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Forbes AsiaForbes Asia

Forbes Asia December 2018/January 2019

Forbes Asia chronicles entrepreneurs, executives and companies throughout Asia.

Country:
United States
Language:
English
Publisher:
Forbes Media LLC
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13 Issues

IN THIS ISSUE

access_time1 min.
new jersey out

This year-end issue marks a transition for some of us at the magazine and for Forbes Asia itself. Before I get to that, however, let me provide a bit of background. Since Forbes started publishing its own edition abroad (as distinct from our many licensed, local-language titles), we have drawn considerably from the resources of the home office, including editors and designers as well as research staff. Most Forbes Asia text, of course, has come from our able correspondents in the territory we cover. With the increasing importance of Asia-Pacific to the overall Forbes Media business, this publication is concentrating its resources within its regional bailiwick. Beginning in 2019, a new editing and design team will take charge from Singapore. They will join our well-established and determined business-side counterparts in Asia. (I…

access_time1 min.
conversation

OUR FEATURE on the burgeoning esports industry, and the potential sponsorships and fast growth in media rights that go with it (“Shoot-Out,” November, p. 32), elicited quite a buzz from our readership. @UbiJustin tweeted: “Great to see that 5 out of the top 10 most valuable orgs have a team in R6. A testament to the growth of that scene too, which had humble beginnings.” A diligent student, @CeeZeeThatsMe, replied, “I plan on doing my thesis for my finance major on the esports industry, love reading this stuff.” @jh_moore was more skeptical: “Personally I’m not so sure it bodes well for esports when a bunch of these ‘most valuable’ esports companies have had to go through ‘strategic realignment’ recently.” THE INTEREST GRAPH Esports rocked the magazine competition, with more than six times…

access_time3 min.
in a fight with the fed the white house wins

THE FEDERAL RESERVE backed off its plans for aggressive interest rate hikes next year after President Donald Trump relentlessly and personally bashed chairman Jerome Powell—a recent Trump appointee, no less. The Federal Reserve and its defenders stress the importance of its independence from outside interference. Otherwise, they maintain, election-worried Washington politicians and special interests would distort decision-making, which would end up doing real economic harm. Our central bank has done a remarkable job over the years creating an aura that those who attack it are either ignoramuses or cranks outside the boundaries of respectable and responsible opinion. This achievement comes in the face of several major blunders, most notably the terrible inflation of the 1970s and early 1980s, and the lead-up to the crisis of 2008–09. Nonetheless, the reality is that if the…

access_time6 min.
game off!

Jim Lee is a veteran in China’s video game industry. The 40-year-old entrepreneur once worked for America’s Electronic Arts as general manager of its China division. In 2014 he gave up this well-paid job to launch his own gaming studio in Beijing. And as the country’s online games market took off, Lee’s company scaled up rapidly, with revenues growing by 100% in 2017. But after China suspended giving out operating licenses to potential and some existing games in March, his business was suddenly in disarray. “It has been really, really hard for us,” says Lee of his Elevation Point Entertainment. “Our products are delayed because we can’t get licenses. We are now trying to adapt some titles into streaming video to find a new growth point.” China, with a most opaque regulatory…

access_time3 min.
palmer v. citic: new round

Australia’s relationship with China is being put to the test anew by bumptious businessman Clive Palmer, who holds the key to an essential investment in a $10 billion Chinese-owned iron ore project in Western Australia. The Sino Iron project of Citic, based in Hong Kong but basically a Chinese state conglomerate, needs access to more land to stockpile waste generated in the conversion of low-grade ore into high-grade material shipped to make steel in China. Palmer, who has had a stormy relationship with Citic, is withholding his approval, partly because of a long-running dispute over royalty payments he claims Citic owes his company, Mineralogy. The standoff between Palmer, 64, who was once one of Australia’s 50 richest people and is also a former member of the Australian Parliament, took a political turn in…

access_time6 min.
joker in the deck

At the center of South Korea’s Jeju Island rises the nation’s tallest mountain, Halla, an icon attracting millions of visitors annually. In the center of Jeju City, Jeju Dream Tower is rising as the island’s tallest building. At 38 stories, it can be a new icon in Asia’s increasingly crowded gambling resort space. Making this $1.4 billion bet pay off requires that developer Lotte Tour draw the right cards in local politics, international affairs and the tricky foreigners-only casino business. That last consideration is the joker in the deck. Only foreign passport holders can enter 16 of South Korea’s 17 casinos. The lone one open to domestic players, Kangwon Land, a 3.5-hour drive from Seoul, raked in $1.3 billion in casino revenue last year, more than the 16 others combined. Sheldon…

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