Media and Entertainment News

Walt Disney is opening its Shanghai,China theme park on 16 June,2016.*
British golfer Chris Wood of England won the European PGA Championship tournament.He finished at nine under par.*
American IndyCar Series rookie driver Alex Rossi won the 100th Indianapolis 500.He drove in the Formula One series last year.*
British driver Lewis Hamilton took the Formula One Monaco Grand Prix.It was his fist win of the season.*
Walt Disney Co (DIS)

GoPro Promises;Ricciardo Wins

GoPro is now promising retailers they will have the new version of their camera out in time for the holidays,said CNBC host Jim Cramer.It's something very important to the young people.It's like Apple,people waiting for the next iteration.*
Nothing is enough for the industrials right now.Maybe it's because housing is weak.I think maybe buyers want too much from the industrials right now.*
I think tech is next.You're not seeing the next leg up.You need to see Twitter deliver something.I'm talking about the zeitgeist of the market.I just worry that you could get a bleed-off.*
Consolidation is not a dirty word.It just happens to be where we are right now.We're consolidating,popular investing expert Jim Cramer noted.*
Daniel Ricciardo of Australia won the Formula One Hungarian Grand Prix Sunday.It was his second win in the last five races for Red Bull Racing.He waged a closely-fought battle with Spaniard Fernando Alonso,who came in second for Ferrari.The Ferrari fans were ecstatic just to get a podium finish,it's been such a tough season for them.They out-cheered the other fans.*
GoPro(GPRO),Twitter(TWTR),Apple(AAPL)

Monday Newsline:Japan's Strength;Sony's Morpheus;Daniel Ricciardo

Asian shares were cheered by good data from Japan and China Monday morning,as well as a steady jobs report from the US on Friday.The MSCI Asia Pacific index rose 0.20%.
The Japanese economy grew a surprising amount in Q1,with the GDP up 6.7% versus an estimate of 5.6.Japanese manufacturing shares were strong,with Alps Electric up 4.0%;Panasonic up 3.0;and Hitachi Construction Machinery up 2.8.The Nikkei rose 0.41%.*
China showed strong exports in May,with a trade surplus of 35.9 billion dollars,up 7.0% on the year.It was the highest surplus since 2008.China's growth target is 7.5%.*
India's SENSEX index was up 0.6% on hopes new Prime Minister Narendra Modi will unveil economic reforms.*
Australian Prime Minister Tony Abbott will travel to Washington this week to meet with President Barack Obama.The two leaders will discuss trade,Asia-Pacific affairs and Afghanistan.Australian markets were closed Monday for the Queen's Birthday holiday.*
Sony will display its Project Morpheus PS4 virtual reality headset at the E3 electronic entertainment show in Las Vegas this week.The Morpheus is a response to Facebook's Oculus headset.Sony has sold two million more Playstation 4 consoles than Microsoft's Xbox 1.
The Sony Morpheus headset is more physically attractive than the Facebook Oculus,which could be a significant edge in itself.The Morpheus features a sleeker,more stylish and space age design than the boxy Oculus.*
In sport,South Korea's Inbee Park notched another LPGA victory at the Manulife Financial LPGA Classic in Waterloo,Ontario.Park shot an incredible 23 under par 61 to edge American Kristie Kerr and her 20 under par 63.China's Shanshan Feng was third with an 18 under par 63.
In motor racing,Australia's Daniel Ricciardo,24,sped to the first victory of the season for Red Bull Racing,while his teammate,World Champion Sebastian Vettel,took third at the Canadian Grand Prix in Montreal.It was also Ricciardo's first F1 victory,while Vettel has yet to win this year.Germany's Nico Rosberg of Mercedes AMG came in second on the podium.*
Sony(SNY),Panasonic(Tokyo:6752;US OTC:PCRFY),Facebook(FB)

Monday Newsline:Hit Shows Canceled by China;Indian Elections End

Gold miner stocks fell in Asia today along with the price of gold on a perceived lessening of tension in Ukraine.Unofficial voting on independence for Eastern Ukraine went ahead,although clashes with Ukrainian troops were reported.There were some long lines at the polls,but voters were seen voting twice.The provisional government in Kiev and Western countries reject the vote as illegitimate and illegal.
The separatists are claiming the voters showed massive support for independence.*
The MSCI Asia Pacific index was down 0.30%.Basic materials declined 1.0% in Australia,with industrial metals falling 2.17%.Basic materials also fell in the Hang Seng Index.*
Four popular American TV shows on webcaster Sohu have been canceled by the Chinese authorities,including "Big Bang Theory." No specific reason was given.China is in transition,said Sohu founder and CEO Charles Zhang.China is in reform.It's very hard to define what is legal and what is illegal.We fight piracy and we get American TV shows into China.Look at how far we've come along,so I am still satisfied,Mr.Charles explained.China is currently drafting rules for streaming video.*
India's month-long national elections are ending today.The fiscal challenges such as inflation must be met after the euphoria of the elections,said Radhika Rao of DBS.The fiscal budget has to be tabled before July.The budget must be based on realistic expectations.
Inflation will be a risk,fueled by unfavourable weather.Rates will be hard to cut with inflation.There are also stalled infrastructure projects and the current accounts deficit.To maintain momentum,the new government must be formed and tackle the issues pretty soon,Ms.Rao pointed out.*
In sport,Lewis Hamilton of Great Britain won the Formula One Spanish Grand Prix in Barcelona Sunday,increasing his lead in the overall standings.It was his fourth straight victory.His teammate Nico Rosberg of Germany came in second,and Australia's Daniel Ricciardo took third on the podium.
Another German,golfer Martin Kaymer,won The Players Championship at TPC Sawgrass in Ponte Vedra Beach,Florida.It was the second biggest win for Kaymer,who has also won the PGA Championship,a major.American Jim Furyk came in second,and Sergio Garcia of Spain took third place on the leader board.

What To Buy in Asia;Ford's China Position

Several financial markets were closed for the Easter Monday holiday,including Australia,New Zealand and Hong Kong.The MSCI Asia Pacific index declined 0.10% in early trading,while US stock futures rose.*
Japan's trade deficit widened more than expected as exports slowed.There was a 1.5% rise in exports versus an estimate of 1.8%.Imports climbed 18%.The figures may complicate Prime Minister Shinzo Abe's plan to reflate the economy.*
We're buying businesses with strong net cash,said Maquarrie Group's Sam LeCornu.Some sectors in China are doing quite well,with March retail sales up 12.2%.We had a massive overweighting in health care,but have taken a lot off the table in the past six months.
China and Korea are standout buys.Chinese stocks are undervalued.We completely avoid property developers and banks.If we can't project the downside,we just don't invest.It's too risky.We have nine mainland midcaps in our New Stars portfolio.There's a huge discount.We're in two Citic affiliates.
We really like Korea.It's very cheap.We're looking at companies with net cash.We like Hotel Shilla with its duty free shopping and good airport concession chances.Chinese visitor numbers are up 37% in Korea.A number of Korea stocks are trading well below their intrinsic value.*
Ford Motor is the fastest growing foreign automaker in China.I think it's gonna continue,said CEO Alan Mulally at the Beijing Auto Show.We are bringing the entire Ford Win Plan with all our vehicles available.We think our preferred status will continue.Our sales are continuing to increase.It sure is nice to see the Ford preferred in the sales decision.
I think these new Lincolns are gonna be very well received here.We'll bring them here first,then make and design them here as sales pick up,Mr.Mulally explained.*
Petronas AMG Mercedes continued its dominance of the Formula One series as Great Britain's Lewis Hamilton secured his third straight victory at the Chinese Grand Prix Sunday.His teammate Nico Rosberg of Germany was second,and Spain's Fernando Alonso got Ferarri to its first podium of the season with his third place finish.The series continues in Barcelona in three weeks' time.

Asian Shares Higher;Tony Abbott;Malaysian Grand Prix

Asian markets ended the first quarter confidently Monday,with the MSCI Asia-Pacific index up 0.50%.Markets were encouraged by China Construction Bank's better than expected performance on wider lending margins,and consumer shares were strongest.The Nikkei average was up even though Japan's sales tax goes up for the first time in 17 years to 8.0% on Tuesday,and US stock futures followed the positive trend.*
Australian Prime Minister Tony Abbott visited RAAF Pearce in Perth Monday morning to thank the multinational troops searching for the lost flight MH-370 and address the media.It's been tremendous to see all of the cooperation here,Mr.Abbott said.It's really heartening,and it demostrates the nations of this area can come together for the betterment of humanity.
This is an extraordinarily difficult exercise and we are working on extremely limited information.The best minds and all of the technological mastery that we have is being brought to bear here.If this mystery is solvable,we will solve it.I'm certainly not putting a time limit on it.We owe it to everyone to do whatever we reasonably can.The intensity of our search and the magnitude of our operations in increasing,not decreasing.
We're working on the best available intelligence and the best available leads.We're as good as anyone in the world at it.I think morale is high.They're tired,sure;but this is what they're trained for;this is what they live for.I am getting several updates a day on this.My office is at least in hourly contact with those who are responsible for the search.
This is a major international incident and Australia has the lead responsibility for what happens in our search zone.We here will bear the cost of the coordination center under Air Chief Marshall Angus Houston.It's an act of international citizenship on Australia's part.We are happy to be as helpful as we can,Prime Minister Tony Abbott assured the media and military personnel at RAAF Pearce Base.
The search will be coordinated from the Western Australia Crisis Centre in Perth by retired Air Chief Marshall Allan Grant "Angus" Houston,former Chief of Defence.*
In motor sport,Petronas AMG Mercedes took the top two places at the Formula One Malaysian Grand Prix near Kuala Lumpur on Sunday as drivers Lewis Hamilton of Great Britain and German Nico Rosberg finished ahead of Infiniti Red Bull's Sebastian Vettel,the defending World Champion.This follows Rosberg's win at the season opener in Melbourne two weeks ago.Meanwhile,Australian Will Power won the first race of the season in the Indycar Series,the St.Petersburg Grand Prix in Florida,while American Ryan Hunter-Reay took second and Power's teammate Helio Castroneves of Brazil came in third.

Asia This Day:India Craves Growth;US Default Impacts

Tapering will have an impact globally,and India cannot escape,said Chandra Kochhar,CEO of ICICI Bank.India's growth rate has come down 4.5%.We have to take India's growth rate back.If we don't,investors will stand there waiting for growth to come back.*
There's a virtuous cycle that can start if you bring the growth rate back.The investment story has fallen off currently.We need to make sure projects are approved and the approval is constant,and not withdrawn,Ms.Kochhar advised.*
India's trade with the US was 92.5 billion dollars last year.*
Japan,Indonesia and Hong Kong markets are closed today for holidays.The MSCI Asia-Pacific index fell 0.14% in early Monday trading on more than estimated Chinese consumer price inflation,and less than estimated Chinese exports,as well as the US debt impasse.In Australia,stocks were also hurt by Oz Minerals cutting its full year output forecast and the recent decline in gold prices.*
India's Nifty Fifty futures index was down 0.13%.*
Japan holds 1.14 trillion of US Government debt.Finance Minister Tara Aso said Treasury Secretary Jack Lew and the US Government has an understanding of what default would mean;but we must question whether Congress does.Nonetheless,we expect an agreement to be reached.*
The consequences of the US defaulting on its debt are just unthinkable,said Sacha Tihanyi of Scotiabank.What would happen?A massive risk-off event across the world.A massive outflow of funds from the equity and bonds space.Asian currencies would fare the worst.
It's a good idea to diversify away from the US dollar as the world's reserve currency the way China has called for,but they can't just wholesale run away from US Treasuries.Diversifying has to be a gradual process.
China's looking OK.I'm still constructive on the currency.The CPI inflation was food-driven.I'm not worried about that.Imports remain fairly robust-a testament to the health of the Chinese economy,Mr.Tihanyi observed.*
In sport,Sebastian Vettel of Germany won the Formula One Japanese Grand Prix at Suzuka City on Sunday,with Australia's Mark Webber second,and Romain Grosjean of France third on the podium.
The Sime Darby LPGA Malaysia in Kuala Lumpur was won by American teenager Lexi Thompson,18,while China's Shanshan Feng was second,and Suzanne Petterson of Norway finished third.*
Bank of Nova Scotia(BNS)

Asia This Day:China Manufacturing;Singapore Grand Prix

Japanese markets are closed Monday for the autumnal equinox holiday.Hong Kong's market was closed until after lunch because of Typhoon Usagi,which crossed the territory without causing serious injury or damage.*
Steve Brice,chief international strategist at Standard Charterd,said the tapering will happen at some point,and that will drain liquidity from the market.Expect continuing volatility for the Indian market.We're not convinced that the Chinese authorities want a significant rebound in Chinese growth.There's been good data,but we're not convinced and haven't bought into a major bull market in China just yet.*
We like the European stock market for a 6-12 month time horizon.We're still relatively constructive on the US.We're waiting for the earnings.We want to see what happens on the cost side.*
The HSBC flash PMI showed that China manufacturing data beat its estimate,causing stocks to rise in early Monday trading.The unofficial index rose to 51.2 in September from 50.1 in August,reaching its highest level since March.The official data comes out in October.*
Sebastian Vettel of Germany won the Formula One Singapore Grand Prix,which was held at night on a challenging street course,solidifying his overall lead for Red Bull Racing in the championship race.Spain's Fernando Alonso was second for Ferrari,and Kimi Raikkonen of Finland finished third for Lotus.A big fireworks display was held immediately the race ended.*
The MSCI Asia Pacific index was up 0.32% in early Monday trading.

Asia This Day:the New Australian Government-plus Syria

The first new government in six years is taking power in Australia as long time opposition leader Tony Abbott takes the reins of the prime ministership from Kevin Rudd.Mr.Abbott said the strong US relationship has been key in Australia's foreign policy,and would remain that way.Domestically,he wants to be an infrastructure prime minister,with a bulldozer on every street and cranes in the sky.*
Alex Malley,CEO of CPA Australia,said we're reasonably comfortable with the incoming government.We lost an opportunity to balance our economy more and restructuring when mining was at its peak.We've been in Asia for 60 years,but Australia is only in its infancy in understanding the Asian Century.We need government to work with small and medium business.We need to stay relevant at a cost,efficiency and cultural level.*
The awarding of the 2020 Summer Olympics to Tokyo is expected to add a trillion dollars to the Japanese economy over seven years.*
China's August exports were up 7.2%,beating the 5.5% estimate.*
Following Sebastian Vettel's victory at the Italian Grand Prix Sunday,Formula One racing moves back to Asia for the Singapore Grand Prix,a nighttime race,in two weeks' time.*
President Barack Obama faces a hectic week of lobbying for military action against Syria as Congress returns today from its August recess.Military action is not immanent,since France now says it will not participate until the UN weapons inspectors present their report,and Congress is still largely undecided about the president's plan.*
Both the full House and Senate will receive classified briefings from the president's national security team early this week,and the president will address the nation Tuesday at 9pm Eastern.After that,complex legislative maneuvering will determine just when the votes on the president's plan will take place.In sum,it is uncertain at this point when,or even if,there will be military action,or who,apart from France,will participate in it,and in what way,although the White House remains fully committed to this course.

Asia This Day:Chinese Growth Disappoints;Australia's Golf Triumph

Australian home loans were up 2% in February,and those in arrears were at their lowest since December 2010.Indeed,people were paying their loans off several months ahead of time.
The Bank of Japan will continue with its easing programme until we achieve the inflation target of  2 %,said BOJ chief Haruhiko Kuroda.
Hong Kong air pollution was very high at all three roadside monitoring stations.
China GDP growth was disappointing,coming in at 7.7%,versus the 8.0% estimate.Asian shares declined in response in early Monday trading,with the MSCI Asia Pacific index heading down 0.37%.
China's mass consumption is basically stable,said Pu Yonghao of UBS Wealth Management.Corporate investment is weak,however,as is real estate and government investment because of government policies.UBS downgraded China to neutral in response,along with Brazil,India and Russia,which also underperformed.
On the other hand,UBS favours South Korea because of Samsung's success.The Korean colour is basically Samsung's colour.China has to push up innovation and regain pricing power.It's their brand.
In golf,the Australians made a concerted push at The Masters tournament in Augusta,Georgia as Adam Scott bested Argentina's Angel Cabrera in a playoff to take the coveted green jacket,the highest honour in professional golf.Scott and his fellow countrymen Jason Day and Marc Leishman played like men possessed all weekend.They would no longer be denied the prize that had eluded them forever.
At the Formula One Chinese Grand Prix near Shanghai,Spain's Fernando Alonso captured first place,while Kimi Raikkonen of Finland and Great Britain's Lewis Hamilton took second and third,respectively.There were nine lead changes by six different leaders in the action-packed race that filled the stands of Shanghai International Circuit with flag-waving fans.
The overall F1 points leader is World Champion Sebastian Vettel of Germany,who finished fourth.His team Red Bull-Renault leads in the constructor's standings.
Samsung Electronics Co Ltd (SSNLF)

Asia This Day:Cyprus Bank Plan Rattles Markets;Australia's Deficit Balloons

Concern over a Cypriot plan to tax bank depositors and its possible contagion effect in Europe caused Asian shares to drop precipitously in early Monday trading.The MSCI Asia Pacific index fell 1.47%,and the ripples extended to US stock market futures,which declined sharply as well.IMF President Christine Lagarde backs the measure as the cost of an EU bailout of Cyprus.The IMF is also considering kicking in some funding to the bailout,but the amount has yet to be determined,Ms.Lagarde said in Algeria.
The banks in Cyprus are closed today for the first day of Orthodox Lent,Clean Monday,but the government is also closing them Tuesday in an effort to squelch a run on the banks.
New Zealand is suffering its worst drought in 30 years,which may cost the nation up to 2 billion dollars.The entire North Island has been declared a drought zone,along with parts of the South Island.The drought will affect New Zealand's dairy exports,which amount to a quarter of the country's exports or 11 billion dollars.
It was raining over the North Island Monday,but not enough to alleviate the drought.
Australian treasurer Wayne Swan warned that the country faces a massive hit as the deficit grew another 4.6 billion dollars in the first four weeks of the year alone.It could swell to 26.8 billion in the first seven months of 2013.Nonetheless,,the government will not cut spending at the cost of growth.The Julia Gillard government faces elections in September,and opinion polls show her being distinctly unpopular.
Finland's Kimi Raikkonen won the Rolex 2013 Australian Grand Prix,the first race of the Formula One season,at Albert Park in Melbourne Sunday.The former World Champion was joined by Fernando Alonso of Spain and defending World Champion Sebastian Vettel of Germany on the podium.
Update:Cypriot banks will remain closed through at least Wednesday as the country's parliament prepares to vote on the deposit tax plan today,Tuesday.Reportedly 60% of the deposits belong to foreigners seeking a tax haven-mostly Russians and Ukrainians.Asian markets bounced back in early Tuesday trading on optimism the crisis will be short-lived.