The sensational case of a teenager selling one of his kidneys to buy an iPhone and iPad came up for hearing at a court in central China where nine people, including a surgeon are on trial facing charges of intentional injury and illegal organ trade. The craze about the Apple products amongst the youngsters might caused such an illegal activity and compared the value of Apple products with organs and may be later as a Human Life? If we see the history of economy and trade, when we started up using gold in terms of coin and single currency to trade products. Now a days there is a vast variety of currencies that exist across the globe and everything is interrelated and converted to each other in a demand supply manner. Its valuation depends on country's economy and growth. There might be a day when we will see Apple products are traded as currency to own other products, because of lots of demand across the globe. Apple products may be a stable currency and a separate country can be established with this concept...!!
Judges at the People's Court in Beihu District of Chenzhou in Hunan province heard how 18-year-old Wang Shangkun, who sold his kidney to buy the new gadgets, became seriously ill after undergoing the illegal operation.
The nine people, including a surgeon, should be held criminally liable for intentional injury and illegal kidney trade, the prosecutors told the court yesterday, state media reported.
The main accused He Wei, who went bankrupt in gambling along with his associates started looking for donors in online chat rooms to make quick money.
He roped in Song Zhongyu, a surgeon from a provincial hospital in Yunnan province to remove a kidney from Wang, a high school student from Anhui province and transplanted it to a recipient in April last year.
Wang was paid 22000 Yuan (about USD 3525) after the operation, with which he bought iPhone and ipad.
He himself earned a profit of 56,360 yuan ( USD 8,800) in the deal and shared rest of the money with others.
After returning home and being questioned about where he got the money to buy the gadgets, Wang confessed to his mother that he sold one of his kidneys.
His case was highlighted by the local media and it hit the headlines around the world as it highlighted the lengths youngsters could go to buy electronic gadgets.
Wang later suffered from renal failure after the surgery and his family demanded 2.27 million Yuan compensation for the illegal removal of his kidney.
Police apprehended Wu and arrested the rest of the gang including two nurses, a surgical assistant and an anaesthesiologist.
The five are accused of intentional injury and illegal organ trading and could get three to 10 years in prison if convicted and four others, charged with playing a minor role in the incident may get away with fines, state media reported.
( Press Trust Of India )
The trailer of 'Joker' is out now. Directed by Shirish Kunder, the film stars Akshay Kumar and Sonakshi Sinha in the lead roles. Shreyas Talpade and Minissha Lamba are playing important characters in the film. Here is the trailer.A Title track of the film is out now.. Watch the Joker Title track
"Sing Raja" is the Official HD Full song of "Joker"
Kafirana (I Want Fakht You) - Unseen HD Video from Joker
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| YRF Merchandises The Bombay Store |
Critics & Review: ( How it can be improved )
If we look at the marketing team of YRF merchandises, they are little less creative in producing response from public. First the online store was open on Aug 3 and we didn't found a lot of buzz over the social media or internet.
Other thing is the merchandises are having an imprint of the pics of YRF films. It hardly create an impact on consumers, as there are so many imprints available in the markets a lot cheaper. Instead of just providing imprints, they can provide a unique shapes that is not available in markets easily, each of the shapes have creative curves that represent Y for Yash Raj and then it gets imprinted. So people can have a unique shape along with some imprints that people have never seen ( I mean some images from behind the scenes )
Creative marketing team has YRF banner and still they can't get noticed easily or won't be able to produce a buzz. it might need improvement, as people need change and the change can create new trend amongst people. I would say that despite of big YRF banner, the poor marketing might not create the responses, it might have created.
The team would have get much more respond like regarding the Merchandises if they have created a little hype and buzz before the launch.
The team would have get much more respond like regarding the Merchandises if they have created a little hype and buzz before the launch.
( YRF, The Bombay Store )
A new crowd funding site called Offbeatr (NSFW) is a site that is specifically designed to fund adult projects. The site launched Thursday and it is being dubbed as the "Kickstarter for porn."
Until now, crowd funding communities have largely shunned the adult entertainment industry. Crowd sourcing sites like Kickstarter and Indiegogo prohibit adult projects from their sites.
Offbeatr, however, is a community that is built around creating "creative adult projects," that come in the form of a movie, book, game or physical object, according to the website.
Offbeatr CEO and co-founder Ben Tao said his company aims to give those in the adult entertainment industry a new opportunity to innovate.
Piracy has financially taken its toll on the porn industry, making it harder for those with new ideas to get investments, Tao said.
In addition, the porn industry has very limited options when it comes to making money.
"The porn industry's business model is very outdated," Tao said.
Membership sites and pay per download aren't very effective ways to generate revenue, and less revenue means less content, and definitely no room to innovate, he said.
Tao said his company aims to give creators of content access to capital so that they can produce what the fans want.
Offbeatr works a lot like Kickstarter. It allows users who are 18 years old or older to post projects to the site with a funding goal and allows other users to make pledge donations that are only charged if the project meets its goal.
Unlike its more vanilla competitor Kickstarter though, projects are first pitched and must be selected by the folks over at Offbeatr before they can begin to raise funds.
"Offbeatr screen projects first to "filter out serious project creators from the people who just have 'ideas,'" according to the website.
Once selected, project creators can choose to fund their project for 21 days, 30 days, 45 days and 60 days. The minimum funding goal a creator can set is $300 and the maximum is $30,000, although a project can exceed its maximum goal without penalty.
( CNBC )
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| Ms Sahoury sues media production company for misuse of her educational breastfeeding video ( AP ) |
"It was terrifying," said MaryAnn Sahoury, who said she had seen an opportunity to help women who had trouble getting their babies to nurse.
Last week, a federal judge in New Jersey ruled that a lawsuit Sahoury filed against Meredith Corp., a media and marketing company that shot and produced the video for Parents TV, could proceed.
The lawsuit claims Sahoury was verbally assured her full name would not be used in the video; instead, it displayed Sahoury's full name on screen, the suit said. Meredith claims Sahoury signed a release on behalf of herself and her daughter allowing the company to use their "image, voice and name."
"While Meredith is not responsible for this," the company said in a statement, "we deeply regret that this has occurred to Ms Sahoury and her family."
When her daughter was born in December 2009, Sahoury had trouble nursing and used a lactation consultant. The following month, the consultant asked Sahoury if she wanted to appear in an instructional video to talk about her experiences and demonstrate nursing techniques.
"I didn't get paid to do this. I didn't want to be some sort of celebrity," said Sahoury, 35. "I did this to help other moms."
In July 2010, Sahoury who had not yet seen the video Googled herself. She found numerous links to pornographic sites and videos containing her name. She clicked on one and saw the video edited to include a woman with "similar features and stature" performing sex acts. Sahoury then Googled her infant daughter's name, and the search returned pornographic links.
The lawsuit claims the video was posted on YouTube, when Sahoury was told it would only appear on Parents TV and cable.
The video has since been removed from all Meredith properties, including Parents TV, and YouTube, the company said.
In a statement, Meredith said it is "appalled" that the video was misused and it has hired lawyers to file take-down demands and Internet specialists to clear online caches. It continues to provide the services, the statement said.
Sahoury said she hopes her situation leads to a greater awareness of Internet safety.
( Associated Press )
LIVE CHAT: Salman Khan & Katrina Kaif on 10 August 2012 ( 4 to 6 pm ) Although it supposed to start 4 pm. It has started after 6 pm.
OUYA closed its Kickstarter funding round with $8,596,475 from 63,416 backers around the world. OUYA announced plans to support four controllers with its $99 Android-based gaming console, which is scheduled to ship in March. OUYA's remarkably successful 30-day run on Kickstarter has also helped it lure content partners in game makers and entertainment content streamers, including Namco Bandai, XMBC, OnLive, ClearChannel Radio, iHeart Radio, and more. It's also lured developers with a "Developer Special Reward" funding category, which gives 600 developers access to an extra controller, a software development kit, and rooted access to Android.
Google Tests Gmail Emails In Search Results
Google, builder of cyborg glasses and driverless cars, is announcing a few tweaks to the thing it's best known for: search. For one, plain-old search results will now be powered by Knowledge Graph in all English-speaking countries. An addition to what Google promised us in May: when search results display, a panel of videos and images will now show up at the top of the search results queue.
Google is also thinking about mixing up Gmail emails in search results. When you enter a search term, you'll see Google results queue up per usual. Also, you'll see a pane on the right that includes any emails that contain the words you searched for. Google has a beta trial up for anyone who lives in an English-speaking country and wants to test the feature.
A bit of news for Google searchers with an iPhone or iPad: Google is linking Voice Search feature and Knowledge Graph and activating the bundle on the Google iOS app. This means that if you yell at your iPhone it will search the web for you.
Pulse Launches A Newsy Web App With A Hand From Microsoft
Pulse and Microsoft have built an HTML5-powered web page that fills up with news stories from your channel feeds. This allows mobile platforms (Windows, wink) that aren't Android or iOS powered to access the reader. Of course, it also comes alive on your desktop as well. According to AllThingsD, Pulse has about 15 million users (that is, readers who use the app more than once). That's roughly double the size of Flipboard's following (it last reported 8 million users). Flipboard, like Pulse, started life as an iPad app. When Flipboard partnered with the New York Times for access to paid content via the reader, Pulse returned with a deal with the Wall Street Journal. Neither Flipboard nor Zite have web apps yet, though both can found on Android and iOS.
Top Stories
U.S. trade, jobs figures point up, but wholesale inventories drop
U.S. exports were surprisingly strong in June, with growth of $1.7 billion over May's total helping to cut the country's trade deficit to its narrowest reading in 18 months. Separately, new U.S. claims for unemployment benefits dropped to 361,000 in the latest week, a further sign of a recovering job market. On the downside, wholesale inventories were down in June amid poor sales, indicating that consumer confidence continues to lag.
Central banks in Asia follow others, leave rates steady -- for now
Central banks in Japan, South Korea and Indonesia left their key interest rates unchanged Thursday, in line with their counterparts in the U.S., Europe and Australia. But analysts regard this as more of a wait-and-see situation than a vote of confidence, given the unsteady state of the global economy and the likelihood that monetary easing will soon be needed.
China industrial output, retail sales show weakness
Growth in China's factory output was at a three-year low and retail sales fell short of forecasts in July as effects of the eurozone crisis and other global ills began to take a heavier toll. With stimulus already under way, the fear is that government measures might not be enough to raise growth in the face of worldwide factors.
China, Taiwan sign investor-protection pact
China and Taiwan have signed an agreement designed to protect Taiwanese investors in mainland business ventures. It is seen as a sign of further progress in cross-strait trade relations.
With jobless rate reaching a record, Greece plans more cuts
The Greek bailout may come under additional pressure as the country's unemployment rate soared to a record 23.1% amid government plans for still more public servant layoffs as demanded by lenders. In the past two elections, mainstream parties that favored staying in the euro and vowed more budget cutting suffered major losses of support.
Steep drop in U.K. exports cancels one hope for recovery
A surprisingly sharp 8.4% drop in U.K. exports helped widen the country's trade gap for June to £10.1 billion, undermining government hopes that exports could soon spark the beginnings of a recovery. "The worsening trade position adds further gloom to Wednesday's downbeat assessment of the U.K. economic outlook from the Bank of England and highlights the extent to which U.K. growth is being hit by the ongoing crisis in the eurozone," said Markit chief economist Chris Williamson.
Europe's spreading woes begin to take toll in German powerhouse
Europe's economic and manufacturing engine in Germany is beginning to sputter as the slowdown through most of the rest of Europe begins to take hold for the world's third-largest exporter. The 1.5% decline in exports for June -- a sign of weakness in the most vital segment of the German economy -- is just the latest in a series of downward-pointing indicators.
Leading indicators for world are broadly negative, OECD says
The Organization for Economic Cooperation and Development forecasts below-trend economic activity for China, India and Russia and, overall, a general slowing worldwide, including the major developed economies. Leading indicators were particularly worrying for the eurozone but also down for the U.S. and Japan, indicating "fading growth momentum."
Market Activities
INTERNATIONAL MARKETS OVERVIEW
U.S. investors are taking a wary approach to stocks after recent gains and with economic indicators giving off different signals, while stronger indications of stimulus emanating from China helped boost shares in Europe for the fifth day in a row. The U.S. S&P 500 Index was basically unchanged with a 0.04% gain, while the FTSEurofirst 300 index closed 0.5% higher. Here is a continuously updated listed of global stock indexes.
Economic Trends & Outlook
India's industrial production drops 1.8% in June; Moody's cuts forecast
As if to confirm the gloomier forecasts for India's economy, industrial production in June declined a sharper-than-expected 1.8%, led by drops in manufacturing and capital goods. Output also was down in the quarter ended in June, by 0.1%. Separately, Moody's projected 5.5% growth for the Indian economy this year, lowering its forecast and joining others with sub-6% estimates.
Outlook is flat for South Korean banks, securities industry
With the growing risk factor of rising insolvencies in South Korea and little prospect of further interest-rate cuts, the outlook is for no improvement in profitability at the country's banks, the Korea Institute of Finance concludes in a report. The securities industry is in a similar situation, chiefly due to eurozone troubles and a slowing U.S. economy, the report says.
Defying predictions of an upward tick, Australia's unemployment rate held steady at 5.2% for July. A robust economy that has largely avoided the downturns seen elsewhere around the world generated 14,000 new jobs in the month, seeming to validate the central bank's decision not to cut interest rates.
Malaysia's industrial output moderates in June
Boosted by a jump in energy exports, Malaysia's industrial production was up 3.7% in June from a year before. As expected, however, the growth rate was down from May's 7.6% figure.
Capital Markets & Financial Products
Asia Alternatives looks for China private equity pools
Renminbi-denominated private equity pools in China are the target for $1.5 billion raised by Asia Alternatives through a new fund of PE funds. "It's the largest pool of capital we've ever raised," said Melissa Ma, managing director. Asia Alternatives looks for buyout, growth, venture capital and special-situations PE funds throughout the region.
Insurers step in as banks pull back
Asian insurance companies seeking high-yield opportunities in noncore investments offloaded by banks might find what they're looking for if they're willing to look offshore. But offshore is the key, as banks in Asia are under less pressure than those in other parts of the world to improve their capital ratios under Basel III.
Ethics & Standards
South Korean authorities to question HSBC, Standard Chartered
HSBC Holdings and Standard Chartered will be the subject of an inspection by South Korea's Financial Supervisory Service in connection with suspicions of money laundering. HSBC's Mexico unit was recently fined $27.5 million for not reporting suspicious drug money. And the New York unit of Standard Chartered is under investigation over allegations of dealings with Iran.
Bank of Tokyo Mitsubishi employee is questioned in Libor probe
An employee of Bank of Tokyo Mitsubishi is being questioned in London in connection with the Libor manipulation scandal.
U.S. trade, jobs figures point up, but wholesale inventories drop
U.S. exports were surprisingly strong in June, with growth of $1.7 billion over May's total helping to cut the country's trade deficit to its narrowest reading in 18 months. Separately, new U.S. claims for unemployment benefits dropped to 361,000 in the latest week, a further sign of a recovering job market. On the downside, wholesale inventories were down in June amid poor sales, indicating that consumer confidence continues to lag.
Central banks in Asia follow others, leave rates steady -- for now
Central banks in Japan, South Korea and Indonesia left their key interest rates unchanged Thursday, in line with their counterparts in the U.S., Europe and Australia. But analysts regard this as more of a wait-and-see situation than a vote of confidence, given the unsteady state of the global economy and the likelihood that monetary easing will soon be needed.
China industrial output, retail sales show weakness
Growth in China's factory output was at a three-year low and retail sales fell short of forecasts in July as effects of the eurozone crisis and other global ills began to take a heavier toll. With stimulus already under way, the fear is that government measures might not be enough to raise growth in the face of worldwide factors.
China, Taiwan sign investor-protection pact
China and Taiwan have signed an agreement designed to protect Taiwanese investors in mainland business ventures. It is seen as a sign of further progress in cross-strait trade relations.
With jobless rate reaching a record, Greece plans more cuts
The Greek bailout may come under additional pressure as the country's unemployment rate soared to a record 23.1% amid government plans for still more public servant layoffs as demanded by lenders. In the past two elections, mainstream parties that favored staying in the euro and vowed more budget cutting suffered major losses of support.
Steep drop in U.K. exports cancels one hope for recovery
A surprisingly sharp 8.4% drop in U.K. exports helped widen the country's trade gap for June to £10.1 billion, undermining government hopes that exports could soon spark the beginnings of a recovery. "The worsening trade position adds further gloom to Wednesday's downbeat assessment of the U.K. economic outlook from the Bank of England and highlights the extent to which U.K. growth is being hit by the ongoing crisis in the eurozone," said Markit chief economist Chris Williamson.
Europe's spreading woes begin to take toll in German powerhouse
Europe's economic and manufacturing engine in Germany is beginning to sputter as the slowdown through most of the rest of Europe begins to take hold for the world's third-largest exporter. The 1.5% decline in exports for June -- a sign of weakness in the most vital segment of the German economy -- is just the latest in a series of downward-pointing indicators.
Leading indicators for world are broadly negative, OECD says
The Organization for Economic Cooperation and Development forecasts below-trend economic activity for China, India and Russia and, overall, a general slowing worldwide, including the major developed economies. Leading indicators were particularly worrying for the eurozone but also down for the U.S. and Japan, indicating "fading growth momentum."
Market Activities
INTERNATIONAL MARKETS OVERVIEW
U.S. investors are taking a wary approach to stocks after recent gains and with economic indicators giving off different signals, while stronger indications of stimulus emanating from China helped boost shares in Europe for the fifth day in a row. The U.S. S&P 500 Index was basically unchanged with a 0.04% gain, while the FTSEurofirst 300 index closed 0.5% higher. Here is a continuously updated listed of global stock indexes.
Economic Trends & Outlook
India's industrial production drops 1.8% in June; Moody's cuts forecast
As if to confirm the gloomier forecasts for India's economy, industrial production in June declined a sharper-than-expected 1.8%, led by drops in manufacturing and capital goods. Output also was down in the quarter ended in June, by 0.1%. Separately, Moody's projected 5.5% growth for the Indian economy this year, lowering its forecast and joining others with sub-6% estimates.
Outlook is flat for South Korean banks, securities industry
With the growing risk factor of rising insolvencies in South Korea and little prospect of further interest-rate cuts, the outlook is for no improvement in profitability at the country's banks, the Korea Institute of Finance concludes in a report. The securities industry is in a similar situation, chiefly due to eurozone troubles and a slowing U.S. economy, the report says.
Defying predictions of an upward tick, Australia's unemployment rate held steady at 5.2% for July. A robust economy that has largely avoided the downturns seen elsewhere around the world generated 14,000 new jobs in the month, seeming to validate the central bank's decision not to cut interest rates.
Malaysia's industrial output moderates in June
Boosted by a jump in energy exports, Malaysia's industrial production was up 3.7% in June from a year before. As expected, however, the growth rate was down from May's 7.6% figure.
Capital Markets & Financial Products
Asia Alternatives looks for China private equity pools
Renminbi-denominated private equity pools in China are the target for $1.5 billion raised by Asia Alternatives through a new fund of PE funds. "It's the largest pool of capital we've ever raised," said Melissa Ma, managing director. Asia Alternatives looks for buyout, growth, venture capital and special-situations PE funds throughout the region.
Insurers step in as banks pull back
Asian insurance companies seeking high-yield opportunities in noncore investments offloaded by banks might find what they're looking for if they're willing to look offshore. But offshore is the key, as banks in Asia are under less pressure than those in other parts of the world to improve their capital ratios under Basel III.
Ethics & Standards
South Korean authorities to question HSBC, Standard Chartered
HSBC Holdings and Standard Chartered will be the subject of an inspection by South Korea's Financial Supervisory Service in connection with suspicions of money laundering. HSBC's Mexico unit was recently fined $27.5 million for not reporting suspicious drug money. And the New York unit of Standard Chartered is under investigation over allegations of dealings with Iran.
Bank of Tokyo Mitsubishi employee is questioned in Libor probe
An employee of Bank of Tokyo Mitsubishi is being questioned in London in connection with the Libor manipulation scandal.
The women in Hawaiian bikinis marched through the cabin on the inaugural VietJetAir (VJA) flight from Ho Chi Minh City to the coastal holiday destination of Nha Trang, the Daily Mail reported.
The women performed a three minute hip-shaking dance, and male passengers reached for their phones to record the scantily-clad beauties, who were all contestants from a local beauty contest, Miss Ngoi Sao.
However, the airline has now been fined by the Vietnam Aviation Authority after a video showing the pageant was posted on YouTube.
A VietjetAir official said it was the first flight to a beach town. "So we came up with the idea of getting a number of girls in bikinis to dance and make passengers happy to improve our customer service."
VietJetAir was the first privately-owned airline to be established in Vietnam. It was granted approval to operate in November 2007. It officially launched in December 2011.
( IANS )
French central bank projects 2nd quarter of negative growth
France appears headed for recession, with the central bank projecting a 0.1% contraction in the economy in the third quarter. This would come after a similar pullback in the second quarter. Unemployment is spiking as well, with the labor-intensive auto and construction industries hit especially hard by the eurozone slowdown.
Import, output figures turn down in Germany
Adding to accumulating signs of a German economic downturn, the government reported the second decline in imports in three months. June figures also showed a 0.9% drop in industrial output. "With the supposedly ultra-competitive German manufacturing sector in recession, the omens for the rest of the eurozone economy are extremely worrying," said Jonathan Loynes, chief European economist at Capital Economics.
U.K. recovery will take time, Bank of England chief says
The Bank of England says it will take time to right the U.K. economy, given the constraints imposed by government deficit-cutting and the unresolved eurozone crisis. "Our efforts to bring about a rebalancing of the U.K. economy will require patience. The overall outlook for growth is weaker," said the bank's governor, Mervyn King.
Loan figures likely to show further China credit loosening
In a further indication that Beijing is moving to lift China's lagging economic growth, steady growth in yuan-denominated loans by China's leading banks is seen for July, according to Goldman Sachs Gao Hua Securities. And looking ahead, the Bank of East Asia projects extended credit loosening, with banks likely to continue boosting credit structures in the final months of the year.
Market Activities
INTERNATIONAL MARKETS OVERVIEW
European stocks edged up and U.S. shares were largely unchanged in light trading Wednesday as the wait extended on both sides of the Atlantic for action from central banks. The S&P 500 was 0.04% lower, and the FTSEurofirst 300 closed with a 0.2% gain. Here is a continuously updated list of global stock indexes.
Economic Trends & Outlook
Indian growth, manufacturing forecasts are scaled back
An array of factors including political stalemate, weather and global markets were cited as Citigroup and CLSA cut their outlooks for India's growth in gross domestic product to 5.4% and 5.5%, respectively. Meanwhile, a manufacturing industry survey projected lower growth for the current quarter.
S. Korea tax bill focuses on growth as slow lending points to stagnancy
Boosting the economy without tax increases is the goal, the South Korean government said as worked at formulating its new tax legislation. Meanwhile, new evidence of a lagging economy emerged, with commercial banks reporting slower growth in household loans in July.
Vietnam sees inflow of ASEAN funds, projects
Encouraged by new openings for economic renewal, countries in the Association of Southeast Asian Nations have raised their foreign direct investment in Vietnam, with more than 2,000 projects funded as of the end of July, according to the Ministry of Planning and Investment. For its part, Vietnam has also invested outside its borders, including 214 projects in Laos and 112 in Cambodia.
Capital Markets & Financial Products
Taiwan, China take steps to further cross-strait investments
Easier rules for mainland investment in Taiwan are in order to help buoy the island nation's economy, the government said in announcing a fourth round of reviews. Meanwhile, China and Taiwan prepared to seal a legal-protection accord that should clear the way for greater investment in both directions.
Lower turnover damps profit for Hong Kong Exchanges
A quieter market and lower listing fees were cited as Hong Kong Exchanges and Clearing posted a 21% drop in profit for the second quarter. With the prospect of fewer initial public offerings from China, the bourse operator is looking to boost its status by venturing into commodities with its bid for the London Metal Exchange. "Going forward, it will depend on how it integrates the LME and whether the average turnover will improve," said Jonas Kan, head of Hong Kong research at Daiwa Capital Markets.
Singapore meets projections with 1.7% 1st-half growth rate
Pointing to economic sluggishness in Europe and the U.S., Singapore Prime Minister Lee Hsien Loong said the growth rate of the city-state's gross domestic product came in at 1.7% in the first half, in line with projections. Looking forward, Lee said that to "still be a shining red dot 20 years from now, we must rethink our approaches and reinvent ourselves. We must anticipate changes and prepare for what lies ahead."
Japan extends overseas financing facility
Japan is extending to March 2013 an emergency yen financing facility that helps companies with overseas mergers and acquisitions and in acquiring natural resources. The low-interest facility from the Japan Bank for International Cooperation was instituted last year as the yen hit a high, making overseas purchases cheaper.
Samsung Asset Management aims wide in overseas push
South Korea's biggest asset fund, Samsung Asset Management, says it's looking to Australia and Europe and is focusing on sovereign wealth funds in the Middle East in a broad overseas push. This would build on Samsung's current expansion into Japan and other North Asian markets as well as this year's entry into the U.S., where the fund has registered and agents have been hired.
Immersed in scandal, South Korea revamps rate mechanism
With South Korean banks rapidly losing their reputations amid scandals, including what some have described as the country's counterpart to Libor manipulation, regulators are set to overhaul rate setting.
Shanghai exchange opens up ETF index tracking
In a bid to improve index efficiency and boost growth in the market, the Shanghai Stock Exchange is permitting some exchange-traded funds to track the same index at the same time. The scrapping of the former rule that allowed index exclusivity for ETFs is aimed at driving "healthy competition among FMCs and sustainable growth of the ETF market," said David Xu, managing director of passive investment at HuaAn Fund Management.
China to push for overseas expansion in culture industry
Overseas mergers and acquisitions and investments are the focus for China's Ministry of Finance in its budget for the culture industry. Overseas expansion, driven by state-owned enterprises, is likely to include building distribution networks and setting up affiliated companies.
Industry & Regulatory Update
South Korea plans to raise tax minimum for conglomerates
South Korea's biggest conglomerates will face a higher minimum tax rate under a government proposal designed to augment government revenues and provide fairer overall taxation. Currently, because of numerous tax breaks extended by the government for certain kinds of spending and investment, some corporations are paying less than the minimum.
Ethics & Standards
Bank of England head speaks up for Standard Chartered
Mervyn King, governor of the Bank of England, defended Standard Chartered against New York state regulators' allegations that the bank had hidden $250 billion of dealings with Iran, saying the amount was much smaller. One source said that settling the case could cost the bank as much as $700 million. Meanwhile, it appeared the New York probe may extend to Standard Chartered's outsourcing of key jobs to India.
