July 29th, 2011
06:10 PM GMT
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In this episode of "The Boss", two of our bosses have two distinct marketing strategies.

In New York, Steve Hindy taps New York's iconic designer Milton Glaser to help grow his brand and in London Sarah Curran's new addition reveals a plan to attractive new customers.

Filed under: The Boss


July 29th, 2011
06:09 PM GMT
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There's an old saying: Enjoy your work, and you'll never work another day in your life.

World famous ballet dancer Carlos Acosta has certainly taken that to heart.
His passion for dancing is evident in his work with the National Ballet of Cuba,
the American Ballet Theatre and the Royal Ballet based in London.

That's where CNN caught up with him to get a glimpse into his world.

Filed under: World at Work


July 29th, 2011
06:06 PM GMT
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CNN has spent the past eight months trekking continents searching for the secrets of successful CEOs.

In episode 32 of our series "The Boss", we ask what keeps a business leader awake at night?

For one – our first billionaire CEO, who's based in Macau, the devil is in the details. And for our UK chief executive it's all about growing the brand.

Filed under: The Boss


July 29th, 2011
01:16 PM GMT
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Johannesburg, South Africa (CNN) When you see a yellow taxicab in the movies, you know you’re watching a film about New York. London is immediately identifiable by the city’s black cabs.

Here in Africa, it is the minibus taxi that defines transport on the continent. The 16-seaters are used by millions of people each day. Love ‘em or hate ‘em, the minibus taxis are a uniquely African experience.

From Lagos to Kampala to Johannesburg, Africa’s taxis are more often than not bulging with passengers as their drivers jostle through traffic.
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July 28th, 2011
10:54 PM GMT
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Recent history reminds us that politicians often get rather creative with their language during times of crisis.

The vernacular becomes even more varied when the crisis in question is one of a financial nature; one which offers leaders ample opportunity to blind the electorate with science and, sometimes, mask the blindingly obvious.
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Filed under: Business


July 28th, 2011
10:30 AM GMT
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Hong Kong, China (CNN) – Washington’s debt deadlock continued to rattle markets here in Asia-Pacific. We saw steeper declines than those on Wednesday with financial-related stocks weighing heavy on bourses across the region.

Japan

The Nikkei closed down 1.45% breaching that psychological 10,000 point mark to close at 9,901.35. Auto exporters and financials led today’s slide. Toyota and Nissan each fell more than 2%; Mitsubishi UFJ and Sumitomo Mitsui closed down about 1.5%. One of the biggest losers of the day was in the tech sector: Advantest fell by nearly 7%. The world’s largest maker of memory-chip testers announced its operating profit fell more than 50% from last year. On the flip side, Hitachi Construction jumped nearly 4% after a surge in its Q2 net profit.

Hong Kong

The Hang Seng ended nominally higher, rising 0.13% to close at 22,570.74. It was a similar picture to that on the Nikkei with financials leading the fall. China Construction Bank closed down 0.94% while Industrial and Commercial Bank of China closed down 1.67%.

Mainland China

Financials dragged things down on the mainland as well. The Shanghai Composite closed down 0.54% to end at 2708.78. Beijing has also ordered new directives on loans, particularly in real estate, which soured that industry’s mood.

South Korea

The Seoul Kospi followed the region lower to close 0.85% at 2,155.85. Asiana Airlines fell 4.74% after one of its cargo planes crashed earlier Thursday morning. Meanwhile, insurance companies were rattled by continued torrential rains slamming the country. LIG Insurance closed down 0.55%, Dongbu Insurance paired earlier losses to close exactly flat at 0.00% while Samsung Fire & Marine pulled out of earlier negativity to post a gain of 0.85% at the close.

Australia

Down under, the ASX 200 fell 1.62% to close at 4463.80 with financials and retailers leading the slide. Investment bank Macquarie Group closed down about 4.5%. Wesfarmers, the country’s second biggest retailer, fell about 2.39%. Retailers are worried about a possible interest rate hike in August when the Reserve Bank of Australia next meets. That follows yesterday’s higher than expected consumer price index figure of 0.9%. A reading of 0.7% was expected.

Asia-Pacific Currencies Gain

Major currencies in the Asia-Pacific strengthened against the U.S. dollar yet again as faith in the greenback – and Washington – continues to waver.

Over the past year, the U.S. dollar has weakened by almost 10% on the same-named U.S. dollar index. That measures its value against a basket of major world currencies including the Euro, the Japanese yen and the British pound.

In just the past month, when U.S. debt ceiling talks began to come to a boil, the Japanese yen has strengthened by nearly 4%. That has occurred against the backdrop of growing fears about the U.S. with investors moving into the safety of the Japanese currency.

And it’s a similar story with the Australian dollar. In the past month the currency has strengthened about 4.5% against the greenback. Last October it reached 1-to-1 parity with the U.S. dollar and it has not looked back since. Just yesterday, the Aussie neared a 30-year high on fears about the U.S. debt ceiling, compounded by that higher than expected CPI.

We’ve seen the same strengthening in theSingaporedollar. In the past month it’s strengthened about 3% against the dollar.

What does this mean?

There are winners and there are losers. It hurts exporters as it reduces their profits when they repatriate their earnings back home. It impacts travelers carrying U.S. dollars as it weakens their buying power in countries with stronger currencies. However, it may give a lift to retailers as the buying power of domestic consumers strengthens as consumers get more bang for their buck.

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Filed under: AsiaChinaHong KongJapanSouth Korea


July 28th, 2011
04:10 AM GMT
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China extracts and produces about 95% of the world's rare earth minerals, and since last year it has cut its exports. The World Trade Organization recently ruled China's export quotas on certain raw materials violate international trade laws. Japan, the EU and the United States have all contested that China's quotas drive up the price of products, while China argues that it's trying to protect the environment by foraging less land for rare earth minerals.

So why should you or I care about the global spat over rare earth minerals? I posed that question to American David O'Brock, the CEO of Molycorp Silmet AS, a rare earth processing plant in Estonia.

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July 27th, 2011
09:44 PM GMT
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In episode 34 of "The Boss", the business leaders we're following are making a push to get their products out.

In New York and Macau, this week it's all about selling for Steve Hindy and Francis Lui.

Despite being the boss Steve isn't afraid of getting his hands dirty when it comes to drumming up business.

And for Francis, it's a first chance to show off Galaxy's new resort.

Filed under: Quest Means BusinessThe Boss


July 27th, 2011
09:02 PM GMT
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As my hometown gears up for the 2012 Olympic Games, its inhabitants are split between whether the event will be a giant money spinner or a massive hole in the pocket.

From east to west, north to south people can be heard bemoaning the dearth of tickets while bookmakers are touting the prospects of British athletes winning gold.
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July 27th, 2011
01:48 PM GMT
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With the U.S. Federal Debt topping $14 trillion, it's worth taking a look at who actually lends the U.S. all this money.

The biggest creditor is the U.S. itself.

Of the total debt, 42% is held by the U.S. government and the Federal Reserve, according to March statistics from the U.S. Treasury.

Of that, the biggest chunk – $2.6 trillion – is held by the Social Security Agency, the U.S. government's program for retirees. Big lenders after that include the Federal Reserve and the trust funds that administer U.S. federal employee benefits.

The next chunk, 32%, is in foreign hands. That's why so many other nations have a stake in this debt standoff.

China is the largest lender, buying up $1.3 trillion in U.S. Treasuries, followed by Japan and the United Kingdom. To find out how much U.S. debt your country holds, take a look here.

The rest of the debt – 26% – is in private hands. That includes vehicles like mutual, bond and pension funds, savings bonds and institutional investors.

Lots of national governments and private investors have long chosen U.S. Treasuries because they were considered a safe haven. In times of uncertainty and crisis, the U.S. government was one of the most reliable places to park your cash. It may not be much longer.

Filed under: Business


About Business 360

CNN International's business anchors and correspondents get to grips with the issues affecting world business, and they want your questions and feedback.

 
 
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