Sony India says mobiles the 'next most emerging category' after TV | NDTV Gadgets: ""TV is the biggest category for Sony India but the next most emerging category is mobiles. The current share of mobile phone is around 9 percent (of the company's total revenues)," Sony India Managing Director Kenichiro Hibi told PTI."
'via Blog this'
Tuesday, June 25, 2013
Monday, June 24, 2013
Now It Is the China Bear’s Turn to Maul Markets
Now It Is the China Bear’s Turn to Maul Markets:
'via Blog this'
ess than a week after the U.S. Federal Reserve rattled global markets with talk about possibly easing its monetary stimulus this year, growing worries about a credit crunch in China suggest the risk appetite that was so strong just two months ago could take some time to return.
In fact, fears that tight liquidity conditions could harm the world's second largest economy kept stock markets firmly in negative territory on Tuesday.
The benchmark Shanghai Composite index led falls in Asian stocks with a decline of almost 4 percent to its lowest level in more than four years, putting the market in bear territory. Japan's blue-chip Nikkei also tumbled 2 percent, setting a negative tone for European and U.S. markets when they open later in the day.
"The volatility in global markets started with the [Fed chief] Ben Bernanke comments on tapering a month ago and now we are looking at this adjustment in liquidity in China," said George Boubouras, chief investment officer at Equity Trustees in Sydney. "It's not going to stop."
(Read More: US Data More Important Than Ever for Jittery Markets)
In an effort to get local lenders to clamp down on credit growth, China's central bank has shown a reluctance to step in aggressively and ease tight liquidity conditions. Analysts say that although that is good news for the economy long-term, the credit squeeze does suggests short-term pain for an economy that is already showing signs of weakness.
"The dragon economy now resembles a panda," Evan Lucas, a market strategist at trading firm IG said in a note. "It has been over a decade since China has experienced a cash squeeze like this."
China's economy grew at its slowest pace for 13 years in 2012 and recent disappointing data prompted a number of growth downgrades by major banks. Goldman Sachs on Monday for instance lowered its 2013 gross domestic product forecast to 7.4 percent from 7.7 percent.
(Read More: Goldman Joins Bandwagon, Downgrades China)
"The market has taken an extreme view of what's happening in China but we are going to have to wait for the dust to settle down now," said Michael McCarthy, chief market strategist at CMC Markets in Sydney, told CNBC's "Capital Connection."
'via Blog this'
Mark Mobius: China's Problems as Big as US Subprime
Mark Mobius: China's Problems as Big as US Subprime:
'via Blog this'
While China's housing market problems are similar in scale to those faced during the U.S. subprime mortgage bubble and its banks are rife with bad loans, it won't lead to another Lehman-style crash, Franklin Templeton's Mark Mobius told CNBC on Monday.
Mobius said the similarities could not be denied but since Chinese banks are owned by the government, they will not be allowed to fail.
Investor fears have been heightened after a credit crunch last week led to a spike in yields on inter-bank loans. Some analysts have pointed out the credit crunch was spiked by China's central bank tightening liquidity, rather than a loss in confidence among banks.
Still, nervousness led to big drop in Chinese stocks on Monday, with the Shanghai Composite tumbling 5.3 percent to its lowest levels since early December.
"The perception of China is they are in the same kind of situation as the U.S., and yes it is true that a lot of loans are going to go bad, and that banks have been hiding a lot of these loans in so called trust companies," Mobius said on the sidelines of the FundForum conference of asset managers in Monaco."We have to ask what the consequence is, what will happen as a result, and the scenario will be very, very different in China, simply because the banks are controlled by the government, so they will not be allowed to go bankrupt."
'via Blog this'
Sony Xperia Tablet Z Review: Hardware And First Impressions - Forbes
Sony Xperia Tablet Z Review: Hardware And First Impressions - Forbes: "It’s into this maelstrom that Sony is introducing the Xperia Tablet Z. Advertised as the world’s thinnest tablet (at just 6.9 millimetres), and weighing 495 grams, it’s probably one of the most stylish and advanced tablets on the market at the moment. It’s certainly one of the highest specced devices, with a 1.5 GHz quad-core Snapdragon, and 8 megapixel camera on the rear, and a WUXGA 1920×1200 pixel touch sensitive screen."
This is Sony’s big ‘unique selling point’ of the Xperia Tablet Z… it’s waterproof.
'via Blog this'
This is Sony’s big ‘unique selling point’ of the Xperia Tablet Z… it’s waterproof.
'via Blog this'
Sony expected to launch a new smart watch at Mobile Asia Expo | NDTV Gadgets
Sony expected to launch a new smart watch at Mobile Asia Expo | NDTV Gadgets: "It looks like Sony is about to announce a new smart watch at the Mobile Asia Expo in Shanghai this week.
Going by the tweets posted by Sony's Sony Xperia Twitter handle (spotted by Xperia Blog), one of which says "one in three users want smart wrist wear," with #itstime and #MAE13 hashtags, it's almost certain the company is going to reveal the outcome of its second attempt at producing a smart watch."
It's worth pointing out that Sony is holding press events in Shanghai (China) and Germany on June 25 where it's expected to announce new devices. A few reports indicated that the Japanese major could announce its new 6.44-inch phablet, the Xperia Z Ultra at the German event, it might announce the smart watch instead. The company has already sent press invites for an event in Paris for July 4 with a teaser of a big screen phone and a stylus, so we're guessing that Sony is more likely to announce the Xperia Z Ultra phablet at the Paris event.
Sony had launched the first iteration of its Android-based SmartWatch that came with coloured watchbands, multi-touch colour OLED display, watchband adapter and a USB charger, last year. The watch allowed users to check SMS, e-mails, and Twitter updates, and control music playback, but it wasn't much of a hit with the masses as it depended too much on the phone with the user required to install apps for each functionality. Also, a lot of features were half-baked.
The Sony SmartWatch was launched in India in June at a price point of Rs. 6,299 but Sony didn't promote the device, and we won't be surprised if you didn't know that it existed.
We hope the second iteration of the SmartWatch is a considerable upgrade as it might face stiff competition from virtually all tech giants if rumours are to be believed. Google, LG, Samsung, Microsoft and Apple are all said to be working on smart watches. As per earlier rumours, Microsoft has been working on a wearable smart device for more than a year and the teams who have worked on Xbox accessories and on the Kinect sensor have been involved with the development of the device.
Samsung, on the other hand is working on a smart watch as part of its Project J lineup.
According to grapevine, even Apple is working on a smart watch, which might be called iWatch and is expected to release this year.
In the month of March, there were also rumours indicating that LG is looking to get into the smart watch space. Analysts too are pegging 2013 to be the year of smart watch.
'via Blog this'
Going by the tweets posted by Sony's Sony Xperia Twitter handle (spotted by Xperia Blog), one of which says "one in three users want smart wrist wear," with #itstime and #MAE13 hashtags, it's almost certain the company is going to reveal the outcome of its second attempt at producing a smart watch."
It's worth pointing out that Sony is holding press events in Shanghai (China) and Germany on June 25 where it's expected to announce new devices. A few reports indicated that the Japanese major could announce its new 6.44-inch phablet, the Xperia Z Ultra at the German event, it might announce the smart watch instead. The company has already sent press invites for an event in Paris for July 4 with a teaser of a big screen phone and a stylus, so we're guessing that Sony is more likely to announce the Xperia Z Ultra phablet at the Paris event.
Sony had launched the first iteration of its Android-based SmartWatch that came with coloured watchbands, multi-touch colour OLED display, watchband adapter and a USB charger, last year. The watch allowed users to check SMS, e-mails, and Twitter updates, and control music playback, but it wasn't much of a hit with the masses as it depended too much on the phone with the user required to install apps for each functionality. Also, a lot of features were half-baked.
The Sony SmartWatch was launched in India in June at a price point of Rs. 6,299 but Sony didn't promote the device, and we won't be surprised if you didn't know that it existed.
We hope the second iteration of the SmartWatch is a considerable upgrade as it might face stiff competition from virtually all tech giants if rumours are to be believed. Google, LG, Samsung, Microsoft and Apple are all said to be working on smart watches. As per earlier rumours, Microsoft has been working on a wearable smart device for more than a year and the teams who have worked on Xbox accessories and on the Kinect sensor have been involved with the development of the device.
Samsung, on the other hand is working on a smart watch as part of its Project J lineup.
According to grapevine, even Apple is working on a smart watch, which might be called iWatch and is expected to release this year.
In the month of March, there were also rumours indicating that LG is looking to get into the smart watch space. Analysts too are pegging 2013 to be the year of smart watch.
'via Blog this'
Sunday, June 23, 2013
Sony to increase penetration of its mobile phones in India market - The Economic Times
Sony to increase penetration of its mobile phones in India market - The Economic Times: ""We have changed the strategy completely (for mobile phones) because we want to put Sony's AV technologies heritage into those mobile phones," he said, adding the company would use its global assets from music and pictures for contents on mobile phones."
'via Blog this'
'via Blog this'
Saturday, June 22, 2013
90-Year-Old Chinese Investor Shares Trade Secrets
90-Year-Old Chinese Investor Shares Trade Secrets: "Main reference: Story in Sinafinance
WHEN A nonagenarian investor speaks, investors should pay attention.
Here are three stock market tips from this very senior investor, already into his ninth decade of life.
1. Being a successful equities investor depends not so much on one’s innate intellect, keenness of thought, length of market experience, breadth of knowledge or even academic accomplishments.
Instead, the qualities I’ve discovered that can make or break a shareholder are whether or not he has the guts to give up on a stock before it comes back to bite him, and whether or not he has the heart to hold onto a stock long-term even when it doesn’t appear to be going anywhere fast."
2. I’ve made a lot of money in stocks, but I’ve also lost a lot. The latter often happens after the former, as when I first started playing the market I would often be so excited at a big payday that I would proudly and smugly let down my guard in a moment of self-satisfied hubris, and all my winnings might be foolishly frittered away the next trading day.
The market has a definite level of risk, and buying and selling shares should always be done with informed intuition and without too much passion entering into the mix. “Safety first, moneymaking second,” is a good mantra to remember.
If your brakes aren’t working, don’t plan on taking your car anywhere. The same could be said for sharebuying – you’ve got to not only know when to stop, but also have the ability to do so when called upon.
Most importantly, before even buying a share, set yourself clear “stop signs” down the road, just as a physical thoroughfare has stop signs and red lights at regular intervals. Jumping in at the right point is just as important as jumping off at the right point.
3. The stock market is always full of opportunities, but is also laden with traps, hazards and pitfalls. Knowing the difference and having the ability to resist the temptations of the latter is of paramount importance.
I’ve found that by giving up on a few “opportunities,” I am thus able to discover and exploit real and authentic opportunities. The real ones might not be as flashy as the fakes, but they’re the real deal nevertheless and you sometimes have them all to yourself at that outset.
'via Blog this'
WHEN A nonagenarian investor speaks, investors should pay attention.
Here are three stock market tips from this very senior investor, already into his ninth decade of life.
1. Being a successful equities investor depends not so much on one’s innate intellect, keenness of thought, length of market experience, breadth of knowledge or even academic accomplishments.
Instead, the qualities I’ve discovered that can make or break a shareholder are whether or not he has the guts to give up on a stock before it comes back to bite him, and whether or not he has the heart to hold onto a stock long-term even when it doesn’t appear to be going anywhere fast."
2. I’ve made a lot of money in stocks, but I’ve also lost a lot. The latter often happens after the former, as when I first started playing the market I would often be so excited at a big payday that I would proudly and smugly let down my guard in a moment of self-satisfied hubris, and all my winnings might be foolishly frittered away the next trading day.
The market has a definite level of risk, and buying and selling shares should always be done with informed intuition and without too much passion entering into the mix. “Safety first, moneymaking second,” is a good mantra to remember.
If your brakes aren’t working, don’t plan on taking your car anywhere. The same could be said for sharebuying – you’ve got to not only know when to stop, but also have the ability to do so when called upon.
Most importantly, before even buying a share, set yourself clear “stop signs” down the road, just as a physical thoroughfare has stop signs and red lights at regular intervals. Jumping in at the right point is just as important as jumping off at the right point.
3. The stock market is always full of opportunities, but is also laden with traps, hazards and pitfalls. Knowing the difference and having the ability to resist the temptations of the latter is of paramount importance.
I’ve found that by giving up on a few “opportunities,” I am thus able to discover and exploit real and authentic opportunities. The real ones might not be as flashy as the fakes, but they’re the real deal nevertheless and you sometimes have them all to yourself at that outset.
'via Blog this'
Friday, June 21, 2013
The EDGE Weekend Comment Jun 21: Hazy outlook for tourism sector - yong888@gmail.com - Gmail
The EDGE Weekend Comment Jun 21: Hazy outlook for tourism sector - yong888@gmail.com - Gmail:
'via Blog this'
Hazy outlook for tourism sector
By Kang Wan Chern
By Kang Wan Chern
As smoke from the forest fires in Sumatra continues to engulf Singapore in a thick layer of hazardous haze, concerns are mounting over its impact on the country’s tourism-related industries, which comprise about 5%-6% of its GDP. At 12pm on June 21, the Pollutant Standards Index (PSI) – a gauge on air pollution levels monitored by the National Energy Agency – hit an all-time high of 401 which beat the previous record of 226 in 1997 before falling to 143 at 5pm.
More worryingly, the poor weather conditions are expected to linger for several more weeks, enough to significantly curb the volume of visitors coming into Singapore and adversely affect the revenues of retailers, hotels, restaurants and the country’s two casinos – Marina Bay Sands and Resorts World Sentosa. Indeed, many visitors have already cut short their stays in Singapore and some are considering calling off plans to visit the country altogether should the haze persist, surveys conducted by the local media suggest.
In 1997, tourist arrivals in Singapore dropped by about 15% a month between September and October. In 2006, when the haze reached a PSI reading of 106, tourist arrivals dropped by about 6% a month between September and October. This time, brokerage house Barclays estimates that the drop in arrivals “should be somewhere between the two. We think arrivals will recover quickly when the haze dissipates…but prolonged hazardous conditions could affect Singapore’s international reputation [as a tourist destination],” it writes in a June 20 report.
Meanwhile, local brokerage OCBC Research has also issued a June 21 report on the impact of the haze on the Singapore hospitality sector. “The haze will likely weigh on the performance of Singapore hotels through part of 3Q2013,” OCBC notes. “While an industry source indicates that new hotel bookings are not affected just yet, we think that a relative weakness in bookings later is likely, given that the haze could last at least several weeks.”
That could worsen a declining trend in the revenues of Singapore hotels seen between January and April this year. During the period, revenue per average room (RevPAR) for Singapore hotels fell 2.6% yoy to $218. Average daily room rates were down across all the hotel sub-sectors, with upscale hotel rates down 9.8% yoy to $267.70, followed by economy hotel rates, which fell 8.3% to $100 a night.
Meanwhile, bookings in 1Q2013 grew by only 2.8% to 2.8 million room nights even though visitor arrivals rose 6.4% over the same period. “Visitor arrivals are converting into few room nights, continuing a trend we note in 2012,” writes OCBC. During the year, total bookings were flat even though visitor arrivals grew by 9.1% yoy, as more tourists are now stopping in Singapore for day trips while on transit.
That’s not all. The haze will also exacerbate an already poor year for the meetings, incentives, conferences, exhibitions (MICE) business, as outdoor activities are likely to be called off. Typically, odd-numbered years see less MICE activities – which contributes a significant portion to the revenues of the two Integrated Resorts – being conducted.
In that light, OCBC is maintaining its neutral stance on the Singapore hospitality sector. “We forecast that hotel room supply will grow at 5.8 per annum in 2013-15, higher than the hotel room demand growth of 5.4% per annum,” the brokerage writes. Its top pick in the sector is Global Premium Hotels, which operates the chain of Fragrance Hotels in Singapore.
In 1997, tourist arrivals in Singapore dropped by about 15% a month between September and October. In 2006, when the haze reached a PSI reading of 106, tourist arrivals dropped by about 6% a month between September and October. This time, brokerage house Barclays estimates that the drop in arrivals “should be somewhere between the two. We think arrivals will recover quickly when the haze dissipates…but prolonged hazardous conditions could affect Singapore’s international reputation [as a tourist destination],” it writes in a June 20 report.
Meanwhile, local brokerage OCBC Research has also issued a June 21 report on the impact of the haze on the Singapore hospitality sector. “The haze will likely weigh on the performance of Singapore hotels through part of 3Q2013,” OCBC notes. “While an industry source indicates that new hotel bookings are not affected just yet, we think that a relative weakness in bookings later is likely, given that the haze could last at least several weeks.”
That could worsen a declining trend in the revenues of Singapore hotels seen between January and April this year. During the period, revenue per average room (RevPAR) for Singapore hotels fell 2.6% yoy to $218. Average daily room rates were down across all the hotel sub-sectors, with upscale hotel rates down 9.8% yoy to $267.70, followed by economy hotel rates, which fell 8.3% to $100 a night.
Meanwhile, bookings in 1Q2013 grew by only 2.8% to 2.8 million room nights even though visitor arrivals rose 6.4% over the same period. “Visitor arrivals are converting into few room nights, continuing a trend we note in 2012,” writes OCBC. During the year, total bookings were flat even though visitor arrivals grew by 9.1% yoy, as more tourists are now stopping in Singapore for day trips while on transit.
That’s not all. The haze will also exacerbate an already poor year for the meetings, incentives, conferences, exhibitions (MICE) business, as outdoor activities are likely to be called off. Typically, odd-numbered years see less MICE activities – which contributes a significant portion to the revenues of the two Integrated Resorts – being conducted.
In that light, OCBC is maintaining its neutral stance on the Singapore hospitality sector. “We forecast that hotel room supply will grow at 5.8 per annum in 2013-15, higher than the hotel room demand growth of 5.4% per annum,” the brokerage writes. Its top pick in the sector is Global Premium Hotels, which operates the chain of Fragrance Hotels in Singapore.
'via Blog this'
Major shareholder Third Point ups Sony stake by 9.4% as it seeks talks on proposed spinoff - The Next Web
Major shareholder Third Point ups Sony stake by 9.4% as it seeks talks on proposed spinoff - The Next Web: "After its latest stake increment, Third Point has what is equivalent to about 6.9 percent of the Sony’s shares on issue, according to the Bloomberg report."
'via Blog this'
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SMRT operating expenses outstripped revenue growth by 5-7% | Singapore Business Review
SMRT operating expenses outstripped revenue growth by 5-7% | Singapore Business Review:
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SMRT operating expenses outstripped revenue growth by 5-7%
In just the past 3 years.
According to Maybank Kim Eng, driven by population growth and accommodative public transport policies, revenue for SMRT’s fare based business increased by close to 50% over the past decade.
However, the ongoing capacity addition (new rail lines, rail & bus fleet expansion etc.) led to an even higher growth in operating expenses. In view of a comprehensive fare formula review this year, transport fares were also kept unchanged in 2012.
Here's more from Maybank Kim Eng:
Consequently, profits at SMRT’s core fare based business had been on a steady decline as operating expenditure (OPEX) outpaced revenue growth by 5-7% over the past 3 years.
As a result of this persistent mismatch between fare revenue and OPEX, we expect earnings for the fare based business to remain poor for the next 3 years.
'via Blog this'
Sony says it needs more time to consider entertainment spinoff - latimes.com
Sony says it needs more time to consider entertainment spinoff - latimes.com: ""Many casual observers would be surprised to learn that while Sony is electronics, much of its current value is derived from a hidden gem — Sony's Entertainment division," Loeb said.
That unit, Sony Entertainment Inc., includes film and television studio Sony Pictures Entertainment, Sony/ATV Music Publishing and Sony Music Entertainment."
"Today, Entertainment is a sleeping giant, a multi-platform content business with a global footprint, encompassing leading film and television production, cable networks and music interests," Loeb wrote Monday.
'via Blog this'
That unit, Sony Entertainment Inc., includes film and television studio Sony Pictures Entertainment, Sony/ATV Music Publishing and Sony Music Entertainment."
"Today, Entertainment is a sleeping giant, a multi-platform content business with a global footprint, encompassing leading film and television production, cable networks and music interests," Loeb wrote Monday.
'via Blog this'
Sony Xperia A doubles Samsung Galaxy S4 in head-to-head Japan sales | PCWorld
Sony Xperia A doubles Samsung Galaxy S4 in head-to-head Japan sales | PCWorld: "Sales of Sony’s Xperia A smartphone have doubled those of the Samsung Galaxy S4 at Japan’s main carrier, after a nationwide sales campaign that exclusively promoted the two handsets side-by-side.
NTT DoCoMo, Japan’s largest mobile operator by contracts, said it sold 640,000 units of the Sony handset since its launch on May 17, while selling 320,000 of the Galaxy S4 since it went on sale a week later on May 23. Both phones are currently offered exclusively by DoCoMo in Japan, so the numbers provide a rare glimpse of their respective popularity, although their launch date and price to customers was slightly different.
“One reason for the difference could be that after various campaign discounts, the up-front cost to new customers for the Xperia was ¥10,000 (US$105) less,” said DoCoMo spokesman Yoshifumi Kuroda."
'via Blog this'
NTT DoCoMo, Japan’s largest mobile operator by contracts, said it sold 640,000 units of the Sony handset since its launch on May 17, while selling 320,000 of the Galaxy S4 since it went on sale a week later on May 23. Both phones are currently offered exclusively by DoCoMo in Japan, so the numbers provide a rare glimpse of their respective popularity, although their launch date and price to customers was slightly different.
“One reason for the difference could be that after various campaign discounts, the up-front cost to new customers for the Xperia was ¥10,000 (US$105) less,” said DoCoMo spokesman Yoshifumi Kuroda."
'via Blog this'
Op-Ed: China Is Dealing With an Addiction
Op-Ed: China Is Dealing With an Addiction: "To understand why investors are panicking about China's financial sector, it might make sense to think of the country as an addict.
Since the global financial crisis in 2008, China has been hooked on debt. The government, worried about an economic slowdown, turned on the credit taps, making it easy for major companies and local governments to borrow plenty of cash.
These mostly state-owned enterprises and governments took on mountains of debt, allowing them to stay in business and to build high-rises and trains. That helped to drive growth in the world's second-largest economy and support global growth."
'via Blog this'
Since the global financial crisis in 2008, China has been hooked on debt. The government, worried about an economic slowdown, turned on the credit taps, making it easy for major companies and local governments to borrow plenty of cash.
These mostly state-owned enterprises and governments took on mountains of debt, allowing them to stay in business and to build high-rises and trains. That helped to drive growth in the world's second-largest economy and support global growth."
Now these players and the banks are finding themselves cut off from unfettered access to cheap money. And like any addict being weaned off of an easy fix, they are going through withdrawal.
That is what's happening in the credit markets in China. Banks, accustomed to the People's Bank of China stepping in when cash is short, have been unpleasantly surprised in recent days when the central bank refrained from its usual action of easing their cash flow problems with short-term funding.
Instead, the banks are in the throes of a credit crunch. Banks are lending to one another at elevated rates, and money market rates jumped to a record of more than 10 percent Thursday as bankers scrambled elsewhere to find their next boost.
(Read More: China Faces Off With Markets as Money Rates Soar)
Many speculate that China's central bank is conducting a stress test of the nation's financial system or hoping to discipline lenders who took unnecessary risks. Another possibility is that the central bank, supported by the country's new leadership, is attempting to change the nature of banks, rein in rising debt and reduce wastefulness. Is this an opening salvo of reforms?
Yet the question is if the government has the stomach for this financial duress. Policymakers are aware of the dangers of debt abuse. However, if they don't mitigate the strain at the banks, they could risk triggering unpredictable and equally dangerous outcomes of an economy over-dependent on debt.
— By CNBC's Eunice Yoon
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Thursday, June 20, 2013
Hedge Fund Manager Sees Stock Market Crash in China
Hedge Fund Manager Sees Stock Market Crash in China:
'via Blog this'
Former chess grandmaster-turned hedge fund manager Patrick Wolff is betting on a stock market crash in China, where he says corruption and bad debts have spiraled to dangerous levels.
Speaking to Reuters on the sidelines of the GAIM conference in Monaco this week, Wolff said investors were too focused on trying to work out when easy money policies will taper off in the United States and ignoring a looming correction in China.
"People are talking way too much about the Federal Reserve and not enough about China," he said. "We've been saying that the U.S. is the safest place to invest, while China is a crash waiting to happen."He is short on Chinese stocks and generally long on U.S. equities.
Financial markets have sold off heavily in recent weeks on fears that U.S. quantitative easing — money printing to fund asset purchases — will end off sooner rather than later.
(Read More: China Stocks Bare Brunt of Growth Fears)
However, Wolff, who is managing member of San Francisco-based Grandmaster Capital, said it was a "non-issue" as the U.S. Federal Reserve was "highly unlikely" to tighten monetary policy without evidence of the U.S. economy overheating.
He was speaking before Fed Chairman Ben Bernanke said on Wednesday the Fed could start to pare back its monthly purchases of U.S. Treasuries before the end of the year if the economic rally continues.
Instead, Wolff said investors should pay more attention to China, whose rampant growth over the past decade has helped support global growth and fueled an unsustainable boom in commodity prices, but which now "just looks awful."
"China's centrally planned economy inevitably means massive corruption and a massive misallocation of capital," he said, pointing to increasing funding problems for Chinese companies.
"Interbank lending rates have shot up and many companies are facing a cash crunch."
(Read More: China Faces Off With Markets as Money Rates Soar)
Wolff, who was U.S. chess champion in 1992 and 1995 and at his peak ranked in the world top 50, is positive on U.S. stocks, which account for most of the stocks he owns, and short Chinese stocks. Shorting means betting on a lower price for a security in the future.
Wolff, who became a fund manager after reading Warren Buffett's investor letters, said his confidence in the U.S. economy was based on its lower dependence on growth in other countries, as well as the end of the housing slump and the recapitalization of its banking system.
(Read More: China PMI Slump Will Test Authorities' Resolve)
"We have been and remain structurally bullish on U.S. equities," he said. "The kinds of companies that were massively overvalued 15 years ago have become good investments — blue-chip, large-cap, quality businesses. It's technology companies but plenty of other companies too."
He said he does not like stocks in the energy, materials, mining and industrials sector, which he says have outperformed in the last decade on the back of Chinese growth. "These are exactly the wrong place to be looking," Wolff said.
— By Reuters.
'via Blog this'
The jury of MIPIM Asia Awards 2013 is revealed - WSJ.com
The jury of MIPIM Asia Awards 2013 is revealed - WSJ.com: "PARIS, June 19, 2013 /PRNewswire/ -- MIPIM Asia, the property leaders' summit in Asia Pacific, reveals the composition of the jury for the 7(th) edition of the established MIPIM Asia Awards competition, which has honoured excellence and innovation in Asian real estate development in the Asia Pacific region since 2007.
Vincent H.S. LO, Chairman of Shui On Group, and President of the Jury, comments: "The MIPIM Asia Awards are very important for us developers in this part of the world because it's a recognition we're doing our development in the proper way, and I think that is a very important message to send out to the market and to the industry.""
'via Blog this'
Vincent H.S. LO, Chairman of Shui On Group, and President of the Jury, comments: "The MIPIM Asia Awards are very important for us developers in this part of the world because it's a recognition we're doing our development in the proper way, and I think that is a very important message to send out to the market and to the industry.""
17 industry experts compose the MIPIM Asia Awards international jury:
-- Mr. John LIM, Group CEO, ARA Asset Management, Singapore
-- President of the Jury: Mr. Vincent H.S. LO, Shui On Group, Chairman, Hong Kong
-- Mrs. Margaret BROOKE, Professional Property Services Group, CEO, Heritage
Hong Kong, Chair, Hong Kong
-- Mr. Freddy CHUA, SC Capital, Managing Director, Hong Kong
-- Mr. Richard DAVID, Forterra Trust, Chief Executive Officer, China
-- Mrs. Ada FUNG, Hong Kong Institute of Architects, President, Hong Kong
-- Mr. Tripp GANTT, Washington State Investment Board Investment Officer -
Real Estate, United States
-- Mr. Charles LAM, Baring Private Equity Asia, Managing Director Real
Estate, Hong Kong
-- Mr. Nicholas J. LOUP, Grosvenor Asia Pacific, Chief Executive, Hong Kong
-- Mr. Richard Paine, Lend Lease, Managing Director, Investment Management
-- Asia, Singapore
-- Mr. Mike MOIR, Hong Kong Jockey Club, Director of Property, Hong Kong
-- Mr. Jimmy PHUA, CPP Investment Board, Managing Director & Head of Real
Estate Investments Asia, Hong Kong
-- Mr. Francois TRAUSCH, GE Capital Real Estate, Chief Executive Officer -
Asia Pacific, Japan
-- Mr. Daan VAN AERT, APG Asset Management Asia, Head of Strategic Real
Estate Asia, Hong Kong
-- Ir. Conrad T.C. WONG, Hong Kong Green Building Council, Chairman, Hong
Kong
-- Mr. Nicholas WONG, The Townsend Group, Principal, Hong Kong
-- Mr. Richard YUE, ARCH Capital Management Company Limited, CEO & CIO, Hong
Kong The MIPIM Asia Awards jury will meet in Hong Kong on September 6 to examine the projects that entered this year's competition and select 3 winners in each of the 11 categories, which are:
-- Best Chinese futura project -- Best Chinese futura mega project -- Best futura project -- Best futura mega project -- Best innovative green building -- Best mixed-use development -- Best office & business development -- Best residential development -- Best retail & leisure development -- Best retail store design -- Best urban regeneration project
The MIPIM Asia Awards jury will also select the winner of the Special Jury Award.
In the meantime, MIPIM Asia delegates will get to vote for their favourite projects in each category. Their votes, combined with the jury's vote, will determine the final ranking of the winners: Gold, Silver or Bronze.
The MIPIM Asia Awards winners will be revealed during a premium gala dinner to be held on Tuesday 5 November 2013 at the prestigious Grand Hyatt Hotel in Hong Kong.
For further insights into previous winners, please click here.
For further details on the MIPIM Asia 2013 programme, please click here.
To consult MIPIM Asia press kit, please click here.
Notes for editors
Founded in 1963, Reed MIDEM is a leading organiser of professional, international tradeshows. Reed MIDEM events have established themselves as key dates in professional diaries.
The company hosts MIPTV, MIPDOC, MIPCOM, and MIPJUNIOR for the television and digital content industries, MIDEM for music professionals, MIPIM, MIPIM Asia and MAPIC for the property and retail real estate sectors.
Reed MIDEM belongs to Reed Exhibitions, which is the world's leading event organiser, with over 500 events held in 39 countries throughout the Americas, Europe, the Middle East and Asia Pacific, and organised by 33 fully staffed offices.
MIPIM Asia(R) is a registered trademark, all rights reserved.
www.mipimasia.com
SOURCE Reed MIDEM
/CONTACT: Reed MIDEM - Paris - Audrey Hajiaaj, Press Manager MIPIM Asia, T: +33-1 79 71 95 39, audrey.hajiaaj@reedmidem.com, or Mike Williams, Director of Press and Public Relations, T: +33-1 79 71 99 33, mike.williams@reedmidem.com, Creative Consulting Group - Hong Kong - Belinda Chan Wing Shan, Partner, T: +852-2372 0090, belinda@creativegp.com
/Web site: http://www.mipimasia.com
'via Blog this'
Lee Ling Wee appointed Executive VP of trains at SMRT | TODAYonline
Lee Ling Wee appointed Executive VP of trains at SMRT | TODAYonline:
'via Blog this'
SINGAPORE — Less than a month after ex-military man Lee Ling Wee, 47, was appointed senior vice-president of SMRT’s new division for maintenance and engineering, the transport operator has announced that Mr Lee has taken over the position of Executive Vice President of Trains, effective Monday (June 24).
The post was vacated by Mr Khoo Hean Siang, 65, last Sunday when his employment contract with SMRT expired.
As Senior Vice President for Maintenance and Engineering, Mr Lee — who joined SMRT on May 20 — had been responsible for the maintenance and engineering aspects of trains, as well as the tracks, quality assurance, innovation and power.
With his new appointment, Mr Lee will relinquish this position — renamed Senior Vice President for Systems and Engineering Division — to Mr Ng Bor Kiat, 56, former director of corporate development for the Ministry of Environment and Water Resources. He was also formerly director of land systems in the Defence Science and Technology Agency.
Prior to joining SMRT, Mr Lee, 47, headed the Republic of Singapore Air Force’s air-engineering and logistics department, and has more than 25 years of experience in engineering and maintenance in the air force.
He is the sixth person with military background whom SMRT chief executive Desmond Kuek has brought onto SMRT’s 20-member senior management board to help the company get back on track since the two major train disruptions in December 2011 that saw then-chief executive Saw Phaik Hwa resign.
Other hires include vice-president of human resources Gerard Koh, 42 and vice-president of train operations Alvin Kek, 45. Both men were previously with the Singapore Armed Forces.
SMRT also announced restructuring to its Trains Group, “to encourage cross-functional learning as well as operational priorities”.
For example, under the new structure of the Operations Group, each line operational unit will be embedded with its own first-line maintenance function, with the purpose of improving unit integration and allowing for more direct control over routine maintenance functions.
'via Blog this'
FROM CUSHY TO CARDBOARD: PRC Investor’s Sad Story
FROM CUSHY TO CARDBOARD: PRC Investor’s Sad Story: "ain reference: Story by a Sinafinance blogger
AT ONE TIME, I was making good money buying and selling A-shares.
Now I've lost everything and my wife, daughter and I pay our bills mainly by collecting scrap cardboard and paper.
So what went wrong, you ask?
My wife and I lived a white collar life, and I provided for all of my wife’s and daughter’s needs and then some, buying them whatever their hearts desired.
That was then, and this is now.
"
Nowadays, we are lucky to have a clean shirt to wear, let alone a bright white collar to go with it.
It all started around a decade ago, when our daughter was still playing with dolls and had a head full of dreams about a bright and boundless future.
I remember coming home one night after a busy day at the office, and being greeted at my door by my smiling wife with a warm hug and a “Happy Birthday!”
I had completely forgotten that I had aged another year, so engrossed was I at the time with playing the stock market and making good money all the while.
But more telling was my wife’s question at the time: “Where are we going to celebrate?”
In our current state, the idea of paying for a meal at a restaurant is so foreign, remote and far-removed from the state into which we’ve now fallen that the memory seems as if stolen from a total stranger.
At the time, I had one philosophy in mind that dictated everything I did: “Hard work will bring a better life.”
Little did I realize that incessant wheeling and dealing in equities, although hard enough work on its own, was hardly a guarantor of an easy life down the road.
I think the beginning of the end came when I clearly began putting my investments ahead of my family.
My daughter loved to hear a good story, and early on I would often lull her to sleep with a good fable or two from her collection of children’s books.
But for several months on end, I was either too busy or too exhausted to keep this bedtime story tradition alive, and she didn’t take kindly to it.One night, I was sitting in the living room with some fellow investor-friends discussing the economy, the leadership, but most importantly – our stock picks.
In comes my daughter, holding her favorite dog-eared storybook, repeatedly interrupting my “important” investment discussions with a request to hear a tale before bed.
In my annoyance, and much to my shame, I reached out and angrily slapped her hand away, sending her running into my wife’s arms in tears.
But what really revealed to me how far I had fallen was my wife’s reaction.
“Don’t bother your daddy now. He’s busy making money,” she told my inconsolable daughter.
In fact, I was doing nothing of the sort, and hadn’t for several months already, and was on a downward spiral to penury and eventual bankruptcy.
The undulations of the market became the only thing of importance to me.
Before I became addicted to stock trading, I would keep healthy hours, getting up early to work out and have breakfast, and get to bed at a reasonable hour after a full day’s honest work.
However, I gradually began an obsession with chatting online with fellow traders long after the local bourses had rung their bells, desperately seeking out a nugget or two of wisdom on what I should do with my portfolio when the sun came up.
At first I justified this reckless behavior by claiming a need to follow markets in the US and Europe as they often gave hints on where A-shares were headed the following day, which of course meant that I always felt guilty and lazy going to sleep – thinking I surely must be missing or forgetting something.
My wife protested at first, urging me to try and get some sleep, but after a while she resigned herself to my incurable addiction, and my daughter had long since stopped asking me to read her stories.
I was completely possessed by trading and was basically dead to my family.
I remember the day well, in late May of 2007, when my own father reluctantly handed over 60,000 yuan from his retirement account after repeated guarantees from me that I knew what I was doing and could multiply the capital quickly.After all, I had done very well up to that point, and had a cushy lifestyle to show for it.
So my father’s nest egg, along with my own life’s savings which was several times larger, all went into the stock pot.
That same day, my addiction began in earnest, and was further fueled the next day after I realized a small profit.
“Good news! Our investment has already earned us enough money to buy two bottles of Maotaibaijiu!” I excitedly told my father.
We both had trouble sleeping that night, so elevated were our spirits – in more ways than one, and I was so happy to finally be sharing the fruits of my “market brilliance” with my father.
But like the hangover that greeted us the next morning, so did the specter of loss and failure begin creeping into my life.
On May 30, the bourse regulator suddenly and without warning raised stamp taxes, thus sending the Shanghai Composite Index plummeting.
But I stood my ground, perhaps still a bit tipsy on baijiu and drunk with my recent success.
For the next several days, my portfolio shrank down to a mere shadow of its original size, but I stubbornly stayed put.
In less than a week, the “God of Wealth” had swallowed up over half of my investment’s value, and I abandoned ship in a wave of panic, with just a fraction of my entire net worth still available.
Lo and behold, the next day the market surged and I kicked myself for my rashness.
I quickly found a “friend” who owed me a favor or two, and with his help was able to secure a loan of 100,000 yuan which of course was immediately thrown back into A-shares.
We all know what began taking place in Shanghai and Shenzhen in late 2007 and 2008.
But this time, I would not be played the fool again and despite a sustained decline in the benchmark Index, I held firm, not wanting to regret bailing out too early once again.
Around came 2008 and the global financial meltdown, and my entire investment was soon worth just pennies on the dollar.
But now, in addition to a disappointed father, and a heartbroken wife and daughter, I had an irate creditor to deal with.
And my day job was suffering tremendously due to my incessantly checking the status of my moribund shares, and arriving on the job with just a few hours sleep.
My 300,000 yuan original investment had frittered down to just a few thousand renminbi.
I am ashamed to admit that suicidal thoughts haunted me daily, and it was only out of love for my long-neglected family that I kept myself from jumping off a tall building.
Obviously, I am still alive today, if you can call it living.
As I write this, my wife is in our tiny living room bundling together crushed cardboard boxes we’ve just collected before handing them to our daughter to exchange for cash at the local recycling center.
We usually send her because she ends up coming back with a bit more money than we get ourselves.
“This should be enough to buy you a few homework booklets for school,” my wife quietly says to her.
That sends the tears suddenly streaming down my face.
This is all my fault and my fault alone, I think to myself.
So why is my entire family being tormented as well?'via Blog this'
AT ONE TIME, I was making good money buying and selling A-shares.
Now I've lost everything and my wife, daughter and I pay our bills mainly by collecting scrap cardboard and paper.
So what went wrong, you ask?
My wife and I lived a white collar life, and I provided for all of my wife’s and daughter’s needs and then some, buying them whatever their hearts desired.
That was then, and this is now.
"
Nowadays, we are lucky to have a clean shirt to wear, let alone a bright white collar to go with it.
It all started around a decade ago, when our daughter was still playing with dolls and had a head full of dreams about a bright and boundless future.
I remember coming home one night after a busy day at the office, and being greeted at my door by my smiling wife with a warm hug and a “Happy Birthday!”
I had completely forgotten that I had aged another year, so engrossed was I at the time with playing the stock market and making good money all the while.
But more telling was my wife’s question at the time: “Where are we going to celebrate?”
In our current state, the idea of paying for a meal at a restaurant is so foreign, remote and far-removed from the state into which we’ve now fallen that the memory seems as if stolen from a total stranger.
At the time, I had one philosophy in mind that dictated everything I did: “Hard work will bring a better life.”
Little did I realize that incessant wheeling and dealing in equities, although hard enough work on its own, was hardly a guarantor of an easy life down the road.
I think the beginning of the end came when I clearly began putting my investments ahead of my family.
My daughter loved to hear a good story, and early on I would often lull her to sleep with a good fable or two from her collection of children’s books.
But for several months on end, I was either too busy or too exhausted to keep this bedtime story tradition alive, and she didn’t take kindly to it.One night, I was sitting in the living room with some fellow investor-friends discussing the economy, the leadership, but most importantly – our stock picks.
In comes my daughter, holding her favorite dog-eared storybook, repeatedly interrupting my “important” investment discussions with a request to hear a tale before bed.
In my annoyance, and much to my shame, I reached out and angrily slapped her hand away, sending her running into my wife’s arms in tears.
But what really revealed to me how far I had fallen was my wife’s reaction.
“Don’t bother your daddy now. He’s busy making money,” she told my inconsolable daughter.
In fact, I was doing nothing of the sort, and hadn’t for several months already, and was on a downward spiral to penury and eventual bankruptcy.
The undulations of the market became the only thing of importance to me.
Before I became addicted to stock trading, I would keep healthy hours, getting up early to work out and have breakfast, and get to bed at a reasonable hour after a full day’s honest work.
However, I gradually began an obsession with chatting online with fellow traders long after the local bourses had rung their bells, desperately seeking out a nugget or two of wisdom on what I should do with my portfolio when the sun came up.
At first I justified this reckless behavior by claiming a need to follow markets in the US and Europe as they often gave hints on where A-shares were headed the following day, which of course meant that I always felt guilty and lazy going to sleep – thinking I surely must be missing or forgetting something.
My wife protested at first, urging me to try and get some sleep, but after a while she resigned herself to my incurable addiction, and my daughter had long since stopped asking me to read her stories.
I was completely possessed by trading and was basically dead to my family.
I remember the day well, in late May of 2007, when my own father reluctantly handed over 60,000 yuan from his retirement account after repeated guarantees from me that I knew what I was doing and could multiply the capital quickly.After all, I had done very well up to that point, and had a cushy lifestyle to show for it.
So my father’s nest egg, along with my own life’s savings which was several times larger, all went into the stock pot.
That same day, my addiction began in earnest, and was further fueled the next day after I realized a small profit.
“Good news! Our investment has already earned us enough money to buy two bottles of Maotaibaijiu!” I excitedly told my father.
We both had trouble sleeping that night, so elevated were our spirits – in more ways than one, and I was so happy to finally be sharing the fruits of my “market brilliance” with my father.
But like the hangover that greeted us the next morning, so did the specter of loss and failure begin creeping into my life.
On May 30, the bourse regulator suddenly and without warning raised stamp taxes, thus sending the Shanghai Composite Index plummeting.
But I stood my ground, perhaps still a bit tipsy on baijiu and drunk with my recent success.
For the next several days, my portfolio shrank down to a mere shadow of its original size, but I stubbornly stayed put.
In less than a week, the “God of Wealth” had swallowed up over half of my investment’s value, and I abandoned ship in a wave of panic, with just a fraction of my entire net worth still available.
Lo and behold, the next day the market surged and I kicked myself for my rashness.
I quickly found a “friend” who owed me a favor or two, and with his help was able to secure a loan of 100,000 yuan which of course was immediately thrown back into A-shares.
We all know what began taking place in Shanghai and Shenzhen in late 2007 and 2008.
But this time, I would not be played the fool again and despite a sustained decline in the benchmark Index, I held firm, not wanting to regret bailing out too early once again.
Around came 2008 and the global financial meltdown, and my entire investment was soon worth just pennies on the dollar.
But now, in addition to a disappointed father, and a heartbroken wife and daughter, I had an irate creditor to deal with.
And my day job was suffering tremendously due to my incessantly checking the status of my moribund shares, and arriving on the job with just a few hours sleep.
My 300,000 yuan original investment had frittered down to just a few thousand renminbi.
I am ashamed to admit that suicidal thoughts haunted me daily, and it was only out of love for my long-neglected family that I kept myself from jumping off a tall building.
Obviously, I am still alive today, if you can call it living.
As I write this, my wife is in our tiny living room bundling together crushed cardboard boxes we’ve just collected before handing them to our daughter to exchange for cash at the local recycling center.
We usually send her because she ends up coming back with a bit more money than we get ourselves.
“This should be enough to buy you a few homework booklets for school,” my wife quietly says to her.
That sends the tears suddenly streaming down my face.
This is all my fault and my fault alone, I think to myself.
So why is my entire family being tormented as well?'via Blog this'
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