A food vendor stands in a busy street in Hanoi. As Asians switch from traditional occupations, farms and factories, the contribution of service industries to the region's economy is poised to exceed 50 percent for the first time, according to data compiled by Bloomberg from government statistics. Dinh Tu quit being a monk three years ago and worked in a yoga studio in Ho Chi Minh City to cater to a growing Vietnamese middle class who are finding new outlets for their money. These days, he's selling insurance, too. "People in Vietnam have more to spend now," said the 40-year-old agent for Tokyo-based Dai-ichi Life Insurance Co. "Because I'm no longer a monk, I have to worry about financial pressures, too. I can see that insurance is a good business." As Tu and millions of other Asians switch from traditional occupations, farms and factories, the contribution of service industries to the region's emerging economies is poised to exceed 50 percent for the first time, according to … [Read more...] about Services set to take largest share of GDP in Asia
Money network bank of america
NEW YORK - Because the sums were large and such attacks are relatively new, the two Middle East banks hit in a $45 million ATM heist face an uncertain path in trying to recover their losses, financial, insurance and legal experts say. Oman-based Bank of Muscat lost $40 million and United Arab Emirates-based National Bank of Ras Al Khaimah PSC (RAKBANK) lost $5 million in the global heist, U.S. prosecutors said on Thursday. Hackers gained access through third-party companies that processed transactions for prepaid debit cards issued by the banks, the prosecutors said. While details of what happened are still sketchy, experts said the banks could bring claims against the processing companies in court, or they could file claims with their own and the processing companies' insurers. "There's no hard and fast rule," said Dan Karson, the Americas chairman of Kroll Advisory Solutions. "We're in very much a new cybersphere of finance, and allocating liability is still very much … [Read more...] about For banks in cyber heist, how to get their money back?
A new variety of banh xeo to sample in Ben Tre By Lam Van Son in Ben Tre Banh xeo (pan cake) is a traditional dish which people normally use shrimp, pork with mushroom and bean sprouts to create a mouth-watering delight. But banh xeo made of oc gao ( snail) and pachyrrhizus is a new Ben Tre classic and one you must sample if you come to this beautiful province. From Dinh Khao ferry station in the Mekong Delta province, you travel around 12 kilometers to Cho Lach District, then make a right turn and after five kilometers there is an oc gao reserve area. The reserve covers 150 hectares of Co Chien River. Coming to the area, tourists can witness the lively scene of people searching for snails and then try this most wonderful meal. To make the oc gao dish, you use flour like a normal pancake, but mix it with coconut water, then put in the snails together with bean sprouts and sliced pachyrrhizus and you can taste the results. Pleasure and pain of douc research in Son Tra By Michael … [Read more...] about A new variety of banh xeo to sample in Ben Tre
Two top U.S. financial regulators said on Tuesday the issues around the initial public offering of Facebook should be reviewed, putting fresh pressure on the company, its lead underwriter, Morgan Stanley, and the Nasdaq stock exchange. Photo: Reuters Facebook shares closed 8.9 percent lower at US$31, following an 11 percent plunge on Monday. At that price the company has shed more than $19 billion in market capitalization from its $38-per-share offering price last week. Reuters reported late Monday that the consumer Internet analyst at lead underwriter Morgan Stanley cut his revenue forecasts for Facebook in the days before the offering, information that was not disclosed to the market before the stock was listed. Facebook itself had urged analysts working for some of the 33 underwriters to lower their estimates ahead of the IPO, according to four sources with direct knowledge of the conversations that were held during the week prior to the IPO. "Facebook changed the numbers. … [Read more...] about Regulators, investors turn up heat over Facebook IPO
SAN FRANCISCO (Reuters) - Facebook unveiled plans for the biggest ever Internet IPO that could raise as much as US$10 billion, but made it clear CEO Mark Zuckerberg will exercise almost complete control over the company, leaving investors with little say. The Harvard dropout, who launched the social networking phenomenon from his dorm room, will control 56.9 percent of the voting shares in a company expected to be valued at up to $100 billion when it goes public. Facebook says it has 845 million active monthly users. Wednesday's long-awaited filing kicks off a process that will culminate in Silicon Valley's biggest coming-out party since the heyday of the dotcom boom and bust. In its filing Facebook says it is seeking to raise $5 billion, but that is a figure used to calculate registration fees among others and analysts estimate it could tap investors for $10 billion. That would value the company at $100 billion, dwarfing storied tech giants such as Hewlett Packard Co, while … [Read more...] about Facebook’s Zuckerberg to keep iron grip after IPO