Monday, September 30, 2013
The intriguing Direct Property Group
The Direct Property Group has aroused my curiosity. Their eye-catching advertisements for overseas property appear on BBC TV channels, in newspapers and in magazines. Some are for bargain USA homes, others for upmarket pads in Europe.
via Business feed http://www.scmp.com/comment/blogs/article/1321400/intriguing-direct-property-group
Search wars begin as Sogou sues Qihoo
Any semblance of harmony between Sohu's (Nasdaq: SOHU) Sogou online search engine and spurned suitor Qihoo 360 (NYSE: QIHU) has quickly disappeared with a new series of lawsuits between the two sides for unfair competition and defamation.
via Business feed http://www.scmp.com/comment/blogs/article/1321381/search-wars-begin-sogou-sues-qihoo
China shares outshine Asia on holiday eve, Hong Kong falls
China shares inched higher on Monday, outperforming other Asia markets as investors chased strength in retailers ahead of a week-long holiday, with the Shanghai benchmark heading for its biggest quarterly gain in three years.
via Business feed http://www.scmp.com/business/money/stock-talk/article/1321366/china-shares-outshine-asia-holiday-eve-hong-kong-falls
Why further rally in Chinese stocks is unlikely
In early July, long-depressed Chinese stocks stepped into the unlikely role of stars among emerging markets. But the outperformance has ended, and it’s very unlikely investors will see a repeat any time soon.
via Business feed http://www.scmp.com/business/money/markets-investing/article/1321354/why-further-rally-chinese-stocks-unlikely
Reforms still hotly debated inside Communist Party
China’s leaders will lay out plans to transform the world’s second-largest economy at a key party meeting in November, leaving the question of how to do it largely unanswered as much of the reform agenda is still a matter of heated internal debate.
via Business feed http://www.scmp.com/business/economy/article/1321324/reforms-still-hotly-debated-inside-communist-party
As Chinese firms take their disputes offshore, Hong Kong arbitrators gain
When more than 2,000 passengers aboard China’s biggest cruise liner found their ship detained in a South Korean port and their holiday in ruins, they had unwittingly become pawns in a five-year legal row between two Chinese shipping firms.
via Business feed http://www.scmp.com/business/china-business/article/1321300/chinese-firms-take-their-disputes-offshore-hong-kong
Australian iron ore project going into production, Citic Pacific says
Citic Pacific said it was moving into the initial production phase at its US$8 billion iron ore project in Australia, following years of delays at one of China’s costliest offshore mining developments.
via Business feed http://www.scmp.com/business/companies/article/1321252/australian-iron-ore-project-going-production-citic-pacific-says
British house prices rise by most in 6 years
House prices in England and Wales posted their biggest month-on-month gain in more than six years in September, but talk of a price bubble is overdone, property analysis firm Hometrack said in a survey on Monday.
via Business feed http://www.scmp.com/business/economy/article/1321245/british-house-prices-rise-most-6-years
Beijing to give glut-weary solar panel makers tax breaks
The Ministry of Finance announced on Sunday it will offer tax breaks to manufacturers of solar power products, as China moves to support an industry still struggling to deal with massive overcapacity and weak demand.
via Business feed http://www.scmp.com/business/companies/article/1321242/beijing-give-glut-weary-solar-panel-makers-tax-breaks
HSBC final China PMI edges up to 50.2, as domestic demand stays subdued
China’s factory sector grew in September after rising foreign orders made up for a subdued domestic market, a private survey showed, suggesting Asia’s economic powerhouse is starting to turn the corner, though a firm rebound remains elusive.
via Business feed http://www.scmp.com/business/economy/article/1321220/hsbc-final-china-pmi-edges-502-domestic-demand-stays-subdued
Singaporean held for savage attack on elderly woman, neighbor kicked in head and dragged by her hair
DCHL 'looking to clean up its image'
Health-and-beauty products distributor Digital Crown Holdings HK (DCHL) is said to be trying to reform its controversial marketing tactics, amid allegations it exploited a loophole in Hong Kong's laws regulating multi-level sales.
via Business feed http://www.scmp.com/news/hong-kong/article/1320807/dchl-looking-clean-its-image
Lampe Berger boss says Hong Kong laws 'too lax' for it to sue ex-distributor in brand row
Lampe Berger's Hong Kong branch director, John Vullierme, questioned how DCHL would be able to provide Lampe Berger products to its members when it had "almost ordered nothing" from Paris since mid-2011.
via Business feed http://www.scmp.com/news/hong-kong/article/1320909/lampe-berger-boss-says-hong-kong-laws-too-lax-it-sue-ex-distributor
Investment-linked insurance schemes a trap for unwary investors
It started with a referral from a friend. For Connie Choi Shuk-mei, it ended in claims of fraud, a police investigation and the founding of Hong Kong's first anti-insurance-product activist group.
via Business feed http://www.scmp.com/news/article/1320840/investment-linked-insurance-schemes-trap-unwary-investors
Experts wary of roll-out for liberalisation
Market watchers remain sceptical about whether Beijing's targeted time frame for opening its capital accounts, a key step in the yuan's journey to global acceptance, is too soon.
via Business feed http://www.scmp.com/business/economy/article/1320762/experts-wary-roll-out-liberalisation
China button pressed
Fuji Xerox, the printer and document-processing giant, plans to generate about US$1 billion of its total revenue annually from China in the next five years, as the company grows sales in more cities across the mainland.
via Business feed http://www.scmp.com/business/companies/article/1320815/china-button-pressed
CMB purchase gives Wing Lung new lease of life
CMB acquired Wing Lung for HK$19.3 billion at a 2.9 price-book ratio. Five years on, and after meeting internal management and external economic challenges, Wing Lung has 44 branches in Hong Kong, making it the third-largest mainland bank in the city by branch network.
via Business feed http://www.scmp.com/business/banking-finance/article/1320761/cmb-purchase-gives-wing-lung-new-lease-life
Insurance product faces gloomy future
It is hard to be a vendor of insurance-linked investment funds these days, as regulators come under pressure to outlaw sales of such products that are worth HK$17 billion a year.
via Business feed http://www.scmp.com/business/money/investment-products/article/1320771/insurance-product-faces-gloomy-future
Weibo's revenue challenges are far from micro
Mainland online media group Sina Corp is facing twin challenges to its revenue - from a crackdown by the government on bloggers and competition from Tencent's WeChat.
via Business feed http://www.scmp.com/business/companies/article/1320798/weibos-revenue-challenges-are-far-micro
Sun Hung Kai Financial battles for rich clients
A commission price war raging among brokerages prompted Sun Hung Kai Financial's move into wealth management, but the diversification strategy is opening up new battles for one of the oldest names in finance in Hong Kong. With many international and local banks keen to expand in the fast-growing sector, SHK Financial is trying to push deeper into a crowded market.
via Business feed http://www.scmp.com/business/banking-finance/article/1320759/sun-hung-kai-financial-battles-rich-clients
K Wah joins the frenzy over Shanghai zone
Hong Kong developer K Wah International has jumped on the bandwagon of the free-trade zone in Shanghai, hoping its upcoming residential project near the zone may anchor its expansion plans in the mainland's commercial hub.
via Business feed http://www.scmp.com/business/china-business/article/1320875/k-wah-joins-frenzy-over-shanghai-zone
Shoppers hit Hong Kong early before tour prices rise
Golden week has come early for favoured haunts of mainland shoppers as some of the more price-conscious visitors have been taking to their tour buses to get in before a jump in prices for organised trips to Hong Kong.
via Business feed http://www.scmp.com/business/economy/article/1320915/shoppers-hit-hong-kong-early-tour-prices-rise
Beijing reassures Hong Kong on Shanghai free-trade zone
Beijing was quick to soothe concerns in Hong Kong about its rivalry with Shanghai after the mainland's commercial capital officially launched its free-trade zone yesterday.
via Business feed http://www.scmp.com/news/article/1320904/beijing-reassures-hong-kong-shanghai-free-trade-zone
EU ponders rescue fund for non-euro banks ahead of stress test
The European Union is weighing up whether a €50 billion (HK$524 billion) rescue fund can be turned into a backstop for banks in member states outside the single-currency bloc, two EU officials said.
via Business feed http://www.scmp.com/business/banking-finance/article/1320760/eu-ponders-rescue-fund-non-euro-banks-ahead-stress-test
Property sector takes centre stage as directors top up
Share transactions by directors fell last week, with 180 trades worth HK$184 million reported to the stock exchange, down from the previous week's four-day total of 199 transactions worth HK$226 million.
via Business feed http://www.scmp.com/business/money/money-news/article/1320876/property-sector-takes-centre-stage-directors-top
Pearl River manufacturers brace for stronger yuan
Italian car parts maker Util has seen the yuan appreciate considerably against the US dollar since it set up a factory in the Pearl River Delta six years ago.
via Business feed http://www.scmp.com/business/china-business/article/1320797/pearl-river-manufacturers-brace-stronger-yuan
Insurance activist Lai Yan-cheong: sales tactics are wrong
A member of Hong Kong's first anti-insurance product activist group, Lai Yan-cheong, used to work as an insurance agent in the US. He moved to California in 1992 and found work selling insurance to corporate clients.
via Business feed http://www.scmp.com/news/article/1320841/insurance-activist-lai-yan-cheong-sales-tactics-are-wrong
Sunday, September 29, 2013
Line, WeChat: Asian social networks move to conquer Europe
Move aside Facebook and Skype. Asian social networks, already hugely popular on their continent, have set their sights on Europe where they could prove stiff competition for their US rivals.
via Business feed http://www.scmp.com/business/article/1320543/line-wechat-asian-social-networks-move-conquer-europe
China launches its first free trade zone in Shanghai
China launched a free trade zone in its commercial hub Shanghai on Sunday, state-media reported, with the project seen as a testing ground for much-needed reforms in the world’s second largest economy.
via Business feed http://www.scmp.com/news/china/article/1320509/china-launches-its-first-free-trade-zone-shanghai
Friday, September 27, 2013
Huishan Dairy flops in Hong Kong debut after being bypassed by state subsidies
China Huishan Dairy fell as much as 10 per cent in its first trading day on the Hong Kong stock exchange, hurt in part by concerns that it may miss out on funds the Chinese government has earmarked for consolidation in the sector.
via Business feed http://www.scmp.com/business/money/markets-investing/article/1319068/huishan-dairy-flops-hong-kong-debut-after-being
Turkey awards deal for defence system to Chinese firm sanctioned by US
Nato member Turkey has chosen a Chinese defence firm that has been sanctioned by Washington to co-produce a US$4 billion long-range air and missile defence system, rejecting rival bids from Russian, US and European firms.
via Business feed http://www.scmp.com/business/china-business/article/1319053/turkey-awards-deal-defence-system-chinese-firm-sanctioned-us
Brokerage ordered to pay ex-employee US$4.3 million for making him sell securities that failed
A US$4.3 million arbitration award to a broker who was encouraged by his former firm to sell securities that later failed could spawn similar complaints from other brokers.
via Business feed http://www.scmp.com/business/banking-finance/article/1319021/brokerage-ordered-pay-ex-employee-us43-million-making-him
Corruption rife in procurement by Chinese state companies
In March last year, after getting government approval to go ahead with a US$900 million refinery expansion in Fujian province, state-run oil giant Sinopec warned the team handling the project against taking bribes.
via Business feed http://www.scmp.com/business/china-business/article/1319008/corruption-rife-procurement-chinese-state-companies
China shares see small bounce on industrial data, Hong Kong struggles
China shares rebounded modestly early Friday after data showed the pace of profit growth for Chinese industrial firms in August more than doubled from July, tempering Hong Kong weakness, with coal and aluminum counters leading gains.
via Business feed http://www.scmp.com/business/money/stock-talk/article/1319002/china-shares-see-small-bounce-industrial-data-hong-kong
9 Japanese firms fined US$740 million for fixing prices of parts sold to US carmakers
Nine companies based in Japan and two executives have agreed to plead guilty and to pay a total of more than US$740 million in fines for their roles in long-running conspiracies to fix the prices of car parts sold to US carmakers, the US Department of Justice said on Thur
via Business feed http://www.scmp.com/business/companies/article/1318979/9-japanese-firms-fined-us740-million-fixing-prices-parts-sold-us
Google tweaks search engine to better serve users of mobile devices
Google has quietly retooled the closely guarded formula running its internet search engine to give better answers to the increasingly complex questions posed by web surfers.
via Business feed http://www.scmp.com/business/companies/article/1318947/google-tweaks-search-engine-better-serve-users-mobile-devices
Abe's battle against deflation on track as prices in Japan rise by most in five years
Prices in Japan rose last month at their fastest pace in nearly five years, data showed on Friday, the latest sign that efforts to conquer years of growth-sapping deflation were taking hold.
via Business feed http://www.scmp.com/business/economy/article/1318933/abes-battle-against-deflation-track-prices-japan-rise-most-five
Want fries with that? Why not a salad instead, McDonald's says
Hold the fries, pass the salad. McDonald’s said on Thursday it would offer healthy options as part of its popular value meals, letting customers choose a side salad, fruit or vegetables instead of french fries.
via Business feed http://www.scmp.com/business/companies/article/1318923/want-fries-why-not-salad-instead-mcdonalds-says
Loss of Alibaba IPO spurs calls for reforms of Hong Kong listing rules
Lauded by many for its principled stance in rejecting Alibaba Group’s plans to list shares, the Hong Kong Stock Exchange has left the city’s financial community fuming at a lost opportunity and re-ignited calls for market reforms.
via Business feed http://www.scmp.com/business/companies/article/1318917/loss-alibaba-ipo-spurs-calls-reforms-hong-kong-listing-rules
Thursday, September 26, 2013
Search wars begin as Sogou sues Qihoo
Any semblance of harmony between Sohu's (Nasdaq: SOHU) Sogou online search engine and spurned suitor Qihoo 360 (NYSE: QIHU) has quickly disappeared with a new series of lawsuits between the two sides for unfair competition and defamation.
via Business feed http://www.scmp.com/comment/blogs/article/1318349/search-wars-begin-sogou-sues-qihoo
Search wars begin as Sogou sues Qihoo
Any semblance of harmony between Sohu's (Nasdaq: SOHU) Sogou online search engine and spurned suitor Qihoo 360 (NYSE: QIHU) has quickly disappeared with a new series of lawsuits between the two sides for unfair competition and defamation.
via Business feed http://www.scmp.com/comment/blogs/article/1318348/search-wars-begin-sogou-sues-qihoo
New World Development underlying profit rises 26 per cent on higher property sales
Major Hong Kong developer New World Development said on Thursday its underlying profit for the 12 months to June rose 26.1 per cent to HK$6.33 billion.
That fell short of a consensus forecast in a Bloomberg survey of nearly HK$6.59 billion.
via Business feed http://www.scmp.com/business/companies/article/1318262/new-world-development-underlying-profit-rises-26-cent-higher
Danone’s Nutricia accused of bribing China doctors
French conglomerate Danone faced fresh bribery accusations in China on Wednesday, made by a newspaper against its healthcare subsidiary Nutricia, as authorities investigate corruption among drug and dairy firms.
via Business feed http://www.scmp.com/news/china/article/1318229/danones-nutricia-accused-bribing-china-doctors
Top appliance maker Gree plans private bank
A unit of Gree Electric Appliances plans to set up a private bank, the second Chinese home appliance player to eye a move into the financial industry, after Suning Commerce announced its own plans last month.
via Business feed http://www.scmp.com/business/companies/article/1318210/top-appliance-maker-gree-plans-private-bank
Britain takes EU to court over cap on bankers' bonuses
Britain has launched a legal challenge to the European Union’s cap on bankers’ bonuses, which London fears will hurt its financial industry.
via Business feed http://www.scmp.com/business/banking-finance/article/1318197/britain-takes-eu-court-over-cap-bankers-bonuses
Citi to pay Freddie Mac US$395 million to settle claims over flawed mortgages
US banking giant Citigroup announced on Wednesday an agreement to pay the Federal Home Loan Mortgage Corp (Freddie Mac) US$395 million to settle claims of potential flaws in millions of mortgages it sold the quasi-public firm.
via Business feed http://www.scmp.com/business/banking-finance/article/1318188/citi-pay-freddie-mac-us395-million-settle-claims-over
Icap fined US$87 millon, 3 ex-employees charged in Libor interest rate rigging probe
US and British authorities fined Icap, the world’s biggest interdealer broker, US$87 million on Wednesday and filed criminal charges against three former employees over the Libor interest rate rigging scandal.
via Business feed http://www.scmp.com/business/banking-finance/article/1318173/icap-fined-us87-millon-3-ex-employees-charged-libor
Abenomics encourages Japanese firms to invest - abroad
Japanese Prime Minister Shinzo Abe got an early sign of how his blueprint to revive Japan’s industrial vim and economic vigour was working when two of his country’s biggest car makers unveiled US$900 million worth of investments to boost production.
via Business feed http://www.scmp.com/business/economy/article/1318151/abenomics-encourages-japanese-firms-invest-abroad
US seeks to restart sales of chicken parts after WTO rules against Chinese duties
The United States called on China on Wednesday to reopen its market to US chicken broiler parts following the formal adoption by the World Trade Organisation of a ruling against Beijing in the four-year-old dispute.
via Business feed http://www.scmp.com/business/china-business/article/1318087/us-seeks-restart-sales-chicken-parts-after-wto-rules-against
Wal-Mart shares drop after report retailer is cutting orders from suppliers
Wal-Mart Stores shares fell 1.5 per cent on Wednesday after a report by Bloomberg said the retailer is cutting orders with suppliers this quarter and next quarter to address rising inventories.
via Business feed http://www.scmp.com/business/companies/article/1318075/wal-mart-shares-drop-after-report-retailer-cutting-orders
JPMorgan in talks to settle government probes for US$11b
JPMorgan Chase is in talks with government officials to settle federal and state mortgage probes for US$11 billion, two people familiar with the matter said on Wednesday.
via Business feed http://www.scmp.com/business/banking-finance/article/1318060/jpmorgan-talks-settle-government-probes-us11b
Wednesday, September 25, 2013
Chinese launch seen for regional version of Airbus A330
Airbus will launch a short-range “Regional” version of its best-selling A330 wide-bodied jet at an airshow in China on Wednesday, industry sources said.
via Business feed http://www.scmp.com/business/companies/article/1317506/chinese-launch-seen-regional-version-airbus-a330
Cruise operator Carnival warns of possible loss, shares sink
Carnival Corp warned it could report an adjusted loss for the current quarter, after posting a 30 per cent fall in third-quarter profit due to a series of headline-grabbing mishaps on its cruise ships.
via Business feed http://www.scmp.com/business/companies/article/1317423/cruise-operator-carnival-warns-possible-loss-shares-sink
Fiat chief’s dealmaking record at stake with Chrysler offering
Fiat boss Sergio Marchionne’s decision to push ahead with a Chrysler IPO he does not want has raised the stakes in a buyout dispute with the US carmaker’s minority shareholder - as well as for his own legacy.
via Business feed http://www.scmp.com/business/companies/article/1317413/fiat-chiefs-dealmaking-record-stake-chrysler-offering
By going private, Blackberry may buy time to fix itself
A tentative deal to take BlackBerry private will not necessarily resolve challenges that pushed the smartphone maker into a corner in the first place, but it gives the struggling company some breathing room.
via Business feed http://www.scmp.com/business/companies/article/1317406/going-private-blackberry-may-buy-time-fix-itself
JPMorgan in talks to settle mortgage probes: source
JPMorgan Chase, facing several investigations into its mortgage practices, is seeking a global settlement with US government authorities in multiple jurisdictions, a person familiar with the matter said on Tuesday.
via Business feed http://www.scmp.com/business/banking-finance/article/1317379/jpmorgan-talks-settle-mortgage-probes-source
Wells Fargo fails to end US mortgage fraud lawsuit
A federal judge has rejected Wells Fargo & Co’s bid to dismiss a US government lawsuit accusing the nation’s largest mortgage lender of fraud, a victory for federal investigators pursuing cases tied to the recent housing and financial crises.
via Business feed http://www.scmp.com/business/banking-finance/article/1317378/wells-fargo-fails-end-us-mortgage-fraud-lawsuit
Burger King debuts lower-fat french fries
Burger King Worldwide, known for its “Whopper” hamburgers, has introduced lower-fat french fries as consumer groups and nutrition experts in the United States increase pressure on the food industry to offer healthier alternatives.
via Business feed http://www.scmp.com/news/world/article/1317374/burger-king-debuts-lower-fat-french-fries
Applied Materials, Tokyo Electron deal to create giant
Applied Materials will buy rival Tokyo Electron Ltd in an all-stock deal valued at more than US$7 billion, combining the No.1 and No.3 makers of chip-making gear as demand for their products slows and it gets tougher to turn a profit.
via Business feed http://www.scmp.com/business/companies/article/1317351/applied-materials-tokyo-electron-deal-create-giant
Tuesday, September 24, 2013
KKR returns to China’s dairy industry with CDH, Modern Dairy venture
KKR is leading a joint venture that plans to invest US$140 million in two large dairy farms in China, said a person with direct knowledge of the matter, as the private equity firm returns to the fast-growing sector.
via Business feed http://www.scmp.com/business/companies/article/1316762/kkr-returns-chinas-dairy-industry-cdh-modern-dairy-venture
Chrysler files for IPO, forced by UAW trust
Chrysler Group filed paperwork on Monday for an initial public offering of up to US$100 million, an action that could slow majority owner Fiat’s plans to take full ownership of the US automaker.
via Business feed http://www.scmp.com/business/money/stock-talk/article/1316714/chrysler-files-ipo-forced-uaw-trust