The 10 Best Worldwide Conferences for Entrepreneurs

Conferences, summits, gatherings, “un” conferences. . . it seems that every week, yet another new, “must-do” conference comes along, demanding your time, attention and money. As a fellow entrepreneur, I feel your pain.

The conference circuit can truly drain you, not to mention your bank account. Flights, hotels and conference fees aren’t cheap. And if you’re not careful, the conference circuit can become one endless meet-and-greet, without any meaningful networking or creative inspiration.

That said, the right conference can be an invaluable means for networking beyond your immediate field and connecting with innovators in other fields whose work parallels your own. “Conferences are especially helpful for entrepreneurs who otherwise risk getting stuck in their own echo chamber,” says Ros Shelley at Venue Search London, a leading UK-based conference venue provider.

“We help event planners host hundreds of conferences each year, and I’ve seen my fair share of good and bad events," Shelley continues. "Entrepreneurs just need to be smart about picking the right conferences for their unique professional needs.”

So, which conferences are actually worth your time and money? From the United States to Australia, as you plan your travels for 2016, keep these ten conferences on your radar:

1. China Entrepreneurs Forum 

When: January 15-17, 2016

Where: Yabuli Ski Resort, China

Why: Bringing together 500-plus of China’s most influential entrepreneurs from finance, IT, manufacturing, real estate and other major industries, this three-day conference promotes sustainable development through entrepreneurship and strategic growth partnerships. The China Entrepreneurs Forum partners with CIF.CO International Group and the Chinese-U.S. Business Leaders Roundtable.

2. Dent

When: March 20-23, 2016

Where: Sun Valley, Idaho

Why: Dent brings together CEOS, executive directors, entrepreneurs, scientists and political leaders who are driven to “become more effective leaders and dent the universe.” The conference explores the “magic and science of visionary leadership and ground-breaking success." Conference highlights include intimate nightly dinners (capped at 25 people) that are designed to connect motivated, talented leaders and build meaningful relationships.

3. The Entrepreneurs’ Un-Convention

When: March 5, 2016

Where: Sydney, Australia

Why: As Australia and New Zealand’s largest conference for entrepreneurs, the “un-convention” aims to connect like-minded entrepreneurs in order to build business momentum and expand networks. The Entrepreneurs’ Un-Convention holds one-day meetings throughout the year in Sydney, Melbourne, Perth, Brisbane, Adelaide and Auckland.

4. MADE: The Entrepreneur Festival

When: TBD 2016; October 22, 2015

Where: Sheffield, United Kingdom

Why: As the UK’s premiere event for entrepreneurship, the MADE Festival features a range of skills-development master classes dedicated to improving brand awareness, understanding customers, developing new products, increasing sales and maximizing one's impact in developing a small business. The festival includes success stories and “fringe events” on branding, intellectual property, social media, sourcing financing and more.

5. Podcast Movement

When: July 6-8, 2016

Where: Chicago, Illinois

Why: Have you ever thought about starting your own podcast but are not sure how to get it off the ground? Podcast Movement is for you! The 2015 conference drew over 1,000 past, present and future podcasters to discuss tips on content creation, marketing, monetization and techniques for how to use podcasts as a free platform to build your own entrepreneurial brand.

6. PopTech

When: TBD 2016; October 22-24, 2015

Where: Camden, Maine

Why: PopTech brings together 600 diverse entrepreneurs and innovators to share insights and work toward lasting change. Conference initiatives incubate high-impact collaborative ideas aimed at solving the world’s toughest problems by getting leaders outside of their silos and working in complementary white spaces. The annual PopTech conference is among the highest-rated in the world aimed at disruptive change.

7. South by Southwest Interactive (SXSWi)

When: March 11-15, 2016

Where: Austin, Texas

An incubator of cutting-edge technologies and digital creativity, SXSW Interactive is the must-do conference for every entrepreneur in the tech space. Showcasing an unbeatable lineup of cutting-edge websites, digital tech, social media and video games, the conference brings together the greatest minds in emerging technology. It’s a veritable who’s who of the Bay Area, Los Angeles and New York City.

8. TechCrunch: Disrupt New York

When: May 9-11, 2016 

Where: New York, NY

Why: TechCrunch Disrupt bills itself as the leading authority for debuting revolutionary startups for the tech industry’s key innovators, and with good reason: By gathering together major players in the innovation space, including entrepreneurs, investors, hackers and tech fans, TechCrunch Disrupt's Startup Competition and Startup Alley are must-do launching platforms for startups seeking maximum publicity and industry exposure without hefty PR agency fees.

9. World Domination Summit (WDS)

When: August 11-15, 2016 

Where: Portland, Oregon

Why: The World Domination Summit is an annual gathering dedicated to “making a remarkable life in a conventional world” and features a series of mini-academies on a wide array of topics, ranging from language labs and book publication to overcoming rejection and fueling passion projects. 2016’s WDS will introduce a new series of mini-events held throughout Portland, including art shows, dinners and even a 5K fun run.

10. Women Entrepreneurs Festival We6

When: April 13-14, 2016; 

Where: New York City, NY

Why: Now in its sixth year, the Women Entrepreneurs Festival brings together powerful women eaders and innovators from across the globe for two intense days of networking and discussions about how to be a successful female entrepreneur. The past five festivals have seen the genesis of new business partnerships, companies and mentoring arrangements.

The bottom line

Conferences are only as good as your follow-up. Have a system in place for recording and remembering the people you meet. I like entrepreneur and NerdWallet co-founder Jake Gibson’s recommendation for keeping a Google spreadsheet. Gibson advises recording personal details about people you meet, including what you discuss. Make sure to follow up with everyone you meet within a week of the event, even if it’s just a short "great to meet you" note on LinkedIn. Carry the momentum forward!

Source: www.entrepreneur.com

How South Africa Built a Booming Wine Business

Nelson Mandela, the South African anti-apartheid revolutionary, politician, and philanthropist said, “After climbing a great hill, one only finds that there are many more hills to climb.”

The South African economy has climbed many hills.  Even today, with mining as the main economic driver, the Rand is very weak.

So maybe it’s high time the country look toward the lower west coast and embrace its flourishing wine industry.

“Do not judge me by my successes, judge me by how many times I fell down and got back up again.” – Nelson Mandela

South Africa, a country on the southernmost tip of Africa, has been making wine for more than 350 years.  

It basically started when the Commander of the Dutch Colony at the Cape of Good Hope planted his first vines in 1685, says Alyssa Rapp and her research team at Bottlenotes.

Around this time the Huguenots, French Protestants who were persecuted in France for their religious beliefs, showed up. Well, the Dutch presumed, that since they were French, they knew how to make wine (much like people presume that since I’m Sicilian I can make a good meatball.)

So they threw them in the vineyards, and while they did impose their Bordeaux beliefs, they land was blessed with fertile soil, sloping hills, and ocean breezes, so they started to produce some great wine regardless of their past skills.

Eurpoean high society, including British writers such as Charles Dickens and Jane Austen, took notice, says Rapp.

Even Napoleon, while in exile at St. Helena, requested the Constantia, a sweet red dessert wine, named after the area where it was from.

But outside of Constantia, the vineyards were hit with diseases, they weren’t clean and most of the wine ended up in brandy.

The wine industry fell apart and it wasn’t until the end of Apartheid, when Nelson Mandela become president, that things changed for everyone.

It was then, in 1994, that the modern South African wine industry officially was reborn.

But it wasn’t easy. Many of the older vines had to be ripped up and replanted. And they continued to fight much ignorance.

Are there lions in the vineyards?

Can I get ebola from South African wine?

“No and no,” says Jim Clarke, marketing manager for the Wines of South Africa, USA.

It wasn’t really until the 2010 Soccer World Cup that the world’s perception of South Africa finally changed -- for the good.

“When people are determined they can overcome anything.” -- Nelson Mandela

The vines are now 15 to 20 years old. They have the largest Chenin Blanc (a white wine grape from the Loire Valley that is halfway between a Sauvignon Blanc and a Chardonnay) plantings in the world.

Which is why 55 percent of the wine they produce us white and about 45 percent is red.

And there is production integrity now.  They have sustainable wine-growing practices and the wines have seals as proof.

With that, the money is coming.

The native professional golfers started it. David Frost, who won 11 times on the PGA Tour and grew up in the wine business, produced his first vintage in 1997. Ernie Els produced his in 2000.

Then Charles Banks, entrepreneur, wine collector and founder of Terroir Capital took a trip to South Africa with his wife, tasted some of the oldest Chenin Blanc on the continent and fell in love.

In 2011, he bought two South Africa wineries: Mulderbosch Vineyards in Stellenbosch and Fable Mountain Vineyard in Tulbagh. He is also a part of Marvelous Wines, a collaboration with a local winemaker and chef.

And it wasn’t just American entrepreneurs that saw potential. 

Lawrence Graff, the British diamond magnate, is now there making his Delaire Graff wines, says Clarke. And the Indian entrepreneur Analjit Singh (“He is essentially the Indian Charles Banks,” says Clarke) saw opportunity and partnered with Mullineux Family Wines.

In 2014, Kendall Jackson, the California-based company, invested in property with a mission to create high-end wines.

“Education is the most powerful weapon which you can use to change the world.” – Nelson Mandela

When guys like Charles Banks drop gobs of money somewhere, people take notice. But more needs to be done.

Native Ken Forrester, known for his fabulous Chenin Blancs (My tip: Try the FMC), is one of the most powerful voices of the South African wine industry. He travels the world and his wines are getting the accolades they deserve.

Unfortunately many of the local South African winemakers are not doing that yet – but need to.

The marketing needs a lot of improvement for the industry. Banks, a brilliant businessman, created a label on his Mulderbosch wines that is basically a stripe down the bottle. It just jumps out at you on the shelf. Genius.

“This is another area where the South Africans still fall short,” says Clarke.  “They need to learn to market their wines to the U.S.”

And they still need better distribution and more focus from retailers and restaurants, says Banks.

But it’s all coming. Sommeliers are more open to including these wines on their lists.

“I have been discovering lots of gems as of late,” says AJ Ojeda-Pons, wine director for the Zakarian Hospitality Group, with restaurants that include The Lambs Club in Manhattan and The National in Greenwich.

“It always seems impossible until it’s done.”– Nelson Mandela

Sales are rising again. Wine lovers are realizing that they indeed are producing great wines at even greater values. (We mentioned this in our recent wine trends column.)

That $15 to $20 bottle of wine is the sweet spot for South Africa and so many consumers.

And while Chenin Blanc, the versatile zesty white wine that pairs really well with food, has been their bread and butter, red blends are rising about 13 percent per year, says Clarke.  “And I would put a South African Cabernet up against a Californian cab any day,” he says.

“We can make world-class wine for a very fair price,” says Banks. 

So much is yet to be discovered but with capital and expertise coming to the region, the opportunity is there to boost the nation’s economy and create jobs. 

The entrepreneurs see it.  Wine lovers see it.

I think Mandela would be proud.

Source: www.entrepreneur.com

Gold drops for fourth day on stronger dollar, shares

Gold fell on Wednesday as a stronger dollar and a rebound in stock markets reduced its appeal as a safe asset.

Asian shares made their first real rally of the year after better than expected Chinese trade data, which offered some rare optimism for the global economy.

The pan-European FTSEurofirst 300 index rose 1.3 percent after four declining sessions, making gold less attractive.

Spot gold was down 0.4 percent at $1,082.15 an ounce by 1252 GMT, while U.S. gold futures fell 0.3 percent to $1,081.80.

Gold rallied to a nine-week top of $1,112 last week, but expectations of further U.S. interest rate increases lowered demand for the non-interest-paying metal while boosting the dollar.

“The pause in the gold’s rally underlines the difficulty gold has in rallying when there is expectation of Fed rate hikes, even if other news is supportive,” Macquarie analyst Matthew Turner said.

“People still think the dollar and rates are going up and therefore the medium-term case is bearish.”

The Federal Reserve raised rates in December and attention has shifted to how many increases will follow in 2016.

The dollar and risk-sensitive currencies recovered ground against the yen and the euro after China’s central bank held the yuan steady and better than expected Chinese trade data helped to reduce some of the bearishness toward the world’s second-largest economy. [FRX/]

But with Chinese economic growth slowing and its stock markets still vulnerable, analysts see it as unlikely that gold will lose too much ground.

“It doesn’t mean it’s all over; the market is pretty short and a lot of the uncertainty about the global economy has not been resolved,” Macquarie’s Turner said.

Holdings of the world’s largest gold-backed exchange-traded fund, New York-listed SPDR Gold Shares, rose 2.1 tonnes on Monday, data from the fund showed. [GOL/ETF]

China launched interbank gold trading at the beginning of this year as part of a broader drive to open up the country’s bullion market and increase financial investment in the world’s largest consumer of the precious metal.

Among other precious metals, palladium rose 3.1 percent to $485.85 an ounce after sliding to a 5-1/2-year low of $449.55 on Tuesday.

Silver gained 0.2 percent to $13.81 an ounce, while platinum was up 1.6 percent at $845.20.

“Platinum has now been cheaper than gold continuously for precisely one year, which should generate increased jewellery demand for platinum,” Commerzbank said in a note.

Source: Guardian Newspaper.

Wall Street slumps; S&P hits lowest since Aug. 24

U.S. stocks sank in volatile trading on Friday, with the S&P 500 hitting its lowest since Aug. 24 and the Dow dropping more than 400 points, as oil prices dived below $30 per barrel.All 10 major S&P sectors in the red and all 30 Dow components lower. The Russell 2000 small-cap index fell as much as 3.1 percent to its lowest since July 2013.

The beaten-down energy sector's 3.36 percent slide led the declines, as oil prices fell 5 percent. The technology sector was down 3.44 percent, as Intel's weak report weighed heavily on chip stocks.

"When we started off the year, we were at the crossroads of concern and optimism and clearly, we've gone down the road of concern pretty quickly," said Dan Farley, regional investment strategist at U.S. Bank Wealth Management in Minneapolis.

U.S. economic data on Friday was also not very encouraging, with an unexpected drop in retail sales and industrial output declining again in December, underscoring a worsening outlook for fourth-quarter economic growth.

At 12:08 p.m. ET (1708 GMT), the Dow Jones industrial average was down 418.05 points, or 2.55 percent, at 15,961.

The S&P 500 was down 49.46 points, or 2.57 percent, at 1,872.38. It fell to a low of 1,869.53.

The Nasdaq Composite index was down 154.21 points, or 3.34 percent, at 4,460.80. It hit its lowest since Aug. 24.

The S&P 500 has fallen 12.3 percent and the Dow 13.1 percent from their highs in May, pushing them into what is generally considered as 'correction territory'.

The CBOE volatility index jumped as much as 29.2 percent to 30.95, it's highest since September.

Dow components Exxon and Chevron were down 2-4 percent, while Caterpillar dropped 4 percent.

Intel tumbled 9 percent to $29.66 after its results and forecast raised concerns about the chipmaker's growth. That weighed on the chip index, which fell 4.5 percent, its steepest drop since March.

Citigroup was down 6.5 percent at $42.44, while Wells Fargo fell 3.2 percent to $49.04, after reporting largely in-line quarterly earnings.

Wynn Resorts was the among the very few bright spots, rising 9.1 percent to $56.28 after reporting in-line of quarterly revenue.

Declining issues outnumbered advancing ones on the NYSE by 2,823 to 251. On the Nasdaq, 2,491 issues fell and 295 advanced.

The S&P 500 index showed no new 52-week highs and 115 new lows, while the Nasdaq recorded four new highs and 428 lows.

Source: www.reuters.com 

Ogun partners NEPC on promotion of local products

From Charles Coffie Gyamfi, Abeokuta

IN a bid to grow the non-oil sector of the economy, Ogun State Government has stressed the need for each state to take advantage of ‘one-state-one-product’ initiative which would be targeted at diversifying the nation’s economy.

The Commissioner for Commerce and Industry, Otunba Bimbo Ashiru, who spoke at a follow-up meeting on the initiative organised by Nigerian Export Promotion Council (NEPC) in Abeokuta, disclosed that the state was ready to take comparative advantage of cassava, cashew nut and cotton production in commercial quantity. He added that this would enhance value chain preparation of agriculture towards the state’s industrialisation that would lead to employment and wealth creation.

The Commissioner said in a bid to promote the development of export-oriented industries, Nigeria should be an export dependent and not import dependent nation. Ashiru said, “The state is focusing on rural roads and good infrastructure to enable communities within the state increase supply base of identified products while boosting income and export value’’. He also emphasised the need to fund Micro, Small and Medium Enterprises to ensure the availability of Agro product in substantial volume.

Executive Director of NEPC, Mr. OlusegunAwolowo, who was represented by the Director and Zonal Controller of NEPC, Lagos, Mr. George Enyiekpon, noted that the ‘one-state-one-product’ initiative was aimed at empowering the state and communities towards achieving economic growth through adequate use of local resources.

He stated that the initiative would promote the economic development of the country as well as create employment opportunities through value addition of identified product. He stressed the need for states to put in place machinery to sustain their products so as to meet up with international market demands.

Chairman, State Committee on Export Promotion and Permanent Secretary, Ministry of Commerce and Industry, Mrs Modupe Bosede, expressed the state government’s readiness to collaborate with the council in achieving its set objectives aimed at improving exportation of locally produced goods.

The state Chairman of the Manufacturers Association of Nigeria (MAN), Mr. Wale Adegbite, said they were ready to key into the initiative as it was a sure way of getting the nation out of economic down turn.

Source: Guardian Newspaper

Wal-Mart pulls plug on smallest store format, shuts 269 stores

Wal-Mart Stores Inc said on Friday that it was pulling the plug on its smallest store format, Walmart Express, and closing 269 locations globally, including 154 in the United States, in a restructuring that will affect 16,000 workers.

Wal-Mart, the world's largest retailer, said the move would reduce diluted earnings per share by 20 cents to 22 cents, with nearly all of that to be booked in the fourth quarter ending this month. In November, the company forecast a full-year profit of $4.50 to $4.65 per share.

Shares of Wal-Mart, which said the store closures represented less than 1 percent of its global square footage and revenue, fell 2.4 percent to $61.57.

The move comes three months after Chief Executive Officer Doug McMillon disclosed plans to review the retailer's global operations and shut underperforming stores. Friday's announcement marks the first step in that restructuring effort.

Wal-Mart said it planned to close 102 of its Express format stores, which at 12,000 to 15,000 square feet are less than one-tenth the size of a typical Supercenter. The format had been in pilot since 2011 but did not deliver the desired results.

The other 52 U.S. stores are a mixture of Supercenters, Wal-Mart's largest format; discount stores; a grocery format called Neighborhood Market; and outlets in the company's Sam's Club bulk-selling wholesale chain.

“Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future," McMillon said in a release.

In other markets, Wal-Mart said it was closing 115 stores in Latin America, including 60 in Brazil. Reuters reported the Brazil closings on Thursday.

The closings highlight the challenges Wal-Mart faces in finding growth opportunities in both its home market, which it has blanketed with some 4,500 stores, and overseas, where it has grown to more than 6,000 locations but has struggled to generate consistent returns.

The Arkansas-based retailer said it was still looking to invest and stuck to its plan to open 142 to 165 stores in the United States in the year ending in January 2017. It also for the first time disclosed plans to open 200 to 240 stores overseas in the coming year.

The closings are set to affect about 10,000 people in the United States and 6,000 overseas. The company said it would try to place workers in nearby locations, estimating that 95 percent of the closed stores in the United States are on average within 10 miles of another that it owns.

Wal-Mart said it would provide 60 days of pay and severance for eligible workers not placed.

Source: www.reuters.com

Chinese Remains Rich in Opportunities for Entrepreneurs Who Keep Calm

By Ryan McMunn

As I watched the Chinese stock market plunge by 7 percent on two separate occasions last week I wanted to take another look at what the turmoil here means for US and Chinese entrepreneurs. Coincidentally, I find myself at the Puli Hotel's famous Long Bar where I wrote my last article on the Chinese economy for Entrepreneur. The last three times I’ve been here have all been during stock market crashes or currency devaluations. I’m being blamed for last weeks’ nose-dive by my team. They tell me I’m bad luck. The fact of the matter is that no one should be surprised by what’s happening in China.

So what does the future hold and what does that mean for entrepreneurs with operations here? I spoke with the same business owners in China that accurately predicted the The Great Fall of China to find out. While most are not optimistic on the health of the overall economy, they believe that the current situation in China presents opportunities for both themselves and others willing to take a risk.

A good time for buying in China to selling in the US.

Chinese consumers are still spending.

The Chinese Yuan has dropped to around 6.5 to the U.S. dollar, its lowest point since April of 2011. Many expect the devaluations to continue in 2016. I concur and I also predict another 8-10 percent drop this year. As this happens, the price of goods from China will become cheaper. This is good news for US companies buying product from Chinese factories to sell them in the US. It is also good news for Chinese manufacturers. Their goods will be more competitive.

In addition, there is some talk and speculation about a devaluation war amongst Asian suppliers. Other countries, such as Vietnam, could start devaluing their currencies to remain competitive with China. The race to the bottom would result in further lowering of the cost of goods sourced in Asia, which, of course, is good news for US entrepreneurs buying product from Asia.

Mr. Bai, founder of Xingjia Plastic Manufacturing, agrees that the devaluation of the Yuan will continue. He was quoted in my last piece on the economy saying that “a financial typhoon is approaching.” It looks like Mr. Bai is correct. “The typhoon I knew was coming finally arrived. I think the RMB will continue to drop by about 10-15 percent in 2016,” he says.

Mr. Bai doesn’t believe we’re at the bottom, or that 2016 will be a good year for the overall economy, but he does think things will turn around in 2017. He believes that 2016 will be a good year for him and his US customers saying “overall it’s good for exporters and our customers. Add to that, a lower material price and this is a win-win situation.”

Mr. Bai took me around the development zone where his factory is located, pointing out what he called “ghost factories” that have gone into bankruptcy. He and other factory owners still in business sense they have weathered the storm. Considering all of these factors, Mr. Bai is already seeing order forecasts from US customers increasing to levels that he hasn’t seen in years. Several of his old customers switched to Vietnam for the cheaper labor a few years ago, have now returned for the better quality and the comparable pricing in China. Mr. Bai is now optimistic about his business, for the first time in years. He’s taking advantage of this change by purchasing raw materials while the cost of plastic, aluminum and steel are all lower, which will allow him to keep his pricing competitive when material pricing  inevitably begins to rise.  Many Chinese manufacturers are following suit, which is in turn, very good for US based buyers.

Mark Secchia, founder of Sherpa’s food delivery service that operates in several cities in China, believes that there are opportunities for new entrants to the market. Based on his 20 years’ experience living in China and running Sherpa’s, he says that “a dip like this is always an opportunity. In the same way that when stocks crash, stockholders hate it, but anyone about to buy has their curiosity piqued. Likewise, entrepreneurs already on the ground are experiencing pain, but those who are thinking about entering in 2016 or 2017 will reap the benefits of a weaker RMB, lower salaries, and a government more willing to see things through the eyes of employers.”

I believe that Mark’s thoughts and sentiments are valid. While we have been operating in China for about five years, we are benefiting through policy changes that favor job creation. I have also seen an increase in the sales of our English, Portuguese and Spanish courses to Chinese citizens. The reason is that consumer spending has continued to rise. According to Florentin Servan, former vice president at EFG Bank in Hong Kong and now principle at Servan & Co. LLC, “the market always overreacts with regards to China. There’s not a significant portion of the Chinese population invested in the Chinese stock markets so market swings have a lower impact on individual consumer wealth than in the US.”

Because people aren’t watching their savings evaporate, they continue to spend. The last Five Year Plan set by the Chinese government made increasing consumer spending as a percentage of GDP a priority and set policies in place to do just that. In the US, consumer spending accounts for about 70 percent of GDP in any given year. In China, that number was only about 51.2 percent in 2014 but that’s up 3 percent from 2013. The trend in 2015 continued but final numbers aren’t out yet. The younger Chinese generations are also far more likely to spend their money than the older generations, which bodes well for entrepreneurs opening up shop in China.

Selling to Westerners in China

One of my chief concerns a few years ago was that if US manufacturers left for places like Vietnam and Indonesia, then we would lose a valuable source of customers. US manufacturing companies utilize our Chinese courses and cultural training to better localize in China. If these companies were to leave, we would lose a significant portion of our current customer base. It wouldn’t have been devastating -- US companies will always need Americans who speak the language -- but it would have significantly hurt.

Another segment of our customer base includes US companies that sell to China. Fortunately, as stated above, the trends in Chinese consumer spending are still positive. There has been no negative impact on us from that standpoint. Right now is a good time for US entrepreneurs to enter the Chinese market but they need to understand the culture, language and buying habits of the locals.

Fernando Menendez the founder of Global-Step Consulting feels the same way. Global-Step is an international business consultancy based out of Shanghai, China. He is seeing his consulting service on exporting from China expand. Reasons for the growth? The devaluation of the Yuan has been a prime factor in the company’s success. He says “in your last piece I spoke about ‘turning around the omelet,’ that’s why I do it. Last year was hard on exporters and better for importers. Now export consulting is up and while imports should be going down because of the devaluation, demand continues to grow in China for high-quality western goods.”

The general feeling among the business owners I spoke with is that the current regime’s crackdown on corruption and economic policies are causing the turbulence in China’s economy. However, most believe that the country will benefit from these policies in the long-run and that the economy will turnaround in 2017. The current situation has actually helped both the manufacturing and service industry. This is the first time in a long time that pessimism wasn’t the overriding sentiment on the economy. While there is still plenty of pessimism, I get the sense entrepreneurs feel that the economy is nearing the bottom.

The turbulence in the Chinese economy is certainly not over, but in times like these there are always opportunities to grow.

Source: www.entrepreneur.com

Buffett expands oil bet, buys more Phillips 66

Warren Buffett is expanding his bet on the oil industry, slowly adding to his already large stake in oil refiner Phillips 66 (PSX.N) even as crude oil prices have sunk to a 12-year low.

From Jan. 4 to Jan. 11, Berkshire Hathaway Inc (BRKa.N), which Buffett has run since 1965, paid about $390 million for an additional 5.1 million shares of Phillips 66, according to filings with the U.S. Securities and Exchange Commission.

The purchases boosted Berkshire's investment in Phillips 66 to 65.68 million shares, or about 12.3 percent of those outstanding, worth $5.21 billion as of Thursday's market close.

Phillips 66 shares closed up $4.03, or 5.4 percent, at $79.28 on the New York Stock Exchange.

Berkshire began quietly rebuilding its stake in Houston-based Phillips 66 early last year, after having in February 2014 swapped $1.35 billion of shares for a chemicals business that it folded into its Lubrizol unit.

Crude oil prices have slumped by nearly three-quarters since June 2014 as traders and investors worried about flagging global growth and a surfeit of demand.

The Brent crude benchmark LCOc1 rose 69 cents on Thursday to $31 a barrel, after earlier falling to a 12-year low of $29.73.

Phillips 66 shares have held up better than many others in the oil sector, closing on Thursday just 16 percent below their record high set on Nov. 4.

Its shares began trading in 2012 after a spinoff by ConocoPhillips (COP.N), which Berkshire also owned. Two years later, Berkshire shed its remaining Conoco stake, as well as a large investment in Exxon Mobil Corp (XOM.N).

Berkshire also owns close to 90 businesses such as the Geico auto insurer, the BNSF railroad and See's Candies. It also owns dozens of stocks including American Express Co (AXP.N), Coca-Cola Co (KO.N), IBM Corp (IBM.N) and Wells Fargo & Co (WFC.N).

Source: www.reuters.com

Giving up on stocks: China's retail investors seek safety first

"I just have a small amount of money in the stock market. I had planned to sell when indexes got a little bit higher, but soon it dropped to this situation," said Zhou Junan, a 22-year-old retail investor in Guangdong.

"I don't have faith in the stock market any more. I think it's better to buy dollars."

Weekly data from the Shanghai Stock Exchange shows money shifting into exchange traded funds (ETFs) tracking bonds, gold and money markets at the start of January.

Funds that provide a vehicle for Chinese individuals to invest in overseas stocks and bonds through the Qualified Domestic Institutional Investor (QDII) scheme were also popular, continuing a trend that began late last year.

On Thursday, the official Securities Times newspaper reported that 10 mutual funds under QDII had suspended or restricted taking subscriptions after strong demand led to quota shortages. The measures followed a nearly 10 percent jump in assets of such funds in December alone.

"IN A MESS"

Alongside the renewed slide in stocks, ordinary Chinese investors have been shaken by last week's acceleration in the decline of the yuan, which has fallen nearly 5 percent since August.

"The stock market is in a mess," said a 48-year-old woman from Kunshan, a city near Shanghai, working in the accounting department of a bank, who said she had bought 500,000 yuan ($76,000) worth of U.S. currency. "Dollar is far less risky."

That has also fueled demand for gold.

"Except for gold, all other assets are just bubbles to me," said a 24-year-old female investor in Beijing. "I guess I am a pessimist. If there are really some global conflicts, even dollars and bonds could not buy a meal."

In just seven trading days at the start of this year, assets under management at HuaAn Gold ETF, China's biggest gold ETF, jumped 8 percent, after doubling during the previous six months.

"We notice a rise in gold investment whenever there's concern over yuan depreciation," said Richard Xu, the fund's manager. "Buying gold also helps investors avoid risks in equities. It serves double purposes."

SELLING UP

A number of retail investors who spoke to Reuters were also switching money out of stocks and into wealth management products (WMPs) and principal-protected funds.

"I have bought different kinds of WMPs from banks. The majority of them are backed by bonds, which are less risky," said a 50-year-old woman surnamed Wang, from Guangzhou, who said she lost 30 percent of her stock market investment in the summer meltdown before selling out in August.

Capturing such a trend, latest data from the Asset Management Association of China showed that both bond and money market funds nearly doubled in size as of end-December from end-June, while equity funds tumbled almost 90 percent in assets under management during the same period.

China's banking regulator and main bond clearing house have recently moved to reduce the appeal of high-yielding WMPs relative to equities, asking commercial banks to reduce rates offered on such products.

Some retail investors said they were giving up on making a return on their savings altogether, focusing instead on Chinese New Year celebrations next month, also known as the Spring Festival.

"I don't have confidence in China's stock market anymore," said Ivy Li, from Shenzhen, who had invested 100,000 yuan in stocks but sold of all her holdings on Tuesday.

"I don't plan to invest in any other assets either. I am planning to spend the money perhaps on traveling around the Spring Festival. I think China's economy will not be so good in 2016."

A few optimists remained convinced the market would eventually turn around after the latest bout of turbulence.

"I have pulled out all my money from the stock market, but I'm not intending to use that to buy WMPs," said Wen Zhihong, a 50-year-old employee at a university from Chengdu. "I'm still waiting for another chance to get back into the stock market." ($1=6.57 yuan)

Source: www.reuters.com

Place of partnership in improving Africa’s technology growth

AFRICA’s innovative prowess may not attract significant global attention, but when discussions arise regarding the continent’s willingness to harness the potential inherent in Information and Communications Technology (ICT), it certainly cannot be overlooked.

Indeed, sustaining the impressive economic growth Africa has experienced over the last decade, policy-makers of the region may need to focus and learn the best practice in fostering technology transfer and identifying critical innovation barriers and gaps to achieve increased productivity and structural transformation of its economies.

To address the future challenges, industry stakeholders across Africa are clamouring for the expansion of telecommunication facilities and the deepening of content in the media industry.

This actually formed the fulcrum of the recent partnership between StarTimes Group and the State Council Information Office of the People’s Republic of China, at the Sino-Africa Media Leadership Summit in Cape Town, South Africa.

The Sino-Africa cooperation was focused on building a greener technology future for Africa, which will see the citizens as the major beneficiaries.

According to StarTimes Group, the plan is to bridge the gap between the two communities, whose cooperation can boost the welfare of over two billion people. President Xi Jinping of Peoples’ Republic of China, who was represented by Chinese Ambassador to Cape Town, Jiang Jianguo, explained that on the road seeking for peace and development, China and Africa will always be trustworthy friends and sincere partners.

According to him, media could be the bridges for communication between China and Africa.

“It is hoped that the media in China and Africa can take this summit as a good opportunity, expanding the communications and technology areas and deepening the content, to promote bilateral relationships,” he said.

The leadership summit focused on integrating African ideas and its people in order to expand and give boost to technology development in the communications industry, which is seen as a priority list of media experts and government officials that met at the conference held in South African..

President Xi noted that the root of friendship between China and Africa lies in the people, communication and technology. To him, media is an important tie for boosting the friendship between Africans and Chinese. He said in recent years, the cooperation between media across Africa has had abundant development.

“Exchange of articles, co-interviews, and cooperative filming are now rampant,” he stressed.

President Jacob Zuma of South Africa agreed with his Chinese counterparts. In his speech, he noted that as the role of the media in the society increases, the cooperation between people is strengthened. This, he added, is reflected in the topic of the summit that is timely and proactive. He stated that communication between China and Africa could further strengthen the relationship between the twon countries.

Africa’s potential

“Africa has got abundant resources and unique cultural diversity. It is the duty of the media to write articles and stories about the continent and create the image of the region effectively, and getting the rest of the world to knowing more about the continent,” President Zuma said.

He added: “Media is the important resource where the public can get information and have opportunities for better development. South Africa is implementing the national development plan like China to alleviate poverty, injustice, and unemployment. During this process media plays an important role. It is hoped that this media summit can open up a new area of cooperation between Africa and China, for communication of ideas to seek for common development.”

President Zuma explained that the media and technology interest and activities in the continent prove the important place the media holds in opening up the cooperation at business-to- business, people-to-people and government-to-government levels. According to him, the role that the media plays in unlocking doors to new opportunities for win-win development in other areas cannot be underestimated.

“For media to report correctly and in a balanced fashion, access and openness is crucial. In this regard, we need also to seek ways that media and government can do to develop meaningful partnerships for the benefit our people,” he said.

The place of digitisation

President of StarTimes Group, Pang Xinxing disclosed that StarTimes has always been sticking to the mission that every African family could afford digital TV of high quality and step into the digital age.

“It is StarTimes that brings the advanced terrestrial digital TV technology into Africa, with after-sale services and digital TV of high affordability. Before StarTimes’ entrance into Africa, the price of digital TV in Africa had been quite high and not affordable. The initial manufacturing price was $200, and the cheapest monthly fee was $40. And now with StarTimes, the initial manufacturing price of Pay-TV has declined to $20, and the cheapest monthly fee is less than $3, truly realizing the mission that have African families boast of digital TV of high affordability and great quality,” Xinxing said.

Assurance of development

Contrary to the fears of critics that the Chinese government may reduce its commitment towards the and development of the continent due to global economic challenges, Zuma is optimistic that China’s track record is enough to convince them. He said the nation’s investment and financing to support sustainable development in Africa have been further expanded.

According to him, “China’s pledge to provide loans of $20 billion for African countries has been fulfilled ahead of schedule. Two-way trade volume exceeded $200 billion for the first time in 2013, and China has become Africa’s largest trade partner for five years in a row. China has fully committed itself to offering assistance to Africa. Since the outbreak of the Ebola virus in West Africa, the Chinese government has offered four batches of emergency humanitarian aids totaling $122 million. Also, China has made great efforts in supporting the African integration process, enhancing people-to-people friendship, and promoting peace and stability in Africa.”

Going forward

While StarTimes Group received commendations from participants at the event for showing concerns about the growth of the industry in Africa, experts said such was worthy of emulation by other corporate institutions if the region must develop.

“I urge other corporate organisations, especially other pay TV firms to emulate StarTimes and ensure they come up with developmental summit like this in order to develop the society and the continent. This summit will help reshape the media and communication sector across different sectors of the African economy,” a participant said.

StarTimes also received presidential commendations as President Zuma described its support to the Chinese government to organise summit as a welcome initiative that seeks to build media-to-media relations between African media leaders and their Chinese counterparts.

“I extend my best wishes of success for StarTimes Group and the summit as the deliberations of media experts stand to strengthen co-operation via exchanging thoughts, ideas and seek common development,” Zuma said.

He submitted that summit of this magnitude, no doubt, was needed to further strengthen relations across Africa and to drive development of the sector in the continent.

Source: Guardian Newspaper.