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OFF DUTY
ASIA EDITION
WSJ.com
InsuranceTitans
Wager on Asia
BY ENDA CURRAN
Reuters
Well-wishers greet Pope Francis, center, upon his arrival at Seoul Air Base in Seongnam, on Thursday, accompanied by South Korean
President Park Geun-hye, second right, who said the pontiffs decision to make the trip demonstrated his special interest in the country.
Inside
Style and
Substance
THE BEST OF FALL FASHION
HONG
KONGLenovo
Group Ltd. is on a fast track
to become a significant competitor in smartphonesnot
just in China but also overseas, taking on Samsung
Electronics Co. and Apple
Inc.
Already the worlds largest
personal-computer maker by
shipments, the Chinese company has made significant
progress in smartphones. In
the second quarter, Lenovo
not only became the No. 1
smartphone maker in China,
overtaking Samsung, but was
the No. 4 vendor by shipments world-wide, according
to research firm IDC. Analysts
HK JP ID MU KO ML PH SI TL TW IN
**
PAGE TWO
Whats News
Inside
Indian kite maker Jagmohan Kanojia displays kites, representing the colors of Indian national flag with pictures of freedom fighters and prominent political leaders,
in his home workshop in Amritsar, India, on Thursday. The kites are made especially for Indias Independence Day on Friday.
World-Wide
n South Koreas central bank cut
its benchmark rate by a quarter
percentage point to 2.25%, joining
government efforts to boost growth.
n A convoy of trucks that Russia
says are carrying humanitarian
aid for cities in eastern Ukraine
headed toward the Ukraine border, while Kiev said it was dispatching its own shipments of aid.
n A fresh cease-fire in the Gaza
conflict appeared to be holding after
Israeli and Palestinian negotiators
meeting in Cairo agreed to extend a
truce to give more time for talks.
ONLINE TODAY
Hong Kong
wsj.com/chinarealtime
wsj.com/korearealtime
wsj.com/searealtime
South Korea is
considering easing
its no-fly zone
rules to help
domestic airlines.
Indonesias
counterterrorism
chief says he is
concerned about
the proliferation of
hate speech.
Hong Kong
residents have
gotten wealthier,
but a new analysis
finds the citys
quality of life
continues to slide.
Archaeologists report a
rare pyramidlike tomb in
Japan.
wsj.com/japanrealtime
In Depth: Israel
outflanks the White
House. 12-13
Indonesia
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BY TREFOR MOSS
AND CRIS LARANO
MANILAPhilippine President
Benigno Aquino III, who has been
butting heads with the Supreme
Court over his spending program,
said he is pondering changing the
constitution so he can run for another six-year term.
Mr. Aquino said the judiciary,
which struck down a spending program he created to stimulate the
economy, has grown too powerful
and meddles in the executive
branchs business.
Before all of this happened, I
admit I had a closed mind [to constitutional change], said Mr.
Aquino, who has rejected the possibility of two terms in the past. But
now I am aware of [the threat of]
judicial reach. Congress and the executive can act, but then they can
be punished at any time.
Mr. Aquino made his comments
on Wednesday to local television
station News5, alluding to a Supreme Court decision in July that he
overreached his authority with his
stimulus spending. That court decisionwhich Mr. Aquino is appeal-
Reuters
Pakistani
Protesters
Head for
Islamabad
BY SAEED SHAH
ISLAMABADThousands of protesters led by former cricket star
Imran Khan set out on Thursday to
march on Islamabad, aiming to
bring down a government they accuse of stealing last years election.
The looming confrontation has
renewed the political role of the
military, casting some doubt on the
strength of democratic institutions
in a nuclear power that has seen
several coups and has been ruled by
the army for half its history.
Dubbed a Freedom March by
Mr. Khan, the caravan of cars and
buses began on Thursday afternoon
from the eastern city of Lahore, the
provincial capital of Punjab and the
power base for Prime Minister
Nawaz Sharif. Mr. Khans following
was bolstered by cleric Tahir ul
Qadri, who is leading thousands in a
separate demonstration on the road
from Lahore to Islamabad. Despite
some fiery rhetoric, leaders have
said the protests will be peaceful.
You have to fight for freedom,
you have to snatch freedom, Mr.
Khan told the crowd as his march
began. We will reach Islamabad
and there, we will see the dawn of a
new Pakistan.
The 300-kilometer journey normally takes about five hours by vehicle, but with the slow-moving
demonstrators arent likely to reach
the capital before Friday morning.
Ahead of the protest, which coincided with Pakistans Independence
Day, the government had used shipping containers to seal off roads in
both Lahore and Islamabad to hinder the marches, while gasoline has
also been in short supply.
The government said on Thursday, however, that it would allow
both protest rallies to travel to Islamabad. At the start of this month,
the government had authorized the
military to deploy hundreds of soldiers in Islamabad to bolster civilian
law enforcement.
Political insiders said the military was playing a mediating role
between the protesters and the government. In particular, some politicians have pointed to a meeting on
Wednesday between the army chief,
Gen. Raheel Sharif, Interior Minister
Chaudhry Nisar Ali Khan, and Shahbaz Sharif, the chief minister of
Punjab and the prime ministers influential brother.
After the meeting, the interior
minister said the armed forces of
Pakistan are not involved in this entire issue at all. The military didnt
respond to a request to comment.
The protesters also appear to be
looking to the military. Mr. Khan is
demanding early elections and the
resignation of Mr. Sharif, but as he
has a majority in Parliament, analysts said only military intervention
can bring this about. Mr. Khan, in a
television interview Tuesday, said
he wanted a government of technocrats to oversee a new election.
At a ceremony in the city of
Quetta on Thursday, Mr. Sharif, appearing with the general, said in a
speech: Can there be a bigger freedom march than Pakistans civil and
military leadership sitting together
to celebrate Pakistans Independence
Day?
Qasim Nauman
contributed to this article.
AUSTRALIA
Air-to-air air-weapons range
Air-weapons range
Offshore training area
Ground exercise/training area
Sydney
Seven nations are participating in the Pitch Black combat exercises in Darwin.
Canberra is working on
plans to better align with
U.S. forces in the north.
The moves come as Washington
seeks to expand its presence in Asia
as part of its touted pivot to the
region, aimed at reassuring allies
about Americas staying power there
as Chinas military and economic
might grows. But U.S. officials have
to tread lightly to avoid raising
alarms in Beijing, which has expressed skepticism over the U.S.
shift in the region.
Col. Ball said there was no link
between additional Australian deployments and regional concerns
over a more-assertive China.
Reuters
BY VU TRONG KHANH
AND TREFOR MOSS
Gen. Martin Dempsey, the U.S.s top-ranked military officer, reviews the honor guard during a welcoming ceremony at Vietnams Defense Ministry in Hanoi.
ton and Tokyo have been warming
in recent years, while its ties with
China have come under severe
strain. The U.S. and Vietnam forged
closer ties last summer when Vietnamese President Truong Tan Sang
visited the U.S., while Tokyo and Hanoi signed a strategic pact in March
and pledged to expand joint maritime security efforts.
Vietnams concerns about Chinas
rising power sharpened in May,
when Beijing deployed an oil rig to
waters claimed by Vietnam. The deployment led to tense encounters
initiative raised fears that the pattern of regular flare-ups would continue, as Beijing asserts its claims in
the face of complaints from Southeast Asian countries.
The Philippines, like Vietnam,
has responded to what it regards as
Chinese aggression by seeking to
improve its military capabilities.
Last month, the U.S. State Department said it had approved a Philippine request for the sale of two secondhand C-130 Hercules transport
aircraft to Manila for $61 million.
This week, Manila also said it
WORLD NEWS
Associated Press
BY NOUR MALAS
AND JOE PARKINSON
An Iraqi Yazidi woman and her daughter take shelter under a bridge in the city of Dohuk in northern Iraq on Thursday.
sand people there. Its a crisis as
long as militants are around the
mountain.
For the past week, officials from
Iraq, the U.S. and international aid
agencies have offered different estimates on the number of Yazidis on
the mountains, which was besieged
on one side by the militant group
calling itself Islamic State. They also
have struggled to keep track of how
many were successfully fleeing each
day across different routes.
The United Nations refugee
agency said Thursday that some
95,000 people have left the Sinjar
area since Aug. 6. At least 15,000 of
Syria with the help of a Kurdish militia, or more recently, being plucked
to safety in helicopter rescues.
The chaos around their plight
and the complicated ways they are
getting out with many players involved has limited visibility across
the rugged mountainside and challenged policymakers.
Mr. Colt of the U.N. refugee
agency said the agency doesnt have
its own people in the areas affected
and can register the refugees only
crossing out into Dohuk. But he said
there was anecdotal evidence from
those arriving into Dohuk on Thursday that the route was now safe, and
that some families are returning to
either pick up relatives en route or
belongings they need.
In the Kurdish border town of
Zakho, now home to thousands of
displaced Yazidis, many refugees
disagreed with Washingtons assessment that those still on Mount Sinjar could leave.
Some said the route off the
mountain has been secured by the
Syrian Kurdish militia called the
Peoples Protection Units, or YPG,
but that many refugees were still
too afraid to leave.
The YPG are controlling it and
ferrying people out on trucks, focusing on the most vulnerable, said
Marwan Sabri, 34 years old, who
said he walked down from the
mountain with 11 of his family. But
Mr. Sabri said there is no food on
the route, and he saw only two helicopters carrying emergency aid.
Hero Mirza, a 40-year-old market-stall owner, said that thousands
on the mountain were trapped or
too weak to leave. Mr. Mirza said he
arrived in Zakho on Thursday carrying his 90-year-old mother.
The corridors to walk across the
Islamic State lines are shifting and it
is very dangerous, Mr. Mirza said.
Many are too scared or too weak.
felt. Recent German business surveys suggest these risks are starting to weigh heavily on sentiment.
Were seeing the crisis worsen
in Ukraine and Russia as well as a
difficult political situation in the
Middle East, Kasper Rorsted, chief
executive of German consumer
products company Henkel AG, said
Tuesday. The situation remains
volatile, and we dont see it changing any time soon.
In France, poor second-quarter
growth has upended the governments plans to bring down its budget deficit, only a month after Paris
adopted a revised budget to try to
stay on track.
President Franois Hollandes
government had been banking on
1% growth this year to bring the
deficit down to 3.8% of GDP. But in
an editorial published in Le Monde
on Thursday, French Finance Minister Michel Sapin wrote that the
economy is now likely to grow just
0.5% this year, and by no more than
1.0% next year. It is better to admit what is than to hope for what
wont be, he wrote in the editorial.
Although it remains the weakest
part of the global economy six
years after the onset of the financial crisis, the euro zone echoed a
litany of similarly sour reports this
week from Asia, all pointing to
signs of sudden weakness among
should not be used as an administrative blocks because of concerns about the Chiinstrument to harm targeted companies nese governments hacking programs.
or serve other aims, such as administraSo Beijing has put its thumb on the
tively forcing price reductions. The U.S. scale to give domestic firms a leg up. For
Chamber of Commerce
instance, regulators are inChina uses antitrust vestigating automakers remade a similar complaint
in May.
with local parts
as an instrument of lationships
Smart managers know
suppliers that allow them
that there is no point in economic nationalism. to control costs and ensure
fighting Chinas governquality. Its not clear how
ment. Many have immedithis gives them an advanately cut prices to placate Beijing, which tage over domestic firms. Their main ofonly encourages more actions.
fense seems to be making profits.
The investigations are clustered in inThe offensive against foreign technoldustries in which foreign firms have a ogy firms is even more nonsensical. For
competitive advantage and Chinese firms instance, Microsoft is under investigation
are struggling. Chinese consumers prefer for price-gouging, but it has never made
to buy foreign brands of automobiles, a big profit in China because most copies
which has allowed General Motors and of its software there are pirated. Beijing
others to expand quickly. In the telecom seems to treat intellectual property as an
equipment industry, Chinese firms such as unfair advantage rather than an asset that
Huawei have made inroads into global deserves protection.
markets but recently encountered roadThe irony is that the real monopolists
rivacy and national security are often said to be in tension in the U.S.
surveillance debate, so congratulations to Senator Pat Leahy for the feat of
managing to subvert both at once. Thats
the verdict of Judge John Bates, on behalf of the Judiciary, in an unusual letter last week that deserves more readers.
The Article III courts seldom comment
on legislation, but Judge Bates wrote in
his capacity as the director of the Administrative Office of the U.S. Courts. Even
more remarkably, he assails the National
Security Agency overhaul bill that the
Judiciary Chairman is trying to push
through the Senate as counterproductive
and even unconstitutional.
Mr. Leahy is attempting to disinter the
idea of an internal special advocate to
argue against executive-branch lawyers
in front of the secret Foreign Intelligence
Surveillance Court, or FISC. As endorsed
by President Barack Obama, this roving
legal adversary would speak for no client
other than the nebula of civil liberties
and could obstruct fast-moving antiterror investigations.
National security professionals must
have convinced their boss that this devils
advocate was a dangerous idea, because
the House passed a compromise reached
with the Administration in May whose
OPINION
BY SHEILA LAWLOR
British parliamentarians are
currently in recess, but theyre
likely giving a great deal of thought
to the general election next year.
How should they play the Europe
questionwhether the U.K. should
remain a member of the European
Union and on what termsin the
run-up to polling day?
has its precedents. Already different EU relationship categories exist, for example between European
states in and out of the euro zone.
Moreover, there are many countries outside the EU itself which
enjoy special legal relationships in
their trading with it.
Ultimately, treaties between a
single country and a bloc work because both sides benefit. The present arrangements, in which Britain
is a full (though non-euro zone)
member of the EU arent seen by
the majority of voters as being to
their benefit. And the electorate
has left politicians in no doubt of
its view on the matter. But Britain
sells its goods to EU countries and
benefits from free-trade arrangements with the EU. Most voters
therefore support free trade.
A zero-plus strategy would allow each side to negotiate on the
basis of strong mutual interest to
maintain a trade-based relationship. David Cameron and his colleagues should see it as a practical
way to meet voters wishes. U.K.
leaders should view zero plus as an
expression of Britains tradition of
conservative pragmatism. Its aim,
after all, is simply to preserve
what works well.
OPINION
BY SCOTT W. ATLAS
The liberal attraction to making
government the sole source of
health-care insurance has not
abated even as the deficiencies in
ObamaCare, a halfway move toward
the single-payer model, have become increasingly evident. The
question is whether growing signs
of single-payer trouble overseas
will be enough to discourage this
countrys flirtation with socialized
medicine.
BOOKS
One of Us
A Spy Among Friends
By Ben Macintyre
Crown, 368 pages, $27
Kim Philbys duplicity has appalled and fascinated his compatriots for over half a century. During
the 1940s he was an efficient, debonair and popular officer in the U.K.s
Secret Intelligence Service (MI6)
who was expected to rise to its highest level. All the time, though, he
was spying with ruthless efficiency
for Soviet Russia, remitting many
damaging Anglo-American secrets to
Moscow. Hundreds died because of
his treachery.
In his fluent but derivative biography, A Spy Among Friends, Ben
Macintyre rehashes a familiar story.
Harold Kim Philby was born in
1912. His father was an able linguist
who became a devoted adviser of
King Ibn Saud of Saudi Arabia, converted to Islam and was an intrepid
desert explorer. Philby became a
Communist sympathizer while at
Cambridge University. His father was
nonchalant about this radical zeal:
Excess can always be toned down
later, he said. On a visit to Vienna in
1933-34, Philby met Litzi Friedman,
a Communist of Hungarian Jewish
descent, whom he secretly married
and who persuaded him to become a
Soviet agent. One of Philbys first assignments for the NKVD was to rifle
through his fathers papers.
Mr. Macintyre suggests that although Philby was a sincere Communist, the impelling motive for his
treachery was conceit. As the historian Hugh Trevor-Roper, who
worked with Philby in wartime espionage, suggested long ago in The
Philby Affair (1968), this most
deadly of the Cambridge Five was a
narcissist who loved the secret
power of treason. Cheating people
made him feel clever. His covert
faith was not deterred by the Stalinist purges of the 1930s, in which at
least four of his Soviet controllers
were killed. The strains of his double
life intensified his descent into highfunctioning alcoholism.
Popperfoto/Getty Images
BY RICHARD DAVENPORT-HINES
NOTHING TO SEE HERE Kim Philby at a 1955 press conference in his mothers house during which he denied being a communist.
cause if they succeeded too well. If
he recruited the best operatives to
his section, they might penetrate Soviet intelligence and thus unmask
him; but if he hired mediocrities his
credibility in London would be jeopardized. His solution was to project
an image of a hard-working yet relaxed leader of a section that
seemed smooth-running but was
never as successful as it promised.
Among other betrayals, Philby
provided Moscow with a list of the
leading Catholic anti-Nazi activists
in Germany, who, when Soviet forces
reached Germany in 1945, were deported or shot because they were an
anti-communist elite as well. He also
betrayed anti-Soviet insurgents and
prototype Bay of Pigs operations
in Albania, Georgia, Lithuania, Estonia, Armenia and the Ukraine.
In 1949, Philby became MI6s representative in Washington, where he
kept Moscow informed of AngloAmerican intelligence collaboration.
He had drunken lunches, at first
weekly and then every other day,
with James Angleton of the CIAs Office of Special Operations and subsequently head of CIA counterintelligence. Angleton believed that he
was extracting information from
Philby, but as a result of these sessions, says Mr. Macintyre, Philby
produced more valuable intelligence for Moscow than at any time
in his life.
In 1950, Philby forewarned Guy
Burgess, who lodged in the basement of his Washington home, that
their fellow Cambridge-recruited spy
Donald Maclean was about to be detained. When Maclean and Burgess
fled to Moscow, Philby was summoned to London for repeated interrogations. Intelligence chiefs at MI5
felt sure of his guilt, but they lacked
a confession to convict him. At MI6
he had stout defendersnotably his
stalwart friend Nicholas Elliott. This
disagreement about Philbys guilt re-
* *
BOOKS
Asaf Hanuka
IN DEPTH
Bloomberg News
Mr. Netanyahu, left, looks on as Mr. Obama speaks at the White House in March. The frayed ties raise questions whether the two can effectively work together.
the war broke out in Gaza. We have many,
many friends around the world. The United
States is their strongest friend, the official
said. The notion that they are playing the
United States, or that theyre manipulating
us publicly, completely miscalculates their
place in the world.
American officials say they believe they
have been able to exert at least some influence over Mr. Netanyahu during the Gaza
conflict. But they admit their influence has
been weakened as he has used his sway in
Washington, from the Pentagon and Congress to lobby groups, to defuse U.S. diplomatic pressure on his government over the
past month.
Tensions really started to flare after Israel launched Gaza ground operations July
17 and the civilian death toll started to rise
sharply, prompting U.S. officials to complain that Israel wasnt showing enough restraint. Israeli officials rejected that notion,
saying Hamas was using civilians as human
shields.
U.S. officials say Mr. Netanyahu told
them he was interested in a cease-fire from
the start, but the two sides clashed over
the process of achieving one and the players who would take part.
Bracing for a longer military campaign
than expected, Israel approached the Defense Department within days of the start
of the ground fighting to request money for
more interceptors for the Iron Dome, which
shoots down rockets aimed at population
centers.
After consulting with the White House,
Defense Secretary Chuck Hagel told aides to
submit a proposal to Congress for $225
million.
Within the administration, the request
was deemed noncontroversial because the
Iron Dome was defensive and couldnt be
used in Gaza ground fighting, U.S. officials
said.
In meetings at the Pentagon, the State
Department and the White House, Israeli
officials told the Americans Israel had
enough Iron Dome interceptors for the current Gaza operation, but wanted to replenish its stocks, according to U.S. officials
who attended. So with Israels consent, the
administration didnt seek immediate emergency funding, Pentagon officials said, adding that they expected Congress to approve
the request sometime in the fall.
Unknown to many policy makers, Israel
was moving on separate tracks to replenish
supplies of lethal munitions being used in
Gaza and to expedite approval of the Iron
Dome funds on Capitol Hill.
On July 20, Israels defense ministry
asked the U.S. military for a range of munitions, including 120mm mortar shells and
40mm illuminating rounds, which were already kept stored at a prepositioned weapons stockpile in Israel.
The request was approved through military channels three days later but not
made public. Under terms of the deal, the
Israelis used U.S. financing to pay for $3
million in tank rounds. No presidential approval or signoff by the secretary of state
was required or sought, according to officials.
A U.S. defense official said the standard
review process was properly followed.
While the military-to-military relationship between Israel and the U.S. was operating normally, ties on the diplomatic front
were imploding. For the Americans, they
worsened dramatically on July 25, when
aides to Secretary of State John Kerry sent
a draft of a confidential cease-fire paper to
Mr. Netanyahus advisers for feedback.
The Americans wanted the Israelis to
propose changes. The U.S. didnt intend or
expect the draft paper to be presented to
the Israeli cabinet, but that was what Mr.
Netanyahu did. U.S. officials say Mr. Netanyahus office breached protocol by sending
back no comments and presenting the paper to the cabinet for a vote.
The paper was also leaked to the Israeli
media. U.S. officials say they believe the Israeli government publicly mischaracterized
Mr. Kerrys ideas with the intent of buying
more time to prosecute the fight against
Hamas because Israeli officials were angry
over outreach by Mr. Kerry to Qatar and
Turkey.
Israel and Egypt had sought to sideline
Qatar and Turkeytwo countries that
backed Hamasrather than increase their
IN DEPTH
ation Agency, or DSCA, was about to release an
initial batch of the Hellfires, according to Israeli and congressional officials. It was immediately put on hold by the Pentagon, and top
officials at the White House instructed the
DSCA, the U.S. militarys European Command
and other agencies to consult with policy makers at the White House and the State Department before approving any additional requests.
A senior Obama administration official
said the weapons transfers shouldnt have
been a routine check-the-box approval process, given the context. The official said the
decision to scrutinize future transfers at the
highest levels amounted to the United States
saying The buck stops here. Wait a second.Its not OK anymore.
White House and State Department officials were worried about public reaction.
The Palestinians, in particular, were angry,
By Jay Solomon
in Washington
and Matt Bradley in Baghdad
Mr. McGurk, center, talking with Secretary of State Kerry in June. Mr. McGurk, despite his title of
deputy assistant secretary of state, has played a central role in crafting U.S. policy in Iraq for a decade.
Its not unusual that you have a point
person to run a policy, the Obama administrations ambassador to Iraq from 2009-12,
James Jeffrey, said of Mr. McGurks significant role in Baghdad. Hes very, very competent.
A lawyer by training, Mr. McGurk moved
to Baghdad in 2004 as a legal adviser to the
U.S. governments occupying administrative
office, the Coalition Provisional Authority, as
well as to the American ambassador.
As the top Iraq officer in President George
W. Bushs National Security Council, Mr.
McGurk developed a relationship with Mr.
Maliki after the prime minister took office in
2006.
U.S. officials had struggled to find a
leader from Iraqs Shiite sect that they believed was acceptable to the countrys Sunni
and Kurdish communities, but not overly dependent on neighboring Iran, said officials
who worked on Iraq policy then.
Mr. McGurk grew so close to Mr. Maliki
that U.S. Embassy staff in Baghdad called him
the prime ministers whisperer, said officials who worked with him during the Bush
and Obama administrations. The relationship
grew, despite language barriers.
When Mr. Maliki in 2008 led a successful
military campaign against a rival Shiite militia, the Mahdi Army, which drew strong sup-
bassador to Iraq, but withdrew his nomination after emails surfaced documenting his
romantic relationship with a Wall Street
Journal reporter in Baghdad, who subsequently resigned from the Journal. Republicans argued Mr. McGurk, who was married at
the time, wasnt fit to serve in an ambassadorial post. Instead, the administration appointed him to his current post, which
doesnt require confirmation.
In June, Islamic State militants gained
control of Mosul, Iraqs second-largest city.
U.S. officials worried the militia could quickly
move on Baghdad as Mr. Malikis security
forces either didnt fight or simply abandoned their posts.
Mr. McGurk flew to Iraq and stayed for six
weeks in a bid to rally Mr. Maliki and the
army to put up a fight against Islamic State
militants. He told a congressional hearing
last month that the Iraqi government didnt
seem to initially comprehend the threat the
group posed.
Soon, his positionand the administrationsflipped from supporting Mr. Maliki
to working with Iraqi politicians to find his
replacement, according to U.S. officials.
The Obama administration has denied it
has overtly sought to remove Mr. Maliki.
But Mr. McGurk, Secretary of State John
Kerry, and the U.S. ambassador to Iraq,
Robert Beecroft, began rallying Iraqi politicians to put in place a new Iraqi leadership
after Mosuls fall, seeking to capitalize on
April parliamentary elections.
Mr. McGurk has mixed the political
wrangling with helping to articulate the
U.S. view on the need to fight Islamic State
militants. We have to give it everything we
have, he told the congressional hearing
last month.
In recent weeks, the U.S. joined an unlikely alliance of Iraqi politicians, Shiite religious leaders, and Mideast governments in
pushing for Mr. Malikis removal. Iraqs top
Shiite cleric, the Grand Ayatollah Ali Al Sistani, has used Friday prayer settlements to
calls for a more inclusive government,
similar language that Mr. McGurk and others have used in seeking to replace Mr. Maliki.
Washingtons long-term Mideast nemesis, Iran, also provided the Obama administration with an assist in pushing for Mr.
Malikis ouster.
In June, the State Departments No. 2
diplomat, William Burns met in Vienna with
Tehrans foreign minister to try to coordinate a strategy on Iraq. While U.S. officials
have had no follow-on meetings with Iranian officials, according to the State Department, Mr. McGurk and others have regularly tracked Irans positions through
intermediaries.
On Wednesday, Irans Supreme Leader
Ayatollah Ali Khamenei joined Mr. McGurk
by taking to Twitter to express his support
for Mr. Malikis anointed successor, Mr.
Abadi.
As new PM is elected, God willing,
problems will be solved & govt will give a
good lesson to terrorists who seek sedition
in #Iraq, read a message on Mr. Khameneis Twitter account.
Reuters
Pope Francis rode in a Kia Soul on his way to a Mass in Seoul on Thursday.
their faith.
There are at least 10,000 documented Catholic Korean martyrs, a
phenomenon that highlights the tenacity of the small church.
The Vatican has said North Korean authorities declined an invitation to allow Catholics there to
travel and join in Mondays Mass for
peace and reconciliation on the peninsula.
North Korea, which hasnt made
any official comment on the popes
visit, affords virtually no religious
freedom, and the number of Catholics currently worshiping there in
secret is unknown.
See.
In the 17 months since being
elected pontiff, Pope Francis has
played his cards close to his chest,
saying little about relations with
China, except to reveal that he and
President Xi Jinping exchanged congratulatory messages when each
was elected last year.
As a result, the popes five-day
trip to South Koreahis first voyage
to Asiais being touted as a prime
opportunity for the Argentine pontiff to make a declaration about relations with China.
The first hint came from the papal plane on the way from Rome to
Seoul. Soon after entering Chinese
airspace, Pope Francis dispatched a
telegram to President Xi. I extend
the best wishes to your excellency
and your fellow citizens, and I invoke the divine blessings of peace
and well-being upon the nation.
On the face of it, the telegram
amounted to little more than diplomatic niceties. The pope traditionally sends a telegram to the governments of the countries he flies over.
On the Rome-Seoul flight, he sent
9.8%
France
7.6%
Germany
5.3%
Italy
Japan
Hank Greenberg
4.9%
3.5%
U.K.
3.2%
U.S.
3.0%
14.5%
Warren Buffett
The Wall Street Journal
As of 12 p.m. ET
SAIC Motor Is
Ready for the Road
asia.WSJ.com
Yuan positions for foreign-exchange purchases represent money China's central bank injects into the nancial system to buy
foreign currency from its citizens. It measures the volume of capital ows. Negative gures indicate capital outows.
Russias
Oil Exports
To Asia
Hit Record
BY ERIC YEP
Leaky Great Wall | Capital leaves China as the property market weakens
Yuan positions
14%
600
12
14
500
10
12
400
300
200
100
100
0
2009
200
2010
11
12
13
14
Sources: People's Bank of China, OSBO (forex purchase, price growth); Jones Lang LaSalle (overseas purchases)
informal money-transfer
networks. Other methods are
more controversial, such as a
Bank of China program that
allowed clients to move large
sums abroad.
In the gambling center of
Macau, the rich have used junkets,
which lend them money in the
former Portuguese territory and
collect the debts back home. Less
wealthy gamblers use their
UnionPay cards, Chinas only
domestic bank card, to make fake
purchases, pocketing the cash
they receive.
Estimate
$16 billion
10
8
6
10
11
12
13
14
Zhang Liang
Drops
China Mobile SeeksAcquisitions Fosun
Offer to Buy
BY LORRAINE LUK
World-wide
Lenovo
12.5%
Samsung
Xiaomi
12.4
Apple
25.2%
11.9
Coolpad
11.5
Huawei
Huawei
11.4
Lenovo
5.4
LG
4.9
Samsung
9.8
6.9
sweet spot, said Counterpoint analyst Tom Kang. Like most Chinese
handset makers, Lenovo sells smartphones that are much less expensive
than the iPhone or Samsungs flagship Galaxy phones. Among Chinese
companies, Lenovo is the most familiar brand in Southeast Asia
thanks to its PC business, Mr. Kang
said.
While many smartphone makers
outsource their production, Lenovo
manufactures its own handsets at
its huge industrial complex in the
central Chinese city of Wuhan. Inhouse manufacturing has given the
company flexibility in making
changes to its product lineup.
Still, Lenovos success in the
Resort Firm
Club Med
BY BLANDINE HENAULT
AND CHAO DENG
PARISChina-based Fosun International Ltd. and its French private-equity partner Ardian have
dropped their offer for French resort operator Club Mditerrane
SA, clearing the way for a competing Italian investor and highlighting
the challenges facing the global ambitions of one of Chinas largest privately owned conglomerates.
More than 18 months ago, Club
Meds board and management unanimously backed a Fosun-led offer
that valued the company at 558
million ($746 million). Last month,
however, the company recommended a competing offer from
Global Resorts, a company controlled by Investindustrial, a private-equity fund managed by Andrea Bonomi.
The move marks a further setback in Fosuns attempts to strike
international deals and its aim to
build a business model similar to
the U.S. firm Berkshire Hathaway.
The Chinese conglomerate, which
made its first foray overseas by purchasing an almost 10% stake in Club
Med in 2010, followed with the purchase of New Yorks Chase Manhattan Plaza for $725 million and the
acquisition of a Portuguese insurer
for $1.4 billion.
However, its attempts to make
bigger foreign purchases have pitted
the company against competitive
foreign bidders. Fosun lost out in
June to a domestic competitor for
South Korean insurer LIG Insurance
Co. and is currently trying to buy
publisher Forbes Media LLC.
Mr. Bonomi, who owns nearly
11% of Club Med, offered 21
($28.07) a share for the company, or
22% above Fosuns bid.
Fosun and Ardian are now left
with an 18.5% Club Med stake. Fosun
has long said that it wants to help
Western brands such as Club Med
expand in China, taking advantage
of an increasingly sophisticated and
wealthy consumer market on the
mainland.
The pair havent ruled out exploring any potential options which
would serve Fosuns and Club Meds
best interests, Fosun said in a filing
to the Hong Kong Stock Exchange
on Thursday.
China Telecom............................................16
China Unicom.............................................16
Cisco Systems.......................................18,22
Club Mditerrane.....................................16
Country Garden Holdings..........................21
Crown Resorts......................................18,23
Daewoo Shipbuilding & Marine
Engineering.............................................20
Delphi Automotive .................................... 19
Denso..........................................................19
Dongfeng Motor Group ............................. 28
Echo Entertainment Group ....................... 18
Electrolux...................................................19
Eriell Group................................................15
Eurasia Drilling GDR..................................15
Ford Motor.................................................19
Fosun International...................................16
GE...............................................................19
General Electric..........................................19
Google...........................................................1
Guangzhou Automobile Group..................28
Henkel & Co. ................................................ 6
Huawei Technologies.................................16
Industrial & Commercial Bank of China...15
International Energy Agency....................15
InvestIndustrial..........................................16
Jones Lang LaSalle....................................21
Kabam.........................................................28
Kate Spade.................................................17
Kia Motors ................................................. 14
King Digital Entertainment.......................28
Kohls..........................................................22
Lenovo Group..........................................1,23
LG Electronics............................................19
LIG Insurance.............................................16
London Stock Exchange Group ................. 20
Machine Zone.............................................28
Macy's ........................................................ 17
Markit.........................................................20
Melco Crown Entertainment.....................18
MGM Resorts International......................15
Michael Kors Holdings .............................. 17
Mobileye.....................................................19
Prudential.....................................................1
Qualcomm .................................................. 17
Robert Bosch..............................................19
RWE............................................................22
SAIC Motor ................................................ 28
Samsung Electronics..............................1,19
Samsung Securities...................................20
Starr ............................................................. 1
Swire Pacific..............................................18
Swiss Re.......................................................1
Telstra ........................................................ 23
Tencent Holdings.......................................23
ThyssenKrupp ............................................ 22
True.............................................................16
TRW Automotive Holdings.......................19
Wal-Mart Stores...................................17,22
Xiaomi ........................................................ 16
ZF Friedrichshafen.....................................19
Zynga..........................................................28
People
This index lists the names of businesspeople and government regulators who
receive significant mention in Todays
Journal.
Ashe, Neil .................................................. 17
Barron, Oliver ............................................ 15
Bonomi, Andrea.........................................16
Bowie, Grant..............................................15
Buffett, Warren...........................................1
Chambers, John.........................................18
Craigie, Rowen...........................................18
Foran, Greg.................................................17
Greenberg, Maurice.....................................1
Hau Thai-Tang ........................................... 19
Ho, Lawrence.............................................18
Holley, Charles...........................................17
Johnson, Brian...........................................19
Lee, Ben ..................................................... 21
Matsumoto, Takashi..................................23
McMillon, Doug..........................................17
Ngai, Tran Viet .......................................... 21
Packer, James............................................18
Pride, Jason ............................................... 22
Roth, Phil...................................................22
Sheng Jiemin.............................................17
Simon, Bill..................................................17
Slosar, John ............................................... 18
Subramanian, Savita.................................22
Xia, Darren.................................................21
Yang Yuanqing.............................................1
Yim, Sally.....................................................1
Zhang Liang...............................................23
Zhang Xinzhu.............................................17
Zhao, Jonathan..........................................14
A government adviser
was dismissed for work
related to Qualcomm.
Some experts say that despite a
lack of clarity from the cabinet, Mr.
Zhang should have known that the
relationship with Qualcomm was a
conflict of interest. Sheng Jiemin, a
law professor at Peking University
who says he is a close friend of Mr.
Zhangs, said the National Develop-
AVENGER GMT
* *
CORPORATE NEWS
BY DON CLARK
Gambling in Macau
Lifts Crown Resorts
BY ROBB M. STEWART
MELBOURNE, AustraliaBillionaire James Packers Crown Resorts
Ltd. posted a 66% jump in annual
profit, as strong earnings in the
gambling hub of Macau continued to
offset weakness at the companys
hotels and casinos in Australia.
Still, Crown faces intensifying
challenges early in the 2015 fiscal
year, with Beijings crackdown on
corruption contributing to falling
revenue at Macau casinos, including
one owned by the company and Hong
Kong businessman Lawrence Ho.
In Australia, gamblers are tightening spending as the economy cools
at the end of a long mining boom,
and as unemployment edges higher.
On Thursday, Crown said its net
profit rose to 655.8 million Australian
dollars (US$610.2 million) in the year
through June from A$395.8 million a
year earlier, when earnings were held
back by an almost A$70 million loss
on the sale of a stake in rival Echo
Entertainment Group Ltd.
Normalized profit, a figure used
by casinos that seeks to smooth out
volatility in their VIP business associated with high-roller gamblers,
was 35% higher at A$640 million, in
line with the A$636 million average
of six analyst forecasts compiled by
The Wall Street Journal.
Crown has been scouting for new
locations and upgrading existing ca-
CORPORATE NEWS
month. The pipeline is pretty robust and long and deep. Delphi, its
crosstown rival, said it expects to
pull the trigger on deals ranging
from $200 million to $1 billion by
the end of the year.
The statements come amid an uptick in supplier M&A activity. To date,
there have been more than $13 billion
in global auto-supply deals in 2014,
exceeding the $12.4 billion in deals
done over the entire 2013 period and
the highest mark since 2006, according to data provider Dealogic.
In a study to be published later
this month, PricewaterhouseCoopers
LLP will report that while deal sizes
are shrinking slightly, far more
transactions are getting done and
that trend is expected to accelerate
in 2014. European suppliers, are
showing renewed vigor amid rising
sales in their core markets, and Chinese suppliersspending the most
on R&D and growing fastestare
consistent drivers of deal activity.
Private-equity firms, meanwhile,
remain active suitors (the biggest in
2014 was the purchase of Gates Corp.
by Blackstone Group for $5.4 billion).
ZFs deal is expected to further
boost the appetite for strategic
deals. In a note to investors, Morgan
Stanley auto analyst Adam Jonas
said certain suppliers should prioritize and aggressively pursue acquisitions, especially in light of a potential TRW+ZF combination.
Like other analysts, Mr. Jonas
doesnt believe the ZF deal kicks off
a wave of Tier-1 auto supplier consolidation, but we do think that the
potential big combination could
GEs century-old appliance business, which along with lighting generated $8.3 billion in revenue last
year, could help Electrolux Chief
Keith McLoughlins drive to expand
his companys sales beyond Europe,
where growth has been slow. Electrolux, with $15.9 billion in 2013
revenue, said in a statement Thursday that it has held discussions
about a possible acquisition, but no
agreement has been reached and
there can be no assurances that an
agreement will be reached.
GE, looking to possibly shed a
profitable appliance business with
low margins and significant labor
costs, has also been approached by
Electrolux rivals. Other potential
bidders include South Koreas LG
Electronics Inc. and Samsung Electronics Co. as well as Arcelik AS of
Turkey, a lower-cost producer, according to a person familiar with
the discussions.
GE is evaluating a wide range of
strategic options for our appliances
business, including discussions with
Electrolux and other interested parties, GE spokesman Seth Martin
said, confirming Electroluxs interest but not naming other parties.
LG, Samsung and Arcelik
Bulking Up
A merger of ZF and TRW would create one of the biggest auto parts suppliers
by 2013 sales
Robert Bosch
Denso
Magna International
Continental
Aisin Seiki
Hyundai Mobis
Faurecia
Johnson Controls
ZF Friedrichshafen AG
Lear
TRW Automotive
Yazaki Corp.
$0
$10B
jump start some companies into action that may have been on the
fence about strategic M&A.
Mr. Jonas singled out Swedish
safety-parts supplier Autoliv. Last
month, Chief Executive Jan Carlson
said we have talked about an
amount of $1 billion or so for a
transaction, and indicated Autoliv
may need an acquisition by years
end to reach its targeted leverage
ratio.
Some technology suppliers, however, are proving to be too pricey.
Mobileye NV, the maker of vehiclesensing technology essential for
driverless cars, went public this
month and now sports a market
value of nearly $7 billion.
Mr. Carlson said Mobileyes multibillion-dollar valuation before the IPO
wasnt within Autolivs budget.
$20B
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Tracking Business
Some financial indexes and their
owners.
INDEX: Bloomberg Commodity
Index Family
TRACKS: commodities
OWNER: UBS AG
INDEX: CDX and iTraxx
TRACKS: Derivatives
OWNER: Markit Ltd.
INDEX: Dow Jones Industrial
Average
TRACKS: Stocks, S&P Dow Jones
Indexes
OWNER: McGraw Hill Financial Inc.
and CME Group Inc.
INDEX: Russell 2000
TRACKS: Small stocks
OWNER: Frank Russell Co., which
is being acquired by London Stock
Exchange Group PLC
INDEX: S&P 500
TRACKS: Stocks
OWNER: S&P Dow Jones Indices
INDEX: U.S. Aggregate
TRACKS: Bonds
OWNER: Barclays PLC
tracks rates on trillions of dollars of
loans to individuals and businesses.
Regulators have called for transparent index standards and have urged
the adoption of reliable yardsticks.
Unlike with stocks, which have a
central, liquid market for trading
and pricing, traders in the decentralized bond market often rely on
indexes and other measures to track
performance.
In June, London Stock Exchange
Group agreed to pay $2.7 billion for
Frank Russell Co., owner of Russell
Investments and operator of the
Exports to Asia
4.0
1.0
0.8
3.5
July
0.92
0.6
3.0
0.4
July
2.96
2.5
2.0
2010 11
12
13
14
0.2
0
2010 11
12
13
14
far got orders to build 10 ice-breaking LNG ships for Yamal and are
awaiting more orders from the company. We are positive, a spokesman
for Daewoo Shipbuilding said.
Mr. Han said that if Russian shipbuilders struggle to secure enough
capital to enhance their competitiveness because of the sanctions, Russia
will have no choice but to rely more
on overseas shipbuilders.
In-Soo Nam in Seoul
contributed to this article.
MARKETS
China Moves
To Fill Leaks
As Money
Flows Abroad
MARKETS
Blue Chips
Stay Afloat;
Europe Data
Disappoint
Stocks Rarely Sink in Periods of Carefulness; You Want to Buy When Things Look Bad
BY E.S. BROWNING
With stock prices high and the
globe unsettled, investors are feeling unusually anxious. Paradoxically,
that could be a fine thing for markets, some stock strategists say.
When everyone thinks things
look bad, that is when you want to
buy, said Savita Subramanian, chief
U.S. stock strategist at Bank of
America Merrill Lynch. It is when
everyone is positive that you want
to sell.
Historically, markets typically fall
apart when euphoria leads to reckless investing, as before the collapses
of 2000 and 2008. It is less common
for markets to fall hard when investors are acting cautiously.
After some sharp price swings,
the Dow Jones Industrial Average is
down 3% from its July 16 record of
17138.20. On Wednesday, it rose
91.26 points to 16651.80. It is up just
0.5% for 2014 but up 154% from its
March 2009 low.
The Russell 2000 small-stock index is 5.5% below its record, which
dates from March. Earlier this
month, the Russell was off nearly
8%.
Anxiety levels have grown since
the spring of 2013, when the Federal
Reserve indicated it would trim the
stimulus that has supported markets since 2008.
Professional investors such as
pension funds, insurance companies
and hedge funds have cut stock
ownership since the spring of 2013,
government data show. Investors
have shifted toward Treasury bonds.
The 10-year U.S. Treasury note
Wednesday yielded just 2.41%, its
lowest level in more than a year.
Yields fall when bond prices rise.
Money managers are sending clients reports discussing whether
stocks are in a bubble. To protect
themselves from declines, people
are buying options at higher rates
than at any time this year, said Phil
Roth, an independent market analyst. These are signs of caution, not
euphoria.
His conclusion: The stock market
doesnt show significant vulnerability right now. If investors get
overly optimistic this autumn,
stocks could sell off, but he would
be surprised to see a big drop now,
he said.
Merrills strongest indicator in
this domain is one it has been tracking since 1984. When this indicator
has been at its current level, stocks
have risen 98% of the time, Ms. Subramanian said.
The indicator is based on the advice offered by Wall Street strategists like Ms. Subramanian. In fact,
it includes her recommendations.
Feeling Fidgety
A ve-year-long rally in U.S. stocks has taken valuations higher, leaving some investors anxious. But some strategists say thats a good sign,
despite recent stock-fund outows and a low level of volatility, or expected price swings.
S&P 500 trailing price-to-earnings ratio
Dow bull markets end Jan. 14, 2000
35
BY SAUMYA VAISHAMPAYAN
Tuesday
Oct. 9, 2007
17.54
30
25
20
Long-term average
15
10
5
0
1990
95
2000
CBOE VolatilityIndex
$10 billion
100
DAYS
CHANGE
4,565
355%
3,381
396
2,931
497
March 9, 2009
Aug. 13, 2014
1,982
154
1,838
250
10
PERIOD
05
80
Wednesday
5
40
10
Aug.6
15
20
20
$18.5 billion
J
Sources: Birinyi Associates (S&P 500); Market Data Group (bull markets); Lipper (stock ows); FactSet (VIX)
12.9
60
0
2004
06
08
10
12
14
INTERNATIONAL INVESTOR
economic data for July against possibly fresh catalysts from reform.
Meanwhile, the Nikkei Stock Average added 0.7% to 15314.57, overcoming a weaker-than-expected report on retail sales in the worlds
largest economy. However, trading
in Tokyo was thin as many traders
were absent for the Obon midsummer holiday.
With a more accommodating
currency market and a lowered level
of risk-off sentiment, the market
should be more able to trend upward as valuations remain cheap by
most standards, said Okasan Securities director Takashi Matsumoto.
Australias S&P/ASX 200 hit a
nearly two-week high with a gain of
0.6% to 5548.50, as earnings there
magnified a broad-based recovery.
Telstra was up 2.2% in Sydney
after the telecom company said it
would buy back up to 1 billion Australian dollars (US$930 million) of
its own shares and that net profit
for the year through June rose to
A$4.3 billion.
Also in Sydney, gambling company Crown Resorts gained 5.6% after it posted a 66% jump in net
profit for the year through June, as
strong earnings in the gambling hub
of Macau continued to offset weakness at its hotels and casinos in
Australia.
Elsewhere in Asia, South Koreas
Kospi was up less than 0.1% at
2063.22, Singapores Straits Times
Index was down 0.2% at 3294.83
and Indias Sensex rose 0.7% to
26103.23.
Bradford Frischkorn
contributed to this article.
NAV
GF AT LB DATE CR
FUND NAME
FUND NAME
NAV
GF AT LB DATE CR
GL
NAV
46.59
%RETURN
YTD 12-MO 2-YR
-8.9
-8.2
-2.7
86.42
93.34
42.31
-4.6
3.2
8.4
6.5
11.1
3.8
15.1
12.5
-4.0
OT
7.1
6.5
-1.3
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BD
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Funds that balance equity/bond investments for Malaysian Ringgit-based investors. The equity
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9.77
4.38
1.88
11.22
0.81
0.94
1.00
1.08
1.03
1.66
1.26
4.53
1.04
3.29
0.84
1.17
0.57
1.13
%RETURN
YTD 12-MO 2-YR
3.2
3.0
NS
5.3
13.0
4.5
4.3
10.7
NS
4.4
4.2
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14.4
14.1
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4.9
16.6
14.6
14.3
15.2
NS
14.2
13.9
18.7
18.4
-5.0
-5.2
7.0
6.7
6.3
13.1
13.2
NS
15.3
36.0
12.4
12.2
1.4
1.1
9.1
-6.5
4.0
18.9
18.6
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2.4
19.8
16.3
16.0
26.5
NS
17.2
16.9
21.6
21.3
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16.6
16.3
5.9
11.5
4.5
NS
21.0
16.3
17.0
16.8
14.2
13.9
2.5
-3.2
2.6
4
3
5
4
2
5
4
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NAV
GF AT LB DATE CR
AS
OT
US
US
US
US
US
OT
EQ
OT
BD
BD
BD
EQ
BD
OT
LUX
LUX
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LUX
08/13 USD
08/13 USD
08/13 USD
08/13 HKD
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YTD 12-MO 2-YR
1.59
0.93
1.25
9.98
1.00
1.11
1.03
1.33
7.8
14.3
4.0
NS
NS
-2.9
4.7
5.2
17.0
-4.5
5.2
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NS
9.7
8.8
2.8
13.1
1.4
3.1
NS
NS
11.6
12.1
-1.8
175.01
28.4
4.8
OT
9.39
1190.81
1548.54
12.00
-2.1
-6.1
-7.8
1.0
6.7
19.4
28.7
7.8
26.5
48.4
7.9
23.9
54.9
107.54
88.88
130.36
10.0
-3.4
6.2
14.0
-7.7
5.6
8577.68
9032.12
79.01
121.37
10807.34
11130.39
96.94
102.83
-9.3
4.6
-12.2
-9.0
3.5
17.9
-0.9
-4.6
-8.4
11.0
-11.1
-8.8
5.1
25.6
0.7
-4.1
NAV
GF AT LB DATE CR
NAV
%RETURN
YTD 12-MO 2-YR
2155.22
FUND NAME
NAV
GF AT LB DATE CR
NAV
MYRMYS
MYRMYS
MYRMYS
16.10
MYRMYS
15.90
MYRMYS
9.33
MYRMYS
9.24
MYRMYS
15.25
MYRMYS
11.33 13.08
9.12 11.43
MYRMYS
6.02
5.17
12.65
7.71
NAV
GF AT LB DATE CR
FUND NAME
NAV
%RETURN
YTD 12-MO 2-YR
n WEBSITE: WWW.VALUEPARTNERS.COM.HK, TEL: (852) 2880 9263, FAX: (852) 2564 8487
*formerly known as China ABH Shares Fund
Intel-Chin Mainlnd Foc
Intel-China Converg*
VP Classic - A
VP CLassic - B
VP High Dividend Stk
AS
AS
AS
AS
OT
EQ
EQ
EQ
EQ
OT
CYM
CYM
CYM
CYM
CYM
08/13
08/13
08/13
08/13
08/13
USD
USD
USD
USD
USD
37.43
134.87
249.21
113.50
75.74
1.9
5.3
6.0
5.6
11.0
10.3
13.7
17.2
16.6
14.3
13.5
15.5
17.9
17.3
16.0
LIST YOUR
FUNDS
%RETURN
YTD 12-MO 2-YR
NS
NS
n SUPERFUND
For info about open funds, contact info@superfund.com and www.superfund.com
*Closed for New Investments
n PLATINUM CAPITAL MANAGEMENT
Tel: +44 207 024 9840, www.platinumfunds.net
Platinm-All Star
Platinm-All Weather
Platinm-Dynasty
Platinm-Emancipation
Platinm-Equity Plus
Platinm-Gbl Dividend
Platinm-Nordic
Platinm-Premier
Platinm-Turnberry
NS
-7.9
10.2
0.3
13.2
-1.0
8.1
11.3
23.9
8.4
6.9
% Return in $US **
1-YR 2-YR 5-YR
YTD
MYRMYS
FUND NAME
LEGAL
CURR. BASE
MYR Allocation
Fund Scorecard
FUND NAME
Protests Put
Spotlight
On Shadow
Lending
OT
OT
OT
OT
OT
GL
OT
OT
OT
OT
OT
OT
EQ
OT
EQ
OT
OT
BD
CYM
USA
CYM
CYM
USA
CYM
CYM
CYM
USA
06/30
10/31
06/30
05/31
05/29
06/30
10/31
12/31
02/28
USD
USD
USD
USD
USD
USD
SEK
USD
USD
113.34
129.92
91.02
105.47
35.02
66.50
NS
NS
60.14
2.2
2.4
-6.3
0.2
-18.2
-2.2
2.6
-55.9
-1.2
7.0
3.2
-1.5
-8.5
-63.7
7.6
4.7
-66.0
-3.0
8.4
3.8
-3.4
5.7
-45.6
5.8
1.2
-44.3
NS
Superfund Cayman*
Superfund GCT USD*
Superfund Green Gold A (SPC)
Superfund Green Gold B (SPC)
Superfund Q-AG*
GL
GL
GL
GL
GL
OT
OT
OT
OT
OT
CYM
LUX
CYM
CYM
AUT
08/12
08/12
08/12
08/12
08/12
USD
USD
USD
USD
EUR
36.99
1615.65
846.57
740.12
5809.00
GL
GL
GL
GL
GL
GL
GL
OT
OT
OT
OT
OT
OT
OT
CYM
CYM
CYM
VGB
VGB
VGB
VGB
07/31
07/31
07/31
07/31
07/31
07/31
07/31
For information about listing your funds, please email wsja.advertising@dowjones.com or call +852 2573-7121
EUR 1146.06
GBP 1161.60
USD 1461.46
EUR
247.99
GBP
270.33
JPY 17346.38
USD
885.47
-3.6
-4.8
3.3
2.2
-4.4
-1.9
-5.6
-4.1
-4.9
-4.8
-0.9
-4.5
-14.3
-14.8
-4.0
-2.6
-2.5
-2.5
-1.5
-1.3
-1.5
-1.4
4.4
4.7
4.6
3.7
4.0
3.8
3.9
1.3
1.7
1.6
1.6
2.0
2.0
2.0
wsja.advertising@dowjones.com
Company
Country
Industry
Taiwan
Previous
close, in
local currency
STOCK PERFORMANCE
Previous session
109.00
52-week
YTD
177.7%
36.1%
2.83%
At right, a look at the Asia Titans, the biggest and best known
companies in Asia. Below, some of the Dow Jones Titans indexes
of biggest and most liquid stocks in individual countries and regions
Japan
1.67
6,771
2.03
32.2
19.6
0.09
33.09
1.94
16.3
13.9
Seven I Holdings
Japan
Broadline Retailers
1.40
4,380
1.88
21.0
4.8
Japan
2.16
3,225
2.5
-8.3
Tencent Holdings
Hong Kong
Internet
$43.48
130.10
76.6
31.7
PetroChina
Hong Kong
77.71
10.68
-1.66
15.1
25.8
Hong Kong
Life Insurance
34.00
23.00
-1.50
16.3
-5.2
0.46
230,000
-1.50
-1.3
-2.7
175.42
5.88
-1.0
0.5
1.59
Turkey
-0.18%
South Africa
-0.85
Canada
0.32
Hong Kong
0.26
INDEX PERFORMANCE
Year-to-date
52-week
16.6%
5.3%
13.2
24.1
12.1
21.4
7.3
12.3
6.8
21.2
Spain
-0.20
Australia
-0.07
5.3
11.6
Brazil
0.48
4.3
7.3
Singapore
-0.17
4.0
1.4
Italy
-0.42
3.2
11.9
0.42
2.3
3.3
Switzerland
Sweden
-0.81
1.3
6.3
South Korea
-0.10
0.7
10.0
China 88
-0.84
0.3
-1.2
U.K.
0.40
-1.1%
0.9
France
0.20
-2.0
2.2
Netherlands
0.02
-5.3
-0.6
Japan
0.64
-5.6
6.6
Germany
0.27
-6.0
6.3
Hyundai Motor
Korea
Automobiles
Hong Kong
Banks
Arab 50
17.1%
0.48%
10.5
24.0
Real Estate
-0.09
10.3
12.0
Health Care
0.69
8.5
17.3
Utilities
0.50
7.9
10.6
Tiger 50*
0.03
7.1
13.7
0.04
6.9
16.6
0.38
Global 50
0.13
Asian 50
0.32
4.1
17.6
3.4
11.6
1.7
Volume
in millions
Company/Country (Industry)
Shin-Etsu Chemical
0.65
Japan (Specialty Chemicals)
Itochu
4.60
Japan (Industrial Suppliers)
Taiwan Semiconductor Manufacturing 32.96
Taiwan (Semiconductors)
NTT DoCoMo
4.19
Japan (Mobile Telecommunications)
SoftBank
8.25
Japan (Mobile Telecommunications)
China Mobile
35.87
Hong Kong (Mobile Telecommunications)
POSCO
0.16
Korea (Iron Steel)
KDDI
1.24
Japan (Mobile Telecommunications)
Takeda Pharmaceutical
1.30
Japan (Pharmaceuticals)
Wesfarmers
2.00
Australia (Home Improvement Retailers)
Fanuc
0.41
Japan (Industrial Machinery)
Nippon Steel Sumitomo Metal
32.78
Japan (Iron Steel)
Mitsubishi
3.06
Japan (Industrial Suppliers)
National Australia Bank
5.32
Australia (Banks)
Canon
2.52
Japan (Electronic Office Equipment)
Sumitomo Mitsui Financial Group
4.39
Japan (Banks)
CNOOC
97.94
Hong Kong (Exploration Production)
Westpac Banking
6.92
Australia (Banks)
Japan Tobacco Inc
1.88
Japan (Tobacco)
AIA Group
17.18
Hong Kong (Life Insurance)
23.9%
-0.20
-1.18
Technology
-2.33%
5.6
Latest,
in local
currency
STOCK PERFORMANCE
Latest 52-week
YTD
Company/Country (Industry)
6,381
1.30%
2.3%
3.9%
1,314
1.27
9.5
1.1
124.00
1.22
29.2
17.5
1,808
1.20
17.0
4.8
7,056
1.18
13.1
-23.3
88.30
1.09
5.1
10.0
333,000
1.06
-0.6
2.0
5,987
1.03
17.4
-7.5
4,660
0.93
0.3
-3.4
43.50
0.93
4.1
-1.2
17,630
0.89
16.8
-8.4
307.80
0.85
1.3
-12.6
2,148
0.85
11.9
6.5
34.60
0.82
9.9
-0.7
3,399
0.79
9.1
2.1
4,116
0.76
-9.3
-24.1
14.64
0.69
-0.3
1.5
33.95
0.68
7.4
4.8
3,521
0.66
1.6
2.9
43.40
0.58
20.9
11.6
Volume
in millions
Komatsu
2.54
Japan (Commercial Vehicles Trucks)
Woolworths
2.30
Australia (Food Retailers Wholesalers)
Hitachi
13.11
Japan (Electronic Equipment)
Mizuho Financial Group
68.69
Japan (Banks)
East Japan Railway
0.53
Japan (Travel Tourism)
Nomura Holdings
9.76
Japan (Investment Services)
Mitsui Co.
5.54
Japan (Industrial Suppliers)
Mitsubishi UFJ Financial Group
26.67
Japan (Banks)
Toyota Motor
4.31
Japan (Automobiles)
Commonwealth Bk Australia
3.65
Australia (Banks)
Nissan Motor
8.17
Japan (Automobiles)
Australia New Zeald Bkg
4.95
Australia (Banks)
Woodside Petroleum
1.83
Australia (Exploration Production)
BHP Billiton
6.39
Australia (General Mining)
Samsung Electronics
0.21
Korea (Semiconductors)
Bank of China
303.79
Hong Kong (Banks)
Industrial Commercial Bank of China 174.08
Hong Kong (Banks)
Honda Motor
4.49
Japan (Automobiles)
Sun Hung Kai Properties
3.05
Hong Kong (Real Estate Holding Development)
Rio Tinto
2.57
Australia (General Mining)
Latest,
in local
currency
STOCK PERFORMANCE
Latest 52-week
YTD
2,334
0.50%
2.6%
9.2%
36.10
0.47
8.5
6.6
778.70
0.45
24.8
-2.2
196.40
0.36
-5.6
-13.9
8,291
0.35
5.8
-1.1
645.20
0.34
-11.0
-20.2
1,707
0.26
20.6
16.5
593.10
0.19
-2.0
-14.5
6,009
0.17
-4.8
-6.4
81.02
0.07
9.8
4.1
999.60
0.05
-3.8
13.1
32.74
...
7.8
1.6
42.07
...
9.8
8.1
38.16
-0.21
2.2
0.4
1,261,000
-0.24
-3.0
-8.1
3.69
-0.54
10.5
3.4
5.25
-0.57
-0.8
0.2
3,469
-0.62
-9.0
-19.9
116.80
-0.76
19.9
28.6
65.05
-1.03
5.9
-4.6
Credit derivatives
At its most basic, the pricing of credit-default swaps measures how much a buyer has to pay to purchase-and
how much a seller demands to sell-protection from default on an issuer's debt. The snapshot below gives a
sense which way the market was moving yesterday.
Index: series/version
Mid-spread,
in pct. pts.
Mid-price
Europe: 21/1
Eur. High Volatility: 20/1
Europe Crossover: 21/1
Asia ex-Japan IG: 21/1
Japan: 21/1
0.65
101.66%
Coupon
0.01%
0.81
0.56
0.66
0.77
100.98
0.01
1.11
0.68
0.86
Samsung Electrs
40
...
Kirin Hldgs
23
2.69
110.11
0.05
3.11
2.19
2.62
SK Innovation
77
52
1.05
99.76
0.01
1.13
0.99
1.04
60
...
Mitsubishi Matls
96
0.69
101.50
0.01
0.72
0.63
0.66
115
Canon
19
...
Korea Dev Bk
61
...
20
...
...
Hana Bank
72
...
Komatsu
24
...
...
...
...
In percentage points
Spreads
Spreads on
ve-year swaps
for corporate
debt; based on
Markit iTraxx
indexes.
3.00
Index roll
2.00
Australia
t
1.00
NOTICE TO READERS
All statistics published in
The Wall Street Journal
Asia from markets outside
the Asian-Pacific region
reflect preliminary data.
Japan
1
Mar. April May June July Aug.
2014
Source: Markit Group
WSJ.com>>
CNOOC
81
Bridgestone
21
...
...
Lg Electrs
84
28
...
GS Caltex Oil
73
ANA HLDGS
103
52
79
Daiwa Secs Gp
n Equity capital markets n Debt capital markets (both in billions, left axis)
3
75%
t
Tracking
credit
markets &
dealmakers
50
(right axis)
25
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Source: Dealogic
Currencies
EXCHANGE LEGEND: CBOT: Chicago Board of Trade; CME: Chicago Mercantile Exchange; NYBOT: New York Board of Trade; MDEX: Bursa Malaysia
Derivatives Berhad; LIFFE: London International Financial Futures Exchange; LME: London Mercantile Exchange; NYMEX: New York Mercantile Exchange;
ICE: IntercontinentalExchange *Data as of August 13, 2014
Year
ONE-DAY CHANGE
Commodity
Exchange
Last price
Net
Percentage
high
CBOT
Corn (cents/bu.)
Soybeans (cents/bu.)
Wheat (cents/bu.)
Live cattle (cents/lb.)
Cocoa ($/ton)
Coffee (cents/lb.)
Sugar (cents/lb.)
Cotton (cents/lb.)
Rapeseed (euro/ton)
Cocoa (pounds/ton)
Robusta coffee ($/ton)
CBOT
CBOT
CME
ICE-US
ICE-US
ICE-US
ICE-US
LIFFE
LIFFE
LIFFE
Copper ($/lb.)
Gold ($/troy oz.)
Silver ($/troy oz.)
Aluminum ($/ton)*
Tin ($/ton)*
Copper ($/ton)*
Lead ($/ton)*
Zinc ($/ton)*
Nickel ($/ton)*
COMEX
NYMEX
COMEX
COMEX
LME
LME
LME
LME
LME
LME
371.75
1054.00
550.25
146.475
3,225
186.70
15.88
65.00
322.25
2,030
1,946
2.00
7.25
4.75
-0.075
-6
-2.90
-0.14
0.28
0.50
6
-19
3.1085
1313.30
19.865
2,044.00
22,525.00
6,917.00
2,242.50
2,305.00
18,700
-0.0240
-1.20
0.020
-7.00
unch.
-93.50
-29.50
-33.50
-255
94.77
2.8316
2.5625
3.941
102.52
864.75
-1.97
-0.0703
-0.0641
0.079
-2.54
-10.25
NYMEX
NYMEX
NYMEX
ICE-EU
ICE-EU
517.00
1,279.25
765.00
160.750
3,248
222.60
18.91
84.74
386
2,031
2,216
0.54%
0.69
0.87
-0.05%
-0.19
-1.53
-0.87
0.43
0.16
0.30
-0.97
Year
low
358.00
1,038.75
542.25
130.900
2,639
119.90
15.72
62.02
301
1,651
1,568
0.10
-0.34
unch.
-1.33
-1.30
-1.43
-1.35
105.55
3.0848
2.8999
4.8790
114.44
949.25
-2.04
-2.42
-2.44
2.05
-2.42
-1.17
In euros
Argentina peso-a
In
U.S. dollars
11.0705
0.0903
8.2766
0.1208
3.0375
0.3292
2.2709
0.4404
Canada dollar
1.4595
0.6852
1.0911
0.9165
Chile peso
772.31
0.001295
577.40
0.001732
2507.47 0.0003988
EUROPE
1874.65 0.0005334
PERFORMANCE
Percentage change
Yr.-to-date
PREVIOUS SESSION
Index
Close
ASIA-PACIFIC
DJ Asia-Pacific TSM
1527.09
Australia
SPX/ASX 200
5548.50
33.80
China
Shanghai Composite
2206.47
-16.41
Hong Kong
Hang Seng
24801.36
-88.98
India
26103.23
184.28
Indonesia
Jakarta Composite
5155.55
-12.72
0.7476
1.3376
0.9999
1.0001
0.7475
1.3378
3-mos. forward
0.9996
1.0004
0.7473
1.3381
6-mos. forward
0.9991
1.0009
0.7470
1.3387
27.821
0.0359
20.799
0.0481
Denmark krone
7.4552
0.1341
5.5737
0.1794
Hungary forint
312.29
0.003202
233.47
0.004283
Norway krone
8.2273
0.1215
6.1509
0.1626
Poland zloty
4.1796
0.2393
3.1248
0.3200
Russia ruble-d
48.049
0.02081
35.923
0.02784
Sweden krona
9.1673
0.1091
6.8537
0.1459
Switzerland franc
1.2114
0.8255
0.9057
1.1042
1.2111
0.8257
0.9055
1.1044
1.1049
0.7476
17.4861
0.0572
13.0730
0.0765
Peru sol
3.7319
0.2680
2.7901
0.3584
Uruguay peso-e
31.592
0.0317
23.619
0.0423
U.S. dollar
1.3376
0.7476
8.49
0.117736
6.35
0.157480
1.4354
0.6967
1.0731
0.9319
1-mo. forward
1-mo. forward
1.4385
0.6952
1.0755
0.9298
3-mos. forward
1.2106
0.8261
0.9050
3-mos. forward
1.4446
0.6922
1.0800
0.9259
6-mos. forward
1.2095
0.8268
0.9042
1.1059
6-mos. forward
1.4537
0.6879
1.0868
0.9201
Turkey lira
2.8766
0.3476
2.1506
0.4650
U.K. pound
ASIA-PACIFIC
Australia dollar
China yuan
0.8013
1.2480
0.5990
1.6693
0.8015
1.2477
0.5992
1.6689
3-mos. forward
0.8019
1.2470
0.5995
1.6680
6-mos. forward
0.8027
1.2458
0.6001
1.6663
MIDDLE EAST/AFRICA
Bahrain dinar
0.5044
1.9826
0.3771
2.6518
Egypt pound-a
0.1045
7.1529
0.1398
0.2880
8.2336
0.1215
6.1556
0.1625
10.3672
0.0965
7.7508
0.1290
1-mo. forward
India rupee
81.4714
0.0123
60.9100
0.0164
11707 0.0000854
Indonesia rupiah
15659 0.0000639
Japan yen
137.04
0.007297
102.46
0.009760
1-mo. forward
137.02
0.007298
102.44
0.009762
3-mos. forward
136.96
0.007302
102.39
0.009766
6-mos. forward
136.83
0.007308
102.30
0.009775
Malaysia ringgit-c
4.2518
0.2352
3.1788
0.3146
1.5752
0.6348
1.1777
0.8491
Pakistan rupee
132.527
0.0075
99.080
0.0101
Philippines peso
58.457
0.0171
43.704
0.0229
Singapore dollar
1.6656
0.6004
1.2452
0.8031
1365.92
0.0007321
Taiwan dollar
40.084
0.02495
29.968
0.03337
Thailand baht
42.604
0.02347
31.852
0.03140
4.6446
0.2153
3.4725
Jordan dinar
0.9463
1.0568
0.7075
1.4135
Kuwait dinar
0.3791
2.6377
0.2834
3.5281
Lebanon pound
0.1994
3.7502
0.2667
14.1007
0.0709
10.5420
0.0949
4.9129
0.2035
3.6730
0.2723
1021.20 0.0009792
a-floating rate b-commercial rate c-government rate c-commercial rate d-Russian Central Bank rate.
Source: ICAP Plc.
Net change
6.48
0.43%
0.61
-0.74%
-0.36
0.71
-0.25
5.4%
52-wk.
10.3%
3.7
7.7
4.3
6.0
Close
PREVIOUS SESSION
Region/Country
Index
Net change
Euro Zone
Euro Stoxx
308.20
Euro Stoxx 50
3058.16
1.99
Denmark
OMX Copenhagen
655.25
-1.33
7403.12
6.36
CAC-40
4205.43
10.64
0.25
-2.1
2.2
20.6
10.0
Germany
DAX
9225.10
26.22
0.29
-3.4
9.3
2.7
11.6
Italy
FTSE MIB
19480.96
-56.30
Netherlands
AEX
395.84
0.57
Malaysia
1861.58
3.54
0.19
-0.3
3.9
Russia
RTSI
1231.94
11.14
New Zealand
NZSX-50
5062.41
7.71
0.15
6.9
11.7
Spain
IBEX 35
10294.8
-9.20
20.7
Switzerland
SMI
8430.10
41.39
7.3
Turkey
BIST 100
77569.92
-48.64
2.3
U.K.
FTSE 100
6685.26
28.58
2.6
7.2
AMERICAS
DJ Americas
492.46
1.51
7.2
17.0
Brazil
Bovespa
55687.48
106.29
18.7
6.1
Argentina
Merval
8422.80
Mexico
IPC
-6.58
12.8
19.9
4.0
-0.20
South Korea
Kospi
2063.22
0.86
Taiwan
Weighted
9230.61
-0.70
Thailand
SET
1541.97
-2.58
EUROPE
331.04
1.02
0.31
0.8
7.3
Stoxx Europe 50
2943.43
9.74
0.33
0.8
6.6
Price-toDividend earnings
yield*
ratio* S&P Dow Jones Index
2.40% 19.34
2.82 19.55
2.94 15.08
2.37 15.65
2.30 15.93
3.24 20.67
2.78 14.95
3.09 11.59
3.34 10.32
2.80 11.53
3.13 10.44
2.03 12.69
Last
Global TSM
Global DOW
Global Titans 50
Asia/Pacific TSM
S&P BMI Asia Pac Emg Mkts
Dev Europe TSM
S&P BMI Emg Markets
Asian Titans 50
BRIC 50
S&P BMI China
China Offshore 50
Shanghai -c
Net
change
3349.58
8.69
2569.52
4.60
240.91
0.25
1527.34
6.73
181.78
1.09
3333.94 10.90
275.52
0.42
154.78
0.54
547.56
0.47
473.82 -3.63
4505.41 -31.52
291.88 -2.36
0.04
-0.01
-0.17
PERFORMANCE
YearThree-yr.,
to-date
52-wk. annualized
Daily
0.26%
0.18
0.10
0.44
0.60
0.33
0.15
0.35
0.09
-0.76
-0.69
-0.80
3.6%
3.4
3.4
5.4
3.0
-1.6
8.2
1.7
9.1
5.3
7.5
5.3
13.7%
14.2
12.9
10.8
8.4
10.4
12.1
6.1
15.6
14.0
15.1
8.0
12.1%
11.4
13.0
6.6
7.3
10.0
2.6
7.8
0.4
6.3
6.4
-4.0
Price-toDividend earnings
yield*
ratio* S&P Dow Jones Index
1.13%23.85
1.91 20.64
5.15 16.79
5.20 16.43
2.12 19.72
2.40 17.80
2.62 11.30
3.67 25.19
U.S.
Australia
Britain
Canada
China
Euro
Hong Kong
India
Indonesia
Japan
New Zealand
South Korea
Malaysia
Philippines
Singapore
Switzerland
Taiwan
Thailand
US$
0.932
1.669
0.916
0.1625
1.338
0.129
0.0164
0.0001
0.010
0.849
0.0010
0.315
0.023
0.803
1.104
0.033
0.031
1.791
0.983
0.174
1.435
0.138
0.0176
0.0001
0.010
0.911
0.0011
0.338
0.025
0.862
1.185
0.036
0.034
0.599
0.558
0.549
0.097
0.801
0.077
0.0098
0.0001
0.006
0.509
0.0006
0.188
0.014
0.481
0.661
0.020
0.019
C$
1.091
1.017
1.821
0.177
1.459
0.141
0.0179
0.0001
0.011
0.927
0.0011
0.343
0.025
0.876
1.205
0.036
0.034
YUAN
6.156
5.736
10.276
5.641
8.234
0.794
0.1011
0.0005
0.060
5.227
0.0060
1.936
0.141
4.943
6.797
0.205
0.193
EURO
0.748
0.697
1.248
0.685
0.121
0.096
0.0123
0.0001
0.007
0.635
0.0007
0.235
0.017
0.600
0.826
0.025
0.023
HK$
7.751
7.223
12.938
7.103
1.259
10.367
0.1272
0.0007
0.076
6.581
0.0076
2.438
0.177
6.224
8.558
0.259
0.243
RUPEE
60.910
56.760
101.678
55.822
9.895
81.471
7.859
0.0052
0.594
51.721
0.0596
19.162
1.394
48.915
67.255
2.033
1.912
RUPIAH
11707.25
10909.60
19543.06
10729.40
1901.89
15659.28
1510.46
192.21
114.26
9941.04
11.46
3682.97
267.88
9401.70
12926.82
390.66
367.56
YEN
102.458
95.477
171.034
93.900
16.645
137.045
13.219
1.6821
0.0088
Last
Net
change
Shenzhen -c
354.73 -2.72
U.S. TSM
20348.73 18.49
Global Select Div
260.36 1.35
Asia/Pacific Select Div 358.36 1.74
Hong Kong Select Div -c 206.21 -0.55
U.S. Select Dividend -d 1317.78 3.09
Islamic Market
2875.87 5.60
Islamic Market 100
3162.27 4.47
Islamic China/HK Titans 30 1858.97 -8.33
Sustainability Korea -c 1534.07 0.48
Brookfield Infrastructure 3619.06 18.55
DJ Commodity
669.19 -1.10
87.001
0.1003
32.232
2.344
82.280
113.131
3.419
3.217
NZ$
1.178
1.097
1.966
1.079
0.191
1.575
0.152
0.0193
0.0001
0.011
0.0012
0.370
0.027
0.946
1.300
0.039
0.037
WON
1021.20
951.62
1704.69
935.90
165.90
1365.92
131.75
16.77
0.09
9.97
867.13
321.26
23.37
820.09
1127.58
34.08
32.06
-0.29
0.14
0.91
-0.09
0.49
-0.06
0.43
0.31
11.73
-1.5
4.3
-14.6
-9.2
3.8
17.1
2.8
4.4
14.4
2.6
-0.9
1.5
5.8
15.2
8.1
9.4
56.2
116.9
4.7
5.4
0.19
-102.69 -1.20
44735.69
Daily
-0.76%
0.09
0.52
0.49
-0.27
0.23
0.20
0.14
-0.45
0.03
0.52
-0.16
PERFORMANCE
YearThree-yr.,
to-date
52-wk. annualized
8.3%
4.8
4.1
7.2
3.2
6.5
4.9
5.2
10.6
4.2
13.7
-3.3
11.3%
17.0
14.2
7.9
-1.5
16.5
15.6
17.0
13.7
9.1
21.9
-5.9
-3.8%
18.4
8.5
7.3
3.1
20.2
11.7
14.3
8.2
3.1
16.1
-5.3
0.09
0.03
European and Americas index data are as of 12:00 p.m. ET. Sources: SIX Financial Information; WSJ Market Data Group
*Fundamentals are based on data in U.S. dollar. Footnotes: c-in local currency. d-dividends reinvested. p-previous day. Note: All data as of 11:30 a.m. ET.
Cross rates
15.2
OMX Helsinki
France
11.4
3294.83
0.9
Finland
10.3
1.07
7.2
26.2
10.0
-2.4
74.76
-1.6
15.8
34.8
-6.0
7061.00
0.07
-0.20%
52-wk.
6.6%
6.4
0.66
Closed
-1.9%
0.19%
23.3
0.66
28505.55
PERFORMANCE
Percentage change
Yr.-to-date
0.58
8.37
Straits Times
1507.30 0.0006634
5.0162
100.94
Singapore
2016.12 0.0004960
1270.50
PSEi
9.5674
Israel shekel
15314.57
Philippines
In
U.S. dollars
1-mo. forward
KSE 100
Per
U.S. dollar
Topix
Pakistan
In euros
Stock indexes from around the world, grouped by region. Shown in local-currency terms.
Region/Country
Japan
Per euro
1.3376
Venezuela bolivar
WSJ.com>>
Per
U.S. dollar
Brazil real
Mexico peso-a
Per euro
Ecuador US dollar-f
88.34
2.8220
2.5210
3.7400
102.36
864.25
Follow the markets throughout the day with updated stock quotes, news and commentary at at
WSJ.com. Also, receive email alerts that summarize the days trading in Europe and Asia. To sign
up, go to WSJ.com/Email
AMERICAS
Colombia peso
3.3570
2.8845
1,390.80 1,207.00
22.160
18.650
2,051.00 1,686.50
23,770.00 21,410.00
7,422.00 6,430.00
2,287.00 2,033.00
2,410.00 1,948.00
21,100
13,425
-0.77
-0.09
S$ S FRANC
1.245
0.906
1.160
0.844
2.079
1.512
1.141
0.830
0.202
0.147
1.666
1.211
0.161
0.117
0.0204
0.0149
0.0001
0.0001
0.012
0.009
1.057
0.769
0.0012
0.0009
0.392
0.285
0.028
0.021
0.727
1.375
0.042
0.030
0.039
0.028
TW$
29.968
27.926
50.025
27.464
4.868
40.084
3.866
0.4920
0.0026
0.292
25.446
0.0293
9.427
0.686
24.066
33.089
BAHT
31.852
29.681
53.170
29.191
5.174
42.604
4.109
0.5229
0.0027
0.311
27.046
0.0312
10.020
0.729
25.579
35.170
1.063
0.941
MSCI indexes
Developed and emerging-market regional and country indexes
from MSCI as of August. 14, 2014
Price-toDividend earnings
yield
ratio MSCI Index
LOCAL-CURRENCY
Last
PERFORMANCE
Daily
YTD
52-wk.
3.3%
13.3%
2.50% 17
MSCI ACWI*
2.50
18
-0.55
2.9
13.3
1.90
23
323.83
-0.57
1.5
13.7
2.50
18
1,724.42
-0.58
3.3
14.0
3.10
16
EAFE
1,897.75
-0.42
-0.9
10.0
1,070.87 -0.60
6.8
13.0
422.04 -0.56%
2.70
13
2.90
14
-0.59
8.2
15.1
2.50
13
565.14
-0.79
7.3
14.5
1.90
15
Japan
772.35
0.35
-4.1
10.3
3.20
10
China
67.03
1.00
6.2
18.2
2.40
12
2,358.54
-0.01
2.5
9.7
2.60
16
Hong Kong
14,447.67
0.57
8.1
15.5
1.40
19
India
982.76
0.44
20.3
31.0
1.00
10
Korea
592.58
1.00
0.5
8.9
2.90
16
Malaysia
656.07
0.36
-1.6
2.8
3.20
14
Singapore
1,755.07
-0.01
3.3
2.4
2.90
17
Taiwan
334.88
0.80
10.6
16.5
6.8
3.10
15
Thailand
541.45
2.42
17.6
4.30
17
Australia
1,128.79
-0.24
3.2
9.2
4.30
22
New Zealand
109.10 -0.06
3.9
7.0
1.90
19
US BROAD MARKET
4.8
15.4
3.30
17
EUROPE
0.6
9.9
2,207.46 -0.70
112.82
0.38
Source: MSCI
s 43.60, or 0.26%
LAST: 16695.40
YEAR TO DATE:
OVER 52 WEEKS
s 1,583.21, or 10.5%
P/E: 18
s 11.17, or 0.25%
LAST: 4445.29
YEAR TO DATE:
OVER 52 WEEKS
s 118.74, or 0.7%
High
P/E: 22*
s 5.81, or 0.30%
LAST: 1952.53
YEAR TO DATE:
OVER 52 WEEKS
s 268.70, or 6.4%
s 839.18, or 23.3%
s 104.17, or 5.6%
s 291.21, or 17.5%
17250
4550
2100
16900
4400
2000
16550
4250
1900
16200
4100
1800
15850
3950
1700
Close
Low
50day
moving average
15500
16
23 30
6
June
13
20
27
3
July
11
18
25
3800
1
8
Aug.
16
23 30
6
June
13
20
27
3
July
11
18
25
1600
1
8
Aug.
16
23 30
6
June
13
20
27
3
July
Symbol
Volume,
in millions
Latest
AT&T
AmExpress
Boeing
Caterpillar
Chevron
CiscoSys
CocaCola
Disney
DuPont
ExxonMobil
GenElec
GoldmanSachs
HomeDpt
Intel
IBM
JPMorgChas
JohnsJohns
McDonalds
Merck
Microsoft
Nike B
Pfizer
ProctGamb
3M
TravelersCos
UnitedTech
UtdHlthGp
Verizon
VISA ClA
T
AXP
BA
CAT
CVX
CSCO
KO
DIS
DD
XOM
GE
GS
HD
INTC
IBM
JPM
JNJ
MCD
MRK
MSFT
NKE
PFE
PG
MMM
TRV
UTX
UNH
VZ
V
6.7
1.2
2.8
1.6
1.9
41.4
2.7
3.3
0.7
2.4
9.1
0.8
2.9
15.1
0.9
3.5
2.3
3.3
3.0
9.6
0.9
8.7
2.0
0.8
0.5
1.2
1.1
5.7
0.7
$34.85
87.51
124.27
105.71
127.24
24.57
40.06
88.35
65.17
98.99
25.84
172.51
83.63
33.95
187.90
56.88
101.71
93.57
58.43
44.16
77.11
28.59
81.81
142.16
92.12
105.88
81.44
48.90
212.03
0.16
0.11
2.29
0.55
0.36
0.63
0.12
0.75
0.06
0.10
0.01
0.14
0.51
0.15
0.05
0.16
0.03
0.39
0.58
0.08
0.14
0.38
0.33
0.36
0.85
0.32
0.07
0.02
0.60
0.48%
0.13
1.88
0.52
0.28
2.52
0.30
0.86
0.09
0.10
0.02
0.08
0.61
0.44
0.03
0.28
0.03
0.42
0.99
0.18
0.18
1.36
0.40
0.25
0.93
0.30
0.09
0.04
0.28
WalMart
WMT
3.7
74.13
0.10
0.14
Stock
CHANGE
Points
Percentage
18
25
1
8
Aug.
*Price-to-earnings ratio for the Nasdaq 100 Note: Price-to-earnings ratios are for trailing 12 months
11
Stock
Volume,
Symbol in millions
PlugPwr
CiscoSys
SPDR S&P 500
SiriusXMHoldings
AdvMicro
iShMSCIEmgMarkets
Sprint
BrcliPathVIX ShFut
Vale ads
Apple
PenneyJC
Nokia
Intel
FacebookClA
Twitter
PLUG
CSCO
SPY
SIRI
AMD
EEM
S
VXX
VALE
AAPL
JCP
NOK
INTC
FB
TWTR
CHANGE
Points
Percentage
43.0
41.4
29.2
27.4
19.2
18.5
17.6
17.1
17.1
17.1
16.0
15.7
15.1
14.5
14.4
$6.17
24.57
195.47
3.52
4.13
44.59
5.70
29.20
13.39
97.31
9.59
7.79
33.95
73.92
45.15
0.31
0.63
0.63
0.03
0.02
0.03
0.12
0.69
0.36
0.07
0.24
0.05
0.15
0.15
1.00
5.31%
2.52
0.32
1.00
0.49
0.08
2.06
2.31
2.65
0.07
2.57
0.65
0.44
0.20
2.27
USU 4,952.2
INPH
689.7
ISDR
52.6
SNFCA
96.6
CERU
777.2
$6.42
2.99
10.92
5.00
5.47
1.85
0.79
2.04
0.90
0.95
40.48%
35.91
22.95
21.95
21.02
$3.28
51.11
16.05
20.88
19.03
0.89
13.44
3.60
4.33
3.37
21.35%
20.82
18.32
17.18
15.05
52-WEEK
High
Low
USEC
Interphase
IssuerDirect
SecNtlFnl A
CeruleanPharma
...Biggest losers
Vapor
RedRobin
Energy XXI
NoodlesClA
K12
VPCO
764.0
RRGB 2,568.2
EXXI 14,090.7
NDLS 4,047.0
LRN
1,356.1
TaiwanSemi
ChinaMobile
Baidu ADS
UtdMicro ADS
BHPBillitonADS
ICICI Bk ADS
TataMtrs ADS
CtripInt ADS
SonyADS
InfosysADS
NeteaseADS
HDFC Bnk
SKTelecomADS
HondaMtr ADS
MitsuUFJ ADS
SiliconwareADS
AdvSemiEnggADS
POSCOADS
pSivida
SiliconMotionADS
51job ADS
PranaBiotech
NomuraHoldingsADS
ChinaUnicomADS
LGDisplayADS
ChinaFinOnADS
KT Crp ADS
PhlpLngDst
Cnooc ADS
WiproADS
$23.07 $15.70
58.85
41.35
229.60 132.31
2.58
1.88
73.91 62.60
52.48 24.94
43.32
21.75
68.71 35.96
21.94
15.23
63.20 44.81
86.75 62.01
49.82 26.62
29.00 20.36
42.96 32.42
6.74
5.19
9.08
5.11
6.89
4.00
82.32
63.71
5.60
2.27
27.21 10.85
43.00 29.50
13.29
1.47
8.21
5.82
17.61
11.71
16.54 10.46
8.20
1.61
17.37
13.10
73.99 56.88
211.49 147.24
14.26
8.79
Biggest gainers...
Volume,
Symbol in OOOs
Stock
TSM
CHL
BIDU
UMC
BHP
IBN
TTM
CTRP
SNE
INFY
NTES
HDB
SKM
HMC
MTU
SPIL
ASX
PKX
PSDV
SIMO
JOBS
PRAN
NMR
CHU
LPL
JRJC
KT
PHI
CEO
WIT
CHANGE
Latest Points Percentage
1.08%
3.70
0.19
...
0.06
4.34
2.49
0.70
0.20
0.33
1.70
2.29
0.50
0.79
0.35
2.37
4.67
2.29
2.62
1.75
1.70
1.98
0.16
0.30
0.37
1.77
0.92
4.94
0.27
0.17
Latest, month-ago and year-ago yields and spreads over or under U.S. Treasurys on benchmark two-year
and 10-year government bonds around the world. Data as of 12 p.m. ET
The curve shows the yield to maturity of current bills, notes and bonds; all data as of 3 p.m. ET.
Country/
Maturity, in years
Yield
Previous
YIELD
Month ago
Year ago
3.800
Austria* 2
0.018
-39.0
-39.7
-40.5
-6.9
0.015
0.059
0.265
3.500
10
1.281
-113.0
-111.3
-106.6
-52.1
1.307
1.481
2.196
2.750
Belgium 2
0.033
-37.5
-37.5
-40.5
-2.4
0.037
0.059
0.310
2.600
10
1.395
-101.6
-98.5
-89.5
-9.2
1.435
1.653
2.625
4.250
Finland* 2
0.027
-38.1
-38.3
-44.0
-9.7
0.029
0.024
0.237
10
1.283
-112.8
-111.8
-110.0
-56.3
1.302
1.448
2.154
France 2
0.049
-35.9
-34.5
-40.7
9.4
0.067
0.057
0.429
1.750
10
1.400
-101.1
-98.9
-100.2
-38.0
1.431
1.545
2.337
0.250
Germany 2
0.003
-40.5
-41.1
-43.6
-10.8
0.001
0.028
0.226
1.500
10
1.015
-139.6
-139.2
-133.5
-89.1
1.028
1.213
1.826
n.a.
Greece 2
n.a.
...
...
...
...
...
...
...
n.a.
10
n.a.
...
...
...
...
...
...
...
4.750
Italy 2
0.444
3.6
6.6
7.1
150.1
0.478
0.535
1.835
3.750
10
2.649
23.8
30.1
22.0
146.3
2.721
2.768
4.180
4
3
2
Wednesday
3.375
0.250
5%
Coupon
month(s)
2 3 5 710
years
maturity
30
Month
to-date
TOTAL RETURN
Ryan Index
Yield to
maturity
Modified
duration
Quarter
to-date
30-year Treasury
10-year Treasury
7 Year Treasury
Five-year Treasury
Ryan Index
3 Year Treasury
Two-year Treasury
1 Year Treasury
Six-month Treasury
Ryan Cash Index-a
Three-month bill
3.242%
2.430
2.054
1.577
1.767
0.883
0.416
0.086
0.056
0.055
0.035
18.69
8.85
6.42
4.75
7.27
2.95
1.95
0.94
0.50
0.44
0.25
1.55 %
1.36
1.28
0.96
0.98
0.45
0.26
0.03
0.01
0.01
...
2.22 %
1.17
0.81
0.52
0.87
0.27
0.22
0.06
0.02
0.02
...
17.10 %
7.80
5.01
2.66
5.63
1.14
0.72
0.24
0.09
0.10
0.04
14.46 %
6.27
4.46
2.61
5.02
1.53
0.95
0.36
0.15
0.16
0.07
One-month bill
0.041
0.08
...
...
0.02
0.04
Year
to-date 12-month
52 wks ago
Prime rates
Latest
Euro Libor
One month
3.250
Netherlands 2
0.040
-36.8
-37.5
-41.6
-8.7
0.037
0.048
0.247
U.S.
3.25%
3.25%
2.000
10
1.203
-120.8
-120.1
-111.6
-54.3
1.219
1.431
2.174
Canada
3.00
3.00
Three month
5.450
Portugal* 2
1.022
61.4
67.4
46.4
422.7
1.086
0.928
4.561
Japan
1.475
1.475
Britain
0.50
0.50
Euribor
One month
52 wks ago
Offer
Eurodollars
One month
Bid
0.08143%
0.07929%
0.16286
0.15143
Six month
0.26357
0.26500
Six month
0.3300
0.2300
One year
0.43000
0.47714
One year
0.5800
0.4800
Three month
0.2000%
0.1000%
0.2500
0.1500
4.800
10
3.514
110.3
123.4
125.0
375.6
3.654
3.798
6.473
ECB
0.15
0.50
3.250
Spain 2
0.196
-21.2
-19.3
-0.8
132.1
0.219
0.456
1.655
Switzerland
0.50
0.50
0.09000%
0.12800%
Australia
2.50
2.50
Three month
0.19900
0.22600
U.S. discount
0.75%
0.75%
3.800
10
2.499
8.8
17.1
22.8
168.1
2.591
2.776
4.398
Hong Kong
5.00
5.00
Six month
0.29900
0.34300
Fed-funds target
0.00
0.00
2.000
U.K. 2
0.708
30.0
29.1
36.2
10.6
0.703
0.826
0.440
One year
0.47900
0.54400
Call money
2.00
2.00
2.250
10
2.439
2.8
2.1
6.0
-7.7
2.441
2.607
2.640
0.500
U.S. 2
0.408
...
...
...
...
0.412
0.464
0.334
2.500
10
2.411
...
...
...
...
2.420
2.547
2.717
Libor
One month
Hibor
One month
0.15500%
0.18406%
0.21571%
0.20714%
Three month
0.23360
0.26320
Three month
0.36786
0.38286
Six month
0.33090
0.39550
Six month
0.53929
0.54357
One year
0.55530
0.66760
One year
0.84429
0.87000
Latest
0.00
52 wks ago
0.07%
0.05
MARKETS LINEUP
Moving the
markets
Shanghai Composite
ASX 200
Japan
China
India
Australia
15314.57
0.66% or 100.94
2206.47
0.74% or 16.41
30000
7500
17500
2500
25000
6250
14000
2000
20000
5000
10500
1500
15000
3750
1000
A S O N D J F M A M J J
2013
2014
Change
Net
A S O N D J F M A M J
2013
2014
Volume
in millions
Close
Change
Net
Close
634.15
5.16
0.07
1.34
HindalcoIndustries
InnerMongoliaBaot 324.96
5.05
0.21
3.99
TataSteel
8.55
535.55
0.85
SichuanChanghongA 204.41
3.71
0.13
3.39
BharatHeavyElec
6.74
209.45
XinhuZhongbao
184.17
3.90
0.01
0.26
TataMotors
6.35
481.36
7.86
1.66
MirvacGroup
10.31
1.85
0.01
0.54
InsigmaTechnologyA
121.13
7.62
0.42
5.83
Oil&NaturalGas
6.31
405.83
3.83
0.95
Alumina
10.10
1.49
-0.02
1.33
Close
Mizuho Fin
68.69
196
Unitika
57.50
45
unch.
NipponStl&SmtmoMtl
32.78
308
MitsuUFJFin
26.67
593
0.19
KawasakiKisen
18.18
222
1.37
Stock
0.36
WintimeEnergy
Change
Net
2500
10000
A S O N D J F M A M J J
2013
2014
Volume
in millions
Volume
in millions
Stock
3000
7000
WSJ.com>>
5548.50
0.61% or 33.80
21000
A S O N D J F M A M J J
2013
2014
26103.23
0.71% or 184.28
Stock
Volume
in millions
Close
14.03
179.75
Change
Net
Stock
0.17
Telstra
56.84
5.56
1.05
0.20
FairfaxMedia
27.66
0.93
0.05
5.08
0.25
0.12
FortescueMetalsGrp
17.59
4.45
-0.08
1.77
0.30
0.12
2.21
Philippines
s 3.4% or HK$1.05
3,250.00 peso
Australia
A$70.42 Australia
s 4.7% or A$3.18
A$15.66
s 5.6% or A$0.83
In yen
in peso
In Australian dollars
In Australian dollars
30000
50
4000
100.00
20.00
18000
30
3000
75.00
15.00
12000
20
2000
50.00
10.00
10
A S O N D J F M A M J
2013
2014
23
N.A.
0.6
-0.3%
2.5%
1.0%
4.2%
8.1%
23.0%
1000
A S O N D J F M A M J
2013
2014
36
N.A.
6.2
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Consumer Services
Oriental Land Co. Ltd.
-0.3%
3.4%
1.0%
7.3%
8.1%
43.8%
HK$3.25
Thailand
t 1.8% or HK$0.06
103.0 baht
20
N.A.
4.2
Telecommunications
Philippine Long Distance Tele.
-0.3%
4.0%
0.6%
7.8%
6.9%
5.9%
In baht
6.00
200
-0.2%
-1.8%
12.2%
7.0%
TW$25.10
Hong Kong
-0.3%
5.6%
Consumer Services
Crown Resorts Ltd.
1.0%
3.2%
8.1%
12.3%
HK$130.10 Singapore
t 2.3% or HK$3.10
S$9.78
t 2.7% or S$0.27
In Taiwan dollars
In Singapore dollars
40
150
15.00
120
12.00
3.60
120
24
90
9.00
2.40
80
16
60
6.00
40
A S O N D J F M A M J
2013
2014
3
N.A.
16.7
1.5%
-1.5%
1.3%
9.7%
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
32
7.4%
-4.4%
8
A S O N D J F M A M J
2013
2014
22
N.A.
6.1
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Financials
Evergrande Real Estate Group
-0.4%
4.7%
19
N.A.
2.3
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Health Care
CSL Ltd.
160
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
27
N.A.
1.8
t 2.1% or TW$0.54
5.00
A S O N D J F M A M J
2013
2014
4.80
1.20
A S O N D J F M A M J
2013
2014
Taiwan
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
25.00
A S O N D J F M A M J
2013
2014
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Consumer Services
Wynn Macau Ltd.
Evergrande Real Estate Group Total Access Communication China Steel Corp.
Hong Kong
25.00
40
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
125.00
24000
6000
A S O N D J F M A M J
2013
2014
5000
Telecommunications
Total Access Communication
-0.3%
-1.9%
0.6%
-1.9%
6.9%
-14.5%
30
A S O N D J F M A M J
2013
2014
24
N.A.
2.8
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
0.0%
-2.1%
1.0%
-1.0%
5.7%
1.6%
3.00
A S O N D J F M A M J
2013
2014
53
N.A.
0.2
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Basic Materials
China Steel Corp.
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Technology
Tencent Holdings Ltd.
-0.4%
-2.3%
1.7%
1.4%
29.1%
75.8%
14
N.A.
0.8
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Financials
City Developments Ltd.
-0.2% 1.5%
-2.7% -3.4%
7.4%
-8.7%
Email: heard@wsj.com
SinKing
King Digital's quarterly bookings
$500 to
$525 million*
$700 million
600
500
400
300
200
100
0
2013
WSJ.com/Heard
2014
*Forecast
Source: the company
The Wall Street Journal
In videogames, even new platforms can bring the same old problems.
Companies such as King Digital
and Zynga are learning that anew.
For all the changes that have swept
the business in the past few years,
videogame makers face the same existential challenge of how to keep an
audience coming back for more,
hoping past hits will fund new ones.
For King, those new hits arent
coming fast enough to offset the decline of Candy Crush Saga. The
company missed Wall Streets revenue forecast for the second quarter
Tuesday and forecast what will be
its first year-over-year bookings decline for the third quarter. The news
crushed its shares, pushing them
below the $14 marka new low for
a stock that went public at $22.50
in March.
The problem of big hits quickly
melting down is especially acute in
mobile and social games, given their
focus on far more fickle casual gamers. This has played out before in
other areas of the game business.
The Nintendo Wii and games like
Guitar Hero were massive hits
among those who didnt consider
themselves gamers. This crowd then
quickly fled to smartphones and
tablets that offered compelling,
easy-to-play games at much cheaper
prices.
Both King and Zynga have specialized in freemium games,
meaning ones that are free to download and play, in the hope players
will purchase items within them.
Both are struggling to keep their
most lucrative players on board.
Kings monthly unique payers, a
measure of those who have actually
OVERHEARD
Japans dreadful second-quarter
gross-domestic-product data raise
the specter of additional central-bank
action. Yet the Bank of Japan says
its already-massive monetary stimulus is open-ended.
So why do analysts think the
bank needs to clarify its intentions
soon? One reason might be a BOJ
table that forecasts the size of its
balance sheetwhich goes only to
the end of this year.
Economists at Barclays say that
come October, the BOJ is likely to
prolong the program through June of
next year. Capital Economics, meanwhile, says that the bank likely will
confirm the program will continue
another year.
The bank confirms each month at
its policy meeting that it is continuing the programexpanding the
monetary base by 60 trillion to 70
trillion yen (about $587 billion to
$685 billion) a year.
But in this world of forward guidance, by failing to update the forecasting table, the BOJ leaves moneyprinting-addicted investors nervous
that their fix might end.
Well Connected
SAIC Motor's joint ventures make
some of China's best-selling cars.
Brands associated with SAIC
Volkswagen
Wuling
7.8%
Hyundai
5.8%
Changan
5.4%
Buick
4.7%
Toyota
4.6%
Nissan
4.6%
Ford
4.2%
Chevrolet
3.7%
Honda
3.5%
15.3%
8.8 times.
A move by Chinese officials to
let Hong Kong investors buy Shanghai stocks, and vice versa, should
close that valuation gap. The plan
includes letting any investor in
Hong Kong buy from a list of designated Shanghai stocksincluding
SAIC.
The program is supposed to
launch in October. Even if it is delayed, SAICs 7.1% dividend yield
makes it worth the wait.
The trouble is, getting hold of
SAIC stock now requires some doing. Institutional investors can access mainland stock markets
through quotas from the government under the Qualified Foreign
Institutional Investor program, or
through brokers who have those
quotas.
Buying SAIC shares now would
ensure enjoying the potential upside
once Shanghai connects with Hong
Kong and a whole new world of investors gains access to Chinas biggest auto company.
SAIC is a play on two important
changes in China: Consumers flocking to cars, and Beijings slow efforts to pry open its closed capital
markets. Investors should get ready
to ride both.
Abheek Bhattacharya
Published by Dow Jones Publishing Company (Asia). Printed in Hong Kong by Superflag Printing and Communication Ltd., 1/F, 8 Chun Ying St., Tseung Kwan O Ind. Est., Tseung Kwan O, NT. Printed in Indonesia by PT Gramedia Printing Group, Jalan Palmerah Selatan 22-28, Jakarta 10270. Printed in Japan by The Mainichi Newspapers Co., Ltd., 1-1-1 Hitotsubashi, Chiyoda-ku, Tokyo, 100-8051. Printed in Korea by JoongAng Ilbo. 7, Soonwha-Dong, Chung-Ku, Seoul 100-130. 1997 June 04 Registration no.: SeoulKA00020 (Daily Newspaper),
Publisher/Editor/Printer: Song, Pil-Ho. Printed in Malaysia by KHL Printing Co. Sdn. Bhd. (ROC No: 235060-A) Lot 10 & 12, Jalan Modal 23/2, Seksyen 23 Kawasan Miel Phase 8, 40000 Shah Alam, Selangor, Malaysia. Printed in Philippines by FEP Printing Corporation, 3817 Mascardo St., Corner Metropolitan Ave., Pasong Tamo, Makati City. Printed in Singapore by Singapore Press Holdings Limited, 82 Genting Lane Media Centre Singapore 349567. Printed and distributed in Taiwan by The China Post, 8 Fu Shun Street, Taipei 104. Printed in Thailand by
Nation Multimedia Group Public Co., Ltd., 1854 Bangna-Trad Road, (K.M. 4.5), Prakanong, Bangkok 10260. Published and printed on behalf of the Wall Street Journal India Publishing Pvt Ltd, 9th Flr, Tower 2, Maker Maxity, Bandra Kurla Complex, Bandra (E), Mumbai400051 by Mr Suman Dubey at A-8 Sector 7, Gautam Budh Nagar, Noida -201301 and PLOT No.EL208, TTC Industrial Area, Mahape, Navi Mumbai - 400710 (Maharashtra), India, Editor: Suman Dubey, phone: +91-22-61456100. ACP no. F.2 (T/3) Press / 2009 FACSIMILE EDITION.
W20
CULTURE
W8
W7
W5
ENTERTAINMENT
STYLE
FASHION
ADVENTURE
TRAVEL
EATING
DRINKING
MANSION
asia.WSJ.com/lifestyle
Photo Illustration by Danny Kim for The Wall Street Journal Styling by Athanasia Nichols Grooming by Birgitte Phillipides for Malin + Goetz Model: Timothy Weinert/CESD
[ INSIDE ]
WHOLE LOTTA
LOVE FOR
CULOTTES
Fashion is
embracing the
new anti-dowdy
take on the
cropped pants W6
HIGH NOTES
Kuala Lumpurs
music scene
finds a new
beat W4
RED CARPET Overseas developers court Hong Kong home buyers W11
Greens Technology
Analyze
Calculate
The Zepp Golf figures out the speed of the club head by
taking into account the clubs size, length and the flex of
the shaft, referencing a database with specs for over
10,000 clubs.
BY JOANNA STERN
Photo Illustration by Danny Kim for The Wall Street Journal, Styling by Athanasia Nichols, Grooming by Birgitte Phillipides for Malin + Goetz, Model: Timothy Weinert/CESD
How the latest golf gizmos can help you hit the ball straight
Zepp Golf
When strapped to a golf glove,
the Zepp captures a flurry of
motion-related data about each
swing. $150, zepp.com
my improved techniquewhich made the
Zepp a better teacher. Less anxious that I
would send unsuspecting fellow golfers to
the hospital, I ventured onto the course.
Arccos
With the help of your smartphones
GPS, this set of 14 sensors tracks your
performance by club type. $399,
arccosgolf.com
and that I was still 200 away from the cup.
I doubt even Jack Nicklauss caddie was
that precise and attentive.
The more you use Arccos, the more data
it collects about how you perform with various clubs. After youve played a few rounds,
all that seemingly boring information can
come in handy. Instead of wondering which
club I should hit with (perhaps my 6 iron
would do the trick?), I could base my decision on hard numbers. If I was stuck in the
rough, say, 120 yards from the green, I could
look up data on which club had worked best
under similar circumstances.
The downside: Arccos only works if you
keep your iPhone in your pocket, since the
system relies on your phones GPS. I left my
phone in the cart at the seventh hole, and
the app refused to acknowledge a Tiger
Woods-worthy chip shot Id just made. Its
sensors were also too sensitive at times.
When I accidentally dropped my 7 iron on
the ground, Arccos registered that as a
shot. Still, the Arccos unobtrusively collected helpful information about my game
in real time and took care of the tedious aspects of scoring so I didnt have to.
Garmin Approach S6
A GPS-enabled watch puts
color maps of any of 38,000 golf
courses on your wrist. $400,
www.garmin.com
It does more than that, however. Similar
to the Zepp, the watch measures swing
tempo and swing strength, though you have
to manually turn that feature on by tapping
and scrolling through numerous menus, and
I never quite got it to work right. But the
colorful maps are the watchs selling feature. At hole 16, the birds-eye view indicated a sand trap on my left and another a
bit further up on the right. The only thing
the watch was missing was a beverage-cart
call button.
Despite its multitude of features, this is
no James Bond watchin fact, 007 might
have been outwitted by Goldfinger had he
worn it. The interface is confusing, and the
touchscreen is about as unresponsive as the
ones on the back of airplane seats. If I
spent as much time practicing my swing as
I did poking at the watch, Id be a great
golfer, said Golf Pro Joe as I held everyone
up at the fourth hole.
Thats pretty much what I discovered
with all these gizmos: The less futz, the
better the putts. And it doesnt matter if
that futzing is with a touchscreen or your
grip on the club. Gadgets can take you out
of the zone, but those that discreetly handle the drudgery of golfkeeping score,
choosing clubscan be of help, too. With
the aid of GPS satellites, accelerometers
and my teacher Joe, I started losing myself
in the game again. I rediscovered the feeling of swinging at the ball and watching it
soar through the sky (in the right direction)
as everything just fades away.
Sheep may graze comfortably near golf
courses again.
2006
2008
2013
Electronically
assisted putting
has long been a
golfers fantasy.
This one, offered
by Restoration
Hardware and
Frontgate, clips
near the head of
a club and shoots
a red laser-beam
guide up to 500
yards away.
Laser Putter
The Floppy
2011
Danny Kim for The Wall Street Journal, Styling by Athanasia Nichols, Grooming by Birgitte Phillipides for Malin + Goetz, Model: Timothy Weinert/CESD, Club: Callaway, Glove: Titleist, Pants: Maide Bonobos, Shirt: Polo Golf, Shoes and Belt: Brooks Brothers; Illustrations by Joe McKendry
Malaysias
Blossoming
Jazz Age
BY JOHN KRICH
Comic Appeal
Old Master Q grabs buyers interest at Sothebys sale
SOTHEBYS IN HONG KONG is betting that nostalgia sells with a
new exhibit featuring the original
drawings of the iconic comic Old
Master Q.
Titled Old Master Q: What the
@#$% Is Going On?, the exhibit,
which runs until Aug. 29, features
121 works, ranging from blackand-white ink drawings of multipaneled comics to the colorful
covers of the biweekly publication. Sothebys is selling the
works on behalf of the studio behind the strip, though they wont
be put on the block for auction.
Popular among Hong Kongers
and the Chinese diaspora, the
comic was created by Alphonso
Wong and has been a newsstand
staple for more than 50 years. The
series centered on the title character, a bumbling Chinese man
easily identified by his traditional
clothes and trademark cap. Lighthearted and humorous, Old Master Q frequently commented on
pop culture and the fast-changing
lifestyle of modern Hong Kong.
Born in Tianjin, China, Mr.
Wong was trained in Western art
in Beijing before moving to Hong
Kong in 1956 to work as an illustrator for a book-publishing company. The earliest Old Master Q
comic strips appeared in local
newspapers in 1962, though the
biweekly publication didnt appear
until 1964.
Mr. Wong stopped drawing the
comic in 1997, when he was no
longer able to work, but the strip
continues today. The 89-year-old
BY JASON CHOW
Scholarly Contemplation (1981), ink and color on paper, above left; Fighting for
Seats (1973), ink on paper, above. (Seats available here! the waiter says.)
rent exhibit have come from Hong
Kong and afar, including many
Chinese living in Europe and the
U.S.
Theres a certain charm to
BY CHRISTINA BINKLEY
THE RACE TO DRESS Washingtons
best-dressed couple is on.
As Hollywood turns to the Emmys on Aug. 25, the presidents
wife is once again a sought-after
fashion commodity. But its Robin
Wright, the nations first lady on
the political drama House of
Cards, who is on fashion labels
radar, along with her co-star
Kevin Spacey.
Brands are usually most interested in dressing younger stars.
But this year the 48-year-old Ms.
Wright and the 55-year-old Mr.
Spacey present a perfect storm of
temptations for any fashion label.
To begin, theyre both nominated
for best-actor Emmys for their
roles as the machiavellian Frank
and Claire Underwood. That means
that one or both could appear on
the Emmys stage, giving some designers duds global exposure.
(Netflix expects to release the third
season of House early in 2015.)
Ms. Wrights power wardrobe
anchored in sleek black and gray
tailored suits and dresseshas
made her a valuable fashion influencer, particularly for young pro-
Netflix
DECKED OUT House of Cards stars Robin Wright and Kevin Spacey.
Burberry is a likely candidate
for Mr. Spacey, who wears the label on the show as well as on red
carpets including the Academy
Awards and Golden Globes.
Burberry lauds its good relationship with Mr. Spacey and Ms.
Argan, but most other brands
were cagey when asked if they are
sending clothes for the Emmys.
Fashion labels are loath to admit
that they are trying to dress a
star for the red carpet, for fear of
being embarrassed if they arent
chosen. Stars are notorious for
changing their minds at the last
Danny Kim for The Wall Street Journal, Styling by Paula Knight, Hair & Makeup by Liz Christensen, Models: Ada Roth/Major Model Management and Alex Nyame/Red Model Management
ur closets may be
stuffed to the gills,
but we all go
through phases
when we want to
wear just one piece of clothing.
Over and over again. My current
fashion fixation is a pair of culottes: wide-leg, fluid silk pants
from London-based label Mother
of Pearl that fall just below my
calf in a festive stripe-and-floral
pattern.
This summer, Ive worn them
everywhere but to bedalthough
theyd be perfectly comfortable
there, too. For a work dinner in
London, I paired them with loafers, a white shell and my favorite
Stella McCartney tuxedo jacket.
The breezy, cropped trousers cut a
much chicer line than any fulllength suit could. At a casual
weekend party in the country,
they were easier and more elegant
than a summer dress, worn with a
simple linen T-shirt and flat
bronze K. Jacques sandals. And
for a wedding in New York this
fall, Im planning on wearing them
with a vintage neoprene racerback top and my favorite spindly
sandals from Manolo Blahnik.
It seems designers are having a
similar love affair with culottes at
the moment, even if the
silhouettewith its voluminous
wide leg and cropped length that
can fall anywhere from just below
the knee to just above the ankle
is often considered tough to pull
off. (More on that later.)
leg but falls at a rather unconventional spotis still a hard sell for
the average woman. The shape du
jour can be surprisingly flattering,
however. [One of] the lengths of
the season hits the lower calf,
which looks really fresh and chic
and gives the illusion of slimmer
legs because youre just seeing the
skinny ankle, said Suno co-designer Erin Beatty.
Matches Fashion buying director Natalie Kingham started snapping up the silhouette this past
spring for the luxury London retailer. The reality is, they can be
BY JAMIE PALLOT
Check, Please
Its hard to resist the allure of being a carry-on crusader, striding
Crossover Dreams
Youll get more mileage out of
clothes that bridge performance
and designer wear, like my beloved Arcteryx Veilance Field
Jacket. It has enough pockets to
carry everything I need for flying,
from documents to iPad Mini to
sleep mask; its completely windand waterproof; and its slick
enough to take bar-hopping on a
spring night in Trastevere.
Illustration by Vincent Mah; F. Martin Ramin/The Wall Street Journal, Styling by Anne Cardenas
20 ODD QUESTIONS
Opera Software
Chad Keig (Coppola); Aaron Joel Santos for The Wall Street Journal (hotel); Getty Images (Astaire)
MOB SCENE
Clockwise from left:
Francis Ford Coppola at
his Inglenook winery in
Napa Valley, Calif.; the
Hotel Metropole Hanoi;
Fred Astaire; a Ghurka
Cavalier bag.
Highland Park
18 Year Old, from
the Orkney Islands
100 ($168)
A bright burnished gold
in the glass, the nose
on this impressive
whisky is complex,
revealing more over
time. Orange peel,
toffee, butterscotch and
vanilla all lie on a bed of
fresh oak and a whiff
of peat smoke. The
finish is spicy and dry.
HALF FULL
Kick Into
Highball Gear
Zazarac
Clockwise from top: Jessica Norman; Marianne Majerus; GAP Photos (3)
DAY LILY
When I was brand new, I
killed everything. Then I
read that day lilies were
tough and easy. I ordered a
bunch, stuck them in the
ground and they were so
happy, sexy and upfront, in
the most ravishing colors.
Ive grown them for 53
years but a 5-year-old could
do it.
Sydney Eddison,
author of Gardening
For A Lifetime
BEGONIA
At my own house this
summer, I married pink
begonias with purple salvia,
backed by eggplants.
[The mix] is a real showstopper. Begonias come in
so many colors and can tolerate full shade to sun. I
love em.
Paul Keyes, landscape
designer in the
New York area
SUMMER PHLOX
It has a long history, like
marigolds, and its a North
American native. It can be
popped in any garden with
sun, but mine is now in
shade and its still blooming
its head off. The scent is
that of an old-fashioned
summer evening.
Rick Darke, whos
created more than
30 gardens around
the world
MANSION
Clockwise from top: Knight Frank (2); MESA Development; Barratt London; BIG-Bjarke Ingels/Luxigon;
BY JASON CHOW
VANCOUVER Developer Westbank Corp. came to Hong Kong to presell condos at Vancouver House,
in rendering above on the right, which will have units ranging from $366,000 to over $18 million.
SUBURBAN LONDON Developer Barratt Homes held an event in Hong Kong to pitch its Greenland
Place project, rendering above. The units range from about $589,000 to $1.178 million.
among the worlds most expensive, fetching
as much as $2,500 per square foot. In addition, the government has imposed a stamp
duty of up to 8.5% on real-estate purchases
that arent an individuals primary home.
Many wealthy Hong Kong buyers say
they want residences overseas for their
children who plan to go abroad for school.
Still other buyers are looking for a rentalproperty income.
MANSION
INSIDE STORY
BY KRISTIANO ANG
COME TOGETHER 4. The dining room includes a table by Martin Szekely and
pink light by Johanna Grawunder 5. Fornasetti plates 6. The kitchen 7. In the
waiting room, framed original American comics surround a sculpture by Atelier
Van Lieshout.
plot is overlooked by the three-story main
building and two slate cottagesone of
which Mr. Lefebvre uses for storage and the
other that is in ruins.
When Mr. Lefebvre bought the townhouse
for about $2.2 million in 2006, he says that
he was oblivious to much of the homes history. He had merely been looking for a larger
home in Paris but couldnt find anything
suitable within his budget. Personal history,
however, played a role. The previous owner
was a longtime friend of Mr. Lefebvres, and
he often visited as a teenager.
Since then, Mr. Lefebvre has spent about
$270,000 on refurbishments. The mud-andsand patio leading to the garden was paved
MANSION
FOREIGN CORRESPONDENT
COUNTRY
$9.258 MILLION A contemporary house in Walton-on-Thames, 30 kilometers southwest of central London, measures about 9,500 square feet.
PRIME LONDON
BY RUTH BLOOMFIELD
From top: Strutt & Parker (2); Fine and Country/Knight Frank (2)
$9.174 MILLION In Belgravia, the heart of prime London, a three-bedroom apartment with 2,057 square feet is available
in Eaton Place.
COUNTRY
PRIME LONDON
house in Walton-on-Thames, 30
kilometers southwest of central
London. In Belgravia, in the heart
of prime London, a three-bedroom
apartment that is less than a
quarter of the size is listed for
$9.174 million.
Buyers prepared to commute
from the village of Brightling, 96
kilometers southeast of central
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A BAC O, BA HA M AS
HA R B OU R I SL A N D, BA HA M AS
H R I N G E , S W E DE N
L AG U NA B E AC H , C A
PAS O ROB L E S , C A
R A N C HO S A N TA F E , C A
P ORTOL A VA L L E Y, C A
Eagle Oak Ranch.
748 acres in Paso Robles
Wine Country! Lavish
8,200 sf main residence,
2 other residences and barn/
stables. Irrigated pastures.
Encompasses 2 parcels.
Become a gentleman
farmer and plant some vines.
$12,000,000.
Linda.Wilson@
SothebysRealty.com
PA L O A LTO, C A
DE L M A R , C A
Since the year 1000,
kings, nobles and some of
Swedens most well-known
entrepreneurs have been
owners of Hringe Castle,
located by the sea in
Stockholms archipelago,
20 mins from Stockholm.
17 buildings, 6,000 sq m,
153,000 sq m land. WEB:
2Y3DMH. $11,700,000 US.
lennart.a@sothebysrealty.se
G UA NAC AS T E , C O S TA R I C A
Stunning custom-built
home in prestigious Portola
Valley. Built to exacting
specifications with 7,000+ sf
of living space, it offers firstin-class infrastructure along
with the finest finishes and
amenities. The home has a
flexible floor plan with
3 levels of living space.
WEB: 81425041. $5,495,000.
Michael Dreyfus.
R A NC HO S A N TA F E , C A
S A N F R A N C I S C O, C A
Well-designed equestrian
estate with quality materials
used in its 2 residences, guest
house and spacious barn.
4 legal parcels total 24.79
private acres with riding
arena, pastures, tennis court.
Price upon request.
Cathy Gilchrist and
Clinton Selfridge.
SH E L L B E AC H , C A
DA R I E N , C T
R E DDI NG , C T
WASH I N G TON , C T
M A RC O I SL A N D, F L
With sweeping Lake
Waramaug views, this
just completed exquisite
estate offers the highest
level of craftsmanship
and unmatched attention
to detail. Setting a new
standard in country living,
this 5 BR home offers luxury
appointments, 20+ acres
and pool. WEB: L149662.
$4,795,000. Rick Distel.
NA P L E S , F L
Spectacular waterfront home
with amazing bay views
located walking distance t
o the beach. Gourmet
kitchen, expansive windows,
pool, spa, outdoor kitchen,
dock with boat and jet ski
lifts. $2,995,000.
Michelle Thomas.
michelle.thomas@
sothebysrealty.com
MMXIV Sothebys International Realty Afliates LLC. A Realogy Company. All Rights Reserved. 2014 Summer Landscape, used with permission Sothebys International Realty is a registered trademark licensed to Sothebys International Realty
Afliates LLC. An Equal Opportunity Company. Equal Housing Opportunity . Each ofce is Independently Owned and Operated except ofces Operated by Sothebys International Realty, Inc.
S A R AS OTA , F L
HONOLU LU, H I
Villa Solstice, one of the
Gulf Coasts most amazing
homes. Experience this
private tropical resort set on
two waterfront lots providing
incredible water views.
Complete with a lagoon pool,
pool house, boat dock and
fishing pier. $13,800,000.
Cheryl Loeffler and
Joel Schemmel. Cheryl.
Loeffler@sothebysrealty.com
CARMEL, IN
Magnificent ocean front
estate with exceptional
attention to detail. Built
on 13,056 sf of land, the
single level home features
4 BR suites, lap pool
with spa and tropical
gardens. $11,499,000.
Kelly Allen and Anela Chung.
I N DIA NA P OL I S , I N
B R E WST E R , C A P E C OD, M A
C A P E C OD, M A
N E W YOR K , N Y
N E W YOR K , N Y
N E W YOR K , N Y
115 Mercer Street. Trophy
Soho Penthouse duplex with
striking downtown views.
Features 2,741 sf interior,
2,500 sf exterior, 3 BR,
3 baths. WEB: 0019577.
$10,595,000.
Christopher S. Poore
and Eyal Dagan.
Ultimate Penthouse
50 East 89th Street.
Surrounded by panoramic
views of Manhattan.
Approximately 1,450 sf of
landscaped wrap terrace.
LR with floor to ceiling
doors/windows, 11 ceiling,
fireplace, 3 BR, 3.5 baths.
WEB: 0019155. $9,500,000.
Louise C. Beit.
N E W YOR K , N Y
N E W YOR K , N Y
C HA R L E S TOW N , R I
Live luxuriously in this corner
2 BR, 2 bath penthouse
condo with a private 567 sf
terrace boasting dramatic city
views at the Onyx-Chelsea.
Full-service boutique
building with full-time
doorman. WEB: 0137291.
$2,200,000. Glenn Norrgard
and John Tenore.
WA K E F I E L D, R I
K IAWA H I SL A N D, S C
JOH N S ON C I T Y, T N
An oasis in beautiful East
Tennessee. Historic southern
4 BR, 4 bath home on 2.5
acres is the perfect country
setting within minutes to the
city. Pool, tennis court, 3+ car
garage and mountain view.
Price upon request. Loretta.
Trayer@MountainSIR.com
M C L E A N , VA
JAC K S ON HOL E , W Y
JAC K S ON H OL E , W Y
MMXIV Sothebys International Realty Afliates LLC. A Realogy Company. All Rights Reserved. 2014 Summer Landscape, used with permission Sothebys International Realty is a registered trademark licensed to Sothebys International Realty
Afliates LLC. An Equal Opportunity Company. Equal Housing Opportunity . Each ofce is Independently Owned and Operated except ofces Operated by Sothebys International Realty, Inc.
ADVERTISEMENT
MANSION
!"#$%&'()**'
The housing markets in the U.S. with the greatest percentages of resident
CEOs in the metro workforce
Percentage of residents identied as CEOs
Median asking home price
Bridgeport-StamfordNorwalk, Conn.
1.82%
Boulder, Colo.
1.45%
1.37%
1.28%
1.27%
1.21%
1.20%*
1.20%
1.13%
1.10%
$445,335
$238,900
$445,000
$249,000
$595,000
$229,000
$279,990
$457,250
$721,880
+
$569,000
#$
UNITED STATES
UNITED STATES
"#$%$& %! #% '(
%! #$% $) *++
FINLAND
Luxury Villa by one of the Most Beautiful
Lakes in the World,
Saimaa, Finland for $3.2 Million
Architectural gem presented in several intl exhibitions, built in 2007, fully equipped and furnished, 3 bedrooms, 2,350-square-foot (218
m2), the whole property round 20 ac (8 ha) of
pine wood forest. 217 miles (350 km) from
Helsinki, nearest airport 22 miles (35 km).
Breathtaking views to the Lake Saimaa,
Puruvesi. Excellent for relaxing and fishing.
Area praised in WSJ 7/22/2014. Inquiries and
request for a pdf brochure.
sahuovin@gmail.com
Distinctive Properties.
List Your Property Today in
The Wall Street Journal Asia.
Call (852) 2831-2553, (65) 6415-4279 or (813) 6269-2701
hen it comes to
real estate, many
chief executives
in the U.S. take a
sunny outlook:
Five of the top housing markets
for CEOs are in Florida, including
Miami, Sarasota and Vero Beach.
Spread Sheet analyzed data
from the U.S. Census Bureau to
identify housing markets with the
largest percentage of resident
CEOs in the local workforce. (This
census group includes legislators
as well as CEOs.)
Top spots include Connecticuts
Fairfield County and Boulder,
Colo. The markets run the gamut,
from urban centers to vacation
getaways, but they have at least
one thing in common: Home
prices are rising.
These guys didnt get to where
they are by making poor financial
decisions, said Doug Grant, an
agent with Coldwell Banker in Naples, Fla., who says sales of $2
million-plus, single-family homes
are up 83% in the first quarter,
compared with last year.
Florida is also a popular destination because there is no individual state income taxa fact that
attracts buyers from New York
and elsewhere, said Elena Bluntzer with ONE Sothebys International Realty in Miami.
Charles DallAcqua, the 59-yearold chief executive of Leading Response, a marketing-services company, moved to Sarasota, Fla.,
from Annapolis, Md., in part because it was near one of his companys call centers at the time. He
and his wife, Valerie, live in a
3,600-square-foot waterfront
Mediterranean-style home.
Some move to where the action is. Lisa Reeves, 51, the chief
executive of business-analytics
company GridCraft, said her home
in Boulder, Colo., is a real hotbed
for early-stage technology.
She and her husband, Duer
Reeves, also a tech CEO, moved to
the city from the San Francisco
Bay Area in the late 1990s in pursuit of new opportunities. Now
they live in a roughly 7,800-squarefoot contemporary home with
mountain views and plenty of outdoor activities for their children.
I think Boulder is the next
kind of Silicon Valley, said Karen
Bernardi, an agent with Coldwell
Banker who helped the couple
find their home. Prices are up 6%
from last year, according to realestate website Trulia.
In many cases, what starts as a
vacation home can become essentially a primary residence for
CEOs with the flexibility to work
remotely, said Stewart Young, regional director of Cape Cod for
LandVest.
Towns in Connecticuts Fairfield County made the list because
of the large number of finance executives who commute to New
York. Great schools and amenities
attract them, said Michelle Genovesi, of William Raveis Real Estate in Norwalk, Conn.
Mostly, though, CEOs are attracted to other CEOs, said Barbara Ackerman, a Sarasota, Fla.based agent with Coldwell Banker.
Once you please one CEO, they
refer you to the next, she said.
ADVERTISEMENT
NEWPORT, RI
$3,995,000
$6,850,000
GustaveWhite.com
phone: 401.849.3000
phone: 401.848.2101
phone: 310.550.0581
$8,500,000
Three hours from Los Angeles. 360 acre ranch, completely fenced with
nearly one half mile of river frontage. Swimming holes and shing on your
private river and separate ponds. Two attractive/furnished cabins, a separate
ofce/studio. Sequoia National Park views, valuable water rights, main
highway frontage, partially zoned for future mixed-use development, Three
Rivers, California. One of a kind property!
$2,195,000
www.kaweahranch.com
Bill Haxton
phone: 559.679.6990
mountainviewrealty@sbcglobal.net
email: Details@LilaDelman.com
glhomes.com
email: info@BeverlyWestResidences.com
cathyrogers.premiersothebysrealty.com
GL Homes
phone: 800.495.6406
phone: +1.239.821.7926
Cathy.Rogers@sothebysrealty.com
Brentwood, tennessee
$1,995,000
$5,589,000
$10,700,000
CliffsLiving.com/WSJmansion
www.5106pickney.com
Benchmark Realty
phone: 866.411.5773
phone: 615.693.1550
info@cliffsinfo.com
RobGiem.com
phone: 949.933.7046
email: rob@robgiem.com