Monday, May 30, 2016

China just set a world record for car buying

China just set a world record for car buying

Business Insider Australia
  • May 27, 2016, 3:35 AM
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When it comes to car sales globally, no nation, not even the US, can compete with China.
According to research from Frederic Neumann, economist at HSBC in Hong Kong, over 21 million cars were sold in China over the past 12 months, easily exceeding the United States in second-place with just over 17 million vehicles sold.
As the chart below, supplied by HSBC, reveals, car sales in China easily exceeded those in Asia excluding Japan over the same period.
And sales are still growing at a solid clip, although there are faster growing markets across the region.
If there is to be a challenger to China in terms of total car sales, it’s likely to come from India, as shown in the final chart below. Sales levels are just below those of China, and growing more quickly at present.
Read the original article on Business Insider Australia. Copyright 2016. Follow Business Insider Australia on Twitter.

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Friday, May 27, 2016

Capitalizing Happiness (Video)



Capitalizing Happiness

2016 


Capitalizing Happiness
Ricardo Semler is a wealthy and successful man. He's one of the world's most influential entrepreneurs. He's the majority owner of Semco Partners, one of the most profitable companies in Brazil. He's the author of the global bestseller Maverick, an informative business memoir that offers advice on how to craft a fulfilled life of financial reward much like his own. He is celebrated all around the globe, and his expertise is sought by the likes of the TED Talks conference and Harvard Business School. By all accounts, Semler is a happy man. Ironically, as detailed in the revealing new documentary Capitalizing Happiness, he earned his fortune by making others happy as well.
When he inherited his father's company at the age of 20, Semler witnessed a work force that was fearful of termination, under tremendous pressures from their job demands, and generally unhappy in their working life. Understanding the power of collaboration through his previous experience playing in musical bands, Semler decided to reinvent his company's work culture. His employees would no longer be made to feel that they were slaves of industry. They would be treated like free and valued individuals, and allowed to work at their own pace.
When we first see this workforce in action, several employees are resting in hammocks. This is a period of their work day that they reserve for peace and relaxation. As long as their work gets done on time, they're free to spend their days in the office however they see fit.
Semco Partners employees love their jobs, and their satisfaction makes them more productive and engaged. Under Semler's groundbreaking workplace model, the company has increased its annual revenue by well over 200 million US dollars.
His employees and the worldwide business community alike regard Semler as somewhat of a mythic figure. Capitalizing Happiness gives us unprecedented access behind the gates of his Brazilian estate, and captures valuable insights into his life and his business philosophy, which are both infused with the values of love, transparency and trust. The film provides a thoughtful and inspiring portrait of a true modern-day pioneer.
Want to know the secret to finding success in business? All you need is love.
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Valeant rejected joint takeover bid from Takeda, TPG in spring: source

Valeant rejected joint takeover bid from Takeda, TPG in spring: source

Reuters
  • 11h
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The headquarters of Valeant Pharmaceuticals International Inc., seen in Laval, Quebec November 9 2015. REUTERS/Christinne MuschiThomson ReutersThe headquarters of Valeant Pharmaceuticals International Inc. seen in Laval Quebec
By Michael Flaherty
(Reuters) - Valeant Pharmaceuticals International Increceived a joint takeover offer from Japan's Takeda Pharmaceutical Co Ltd and TPG Capital Management LP [TPG.UL] this spring that the Canadian drugmaker rejected, according to a source familiar with the matter.
The offer was made a few weeks before Joseph Papa took over as Valeant's new chief executive in April last week, the source told Reuters.
The board wants to give Papa time to focus on running the company before thinking about a sale offer, the source said.
Takeda and private equity firm TPG were ready to offer a substantial premium to Valeant, whose stock had fallen about 65 percent this year up to the close of trade on April 22 as the drugmaker was not just seeking a new head but was also hit by an accounting scandal, the source added.
However, analysts from Mizuho Securities USA said that large shareholders and board members are so far 'underwater' on their positions and would not want to part with the stock even at a premium to current levels.
"It would require a hostile offer and protracted battle to dislodge the current board, which most activists may find unattractive," Irina Koffler, an analyst from Mizuho, said in a note late Thursday.
The brokerage, which reiterated its 'underperform' rating on Valeant, also said the company's assets do not warrant a premium bid at this time.
TPG and Valeant declined to comment. Takeda did not immediately respond to a request for comment.
There are currently no talks between the three companies following the bid's rejection, according to the Wall Street Journal, which first reported the news late Thursday and also added that as part of the approach Takeda would take the business of Salix Pharmaceuticals and TPG would take much of the rest.
Valeant's shares were up 6 percent at $28.55 on the New York Stock Exchange in extended trading on Thursday.
(Reporting by Michael Flaherty in New York; Ramkumar Iyer and Rishika Sadam in Bengaluru; Editing by Cynthia Osterman and Sunil Nair)
Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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Snapchat quietly added an IPO specialist to its board

Snapchat quietly added an IPO specialist to its board

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Snapchat quietly added a seasoned IPO specialist to its board last year, the latest sign that the fast-growing messaging app is preparing for a public-market debut even as it raises huge sums of money from private investors.
Snapchat listed Stan Meresman as its board member for the first time in a regulatory filing on Thursday. Meresman wasn't listed in any of Snapchat's previous SECfilings.
On his personal website, Meresman describes himself as a financial expert who "advises CEOs & CFOs on preparing to become a public reporting company, IPO process, operating as a public company, and scaling the company for rapid growth."
Meresman notes on his website that he has guided four companies through their successful IPOs — LinkedIn, Zynga, Riverbed Technology, and Polycom — and he served as the CFO at chipmaker Cypress Semiconductor during its IPO.
Meresman, who serves on the boards of LinkedIn and Palo Alto Networks, joined Snapchat's board in July 2015, according tohis LinkedIn page.
Snapchat's representative wasn't immediately available for comment.
The company closed a massive $1.81 billion round of funding on Thursday, according to the US Securities and Exchange Commission filing. The funding was part of a long-term effort that, according to the file, began in February 2015. No valuation was given, though the company was valued at $16 billion in previous fundraising rounds, according to media reports.
Snapchat CEO Evan Spiegel has been clear about the company's IPO ambitions in the past, though he has been tight-lipped about any time frame. In an appearance at the Recode conference in May 2015, Spiegel said that "we need to IPO" and said the company has a plan to do so.
Meresman appears to be a key part of that plan.
Other members of Snapchat's board listed in Thursday's filing include Spiegel, cofounder Robert Murphy, venture capitalist Mitch Lasky, Sony Entertainment CEO Michael Lynton, and Cosmopolitan Editor-in-Chief Joanna Coles. 

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Google won its lawsuit against Oracle

Google won its lawsuit against Oracle

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Google has won its trial against Oracle. The verdict was just handed down.
The jury decided that Google's use of the disputed code was "fair use."
From a jury of 10, the verdict was unanimous.
Oracle was attempting to sue Google for billions of dollars. It had won a previous lawsuit on this matter on appeal.
It was suing Google because Google included portions of computer code, called "application programming interfaces" or "APIs," in Android that had come from another programming language called Java.
Oracle owns Java, acquired when it bought Sun Microsystems. Shortly after Oracle bought Sun, it tried to get Google to pay it licensing fees for Java. Google refused, so Oracle sued.
APIs allow computer programs to talk to each other and share information. Google was found to have used 37 APIs from Java, or about 11,000 lines of code, out of Android's millions of lines of code.
Google did not take all of the APIs, but it used the same names and operations, then wrote its own code to implement the functionality.
Google's main point in defense: Sun gave Java away for free for anyone to use, including the APIs. Google called Jonathan Schwartz, the former Sun CEO, as a witness. He testified that Google was indeed free to use Java's APIs.
Had Oracle won, the trial would have immediately moved on to another phase with this same jury to determine damages. Oracle was expected to ask for up to $9 billion.
In a surprise to no one, Oracle says that it will appeal, so this still isn't over. Remember: Oracle won the last phase of the case on appeal.
Oracle's general counsel, Dorian Daley, sent out this statement:
We strongly believe that Google developed Android by illegally copying core Java technology to rush into the mobile device market. Oracle brought this lawsuit to put a stop to Google's illegal behavior. We believe there are numerous grounds for appeal and we plan to bring this case back to the Federal Circuit on appeal.
Meanwhile, Google is clearly happy. A representative sent us this statement:
Today's verdict that Android makes fair use of Java APIs represents a win for the Android ecosystem, for the Java programming community, and for software developers who rely on open and free programming languages to build innovative consumer products.
The whole software industry has been watching this case for fear of the widespread impact it will have. If Oracle ultimately wins, then it could set off many other lawsuits over APIs. It is common practice for programmers to imitate another program's APIs the way Google did with Java.
If Google's win stands, then the software industry will breathe a sigh of relief.

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REPORT: Japan looks set to delay its sales tax increase again

REPORT: Japan looks set to delay its sales tax increase again

Business Insider Australia
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With inflation non-existent and economic growth weak, Japanese prime minister Shinzo Abe will reportedly delay an increase to the nation’s sales tax from 8% to 10%, originally scheduled to occur in April 2017. 
According to Reuters, citing government sources familiar with the development, Abe will delay the increase due concern the move could tip the economy back into deflation.
Abe is likely to delay the tax hike by one to three years, three sources with direct knowledge of the matter told Reuters.
The premier will meet with Finance Minister Taro Aso on Sunday, and Natsuo Yamaguchi, head of coalition partner Komeito, on Monday, to decide how long to delay the tax hike, says Reuters.
In April 2014 the government increased Japan’s sales tax from 5% to 8%, stipulating at the time that it would increase to 10% by October 2015, a decision it subsequently delayed to April 2017.
Previously Abe has pledged to raise the sales tax unless there was a financial crisis similar to the Lehman collapse or a major natural disaster.
Reuters, citing the Yomiuri newspaper, reports that the postponement by two years would still allow Japan to meet its target of turning the country’s budget deficit into a surplus by fiscal 2020.
Japanese stocks have risen on the news while the Japanese yen has weakened modestly against the US dollar.
As yet there has been no commentary forthcoming from any of the three major ratings agencies.
In April ratings agency Fitch projected Japanese gross government debt would reach 245% of GDP by the end of 2016, forecasting that the government’s general budget deficit would stand at 4.8% of GDP.
You can read more here.
Read the original article on Business Insider Australia. Copyright 2016. Follow Business Insider Australia on Twitter.

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Chinese industrial profits are rising

Chinese industrial profits are rising

Business Insider Australia
  • 10h
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China steel liftKevin Frayer/Getty Images
Profits at Chinese industrial firms increase by 4.2% to 502 billion yuan ($US76.6 billion) in April compared to the levels of a year earlier, according to data released by China’s National Bureau of Statistics (NBS) on Friday.
The data captures the profitability of large industrial firms with annual revenues of more than 20 million yuan from their main operations. 
The figure was down on the 11.1% year-on-year gain registered in March – the quickest seen since July 2014.
China industrial profits April 2016Business Insider Australia
Between January to April, profits rose by 6.5% compared to the same period a year earlier, but that’s down on the 7.4% level seen between January to March.
The increase in profitability has coincided with a rebound in Chinese credit growth and infrastructure investment which many believe was rolled out by the government to help underpin faltering levels of economic activity seen at the start of 2016.
Earlier this week the NBS revealed the profitability of Chinese state-owned firms fell by 8.4% between January and April compared to the levels of a year earlier.
Read the original article on Business Insider Australia. Copyright 2016. Follow Business Insider Australia on Twitter.

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