Tony Ching Siu-tung's moviemaking career started decades before CGI, but he has found new creativity with the advances of special effects in recent years.
You can see it in his latest film, 'The Sorcerer and the White Snake', which held its premiere at last month's Venice Film Festival and is now showing in China, Hong Kong and elsewhere.
Jet Li stars as a sorcerer roaming the world to rid it of evil spirits. One demon ─ a thousand-year-old white snake ─ falls in love with an unsuspecting mortal and transforms itself into a beautiful woman in order to experience human love, leading to a climactic battle against the sorcerer.
The snake, played by mainland actress Eva Huang, has the body of a woman and a tail that loops around trees and across the emerald landscape. 'The Sorcerer and the White Snake' is filled with other striking visual effects, such as an enchanted forest with talking animals, a village haunted by human-like bat demons and a threatening pagoda where evil spirits are held in captivity.
The film is based on a well-known Chinese fable that's been adapted numerous times over the years into movies, television and stage productions.
'We all have heard this story since we were very young,' says Mr. Ching, who turns 59 at the end of this month. 'This is a legend that is perfect for our type of production of action and special effects, mixed with a love story.'
With a budget of $30 million, the film is one of the costliest Chinese productions in recent years because of its heavy use of CGI, which Mr. Ching says was crucial to the film's dream-like nature. Its combination of special effects, martial arts, humor and melodrama is a mix that has served Mr. Ching well in his previous films, including his 1987 success 'A Chinese Ghost Story' and its two sequels. Like many Hong Kong directors, he now works extensively in mainland China as the film industry there grows.
Mr. Ching spoke with the Journal about mixing action with CGI, Hong Kong films and the next generation of Asian martial-arts stars.
As audiences in China become more sophisticated, how do you keep the martial-arts genre fresh?
You have to have a good story, big actors, good technology. You always have to come up with new ideas and do new things. I think it's interesting to blend Chinese martial arts with Western CGI in order to bring a new experience to China.
What's behind rising production costs in China?
Everything is getting more expensive ─ technicians, photographers, special effects ─ if you want the best level of quality. You can have it at less cost, but then you lose quality.
As the Hong Kong movie industry becomes further entwined with China, what makes a Hong Kong film unique?
It's about style, and I think it's also about growing up in Hong Kong ─ you want to do something very local. In 'The Sorcerer and the White Snake,' there are no borders and there's no specific locale. It's a traditional fairy tale.
Asia's biggest martial-arts stars ─ Jet Li, Jackie Chan, Donnie Yen ─ are well into middle age. Where will the new talent come from?
Obviously they have to come from China, because only in China do they have a chance to exercise kung fu. But beyond that you have to be an actor, so it's not such an easy thing.
Tuesday, October 18, 2011
Monday, July 4, 2011
Foreign culture: Americans in the eyes of morality
Do Americans have any morals?That's a good question.Many people insist that ideas about right and wrong are merely personal opinions.Some voices,though,are calling Americans back to traditional moral values.William J.Bennett,former U.S.Secretary of Education,edited The Book of Virtues in 1993to do just that.Bennett suggests that great moral stories can build character.The success of Bennett's book shows that many Americans still believe in moral values.But what are they?
To begin with,moral values in America are like those in any culture.In fact,many aspects of morality are universal.But the stories and traditions that teach them are unique to each culture.Not only that,but culture influences how people show these virtues.
One of the most basic moral values for Americans is honesty.The well-known legend about George Washington and the cherry tree teaches this value clearly.Little George cut down his father's favorite cherry tree while trying out his new hatchet.When his father asked him about it,George said,"I cannot tell a lie.I did it with my hatchet."Instead of punishment,George received praise for telling the truth.Sometimes American honesty-being open and direct-can offend people.But Americans still believe that "honesty is the best policy."
Another virtue Americans respect is perseverance.Remember Aesop's fable about the turtle and the rabbit that had a race?The rabbit thought he could win easily,so he took a nap.But the turtle finally won because he did not give up.Another story tells of a little train that had to climb a steep hill.The hill was so steep that the little train had a hard time trying to get over it.But the train just kept pulling,all the while saying,"I think I can,I think I can."At last,the train was over the top of the hill."I thought I could,I thought I could,"chugged the happy little train.
Compassion may be the queen of American virtues.The story of "The Good Samaritan"from the Bible describes a man who showed compassion.On his way to a certain city,a Samaritan man found a poor traveler lying on the road.The traveler had been beaten and robbed.The kind Samaritan,instead of just passing by,stopped to help this person in need.Compassion can even turn into a positive cycle.In fall 1992,people in Iowa sent truckloads of water to help Floridians hit by a hurricane.The next summer,during the Midwest flooding,Florida returned the favor.In less dramatic ways,millions of Americans are quietly passing along the kindnesses shown to them.
In no way can this brief description cover all the moral values honored by Americans.Courage,responsibility,loyalty,gratitude and many others could be discussed.In fact,Bennett's bestseller-over 800pages-highlights just 10virtues.Even Bennett admits that he has only scratched the surface.But no matter how long or short the list,moral values are invaluable.They are the foundation of American culture-and any culture.
To begin with,moral values in America are like those in any culture.In fact,many aspects of morality are universal.But the stories and traditions that teach them are unique to each culture.Not only that,but culture influences how people show these virtues.
One of the most basic moral values for Americans is honesty.The well-known legend about George Washington and the cherry tree teaches this value clearly.Little George cut down his father's favorite cherry tree while trying out his new hatchet.When his father asked him about it,George said,"I cannot tell a lie.I did it with my hatchet."Instead of punishment,George received praise for telling the truth.Sometimes American honesty-being open and direct-can offend people.But Americans still believe that "honesty is the best policy."
Another virtue Americans respect is perseverance.Remember Aesop's fable about the turtle and the rabbit that had a race?The rabbit thought he could win easily,so he took a nap.But the turtle finally won because he did not give up.Another story tells of a little train that had to climb a steep hill.The hill was so steep that the little train had a hard time trying to get over it.But the train just kept pulling,all the while saying,"I think I can,I think I can."At last,the train was over the top of the hill."I thought I could,I thought I could,"chugged the happy little train.
Compassion may be the queen of American virtues.The story of "The Good Samaritan"from the Bible describes a man who showed compassion.On his way to a certain city,a Samaritan man found a poor traveler lying on the road.The traveler had been beaten and robbed.The kind Samaritan,instead of just passing by,stopped to help this person in need.Compassion can even turn into a positive cycle.In fall 1992,people in Iowa sent truckloads of water to help Floridians hit by a hurricane.The next summer,during the Midwest flooding,Florida returned the favor.In less dramatic ways,millions of Americans are quietly passing along the kindnesses shown to them.
In no way can this brief description cover all the moral values honored by Americans.Courage,responsibility,loyalty,gratitude and many others could be discussed.In fact,Bennett's bestseller-over 800pages-highlights just 10virtues.Even Bennett admits that he has only scratched the surface.But no matter how long or short the list,moral values are invaluable.They are the foundation of American culture-and any culture.
Thursday, May 26, 2011
The IMF's Emerging Conflict
Europe is circling the wagons. Forced to select a new head of the International Monetary Fund during a debt crisis, European politicians have lined up behind French Finance Minister Christine Lagarde, who announced her candidacy Wednesday.
That solution makes sense in Brussels. Lagarde has been in the thick of talks over the sovereign-debt crisis and would be unlikely to surprise markets and politicians by taking the IMF in a new direction.
But insider status is no unequivocal plus. There are legitimate questions about why the new chief should be a European politician, given the continent is calling so heavily on IMF resources as it tries to hold the euro together.
Emerging markets are not giving in without a fight. Representatives of Brazil, Russia, India, China and South Africa the BRICS issued a joint statement calling the practice of automatically selecting a European managing director obsolete. The G-20 did, after all, commit to an open, transparent, merit-based process.
Mexico has fielded its central-bank governor as a candidate, and there are signs South Africa's former finance minister could enter the race. But the BRICS haven't so far rallied behind a single nominee.
The reality is that the BRICS are anything but a unified bloc. Unlike the euro zone, which is trying to hold itself together, the BRICS are competitors in export markets and have different views on key policy questions. Brazil and India, for example, have been among the most outspoken critics of China's exchange-rate regime.
Given the conflicting agendas, finding a common candidate is easier said than done. But even if they can't mount a credible campaign for the top job, making a fuss will open opportunities for side deals and concessions in other areas. China has hinted that emerging-market representation in the IMF's senior management, if not the managing director spot, might be acceptable.
The whole debate puts the U.S. in a difficult position. Rather than being able to let support coalesce around a European candidate, it may now have to pick sides potentially with implications for America's grip on the top job at the World Bank in the future, too.
But even if Lagarde, as seems likely, does emerge as leader at the end of June, developed nations need to tread carefully. Emerging economies have no interest in destabilizing Europe, given its importance as an export market. But distrust of the IMF in some countries still runs deep. China, for example, has long felt the fund was run by the West for the West. For three years until 2010, Beijing didn't even allow the IMF to release its annual report on the Chinese economy.
A new managing director's most pressing role will be to solve the euro-zone debt crisis. But equally vital for his or her tenure will be reshaping the organization to ensure emerging economies are fully engaged.
That solution makes sense in Brussels. Lagarde has been in the thick of talks over the sovereign-debt crisis and would be unlikely to surprise markets and politicians by taking the IMF in a new direction.
But insider status is no unequivocal plus. There are legitimate questions about why the new chief should be a European politician, given the continent is calling so heavily on IMF resources as it tries to hold the euro together.
Emerging markets are not giving in without a fight. Representatives of Brazil, Russia, India, China and South Africa the BRICS issued a joint statement calling the practice of automatically selecting a European managing director obsolete. The G-20 did, after all, commit to an open, transparent, merit-based process.
Mexico has fielded its central-bank governor as a candidate, and there are signs South Africa's former finance minister could enter the race. But the BRICS haven't so far rallied behind a single nominee.
The reality is that the BRICS are anything but a unified bloc. Unlike the euro zone, which is trying to hold itself together, the BRICS are competitors in export markets and have different views on key policy questions. Brazil and India, for example, have been among the most outspoken critics of China's exchange-rate regime.
Given the conflicting agendas, finding a common candidate is easier said than done. But even if they can't mount a credible campaign for the top job, making a fuss will open opportunities for side deals and concessions in other areas. China has hinted that emerging-market representation in the IMF's senior management, if not the managing director spot, might be acceptable.
The whole debate puts the U.S. in a difficult position. Rather than being able to let support coalesce around a European candidate, it may now have to pick sides potentially with implications for America's grip on the top job at the World Bank in the future, too.
But even if Lagarde, as seems likely, does emerge as leader at the end of June, developed nations need to tread carefully. Emerging economies have no interest in destabilizing Europe, given its importance as an export market. But distrust of the IMF in some countries still runs deep. China, for example, has long felt the fund was run by the West for the West. For three years until 2010, Beijing didn't even allow the IMF to release its annual report on the Chinese economy.
A new managing director's most pressing role will be to solve the euro-zone debt crisis. But equally vital for his or her tenure will be reshaping the organization to ensure emerging economies are fully engaged.
Monday, May 9, 2011
Don't Even Talk About Price Hikes in China
With increases in raw material and input costs, many consumer product companies have either announced price hikes or said they're a real possibility.Typically, consumers will groan at the prospect and simply tell companies what they think with their wallets.
For companies, those comments are usually made to prepare consumers, investors, and the media for changes, but not with the intention of causing a run on supplies. As WSJ's Beijing bureau reports, China's National Development and Reform Commission has fined Unilever $308,000 for comments it made in March about raising prices on detergent in order to counter rising raw material costs. Those comments, the Commission said, triggered a run on detergent as Chinese consumers tried to stock up before a price hike:
The NDRC said Unilever's announcement of planned price increases 'had intensified consumer expectations of price hikes' and 'seriously distorted market order.'
The commission also scolded Unilever for answering numerous requests from the Chinese media about its plans, causing 'panic buying' in some cities. Unilever's actions had violated China's pricing laws, the agency said, adding 'this has been clearly determined with solid evidence.'
The NDRC said it will 'louis vuitton diaper bag' punish any attempts by companies to collude on price increases. The NDRC statement didn't cite evidence of collusion in the Unilever case, however.
The penalties could have been worse for Unilever. The pricing agency noted that the maximum fine under pricing regulations is 3 million yuan and that severe violations could lead to a suspension of operations.
A 3 million yuan fine would have translated to roughly $460,000.
For companies, those comments are usually made to prepare consumers, investors, and the media for changes, but not with the intention of causing a run on supplies. As WSJ's Beijing bureau reports, China's National Development and Reform Commission has fined Unilever $308,000 for comments it made in March about raising prices on detergent in order to counter rising raw material costs. Those comments, the Commission said, triggered a run on detergent as Chinese consumers tried to stock up before a price hike:
The NDRC said Unilever's announcement of planned price increases 'had intensified consumer expectations of price hikes' and 'seriously distorted market order.'
The commission also scolded Unilever for answering numerous requests from the Chinese media about its plans, causing 'panic buying' in some cities. Unilever's actions had violated China's pricing laws, the agency said, adding 'this has been clearly determined with solid evidence.'
The NDRC said it will 'louis vuitton diaper bag' punish any attempts by companies to collude on price increases. The NDRC statement didn't cite evidence of collusion in the Unilever case, however.
The penalties could have been worse for Unilever. The pricing agency noted that the maximum fine under pricing regulations is 3 million yuan and that severe violations could lead to a suspension of operations.
A 3 million yuan fine would have translated to roughly $460,000.
Sunday, April 10, 2011
What Does Your Watch Say About You?
As an indicator of one's status or taste -- or lack thereof -- watches have become the new shorthand. Since the Great Watch Revolution of the 1980s, when mechanical timepieces returned in force as a backlash against cheap-and-nasty quartz, and when vintage watches started to appear in auctions in greater numbers, awareness of the wristwatch has acquired a new significance.
Previously, anything more obscure than a Timex or an Accurist was appreciated only by cognoscenti. Watches were far too small to be in-your-face indicators of serious wealth -- not like the Ferrari 212 Barchetta or Maserati 300S that a Porfirio Rubirosa or a Roberto Rossellini might have parked in front of Monaco's Hotel de Paris.
Take Rolex. While everyone now recognizes the name, back in the 1950s and 1960s the brand was known almost exclusively by the pilots and professional divers who actually needed the functions the watches offered. Today, watch literacy has soared and the hugely popular television series, Mad Men, even uses watches to trace the ascent of hero Don Draper. By Series Three, Draper is seen wearing a Rolex Explorer.
As for brands such as Patek Philippe, Audemars Piguet, Vacheron Constantin and even the ineffably famous and recognizable Cartier, they were only understood by aristocrats and the gentry. Yes, there were exceptions: Duke Ellington, Miles Davis, Gene Autry, Howard Hughes (allegedly) and other iconic celebs wore Patek Philippes. Marlon Brando and Che Guevara owned Rolexes, while Steve McQueen foreshadowed the modern watch fanatic with his Rolexes and TAG Heuers. Now, the red carpet at the Oscars is a watch-lover's orgy. But this is not to suggest that populism nor egalitarianism have overtaken the prestigious image such watches impart. What has changed is that now everyone from the cab driver to the doorman, to the dentist to the divorce lawyer -- especially the divorce lawyer -- knows the difference between fine timepieces and those sold to mere mortals.
As a result, one's choice of watch is as important as the quality of the handbag, the cut of one's suit, the appropriateness of a tie's pattern, the height of the heel. If such things matter, you might consider watches fitting both your personality and the occasion.
The Italians advise three timepieces at the very least: One that suits your occupation, a dress watch for sober, formal or evening wear, and a robust watch for sport or holiday. And as for finding a watch to suit your personality, or even the one you wish to project, read on. And if you are still in doubt, just buy a Rolex Air-King.
The Fashion Icon
Dior VIII (from GBP 3,050)
John Galliano's psychotic outbreak notwithstanding, Dior is on a roll, especially with its watches. It is part of a welcome trend wherein the fashion and jewelry houses making watches have decided to offer something worthy of an illustrious name, rather than put their logos on sub-par swill sold through shopping centre jewelry stores.
Of course, in fashion, the name is everything, and The Fashion Icon will have her own preferences: For Dior, you could also read Chanel, Chaumet, Cartier (the absolute perennial favourite), Graff, Harry Winston or another great label making serious timepieces. But Dior VIII, a family of watches with heavily faceted bracelets and bezels, available with or without diamonds, in two sizes (33mm and 38mm), and with automatic or quartz movements, offers something else dear to Fashion Icons: It's so new that it's tomorrow.
The Traveller
Vogard Timezoner (from GBP 3,500)
What distinguishes The Traveller's timekeeping needs from those whose forays abroad are less frequent? For one afflicted with wanderlust, nothing less than a 'world-timer' will suffice, for it allows The Traveller to know the time, at a glance, in any time zone on the planet. And while nearly every watch manufacturer produces a wristwatch able to show the time in two or more zones, Vogard makes nothing but world-timers.
Two features in particular make the Vogard so appealing. The first is the watch's patented method of changing the home or destination time so quickly and easily. The second is the option for ordering the watch with any of 24 cities or locations engraved on the bezel.
The Banker
Patek Philippe Calatrava (from £12,980)
Given the current public mood, the banker should err toward the style of his pre-1980s forebears: That of sobriety. Whereas once bankers and other executives in the financial sector were encouraged to 'power dress'. To do so today is inadvisable. Bankers now rate somewhere between al Qaeda and lawyers in the public eye. In these straitened times, The Banker must possess an air of discretion, of solidity, of dependability. To achieve this, there is one, and only one watch: The Patek Philippe Calatrava. In continuous production since 1932, born in the Depression, as it were, the Calatrava combines no-nonsense functionality with elegance. To the untrained eye, it is anonymous. To the individual who knows, it says that the wearer prefers Romanée-Conti to, well, anything else.
The Entrepreneur
Richard Mille RM038 (£380,000)
Unlike The Banker, The Entrepreneur has to inspire potential investors, and nothing suggests pending success like existing success. Better still, The Entrepreneur knows the value of a personal detail, such as a watch, for breaking the ice. Amongst the high-fliers in an exclusive bar in Tsim Sha Tsui, in the nose of the 747 or at the links at St. Andrews, a bold watch speaks volumes.
You don't need to know anything about watches to appreciate that a Richard Mille timepiece is something out of the ordinary.
This particular Richard Mille oozes high tech. It is a tourbillon made to withstand the shocks and abuses of The Entrepreneur's most important selling tool: A round of golf.
Developed for Bubba Watson, to wear on the links, the RM038 follows on from another Richard Mille watch subjected to cruel and inhuman punishment: Rafael Nadal wore one while winning Wimbledon.
The Bohemian
Van Cleef & Arpels (£77,500)
Inspiration? The free spirit with limitless imagination. Execution? A blend of techniques, including champlevé enamel and mother-of-pearl inlay, as mastered by one of the world's greatest jewelry houses. The 19th Century writings of Jules Verne, the father of science fiction, have stirred Van Cleef & Arpels to create a series of limited edition timepieces with dials illustrating four of his novels, but most notably, Five Weeks In A Balloon.
Bohos love whimsy. Is there any mode of transport more evocative of the so-called century of Bohemianism than a hot-air balloon?
At the dial's centre, the balloon rises slowly above Zanzibar. What better than its anchor and a seagull to act as retrograde hands for minutes and hours?
A white gold case, a Jaeger-LeCoultre 846 mechanical movement, severely limited production this is the watch of an individualist.
The Daredevil
Panerai Luminor Base Logo (£3,100)
As the name suggests, The Daredevil is fearless, probably to the point of absurdity. No challenge is too threatening, no risk too great. Hang gliding, surfing, off-roading, snowboarding think Tom Cruise rock climbing at the opening of Mission Impossible 2.
The watch to withstand all that has to be either incredibly cheap-and-cheerful (Casio sells millions of G-Shocks for good reason), or over-engineered and, well, scary.
Designed for the Italian Navy's underwater saboteurs in the 1930s, Panerai's Luminor re-surfaced to become THE cult diving watch of the 1990s and onward. Its patron saint? Sylvester Stallone, who wore them in a number of his more macho films. Not only that, but he gave one to Arnie, who featured it in Eraser. Go on: Try breaking one.
The Spy
Bremont Supermarine 500 (from £2,995)
Imaginative James Bond inspired watches with built-in lasers, homing devices, suspension cables, magnets and the like are, alas, pure fiction. And, as any real spy would not want to call attention to his or her presence, anything too large or too flashy would call attention to the wearer. Equally, a spy's watch must be dependable, functional, accurate to the second and able to serve a number of roles in difficult situations. So, if the Bremont Supermarine 500 is rugged enough for Bear Grylls, precise enough for chronometer certification, legible underwater, secure to 500m and resistant to magnetism, it should survive Messrs Bond, Bauer, Bourne and the like. And Bond himself would appreciate one other feature: It's British.
Previously, anything more obscure than a Timex or an Accurist was appreciated only by cognoscenti. Watches were far too small to be in-your-face indicators of serious wealth -- not like the Ferrari 212 Barchetta or Maserati 300S that a Porfirio Rubirosa or a Roberto Rossellini might have parked in front of Monaco's Hotel de Paris.
Take Rolex. While everyone now recognizes the name, back in the 1950s and 1960s the brand was known almost exclusively by the pilots and professional divers who actually needed the functions the watches offered. Today, watch literacy has soared and the hugely popular television series, Mad Men, even uses watches to trace the ascent of hero Don Draper. By Series Three, Draper is seen wearing a Rolex Explorer.
As for brands such as Patek Philippe, Audemars Piguet, Vacheron Constantin and even the ineffably famous and recognizable Cartier, they were only understood by aristocrats and the gentry. Yes, there were exceptions: Duke Ellington, Miles Davis, Gene Autry, Howard Hughes (allegedly) and other iconic celebs wore Patek Philippes. Marlon Brando and Che Guevara owned Rolexes, while Steve McQueen foreshadowed the modern watch fanatic with his Rolexes and TAG Heuers. Now, the red carpet at the Oscars is a watch-lover's orgy. But this is not to suggest that populism nor egalitarianism have overtaken the prestigious image such watches impart. What has changed is that now everyone from the cab driver to the doorman, to the dentist to the divorce lawyer -- especially the divorce lawyer -- knows the difference between fine timepieces and those sold to mere mortals.
As a result, one's choice of watch is as important as the quality of the handbag, the cut of one's suit, the appropriateness of a tie's pattern, the height of the heel. If such things matter, you might consider watches fitting both your personality and the occasion.
The Italians advise three timepieces at the very least: One that suits your occupation, a dress watch for sober, formal or evening wear, and a robust watch for sport or holiday. And as for finding a watch to suit your personality, or even the one you wish to project, read on. And if you are still in doubt, just buy a Rolex Air-King.
The Fashion Icon
Dior VIII (from GBP 3,050)
John Galliano's psychotic outbreak notwithstanding, Dior is on a roll, especially with its watches. It is part of a welcome trend wherein the fashion and jewelry houses making watches have decided to offer something worthy of an illustrious name, rather than put their logos on sub-par swill sold through shopping centre jewelry stores.
Of course, in fashion, the name is everything, and The Fashion Icon will have her own preferences: For Dior, you could also read Chanel, Chaumet, Cartier (the absolute perennial favourite), Graff, Harry Winston or another great label making serious timepieces. But Dior VIII, a family of watches with heavily faceted bracelets and bezels, available with or without diamonds, in two sizes (33mm and 38mm), and with automatic or quartz movements, offers something else dear to Fashion Icons: It's so new that it's tomorrow.
The Traveller
Vogard Timezoner (from GBP 3,500)
What distinguishes The Traveller's timekeeping needs from those whose forays abroad are less frequent? For one afflicted with wanderlust, nothing less than a 'world-timer' will suffice, for it allows The Traveller to know the time, at a glance, in any time zone on the planet. And while nearly every watch manufacturer produces a wristwatch able to show the time in two or more zones, Vogard makes nothing but world-timers.
Two features in particular make the Vogard so appealing. The first is the watch's patented method of changing the home or destination time so quickly and easily. The second is the option for ordering the watch with any of 24 cities or locations engraved on the bezel.
The Banker
Patek Philippe Calatrava (from £12,980)
Given the current public mood, the banker should err toward the style of his pre-1980s forebears: That of sobriety. Whereas once bankers and other executives in the financial sector were encouraged to 'power dress'. To do so today is inadvisable. Bankers now rate somewhere between al Qaeda and lawyers in the public eye. In these straitened times, The Banker must possess an air of discretion, of solidity, of dependability. To achieve this, there is one, and only one watch: The Patek Philippe Calatrava. In continuous production since 1932, born in the Depression, as it were, the Calatrava combines no-nonsense functionality with elegance. To the untrained eye, it is anonymous. To the individual who knows, it says that the wearer prefers Romanée-Conti to, well, anything else.
The Entrepreneur
Richard Mille RM038 (£380,000)
Unlike The Banker, The Entrepreneur has to inspire potential investors, and nothing suggests pending success like existing success. Better still, The Entrepreneur knows the value of a personal detail, such as a watch, for breaking the ice. Amongst the high-fliers in an exclusive bar in Tsim Sha Tsui, in the nose of the 747 or at the links at St. Andrews, a bold watch speaks volumes.
You don't need to know anything about watches to appreciate that a Richard Mille timepiece is something out of the ordinary.
This particular Richard Mille oozes high tech. It is a tourbillon made to withstand the shocks and abuses of The Entrepreneur's most important selling tool: A round of golf.
Developed for Bubba Watson, to wear on the links, the RM038 follows on from another Richard Mille watch subjected to cruel and inhuman punishment: Rafael Nadal wore one while winning Wimbledon.
The Bohemian
Van Cleef & Arpels (£77,500)
Inspiration? The free spirit with limitless imagination. Execution? A blend of techniques, including champlevé enamel and mother-of-pearl inlay, as mastered by one of the world's greatest jewelry houses. The 19th Century writings of Jules Verne, the father of science fiction, have stirred Van Cleef & Arpels to create a series of limited edition timepieces with dials illustrating four of his novels, but most notably, Five Weeks In A Balloon.
Bohos love whimsy. Is there any mode of transport more evocative of the so-called century of Bohemianism than a hot-air balloon?
At the dial's centre, the balloon rises slowly above Zanzibar. What better than its anchor and a seagull to act as retrograde hands for minutes and hours?
A white gold case, a Jaeger-LeCoultre 846 mechanical movement, severely limited production this is the watch of an individualist.
The Daredevil
Panerai Luminor Base Logo (£3,100)
As the name suggests, The Daredevil is fearless, probably to the point of absurdity. No challenge is too threatening, no risk too great. Hang gliding, surfing, off-roading, snowboarding think Tom Cruise rock climbing at the opening of Mission Impossible 2.
The watch to withstand all that has to be either incredibly cheap-and-cheerful (Casio sells millions of G-Shocks for good reason), or over-engineered and, well, scary.
Designed for the Italian Navy's underwater saboteurs in the 1930s, Panerai's Luminor re-surfaced to become THE cult diving watch of the 1990s and onward. Its patron saint? Sylvester Stallone, who wore them in a number of his more macho films. Not only that, but he gave one to Arnie, who featured it in Eraser. Go on: Try breaking one.
The Spy
Bremont Supermarine 500 (from £2,995)
Imaginative James Bond inspired watches with built-in lasers, homing devices, suspension cables, magnets and the like are, alas, pure fiction. And, as any real spy would not want to call attention to his or her presence, anything too large or too flashy would call attention to the wearer. Equally, a spy's watch must be dependable, functional, accurate to the second and able to serve a number of roles in difficult situations. So, if the Bremont Supermarine 500 is rugged enough for Bear Grylls, precise enough for chronometer certification, legible underwater, secure to 500m and resistant to magnetism, it should survive Messrs Bond, Bauer, Bourne and the like. And Bond himself would appreciate one other feature: It's British.
Wednesday, April 6, 2011
Asia's Banking Bonanza: Resource Deals
Deals involving natural-resource companies helped drive investment-banking revenues for the Asia-Pacific region to a record in the first quarter, despite a decline in share sales, another key revenue source.
Underscoring the depth of Asia's interest in acquiring mining, energy and other resources, China's Minmetals Resources Ltd. said Monday it intends to offer 6.3 billion Canadian dollars (US$6.5 billion) for Australian-based copper-miner Equinox Minerals Ltd. More deals look likely.
'Given the rise in commodities prices, we see the natural-resources sector leading the way [in deal-making]. National oil companies are really scouring the market for opportunities and we think they will find several in the coming months,' said Rob Sivitilli, head of mergers and acquisitions for Southeast Asia at J.P. Morgan Chase.
U.K. oil giant BP PLC's acquisition of oil and natural-gas assets controlled by India's Reliance Industries Ltd. for up to $9 billion, depending on the success of future exploration, is one of the largest M&A deals in the region so far this year, according to data provider Dealogic.
Investment banks generated $3.8 billion in revenue across the Asia-Pacific region from M&A, syndicated loans and equity and bond deals in the first three months of the year, up from $3.5 billion in the same period a year earlier, according to Dealogic estimates. Excluding Japan, revenue was $3.0 billion, up 35% from the $2.2 billion a year earlier and a record for the first quarter of a year.
While M&A was strong, share sales, including initial public offerings, fell. So-called equity-capital-market deals around the region fell to $66.2 billion from $77.5 billion a year earlier, hit by a 53% slide in Japanese deals to $12.5 billion from $26.6 billion a year ago, according to Dealogic. Several deals were withdrawn in the wake of the March 11 earthquake in Japan, including real-estate investment trust United Urban Investment Corp.'s plans to raise about 65 billion yen (about $750 million).
Excluding Japanese share sales, volume stood at $53.7 billion across 518 deals, up 5.5% from a year earlier. The region's biggest share deal for the quarter was Hutchison Port Holdings Trust's $5.4 billion IPO in Singapore.
Bankers said the first quarter seemed relatively quiet after the busy autumn of 2010. One reason for the drop in activity was that the flood of money from global investors that flowed into Asia last year streamed back into U.S. and European markets because of fear inflation was rising in countries such as Indonesia and China.
This year through March 30, investors pulled a net $5.9 billion from the Asia-Pacific region, although capital flowed into the region in the final week of the period, according to data from EFPR Global.
Bankers hope the flow of cash picks up enough momentum to support the growing band of global brand names seeking Hong Kong listings.
Headline deals expected in the coming months include offerings from the Italian fashion house Prada SpA and the Swiss commodities company Glencore International AG.
Steven Barg, Goldman Sachs Group Inc.'s co-head of equity capital markets for Asia excluding Japan, said 2011 should rival 2010 in terms of IPO volume, with most deals coming towards the second half of the year. Goldman was the busiest firm in the region excluding Japan during the first quarter measured by the value of equity-capital-markets deals.
In anticipation of a flood of deals later this year, UBS AG is raising its investment-banking staffing for the Asia-Pacific region by 20% this year, said Matthew Hanning, the bank's regional head of investment banking. The bulk of the new hires will work on share sales for Chinese companies. In volume terms, equity-capital-markets business from Chinese companies reached the highest level for any first quarter on record. A total of $28.1 billion was raised via 150 deals, up 30% from a year earlier.
UBS remained the top-ranked bank in terms of investment banking revenue from M&A, syndicated loans and equity and bond deals for the Asia-Pacific region excluding Japan, according to data from Dealogic.
The Asia-Pacific area made up about 22% of revenues for banks globally. Mr. Hanning calculated that the region's share of the global revenue pie has been growing at about six times the global average, attracting more banks to the region.
'I think there must be nine or 10 banks that see being within the top three in Asia as a core part of their strategy,' he said.
Underscoring the depth of Asia's interest in acquiring mining, energy and other resources, China's Minmetals Resources Ltd. said Monday it intends to offer 6.3 billion Canadian dollars (US$6.5 billion) for Australian-based copper-miner Equinox Minerals Ltd. More deals look likely.
'Given the rise in commodities prices, we see the natural-resources sector leading the way [in deal-making]. National oil companies are really scouring the market for opportunities and we think they will find several in the coming months,' said Rob Sivitilli, head of mergers and acquisitions for Southeast Asia at J.P. Morgan Chase.
U.K. oil giant BP PLC's acquisition of oil and natural-gas assets controlled by India's Reliance Industries Ltd. for up to $9 billion, depending on the success of future exploration, is one of the largest M&A deals in the region so far this year, according to data provider Dealogic.
Investment banks generated $3.8 billion in revenue across the Asia-Pacific region from M&A, syndicated loans and equity and bond deals in the first three months of the year, up from $3.5 billion in the same period a year earlier, according to Dealogic estimates. Excluding Japan, revenue was $3.0 billion, up 35% from the $2.2 billion a year earlier and a record for the first quarter of a year.
While M&A was strong, share sales, including initial public offerings, fell. So-called equity-capital-market deals around the region fell to $66.2 billion from $77.5 billion a year earlier, hit by a 53% slide in Japanese deals to $12.5 billion from $26.6 billion a year ago, according to Dealogic. Several deals were withdrawn in the wake of the March 11 earthquake in Japan, including real-estate investment trust United Urban Investment Corp.'s plans to raise about 65 billion yen (about $750 million).
Excluding Japanese share sales, volume stood at $53.7 billion across 518 deals, up 5.5% from a year earlier. The region's biggest share deal for the quarter was Hutchison Port Holdings Trust's $5.4 billion IPO in Singapore.
Bankers said the first quarter seemed relatively quiet after the busy autumn of 2010. One reason for the drop in activity was that the flood of money from global investors that flowed into Asia last year streamed back into U.S. and European markets because of fear inflation was rising in countries such as Indonesia and China.
This year through March 30, investors pulled a net $5.9 billion from the Asia-Pacific region, although capital flowed into the region in the final week of the period, according to data from EFPR Global.
Bankers hope the flow of cash picks up enough momentum to support the growing band of global brand names seeking Hong Kong listings.
Headline deals expected in the coming months include offerings from the Italian fashion house Prada SpA and the Swiss commodities company Glencore International AG.
Steven Barg, Goldman Sachs Group Inc.'s co-head of equity capital markets for Asia excluding Japan, said 2011 should rival 2010 in terms of IPO volume, with most deals coming towards the second half of the year. Goldman was the busiest firm in the region excluding Japan during the first quarter measured by the value of equity-capital-markets deals.
In anticipation of a flood of deals later this year, UBS AG is raising its investment-banking staffing for the Asia-Pacific region by 20% this year, said Matthew Hanning, the bank's regional head of investment banking. The bulk of the new hires will work on share sales for Chinese companies. In volume terms, equity-capital-markets business from Chinese companies reached the highest level for any first quarter on record. A total of $28.1 billion was raised via 150 deals, up 30% from a year earlier.
UBS remained the top-ranked bank in terms of investment banking revenue from M&A, syndicated loans and equity and bond deals for the Asia-Pacific region excluding Japan, according to data from Dealogic.
The Asia-Pacific area made up about 22% of revenues for banks globally. Mr. Hanning calculated that the region's share of the global revenue pie has been growing at about six times the global average, attracting more banks to the region.
'I think there must be nine or 10 banks that see being within the top three in Asia as a core part of their strategy,' he said.
Monday, March 21, 2011
The spread of nuclear crisis, Tokyo, city, or change "ghost town "
Areas of Tokyo usually packed with office workers like sushi restaurants and noodle shops were eerily quiet. Many schools were closed. Companies allowed workers to stay home. Long queues formed at airports.
As Japanese authorities struggled to avert disaster at an earthquake-battered nuclear complex 240 km (150 miles) to the north, parts of Tokyo resembled a ghost town.
Many stocked up on food and stayed indoors or simply left, transforming one of the world's biggest and densely populated cities into a shell of its usual self.
"Look, it's like Sunday -- no cars in town," said Kazushi Arisawa, a 62-year-old taxi driver, as he waited for more than an hour outside an office tower where he usually finds customers within minutes. "I can't make money today."
Radiation in Tokyo has been negligible, briefly touching three times the normal rate Tuesday, smaller than a dental x-ray. Wednesday, winds over the Fukushima nuclear-power plant gusted out to sea, keeping levels close to normal.
But that does little to allay public anxiety about an ailing 40-year-old nuclear complex with three reactors in partial meltdown and a fourth with spent atomic fuel exposed to the atmosphere after last Friday's earthquake and tsunami.
"Radiation moves faster than we do," said Steven Swanson, a 43-year-old American who moved to Tokyo in December with his Japanese wife to help with her family business.
He is staying indoors but is tempted to leave. "It's scary. It's a triple threat with the earthquake, tsunami and the nuclear radiation leaks. It makes you wonder what's next."
A number of major events have been canceled, including the World Figure Skating Championships, Japan Fashion Week and the Tokyo International Anime Fair whose organizers cited "extreme circumstances."
Some foreign bankers, flush with money, are fleeing fast, some on private jets. BNP Paribas, Standard Chartered and Morgan Stanley were among banks whose staff have left since Friday, according to industry sources.
Thousands of people have inundated private jet companies with requests for evacuation flights, sending prices surging.
Electronics shops are selling out of small, portable Geiger counters that measure radiation. Strawberry Linux, a Tokyo-based company, is out of stock, said its owner, Masahiro Ochiai.
As Japanese authorities struggled to avert disaster at an earthquake-battered nuclear complex 240 km (150 miles) to the north, parts of Tokyo resembled a ghost town.
Many stocked up on food and stayed indoors or simply left, transforming one of the world's biggest and densely populated cities into a shell of its usual self.
"Look, it's like Sunday -- no cars in town," said Kazushi Arisawa, a 62-year-old taxi driver, as he waited for more than an hour outside an office tower where he usually finds customers within minutes. "I can't make money today."
Radiation in Tokyo has been negligible, briefly touching three times the normal rate Tuesday, smaller than a dental x-ray. Wednesday, winds over the Fukushima nuclear-power plant gusted out to sea, keeping levels close to normal.
But that does little to allay public anxiety about an ailing 40-year-old nuclear complex with three reactors in partial meltdown and a fourth with spent atomic fuel exposed to the atmosphere after last Friday's earthquake and tsunami.
"Radiation moves faster than we do," said Steven Swanson, a 43-year-old American who moved to Tokyo in December with his Japanese wife to help with her family business.
He is staying indoors but is tempted to leave. "It's scary. It's a triple threat with the earthquake, tsunami and the nuclear radiation leaks. It makes you wonder what's next."
A number of major events have been canceled, including the World Figure Skating Championships, Japan Fashion Week and the Tokyo International Anime Fair whose organizers cited "extreme circumstances."
Some foreign bankers, flush with money, are fleeing fast, some on private jets. BNP Paribas, Standard Chartered and Morgan Stanley were among banks whose staff have left since Friday, according to industry sources.
Thousands of people have inundated private jet companies with requests for evacuation flights, sending prices surging.
Electronics shops are selling out of small, portable Geiger counters that measure radiation. Strawberry Linux, a Tokyo-based company, is out of stock, said its owner, Masahiro Ochiai.
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