1113857/dim-sum-debt-leapfrogs-rivals-be-best-asia

South Korea sets sights on 3pc growth next year

South Korea aimed to lift economic growth to 3 per cent next year from a projected 2.1 per cent this year and the government would spend about 60 per cent of its budget in the first half to spur recovery, the finance ministry said yesterday.

The ministry's first official growth target for the new year compares with a 3.2 per cent gain in 2013 gross domestic product forecast by the central bank in October and a 3.4 per cent rise tipped in the latest Reuters survey published in October.

via Business feed http://www.scmp.com/business/economy/article/1113858/south-korea-sets-sights-3pc-growth-next-year

Mainland property seen warm next year

The mainland's property market is expected to bounce back next year, propelled by the new leadership's push to make urbanisation its top priority.

That is the view of top China dealmaker Frank Tang, chief executive of FountainVest Partners, a China-dedicated private equity firm partly financed by Singapore's wealth fund Temasek.

Tang said the real estate business will "turn warm" next year, particularly in second- and third-tier cities on the mainland.

via Business feed http://www.scmp.com/business/china-business/article/1113859/mainland-property-seen-warm-next-year

Hong Kong banks may extend yuan loans to firms in Shenzhen's Qianhai zone

Firms in Shenzhen's Qianhai development zone will be allowed to borrow directly from Hong Kong banks in yuan, the People's Bank of China branch in the mainland city said yesterday.

The announcement, following months of planning and speculation, was taken as evidence of a fresh effort by authorities to energise cross-border yuan lending. It will boost Hong Kong's offshore yuan business and enable much of the yuan that has accumulated offshore to flow back to the mainland.

via Business feed http://www.scmp.com/news/china/article/1113946/hong-kong-banks-may-extend-yuan-loans-firms-shenzhens-qianhai-zone

More Chinese say g'day to Australia

Yin Qiang, a technology manager from Beijing, travelled from Australia's Gold Coast to Melbourne before climbing the Sydney Harbour Bridge with his wife. Next time, they might see a show at the city's iconic Opera House.

"This is a place I would go to again," said Yin, a 42-year-old businessman who visited Australia on work trips several times before his holiday this month. "There's still a lot of things to explore."

via Business feed http://www.scmp.com/business/economy/article/1113855/more-chinese-say-gday-australia

Briefs, December 28, 2012

Mainland stock investors emptied 45,000 accounts last week, a fourth consecutive week of withdrawals, even as the Shanghai Composite Index extended a rebound from an almost four-year low.

via Business feed http://www.scmp.com/business/china-business/article/1113888/briefs-december-28-2012

Profit gains continue at mainland factories

Profits continued to grow at mainland manufacturers last month on the back of lower raw material prices and following Beijing's approval of more infrastructure investment projects, a move aimed at spurring the economy by offsetting weaker export growth.

via Business feed http://www.scmp.com/business/china-business/article/1113882/profit-gains-continue-mainland-factories

Business Digest, December 28, 2012

Japanese television maker Sharp Corp's plan to sell its Nanjing plant to Taiwan's Hon Hai Precision Industry has been frozen owing to a disagreement on price and other conditions.

via Business feed http://www.scmp.com/business/china-business/article/1113879/business-digest-december-28-2012

Fubon Financial to buy majority control of First Sino Bank

Fubon Financial Holding, the second-largest publicly traded financial group in Taiwan, will buy majority control of First Sino Bank, in what is the largest acquisition of a mainland business by a Taiwanese investor.

The deal, valued at more than US$1 billion, reflects Taiwanese investors' growing interest in tapping the vast mainland market as the two sides consolidate their economic ties.

via Business feed http://www.scmp.com/business/banking-finance/article/1113880/fubon-financial-buy-majority-control-first-sino-bank

Let's not pay an even bigger price for political failure

Growth in the world economy subsided in 2012. The expansion since 2009 has been a bitter disappointment because much of the slack created by the recession remains. With so much idle capacity, a chance exists for robust growth next year, but only if governments raise their game.

via Business feed http://www.scmp.com/business/economy/article/1113816/lets-not-pay-even-bigger-price-political-failure

Cheung Kong eyes bumper property sales in 2013

Cheung Kong (Holdings) expects to bank between HK$28 billion and HK$30 billion from property sales in 2013, higher than this year despite the market being clouded by growing uncertainty.

The projected property sales will be slightly more than this year's HK$27 billion on sales of 3,300 units, said executive director Justin Chiu Kwok-hung.

via Business feed http://www.scmp.com/business/companies/article/1113878/cheung-kong-eyes-bumper-property-sales-2013

A prayer for 2013

These are perilous economic and financial times. Leading dogmatic US politicians are determined to drive their country over the fiscal cliff, at the risk of tipping their nation and the ailing Western world into renewed recession with potentially devastating effects for the rest of the globe.

via Business feed http://www.scmp.com/business/economy/article/1113814/prayer-2013

Small fry to lose big in Bankia's revival bid

Spanish lender Bankia will wipe out 350,000 shareholders, many of them small savers with little knowledge of financial markets, after it emerged it had a negative value of €4.2 billion (HK$42.97 billion).

The measure, which will hit shareholders who were encouraged by aggressive marketing tactics to invest in the company, is seen as vital if the nationalised bank is to be refloated.

via Business feed http://www.scmp.com/business/banking-finance/article/1113828/small-fry-lose-big-bankias-revival-bid

US dockworkers' strike threatens to close ports

Anyone who has seen On the Waterfront knows that America's East Coast longshoremen can be a tough bunch.

The dockworkers are flexing their muscles again, threatening a strike from Sunday that would shut seaports from Massachusetts to Texas. It would be the first such coastwide strike since a two-month walkout in 1977 paralysed the flow of tens of billions of dollars of imports - and the nation's retailers and other businesses fear a painful replay if the 14,500 dockworkers make good on their threats.

via Business feed http://www.scmp.com/business/economy/article/1113830/us-dockworkers-strike-threatens-close-ports

China is the elephant in the global forecasting room

Earlier this month the US National Intelligence Council (NIC) released its Global Trends 2030: Alternative Worlds report - a document that comes out once per presidential administration - mapping out likely geopolitical trends over the next two decades or so. It's a must-read, offering comprehensive analysis of the disparate factors that will drive global politics to 2030.

via Business feed http://www.scmp.com/business/economy/article/1113815/china-elephant-global-forecasting-room

University wins huge patent payout

Carnegie Mellon University has been awarded US$1.17 billion by a US federal jury in Pittsburgh in a unanimous verdict that found Marvell Technology had sold billions of semiconductors using technology developed at the university without a licence.

The award on Wednesday, one of the largest in a patent infringement case, comes after a US$1 billion verdict awarded to Apple this summer over its smartphone design.

via Business feed http://www.scmp.com/business/companies/article/1113829/university-wins-huge-patent-payout

560,000 Filipino elementary students malnourished

More than half a million elementary school children across the country are suffering from severe malnutrition, a media report said today. The Depart...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29744

India’s capital grapples with another gang rape of woman who was gagged and sedated

The list of rapes of women in India’s national capital grew longer today following another gang rape of a 42-year-old woman, who had been gagged and s...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29743

Indian student gang raped in Delhi ‘extremely critical’

Doctors battled to save the life of a 23-year-old Indian student who sustained life-threatening injuries in a brutal gang-rape after she was airlifte...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29742

Japan new finance chief criticizes BOJ: reports

Japan's new finance chief hit out at the country's under-pressure central bank, reports said Thursday, saying it was ''slow'' in tackling deflation t...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29741

Guangdong to curb parallel traders

Guangdong government is stuyding to limit Shenzhen residents from travelling to Hong Kong repeatedly within a day after a growing number of mainlander...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29740

MTR should avoid 'wall effect': green group

An environmental concern group, Green Sense, has urged the MTR Corporation to reduce the size of a property project that's due to be built on top of t...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29739

British boxer Lee Aldhouse who fled Phuket returned to face murder charges

A British kickboxer named ‘pit bull’ who was extradited to Thailand could face the death penalty after being charged with the murder of an American o...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29738

Nikkei scales 21-month high on new leadership hopes

The Nikkei share average climbed to a 21-month high on Thursday, led by exporters and banks, as the new Japanese prime minister’s vow to battle deflation.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1113542/nikkei-scales-21-month-high-new-leadership-hopes

US county paper gun list draws fire from owners

A New York newspaper has sparked outrage by publishing a detailed map with thousands of names and addresses of gun permit holders in the wake of the...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29737

China's industrial profits rise

Industrial profits maintained strong growth momentum in China in November, giving weight to signs that the world's second-largest economy is recoverin...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29736

Nikkei leaps to 21-month high

Tokyo's benchmark Nikkei 225 index closed at its highest level since the quake-tsunami disaster in March last year. The Nikkei added 0.91 percent, or...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29734

Woman taken for Chai Wan murder

A man was killed in Yue Wan Estate, Chai Wan around noon time. A woman, who called the police saying she killed the man, was taken away. Preliminary ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29735

Hong Kong stocks play catch-up with Shanghai

Hong Kong stocks rose, chasing gains in Chinese shares after a two-day holiday, as a report showed profit at mainland industrial companies rose.

Guangzhou R&F Properties, a builder in the southern Chinese city, rose 1.7 per cent. China National Building Material, a cement maker, gained 0.5 per cent amid speculation the government’s urbanization plan will support demand. Shipmaker China Rongsheng Heavy Industries Group Holdings tumbled 6.7 per cent after saying it may report a full-year loss.

via Business feed http://www.scmp.com/business/money/stock-talk/article/1113540/hong-kong-stocks-play-catch-shanghai

(NBA) Hawks defeat Pistons in double OT

Josh Smith scored 31 points and Al Horford added 22 Wednesday as the Atlanta Hawks held on for a 126-119 double-overtime NBA victory over the Detroit ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29733

(NBA) Nuggets end Lakers win steak

Corey Brewer came off the bench and drained six three-pointers Wednesday as the Denver Nuggets defeated Los Angeles 126-114 and snapped the Lakers' NB...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29732

'Alcohol metabolizer' not helpful: pharmacists

Do not expect "alcohol metabolizer" to stop you from getting drunk, College of Consultant Pharmacists warned. The college said there was no clinical ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29731

Huge crowds expected for countdown

The police say they're expecting about 100,000 people to gather in Tsim Sha Tsui, Central and Wan Chai to watch the firework displays on New Year's Ev...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29730

China Construction Bank investigates wealth management product dispute

China Construction Bank (CCB) said on Thursday that it was investigating allegations by investors that a clerk at the country’s second-biggest lender misled them into buying a wealth management product that underperformed.

Seven investors have complained to the country’s banking and securities regulators after the product lost more than 30 per cent of its value after being sold to them as a fixed-income product with guaranteed returns, the National Business Daily reported on Wednesday.

via Business feed http://www.scmp.com/business/companies/article/1113507/china-construction-bank-investigates-wealth-management-product

Hang Seng inches up by break

Hong Kong shares were 0.42 percent higher by the break Thursday, with traders shrugging off concerns over the dimming prospects for a deal to avert t...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29729

PBOC launches reverse repo of 158b yuan

The People's Bank of China today launched two reverse repurchase operations totaling 158 billion yuan securities by way of interest rate tender. The b...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29728

Siu Lam bus exchange smooth on first working days

Tuen Mun Road Bus-Bus Interchange worked smoothly in the first working day after it started in service yesterday, said Carolina Yip Lai-ching, acting ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29727

Beijing to widen fiscal deficit in 2013: report

China is set to widen its fiscal deficit target by 50 percent to 1.2 trillion yuan next year in a bid to boost economic growth, the China Business New...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29726

China food prices rise

Prices of edible agricultural products in 36 major Chinese cities increased in the week between December 17 and 23. Prices of production materials als...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29725

China factory profit growth quickens as economy recovers

Annual growth of China’s industrial profits quickened to 22.8 per cent in November from October’s 20.5 per cent, official data showed on Thursday, reinforcing signs of a steady economic recovery thanks to pro-growth policies.

Chinese industrial firms made 638.5 billion yuan (US$102.4 billion), China’s National Bureau of Statistics (NBS) said in a statement published on its website, www.stats.gov.cn.

via Business feed http://www.scmp.com/business/economy/article/1113473/china-factory-profit-growth-quickens-economy-recovers

McGrady first league win in China

Tracy McGrady woke up from the nightmare of 12 straight defeats as Qingdao Doublestars beat Jiangsu Dragons 106-97 for its first victory of the CBA th...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29724

Chelsea wins to stay closer with City

Javier Hernandez sent Manchester United seven points clear at the Premier League summit by pouncing in the 90th minute to clinch a 4-3 victory over Ne...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29723

Virtual networks coming in 2013

China is likely to allow virtual network operators to enter the telecoms services market next year, continuing its ongoing bid to invigorate the market by allowing more competition.

via Business feed http://www.scmp.com/business/companies/article/1113466/virtual-networks-coming-2013

Sharp plan to sell Nanjing plant to Hon Hai on hold

Struggling Japanese TV maker Sharp’s plan to sell its Nanjing plant in China to Taiwan’s Hon Hai Precision Industry has been frozen and may not materialise, a source familiar with the matter said on Thursday.

Sharp, which supplies screens to Apple for its latest iPhone, considers selling its Mexican plant to Hon Hai to be more important, and talks to sell the Nanjing plant, which assembles large-size liquid crystal display TVs, may take time, said the source, who was not authorised to speak to the media.

Both Sharp and Hon Hai declined to comment.

via Business feed http://www.scmp.com/business/companies/article/1113465/sharp-plan-sell-nanjing-plant-hon-hai-hold

Nikkei on a roll by break

Stocks in Tokyo soared by 1.37 percent by the break as exporters' shares were boosted by a weaker yen with the market shrugging off a weak session on...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29722

Wild Oats XI pulling ahead of the pack

Wild Oats XI was just off record pace today bidding for a sixth line honors win in the Sydney to Hobart yacht race as controversy raged over the exp...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29721

Australia revel against sloppy Sri Lanka

Captain Michael Clarke became Australia's highest run scorer in a calendar year as the team went through the second morning wicketless to grind down...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29720

Toyota shares up after US settlement seen smaller than expected

Shares of Toyota Motor gained 1.6 per cent on Thursday on relief that its proposal to pay US$1.1 billion to settle US class-action litigation claims over unintentional acceleration in its vehicles was smaller than expected.

Toyota said it would take a one-time pretax charge of US$1.1 billion to cover the estimated costs of the settlement, court filings showed, as the carmaker looks to turn the page on the biggest safety crisis in its history.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1113436/toyota-shares-after-us-settlement-seen-smaller

Hang Seng bounces, Shanghai edges up

Shares in Hong Kong opened 0.63 percent higher following the lead from Tokyo where stocks were at nine-month highs thanks to a weakening yen. The ben...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29719

French utility EDF suspected of unsavory nuclear deal with China Guangdong

The head of the French electricity company EDF, Henri Proglio, is the target of a probe by France's General Finance Inspection service after he sign...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29718

Indian girl may need transplant after Delhi gang rape

A young Indian student who was left fighting for her life after being brutally gang-raped by six Indian men in a Delhi bus was being flown to Singapor...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29717

Puppeteer of popular UK children’s series dies

Gerry Anderson, the director and creator of the cult sci-fi animation series Thunderbirds, died yesterday aged 83, his son announced. Anderson had ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29716

Ailing statesman Mandela heads home from hospital

South Africa's anti-apartheid hero Nelson Mandela was discharged from hospital yesterday after almost three weeks being treated for a lung infection ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29715

Bush senior in intensive care

Former US president George H.W. Bush, 88, has taken a turn for the a worse and is in intensive care after a “stubborn fever’’ delayed his recovery fr...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29714

Spain’s Bankia reveals 4b euro hole

Spain revealed an ocean of red ink in its bailed-out Bankia group at the heart of the country’s banking crisis. The lender Bankia had a negative val...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29713

Wall Street dips before fiscal cliff alarm beeps

US stocks fell yesterday amid uncertainty about whether a deal to avert the fiscal cliff could be reached by an end-of-year deadline. The Dow Jones ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29712

Nikkei opens higher

Stocks in Tokyo opened 0.63 percent higher, helped by a steadily weakening yen. The Nikkei 225 index at the Tokyo Stock Exchange, which climbed 1.49 ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29711

US outlines ‘extraordinary’ moves to temporarily postpone debt ceiling debacle

The United States government will reach its statutory US$16.39 trillion debt limit – a ceiling imposed by Congress – on Monday, Treasury Secretary Ti...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29710

Toyota to settle acceleration cases for up to US$1.4b

Toyota Motor has agreed to pay as much as US$1.4 billion to settle US litigation claims that its vehicles suddenly and unintentionally accelerated, according to court filings made public on Wednesday.

Toyota said it will take a one-time pre-tax charge of US$1.1 billion to cover the estimated costs of the settlement.

via Business feed http://www.scmp.com/business/companies/article/1113366/toyota-settle-acceleration-cases-us14b

Hong Kong listing on the cards for China Vanke

China Vanke, the biggest developer by market value traded on the mainland's exchanges, may be planning to convert its foreign-currency denominated shares for a listing in Hong Kong, according to Credit Suisse.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1113136/hong-kong-listing-cards-china-vanke

Money managers looking for a ray of sunshine

Will Beijing bring a ray of light to the mainland's "sunshine" private trust funds next year?

After a lacklustre performance this year, managers of the mainland's nearly 1,000 such funds - a prototype form of hedge fund - are keeping their fingers crossed in anticipation of a major liberalisation of the sector that could boost the domestic stock market.

via Business feed http://www.scmp.com/business/banking-finance/article/1113134/money-managers-looking-ray-sunshine

Fewer new flats sold over Christmas holidays this year

Hong Kong's property market is not benefiting from the Christmas spirit, with just a few new homes sold over the holiday period as the latest round of cooling measures bite.

"Christmas is a traditional low season for the property industry, but we saw much slower sales this year compared to a year ago," said Jeffrey Ng, the senior executive director of Hong Kong Property Services (Agency).

via Business feed http://www.scmp.com/business/article/1113146/fewer-new-flats-sold-over-christmas-holidays-year

Beijing mulls plan to boost debt market

Beijing is weighing the introduction of a depository receipt system in the country's bond market to direct a part of the debt currently traded on the interbank market to the domestic stock exchanges.

The National Association of Financial Market Institutional Investors, a government-backed syndicate under the central bank, is leading the feasibility studies on the planned liberalisation, according to state-run Shanghai Securities News.

via Business feed http://www.scmp.com/business/banking-finance/article/1113145/beijing-mulls-plan-boost-debt-market

Appliance retailer Gome reveals three-year plan

Is electrical appliance retailer Gome merely following its rivals or will its new internet-driven strategy truly jolt it out of the doldrums?

China's second-largest home appliance chain operator has rolled out a three-year strategy to increase its presence in lower-tier cities and expand into online food and cosmetics sales.

Yet some analysts doubt how much the new strategy would help the loss-making retailer.

via Business feed http://www.scmp.com/business/china-business/article/1113140/appliance-retailer-gome-reveals-three-year-plan

Business Digest, December 27, 2012

Beijing has unveiled a raft of new measures to cut logistics costs, including reducing levies on farm products and highway tolls, to help boost consumption.

via Business feed http://www.scmp.com/business/china-business/article/1113139/business-digest-december-27-2012

VW battles with GM for top car sales in China

Volkswagen (VW) will vie with General Motors (GM) for the sales crown among foreign carmakers in China next year, gaining share as Japanese carmakers led by Toyota Motor struggle to recover amid a territorial dispute.

VW, whose luxury Audi cars are popular with Chinese bureaucrats, has not led sales in the country since 2004 and will probably sell 2.7 million vehicles in the country next year to GM's 2.65 million, helped by eight new or revamped models including the Santana, Golf, Skoda Octavia and Audi Q3, according to industry researcher JSC Automotive Consulting.

via Business feed http://www.scmp.com/business/china-business/article/1113125/vw-battles-gm-top-car-sales-china

Asian shares rise, weaker yen buoys Tokyo

Asian stocks were higher in quiet post-Christmas trade on Wednesday, with Tokyo shares lifted by a weaker yen which sank to a new 20-month low against the greenback.

The Nikkei 225 index at the Tokyo Stock Exchange was up 0.40 per cent in the morning as the Japanese currency dipped past 85.00 yen against the dollar for the first time since April 2011.

A strong yen is negative for Japanese markets as it erodes exporters’ revenue and makes their products less competitive overseas.

Shanghai was flat, while Seoul opened 0.78 per cent higher.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1112862/asian-shares-rise-weaker-yen-buoys-tokyo

Steve Jobs’ estate pays to free impounded superyacht

Steve Jobs’ superyacht Venus was free to leave Amsterdam port Monday after the late Apple co-founder’s estate paid a deposit to resolve a dispute with designer Philippe Starck, who had had the yacht impounded.

“The Venus is no longer impounded, we have found a solution,” Gerard Moussault, a Hague-based lawyer for the Jobs estate, told AFP.

“A security deposit was paid into a bank account, but I cannot say for how much,” Moussault said after French designer Starck last week asked Amsterdam bailiffs to seize the sleek 70-metre (230-foot) yacht.

via Business feed http://www.scmp.com/news/world/article/1112856/steve-jobs-estate-pays-free-impounded-superyacht

India’s Ratan Tata hands over reins of empire

Indian industrialist Ratan Tata retires on his 75th birthday this week, handing over the reins of his sprawling business empire after decades at the top of the country’s turbulent corporate world.

Ratan Tata has been credited with transforming the Tata group into a streamlined conglomerate of more than 100 companies and earning a global reputation for eye-catching purchases of Western firms.

via Business feed http://www.scmp.com/business/companies/article/1112848/indias-ratan-tata-hands-over-reins-empire

Samsung Electronics seeks US sales ban on some Ericsson products

Samsung Electronics said on Wednesday it had filed a complaint against Ericsson with the US International Trade Commission (ITC), requesting a US import ban and sales ban on some of the Swedish telecoms equipment maker’s products.

The action taken on Friday by the world’s top smartphone maker, which accused Ericsson of breaching seven of its patents, came after Ericsson requested an ITC US import ban on Samsung products and sued the South Korean firm for patent infringement.

via Business feed http://www.scmp.com/business/companies/article/1112830/samsung-electronics-seeks-us-sales-ban-some-ericsson-products

US dollar hits new 20-month high on easing hopes

The dollar rose past 85.00 yen in early Asian trade on Wednesday on expectations that the Bank of Japan (BoJ) would take more monetary easing steps under pressure from the incoming government. The greenback was at 85.10 yen shortly after 0000 GMT, the first time above 85.00 yen since April 2011 and up from 84.78 yen in Tokyo afternoon trade on Tuesday.

The Japanese currency has been declining as incoming prime minister Shinzo Abe, whose Liberal Democratic Party won a landslide national election last week, steps up pressure on the central bank to take bold easing steps.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1112826/us-dollar-hits-new-20-month-high-easing-hopes

Trading of China Vanke suspended from Wednesday

Trading in shares of China Vanke, the country’s biggest property developer by sales, will be suspended from Wednesday pending an announcement, the firm said late on Tuesday. The firm said in a filing to the Shenzhen stock exchange trading of its A- and B-shares will be suspended, without elaborating. Its shares closed up 6 per cent on Monday at 10.12 yuan (US$1.62).

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1112822/trading-china-vanke-suspended-wednesday

Sony says China business has recovered, foresees growth

Sony’s business in China has “more or less” returned to levels seen before recent protests against Japan’s actions over a group of disputed islands, the Japanese company’s China chief, Nobuki Kurita, told reporters on Tuesday.

Calls for boycotts of Japanese products broke out across China in September after Japan nationalised two of a group of disputed East China Sea islands, known as the Diaoyu in Chinese and the Senkaku in Japanese, by purchasing them from their private owners.

via Business feed http://www.scmp.com/business/companies/article/1112643/sony-says-china-business-has-recovered-foresees-growth

Shenzhen bourse delists two firms under new rules

China’s Shenzhen Stock Exchange will delist two loss-making companies, the first delistings under tighter rules for underperforming firms aimed at boosting confidence in the sluggish equities market.

Software producer Powerise Information Technology and real estate firm Jiangsu Chinese Online Logistics will be delisted next week in accordance with the new rules announced in June, the exchange said in a statement late on Monday.

via Business feed http://www.scmp.com/business/companies/article/1112576/shenzhen-bourse-delists-two-firms-under-new-rules

Faithful celebrate messenger of peace

Thousands of Palestinians and tourists were flocked to the West Bank city of Bethlehem to mark Christmas at the site where many believe Jesus Christ ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29709

Afghan policewoman guns down NATO adviser

A female Afghan police officer shot dead a foreign civilian adviser in Kabul police headquarters, officials said, in the first “insider’’ attack to ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29708

SouthGobi Mongolia inquiry continues, but lawyer let go

An Australian lawyer barred from leaving Mongolia has been cleared of involvement in a corruption case and will soon be able to leave the country, h...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29707

China’s CITIC flags interest payment delay on trust product

A trust company run by CITIC, one of China’s largest investment firms, has delayed an interest payment due on an investment instrument marketed to wealthy investors, CITIC said on Monday.

The payment delay could add to jitters over the underlying health of wealth management products either marketed directly to the wealthy or sold through banks to depositors looking for higher interest rate returns.

via Business feed http://www.scmp.com/business/banking-finance/article/1112141/chinas-citic-flags-interest-payment-delay-trust-product

CY on leave

The Chief Executive Leung Chun-ying will be away from Hong Kong on vacation from December 25 to 30. During his absence, the Chief Secretary for Admin...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29706

Hong Kong has more visitors in Nov

Over 4.21 million visitor arrivals were recorded in November 2012, which is 18.7 more than a year ago, the Hong Kong Tourism Board today. Out of the...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29705

Indian blogger names rape victim, Tara, a guiding star

A young female blogger in India has hailed the luminosity of character reflected in the young student who was savagely gang raped in the national capi...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29704

In fracking culture war, stars, billionaires and banjos

Not so long ago, fracking was a technical term little known beyond the energy industry. Now it’s coming to Hollywood, as the fierce battle between environmentalists and oil firms is played out in several forthcoming films.

Hydraulic fracturing, the controversial drilling technique also known as fracking, has lifted US energy output dramatically, despite warnings from critics who fear it pollutes water deep underground.

via Business feed http://www.scmp.com/business/companies/article/1112113/fracking-culture-war-stars-billionaires-and-banjos

How US retailers are building up their online muscle

The brave new world for US retailers can be found in small cities like Martinsburg, West Virginia.

That’s where department store chain Macy’s recently opened a facility the size of 43 football fields - big enough to stock 1 million pairs of shoes - just to fulfil orders made online.

The US$150 million building, its third one dedicated primarily to supporting macys.com, has already been handling 60,000 orders on a busy day this holiday season. Macy’s expects that figure to triple in two years.

via Business feed http://www.scmp.com/business/companies/article/1112107/how-us-retailers-are-building-their-online-muscle

LSD vice-chairman appears in court

A vice-chairman of the League of Social Democrats, Avery Ng Man-yuen, has pleaded not guilty to a charge of causing a public nuisance over a protest h...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29703

Brazilian midfielder Elkeson to join Evergrande

Chinese cup holders Guangzhou Evergrande said Monday they have signed Brazilian midfielder Elkeson de Oliveira Cardoso to a four-year deal with the t...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29702

India sex assault law reforms support rape of wife

India is perpetuating the idea that a man is entitled to rape his wife as a sexual assault bill put before lawmakers, still retains the patriarchal mi...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29701

Pray for my girl, pleads father of India gang rape victim

The father of the girl gang raped in a savage attack on a Delhi bus appealed to the protesters to halt any destructive acts and allow justice to take ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29700

India rape victim goes under knife again, amid rage in city where 661 women were raped

The young girl brutally raped by six Indian men inside a bus in the national capital is once again on ventilator support in intensive care after she w...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29699

Tipsy American lawmaker has topsy-turvy ride

Republican Senator Michael Crapo of Idaho has been arrested in Virginia for drunk driving, police said. A vehicle driven by Crapo was stopped in the ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29698

Six residential sites up for sale next quarter

The government is putting up six residential sites, one commercial plot and a land parcel for hotel development for sale in the first quarter of 2013,...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29697

Hang Seng ends higher

Hong Kong shares ended 0.16 percent higher in quiet pre-Christmas shortened trade on Monday following big losses at the end of last week. The benchm...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29696

(NBA) Spurs spoil Nowitzki's return

Danny Green scored a career-high 25 points and sparked a San Antonio 3-point barrage to lead the Spurs over Dallas 129-91 on Sunday, spoiling the NBA ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29695

(NBA) Clippers beat Suns, extend win streak to 13

Blake Griffin scored 23 points and Jamal Crawford added 22 as the Los Angeles Clippers stretched their team-record NBA win streak to 13 games by routi...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29694

Tokyo envoy puts business above politics in Beijing

Japan's new envoy to China urged stronger economic ties with Beijing in an interview broadcast today, after the incoming premier pledged to mend bil...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29693

Victims condemn Sydney cleric’s regret over Christian pedophile abuses as ‘minimal’

Australia's most senior Catholic cleric apologized to those who “suffered at the hands’’ of priests and religious teachers, in a Christmas message is...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29692

China to allow some futures firms to start spot trading in 2013

China will allow some of its futures brokerages to participate in commodity spot trading via a subsidiary by next year in a move that will help these firms manage price volatility better, the China Futures Association said.

Under present regulations, Chinese futures companies are only allowed to offer futures brokerage services and give futures investment advice.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1112048/china-allow-some-futures-firms-start-spot-trading

Asia stocks waver ahead of ’fiscal cliff’ deadline

Asian stock markets trod water in thin trading on Monday, as hopes faded for a budget deal by the end of the year that would prevent the U.S. from reaching the “fiscal cliff.”

Markets have been on edge as President Barack Obama and Republican leaders squabble over how to reduce the US government’s budget deficit. Neither house of Congress is expected to meet again until after Christmas.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1112036/asia-stocks-waver-ahead-fiscal-cliff-deadline

Chinese banks record forex sales surplus

Mainland banks have recorded US$118.1 billion of foreign exchange sales and US$136.6 in settlement in November, bringing in a surplus of US$18.5 billi...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29691

Xstrata lifts cost estimate for Frieda River copper mine by US$300m

Global miner Xstrata has lifted its initial capital spending estimate for the undeveloped Frieda River copper mine in Papua New Guinea by US$300 million to US$5.6 billion, a minority partner in the project said on Monday.

A number of new mining projects in Papua New Guinea and neighbouring Australia have needed to rethink costs during or before construction begins, given unfavourable currency movements and higher energy and labour costs.

via Business feed http://www.scmp.com/business/companies/article/1112030/xstrata-lifts-cost-estimate-frieda-river-copper-mine-us300m

Tata goes back to drawing board at stalled Indian car unit

Deep in Tata Motors’ largest factory, engineers don 3D glasses to play with car designs and prototypes projected from a 10-metre wide computer screen. Their quest? The Indian automaker’s next blockbuster car model.

The research and development team’s task is a pressing one. As they work, sections of conveyor belt and welding stations lay silent at the Pimpri factory and lines of white and silver Indica hatchbacks gather dust along service roads outside.

via Business feed http://www.scmp.com/business/companies/article/1112029/tata-goes-back-drawing-board-stalled-indian-car-unit

Japan may join Pacific trade deal: report

Japan's new government led by incoming prime minister Shinzo Abe has suggested it may join a US-backed Pacific-wide free trade deal, a report said Mon...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29690

Record air arrivals and departures on Friday

As the holiday rush in and out of Hong Kong gathered pace, the city’s main aviation gateway handled a record 1,081 flights last Friday, the Civil Avia...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29689

Sweden forced to return looted Polynesian human remains

A Swedish university said it wants to return three human skulls that researchers looted from French Polynesia in the 19th century. Swedes claim they...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29687

Govt no plan to open up beef market

The Secretary for Food and Health, Ko Wing-man, says the government will not consider opening up the fresh beef market to overseas suppliers at this s...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29686

Reserve requirements cut expected during CNY

People's Bank of China may lower the reserve requirement ratio during the first quarter of 2013, state-run newspaper Securities Times reports. Tight ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29685

Phoenix New Media clips vice-president amidst advertising slowdown

Web portal Phoenix New Media (NYSE: FENG) appears to be going through a behind-the-scenes reshuffle, with word that a top executive has left the company as it continues to struggle with fallout from a national advertising slowdown.

via Business feed http://www.scmp.com/comment/blogs/article/1112011/phoenix-new-media-clips-vice-president

Rage boiling in rape capital Delhi, but police batter protesters

Police shot dead a journalist yesterday during a protest over a sex assault on an actress in northeast India as security forces in New Delhi fired t...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29684

UBS rigged Swiss franc rates for decades

Swiss bank UBS, which last week was slapped with US$1.5 billion in fines for manipulating global interest rates, also tampered with Swiss franc inte...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29682

Wrap up for a chilly Christmas

Temperatures in urban areas dived to 10.1 degrees -- the coldest so far this winter. It also marked the coldest Christmas eve in 13 years. It was c...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29683

Ailing elder statesman Mandela remains in hospital

South Africa's ailing anti-apartheid icon Nelson Mandela may have to stay in hospital over Christmas, a presidential aide suggested, although he dec...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29681

Church urges universal suffrage

The head of the local Catholic diocese has used his Christmas message to call for universal suffrage in Hong Kong. Cardinal John Tong said the Chief E...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29680

Mali Islamic extremists destroy world heritage site

Armed groups occupying Timbuktu in northern Mali used pickaxes yesterday to smash up any remaining mausoleums in the ancient city, an Islamist leader...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29679

Man Utd forced into draw by Swansea

English Premier League leaders Manchester United dropped points in the title race with a 1-1 draw at Swansea yesterday, while Chelsea routed Aston Vil...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29678

US gun lobby takes aim at media hysteria

The NRA, the most powerful gun lobby in the United States, ruled out any support yesterday for greater regulation of firearms or ammunition magazine...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29677

Loud-mouthed British journo Morgan in cross-hairs of US rights groups for crass comments

US gun rights advocates have signed a White House petition calling for British journalist host Piers Morgan who is a host on CNN to be deported for ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29676

(NBA) Knicks beat T-wolves on Anthony's rally

The New York Knicks won over the Minnesota Timberwolves 94-91 behind Carmelo Anthony's 33 points. The forward scored 19 points in the fourth quarter...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29675

Hang Seng, Shanghai edge up

Shares in Hong Kong opened flat in a half-day of trade ahead of the Christmas holiday. The benchmark Hang Seng Index was up 4.41 points at 22,510.7 i...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29674

Developer faces murky future

This has not been a good year for Hong Kong property tycoon Joseph Lau Luen-hung.

via Business feed http://www.scmp.com/property/hong-kong-china/article/1111693/developer-faces-murky-future

Mystery deepens over who is the real buyer for HSBC's Ping An stake

Reports that a secretive mainland businessman with close links to Hong Kong tycoons and mainland officials played a key role in Charoen Pokphand Group's plan to buy HSBC's Ping An stake raise fresh questions about the real buyer and the source of funding for the deal.

HSBC this month said it would exit from China's No 2 life insurer by selling its entire 15.6 per cent Ping An stake for US$9.4 billion to CP, a Thai food exporter with no experience in insurance but well connected to Beijing.

via Business feed http://www.scmp.com/news/china/article/1111729/mystery-deepens-over-who-real-buyer-hsbcs-ping-stake

Asia's World City still has a few unique gifts, if you look hard

With the holidays upon us, our minds turn to gift-giving and the struggle to find something appropriate.

When my friends from the mainland travel to Hong Kong, they often ask me what they should buy as souvenirs for their friends.

What they really want is something memorable that won't be found elsewhere. I always wrestle with an answer.

via Business feed http://www.scmp.com/business/article/1111692/asias-world-city-still-has-few-unique-gifts-if-you-look-hard

Directors splash out on buying sprees

A slowdown in buying in the second week of December proved temporary as buyers ramped up their trades last week, with 37 companies recording 148 insider purchases worth HK$127.5 million.

The figures were sharply up from the previous week's 30 firms and 116 purchases for HK$81.5 million. Directors have bought heavily in three of the past four weeks, amassing 515 purchases worth HK$615 million.

via Business feed http://www.scmp.com/business/article/1111700/directors-splash-out-buying-sprees

All eyes on emerging markets in 2013

Some international fund managers are still cautious about the euro-zone crisis and are betting on the low valuations of emerging markets next year.

But others say the high-growth story of these regions might just be a thing of the past.

via Business feed http://www.scmp.com/business/economy/article/1111705/all-eyes-emerging-markets-2013

China's 007 of finance back in the spotlight

The man behind HSBC's Ping An stake sale is said to be as secretive as James Bond, with his weapon of choice his financial wizardry.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1111703/chinas-007-finance-back-spotlight

Business Digest, December 24, 2012

UBS leaders want to 'avoid further damage'

via Business feed http://www.scmp.com/business/china-business/article/1111704/business-digest-december-24-2012

A middle way around the economic errors of the past

The most valuable new book I've read this year is Justin Lin Yifu's The Quest for Prosperity.

George Akerlof, a Nobel laureate in economics and a man not given to reckless overstatement, calls it "a masterpiece". I'd say that's right.

Lin is an interesting man. In 1979, as an officer in Taiwan's army on the fast track to the elite, he defected to the People's Republic of China by swimming the channel between a Taiwanese island and Xiamen on the mainland.

via Business feed http://www.scmp.com/business/economy/article/1111689/middle-way-around-economic-errors-past

Mongolia's Midas touch loses some of its shine

Mongolia's red-hot economy - one of the world's fastest-growing - has the chills due to a decline in investment interest from foreign investors.

The decline was brought on by a weak global economy and unfriendly policies launched by Mongolia's new populist government.

A World Bank economic report released late last month on the resource-rich nation sandwiched between Russia and China says Mongolia's economic growth fell from 18 per cent last year to 16.5 per cent in this year's first quarter and to 11 per cent in the second quarter.

via Business feed http://www.scmp.com/business/economy/article/1111698/mongolias-midas-touch-loses-some-its-shine

Proview International plans a comeback

Proview International hopes to stave off delisting from the Hong Kong stock exchange and jump-start its moribund operations by acquiring an undisclosed "profitable business", which is also in the electronics industry.

The company is the parent of Proview Technology (Shenzhen), which received a record US$60 million payout from technology giant Apple in June to settle their long and acrimonious dispute over its "iPad" trademarks on the mainland.

via Business feed http://www.scmp.com/business/companies/article/1111707/proview-international-plans-comeback

David Tang eyes luxe rice cooker

Tang-Tang-Tang-TANG … Sing it like Beethoven's Fifth. It's the name of businessman and bon vivant David Tang's new retail empire. So, what what what WHAT will it sell?

It won't bear any resemblance to the Shanghai Tang fashion chain he founded and sold in 2006 to Richemont, a retailer. He's fairly scathing about the wares sold by his former shop. In a word: "Awful."

via Business feed http://www.scmp.com/business/money/wealth/article/1109900/david-tang-eyes-luxe-rice-cooker

Hostess clubs close in Hong Kong

China's opening to the West has brought fundamental change to Hong Kong, and among the losers from the transformation have been the city's once-famous nightclubs.

This year the two biggest have closed: Club Bboss and its nearest competitor, Club Paris. Only Club de Hong Kong survives, where punters face a minimum door charge of HK$2,500 to HK$3,000.

via Business feed http://www.scmp.com/business/money/money-news/article/1109901/hostess-clubs-close-hong-kong

Top 10 tips for tax returns

The Hong Kong tax rate is low and filling in returns is easy compared to labyrinth of rules and deductions in the US, Canada or Australia.

But for those who go into auto-pilot mode when filling in taxes, you should know you can cut your bill with a few simple steps.

Herewith, Money Post's top 10 guide to cutting your tax charge:

1. Claim home loan interest allowance up to 15 years. Until this year, taxpayers could claim HK$100,000 per year for 10 years but starting 2012/13, Inland Revenue will allow homeowners an extra five years.

via Business feed http://www.scmp.com/business/money/money-news/article/1109890/top-10-tips-tax-returns

Smart Money: Best outlook sites for investing in 2013

Even with the fiscal cliff looming, some major banks expect higher equity markets while others are much more cautious. Kiplinger is a popular personal finance site that produces a comprehensive preview and forecast of each year's investment outlooks. The site includes stock buy and sell recommendations. Children are even taught how to deal with next year's family budgets.

via Business feed http://www.scmp.com/business/money/money-news/article/1109858/smart-money-best-outlook-sites-investing-2013

Re-elected prime minister thinking big in Japan

Japan-focused investors awoke last Monday to a new reality when the Liberal Democratic Party (LDP) won a decisive victory at the polls, ushering the return of Shinzo Abe as prime minister.

So far, so similar, you might think. Abe is Japan's seventh prime minister in six-and-a-half years. Leadership turnover is a regular event in the country, and not one that necessarily excites investors.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1109868/re-elected-prime-minister-thinking-big-japan

The Week Explained: Insider buy-backs

Directors of listed Hong Kong companies have been increasing the purchases of their own shares after a lull in this kind of activity earlier in the year. Also, rather intriguingly, Berkshire Hathaway has made a US$1.2 billion buy-back of company shares. The purchase defies US investment guru (and Berkshire head) Warren Buffett's own maxims.

Buffett is famous for criticising directors for overpaying for shares in their own companies, which he says is done to pump up the share price.

via Business feed http://www.scmp.com/business/money/money-news/article/1109857/week-explained-insider-buy-backs

Ask Melanie: Why you should afford to be charitable

Giving is often spontaneous. Things happen over the course of a year that tug at the heart strings and loosen the purse strings. This is as it should be but you can also approach gift giving in the context of your wider financial objectives, so as not to compromise family goals.

via Business feed http://www.scmp.com/business/money/expert-qa/article/1109882/ask-melanie-why-you-should-afford-be-charitable

How to borrow to pay taxes

Green envelopes are starting to arrive in the mail forcing Hongkongers turn their attention to something far less festive than cards: tax.

For those who failed to set aside enough during the past year, help is at hand in the form of a tax loan. But which bank has the best deal?

via Business feed http://www.scmp.com/business/money/money-news/article/1109889/how-borrow-pay-taxes

Stocks targeted over homes as asset choice for investors

Stocks in Hong Kong are replacing homes as the asset of choice for global investors seeking higher returns amid an unprecedented stimulus by central banks from the United States to Europe that pushed interest rates to record lows.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1109899/stocks-targeted-over-homes-asset-choice-investors

Foreign funds move from Southeast Asia to India, China

A record month of redemption from equity mutual funds invested in Southeast Asia suggests a boom in these markets could be over as money managers set their sights on China and India.

Pricey share valuations in Southeast Asia are steering the funds to cheaper markets after a bull run in which the Philippines and Thailand were some of the best performers in the world.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1109867/foreign-funds-move-southeast-asia-india-china

Living largesse

The holiday season invariably brings giving to the mind but with it comes a bewildering tangle of questions of how best to donate.

Frequently, good intentions stall because it is so easy to feel overwhelmed. How can I decide which cause is more deserving? Which charity should I donate to? And importantly, how can I make sure the money I give isn’t pocketed by sham organisations?

via Business feed http://www.scmp.com/business/money/money-news/article/1109883/living-largesse

Ping An may have funded partners in Thai's purchase of HSBC's stake

Ping An Insurance managers may have helped fund a Thai billionaire's Chinese backers in the man's purchase of HSBC's stake in the company, the website of Caixin Century Weekly said yesterday.

via Business feed http://www.scmp.com/news/china/article/1111105/ping-may-have-funded-partners-thais-purchase-hsbcs-stake

Think tank exposes India hypocrisy in allowing 20 rape accused to enter prolitics

At least 20 men accused of raping women ran in Indian elections in the past five years, according to a think-tank report published amid growing outr...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29663

Classes resume at knife attack school

Students returned to study at a central China elementary school on Friday, a week after a knifeman wounded 23 of their classmates on the campus. Clas...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29662

In ICE-NYSE deal, one CEO steps back, the other rises

Duncan Niederauer, the chief executive of New York Stock Exchange operator NYSE Euronext, once boldly proclaimed that his company could not be acquired.

Last year, even when Niederauer was prepared to sell his company to Deutsche Boerse, he insisted that he be chief executive of the combined company. The deal ended up being quashed by German regulators.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1109859/ice-nyse-deal-one-ceo-steps-back-other-rises

One man dead in boat crash

A man fell into the water and died after two boats crashed near North Point. A sampan and a lighter ran into each other near the water off Watson Roa...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29661

Shop owner's objection threatens project

The Urban Renewal Authority says one of its redevelopment projects in Tai Kok Tsui might have to be abandoned because of the objections of a shop owne...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29660

German consumer confidence worsens

Consumer confidence in Germany appears to be faltering, as fears about Europe's sovereign debt crisis and the slowing economy dents household sentimen...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29659

Machinery giant CMEC soars on Hong Kong debut

State-owned China Machinery Engineering Corporation rose more than 18 per cent on its trading debut in Hong Kong Friday, after raising US$500 million and pricing its deal at the top end of the range.

via Business feed http://www.scmp.com/business/companies/article/1109844/machinery-giant-cmec-soars-hong-kong-debut

CCTV shocks viewer with "V for Vendetta''

China's state-run television network shocked viewers by broadcasting "V for Vendetta'', an anarchist-themed film showing an uprising against an author...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29658

Govt to auction wireless frequency bands

The government is putting five wireless broadband frequency band under hammer. "The radio spectrum available in this auction is divided into five f...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29657

Hang Seng slides on renewed fears over US fiscal cliff

The Hang Seng Index suffered its worst loss in three weeks on Friday as investors reduced risky holdings after the US Republican House Speaker abandoned his Plan B bill to avert a “fiscal cliff”.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1109824/hang-seng-slides-renewed-fears-over-us-fiscal-cliff

British cocaine-smuggling grandma faces 15 years in Bali jail

Indonesian prosecutors recommended a 15-year prison term for a British grandmother accused of trafficking in cocaine on the resort island of Bali. ...



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China Machinery gains 18pc in trading debut

State-owned China Machinery Engineering Corporation gained more than 18 percent on its trading debut today, after raising US$500 million and pricing ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29655

Nikkei closes in the red

Stocks in Tokyo closed 0.99 percent lower, giving up morning gains as US lawmakers appeared set to head home for the holiday break without a deal on ...



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Tourists in trouble in Philippine boat calamity

Two German tourists and an Australian have been rescued following two days afloat in the sea in central Philippines after their boat capsized while th...



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Mainland moms 'birth agents' active again

The Secretary for Justice, Rimsky Yuen Kwok-keung, says administrative measures have been generally effective in stopping mainland women coming to Hon...



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Ex-banker arrested in U.S. over Olympus fraud

A former Singapore banker has been arrested in Los Angeles and accused of helping “liquidate” hundreds of millions of dollars in the Olympus Corp accounting scandal, one of the biggest corporate frauds in Japan’s history.

Chan Ming Fon, who lives in Singapore and is a citizen of Taiwan, is the latest former executive to become ensnared in the US$1.7 billion accounting cover-up at the camera and medical equipment-maker.

via Business feed http://www.scmp.com/business/companies/article/1109767/ex-banker-arrested-us-over-olympus-fraud

BlackBerry maker RIM ekes out profit, tops forecasts

BlackBerry maker Research in Motion has reported a small profit after three consecutive quarterly losses, offering some optimism for the struggling smartphone maker.

The Canadian based firm posted a net profit was US$9 million in the fiscal third quarter ending December 1 despite the loss of one million subscribers.

That profit compared with a loss of US$235 million in the second quarter and a gain a year ago of US$265 million.

via Business feed http://www.scmp.com/business/companies/article/1109762/blackberry-maker-rim-ekes-out-profit-tops-forecasts

(Vendee Globe) Leaders in each other’s sights in rough seas

After sailing halfway around the world, Armel Le Cleac’h and Francois Gabart still have each other in their sights as they set out on the second hal...



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Ivorian Toure is Africa’s fnest, again

Ivorian Yaya Toure of Manchester City won Africa's top football honor, beating out his countryman Didier Drogba and Alexandre Song of Cameroon for t...



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Britain admits paying off Iraqis tortured by British soldiers during occupation

Britain has paid out £14 million to Iraqis who accuse British troops of illegally detaining and torturing them following the 2003 invasion, the Minis...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=29649

More powerful Great Firewall hit web users

Chinese authorities, who have long sought to limit access to information, seem to have reinforced the so-called Great Firewall of China, frustrating f...



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Life buoys couldn't save passengers

The Lamma ferry disaster inquiry has heard that passengers on the Hong Kong Electric vessel, who fell into the sea following a collision with a ferry,...



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Things could be worse: Japan government

Japan’s government kept its view of the economy unchanged in December, snapping a four-month-long run of downgrades that was the longest such sequence since the 2008-09 financial crisis, but warned the overall economic environment remained sluggish.

In its monthly assessment of the economy, it said that while weakness would remain for now, a recovery from Japan’s fourth recession since 2000 was expected as domestic demand picks up on the back of reconstruction spending following last year’s earthquake and an improvement in the global economy.

via Business feed http://www.scmp.com/business/economy/article/1109746/things-could-be-worse-japan-government

Greenview Villa opens show flats

Show flats of Greenview Villa, the subsidized housing project in Tsing Yi, have been opened today. Application forms, price list, information on the f...



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Central bankers rethink their devotion to slaying inflation

A subtle shift in monetary policymaking is afoot with a new generation of central bankers, striving to secure global economic recovery, prepared to challenge the old doctrine of inflation-fighting at all costs.

Mark Carney, the governor of the Bank of Canada and soon-to-be head of the Bank of England, may or may not have intended to spark a high-level debate last week over how diligently central banks should fend off inflation.

via Business feed http://www.scmp.com/business/economy/article/1109739/central-bankers-rethink-their-devotion-slaying-inflation

Former Bankia executives reject blame for bank’s fall

Former chiefs of nationalised Spanish lender Bankia denied blame for its fall at court hearings, as they attempted to fend off a lawsuit from small shareholders who lost out in the company’s stock market flotation.

Rodrigo Rato, a former International Monetary Fund head and the last of 33 former executives accused of fraud, price-fixing and falsifying accounts, appeared before the judge in a 3-1/2 hour private session on Thursday.

via Business feed http://www.scmp.com/business/banking-finance/article/1109731/former-bankia-executives-reject-blame-banks-fall

Hang Seng slips by lunch

Hong Kong shares were 0.76 percent lower by the break Friday on US fiscal cliff concerns after Republicans called off a planned vote on a back-up plan...



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