iamasiam

BP’s All-Out Gulf Disaster. An All-Out Response?

Gulf Coast area residents and small business owners are scratching their heads over BP’s announcement today that it has put on hold current efforts to plug the hellhole.  More analysis is needed, the oil giant says. ^[1] However, to many, the final analysis is that the damage has been done and that ALL-OUT efforts are needed to stop and clean up the spill and, moreover, provide relief to the many people whose livelihoods are aversely impacted.

The BP disaster affects everyone, including the Asian American community.  As such, it is encouraging to know that the major AAPI groups have banded together to analyze the breadth and depth of the damage, particularly amongst Asian Americans who make their living in the Gulf.  Beyond the oil slick, plumes of “misinformation, confusion, and mistrust” cloud efforts for relief.  Let’s hope the ensuing joint efforts of these organizations are just as well ALL-OUT.

Top Billionaires & The Hungry in Asia: Thailand

Top Billionaires
Three billionaires make it to the Forbes 2009 list of the richest people in the world.  Their collective net worth of $7.1 billion, equivalent to 1.3% of Thailand’s GDP last year. ^[1][2]

• Chaleo Yoovidhya is the co-creator of Red Bull and founder of Thai energy drink producer T.C. Pharmaceuticals.  With a net worth of $3.7 billion, Chaleo Yoovidhya is the country’s wealthiest. 

• Charoen Sirivadhanabhakdi has a net worth of $2.1 billion.  The son of a Bangkok street vendor of fried mussel pancakes, he is a self-made tycoon growing his fortune in inexpensive beer and whiskey.

• Dhanin Chearavanont heads one of world's largest producers of animal feed and livestock with operations in Asia.  He is the third richest in the country with a net worth of $1.3 billion.

The Hungry

An estimated 11.2 million are currently living in hunger in Thailand.  This assumes that the estimated level of the undernourished in Thailand remains unchanged at 17% as last reported by the Food and Agriculture Organization of the United Nations. ^[2][3]

According to a report by the International Food Policy Research Institute (IFPRI), Thailand ranks 22nd with a score of less than 8.2 in the Global Hunger Index (GHI).  The IFPRI ranks countries on a 100-point scale, with 0 being the best score (no hunger) and 100 being the worst. ^[4]

^[1]forbes.com
^[2]cia.gov
^[3]fao.org
^[4]ifpri.com

China's Top 10 Online Games (and the War of Worldly Crafts)

The MMLC Group, an intellectual-property consulting firm in Beijing, ranks the top ten games competing in the online gaming market in China, as follows: ^[1]

RANK	GAME	DEVELOPER	COUNTRY
1	DNF	Neople/Nexon	South Korea
2	kaixin online	TQ Digital Entertainment	China
3	asktao	G-Gits Networks	China
4	moyu	TQ Digital Entertainment	China
5	World of Warcraft	Blizzard Entertainment	USA
6	Westward Journey Online II	NetEase	China
7	Jade Dynasty	Perfect World Co., Ltd.	China
8	tialongbabu	Changyou.com Limited	China
9	ZhengTu	Giant Interactive Group, Inc.	China
10	CrossFire	Smile Gate	South Korea

Chinese government agencies are also vying for control in regulating these game sites.  NetEase was recently shut-down by the Chinese General Administration of Press and Publication but the Ministry of Culture countered that the former does not have the authority to do so.  Because the annual revenue from online gaming in China is projected to hit the $6 billion mark in four years, who gains control is of great significance.  The Ministry of Culture reportedly has the current edge because of wider support form other ministerial-level offices. ^[2]

RANK	AGENCY
1	Ministry of Culture
2	Chinese General Administration of Press and Publication

^[1]mmlcgroup.com
^[2]Michael Wines, "Online Warfare Prompts an Offline Clash in China" The New York Times, Nov. 7, 2009

Top Billionaires & The Hungry in Asia: Malaysia

Top Billionaires
Malaysia has six billionaires making it to the Forbes 2009 list of the world’s richest.  Their collective net worth of $22.9 billion is equivalent to 6% of Malaysia’s GDP last year. ^[1][2]

• Ananda Krishnan has a net worth of $7 billion.  A self-made tycoon who started as an oil trader, Ananda’s fortune comes from the telecommunications business.  His holdings include Malaysia's largest cell phone service provider.

• Robert Kuok is tied in ranking with Krishnan as Malaysia’s richest. His net worth also totals $7 billion.  He heads the Kuok Group, a multinational with diversified holdings that range from shipping to real estate to media.

Ananda Krishnan and Robert Kuok have a combined net worth that’s equivalent to three-fifths of the country’s other billionaires:

• Lee Shin Cheng ($2.7 billion)
• Teh Hong Piow ($2.5 billion)
• Quek Leng Chan ($1.9 billion)
• Yeoh Tiong Lay & family ($1.8 billion)

The Hungry
An estimated 3.3 million are currently living in hunger in Malaysia.  This assumes that the estimated level of the undernourished in Malaysia remains unchanged at 13% as last reported by the Food and Agriculture Organization of the United Nations. ^[2][3]

According to a report by the International Food Policy Research Institute (IFPRI), Malaysia ranks low with a score of less than 5 in the Global Hunger Index (GHI).  The IFPRI ranks countries on a 100-point scale, with 0 being the best score (no hunger) and 100 being the worst. <sup>[4]

[1]</sup>forbes.com
^[2]cia.gov
^[3]fao.org
^[4]ifpri.com

Top Billionaires & The Hungry in Asia: Indonesia

Top Billionaires
Five Indonesians are in this year’s Forbes list of world billionaires.  Their collective net worth is $7.4 billion or an average of $1.48 billion each. ^[1]

• Two brothers top the list of the richest in Indonesia. Michael Hartono & R. Budi Hartono each has a net worth of $1.7 billion.  They’ve inherited their fortune in the clove cigarette business and later expanded into banking, real estate, retail, and hotels.  They hold the major share in Bank Central Asia, the country’s second largest private bank.

• The next two richest Indonesians are both self-made tycoons who have made it in the palm oil business:  Sukanto Tanoto ($1.6 billion) & Martua Sitorus ($1.4 billion).  Both are also currently residing in Singapore.

• Peter Sondakh has a net worth of $1 billion invested in a diverse industries, e.g., telecom, retail and hotels.

 

The Hungry
An estimated 38.4 million are currently living in hunger in Indonesia.  This assumes that the estimated level of the undernourished in India remains unchanged at 16% as last reported by the Food and Agriculture Organization of the United Nations. ^[2][3]

According to a report by the International Food Policy Research Institute (IFPRI), Indonesia ranks 38th (Serious) out of 84 countries in the Global Hunger Index (GHI).  The IFPRI ranks countries on a 100-point scale, with 0 being the best score (no hunger) and 100 being the worst. <sup>[4]

[1]</sup>forbes.com
^[2]cia.gov
^[3]fao.org
^[4]ifpri.com

Top Billionaires & The Hungry in Asia: The Phillippines

Top Billionaires
In the Philippines, two rich families make it to the Forbes list of billionaires this year.  Their collective net worth is $4.1 billion. ^[1] This may seem paltry compared to the wealth of other billionaires in the Asia Pacific region, but consider that their combined net worth is equivalent to 1.3% of the Philippines’ GDP. ^[2]

• Henry Sy & family have a net worth of $2.7 billion.  The family controls the Philippines' largest shopping mall developer, SM Prime Holdings, and has diverse holdings in various industries including banking.

• Another family headed by Lucio Tan has a net worth of $1.4 billion.  Lucio Tan & family own: the Philippines' largest cigarette maker, Fortune Tobacco; Philippine Airlines; Asia Brewery; mining operations; banks; property developments in Hong Kong.

Both Henry Sy and Lucio Tan are self-made tycoons who started from humble beginnings, both immigrants from China.  Mr. Tan is currently being prosecuted by the Philippine government, which claims that his wealth belonged to Ferdinand Marcos, the deposed president.

The Hungry
An estimated 12.7 million are currently living in hunger in the Philippines.  This assumes that the estimated level of the undernourished in India remains unchanged at 13% as last reported by the Food and Agriculture Organization of the United Nations. ^[3]

According to a report by the International Food Policy Research Institute (IFPRI), the Philippines ranks 34th (Serious) out of 84 countries in the Global Hunger Index (GHI).  The IFPRI ranks countries on a 100-point scale, with 0 being the best score (no hunger) and 100 being the worst. <sup>[4]

[1]</sup>forbes.com
^[2]cia.gov
^[3]fao.org
^[4]ifpri.com

Top Billionaires & The Hungry in Asia: China

Top Billionaires
According to the Forbes list of the world’s richest, China boasts of 28 billionaires with a combined net worth of $43.8 billion, averaging $1.56 billion each.

• Topping the list in China is Liu Yongxing who ranks as the 205th richest in the world; he has a net worth of $3B.  Mr. Yongxing heads the East Hope Group, one of China's biggest feed producers, the very industry in which he first entered to build his fortunes from scratch.¹

Hong Kong is home to only 19 billionaires, which is nine short compared to its governing nation.  However, the combined worth of those 19 billionaires is one and half times higher than of their mainland counterparts—that is, $66.9 billion in total, averaging $3.52 billion each.  Three billionaires account for the major share of such wealth in Hong Kong.

• One of them accounts for 24 percent.  In fact, Li Ka-shing, whose net worth is $16.2 billion, ranks 16th of the world’s richest.  He is a self-made entrepreneur with holdings in container terminal operations, health and beauty retailer, energy and oil, and real estate development.

It’s worth noting that Taiwan has four billionaires who have a combined net worth of $10.5 billion averaging $2.1 billion each.

The Hungry
An estimated 13 million are currently living in hunger in China.  This assumes that the estimated level of the undernourished in India remains unchanged at 10% as last reported by the Food and Agriculture Organization of the United Nations.²)

According to a report by the International Food Policy Research Institute (IFPRI), out of 84 countries China ranks 5th in the Global Hunger Index (GHI) which ranks countries on a 100-point scale, with 0 being the best score (no hunger) and 100 being the worst.³

Hong Kong and, for the matter, Taiwan are not reported separately in the FAO or IFPRI report.

¹forbes.com
²fao.org
³ifpri.com

Top Billionaires & The Hungry in Asia: India

Top Billionaires
Twenty-four Indian citizens have made it to the world’s billionaires club this year, according to Forbes.com.  They have a collective net worth of $106.8 billion and an average net worth of $4.45 billion each.  Of the top five billionaires in Asia, three are from India, of which two of are ranked in the world’s top ten and two are estranged brothers.¹

• The seventh richest person in the world is Mukesh Ambani with a net worth $19.5B.  Mr. Ambani heads Reliance Industries, a growing petrochemicals business that he inherited from his father.

• With a net worth of $19.3B, Laksmi Mittal follows Mr. Ambani’s ranking as eight richest.  The bulk of Mr. Mittal’s fortune is stock ownership of the world's largest steel company, ArcelorMittal, also inherited from family.

• Mukesh’s younger brother, Anil Ambani, ranks 34th in the list of the world’s richest.  Anil, who has a net worth $10.1B, inherited his family’s interests in telecommunications, power and financial services following a bitter parting with his older brother.

The Hungry
An estimated 0.24 billion are currently living in hunger in India.  This assumes that the estimated level of the undernourished in India remains unchanged at 21% as last reported by the Food and Agriculture Organization of the United Nations.²)

Furthermore, according to a report by the International Food Policy Research Institute (IFPRI), out of 84 countries India ranks 65th in the Global Hunger Index (GHI), which ranks countries on a 100-point scale, with 0 being the best score (no hunger) and 100 being the worst.<sup>3

1</sup>forbes.com
²fao.org
³ifpri.com

Foster: Minority Bank Exemplar?

Foster Bank¹ is one of fifteen minority banks in Illinois that are on track to success.  Seven other banks in its minority status have posted losses in the first half of this year.  In her business column today, Chicago Tribune’s Becky Yerak² seeks to unravel what has driven Foster Bank to go against such odds.  (The FDIC defines minority banks as those where the majority of the institution’s stocks are owned by "Black American, Asian American, Hispanic American, or Native American", and, additionally, where the bank’s board and the community it serves are as such.³)

According to Miss Yerak, the organization’s chief executive, Paul Byungtag Kim, attributes the bank’s positive status to the hefty portion of its loans going to commercial real estate that are owner-occupied hence less likely to become delinquent or fall into disrepair.  But, perhaps, it is also because the bank clearly embraces the diversity of the community it serves.  Miss Yerak writes:

More than 80 percent of Foster's customer base is Korean, but increasingly its main office at 5225 N. Kedzie Ave. serves Spanish-speaking and Arab customers. A branch on Devon caters to Pakistani and Indian consumers, while Russians heavily patronize its locations in Niles and Lincolnshire. Its Naperville office serves a Chinese population. To better serve its clientele, bank employees speak a dozen languages.

¹fosterbank.com
²Becky Yerak, “Foster Bank sees profits as other minority banks struggle”, Chicago Tribune, Oct. 12, 2009
³fdic.gov

Asian Americans: Hardest Hit by Home Foreclosures

Asian Americans experienced the deepest decline in home ownership, according to a recent U.S. Census report based on 2008 data.  This finding would at first come as a surprise given that Asian Americans typically have higher income and lower debt compared to other minority groups.  However, as Alex Veiga appropriately inferred in his recent column in the Washington Post¹, this may have more to do with the fact that one in three Asian Americans reside in California, one of the states hardest hit with property value declines and high foreclosure rates.

¹Alex Veiga for The Associated Press, “Homeownership fell in '08; Asians hit worst”, Washington Post, Sept. 21, 2009

Study Hard, Play by the Rules, and Speak Up.

Valerie Whitney, business writer for the News Journal, could not have better recapped her report on the theme of the last Asian American Hotel Owners Association (AAHOA)¹ meeting with the invocation expressed by guest speaker Councilman Josh Wagner (Volusia, Florida): “You need to speak up guys.”²

The councilman encouraged the estimated 100 hotel owners in attendance to participate more actively in public hearings on such issues as property taxes.  (AAHOA is scheduled to participate in two upcoming townhall meetings in Fort Myers, Sept. 23, and Tampa, Sept.24.)  The other speakers also summoned all to redefine its relationship with their local government and tourism development councils. 

Noting that already the majority of Best Western franchisees are Indian American-owned, the Florida regional director of the organization, Kirit Patidar, also urged members to play a more active role in the political process beginning with public issues that have a direct impact on their business.

But it was Bharat Patel of Econo Lodges of America Franchise Association Inc. in Sarasota, who echoing such a plea, delved into why Indian Americans who have become major players in the industry are holding themselves back.

All of us in this room have four things in common. Our parents told us to study hard, get a good education and play by the rules. They also told us not to get involved with politics. But the last eight years has taught us that the American Dream is slipping away.

There is comfort for some, including our more senior Asian Americans, in keeping with traditional tenets, but those are not enough to sustain us and succeed in the broader American landscape.  It is a difficult balancing act for some, but a necessary one, which our forefathers facing more severe circumstances in our history have more heavily invested in.  Speak up!

¹www.aahoa.com
²Valerie Whitney, “Association director: Asian hoteliers must be more visible”, Daytona Beach News Journal, September 19, 2009

Confucius' Top Three Tenets of Success

Shaun Rein of Forbes.com turns to time-tested lessons from the Chinese philosopher, Confucius, in providing business leaders of today some practical wisdom towards success.  The author shares three Confucius teachings:¹

Above all be virtuous
One of Confucius' most important principles is the supremacy of virtue. He argues that acting ethically in all transactions is is paramount, more important than striving to make money. He would be shocked at the way unfettered greed has poisoned Wall Street. But he would not turn against commerce. Like most Americans, Confucius would be pro-business. He would simply insist that it be done ethically.

Rule wisely and fairly
Confucius laments throughout the Analects that too often leaders forget to take care of those under them. They spend too much time trying to grab glory and riches for themselves without thinking about others. In a time of crisis they behave even worse, fighting to preserve their positions at all costs. That is exactly the opposite of what they should do, for themselves and for their organizations.

Think--then act, decisively
Think hard before doing something, but then take decisive steps. Wait too long and your advantage in the market disappears. Too often executives act without thinking through their actions, or they don't act at all and instead rely on the status quo to see them through. Confucius insists that thinking twice before action is smart. Look before you leap, but don't look for so long that you succumb to indecision.

In today's business climate where change and innovation are often declared buzz words for survival, it is comforting to know that Confucius' 2,500-year old teachings, sometimes reviled as ancient and backward, still translate into relevant and practical wisdom.  The resiliency of his very teachings speaks for itself.

¹Shaun Rein, "Confucius' Three Keys To Successful Leadership", Forbes.com

Top Ten Companies for Asian Americans

Abbott tops the list of ten companies recognized for their commitment to hiring, retaining, compensating, and promoting Asian Americans, according to DiversityInc.¹  “Abbott gets a perfect score for its mentoring best practices, including training and formal follow-up to assess results. Fourteen percent of its U.S. work force and 17 percent of its new hires are Asian American.”

The specialty list is part of the larger 2009 DiversityInc Top 50 Companies for Diversity.  To determine which companies make it to the list, DiversityInc looks into the increased presence and role of Asian American employees in each company, the strength and purpose of resource groups for its Asian Americans employees, its mentoring program, its philanthropic and scholarship activities within the Asian American community, and its relationships with suppliers that are minority business enterprises. The complete list of ten is shown below.  To learn more how each company has earned such recognition, visit DiversityIncBestPractices.com.

1. Abbott
2. Wells Fargo & Co.
3. American Express Co.
4. IBM Corp
5. Johnson & Johnson
6. Sempra Energy
7. Colgate-Palmolive
8. Bayer
9. Deloitte
10. HP

Concerned that the company you’re looking to get into falls short of the criteria to be even considered in the list?  Executive coach and author Jane Hyun² suggests in her book that you tap people you know who may already be working in that company.  “Nothing can replace the honesty and insight of a personal testimonial”, Miss Hyun writes.   The author also offers suggestions on what to ask in order to gain further insights on whether that company is diversity-friendly or not, for example:

• How would you articulate your company’s commitment to diversity?
• Are your company’s products or service lines domestic or global in nature?  How about in the next 5 to 10 years?
• What about the face of the company’s client base?
• What is the mechanism for diversity recruiting?
• What colleges does the company recruit at?

¹Barbara Frankel, “The DiversityInc Top 10 Companies for Asian Americans”, DiversityIncBestPractices.com
²Jane Hyun, “Breaking the Bamboo Ceiling:  Career Strategies for Asians”, HyunAssociates.com

Two Asian Americans in List of World’s Most Powerful Women

Indira Nooyi, chief executive at PepsiCo, ranks third in Forbes Magazine’s 2009 list of the world’s most powerful women.  Only one other Asian American makes it to the top 100; Andrea Jung, Avon’s chief executive, ranks 25th.¹

Indira Nooyi
Though 2008 revenues grew 10% from the year before and snack sales are holding, Nooyi has been struggling to revamp falling profits in PepsiCo's core beverage business. Focusing on innovation instead of acquisition, the company is debuting new product lines, targeted marketing and repackaging efforts in 2009. A re-launch of the energy drink Propel will advance Nooyi's plan to offer more healthful products to serve consumer demand. The group also launched a "Refresh Everything" campaign, featuring Pepsi Natural, made with all-natural ingredients, and Pepsi and Mountain Dew Throwback, inspired by designs of the 1960s and '70s. —Jenna Goudreau

Andrea Jung
Despite the down economy, Jung's leadership led Avon to report over $10 million in revenues for 2009. In the past year, Jung and Avon have partnered with actor Patrick Dempsey to create and promote a men's fragrance called "Patrick Dempsey Unscripted." Avon donated more than $5 million for earthquake victims in the Sichuan Province in China. Last spring, Avon donated $1.5 million to establish the Avon Global Center for Women and Justice at Cornell Law School to help combat violence against women. Jung, a Princeton grad, speaks fluent Chinese. —Chelsea Platt

The list includes ten other women from other Asian countries:

Rank
 5 – Ho Ching, Chief executive, Temasek (Singapore)
13 – Sonia Gandhi, President, Indian National Congress Party (India)
20 – Chanda Kochhar, Chief executive, ICICI Bank (India)
44 – Gloria Arroyo, President (Philippines)
72 – Sri Indrawati, Coordinating Minister for the Economy & Minister of Finance (Indonesia)
79 – Hasina Wajed, Prime minister (Bangladesh)
80 – Hyun Jeong-eun, Chairman, Hyundai Group (South Korea)
86 – Deb Henretta, Group president, Asia, Procter & Gamble (Singapore)
92 – Kiran Mazumdar-Shaw, Chairman, Biocon (India)
93 – Eva Cheng, Executive vice president, Amway Greater China & Southeast Asia (Hong Kong)

The Forbes list includes women with household names in their respective areas or industries.  The ranking is based on the extent of press coverage one gets and the overall significance of each in relation to the organization they are managing.  Hence it's more about influence rather than popularity.

¹“The World's 100 Most Powerful Women”, Edited by Mary Ellen Egan and Chana R. Schoenberge, Forbes.com