Tuesday, 29 May 2012

Stray dog sensation in China!

Stray dog "Xiaosa" winds her way up to Lhasa

● Xiaosa experienced a variety of inclement weather and completed the trip
● Xiaosa gave cyclists great fun and encouragement
● Xiao Yong started a blog to broadcast Xiaosa’s journey

Play Video

A stray dog nicknamed "Xiaosa" has been following a team of cyclists for 20 days along Sichuan-Tibet Highway. The cyclists said she has given them encouragement all the way to Tibet, and are planning to bring her to their hometown in Central China’s Hubei Province.

It’s more than 1,800 kilometers from Sichuan to Tibet. Xiaosa and her new masters made their way all by themselves. During the 20-day trip, Xiaosa ran 50 to 60 kilometers every day and never fell behind.

A stray dog nicknamed "Xiaosa" has been following a team of cyclists for 20 days along
Sichuan-Tibet Highway.

Xiao Yong, a cyclist, said, "At present it runs 60 km by the farthest, just uphill."

On May 4th, Xiao Yong with his cyclist friends came across the stray dog basking in the sun. They threw her a drumstick. To their surprise, the homeless dog latched on to them and would not let go.

Xiao Yong, a cyclist, said, "At first we didn’t consider keeping her and thought she just wanted to follow us for a while. But she showed a very strong willpower and followed us all the way here."

A stray dog nicknamed "Xiaosa" has been following a team of
cyclists for 20 days along Sichuan-Tibet Highway.

Throughout the journey, the dog climbed over 12 mountains higher than 4,000 meters and experienced a variety of inclement weather.

There were about 300 cyclists on the highway, but most of them could not complete the trip. Many of them hitchhiked or took buses along the way. Only Xiaosa and another three cyclists made it.

Mr Heng, a student in Wuhan, Hubei province, had decided to cycle to Llasa as a graduation
trip with friends when he met a lonely dog.

Lu Bo, a cyclist, said, "The dog was very important to us. She brought us a lot of fun and also gave us a lot of encouragement. For example, when some of us fell behind, it would run down the mountain and bark encouragement to follow. It really gave us great strength."

Xiao Yong decided to pick the dog up. He started a blog to broadcast Xiaosa’s journey, drawing about 40,000 fans.

The dog and his friends have built up a massive following online after word got out about
their trip.

As many netizens are concerned about Xiaosa’s health condition after the long trip, her new master took her to the vet.

Yang Bo, vet, said, "Everything is fine with her, including her nose, teeth. She’s not affected by altitude sickness."

With such a successful journey under her belt, Xiaoyong decided to send Xiaosa back to Wuhan, his own hometown, by plane. Xiaoyong said he would bring the dog on journeys in the future. With a dream as the direction, he hopes the dog can run her way like Forrest Gump.

How to avoid dogs attack you?

Learn to be safe if a dog attacks, says trainer - If a dog is coming at you, not run or turn to fact it - M.Selvamanickaraja

KUALA LUMPUR: The public should learn how to avoid being attacked by dogs following the case of a jogger who died after being mauled by a dog.

Dog trainer M. Selvamanickaraja said the risk of injury could be reduced significantly if you knew what to do when faced with an aggressive dog.

He added that local councils should also conduct awareness programmes for dog owners so they would know how to be responsible for their pets.

“After issuing licences to owners, local councils should brief them on basic things that they should do, such as keeping a proper kennel and securing their house compound so that dogs will not be able to escape,” he said at his house here.

On May 8, a miniature bull terrier cross bit Yip Sun Wah, 74, on the neck and almost tore off his left ear as he was jogging about 1km from his house in Subang Jaya. Yip died on the spot.

Selvamanickaraja, who has been training dogs for 10 years, said banning dog breeds was not the answer as mongrels could also turn aggressive.

He said that not allowing breeds such as the German Shepherd will also deprive people from owning gifted and loyal family dogs.

On what people can do when faced with a vicious dog, Selvamanickaraja said: “When a dog wants to attack you, it thinks of you as prey. You must change the dog’s perception of you as prey.

“If a dog is coming at you, do not run or turn to face it. Remain still and turn to your side, with your hands behind your back.

“Clench your fists as you do not want to leave anything exposed for the dog to bite. By doing this, you are not giving the dog space to attack,” he said.

The dog will become confused and might change its mind about attacking.

“But in its state of confusion, it might try to bite but you must stand firm. At most, it will bite once and then leave,” Selvamanickaraja said.

He said people should only attempt to run away or confront the dog if they were absolutely sure they can escape or defend themselves.

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Dog attacks humans, it's the owner, not the breed!

Is venture capital model no longer working?

The money manager mentality also meant that VCs became risk averse

KUALA LUMPUR: An expert on venture capitalism is of the opinion that the venture capitalist model is broken.

NOT BEYOND REPAIR: Green believes that the VC model is broken but it can still be fixed.

Jordan Green, chairman of the Australian Association of Angel Investors, said the latest generation of VCs has not been delivering results.

"Up until the mid-90s, VCs could reap a double digit return on investment on the companies they invested in," he told Bytz on the sidelines of the Asian Business Angel Forum (ABAF) 2012 here.

Green said today's VCs fail to do better than their predecessors because of their money manager mentality, and they aren't capable of advising entrepreneurs on how to viably commercialise their products.

"Venture capitalism predicated on the idea that people in the VC firm would be able to help the startups they invest in to grow effectively. But you need to have business experience to do this, " he said.

According to Green, many of today's VCs have the academic qualifications but not the experience of having run a business.

This situation arose when VC firms started to institutionalise, to give themselves bigger funds to work with, he said.

However, as the establishments got bigger, there was not enough qualified people with the right business experience to hire.

"As a result, those without any entrepreneurial skills could not properly help the startups move forward," Green said.

"And the money manager mentality also meant that VCs became risk adverse and would only fund startups when they started being profitable. This created the 'VC gap.'"

The gap is where entrepreneurs have difficulty getting funding between starting up and starting to show profitability - the period when VCs are most needed.

Green believes investing in a business requires empathy, and is not merely an intellectual exercise.

Malaysia is moving in the right direction by starting angel investor networks because this will give startups here an alternative to VCs when they need funding for their fledgling products and services, he said.

"Angels are actually replacing the VCs of yore. They are the experienced business people who can advise entrepreneurs on how to bring their products to greater heights," Green said.

The Malaysian angel investor network is still young, with two known agencies - the Virtuous Investment Circle and Pikom Angel network. Another is set to emerge later this year and is called the Malaysian Angel Business Network.

However, Green said, the VC model can still be saved if venture capitalism returns to its original investment model.

He said this will require braver institutional investors and a better understanding of how VCs should work.

"With the original intent and model, they can make better decisions and better help startups grow faster," he said.

ABAF is organised by Cradle Fund Sdn Bhd, which manages an investment programme that funds technology startups in the country.

The forum is aimed at bringing the best of Asia's angel investors, venture capitalists, decision makers, policy leaders and entrepreneurs to one location. Some 500 delegates gathered to hear 30 speakers at this year's event.

By JO TIMBUONG bytz@thestar.com.my

China's Revolutionary New Thinking On Private Capital

In a stunning series of announcements last week, Beijing opened the doors to private capital. In the process, officials signaled a reversal of a half decade of anti-reform sentiment.

Play Video China has issued new measures on guiding non-governmental capital into the domestic banking sector.

The China Banking Regulatory Commission has stated that private investors will have equal rights with other state-owned banks. Private investors can bid for the establishment and capital increase of a rural bank.

They can now have a larger share of a rural bank, as state-owned financial institutions shareholding has been lowered to 15% from 20%.

In addition, the Chinese banking industry will strengthen its financial support for private investors.

Yesterday, for instance, the China Banking Regulatory Commission announced private capital will have the same entry standards as state capital when it comes to the country’s banks. Specifically, private companies will be able to buy into banks through private stock placements, new share subscriptions, equity transfers, and mergers and acquisitions. Moreover, the government will liberalize investment into the rural banks and as well as the trust, financial leasing, and auto financing sectors.

And on the day before, Beijing gave the “all-clear” for the break up of state monopolies. The State-Owned Assets Supervision and Administration Commission issued guidelines that, among other things, permit private investors to contribute cash or assets like intellectual property to state enterprises in return for equity and discourage these enterprises from placing additional restrictions on private parties when the enterprises sell their stakes in listed companies. As SASAC noted, “The guideline reflects equal treatment of various kinds of investors and it helps ensure fairness in economic development.”

These two major developments followed a series of other recent indications of liberalization. The China Securities Regulatory Commission announced it would allow private companies to list on domestic and foreign stock markets and to issue bonds; the National Development and Reform Commission said it is drafting rules to open the electricity, oil, and natural gas sectors to private capital; and the Ministry of Railways talked about opening railroads to private capital. The State Council itself announced it is looking for private investment in the energy, telecom, education, and health care industries.

China, in short, is open for business, and there is no mystery surrounding the sudden change of attitude. First, many cite the eroding profitability of state enterprises for these announcements. In fact, official figures show that their profits fell 8.6% year-on-year in the January-April 2012 period.

Second, other factors include the decline of foreign direct investment—FDI fell for the sixth consecutive month in April—and a dramatic slowdown in economic activity—the economy showed signs of either zero growth or contraction last month. Initial indications for this month, such as the sinking HSBC Flash PMI, are mostly bearish.

Third, Beijing technocrats realize they will fall far short of reaching their target of 36 trillion yuan of fixed asset investment because the central government can only “channel” 402 billion yuan and state enterprises are sitting on their hands. The inescapable conclusion is that the only way to make up the difference is private capital.

Despite the country’s economic distress, it’s not clear when we will actually see implementation of the dramatic announcements. For one thing, it is not an encouraging sign that Beijing issued precious few details. At the moment, this looks like another instance of Chinese vaporware.

Why? In the last few years state enterprises have become entrenched and extremely powerful in Chinese political circles. And provincial and local governments are even more hostile to non-state capital because of the perceived divergence of interests between private investors and Party officials.

Moreover, it’s unlikely that much, if anything, will get done this year as top leaders are now embroiled in disruptive political struggles. In fact, part of the reason for the accelerating economic slide is that for months they have been distracted by the worsening turmoil in the top reaches of the Party. Moreover, not much may get done next year either. Xi Jinping is slated to take over this fall, and new supremos usually take a couple years before they are able to effectively exercise power.

In any event, central government ministries, if they were truly serious about liberalization, would just implement structural changes as opposed to talking about them. Until there is a sign he is serious this time, many will think Premier Wen Jiabao is borrowing from his 2010 playbook when he had his State Council grandly announced similar reforms that were not put into effect with real rules.

And there is one more factor suggesting private capital will not rescue the Chinese economy this time. As domestic and foreign investors learn more about both the fundamental and cyclical problems in China, it will be increasingly unlikely that anyone will commit substantial sums to the country.

After all, you don’t see private investors heading for Greece at the moment, and in some important ways China is in far worse shape. The internal and global narratives on the Chinese economy and political system are changing, and those changes are bound to have a negative effect on investment sentiment.

In short, Beijing’s announcements this month may evidence a welcome change of heart, but they could end up being both too little and too late to stop the country’s accelerating slide.

Gordon G. Chang, Forbes Contributor

I write primarily on China, Asia, and nuclear proliferation.

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Monday, 28 May 2012

The Facebook Illusion

THERE were two grand illusions about the American economy in the first decade of the 21st century. One was the idea that housing prices were no longer tethered to normal economic trends, and instead would just keep going up and up. The second was the idea that in the age of Web 2.0, we were well on our way to figuring out how to make lots and lots of money on the Internet.

Josh Haner/The New York Times Ross Doutha

The first idea collapsed along with housing prices and the stock market in 2007 and 2008. But the Web 2.0 illusion survived long enough to cost credulous investors a small fortune last week, in Facebook’s disaster of an initial public offering.

I will confess to taking a certain amount of dyspeptic pleasure from Facebook’s hard landing, which had Bloomberg Businessweek declaring the I.P.O. “the biggest flop of the decade” after five days of trading. Of all the major hubs of Internet-era excitement, Mark Zuckerberg’s social networking site has always struck me as one of the most noxious, dependent for its success on the darker aspects of online life: the zeal for constant self-fashioning and self-promotion, the pursuit of virtual forms of “community” and “friendship” that bear only a passing resemblance to the genuine article, and the relentless diminution of the private sphere in the quest for advertising dollars.

But even readers who love Facebook, or at least cannot imagine life without it, should see its stock market failure as a sign of the commercial limits of the Internet.

As The New Yorker’s John Cassidy pointed out in one of the more perceptive prelaunch pieces, the problem is not that Facebook doesn’t make money. It’s that it doesn’t make that much money, and doesn’t have an obvious way to make that much more of it, because (like so many online concerns) it hasn’t figured out how to effectively monetize its million upon millions of users. The result is a company that’s successful, certainly, but whose balance sheet is much less impressive than its ubiquitous online presence would suggest.

This “huge reach, limited profitability” problem is characteristic of the digital economy as a whole. As the George Mason University economist Tyler Cowen wrote in his 2011 e-book, “The Great Stagnation,” the Internet is a wonder when it comes to generating “cheap fun.” But because “so many of its products are free,” and because so much of a typical Web company’s work is “performed more or less automatically by the software and the servers,” the online world is rather less impressive when it comes to generating job growth.

It’s telling, in this regard, that the companies most often cited as digital-era successes, Apple and Amazon, both have business models that are firmly rooted in the production and delivery of nonvirtual goods. Apple’s core competency is building better and more beautiful appliances; Amazon’s is delivering everything from appliances to DVDs to diapers more swiftly and cheaply to your door.By contrast, the more purely digital a company’s product, the fewer jobs it tends to create and the fewer dollars it can earn per user — a reality that journalists have become all too familiar with these last 10 years, and that Facebook’s investors collided with last week. There are exceptions to this rule, but not all that many: even pornography, long one of the Internet’s biggest moneymakers, has become steadily less profitable as amateur sites and videos have proliferated and the “professionals” have lost their monopoly on smut.The German philosopher Josef Pieper wrote a book in 1952 entitled “Leisure: The Basis of Culture.” Pieper would no doubt be underwhelmed by the kind of culture that flourishes online, but leisure is clearly the basis of the Internet. From the lowbrow to the highbrow, LOLcats to Wikipedia, vast amounts of Internet content are created by people with no expectation of remuneration. The “new economy,” in this sense, isn’t always even a commercial economy at all. Instead, as Slate’s Matthew Yglesias has suggested, it’s a kind of hobbyist’s paradise, one that’s subsidized by surpluses from the old economy it was supposed to gradually replace.

A glance at the Bureau of Labor Statistics’ most recent unemployment numbers bears this reality out. Despite nearly two decades of dot-com enthusiasm, the information sector is still quite small relative to other sectors of the economy; it currently has one of the nation’s higher unemployment rates; and it’s one of the few sectors where unemployment has actually risen over the last year.None of this makes the Internet any less revolutionary. But it’s created a cultural revolution more than an economic one. Twitter is not the Ford Motor Company; Google is not General Electric. And except when he sells our eyeballs to advertisers for a pittance, we won’t all be working for Mark Zuckerberg someday.- IHT

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