26 06 2015
26 06 2015
26 06 2015
.78 g 3.46% Hang Seng 27145.75 g 0.95% S&P Sensex 27895.97 0.60% S&P/ASX 200 5632.70 g 0.95%
Australia: A$6.00(Incl GST), Brunei: B$8.00, China: RMB28.00, Hong Kong: HK$23.00(Incl Macau), India: Rs100.00, Indonesia: Rp25,000(Incl PPN), Japan: Yen620(Incl JCT), Korea: Won4,000,
Malaysia: RM7.50, Pakistan: Rs140.00, Philippines: Peso100.00, Singapore: S$5.00(Incl GST), Sri Lanka: Slrs500(Incl VAT), Taiwan: NT$110.00, Thailand: Baht80.00, Vietnam: US$4.50
Your Guide to
Summer Soires
OFF DUTY
ASIA EDITION
WSJ.com
Samsung Deal
Stews as Fund
Applies Heat
BY JONATHAN CHENG
AND MIN-JEONG LEE
ASSOCIATED PRESS
Opposition leader Aung San Suu Kyi, center, walked to cast her vote for constitution amendments at Myanmars Parliament on Thursday.
MyanmarKeepsStatusQuo
Inside
Outward
Bound
WASHINGTONThe Obama
administration for more than a
week avoided disclosing the
severity of an intrusion into
federal computers by defining
it as two breaches but divulging just one, said people familiar with the matter.
That approach has frustrated lawmakers as they
probe the administrations
handling of one of the biggest-ever thefts of government records.
Agents with the Federal Bureau of Investigation suspect
China was behind the hack of
Office of Personnel Management databases discovered in
April and that those hackers
HK JP ID
MU
KO
ML PH SI
TL
TW
IN
PAGE TWO
Whats News
Inside
REUTERS
Supporters of the U.S. Affordable Care Act celebrate after the Supreme Court ruled that the Obama administration can continue to subsidize health-insurance purchases
by lower-income Americans across the country, placing President Obamas signature domestic policy achievement on a firmer footing for the remainder of his term.
World-Wide
n Eurozone finance ministers
concluded a meeting to give Athens and the institutions overseeing its bailout more time to agree
on conditions for desperately
needed aid, officials said.
n Japans military would consider joining U.S. forces in regular
patrols in the South China Sea,
underscoring how Chinas territorial claims are encouraging Tokyo
to play a greater role in regional
security. 4
n Islamic State militants staged
multiple attacks on the Syrian
Kurdish strongholds of Kobani and
Hasakah. 10
ONLINE TODAY
Digits
wsj.com/digits
wsj.com/chinarealtime
Facebook hires
Alex Stamos,
Yahoos top
cybersecurity
executive.
Expat
wsj.com/expat
Is politics behind
the fall in
applications to
Hong Kong
universities by
mainland Chinese
students this year?
SUBSCRIBE TODAY
www.wsj.com/sub
or scan this code
**
Crisis Group.
Clashes between armed supporters of both men in recent years
rarely led to a high body count. But,
Mr. Smith added: People pay attention to these minor tremors, because those are the kinds of fissures
that could bring down the government.
The government of Afghan President Ashraf Ghani is a fragile coalition that includes Mr. Dostum, who
brought in substantial votes from
ethnic Uzbeks in the north. Gov.
Atta, who was appointed by Mr.
Ghanis predecessor, former President Hamid Karzai, has been one of
the most vocal opponents of Mr.
Ghani.
Mr. Dostum and Gov. Atta said
they would lay aside their differences in response to an emergency
in the north. Fighting in Kunduz
province along the border with Tajikistan has been particularly heavy,
with Taliban militants encroaching
on the provincial capital and more
recently taking control of districts.
Adding to the governments worries, militants claiming allegiance to
Islamic State have also been making
inroads in Afghanistan. Taliban
commanders in parts of Afghanistan
BY NATHAN HODGE
KABULTwo of Afghanistans
most prominent power brokers have
forged an unexpected alliance to
fight the Taliban and other militant
groups that have been gaining
ground in the countrys embattled
north.
Abdul Rashid Dostum, Afghanistans first vice president, and Gov.
Atta Mohammad Noor, the head of
northern Balkh province, said this
week that their supporters would
join forces to retake territory from
the Taliban, who have been besieging district capitals in northern Afghanistan, putting the central government on the defensive.
The alliance comes as a surprise
to many observers: Both men have
waged an on-again, off-again struggle for control of northern Afghanistan, with the rivalry sometimes
erupting into open fighting between
the ethnic Uzbek factions of Mr.
Dostums Junbish-e Milli party and
ethnic Tajiks belonging to Gov.
Attas Jamiat-e Islami party.
If theres peace between those
men, its hugely significant, said
Graeme Smith, a senior analyst for
the Brussels-based International
ZUMA PRESS
Afghan Rivals
Join Forces to
Fight Militants
Afghan soldiers during an operation Wednesday against the Taliban in Kunduz province, where militants have made gains.
have switched loyalty to Islamic
State, often referred to by the acronym Daesh, presenting a potentially
powerful new threat to the state.
In remarks to local media, Mr.
Dostum said he would join forces
with Gov. Atta, to fight both Taliban
and Islamic State. Anybody who is
casting a stone toward the enemies
of AfghanistanDaesh and Talibanwe lend a hand to, he said.
An aide to Gov. Atta said the alliance was forged to bolster support
to Afghanistans army and police.
Both Mr. Dostum and Gov. Atta officially maintain they don't have private armies, but the Afghan govern-
President Barack Obama and Secretary of State John Kerry meet with Chinese
Vice Premiers Liu Yandong and Wang Yang at the White House on Wednesday.
ISLAMABADTemperatures
eased in southern Pakistan, but hundreds of people are still being
treated for symptoms related to a
devastating heat wave that has
claimed the lives of more than 1,000
people in the region, local government officials and relief workers
said.
The heat wave coincided with
the beginning of the Islamic holy
month of Ramadan, during which
Muslims fast from dawn to dusk and
avoid all food and drink. Religious
clerics issued statements this week
asking people to avoid fasting if it
puts their lives at risk. Health officials said, however, that they didnt
have a figure for how many of the
heat waves victims were fasting.
Pakistan Meteorological Department officials said the heat wave
ended Wednesday night.
Temperatures in Karachi, Pakistans largest city and economic
hub, spiked late last week, reaching
a high of 113 degrees Fahrenheit (45
degrees Celsius) on Sunday. Health
officials in southern Sindh province
said most of the deaths were reported from Karachi, the sprawling
port city that is the countrys economic hub.
Officials reported dozens of
other deaths from around Sindh
province. Many of the dead were elderly citizens and laborers, the officials said, without providing a precise figure. Hospital officials said a
majority of those affected by the
heat wave had suffered from heat
stroke.
The citys hospitals have handled
more than 10,000 patients with
heat-related symptoms since Sunday. The Jinnah Postgraduate Medical Centre, one of Karachis main
hospitals, treated more than 8,000,
said Seemin Jamali, a hospital
spokeswoman.
Footage aired on local television
channels showed hospital corridors
crowded with patients, many being
carried by loved ones. Many were
seen lying on gurneys, with attendants pouring water on their heads.
The rising temperatures also led
to a spike in electricity demand,
crippling the power infrastructure
and leading to prolonged blackouts
in many parts of the city. The outages sparked small protests by angry citizens in some parts of the
city. Karachis privately owned
power utility, K-Electric, said its
systems were overloaded because of
the spike in demand, as well as the
increased load from illegal power
connections.
The Pakistani military and the
countrys National Disaster Management Authority set up emergency
medical centers across Karachi, providing treatment, rehydration tablets and water to people with heatrelated symptoms.
Our mortuary has been overwhelmed, said Anwer Kazmi, a
spokesman for the Edhi Foundation,
a charity that runs Karachis main
morgue. We have had to bury dozens of unclaimed, unidentified bodies of people who died because of
the heat.
The provincial government as
well as the government of Pakistani
Prime Minister Nawaz Sharif have
faced strong criticism from opponents and in the media over the response to the crisis.
Plans
Japan Forces Open to Sea Patrols Seoul
Stimulus as
BY YUKA HAYASHI
AND CHIEKO TSUNEOKA
MERS Hits
Economy
BY KWANWOO JUN
Adm. Katsutoshi Kawano said Chinas moves to build artificial islands have created serious potential concerns for Japan.
and Manila. The session features Japans P-3C surveillance aircraft,
which Adm. Kawano described as
having a superb ability for detecting submarines and other objects in
the water.
The U.S. has pledged to send aircraft and naval ships to contest
Chinas claims, and Australia already
runs military patrols.
Adm. Kawano took the helm of
the military late last year as Prime
Minister Shinzo Abe was seeking to
ease decades-old self-imposed restrictions on the nations Self-Defense Forces. Mr. Abe has cited
Chinas military buildup and North
Koreas nuclear-weapons development for the shift.
In the case of China, as we can
see with the South China Sea prob-
AGENCE FRANCE-PRESSE
BY RAYMOND ZHONG
Belarus.
This springs quakes and aftershocks wrecked 500,000 homes,
damaged roads, bridges and buildings across Nepal and set back the
tourism, agriculture and trade on
which the economy depends.
Output growth is expected at 3%
for the year that ends in mid-July,
down from the prequake forecast of
4.6%. As many as a million additional Nepalese will be plunged below the national poverty line by
mid-2016, the government predicts.
Nepal said it would create a special agency, led by the prime minister, to direct reconstruction. Officials said the new body will be
authorized to sidestep many of the
usual hurdles in procuring equipment, acquiring land and obtaining
environmental approvals.
But government ministries and
their local arms will still be carrying
out the actual rebuilding. Experts
worry that the new central agency
will simply become an extra layer of
bureaucracy that can be blamed
when projects founder.
Jamie McGoldrick, the United
Nations humanitarian coordinator
in Nepal, said the central government has heeded such concerns in
designing the new reconstruction
body. He said the circumstances will
impel efficiency and good performance. This is something that has
to work, he said.
BY WILLIAM MAULDIN
President Barack Obama won fast-track trade authorization, but hurdles remain for a proposed 12-nation Pacific deal.
ucts. Perhaps more important are
commercial rules of the road on everything from labor and environmental standards to intellectualproperty
protections
for
pharmaceuticals and movies.
A handful of sensitive issues remain before U.S. Trade Representative Michael Froman and other
trade ministers can sign the agreement, which could happen as soon
as next month.
Still unresolved are the degree to
which Japan will open its agricultural markets, the length of protection for pharmaceutical companies
new biologic drugs, and Canadas
protections of its dairy and other
markets, according to people following the talks. Other countries in the
deal are Brunei, Chile, Mexico, New
ASSOCIATED PRESS
Officials familiar with the behind-the-scene discussions said officials at the White House and OPM
agreed to handle the problem as at
least two separate breachesone of
the personnel files and one of the
security-clearance forms.
That had major implications for
the initial description of damage.
Rather than saying the hack potentially involved the private details of
an estimated 18 million peopleand
possibly millions more if relatives
and close friends listed on the security-clearance forms are counted
the agency said about four million
people were potentially affected.
The FBI, which is investigating
the OPM hack, didnt define it the
same way. When responding to computer attacks on companies or government agencies, the FBI leaves it
to the victimized agency to tell the
public and its employees what was
taken. But in the case of the OPM,
FBI officials, including the director,
James Comey, also had to speak to
lawmakers about the incident, and
Mr. Comey didnt discuss the incident as two breaches, said people
familiar with the matter.
Some administration officials defended the White House and OPM
description of the breach, saying officials were following an internal
decision-making process, which cul-
A CROSS-BORDER
FOCUS COUNTS
By Brent Hannon
he rise of cross-border
commerce, fueled by
improved air travel and
telecoms, increased immigration and a growing
commitment to trade, is one of the most
meaningful developments of the 21st
centuryand few institutions are as
committed to understanding this
dynamic as the Kellogg-HKUST
Executive MBA program.
The world and business have profoundly changed since 2000, says Sally
Blount, dean of the Kellogg School of
Management at Northwestern University
in Evanston, Illinois.
The world is now characterized by
reduced barriers to entry, shorter product
and idea life-cycles, endless data and
information, and too many distractions,
resulting in harder and more complex
problems to solve. All of this changes the
way we approach management education
in the 21st century.
As a partnership between the Hong
Kong University of Science and
Technologys Business School (HKUST
Business School), and the Kellogg School
in Evanston, the Kellogg-HKUST program
provides its students with in-depth
knowledge of two of the worlds biggest
economies, and students are further
exposed to the international arena
through the programs sister campuses in
Canada, China, Germany, Israel, and
Miami, Florida.
Our partnerships make six more
campuses available to students, which
makes our EMBA a truly global experience, says Professor Jitendra V. Singh,
dean of HKUST Business School. In
addition, the alumni of these schools form
an extended family that greatly enriches
the global reach of our student networks.
OVERSEAS SCHOOLING
RELATIONSHIP NETWORKS
The Wall Street Journal news organization was not involved in the creation of this content
**
WORLD NEWS
REUTERS
BY ERIC MORATH
The U.S. economy is in a rut six years into the recovery. Above, workers constructing a Los Angeles apartment complex.
sion would slow to a rate of 1.8% to
2% in 2015.
Ellyn Davidson, a managing partner at Birmingham, Mich., advertising firm Brogan & Partners, said clients are maintaining a mixed view of
the economy. They still have tight
marketing budgets but are facing less
pressure than earlier in the recovery.
They arent under such a crunch to
meet immediate expectations, she
said. They can think more long-term
about whats going to grow their
business.
Fed officials are assessing
whether the economy is gathering
BY RAJA ABDULRAHIM
AND MARIA ABI-HABIB
outh Korean soap operas are typically high on drama and thin on
meaning, but the battle between
mega-conglomerate Samsung and activist
American hedge fund Elliott Associates is
an exception. This saga carries major implications for shareholder rights and corporate governance in the worlds 14thlargest economy.
Last month executives at Cheil Industries, Samsungs de facto holding company (known until recently as Samsung
Everland), announced that they would acquire construction firm Samsung C&T for
about $9 billion in stock. Elliott Associates, which holds a 7% stake in Samsung
C&T, opposed the acquisition as an unlawful scheme to hastily railroad Samsung C&T shareholders into an unfair
takeover at a low-ball price. The hedge
fund sued for an injunction and is seeking
support to block the merger at a shareholder meeting next month.
Elliott has a strong case. Known for
constructing the worlds tallest building
(in Dubai), Samsung C&T also owns
stakes in firms such as Samsung Electronics, crown jewel of the conglomerate.
Yet its valuation under Cheils takeover
offer is 46% less than the book value of
its holdings alone (priced as of March),
not counting other assets.
Cheil says its bid reflects a ratio of the steep inheritance taxes.
two companies share prices, as required
This appearance of chaebol self-dealby law, and that there are business rea- ing at the expense of minority shareholdsons for the merger. But Elliott says the ers has earned Elliotts activist position a
deal would violate Samsung C&Ts obliga- surprising degree of public support. Poption to act in its shareholders interest, ulist South Koreans still often rail against
costing them $7 billion in lost value.
foreign investors, and some are doing so
Samsungs likely motive here is to help in this case. But more prominent is the
its founding family keep control after the group Solidarity of Minor Shareholders
death of Chairman Lee
of Samsung C&T, some
A U.S. investor
Kun-hee, who has been
2,500 retirees, professionhospitalized for a year. As
als and others campaignstands up for
is typical for South Koing against the proposed
reas family-run conglom- minority shareholders. merger and even challengerates, or chaebol, the Lee
ing it in court, following
family controls Samsungs
Elliotts lead. This is my
74 affiliated companies through a com- retirement money, one small shareholder
plex web of cross-shareholdings, despite said online. I have to protect my assets.
owning less than 2% of total shares. But
Such public frustration signals that
47-year-old Vice Chairman Lee Jae-yong President Park Guen-hye hasnt lived up
may have difficulty succeeding his father to promises to advance economic deafter paying expected inheritance taxes of mocratization. As a candidate, she
around $5 billion.
pledged to curb the ability of politically
Which is where the controversial connected chaebol to access cheap capimerger would come in. As major share- tal, suppress competition and overcharge
holders in Cheil Industries, the younger consumers.
Mr. Lee and his sisters would control
In a case similar to Samsungs pending
the merged entity, including the 4% takeover, Hyundai Motor last year paid
stake in Samsung Electronics currently $10 billion, or three times appraisal
held by Samsung C&T. Thats worth value, for land to build a new headquarsome $7 billion on the market, or more ters, infuriating its minority shareholders
than enough to cushion the blow from and reinforcing the perception that chae-
new carbon tax, he added. I think in 2017 year is starving for anything. But then
people of both parties might come to that he knows that entitlements continue to
as the best way to fund the government. grow unchecked and spending for ObamaA carbon tax is the emerging fashion in Care is just getting started. The political
Washington because it
pattern pre-Reagan had
The future Senate
serves two goals: It colbeen that Democratic Preslects heaps of revenue
idents
pass new entitleDemocratic leader
while raising the cost of
ments and then Republifloats a 2017 idea.
energy from fossil fuels.
cans would feel obliged to
The climate-change worripay for them. Perhaps he
ers are eager to force busifigures Republicans will
ness and consumers to use less oil and fall for that again.
natural gas, and that means raising their
Our view of a carbon tax is that it
price throughout the economy.
might be acceptable as part of a tax reIts amusing that Sen. Schumer thinks form that eliminatedentirelysome
a federal government that spends nearly current revenue source such as the pay$4 trillion and 21% of national output a roll or corporate income tax. But we dont
purposes, but it has placed artillery on as part of Washingtons Asian rebalat least one site and built runways that ance. The U.S. and the Philippines last
could host the full range of Chinese mili- year signed a new defense agreement
tary aircraft.
that could see U.S. Marines rotate
Admiral Kawanos disclosure comes as through Palawan bases.
Japanese troops this week are conductMalaysia this month said it would foring their second-ever joint exercises with mally protest Chinese incursions into its
the Philippine navy. To
200-mile exclusive ecopractice search-and-res- Japanese patrols would nomic zone, including the
cue missions around the underscore how Beijing anchoring of a Chinese
Spratlys, Japanese P-3 paCoast Guard vessel by
is alienating Asia.
trol planes with Japanese
Malaysias Luconia Shoals,
and Philippine troops
near gas wells operated
aboard have flown from
by state-owned Petronas.
Palawan Island, the Philippine province This represents a change, as Kuala Lumthat lies within 100 miles of the disputed pur previously kept quiet about Chinese
waters.
patrols near James Shoal, also within its
In separate drills nearby, other Philip- exclusive economic zone. Last month
pine troops this week are training with Malaysias defense chief warned that
Americans, who for the first time in- South China Sea tensions could escalate
cluded a littoral combat ship, the USS into one of the deadliest conflicts of our
Forth Worth, newly based in Singapore time.
OPINION
A Farewell to Arms
[ Bookshelf ]
The Right Way to Lose a War
By Dominic Tierney
Little, Brown, 384 pages, $28
BY MARK MOYAR
Americans like to win, not
least when it comes to wars. The
preoccupation with victory, says
Dominic Tierney, dangerously denies the reality that America has
failed in most of its wars since
1945. The time has come, he says,
for America to cast off its wishful thinking, unhealthy braggadocio, and illusory triumphalism.
OPINION
BY MICHAEL CLARKE
Up to 28 people were killed in
an attack Tuesday by suspected
Uighur militants on a police
check-point in Kashgar, in the
southwest of Chinas Xinjiang Uighur Autonomous Region. According a Radio Free Asia report, the
attack began when a car sped
through the checkpoint, injuring a
traffic policeman. Two suspects
leapt out of the vehicle and killed
two other police officers with
knives. The fighting continued until Peoples Armed Police arrived
at the scene and shot and killed
not only the suspected militants
but also numerous bystanders.
BOOKS
CORBIS IMAGES
Being Nixon
By Evan Thomas
Random House, 619 pages, $35
BOOKS
Ally
By Michael B. Oren
Random House, 412 pages, $30
BY MATTI FRIEDMAN
In Romain Garys celebrated (if
now forgotten) memoir Promise at
Dawn, the author recalls an announcement from his mother. You
are going to be a French ambassador, she tells him. It was the
1920s; Gary was a child. He and his
mother were Lithuanian Jews, and
they were nowhere near France.
But by the time he wrote his memoir in 1960, Gary was a successful
novelist with an appreciation for
the narrative power of an unlikely
dream realized. He was also a
French ambassador.
Mr. Oren, and then chose as his replacement Ron Dermer, a Florida
native who assisted Frank Luntz as
he designed the Contract With
America.
This abets the tendency of some
Americans to see Israel less as a
foreign ally than a kind of 51st
state. After Mr. Netanyahus controversial speech to Congress earlier this year, I heard repeatedly
from many Republican supporters
not that Mr. Netanyahu was a foreign leader they liked, but rather
that he was the kind of leader they
thought America should have. They
seemed to imagine our country as
a better version of their own.
This strikes me as a doubleedged sword for Israel. Israelis are
not at all American. Our national
character is Middle Eastern. People
here think and act in ways that are
foreign to Americans, as any visitor to this country understands by
the time they reach passport control.
If presenting an American face
to Americans has a positive influence on some in the U.S., it boomerangs on others. Its easier to
judge people harshly if you think
theyre exactly like you, and we
know what familiarity breeds.
There is no doubt that Mr. Oren
is talented and deeply committed
to his adopted homeland (he gave
up his U.S. citizenship when he became ambassador). He has shown
that he can operate on Israels behalf in America. But can he operate
with similar success in the tumult
of Israeli politics? Will he be as adept at shaping history as he has
been at writing it?
Mr. Friedman, a writer based
in Jerusalem, is the author of
The Aleppo Codex.
in a half-hour show, that has anything of value and that isnt said
with an attitude other than, you
know, being snarky.
Mr. Apatow rarely lets a conversation pass without bringing up religion, often discovering voids similar to his own. Albert Brooks,
however, confesses that when his
children resisted going to temple,
he said: Let me explain something
to you: If Hitler came back, hes not
going to ask if you went to temple.
Youre already on the train. So you
might as well know who you are
and why theyre going to take you.
Mr. Seinfeld, in a second interview two decades after the first,
tells Mr. Apatow that he practices
Transcendental Meditation and
that he used to post pictures from
the Hubble telescope in the Seinfeld writing room to provide cosmic perspective. It would calm me
when I would start to think that
what I was doing was important.
Mr. Apatow replies that such vastness makes him feel insignificant
and depressed. Yet he also expresses the hope that he may one
day find traditional religious consolation, though it will require, he
says, bringing his intellect to heel.
I plan on tricking myself into believing in religion one of these
days, he tells Sarah Silverman.
Im going to pick a religion and
then hypnotize myself. All things
are surely possible for a man who
played a central role in Ron Burgundys immaculate conception.
Mr. Shiflett posts his original
music and writing at
www.daveshiflett.com
IN DEPTH
Kim Hess, 51, says she cant afford insurance so hasnt signed up for coverage under the U.S. Affordable Care Act. When she had leg pain, she found a doctor willing to take cash.
he Affordable Care Act has a perplexing problem: Many uninsured Americans prefer their old ways of getting
health care. For millions, arranging treatment through cash, barter and charity is
still better than paying for insurance. They
include Lisa Khechoom of Glendale, Calif.,
who refuses to buy coverage. She says she
pays a flat $35 for a doctor visit and often
substitutes prescriptions with cheaper natural remedies for herself, her husband and
their children.
Im spending money either way, but its
going to be less, says the 41-year-old, who
runs a telecom-service business with her
husband that brings them an annual income of around $77,000. For the amount
of office visits I do make, why pay $3,500
for insurance when Im not even taking advantage of it? We go to the doctor and we
pay for it. Usually I can get a better deal
than if I had insurance.
The laws penalty for not carrying insurance grows to its maximum next year and
will start at $695 for an individual, up from
$325 this year. That isnt enough to sway
Ms. Khechoom, who says paying the penalty is still preferable to buying coverage.
The persistence of holdouts like Ms.
Khechoom suggests that the U.S. healthcare landscape under the landmark 2010
Doing Without
38%
28
26
20
Use the emergency room
14
Negotiate medical bills down
9
Get care in another country
4
Source: Poll by PerryUndem Research/Communication for the
Robert Wood Johnson Foundation of 1,270 uninsured adults, ages
18 to 64, May 5-17;
margin of error +/ 3.4 pct. pts.
Cant fit it in
IN DEPTH
provider is happy to take cash for the $35 primary-care visit, she says. Getting her finger
stitched when she cut it in the kitchen came
to $100. If she had to, Ms. Khechoom says she
would pay cash for a hospital visit.
Some actively like going it alone. Bob
McConnell, 60, of Fort Mill, S.C., describes
himself as an investor who is generally well
off. Married and with two children, he says he
saves money by haggling directly with doctors and labs over fees. He also objects to the
law on philosophical grounds, seeing it as an
intrusion on his privacy.
Effectively, I am self-insuring, he says.
At his local pharmacy, he uses coupons he
couldnt apply if he had a plan through the
Affordable Care Act, he says. It costs less
than the pharmacy benefit plan I was covered
under as the copays were steep and I had to
pay full retail without coupons for a couple
essential name-brand products.
Many people Mr. Perrys firm surveyed
said they valued the financial security of having health insurance, but not as much as repaying debts, building savings or repairing
homes or cars.
Kim Hess, 51, says she cant squeeze
money for a health premium out of her budget. Ms. Hess, of Concord Township, Ohio,
works two part-time jobs as a nurse, making
about $27,000 a year, she says, and her husband has an income of $21,000. One bad illness would wipe out the family financially in
any case, she says. Having health care is not
going to save my house.
She has bulging discs that have all but
crippled her in one leg, she says. She turned
to the emergency room when her pain became
excruciating and used her contact network to
find a doctor willing to take cash to order her
an MRI and write her prescriptions.
If I wasnt a nurse, I would be lost, she
says. Uninsured people really have to be
savvy.
Opting Out
The health law's backers are asking people why they are forgoing health insurance.
This is what they found:
Medical services
56%
Doctor visit
53
Prescription drugs
52
Check-up
21
Emergency care
21
48
42
Preventive test/
screening
32%
34
16
Paid employee
43%
42
21
14
Unemployed:
Looking for work 17%
Disabled 3
Retired 2
Temporarily laid off 2
Other 18
20%
Source: Poll by PerryUndem Research/Communication for the Robert Wood Johnson Foundation of 1,270 uninsured adults, ages 18 to 64, May
5-17; margin of error +/ 3.4 pct. pts.
PATRICK T. FALLON/BLOOMBERG
Some health-law holdouts have concluded they are still better off using doctors, hospitals and labs who take cash, negotiate prices or write off bills.
much more. All exchanges got the low-hanging fruit in that first year, says Pat Kelly,
who heads the online exchange for Idaho, one
of 13 states that fully operate their own portals for consumers to shop for insurance
plans and sort out subsidies.
Mr. Kelly says that, like a business, he is
looking to shift from an acquisition mode to
a retention mode.
All this leaves medical providers in a bind.
Some health systems are paring back their
programs for the uninsured. Detroits Henry
Ford Health System now restricts eligibility
for its charity care programsasking people
to check first if they can get coverage on their
own, but agreeing to cover urgent needs if
they missed a sign-up deadline.
One of the decisions that we did make
was that we really wanted people to sign up,
says Nancy Schlichting, the systems chief executive officer. If we continued to offer exactly the same program that we had in the
past, people would decide, well, why should I
sign up?
Other programs keep offering the same
services to the uninsuredand find they need
to expand. The Healing Hands Health Center
in Bristol, Tenn., which has provided charity
care exclusively to the working uninsured for
18 years, has just bought a bigger building.
Patients make a $10 donation for a doctor
visit and $20 for the dentist, and can do gardening or window washing instead of paying.
The clinic staff recently diagnosed diabetic
ulcers for Phillip Hurd, 48, a home-health
aide, and helped him persuade the local hospital to operate and write off the cost. The
clinic encouraged Mr. Hurd to review insurance options on HealthCare.gov. He did. After
weighing the cost, he says, he concluded he
was better off staying at Healing Hands and
paying the penalty under the health-care law
if he had to.
Sarah Phillips, the centers development
director, says she is almost halfway to raising
$4 million for a new endowment to keep the
center going for years to come.
Id rather you have insurance. As a taxpayer, if Im paying taxes for this Affordable
Care Act, I want you to take it, she says, but
we need to keep doing what were doing.What if we werent here?
Myanmar Lawmakers
Reject Amendments
Aung San Suu Kyi speaks during a news conference at the Parliament building in Naypyitaw, Myanmar, on Thursday.
One of the proposed amendments voted down would have lowered the percentage of lawmakers
required to amend the constitution,
reducing it to 70% from 75%effectively removing the militarys veto.
The parliamentary decision, analysts say, reaffirms that Ms. Suu
Kyis presidential ambitions will be
hindered as long as Myanmars military, which ruled the country with
an iron fist for six decades and kept
the democracy leader under house
arrest until late 2010, retains its
grip over politics.
It has been clear for some time
that an Aung San Suu Kyi presi-
terests.
Parliament on Thursday, though,
did vote to change one clause in the
constitution: 59d, which requires a
potential presidential candidate
have military experience before being considered for the top post. The
clause stipulates a president be
well acquainted with affairs of [the
country], including military affairs.
The amendment suggests the wording be changed from military affairs to defense.
Even for this amendment to
pass, a nationwide referendum on
the change would have to be held.
No time frame has been set for this.
WORLD NEWS
ATHENSGreeces increasingly
fragile banking system is limiting
Prime Minister Alexis Tsiprass
room to bargain for better bailout
terms and, more than anything, has
shoved him toward compromise,
Greek officials say.
As nervous Greek savers continue to pull their money from
banks, the countrys four major
lenders are being sustained by a
life-support drip of emergency liquidity reviewed daily by the European Central Bank. If the ECB
chooses to end that assistance,
Greece would be forced overnight
into a perilous regime of capital
controls.
Their support is crucial for the
Greek banks to stay alive, says Re-
That way, if banks are shut or capital controls are instituted, they will
have money on hand.
To replace the deposits, banks
have had nowhere to turn but the
ECB. In the worsened climate, banks
now cant sell bonds. They have also
lost access to repo markets in
which they could receive cash in exchange for some of their less-liquid
assets. They lost all the international exposure they had developed
since the end of 2012, said Ms. Argenio at Standard & Poors.
That means banks must lure
back domestic depositors if they
want to reduce their dependence on
the central bank. But bankers say
they need a dealand soonfor
that to happen.
Viktoria Dendrinou
contributed to this article.
As of 12 p.m. ET
asia.WSJ.com
BY ROBB M. STEWART
AND VERA SPROTHEN
MELBOURNE, AustraliaWhen
Ben Oliver and his partner Tamzin
Dimmock went to their bank for a
home loan this year, they received a
surprisingly generous offer. Their
bank calculated it could lend them
about 850,000 Australian dollars, or
about US$655,000, far more than
they needed to buy their two-bedroom Melbourne apartment.
The pair put no money down on
the apartment, using family assets
as a security. They declined the full
amount offered by the bank, but
they did roll in a car loan and
credit-card debt to take advantage
of record-low interest rates.
Such aggressive lending practicesincluding offering interestonly loans with little or no down
paymentare starting to raise a red
flag with credit-rating firms, regulators and even Australias central
bank. Their concern is that frothy
house prices, combined with a rising
Risky Business?
Regulators are concerned Australias banks could be vulnerable to a housing-market correction, as housing-related debt
continues to climb.
Household debt as a percentage of
annual income
200%
Australia
150
U.K.
100
50
2000
05
10
52%
50
48
46
U.S.
44
Euro
area
42
14
40
2011
12
13
14
15
Molycorp Inc. filed for bankruptcy-court protection on Thursday, as the long-struggling rareearths miner turned a page on one
of the most dramatic commodities
busts in recent years.
The only U.S. miner and producer of rare-earth elements15 elements used as niche ingredients in
magnets, batteries, catalytic converters and other high-tech productssaid it had secured an agreement with creditors to restructure
its $1.7 billion in debt. The deal also
provides $225 million in new financing to continue operations.
Molycorp and 20 subsidiaries
filed chapter 11 petitions in the U.S.
Bankruptcy Court in Wilmington, Del.
The company said it expects to have
a court-approved restructuring plan
before the end of this year.
The filing was expected. Fueled
by restrictions on exports of rare
earths by China, the worlds dominant supplier, Molycorps market
value rocketed up to over $6 billion
five years ago. But China then relaxed its rules, increasing supplies,
and battery and magnet makers
found alternatives to their use of
rare earths. Molycorp went into a
long slide. It hasnt turned a profit
since 2011.
The companys facilities in the
U.S. and around the world, including
its flagship Mountain Pass mine in
the California desert, will continue
operating as usual, said Chief Executive Officer Geoff Bedford. Our
operations in Europe and Asia are
Westpac
71%
Commonwealth
Bank of Australia
70
Australia &
New Zealand
Banking Group
60
National
Australia Bank
58
Sources: Barclays (debt); Australian Bureau of Statistics (investor loans); Australian Prudential Regulation Authority (housing loans)
Rare-Earths Miner
Files for Protection
BY JOHN W. MILLER
AND ANJIE ZHENG
having sidestepped the financial crisis that drove many of their overseas peers into bankruptcy. The four
biggest lendersCommonwealth
Bank of Australia Ltd., Westpac
Banking Corp., Australia & New
LIVE
NIKESH ARORA
SoftBank Corp.
SoftBank Internet
and Media, Inc.
KUNAL BAHL
Snapdeal.com
www.converge.asia
2015 Dow Jones & Company, Inc. All rights reserved. 3C9804
TAKESHI IDEZAWA
LINE Corporation
DR. KAI-FU LEE
Chairman and CEO
Innovation Works
JEAN LIU
DiDi Dache
BY DREW FITZGERALD
Data centers use substantial amounts of water for air conditioning. Facebooks
center in Prineville, Ore., has a cooling system that uses some reclaimed water.
or opening more than two 18-hole
golf courses.
In California, Gov. Jerry Brown
ordered cities to cut annual water
use by 25%. Businesses have been
largely spared from the cutbacks.
State officials say restrictions are
intended to conserve without hurting the economy.
Data centers arent the states
biggest water users. But they generally require municipally-provided
clean, treated water like restaurants
and hotels. Agriculture, which accounts for roughly 80% of water use
in the state, can use untreated water
from streams and lakes. Electric
utilities, the states second largest
water consumer, also can sometimes
use salt water.
In Bluffdale, Utah, a 200-acre
National Security Agency data center campus will use more water than
the entire town of 8,000 when it
reaches full capacity, according to
initial design documents. It is on
track to use a 10th of the towns total water use this year, its third year
in operation.
Water use is just now emerging as
Waterlogged
A midsize data center uses roughly as much water as about 100 acres of almond
trees or three average hospitals, and more than two 18-hole golf courses.
Approximate annual water usage, in gallons*
Data Center
(15 megawatt)
130M
Hospital
(3 buildings)
130M
Almond orchard
(100 acres)
115M
Golf Courses
(2 18-hole courses)
100M
has drilled wells to secure cheap water and to have a second source
should its municipal supply be interrupted. Dupont Fabros Technology
Inc., the owner of a 250,000 square
foot data center in Santa Clara, Calif.,
has built two half-million gallon water storage tanks as back up to make
sure it doesnt run dry.
Other conservation efforts are
hamstrung by worries about website
failures. A cool climate is considered
safer, executives say. If youre a
CIO, what you get your ass kicked
for is downtime, said Chris Yetman,
Bank of America...........24
BMW.............................22
Boeing...........................23
Cheil Industries .............. 1
Coatue Management....21
Commonwealth Bank
of Australia ............... 19
Constellation Brands....22
Diageo...........................22
Didi Kuaidi Joint...........21
Dupont Fabros
Technology.................20
Elliott Advisors...............1
Emerson Electric .......... 20
Ford Motor......................6
Gannett.........................25
Google......................20,23
Heineken.......................22
Honda Motor.................21
Hon Hai Precision
Industry ..................... 21
Humana.........................26
IAC/InterActiveCorp..23,26
IO Data Centers............20
J.P. Morgan Chase........24
Kozyak Tropin &
Throckmorton............22
Manitowoc....................25
McDonald's ................... 22
Microsoft.......................20
MillerCoors....................22
Molycorp ....................... 19
MSNBC..........................22
National Australia
Bank...........................19
News Corp.....................22
NTT Communications...20
Samsung C&T ................. 1
Samsung
Electronics..............1,18
Securities and Futures
Commission...............27
Sharp.............................21
Sovereign Asset
Management..............18
Takata ........................... 21
TKJ ................................ 21
Toyota Motor................21
21st Century Fox..........22
Uber Technologies........21
UnitedHealth Group ..... 26
Vantage Data Centers..20
Wells Fargo...................24
Westpac Banking..........19
People
Ailes, Roger..................22
Argenio, Regina............18
Bedford, Geoff..............19
Buffett, Warren............25
Condon, Tim..................25
Diller, Barry .................. 23
Easterbrook, Steve.......22
Flynn, Patrick................20
Gou, Terry.....................21
Hastings, Reed.............25
Icahn, Brett...................25
Icahn, Carl.....................25
Liu Dongliang................25
Kennedy, Kevin.............21
Marino, Pete.................22
Lee Jae-yong...................1
Mosher, Randy..............22
Lee, John.......................18
Muilenburg, Dennis......23
Lee Kun-hee....................1
Murdoch, James...........22
Levin, Joey....................23
Murdoch, Lachlan.........22
Ozan, Kevin...................22
Pouchet, Jack................20
Ronzetti, Tucker...........22
Schechter, David...........25
Singer, Paul..............18,25
Takada, Shigehisa.........21
Yellen, Janet.................25
Corrections Amplifications
The attempt by scores of migrants to board trucks in Calais,
France, headed to Britain on June 23 has highlighted the issue of
mass migration to Europe from North Africa and nations in the
Middle East, an issue that was set to be a key topic of discussion
when European Union leaders met for a two-day summit in Brussels late this week. A World News article on Thursday incorrectly
said U.K. Prime Minister David Cameron said the attempt highlighted the issue.
BY RICK CAREW
ZUMA PRESS
HONG KONGChinas homegrown competitor to Uber Technologies Inc. is boosting the stakes
in its fundraising battle with the
U.S. ride-hailing company.
Didi Kuaidi Joint Co. of China
has set a target for its latest round
of fundraising of roughly $2 billionmore than it had earlier
plannedto compete with Ubers
own fundraising efforts in China,
according to people familiar with
the situation.
The terms of the new fundraising, which is expected to be completed in the coming weeks, would
give Didi Kuaidi a valuation of
REUTERS
Scores of taxi drivers snarled traffic around Paris on Thursday to protest the
expansion of Uber Technologies Inc. and its network of nonprofessional drivers.
The unrest was one of several demonstrations taxi drivers mounted in cities
across France that targeted the U.S.-based companys car-hailing service.
BY YOKO KUBOTA
AND ERIC PFANNER
TOKYOThe reclusive chief executive of Takata Corp., the Japanese maker of air bags linked to at
least eight deaths world-wide, made
a long-awaited public appearance on
Thursday, saying the company was
studying the possibility of a fund to
compensate victims.
U.S. Sen. Richard Blumenthal (D.,
Conn.) this week called on the company to establish such a fund, raising pressure on Takata as it confronts the biggest automotive recall
in U.S. history, affecting about 32
million vehicles. Kevin Kennedy,
Takatas North American executive
vice president, said at the hearing
that he couldnt commit to establish
such a fund. Sen. Blumenthal asked
Mr. Kennedy to give the congressional panel an answer in two weeks
on the matter.
At his first news conference ever,
CEO Shigehisa Takada, 49 years old,
apologized over the recalls, and for
not speaking to the media until now.
The recalls began in 2008, when he
was president of the company, and
escalated in mid-2014, after he became CEO and chairman.
I felt that the priority of my job
is to ensure our products are safe,
he said. I regret that I havent offered enough explanations, he
added, saying he wouldnt step
down because he wants to resolve
the problem.
Mr. Takada said a fund was only
one option the company was considering for compensating victims,
adding that he wouldnt promise
any specific measure.
Mr. Takada has apologized earlier, at last years shareholder meeting and in press statements.
Mr. Takada bowed deeply to
open the news conference, which
followed the companys annual
shareholders meeting in Tokyo. He
spent much of the subsequent hourand-a-half staring resolutely ahead
as aides explained the details of the
recall, which until recently has attracted far less attention in the
companys domestic market than in
the U.S., where government pres-
REUTERS
Takata CEO Shigehisa Takata publicly apologized for safety problems in Tokyo.
sure has kept the company in the
spotlight.
Mr. Takada and other executives
offered little information to clear up
the uncertainty over what, exactly,
is causing Takata-made air bags to
explode, or how high Takatas recallrelated costs might climb.
Takata stuck with its 20 billion
($161.8 million) net profit outlook
for this financial year, repeating it
cant reasonably estimate how much
it would end up paying. So far, the
banks it deals with havent expressed concerns about Takatas financial position, Mr. Takada said.
But recalls and associated costs
to replace the inflatersthe components that contain an explosive
chemical that deploys air bags in a
crashcontinue to expand.
In May, Takata agreed with the
U.S. National Highway Traffic Safety
Administration to nearly double recalls in the U.S.
On Thursday, three Japanese
auto makers including Toyota Motor Corp. recalled around an additional 3 million vehicles world-wide,
while in South Korea, Honda Motor
Co. and three other auto makers and
importers were ordered by the government to recall more than 24,000
vehicles.
We will be discussing the costs
with auto makers, said Chief Financial Officer Yoichiro Nomura.
also makes many sophisticated hightech components used in automobiles and automated teller machines.
In the past two years, Hon Hai
has spun off several operations including industrial motherboard
maker Ennoconn Corp., the casing
and mechanical component unit
Eson Precision, the light-emitting diode component unit Advanced Optoelectronic and wireless chip packaging unit ShunShin Technology.
On Thursday, shareholders also
approved the companys plan to increase its 2014 dividend to 3.80 New
Taiwan dollars a share from 1.80
New Taiwan dollars, or to 12 U.S.
cents from 6 U.S. cents.
The payout represents 43% of
profit, up from 22% in 2013 but still
below the 60% average for Taiwan
tech companies. BlackRock Inc. privately called on Mr. Gou to increase
the dividend by tapping the companys cash pile of roughly $22 billion, The Wall Street Journal reported in December.
CORPORATE NEWS
News,
McDonalds New Tack in Taiwan Fox
Roger Ailes
BEIJINGMcDonalds Corp. is
aiming to sell its stores in Taiwan to
a franchise operator and expand its
franchise business in China, a
spokesman said Thursday, as the
fast-food chain tries to turn around
its fortunes in Asia and cut costs
globally.
McDonalds uses franchisees and
licensees in its more mature markets, like the U.S. But elsewhere it
has largely relied on a more costly
model of operating its own stores to
oversee their quality and growth.
The Oak Brook, Ill., companys
new chief executive, Steve Easter-
man said.
For more than two decades
McDonalds operated all its stores in
China, until 2008 when it turned to
franchising.
By the end of last year, around
20% of its 2,000-plus stores in
China were franchised, and the company plans to continue increasing
the licensees and franchisees, the
spokesman said.
Franchising is about growth and
economic efficiency, he said.
The companys sales in Asia tumbled after problems with one of its
suppliers last year affected its available menu items.
Sales at stores open more than a
A Matter of Import
MADE IN IRELAND
MADE IN
MEXICO
MADE IN
FORT WORTH, TEXAS
MADE IN
LATROBE, PA.
MADE IN
THE NETHERLAND
NETHERLANDS
IMPORTED
NOT IMPORTED
THE WALL STREET JOURNAL.
suit.
Despite those changes, the company believed the labeling, packaging and marketing of Becks has always been truthful, transparent and
in compliance with all legal requirements, said Jorn Socquet, AnheuserBusch vice president of marketing.
Brewers say it is difficultbut
not impossibleto make the same
tasting beer in two different countries, provided the brewer replicates
conditions and uses ingredients
from the same source. Brewers are
able to manipulate the mineral
content of water, said Randy
Mosher, author of the book Tasting
Beer. But North American barley is
considered blander than European
barley, said Mr. Mosher, who teaches
brewing at the Siebel Institute of
Technology.
Imported beers remain a small
but fast-growing part of the market.
Imports in the first four months of
2015 surged 11.3% to 10.4 million barrels from a year earlier, according to
the Beer Institute. Over the same period, domestic volumes fell an estimated 2.7% to 55.4 million barrels,
the industry group estimated.
About two-thirds of beer imports
this year have come from Mexico, followed by the Netherlands, Belgium,
Canada and Ireland. Germany, home
of Becks, is a distant sixth.
Extend CEO
Contract
BY JOE FLINT
GETTY IMAGES
BY LAURIE BURKITT
* *
CORPORATE NEWS
BY LISA BEILFUSS
IAC/InterActiveCorp.s Match
Group division is preparing to court
new investors.
Barry Dillers media conglomerate on Thursday unveiled longawaited plans to pursue an initial
public offering of the division,
known for dating sites Match.com
and OkCupid as well as dating app
Tinder.
The plans come as the company
looks to capitalize on the growing
popularity of online matchmaking
ahead of a potential contract change
with Google Inc. that could affect its
search business.
Investor enthusiasm for the plans
pushed IAC shares up 5.2% to $81.25
in early afternoon trading in the U.S.
IAC, a hodgepodge of online companies Mr. Diller assembled or
launched over the years to try to tap
Internet trends, reorganized to create a management structure for the
Match division in late 2013, fueling
expectation that the company was
preparing for an eventual spinoff of
the segment. Sam Yagan, a cofounder of OkCupid, is chief executive of Match Group, a role he will
maintain post-separation.
The company on Thursday
named Joey Levin, the former head
of its search and application business, as CEO of the slimmed-down
IAC, which will have about 20 individual businesses. Greg Blatt will remain chairman of Match Group.
Chief Financial Officer Jeff Kip is
leaving IAC.
IAC has a long track record of
spinning off its successful business
units.
Among others, Expedia Inc., HSN
Inc., Live Nation Entertainment Inc.,
TripAdvisor Inc. and LendingTree
Inc. were previously part of IAC.
Spinning off Match, which represented nearly 30% of IACs revenue
last year, leaves the company with
three slower growing businesses:
search and applications, media and
e-commerce.
The remaining pieces will include
websites Ask.com and Investopedia,
along with news site Daily Beast and
video-sharing site Vimeo.
An IPO of Match, which is expected to be completed in the fourth
quarter, comes as the market for
dating sites in the U.S. is booming.
The services are expected to make
$1.17 billion in profits this year,
while dating apps are expected to
log $628.8 million, both up nearly
10% from 2014, according to IBISWorld. Match has about a 22% market share.
The planned separation also
comes ahead of the expiration of
IACs search contract with Google
next year.
Of the $1.6 billion in sales IACs
search and applications business
brought in last year, $1.4 billion
came through Google. IAC transmits
search queries to Google, which in
turn sends paid listings back to IAC
for display in search results. The
company makes money when a user
clicks on a resulting Google paid
listing, as Google kicks back a portion of the fee it charges the advertiser. Some analysts expect the
terms of the agreement to become
less favorable for IAC, which could
prompt the company to pursue an
alternative search partner.
BY JON OSTROWER
IAC Sets Up
Match.com,
Other Sites
For an IPO
The updated 747-8, introduced in 2011, is expected to be one of the early challenges for Boeings incoming chief executive.
event last month, but Boeing jet
programs rarely have dropped below this level.
A commitment signed at the recent Paris Air Show for Russian
cargo operator Volga-Dnepr Group
to acquire up to 20 of the freighter
versions may provide Boeing with
some breathing room to secure
more sales and keep the production
line open, but the agreement has yet
to be firmed up and exactly how
many jets would be delivered and
over what period is still unclear.
The production slowdown could
actually ease some financial pressure on Boeing as 747-8 sales have
been heavily backed by the ExportImport Bank of the U.S., whose future remains in limbo.
Standard & Poors said Wednesday that Boeing could face a credit
downgrade if it is forced to step in
and provide additional financial
support if the Ex-Im Bank is closed
or required to limit its support for
jets.
Boeing has said it may temporarily provide financing for some aircraft purchases by airlines caught
up in the uncertain future of the ExIm Bank, with its mandate due to
expire June 30.
The plane makers customers are
the largest users of the Ex-Im Bank,
whose guarantees secure billions of
dollars in commercial funding annually. And Boeing, as one of the most
vocal proponents of reauthorizing
the government-backed corporation,
BUSINESS WATCH
HENNES & MAURITZ
TARGET
Online>>
MARKETS
Regulators were
examining the banks sale
and use of proprietary
products.
differences between its own products and outside offerings and how
much of clients assets were invested in each. The OCC didnt force
the changes, The Wall Street Journal
reported last year.
But since the scrutiny intensified
over the last year, some banks have
come up with new policies, procedures and committees to specifically
What:
When:
Book at WSJplus.com/offers/huahin-thailand
MARKETS
BY SHEN HONG
Less than three years after taking a big stake in Netflix Inc., Carl
Icahn is eyeing a different house of
cards.
The 79-year-old billionaire investor said Wednesday on Twitter that
he sold his remaining stake in Netflix, banking more than $2 billion in
profit, according to securities filings, in part because he is worried
that financial markets are extremely overheated and destined
for a fall.
Mr. Icahns investment in the
streaming-video provider and producer of the popular House of
Cards series was one of his most
successful.
The shares, which closed at
$678.61 on Wednesday, rose 12-fold
in the time he owned them.
Netflix is still a great company,
Mr. Icahn told CNBC Wednesday.
But the company isnt quite the bargain it was in 2012 when he bought
its shares for about $58 apiece, he
said, and the stock markets multiyear run is cause for concern.
If more respected investors had
warned about the market in [2007],
we might have avoided the crisis in
[2008], Mr. Icahn tweeted on
Wednesday.
Mr. Icahn has been sounding that
alarm for more than a year, arguing
that the Federal Reserves policy of
low interest rates is flooding the
market with cheap money and creating overvalued stocks. On
Wednesday, he called out high-yield
bonds as a potential trouble spot.
In an interview with CNBC, he
said investors are buying risky debt
at yields similar to what investment-grade companies pay and ignoring the risk that high-yield companies could go bust.
Other investors have followed
Mr. Icahns advice in the past, sending the market down amid his
gloominess.
In late 2013, Mr. Icahn said he
Carl Icahn made more than $2 billion on his investment in video provider Netflix.
was worried about a big drop in the
market, which helped push stocks
down that day.
Meanwhile, other investors share
his sentiments about lofty stock valuations. Investor Warren Buffett and
hedge-fund titan Paul Singer have
expressed concerns in recent
months about frothy stock prices,
and Fed Chairwoman Janet Yellen
has said valuations are quite high.
The S&P 500s price/earnings ratio for the past 12 months is at its
loftiest level since 2004, at 18,
above its average of 16.3 over the
past 15 years, according to FactSet.
The Nasdaq Composite Index
closed at another record Tuesday, as
did the index of smaller stocks, the
Russell 2000.
The Dow Jones Industrial Average and S&P 500 have both hit
highs this year, as stocks have continued to climb. The Dow and S&P
500 were up 6.5% and 7.6%, respectively, in the past year as of
Wednesdays close.
This year, Mr. Icahn hasnt made
the kind of large stock investments
he is best known for, though he has
added to some investments, including industrial-crane maker Manito-
Wednesday.
The PBOC wants the short-term
rates closer to 2% rather than 3%,
Mr. Condon said.
In a brief statement on its microblog, the PBOC said the Thursday
cash injection is aimed at stabilizing market expectations after demand for funds increased due to a
regulatory review of banks and recent large IPOs.
As we get closer to the end of
June, this is typically a season when
banks rush to seek funds to meet
capital requirements. This is also
the period when the last cash
crunch occurred two years ago,
said Liu Dongliang, senior analyst at
China Merchants Bank.
China experienced an unprecedented credit squeeze that nearly
choked its creaky financial system
in the summer of 2013, when a frantic scramble for funds by banks sent
the seven-day repo rate to a record
12%.
The PBOC initially intended to
use the crisis to rein in lenders involved in reckless financing behavior, but was forced to end the mayhem by pumping in large amounts
of money.
In a clear signal of the PBOCs
motivation, the central bank auctioned the reverse repos at an interest rate of 2.7% on Thursday, down
from 3.35% on April 16.
Last month, the bank announced
its third interest-rate cut in six
months, less than a month after
slashing the reserve-requirement ratiothe portion of deposits that
banks need to keep on reserve with
the central bankby a full percentage point.
That said, reverse repos cant
replace reserve-requirement cuts.
The former is short-term relief in a
tight funding environment. The latter unleashes liquidity in the long
run, Mr. Liu said.
ADVERTISEMENT
The Mart
BUSINESS OPPORTUNITIES
4+)&%56+-9,%(,+B *0)0)5
>;;>62/)02B
*.?8"# ("7#:$' *4
1**W!A& F D6O*< (@< FA Z#- F.<* 8<F.8 @( UFA, RG +G) B!U* (<@A8F&* FU@A&
3*F<U 2!4*< RG :!&A!(!.FA8 :FA,J &<F4*U T .UFO <*:*<4*:H 2@F,:J +I?$F:*
?@R*<J :.FU*: FA, :.FU* $@6:* !A ?UF.*J FUU@R!A& (@< !BB*,!F8* !A:8FUUF8!@A
@( R*8 B!A!A& ?UFA8H 3<@?H !A.U6,*: + (6UUO (6<A!:$*, <*:!,*A8!FU ,R*UU!A&:H
BUSINESS OPPORTUNITIES
TRAVEL
*'"& ($ )% !+#
27!A1"' *4
)' O*F< @U, ?<*.!:!@A BF.$!A*
:$@? (@< :FU*H 7<*F8* ?<*.!:!@A
,!*: FA, 8@@U!A&J ,*:!&A FA, D6!U,
?<@8@8O?* ?F<8: FA, <*4*<:*
*A&!A**<!A& @( ?F<8:H --JEEE :>H(8H
?UFA8 A*F< 8$* A*R MI-- .@<<!,@<H
' 8@A D<!,&* .<FA* (@< UF<&*<
?<@Y*.8:H [email protected]
&)0.B 9 (=.)>3..
%#?'!#*?%"#*$
MARKETS
BY ANNAMARIA ANDRIOTIS
Ben Oliver and his partner were offered far more than they needed for a loan.
Representatives for the banks
said they are working with regulators to address concerns over lending practices.
For every $1 of debt held by
Australian households today, they
have almost $6 of assets, said Steven Mnchenberg, chief executive of
the Australian Bankers Association,
an industry body representing the
lenders. He said that households on
average are two years ahead on
their mortgage payments.
Australian households have
among the highest debt levels in the
world, according to data from Barclays. As of December, their debt
had risen to 194% of annual income,
higher than the U.S. peak of 135% in
2007.
Economic
Data Help
U.S. Stocks
Edge Higher
BY AUSTEN HUFFORD
AND SAUMYA VAISHAMPAYAN
INTERNATIONAL INVESTOR
Shares in China
Take Another Fall
BY CHAO DENG
Chinese shares tumbled Thursday, continuing their recent volatility, as investors showed disappointment that the government hasnt
taken stronger stimulus measures.
The Shanghai Composite Index
dropped 3.5% to 4527.78.
A lot of people were hoping for a
rate cut this month from Chinas
central bank, but inASIA-PACIFIC stead Beijing has
STOCKS
given the market incremental stimulus
measures, said David Welch, managing director at Reorient Group.
Chinas central bank injected
cash into the financial system for
the first time in 10 weeks on Thursday, signaling its intention to reduce
borrowing costs in a struggling
economy.
Also, the State Council said late
Wednesday it would remove the
countrys long-standing loan-to-deposit ratio limit of 75% for banks, in
a bid to spur more lending to a
slowing economy.
ANZ Bank said the removal could
allow 3.5 trillion yuan ($564 billion)
of potential credit into Chinas financial system.
But investors expected more. It
was a real big disappointment for
people, Mr. Welch said. I think
that was the catalyst for the selloff.
The ChiNext Price Index of
startup companies on the Shenzhen
Stock Exchange briefly dipped into
bear-market territory, down more
than 20% from a record high on
June 3, before regaining some
FUND NAME
NAV
GF AT LB DATE CR
GL
NAV
46.59
%RETURN
YTD 12-MO 2-YR
-8.9
-8.2
-2.7
111.90
111.70
45.74
19.9
18.2
4.6
20.2
17.7
11.9
22.2
20.9
6.8
OT
-6.8
-6.9
-4.4
FUND NAME
NAV
GF AT LB DATE CR
US
US
AS
AS
AS
OT
OT
OT
OT
AS
AS
AS
AS
AS
AS
EU
EU
EU
EU
GL
OT
OT
GL
AS
OT
EA
GL
GL
JP
JP
GL
EE
OT
AS
OT
US
US
US
US
US
US
US
US
OT
EQ
EQ
BD
BD
BD
OT
OT
OT
OT
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
OT
EQ
OT
BD
BD
BD
BD
EQ
BD
BD
BD
OT
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
SFC Rebuffs
HKEx Over
Rule Change
JP
EU
EU
EU
EU
EU
EU
EU
BD
BA
BA
BA
BA
BA
BA
BA
LUX
LUX
LUX
LUX
LUX
LUX
LUX
LUX
12/06
12/06
12/06
12/06
12/06
12/06
12/06
12/06
JPY
JPY
USD
EUR
JPY
JPY
USD
EUR
125.98
115.90
153.47
US
17.7
30.8
18.3
NS
11.0
12.1
Advertisement
FUND NAME
8577.68
9032.12
79.01
121.37
10807.34
11130.39
96.94
102.83
13.5
NS
5.7
30.90
-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
0.3
13.2
-1.0
8.1
11.3
23.9
8.4
6.9
GL
NAV
1.76
10.93
0.95
1.00
9.96
1.88
1.15
3.52
1.13
2.50
10.10
10.20
3.19
2.38
11.53
3.38
1.45
11.44
0.83
0.98
1.02
9.60
0.81
1.17
2.04
1.40
4.94
1.13
3.59
0.92
0.89
0.46
1.08
1.72
0.81
1.21
9.88
9.80
0.99
1.21
0.92
9.60
0.92
1.28
143.47
10.8
17.6
Leading 10 Performers
FUND FUND
RATING * NAME
%RETURN
YTD 12-MO 2-YR
6.4
5.5
0.1
0.1
NS
14.4
15.6
13.6
13.5
18.3
18.2
19.7
19.6
21.4
21.2
5.7
5.6
9.7
9.6
4.5
0.5
NS
-0.5
17.2
9.2
3.3
6.6
6.5
17.7
17.6
-6.8
23.5
0.2
14.2
-14.3
0.2
NS
0.0
0.2
7.5
1.8
2.4
1.8
-0.5
10.5
NS
-0.4
NS
NS
19.1
NS
9.5
9.2
5.9
NS
33.2
32.8
28.9
28.6
-29.5
-29.6
-3.3
-3.6
0.4
5.4
NS
-25.8
19.3
21.5
12.2
6.2
5.9
8.2
7.9
-23.8
-27.7
-1.0
9.4
-16.2
0.7
NS
NS
NS
5.8
-5.2
NS
NS
-2.6
17.3
NS
2.6
NS
NS
17.6
NS
15.7
15.4
13.4
NS
24.4
24.1
27.1
26.8
-9.8
-9.9
11.3
11.1
11.5
11.5
NS
-4.4
NS
22.8
23.1
15.4
15.2
7.9
7.6
-4.1
-9.8
2.2
15.5
-5.1
3.2
NS
NS
NS
12.7
3.4
NS
NS
0.9
-15.2
-15.9
-10.9
FUND NAME
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NAV
GF AT LB DATE CR
NAV
2155.22
%RETURN
YTD 12-MO 2-YR
NS
NS
NS
NAV
%RETURN
YTD 12-MO 2-YR
1007.72
1361.59
11.61
4.3
3.4
12.2
-11.5
-6.4
9.7
-5.9
8.9
26.5
NS
129.92
102.66
4.5
2.4
11.3
5.6
3.2
11.3
5.6
3.8
0.7
% Return in $US **
1-YR 2-YR 5-YR
1.91
0.77
NS
NS
2.10
0.64
4.25
NS
2.08
0.49
4.08
7.03
1.38
0.38
2.07
NS
2.78
0.14
4.47
7.25
2.66 -0.05
6.24
7.94
0.93
-0.22
NS
NS
1.91
-0.23
3.78
7.25
1.10
-0.38
3.84
6.16
1.58 -0.50
4.95
6.82
NAV
GF AT LB DATE CR
FUND NAME
GC Hi Yield Inc-Cls P USD MDIs sh
GC Hi Yield Inc-ClsA MDIs EUR H
Hi-Div Stk Cls A1
Hi-Div Stk Cls A2 MDIs
Hi-Div Stk Cls A2 MDIs AUD H
Hi-Div Stk Cls A2 MDIs CAD H
Hi-Div Stk Cls A2 MDIs GBP H
Hi-Div Stk Cls A2 MDIs HKD
Hi-Div Stk Cls A2 MDIs NZD H
Intel-China Converg Fund-A Units
Intel-Chinese Mainland Foc Fund
VP Classic-A Units
VP Classic-B Units
VP Classic-C Units
VP Classic-C Units AUD H
VP Classic-C Units CAD H
VP Classic-C Units NZD H
VP Taiwan Fund
OT
OT
OT
OT
OT
OT
OT
OT
OT
AS
AS
AS
AS
AS
AS
AS
AS
AS
OT
OT
OT
OT
OT
OT
OT
OT
OT
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
06/24 USD
06/24 EUR
06/24 USD
06/24 USD
06/24 AUD
06/24 CAD
06/24 GBP
06/24 HKD
06/24 NZD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 AUD
06/24 CAD
06/24 NZD
06/24 USD
NAV
9.35
10.45
84.92
12.89
11.80
11.82
11.21
11.78
11.88
190.48
52.66
328.36
148.91
18.94
15.55
15.32
15.57
16.06
%RETURN
YTD 12-MO 2-YR
8.6
NS
13.8
13.8
15.0
14.0
NS
13.9
15.7
29.7
29.6
23.0
22.7
23.7
25.2
25.2
26.8
4.2
5.9
NS
21.5
21.7
24.4
22.5
NS
21.6
25.2
60.0
56.6
47.7
47.0
48.7
54.6
52.6
54.8
-3.8
8.1
NS
18.0
18.4
NS
NS
NS
NS
NS
33.9
32.0
30.7
30.0
30.9
NS
NS
NS
10.8
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
AS
AS
AS
AS
AS
AS
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
OT
EQ
EQ
EQ
EQ
EQ
EQ
OT
OT
OT
OT
OT
OT
OT
OT
HKG
HKG
HKG
HKG
HKG
HKG
HKG
HKG
HKG
HKG
HKG
HKG
HKG
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
CYM
06/24 AUD
06/24 AUD
06/24 CAD
06/24 EUR
06/24 GBP
06/24 GBP
06/24 HKD
06/24 HKD
06/24 NZD
06/24 NZD
06/24 CNH
06/24 USD
06/24 USD
06/24 HKD
06/24 AUD
06/24 CAD
06/24 NZD
06/24 USD
06/24 HKD
06/24 GBP
06/24 AUD
06/24 CAD
06/24 NZD
06/24 HKD
06/24 HKD
06/24 SGD
06/24 USD
14.71
13.82
13.93
14.66
14.24
14.11
14.73
14.96
14.40
13.52
15.15
14.89
14.63
69.74
11.87
11.73
12.03
11.70
12.88
10.04
9.56
9.58
9.73
12.44
9.30
10.03
12.54
FUND NAME
NAV
GF AT LB DATE CR
Platinm-Emancipation
Platinm-Equity Plus
Platinm-Gbl Dividend
Platinm-Nordic
Platinm-Premier
Platinm-Turnberry
OT
OT
GL
OT
OT
OT
EQ
OT
EQ
OT
OT
BD
CYM
USA
CYM
CYM
CYM
USA
05/31
05/29
05/31
10/31
12/31
02/28
USD
USD
USD
SEK
USD
USD
NAV
105.47
35.02
NS
NS
NS
60.14
Platinm-All Star
Platinm-All Weather
Platinm-Dynasty
YTD
Okasan US
Okasan Asset
JPYJPN
ShortTermHighYieldBondOp Management Co., Ltd.
Fidelity US
FIL Investments
JPYJPN
HighYieldFundAssetGrowth (Japan) Limited
Fidelity US
FIL Investments
JPYJPN
High Yield
(Japan) Limited
SMAM US
Sumitomo Mitsui
JPYJPN
ShortTermHighYieldBondUnHdg Asset Management Co., Lt
Fidelity
FIL Investments
JPYJPN
High Yield Bond A (Japan) Limited
MHAM US High Mizuho Asset
JPYJPN
Yield Bond Fund USD Management Co., Ltd.
SMTAM PIMCO Sumitomo Mitsui
JPYJPN
USH/YBdCcySelD1YUSD Trust Ast Mgmt Co., Ltd.
Invesco
INVESCO Asset
JPYJPN
Monthly Income Management (Japan) Limited
SMAM US
Sumitomo Mitsui
JPYJPN
High-YieldBondNoHedged Asset Management Co., Lt
Nikko PIMCO
Nikko Asset
JPYJPN
High Yield A
Management Co., Ltd.
NAV
GF AT LB DATE CR
LEGAL
CURR. BASE
27.0
NS
27.3
27.6
23.5
32.7
26.5
29.6
24.9
NS
28.3
29.8
26.2
14.5
14.5
13.3
15.8
14.0
14.5
NS
9.8
8.8
10.6
8.6
8.5
8.9
8.6
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
17.6
17.8
16.7
20.1
16.5
17.7
NS
8.3
6.5
9.8
6.0
6.1
NS
5.9
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
19.5
NS
NS
NS
NS
NS
NS
NS
NS
NS
8.0
8.1
NS
8.1
Funds investing primarily in riskier and lower-quality bonds. The funds hold high yield portfolios, exposed
to economic and credit risk. Ranked on % total return (dividends reinvested) in U.S. dollars for one year
ending June 25, 2015
HONG KONGHong Kongs securities regulator said Thursday it objected to a plan put forward by the
citys stock exchange to allow dualclass shares and other weightedvoting structures in certain circumstances, potentially dealing a fatal
blow to the proposal.
In some jurisdictions, including
the U.S., companies can set up such
share structures to give more rights
to one class of their investors than
to another. One recent prominent
example was Alibaba Group Holding Ltd.s listing in New York in September, raising $25 billion with a
share structure that allows its partners to nominate the majority of the
board in perpetuity.
Hong Kongs loss of the Alibaba
offering to the U.S. prompted the
citys stock exchange to solicit investors views on changing its own
rules. After that survey last fall
drew a mixed response, the exchange said last week it was planning to begin a second round of
market consultations on whether to
allow such structures.
However, the Securities and Futures Commission said Thursday
that Hong Kongs reputation would
be harmed if [weighted-voting
rights] structures became commonplace. The agency said it had seen a
more detailed version of the draft
proposal than the excerpts the exchange released last week.
The objection by the securities
regulator is an embarrassment for
06/24 USD
06/24 HKD
06/24 USD
06/24 USD
06/24 HKD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 HKD
06/24 USD
06/24 USD
06/24 USD
06/24 HKD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 HKD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/24 USD
06/17 HKD
06/24 HKD
06/24 USD
06/24 USD
06/24 USD
04/09 HKD
06/24 USD
06/24 USD
BY JULIE STEINBERG
Fund Scorecard
GL
GL
GL
GL
GL
GL
GL
OT
OT
OT
OT
OT
OT
OT
CYM
CYM
CYM
VGB
VGB
VGB
VGB
05/29
05/29
05/29
05/29
05/29
05/29
05/29
EUR 1403.67
GBP 1425.77
USD 1780.07
EUR
291.04
GBP
318.08
JPY 20324.17
USD 1035.07
For information about listing your funds, please contact: Freda Fung tel: +852 2831 2504; email: [email protected]
%RETURN
YTD 12-MO 2-YR
0.2
-18.2
3.4
2.6
-55.9
-1.2
-8.5
-63.7
-3.1
4.7
-66.0
-3.0
5.7
-45.6
0.3
1.2
-44.3
NS
1.7
1.7
1.3
1.6
1.6
1.1
1.2
17.2
17.6
16.7
13.6
14.0
13.4
13.2
12.0
12.3
11.9
9.0
9.3
9.0
8.9
LIST YOUR
FUNDS
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
INDEX PERFORMANCE
Year-to-date
52-week
Italy
0.72%
Netherlands
0.30
18.4
26.8
China 88
-3.30
18.4
102.2
France
0.05
18.3
14.2
23.6%
9.9%
Germany
0.02
14.2
13.5
Hong Kong
-0.38
13.0
11.9
Spain
-0.14
11.3
6.1
Sweden
-0.36
10.3
17.2
U.K.
-0.47
Switzerland
-0.11
3.6
-0.16
South Korea
-0.89
-1.5%
0.1
-11.8
Turkey
-1.17
-3.8
3.4
Brazil
-1.88
-0.82%
9.8%
11.0%
0.40
9.7
15.0
Asian 50
-0.36
9.0
1.2
Constructn Mat
-0.06
8.0
-5.4
7.7
17.3
7.1
-0.5
Telecomm
0.28
6.7
2.8
Media
0.69
6.3
12.8
0.03
6.0
5.6
Fincl Svcs
0.04
5.9
Chemicals
0.08
5.6
Global 50
0.15
2.1
-0.1
Technology
0.14
1.1
7.4
Arab 50
-0.35
35.1%
77.04
99.00
1.43
12.6
12.6
1.36
Japan
52-week
YTD
2.74
9,075
45.1
46.1
Semiconductors
45.57
146.50
1.03
17.7
3.9
AIA Group
Life Insurance
19.99
52.70
0.76
35.6
22.6
-2.73%
44.6
28.6
-2.53
-4.2
-4.4
Hong Kong
Fanuc
Japan
Industrial Machinery
$1.24
25,645
Samsung Electronics
Korea
Semiconductors
0.21
1,269,000
Hong Kong
Life Insurance
38.21
34.25
-2.14
67.5
13.0
China Mobile
Hong Kong
Mobile Telecommunications
13.16
101.30
-1.84
34.5
11.7
Komatsu
Japan
5.15
2,524
-1.68
7.4
-6.0
Volume
in millions
Seven I Holdings
2.09
Japan (Broadline Retailers)
Tokio Marine Holdings
1.63
Japan (Property Casualty Insurance)
Shin-Etsu Chemical
1.54
Japan (Specialty Chemicals)
Canon
6.17
Japan (Electronic Office Equipment)
Commonwealth Bk Australia
2.83
Australia (Banks)
Honda Motor
3.71
Japan (Automobiles)
Reliance Industries GDR
0.37
United Kingdom (Exploration Production)
Rio Tinto
1.30
Australia (General Mining)
Nippon Steel Sumitomo Metal
21.90
Japan (Iron Steel)
Mitsubishi
3.30
Japan (Industrial Suppliers)
BHP Billiton
6.18
Australia (General Mining)
Sumitomo Mitsui Financial Group
5.38
Japan (Banks)
National Australia Bank
4.93
Australia (Banks)
East Japan Railway
0.61
Japan (Travel Tourism)
KDDI
3.99
Japan (Mobile Telecommunications)
Mizuho Financial Group
218.13
Japan (Banks)
Industrial Commercial Bank of China 274.19
Hong Kong (Banks)
Sun Hung Kai Properties
3.00
Hong Kong (Real Estate Holding Development)
SoftBank
4.82
Japan (Mobile Telecommunications)
Takeda Pharmaceutical
1.79
Japan (Pharmaceuticals)
14.5
-1.7
-7.3
-4.7%
37.6%
Taiwan
Company/Country (Industry)
Health Care
0.06
1.62%
Tiger 50*
-0.02
2,388
$5.66
Japan
-31.7
Retail
Mobile Telecommunications
NTT DoCoMo
0.8
-11.4
STOCK PERFORMANCE
Previous session
Industry
5.3
Singapore
Previous
close, in
local currency
Country
0.1
1.6
Volume
in millions
Company
Latest,
in local
currency
STOCK PERFORMANCE
Latest 52-week
YTD
Company/Country (Industry)
5,307
0.61%
24.9%
21.8%
5,168
0.54
52.5
31.4
7,633
0.30
23.5
-3.0
4,210
0.23
26.0
9.6
87.29
0.11
6.4
1.9
4,061
...
14.9
15.2
31.00
...
-9.9
9.9
55.63
-0.07
-7.1
-4.1
330.50
-0.09
1.7
9.8
2,795
-0.13
31.3
26.1
28.51
-0.14
-16.4
3.9
5,513
-0.16
28.1
26.0
34.45
-0.20
3.6
2.5
11,275
-0.27
42.5
23.6
2,958
-0.29
43.8
16.2
271.00
-0.29
30.3
33.8
6.70
-0.30
37.3
18.4
128.90
-0.31
21.7
9.0
7,485
-0.44
-1.6
3.8
6,031
-0.59
28.1
20.7
Volume
in millions
Latest,
in local
currency
STOCK PERFORMANCE
Latest 52-week
YTD
33.44
-0.59%
-1.4%
4.2%
9.04
-0.66
-7.9
5.4
835.90
-0.72
14.4
21.1
132,000
-0.75
-42.5
-21.9
905.00
-0.79
45.5
36.2
836.60
-0.81
12.9
-7.1
35.68
-0.97
-14.2
-6.1
1,693
-0.99
3.3
4.4
162.00
-1.04
36.9
44.0
11.34
-1.05
-17.7
8.6
33.31
-1.07
-3.3
0.5
227,500
-1.09
-25.4
-17.4
26.38
-1.20
-26.9
-14.0
7.28
-1.22
24.9
14.6
8,338
-1.31
38.8
10.3
39.91
-1.33
-6.3
-4.3
1,692
-1.40
29.3
30.9
5.13
-1.40
47.8
17.4
4,516
-1.41
21.6
35.7
1,258
-1.57
29.6
19.0
Tracking
credit
markets &
dealmakers
Credit derivatives
Spreads on credit derivatives are one way the market rates
creditworthiness. Regions that are treading in rough waters
can see spreads swing toward the maximumand vice versa.
Indexes below are for five-year swaps.
Markit iTraxx Indexes
Index: series/version
Mid-spread,
in pct. pts.
Mid-price
Europe: 23/1
Eur. High Volatility: 20/1
Europe Crossover: 23/1
Asia ex-Japan IG: 23/1
Japan: 23/1
Coupon
Spreads
Spreads on
ve-year swaps
for corporate
debt; based on
Markit iTraxx
indexes.
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.
0.68
101.56%
0.01%
0.76
0.53
0.62
0.52
101.68
0.01
0.66
0.48
0.54
39
40
2.95
109.14
0.05
3.35
2.43
2.79
Mitsui Chems
79
12
Nishimatsu Constr
77
15
4
1.08
99.64
0.01
1.15
1.04
1.08
Bridgestone
20
27
0.55
102.20
0.01
0.62
0.48
0.54
25
...
MARUI GROUP
43
87
YAMAHA Mtr
29
2
2
NOTICE TO READERS
All statistics published in
The Wall Street Journal
Asia from markets outside
the Asian-Pacific region
reflect preliminary data.
In percentage points
Index roll
Europe
t
2.00
1.50
1.00
ANA HLDGS
74
12
27
Hongkong Ld
109
28
SANYO Elec
42
23
Korea Dev Bk
53
Mitsui Fudosan
36
Bk of Tokyo Mitsubishi
54
13
48
0.50
0
WSJ.com>>
n Equity capital markets n Debt capital markets (both in billions, left axis)
75%
(right axis)
t
50
25
0
2007
2008
2009
2010
2011
2012
2013
2014
2015
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; MATIF: Marche a Terme International de France; LME: London Metal Exchange; NYMEX: New York Mercantile Exchange;
ICE: IntercontinentalExchange. *Data as of 6/24/2015.
Year
ONE-DAY CHANGE
Commodity
Exchange
Last price
Net
Percentage
high
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 ($/ton)
CBOT
CBOT
CBOT
CME
ICE-US
ICE-US
ICE-US
ICE-US
MATIF
ICE-EU
ICE-EU
Copper ($/lb.)
Gold ($/troy oz.)
Silver ($/troy oz.)
Aluminum ($/ton)*
Tin ($/ton)*
Copper ($/ton)*
Lead ($/ton)*
Zinc ($/ton)*
Nickel ($/ton)*
COMEX
COMEX
COMEX
LME
LME
LME
LME
LME
LME
380.25
975.75
532.25
148.525
3,265
133.45
11.88
65.45
391.00
2153.00
1805.00
8.75
19.75
9.00
-1.800
-17
-1.65
-0.14
0.86
3.75
-11.00
-13.00
2.6220
1172.70
15.840
1,730.00
15,250.00
5,779.50
1,805.00
2,058.00
12,830
-0.0020
-0.20
-0.050
7.00
40.00
45.50
20.00
18.00
130
59.84
1.8716
2.0025
2.826
63.78
575.75
-0.43
-0.0115
-0.0223
0.044
-0.38
-8.00
NYMEX
NYMEX
NYMEX
NYMEX
ICE-EU
ICE-EU
426.50
1,031.50
613.00
156.300
3,316
191.40
16.70
66.99
392
2,180
2,116
2.36%
2.07
1.72
-1.20%
-0.52
-1.22
-1.16
1.33
0.97
-0.51
-0.72
Year
low
351.75
895.75
469.25
137.950
2,667
126.30
11.52
61.28
330
1,844
1,592
0.41
0.26
0.79
1.12
0.88
1.02
64.12
2.0684
2.1371
3.1880
71.37
630.75
-0.71
-0.61
-1.10
1.58
-0.59
-1.37
AMERICAS
Per euro
In euros
Per
U.S. dollar
Argentina peso-a
10.1580
0.0984
9.0725
0.1102
3.4854
0.2869
3.1129
0.3212
Canada dollar
1.3836
0.7228
1.2359
0.8092
Chile peso
706.84
0.001415
631.30
0.001584
2861.00 0.0003495
2555.24
0.0003914
Ecuador US dollar-f
1.1197
0.8931
Mexico peso-a
17.3718
0.0576
15.5154
0.0645
Peru sol
3.5469
0.2819
3.1679
0.3157
Uruguay peso-e
30.132
0.0332
26.910
0.0372
U.S. dollar
1.1197
0.8931
7.05
0.141754
6.30
0.158729
Venezuela bolivar
Australia dollar
1.4465
0.6913
1.2920
China yuan
6.9524
0.1438
6.2094
0.1610
8.6800
0.1152
7.7522
0.1290
India rupee
71.1130
0.0141
63.5137
0.0157
14897
0.0000671
Indonesia rupiah
138.42
0.007224
123.64
0.008088
208.71
0.004792
186.21
0.005370
Macau pataca
8.9395
0.1119
7.9842
0.1252
Malaysia ringgit-c
4.2032
0.2379
3.7540
0.2664
1.6206
0.6170
1.4476
0.6908
Pakistan rupee
113.989
0.0088
101.798
0.0098
Philippines peso
50.468
0.0198
45.075
0.0222
Singapore dollar
1.5040
0.6649
1.3433
0.7444
1245.03 0.0008032
WSJ.com>>
Close
ASIA-PACIFIC
DJ Asia-Pacific TSM
1553.43
-2.91
Australia
SPX/ASX 200
5632.70
-54.10
China
Shanghai Composite
4527.78
Net change
-0.19%
-0.95
-162.37 -3.46
27145.75
-259.22
India
27895.97
166.30
Indonesia
Jakarta Composite
4920.04
-33.47
PERFORMANCE
Percentage change
Yr.-to-date
PREVIOUS SESSION
Index
Japan
20771.40
0.60%
-0.68
-96.63
0.02962
6.6634
0.1501
0.003199
279.22
0.003581
0.007581
Iceland krona
147.69
0.006771
131.91
Norway krone
8.7524
0.1143
7.8177
0.1279
Poland zloty
4.1721
0.2397
3.7263
0.2684
Russia ruble-d
61.192
0.01634
54.653
0.01830
Sweden krona
9.2325
0.1083
8.2465
0.1213
Switzerland franc
1.0485
0.9538
0.9364
1.0679
2.9737
0.3363
2.6559
0.3765
23.7060
0.0422
21.1500
0.0473
0.7119
1.4048
0.6358
1.5728
Bahrain dinar
0.4221
2.3689
0.3770
2.6525
Egypt pound-a
8.5369
0.1171
7.6246
0.1312
Israel shekel
4.2274
0.2366
3.7756
0.2649
3.3068
U.K. pound
MIDDLE EAST/AFRICA
Kuwait dinar
0.3386
2.9534
0.3024
0.4311
2.3196
0.3850
2.5972
Qatar rial
4.077
0.2453
3.641
0.2747
4.1989
0.2382
3.7502
0.2667
13.5608
0.0737
12.1125
0.0826
4.1126
0.2432
3.6728
0.2723
a-floating rate b-commercial rate c-government rate c-commercial rate d-Russian Central Bank rate.
Source: Tullett Prebon
Euro Stoxx
40.0
122.1
Denmark
OMX Copenhagen
862.70
1.19
17.0
Finland
OMX Helsinki
8573.21
-13.37
1.4
11.3
France
CAC-40
5041.71
-3.64
-5.9
1.0
Germany
DAX
11473.13
1.87
35.7
Italy
FTSE MIB
23642.62
199.55
AEX
492.39
-0.23
Euro Stoxx 50
-0.74
9045.32
-36.49
South Korea
Kospi
2085.06
-0.47
Taiwan
Weighted
9476.34
79.03
Thailand
SET
1519.47
1.21
EUROPE
396.39
-0.93
Stoxx Europe 50
3421.98
-15.45
-0.53
4.9
10.0
Turkey
BIST 100
83277.09
-863.56
-0.04
-0.5
2.2
U.K.
FTSE 100
6807.82
-36.98
-0.02
8.8
4.5
AMERICAS
DJ Americas
519.35
1.00
0.84
0.08
-0.23
-0.45
PERFORMANCE
YearThree-yr.,
to-date
52-wk. annualized
4.8%
2.1%
3.5
-0.4
2.0
-0.0
8.9
3.4
9.6
1.2
7.2
-4.4
4.4
-3.1
9.0
0.6
8.9
2.1
18.0
25.1
11.8
21.4
44.6 134.8
13.7%
13.7
11.0
10.2
9.9
14.2
4.4
8.8
5.5
15.6
13.9
30.6
1.8
1.7
Brazil
Bovespa
53019.89
-822.64
1.5
2.8
Argentina
Merval
11487.96
-65.44
Mexico
IPC
45496.24
71.30
15.7
15.9
13.9
13.0
Price-toDividend earnings
yield*
ratio* S&P Dow Jones Index
0.60%53.06
1.93 23.23
6.00 16.12
6.80 14.19
2.03 21.66
2.38 18.95
2.07 12.89
3.76 30.31
Last
Shenzhen -c
760.62
U.S. TSM
22136.43
Global Select Div
237.86
Asia/Pacific Select Div 301.71
Hong Kong Select Div -c 196.68
U.S. Select Dividend -d 1399.29
Islamic Market
2985.50
Islamic Market 100
3297.32
Islamic China/HK Titans 30 1989.03
Sustainability Korea -c 1412.39
Brookfield Infrastructure 3488.87
DJ Commodity
558.87
Net
change
-27.40
25.07
-0.75
-2.23
-0.91
-0.76
-0.47
1.07
-16.81
-8.54
-9.43
1.05
Daily
PERFORMANCE
YearThree-yr.,
to-date
52-wk. annualized
34.3%
17.7
7.0
1.3
3.9
16.1
13.1
13.7
11.2
0.5
11.9
-6.3
0.1221
0.0006
0.063
5.355
0.0070
2.065
0.172
5.771
8.279
0.251
0.230
RUPEE
63.514
49.160
99.894
51.393
10.240
71.113
8.193
0.0048
0.514
43.875
0.0571
16.919
1.409
47.282
67.828
2.052
1.881
RUPIAH
13305.00
10298.07
20926.10
10765.87
2144.17
14896.94
1716.30
209.48
107.62
9191.10
11.96
3544.22
295.17
9904.71
14208.67
438.10
394.11
YEN
123.635
95.690
194.450
100.043
19.911
138.420
15.948
1.9466
0.0093
85.430
0.1112
32.934
2.743
92.042
132.030
3.995
3.662
NZ$
1.448
1.120
2.277
1.171
0.233
1.621
0.187
0.0228
0.0001
0.012
0.0013
0.386
0.032
1.078
1.546
0.047
0.043
WON
1111.98
860.67
1748.92
899.77
179.01
1245.03
143.44
17.51
0.08
8.99
768.16
296.21
24.67
827.80
1187.38
35.93
32.94
0.08%
-0.00%
0.14
52-wk.
16.4%
13.5%
14.8
11.0
27.7
29.5
-0.16
10.5
12.8
-0.07
18.0
13.0
17.0
16.3
0.02
0.85
-0.05
-1.06
-0.12
-0.40
-1.03
-0.54
0.19
-1.53
-0.57
0.16
24.4
10.1
16.0
19.5
19.0
-31.9
10.0
3.1
0.7
5.4
-2.9
5.4
3.7
1.1
2.4
5.1
6.0
-0.8
33.9
43.9
5.4
6.2
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.
0.115
0.0141
0.0001
0.007
0.617
0.0008
0.238
0.020
0.665
0.954
0.029
0.026
-0.04
3.1
SMI
-1.46
6.952
0.801
0.0977
0.0005
0.050
4.289
0.0056
1.653
0.138
4.625
6.630
0.201
0.184
3610.91
4.1
Switzerland
3349.87
HK$
7.752
6.000
12.193
6.273
1.248
8.680
0.29
16.8
Straits Times
EURO
0.893
0.691
1.405
0.723
0.144
372.01
6.1
Singapore
YUAN
6.209
4.810
9.753
5.016
Net change
-0.73
-0.80
Daily
Euro Zone
PERFORMANCE
Percentage change
Yr.-to-date
PREVIOUS SESSION
-10.13
-61.42
-0.01%
-0.03
0.05
-0.20
-0.15
-0.20
-0.21
-0.38
-0.92
-1.08
-1.15
-3.61
Close
-13.50
7581.91
3457.40 -0.46
2588.98 -0.77
243.31
0.12
1553.27 -3.07
182.92 -0.28
3343.74 -6.62
260.26 -0.54
155.00 -0.60
537.31 -4.98
546.65 -5.95
5037.46 -58.78
621.88 -23.28
Index
941.32
PSEi
Net
change
Region/Country
11308.4
Philippines
52-wk.
IBEX 35
-254.02
0.199
1.384
0.159
0.0195
0.0001
0.010
0.854
0.0011
0.329
0.027
0.920
1.320
0.040
0.037
0.1340
312.63
RTSI
34077.92
0.514
0.103
0.712
0.082
0.0100
0.00005
0.005
0.439
0.0006
0.169
0.014
0.473
0.679
0.021
0.019
7.4604
Hungary forint
Spain
KSE 100
2.032
1.045
0.208
1.447
0.167
0.0203
0.0001
0.010
0.893
0.0012
0.344
0.029
0.962
1.380
0.042
0.038
Denmark krone
Russia
Pakistan
0.774
1.573
0.809
0.1610
1.120
0.129
0.0157
0.0001
0.008
0.691
0.0009
0.266
0.022
0.744
1.068
0.032
0.030
0.0411
11.8
-42.20
U.S.
Australia
Britain
Canada
China
Euro
Hong Kong
India
Indonesia
Japan
New Zealand
South Korea
Malaysia
Philippines
Singapore
Switzerland
Taiwan
Thailand
24.307
-9.2
5733.29
C$
1.236
0.957
1.944
0.0367
3.0
NZSX-50
0.636
0.492
27.215
32.3
New Zealand
A$
1.292
1.1197
-2.5
-14.87
US$
0.8931
18.7
-8.98
1716.81
Cross rates
-0.86
1670.91
Last
0.03231
33.760
0.1475
Netherlands
Topix
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
30.948
0.02646
0.5724
6.778
4.1%
19.0
-0.46
2.90% 21.25
2.67 19.39
2.86 16.93
2.21 17.30
2.17 17.95
2.99 22.08
4.54 16.44
2.99 12.97
9.77 13.09
2.07 14.41
2.38 12.58
1.13 25.97
0.02886
37.799
1.7470
0.1318
8.9%
15.0
-0.95
Malaysia
Price-toDividend earnings
yield*
ratio* S&P Dow Jones Index
34.651
Thailand baht
0.5112
7.589
Turkey lira
0.0074733
Taiwan dollar
1.956
Croatia kuna
Ukraine hryvnia
1111.98 0.0008993
133.81
Per euro
Bulgaria lev
Stock indexes from around the world, grouped by region. Shown in local-currency terms.
Region/Country
Hang Seng
149.82 0.0066747
Per
In
U.S. dollar
U.S. dollars
Per
In
In euros
U.S. dollar
U.S. dollars
In euros
13305 0.0000752
Japan yen
Hong Kong
EUROPE
0.7740
Kazakhstan tenge
Per euro
ASIA-PACIFIC
48.71
1.6136
1.5242
2.5690
53.19
481.00
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
In
U.S. dollars
Brazil real
Colombia peso
2.9545
2.4290
1,309.00 1,143.80
18.445
15.350
1,937.50 1,690.50
19,750.00 14,425.00
6,445.00 5,369.00
2,137.00 1,698.00
2,377.00 2,005.00
15,540
12,320
-0.08
-0.02
-0.31
S$ S FRANC
1.343
0.936
1.040
0.725
2.113
1.473
1.087
0.758
0.216
0.151
1.504
1.048
0.173
0.121
0.0211
0.0147
0.0001
0.0001
0.011
0.0076
0.928
0.647
0.0012
0.0008
0.358
0.249
0.030
0.021
0.697
1.435
0.043
0.030
0.040
0.028
TW$
30.948
23.954
48.675
25.042
4.984
34.651
3.992
0.4873
0.0023
0.250
21.379
0.0278
8.244
0.687
23.039
33.046
0.917
BAHT
33.760
26.130
53.098
27.317
5.435
37.799
4.355
0.5315
0.0025
0.273
23.321
0.0304
8.993
0.749
25.132
36.049
1.091
MSCI indexes
Developed and emerging-market regional and country indexes
from MSCI as of June. 25, 2015
Price-toDividend earnings
yield
ratio MSCI Index
2.40% 19
MSCI ACWI
LOCAL-CURRENCY
Last
435.41
PERFORMANCE
Daily
YTD
0.49%
4.4%
52-wk.
3.3%
2.40
19
0.58
4.4
4.1
1.80
27
0.70
7.6
6.4
2.40
19
0.61
3.6
3.3
2.90
18
EAFE
1,913.50
0.32
7.8
-2.2
344.62
2.50
14
993.31
-0.27
3.9
-3.3
2.80
14
-0.01
4.8
0.5
2.40
13
568.85
-0.16
7.4
5.9
1.70
19
Japan
1,028.50
0.15
18.7
39.1
2.50
12
China
78.27
0.73
18.5
29.7
1.10
25
4,963.50
2.15
46.9
131.4
2.50
12
Hong Kong
15,478.38
-0.58
13.4
13.2
1.40
19
India
1,032.45
-0.21
1.6
13.4
1.40
12
Korea
551.44
0.20
2.8
-5.4
3.20
16
Malaysia
604.45
0.33
-2.0
-8.6
3.50
14
Singapore
1,751.28
0.23
-1.1
0.6
2.70
14
Taiwan
352.39
0.13
2.7
8.8
2.90
17
Thailand
528.63
1.14
1.2
8.2
4.50
15
Australia
1,159.54
0.06
4.9
3.1
4.40
20
New Zealand
109.99
0.28
-3.1
-2.5
1.90
21
US BROAD MARKET
3.20
19
EUROPE
2,403.74
0.80
3.3
10.3
134.81
-0.35
15.5
14.8
Source: MSCI
P/E: 16
s 36.97, or 0.21%
s 179.97, or 1.0%
s 1,156.91, or 6.9%
High
Close
Low
P/E: 23*
LAST: 5134.46
YEAR TO DATE:
OVER 52 WEEKS
s 12.05, or 0.24%
P/E: 22
LAST: 2112.69
YEAR TO DATE:
OVER 52 WEEKS
s 398.41, or 8.4%
s 755.42, or 17.3%
s 4.11, or 0.19%
s 53.79, or 2.6%
s 155.47, or 7.9%
19000
5450
2400
18500
5300
2300
18000
5150
2200
17500
5000
2100
17000
4850
2000
50day
moving average
16500
27
2
10
Apr.
17
24
1
8
May
15
22 29
5
June
12
4700
19
27
2
10
Apr.
17
24
1
8
May
15
22 29
5
June
12
1900
19
27
2
10
Apr.
17
24
1
8
May
*Price-to-earnings ratio for the Nasdaq 100 Note: Price-to-earnings ratios are for trailing 12 months
Stock
Symbol
Volume,
in millions
Latest
CHANGE
Points
Percentage
AmExpress
Apple
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
AXP
AAPL
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
2.5
15.4
1.0
1.5
2.4
6.1
4.3
3.1
2.4
4.1
11.0
0.9
2.0
11.1
1.0
6.0
2.9
1.8
3.4
9.0
1.9
8.9
2.4
1.0
0.6
1.9
2.7
6.5
1.8
$80.05
128.17
142.81
87.16
98.99
28.50
40.26
115.01
66.34
84.54
27.15
213.71
112.98
32.21
166.60
69.00
99.51
96.38
57.91
45.65
105.14
33.95
79.72
156.72
98.20
113.78
122.46
47.80
68.71
0.69
0.06
0.19
1.01
0.28
0.02
0.07
1.24
0.14
0.14
0.11
0.72
0.63
0.30
0.37
0.02
0.18
0.26
0.33
0.02
1.08
0.28
0.21
0.82
0.58
0.19
3.29
0.51
0.15
0.85%
0.05
0.13
1.15
0.28
0.05
0.17
1.09
0.21
0.17
0.40
0.34
0.56
0.93
0.22
0.03
0.18
0.27
0.57
0.03
1.02
0.82
0.27
0.52
0.58
0.17
2.76
1.08
0.22
WalMart
WMT
2.4
72.30
0.08
0.12
22 29
5
June
12
19
15
Stock
Volume,
Symbol in millions
Latest
CHANGE
Points
Percentage
VelocityShares3xLg
SPDR S&P 500
VelocityShares3x
BankAm
AT&T
BrcliPathVIX ShFut
Vale ads
TransUnion
iShMSCIEmgMarkets
PetrlBra ADS
ClvlndBioLabs
ChespkeEngy
SPDR FnclSelSct
Apple
FacebookClA
UGAZ
SPY
UWTI
BAC
T
VXX
VALE
TRU
EEM
PBR
CBLI
CHK
XLF
AAPL
FB
45.4
40.3
39.1
30.0
22.4
19.8
18.8
17.7
17.2
16.6
16.1
15.9
15.8
15.4
15.0
$2.19
210.55
3.31
17.45
36.30
17.22
6.17
24.60
40.35
9.16
6.33
11.06
24.89
128.17
88.19
0.12
0.05
0.11
0.04
0.52
0.09
0.23
2.10
0.09
0.31
3.50
0.49
0.07
0.06
0.67
5.94%
0.02
3.31
0.23
1.45
0.52
3.59
9.33
0.22
3.27
123.67
4.24
0.28
0.05
0.75
CBLI 16,120.2
GKOS 5,610.7
ATAI
204.9
RGSE 2,308.0
PTNR
128.0
$6.33
29.25
6.89
4.57
2.83
3.50
11.25
1.72
0.93
0.49
123.67%
62.50
33.18
25.55
20.90
$30.25
2.63
67.23
8.83
3.20
12.82
0.62
15.59
1.50
0.51
29.76%
19.07
18.82
14.52
13.77
52-WEEK
High
Low
$25.77 $19.39
13.24
9.26
18.64
13.14
51.41 33.96
87.62 40.74
251.99 176.69
63.97 45.48
6.03
3.77
69.26 40.22
8.12
5.68
32.95
16.43
7.62
5.13
9.17
6.30
2.58
1.94
16.49
2.44
75.52 48.32
31.84 23.84
11.88
3.51
2.94
1.07
18.43
11.25
19.88
12.93
14.18 10.88
154.88 73.59
37.12
18.73
26.29 13.02
17.59
12.72
36.44
28.61
86.99
48.17
60.85
41.14
38.02 29.60
Biggest gainers...
ClvlndBioLabs
Glaukos
ATA
RealGoodsSolarClA
PrtnrComm
...Biggest losers
MethodEl
BioPharmX
WorldAcpt
TrovaGene
DSHealthcareGroup
MEI
BPMX
WRLD
TROV
DSKX
5,844.1
223.9
1,319.9
1,335.8
504.5
Volume,
Symbol in OOOs
Stock
TaiwanSemi
ICICI Bk ADS
InfosysADS
TataMtrs ADS
CtripInt ADS
Baidu ADS
HDFCBankADS
AUOptronicsADS
BHPBillitonADS
AdvSemiEnggADS
SonyADS
MitsuUFJ ADS
SiliconwareADS
UtdMicro ADS
VimicroIntlADS
ChinaMobile
SKTelecomADS
ChinaFinOnADS
PranaBiotech
LGDisplayADS
ChinaUnicomADS
WiproADS
NeteaseADS
SiliconMotionADS
ChinaLifeInsADS
KT Crp ADS
HondaMotorADS
POSCOADS
DrReddysLabADS
CanonADS
TSM
IBN
INFY
TTM
CTRP
BIDU
HDB
AUO
BHP
ASX
SNE
MTU
SPIL
UMC
VIMC
CHL
SKM
JRJC
PRAN
LPL
CHU
WIT
NTES
SIMO
LFC
KT
HMC
PKX
RDY
CAJ
CHANGE
Latest Points Percentage
0.71%
0.29
2.16
0.01
0.01
1.15
2.36
0.22
2.10
2.08
2.75
0.14
1.25
2.40
...
1.35
0.56
0.68
3.05
2.51
0.80
0.66
1.28
2.56
2.00
0.62
0.71
0.47
1.56
0.42
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
Country/
Maturity, in years
Yield
Previous
YIELD
Month ago
Year ago
4.250
Australia 2
2.051
134.4
135.5
139.5
205.7
2.038
2.013
2.541
3.250
10
3.070
65.2
69.3
71.0
104.1
3.061
2.921
3.604
3.500
Belgium 2
-0.136
-84.3
-80.6
-76.5
-39.3
-0.122
-0.146
0.091
0.800
10
1.267
-115.2
-112.1
-130.6
-84.2
1.247
0.905
1.721
France 2
-0.164
-87.1
-82.8
-78.3
-40.4
-0.144
-0.165
0.081
10
1.243
-117.5
-114.5
-131.4
-96.1
1.223
0.897
1.603
0.500
Germany 2
-0.193
-90.1
-87.7
-83.2
-45.0
-0.193
-0.214
0.034
0.500
10
0.867
-155.1
-151.8
-160.9
-129.8
0.849
0.602
1.265
4.750
Italy 2
0.286
-42.2
-38.6
-50.7
10.3
0.298
0.111
0.588
1.500
10
2.118
-30.0
-24.0
-36.1
17.5
2.127
1.850
2.738
0.100
Japan 2
0.006
-70.1
-67.9
-61.9
-39.5
0.005
-0.001
0.089
0.400
10
0.474
-194.4
-190.7
-178.6
-198.7
0.460
0.425
0.576
0.500
Netherlands 2
-0.182
-88.9
-85.2
-81.1
-41.4
-0.169
-0.193
0.071
0.250
10
1.107
-131.1
-128.3
-142.0
-105.9
1.084
0.791
1.504
4.200
Portugal 2
-0.001
-70.8
-69.8
-62.5
33.6
-0.014
-0.006
0.820
4
3
2
1
Wednesday
1
month(s)
3.750
0.500
5%
Coupon
The curve shows the yield to maturity of current bills, notes and bonds; all data as of 3 p.m. ET.
2 3 5 710
years
maturity
30
Ryan Index
Yield to
maturity
Modified
duration
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
3.145%
2.371
2.101
1.685
1.838
1.042
0.684
0.290
0.081
0.094
0.005
19.41
8.84
6.46
4.78
7.40
2.92
1.98
0.99
0.50
0.45
0.25
One-month bill
...
0.08
Month
to-date
TOTAL RETURN
Quarter
to-date
5.43 %
2.26
1.52
0.83
1.66
0.16
0.06
0.02
0.02
0.01
...
Year
to-date 12-month
11.19 %
3.40
2.10
1.00
2.92
0.35
0.03
0.12
0.12
0.07
0.02
6.59 %
0.84
0.23
0.81
0.69
1.39
0.58
0.29
0.19
0.14
0.05
0.01
0.01
...
7.84 %
4.30
3.36
2.43
3.61
2.15
0.98
0.43
0.28
0.20
0.07
0.02
Latest
52 wks ago
Prime rates
Euro Libor
One month
52 wks ago
U.S.
3.25%
3.25%
-0.07286%
0.08286%
2.85
3.00
Three month
-0.01571
0.17571
Offer
Eurodollars
One month
Bid
0.2500%
0.1500%
Three month
0.3300
0.2300
2.875
10
2.686
26.8
35.8
29.2
88.6
2.725
2.503
3.449
Canada
5.500
Spain 2
0.290
-41.8
-38.1
-50.9
2.4
0.303
0.110
0.508
Japan
1.475
1.475
Six month
0.05500
0.27286
Six month
0.4500
0.3500
Britain
0.50
0.50
One year
0.16929
0.44100
One year
0.7200
0.6200
1.600
10
2.101
-31.7
-27.4
-38.2
7.3
2.094
1.829
2.636
ECB
0.05
0.15
3.750
Sweden 2
-0.254
-96.2
-95.6
-88.5
-11.0
-0.272
-0.266
0.374
Switzerland
0.50
0.50
Euribor
One month
-0.06600%
0.10300%
Australia
2.00
2.50
Three month
-0.01400
0.20800
U.S. discount
0.75%
0.75%
2.500
10
1.037
-138.1
-134.7
-141.6
-83.0
1.021
0.795
1.733
Hong Kong
5.00
5.00
Six month
0.04900
0.30600
Fed-funds target
0.00
0.00
1.000
U.K. 2
0.838
13.1
12.1
7.0
35.3
0.804
0.688
0.837
One year
0.16300
0.48700
Call money
2.00
2.00
Hibor
One month
2.750
10
2.160
-25.8
-22.2
-27.1
8.8
2.145
1.940
2.651
0.625
U.S. 2
0.707
...
...
...
...
0.684
0.618
0.484
2.125
10
2.418
...
...
...
...
2.367
2.211
2.563
Libor
One month
0.24014%
0.21143%
0.18650%
0.15100%
Three month
0.28075
0.23385
Three month
0.38743
0.37429
Six month
0.44680
0.32590
Six month
0.54214
0.54857
One year
0.77575
0.54710
One year
0.84400
0.86286
Latest
n.a.
52 wks ago
0.12%
n.a.
MARKETS LINEUP
Moving the
markets
Japan
20771.40
0.46% or 96.63
Stock
Volume
in millions
Close
218.13
271
Mizuho Fin
China
4527.78
3.46% or 162.37
ASX 200
Australia
5632.70
0.95% or 54.10
The index retreated after four consecutive days of gains amid fading optimism that Greece is close to securing a
debt deal with its creditors.
27895.97
0.60% or 166.30
The market closed at a more than onemonth high as government plans that
aim to boost construction of new
homes and cities helped lift sentiment.
24000
5400
7500
36000
20000
4500
6250
30000
16000
3600
5000
24000
12000
2700
3750
18000
8000
J A S O N D J F M A M J
2015
2014
WSJ.com>>
Shanghai Composite
Change
Net
-1
1800
J A S O N D J F M A M J
2015
2014
Volume
in millions
Close
GDPowerDevelopment 1850.24
7.27
0.26
3.45
Stock
0.29
2500
J A S O N D J F M A M J
2015
2014
Change
Net
Volume
in millions
Close
FairfaxMedia
24.96
0.86
Stock
Change
Net
Stock
12000
J A S O N D J F M A M J
2015
2014
0.02
2.05
ICICIBank
Volume
in millions
Close
16.71
315.92
Change
Net
-1.83
0.58
0.47
Tokyo Electric
91.92
698
0.29
781.02
6.51
0.36
5.24
Alumina
18.06
1.57
0.06
3.40
StateBankofIndia
16.51
263.59
1.24
MitsuUFJFin
47.41
905
-7
0.79
ChinaMinshengBkA 760.36
9.40
0.41
4.18
Telstra
16.47
6.30
0.04
0.63
Vedanta
12.07
179.60
3.50
1.99
Sojitz
36.48
308
0.65
HuadianPowerIntl 634.70
11.18
0.74
7.09
MirvacGroup
13.41
1.94
0.02
1.28
NTPC
11.07
135.60
-1.20
0.88
Toshiba
31.75
430
...
0.07
SINOPEC
10.34
0.41
4.13
FortescueMetalsGrp
8.84
2.12
0.08
3.64
TataMotors
7.75
432.40
1.80
0.42
HainanAirlinesA
596.68
Japan
8,500 Japan
21,420
s 2.6% or 540
s 2.3% or 190
Singapore
S$0.74
s 2.8% or S$0.02
In yen
In yen
In Singapore dollars
12500
J A S O N D J F M A M J
2015
2014
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
30000
-0.3%
2.3%
10
1.20
240000
5000
12000
0.80
160000
2500
1.4%
45.5%
J A S O N D J F M A M J
2015
2014
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
6000
61
N.A.
1.4
J A S O N D J F M A M J
2015
2014
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Consumer Goods
Nintendo Co. Ltd.
...
2.6%
1.2%
9.8%
7.2%
75.4%
Australia
A$2.12
t 3.6% or A$0.08
In Australian dollars
40000
0.40
60
N.A.
2.6
J A S O N D J F M A M J
2015
2014
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Industrials
Noble Group Ltd.
TDK Corp.
...
2.8%
0.7%
3.6%
8.1% -46.0%
80000
57
N.A.
0.7
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Technology
SK C&C Co. Ltd.
-0.3%
3.2%
0.8%
2.2%
1.4%
67.2%
J A S O N D J F M A M J
2015
2014
28
N.A.
0.9
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Technology
FIH Mobile Ltd.
-0.3%
6.5%
0.8%
7.4%
1.4%
0.4%
United Tractors
In yen
Japan
9,760
t 4.5% or 460
12500
Hong Kong
HK$5.13 Indonesia
18,875 rupiah
t 5.7% or HK$0.31
t 6.7% or 1,350 rupiah
10
In rupiah
40000
32000
10000
32000
24000
7500
24000
16000
5000
16000
8000
24
N.A.
2.7
J A S O N D J F M A M J
2015
2014
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
0.7%
1.0%
400000
18000
In yen
...
-2.7%
In won
7500
Industrials
Fanuc Corp.
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
320000
25,645
t 2.7% or 720
J A S O N D J F M A M J
2015
2014
HK$4.77
s 6.5% or HK$0.29
1.60
Fanuc Corp.
Japan
24000
20
N.A.
1.5
0.8%
9.1%
Korea
10000
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Technology
Rohm Co. Ltd.
2.00
3.6%
44.4%
4
N.A.
2.8
J A S O N D J F M A M J
2015
2014
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Basic Materials
Fortescue Metals Group
0.1% 0.5%
-3.6% -0.5%
-7.2%
-51.4%
2500
26
N.A.
1.2
J A S O N D J F M A M J
2015
2014
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Industrials
TDK Corp.
... 0.7%
3.6%
-4.5% -0.3% 107.0%
7
N.A.
4.8
J A S O N D J F M A M J
2015
2014
Price-to-earnings ratio
Earnings per share, past four quarters
Dividend yield
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Financials
Bank of China Ltd.
-0.1% 1.8%
-5.7% -0.6%
7.5%
49.6%
8000
13
N.A.
5.8
PERCENTAGE CHANGE
Daily
1 wk. 52 wks
Industrials
United Tractors
...
-6.7%
0.7%
-7.3%
3.6%
-17.6%
Email: [email protected]
WSJ.com/Heard
OVERHEARD
74%
Bank of Communications
74
Bank of China
72
72
Minsheng Bank
72
69
66
64
THE WALL STREET JOURNAL.
Published by Dow Jones Publishing Company (Asia). Printed in Hong Kong by Euron Limited, 2/F., Block 1, Tai Ping Industrial Centre, 57 Ting Kok Road, Tai Po, Hong Kong. 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 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.
W10
W16
W11
EATING
DRINKING
ADVENTURE
TRAVEL
STYLE
FASHION
GEAR
GADGETS
MANSION
asia.WSJ.com/lifestyle
PETER OUMANSKI
Pages W2-W9
1
Casual isnt the first word that comes to mind when
you think of hurricane lamps; even the name implies a
sense of urgency. Upending expectations are these
bamboo versions, which are as laid-back as a Caribbean
breeze. At roughly 20 to 30 centimeters talltheir woven
tops perched snugly on thin iron legsthey give off an
ideal eye-level glow when set on a dining table, said
Anthropologie home-design director Bernice Kelly. Take it
up a notch by borrowing a holiday-dcor trick: Fill the
glass with battery-powered string lights instead of a
candle, and itll look like a jar of captive fireflies. Bamboo
Pedestal Lantern, from $28 for small, anthropologie.com
Plant Flowers in
Your Drink
Paper straws beat plastic every time for a simple reason: They remain
resolutely anchored, even in the most effervescent of highballs. But
these suckers go one better, combining practicality and fun with a floral
design perfectly pitched for a garden party. Fully biodegradable and
embellished with food-grade ink, theyre waterproof, too, so you dont
have to worry about your straw getting soggy before youve finished
sipping. Garden Party Straws, $6 for 25, shopterrain.com
Get Tin
Into It
Function often trumps form when dining en plein air. No such
trade-off is necessary with these unbreakable tin plates, silkscreened with antique china patterns, from Parisian shop Au
Bain Marie. My family had these same plates, said
Connecticut decorator Sam Allen. I remember pulling them out
of the picnic basket and setting the blanket with them like a
table. Unlike paper plates, they are hefty enough to withstand
an errant gust of wind. (One caution: Cutting on them with a
sharp knife can mar the designs.) Iznik Tin Plate, $14 each,
aubainmarie.fr
Alexa Brazilian
Mykonos, Greece
Provence, France
Tuscany, Italy
Marbella, Spain
CHEZ PAR-TAY
Mas Colline villa,
in Provence
Strike Gold
Run Away
With a Spoon
Alexa Brazilian
JUST FRANCE (VILLA); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (3)
Cushion
The Blowout
Green is the taupe of outdoor furniture, said Los Angeles designer Judy Kameon. If
youre planning to do much backyard entertaining, go bolder when choosing pillows. These
gutsy blue patterns or red-and-yellow stripes wont fade away.
From left: Elaine Smith Poolside Link Pillow, $149, authenteak.com; Hamza Decorative Pillow, $125,
johnrobshaw.com; Plasma Beaded Pillow, $475, shop.sunbrellaperformanceart.com; Megan K. Victor Striped
Pillow, $30, society6.com; Cabo Pillow, $525, ankasa.com
10
11 Take a Strand
Decorating with faux florals is generally a fast track to a party foul. But
tolein which leaves and buds are rendered in lacquered or enameled
metalwarecan be a sculptural antidote to synthetic flowers. This 175centimeter garland strand, its elements hand-painted and rustically
joined with wire, feels like a Parisian flea-market trove. Arrange it along
a table as a centerpiece, or entwine with outdoor lights for a luminous
botanical embellishment. Metallic Leaves Garland, $30, preorder at
shopterrain.com
M.T.H.
When next youre buying bottles for a crowd, make it a budget bacchanalia
with these delicious, inexpensive summer-weight wines
SUMMER IS BOTH
A SEASON and an
adjective with a
very particular
meaning. A summer novel is one
that wont tax
the intellect unduly; a summer romance is a love that wont last
past fall and a summer wine is invariably one of the cheapest on
the shelf.
Why is this the season for all
things insubstantial, inexpensive
and fleeting? Dont taste, character and flavor count no matter the
temperature? These qualities certainly seem de-emphasized by
many wine retailers at this time of
year. They describe wines in terms
of a place rather than taste: This
is great wine for the picnic/beach/
pool.
And wine drinkers respond accordingly. Even my most serious
oenophile friends factor in place
when selecting wines for the summer. One serves Sancerre because
he considers it the perfect pool
wine. Never mind that he hasnt
owned a pool in years.
Another friend buys only cheap
wines in summer because his
basement gets very hot. He wants
wines he doesnt have to keep
very long, and for him that means
those that are cheap. He has quite
a few pricey bottles baking away
in the very same basement, but
summer wine drinkers have their
own brand of logic.
The ultimate wine for the season is ros. Its cheap, readily
available and most often lauded as
perfect for the pool. I buy ros in
the summer, toonot because of a
pool or the price but because
summer is when the wines show
up in stores. Ross are almost impossible to find any other time of
the year. The best sell out long
before fall.
My favorite ros, produced by
Clos Sainte Magdeleine, in Cassis,
France, is not only fairly pricey
($30) but so complex that it actually improves over time. I buy a
few bottles and often put them
away, sometimes until the following summer.
Aside from ros, I buy few
wines based on the season. But
what if I did? What if I bought
BY LETTIE TEAGUE
OENOFILE: FIVE AFFORDABLE WINES THAT MAKE A CASE FOR KEEPING THE LIBATIONS FLOWING
2013 Cesani Vernaccia
di San Gimignano, $13
This lively, mediumbodied white from a
high-altitude vineyard in
Tuscanys subregion of
Pancole is marked by
notes of almond and
citrus. A wonderfully
refreshing aperitif, its
perfect to drink by the
poolas I imagine some
savvy wine salesman
would advise.
2014 Novellum
Chardonnay Pays dOc,
$12
Highly regarded winemaker
Jean-Marc Lafagefrom
the Languedoc-Roussillon
region of France, on the
Mediterraneanturns out
this well-balanced
Chardonnay fermented
in-tank and finished in
French oak. The wine is
marked by notes of peach
and a bright acidity.
Dont Use
Your Fingers
13
Camp
It Up
14
15
Invite
Pop Stars
Maybe your guest list includes a
few children. Maybe your grownup friends could stand to lighten
up a little. Either way, these ice
pop molds from Zoku will steal
the show. Fill them with your
favorite fruit juice, freeze and
serve. Or get creative by adding
fresh herbs or a shot of booze (for
the adults). They come in the
shapes of such characters as
(pictured left to right) Princess
Bella, Melodie the Songbird and
Cadence the Kittyan adorable
menagerie of eight in all. How
cool is that? Character Pops, $8
each, zokuhome.com
16
Choose a Chic-er
Picker Upper
17
Become
Incensed
Be careful when choosing a
scented accoutrement for
your gatheringbetween the
food, guests perfumes and
any necessary bug spray, a
lot of competing scents may
already be in attendance.
Heres a good bet: Hang one
(or even a few) of these
chartreuse, bee hive-shaped
incense coils near your
minglers. Its subtle jasmine
scent lightly perfumes the
air as the coil burns
upwards. Just dont forget to
extinguish after use. Incense
Cone, from $14 for small,
anthropologie.com
Kelly Michle Guerotto
18
Who says its lonely at the top? These hotel-roof bars offer ample room
to host your party when your own backyard just wont do
DECKED OUT Clockwise from above: The eco-chic Rooftop Pool Deck at Miamis 1 Hotel South Beach; Sugar
Bar, on the 32nd floor of Hong Kongs East Hotel, has views of Victoria Harbour; an herb garden is planted in
a former pool at the David Rockwell-designed Press Lounge atop Manhattans Ink48 hotel.
19
Pump Up the Outdoor Jam
20
Create a Chime Scene
SH GROUP (1 HOTEL SOUTH BEACH); PREFERRED HOTELS & RESORTS (SUGAR BAR); KRIS TAMBURELLO (PRESS LOUNGE); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (2)
Put Together
A Lounge Act
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (3)
21
Brighten
Up Your
Brolly
MissoniHome Cordula
Chaise Lounge, $5,012,
allmodern.com
24
23
Disinvite Insects,
Fragrantly
Scaring off mosquitoes usually requires
spraying noxious-smelling formulations. But
Aromaflage is designed to repel bugs and
attract humans. No DEET, just aromatic
oils, vanillin, botanical extracts and a little
vitamin E. A study at Iowa State University
found Aromaflage to be as effective as
DEET-fueled products, though it needed to
be reapplied more often. If you hate
mosquitoes and yearn to smell like citrus
and cedarwood with a hint of crme brle,
this should do the trick. Aromaflage, from
$30, aromaflage.com
K.B.
Say Sante
When it comes to outdoor dining, the
south of France arguably does it best.
Just think of Saint-Tropezs Le Club 55
and its champagne-soaked lunches la
plage. These colorful tumblersideal
for enjoying ros out in the openhail
from the same sunny region, Biot, a
small hilltop town nestled between
Nice and Cannes thats famous for its
beautiful-yet-durable air bubble-filled
glassware. Made by local atelier
Verrerie du Val de Pome in a range of
delicious colors, these cups are tough
to chip: Theyre sturdy enough to hold
their own against wildly gesturing
guests, and they look equally
celebratory filled with water or wine.
Verrerie du Val de Pome Cups, from
$39 each, biotglass.com
Alexa Brazilian
Keep Warm
And a Bit
Haute
25
John
Legend
by Definitive Technology. Theyve got Bluetooth, great sound and they look really
good.
The polymath
performer on tenting
cliff-side and dealing
with fans in airports
JOHN LEGEND WEARS A LOT OF HATS.
Known best for All of Me, the song that
bumped Pharrell Williamss Happy from
the top of the charts last year, Mr. Legend is
also a music producer, a principal in a film
company, and an education activist. Now,
hes adding an unlikely hat: tour guide.
Working with Four Seasons and TCS
World Travel, Mr. Legend has designed a
$120,000, 11-day safari into the gilded habitat of the celebrity species. In September, he
will lead up to 50 guests aboard a private
jet to five destinations from the Napa Valley
to Italys Lake Como, introducing them to
friends including Thelma Golden, director of
Harlems Studio Museum, and venture capitalist Tim Draper. There will be plenty of
luxury, too: Guests will sample rare wines
and get VIP tours of Milans Armani Museum and the Paris school where Van Cleef
& Arpels trains its watchmakers. Theyll also
zip around Lake Como on a Ferretti yacht.
Mr. Legend spoke to us from Los Angeles,
where he lives with his wife, model Chrissy
Teigen, who he said makes a mean osso
buco and cooks for him, even on the road.
When I fly I like to: watch movies, because I
never get to the theater. I also read. I just
finished an advance copy of Between the
World and Me, a look at the racial history
St. Barts last spring and a week in the Maldives for Christmas.
My first musical influence was: my grandmother. She taught me how to play gospel
piano as a child.
My favorite headphones are: the Symphony 1
AMANDA MARSALIS FOR THE WALL STREET JOURNAL, GROOMING BY TAMARA OGDEN, LOCATION: HELIPAD AT FOUR SEASONS HOTEL LOS ANGELES AT BEVERLY HILLS (PORTRAIT); PIERO MOLLICA (VILLA DESTE); CHRISTIAN SEEL (ALINEA); AYANO HISA (GINNYS)
ROAD WARRIOR
GUILLAUME DEGLISE is chief executive of Vinexpo, the worlds largest wine and spirits exhibition.
The French executive spoke with
the Journal about leaving space in
his suitcase for souvenirs, eschewing desserts and why he takes a
corkscrew along on his travels.
Favorite airline?
I fly Air France almost every week.
It is like being at home for me. I
was recently invited to their headquarters in Paris to discuss their
onboard wine-list strategy. Wine
sourcing and service is an important aspect of the French lifestyle.
Best airport?
On a recent trip to India, I was
amazed by Terminal 2 at the
Chhatrapati Shivaji International
Airport in Mumbai. It is visually
stunning with lots of Indian heritage integrated with world-class
design and architecture.
GUILLAUME DEGLISE
BODY SHOTS Photo-print swimsuits like these redefine the wet look. From
left: Lakely Tropical Print Swim Shorts, $110, tedbaker.com; Bulldog Roc Pool
Photographic Swim Shorts, $345, orlebarbrown.com; Surfsidesupply Co. Photo
Real Water Print Swim Trunks, $88, bloomingdales.com
tbla.cnbc.com
Find out more about the CNBC Travel Business Leader Award 2015.
KNOWLEDGE PARTNER
RESEARCH PARTNER
PRESENTED AT
MANSION
FROM TOP TO BOTTOM: JUSTIN CLEMONS FOR THE WALL STREET JOURNAL; STEPHEN VOSS FOR THE WALL STREET JOURNAL (4); RICKY RHODES FOR THE WALL STREET JOURNAL (2)
READY FOR GUESTS Joe and Connie Mitchells barn, top, at their ranch near Glen Rose, Texas, hosted their sons wedding reception recently. Middle row: Fred and
Karen Schaufeld restored their barn in Leesburg, Va. It has ample space for entertaining, with kitchen countertops large enough to prepare and serve food. The
northeast facade was replaced with a wall of windows. Bottom row: Bob and Marcia Williams converted an old dairy barn on their farm in northeast Ohio. On the
left is a table made from wood found under the floorboards. On the right is a view of the barns rafters.
dismantled and loaded onto two
tractor-trailers bound for their
Ten Triple X Ranch, where it was
raised and fully restored in 2000.
In 2009, the Mitchells spent
$250,000 on another party barn
for the rancha smaller Dutch
barn from New Yorks Mohawk
Valley that dates to the American
Revolution. They put the barn
next to their house, and use it for
more intimate gatherings.
They acquired both barns from
Heritage Restorations, a company
with offices in Texas, Montana and
Connecticut that specializes in relocating and restoring historic
barns, mills and houses. Party
barns are 10% of our workand
probably growing, said Kevin Durkin, founder of the company, whose
MANSION
RICKY RHODES FOR THE WALL STREET JOURNAL; BLACKBURN ARCHITECTS (BEFORE)
two-story porch.
The barns dining table and
kitchen cabinets were crafted from
wormy chestnut panels discovered
under its rotting floorboards. (The
pockmarked wooda rarityis the
byproduct of a blight in the early
1900s that wiped out nearly all the
U.S.s American chestnut trees.)
The built-in ladders to the barns
rafters are original; guests sometimes like to climb them. Thats
the downside of having a barn,
said Mr. Williams, who has found
beer cans and other mementos on
the beams after his sons parties.
Inspired by a trip to the Cotswolds in the U.K., Bill Hoppe, a
managing director at BNY Mellon,
bought an 1810 hand-hewn Englishframed barn for his ranch west of
Houston. The barn, which he spotted on Heritage Restorations website and had transported from upstate New York, was remodeled in
2008 for about $580,000, he said
adding that he did some of the carpentry and electrical work himself.
It would probably be
$700,000 to $800,000 to replicate
it today, said Mr. Hoppe, 57, who
has thrown Thanksgiving dinners,
corporate gatherings and collegefraternity reunions in the 1,200square-foot barn.
A custom antler chandelier
hangs from an old hemlock beam
over a scarred wooden bar. The
bar, which seats 10, was fashioned
from a 19th-century threshingfloor board. It reeked of horse
manure, said Mr. Hoppe, who
pressure-washed and refinished
the bar-top himself.
HONOLULU, HI
JUSTIN CLEMONS FOR THE WALL STREET JOURNAL (2)
S E L EC T YO U R M E I E R R E S I D E N C E S TA R T I N G J U N E 2 6 T H
R E S ID ENCE S AVA IL A BL E FROM $1.5 M
W A R D V I L L A G E TO K YO G A L L ER Y
2 - 5 - 16 - 8 01 S H I R O K A N E M I N ATO - K U
TO K YO 10 8 - 0 072 JA PA N
JA PA N .G A L L ER Y @ H O W A R D H U G H E S .CO M
0 3 - 5 4 8 8 - 6 370
W A R D V I L L A G E H O N O L UL U G A L L ER Y
124 0 A L A M OA N A B O UL E VA R D
H O N O L UL U, H I 9 6 814
D W I G H T. S Y N A N @ W A R D V I L L A G E .CO M
8 0 8 . 3 6 9.9 6 0 0
W A R D V I L L A G EG AT E W AY.C O M
STEPHEN VOSS FOR THE WALL STREET JOURNAL; BLACKBURN ARCHITECTS (BEFORE)
Obtain the Property Report required by Federal law and read it before signing anything. No Federal agency has judged the merits or value, if any, of this property. WARNING: THE
CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED OR QUALIFIED THIS OFFERING. This ad is not intended to be an offer to sell nor a solicitation
of offers to buy real estate in Ward Village development to residents of Connecticut, Idaho, New York, New Jersey, and Oregon, or to residents of any other jurisdiction where prohibited by law.
No offering can be made to residents of New York until an offering plan is led with the Department of Law of the State of New York. Ward Village is a proposed planned master development in
Honolulu, Hawaii that does not yet exist. Photos and drawings and other visual depictions in this advertisement are for illustrative purposes only and do not represent amenities or facilities
in Ward Village and should not be relied upon in deciding to purchase or lease an interest in the development. The Developer makes no guarantee, representation or warranty whatsoever that
the developments, facilities or improvements depicted will ultimately appear as shown. This is not intended to be an offering or solicitation of sale. Exclusive Project Broker Ward Village
Properties, LLC. Copyright 2015. Equal Housing Opportunity.
MANSION
100 miles
100 km
U.K.
En
t is sandwiched between
England and France, yet it
is not part of the European
Union. Its expat community is mostly made up of
seniors looking for an old-fashioned way of life. And it expects
foreigners to pay at least twice as
much as locals for the privilege of
living on its 78 square kilometers.
Could old Guernsey be the
worlds most unlikely tax haven?
The quirky little jurisdiction is
one of seven permanently inhabited islands in the English Channel
and sits about 145 kilometers south
of Britains mainland. But despite
the proximity, Guernsey and neighboring islands like Alderney are little known even to the British.
I used to pick clients up at the
airport who would say, I had
never even heard of Guernsey before my accountant said I should
think about moving here, said
island estate-agent Richard Fox,
director of Martel Maides.
Financial advisers favor Guernsey for is its tax system. Here, income tax is capped at 20% and
there is no inheritance or capitalgains tax. Anybody with an EU
passport can take advantage of
this system by buying a property
and spending at least 91 days per
year on the island. (Those outside
the EU will also require a visa.)
Aside from low taxes, there is a
lot to like about Guernsey. Its
coastline is beautiful, and its main
town, St. Peter Port (where Victor
Hugo wrote Les Misrables), has
good restaurants and wine bars
and ample shopping. Opportunities
for sailing, golf, tennis and horseback riding abound. The flight
from London takes under an hour.
Homes range from fine Georgian manor houses, to 17th-century
granite farmhouses, to Victorian
and Regency townhouses, often
decorated with distinctive brickwork known as quoins.
A good example in St. Peter
Port is En Faadestreets and
buildings tend to have French
names because Guernsey was once
part of the province of Normandy.
This 4,600-square-foot Georgian
townhouse with four bedrooms and
four baths is listed at 2.85 million,
or $4.43 million and is for sale in
what is known as the open market.
Under Guernseys two-tier
property system, about 21,000 of
the islands homes are designated
as local market and reserved for
islanders. Foreigners can only buy
one of the 1,600-or-so open market properties, and they do not
come cheap.
This is partly, explained Mr.
Fox, because properties designated
as open market by the islands government have tended to be the
larger and more expensive homes.
And because demand for them has
outstripped supply, a hefty premium has developed since the system was established in the 1950s.
At Les Residences, for example,
a development of 13 apartments
overlooking the scenic Cobo Bay on
Guernseys west coast, a local
buyer recently paid just under $1.5
BY THE SEA
One of Guernseys beaches
and some of the sights in
St. Peter Port, below.
A flight from London takes
less than an hour.
s
li
Ch
anne
London
Alderney
Guernsey
FRANCE
ISLE STYLE On Guernsey, a Georgian home in St. Peter Port, above, is listed for
$4.43 million. A Georgian townhouse, below, on Alderney is listed for $2.57 million.
ADVERTISEMENT
Guilford, ConneCtiCut
Five Bedroom, 4,325 square foot home built in 2003 to South Carolina
Hurricane standards; nestled between Island Bay and Joshua Cove on a
spectacular two acre waterfront peninsula. Main residence boasts a two story
family room, granite fireplace, first floor suite and oversized flagstone terrace.
Features converted four car garage, dock and mooring.
glhomes.com
$4,450,000
www.christiesrealestate.com
GL Homes
phone: 800.875.2179
glhomes.com
GL Homes
phone: 800.495.6406
Waterfront home offers enjoyment for all ages. Enjoy views of pristine
Lake Keowee. Generous grass area perfect for backyard play. Professionally
decorated, renovated in 2006. Located near the Lake House Restaurant,
Equestrian Center, and hiking trails. Tom Fazio design home course with seven
holes with views of the lake.
$1,200,000
go.CliffsLiving.com/ws
$2,995,000
LilaDelman.com
liladel.re/1076EastShore
$12,000,000
www.14-duxburypark.com
The Cliffs
Ivy Nabors
BRISBANE, CALIFORNIA
Brand new luxury Toll Brothers home ready for move-in now! Home
features views of San Bruno Mt. State Park, 4 BR, 3-1/2 BA, approx. 3,445 sq.
ft. with library, convenient commute to San Francisco, and many upgrades
throughout. Call today to make an appointment to view this home!
$1,200,000 Kinlingrover.com
$1,749,988 TollBrothersAtTheRidge.com/FinalHome
Toll Brothers
phone: 310.550.0581
email: [email protected]
phone: 401.423.3440
email: [email protected]
phone: 508.420.1130
phone: 210.387.3830
phone: 866.306.2113
MICHAEL BYERS
hen Michael
Homsany and his
wife, Kendra Pinsker, wanted to
take their 7-yearold son on a road trip from Seattle
to Los Angeles two years ago, they
didnt get a minivan or RV. They
bought a sidecar motorcycle.
An avid biker when he was
younger, Mr. Homsany, 61, gave up
on two-wheel transport years ago,
but when his son turned 5old
enough for his parents to consider
bringing him along on a serious
adventureMr. Homsany was
ready to get back on a motorbike.
Only this time, he said, he wanted
space for the entire family.
His ride, a Yamaha V Star 1100
Custom with a DMC Kenna Double
sidecar, has since become his goto vehicle for a range of errands,
from grocery shopping to school
drop-offs.
Along with impulse-buying
sports cars, climbing on a motorcycle has long been a symptom of
a midlife crisis. Now, baby boomers and Gen-Xers in the midst of
such a crisis are using bikes to
shore up family bondsby adding
a third wheel.
Motorcycles with sidecars attachedoften called sidecar rigs or
hacksare growing in popularity,
fueled in part by riders who want
to bring their spouses, children or
even the dog along for the ride.
The sidecars family-friendliness was a selling point for Tony
Poulson, a 32-year-old cartoonist
in Salt Lake City. He has two children, both under three. Until
theyre old enough to ride, Mr.
Poulson and his wife use the sidecar for date nights.
Of course, children should take
standard motorcycle-safety precautions. Minors are required to
wear a helmet in most U.S. states.
And although seat belts are not required in states that classify a
sidecar as an extension of a motorcycle, owners can have them installed. According to Russ Rader, a
spokesperson for the Insurance Institute for Highway Safety, a sidecar rig isnt designed to be as
crashworthy as a car, but installing
a seat belt makes sense because it
mitigates the risk of passengers
being ejected in a collision.
Mr. Homsany said his son wears
a full-faced helmet, armored riding
jacket and gloves. And Mr. Poulson
the car, said Bob Klein, a spokesman for the Milwaukee motorcycle giant Harley-Davidson. But the
arrival of reliable, enclosed and
relatively inexpensive cars like the
Ford Model T hurt hack sales, Mr.
Klein said. And while World War
II and the surge of motorcycle culture through the 1960s and into
the 70s gave sidecars a boost,
they have long been near or on
the fringe. Harley stopped offering
them in 2010.
Whether the current crop of
sidecar rigs marks a major comeback will rely in part on people
like Jamie Robinson, a former
professional motorcycle racer who
now produces cycle-centric travel
films. Based in Los Angeles, Mr.
Robinson, 39, and his son, Giacomo, who is 3, have been racking up kilometers in their Ural
Gear-Up rig, which can be shifted
into two-wheel drive on difficult
terrain.
Not all roads are smooth. After
using the rig to ferry Giacomo to
and from preschool, Mr. Robinson
got a stern request from school
administrators: They asked me to
please stop doing that.
But the father-and-son duo still
ride off school grounds. There is
always risk in motorcycling, and
the sidecar is also potentially dangerous, but the experience is
worth the risk, Mr. Robinson
said. The whole experience with
Giacomo has been very rich.