Daily Dose: 12/15/08

December 15, 2008

» AsianWeek Market Report
» Indian American-Held Fundraiser Emerges as Key Event in Illinois Probe
» Assemblywoman Ellen Young and Bland House Seniors Donate Holiday Gifts
» Man Who Lost Family Thanks Community, Says He Doesn’t Blame Pilot
» Immigrant Workers Speak Out Against Wage Theft
» Opening of Photography Exhibition Commemorates CAM’S Fifth Anniversary
» Yao Gets Hit and Rockets Fall
» Nirvik Singh Appointed Chairman & CEO of Grey Group Asia Pacific
» Asian Carmakers Clobbered
» Indonesia Drinkers Face Alcohol Shortage
» New Thai Prime Minister Chosen

Compiled by Josh Laddin

AsianWeek Market Report

AsianWeek Market Report
Asian Stock Indexes
NIKKEI 225	Tokyo	8,664.66	428.79	5.21%
HANG SENG	Hong Kong	15,046.95	288.56	1.96%
KRX	Busan	2,453.06	110.15	4.70%
SSE IX	Shanghai	7,101.42	8.53	0.12%
BSE	Bombay	9,832.39	142.32	1.47%
HOSE	Ho Chi Minh	308.28	8.74	2.92%
SET	Bangkok	308.76	9.54	3.19%
Asian American Market Report
Yahoo!	YHOO	12.73	-0.42	(-3.19%)
Citigroup	C	7.40	-0.30	(-3.90%)
Amkor Technology, Inc	AMKR	2.45	-0.06	(-2.39%)
Sybase	SY	22.79	-0.93	(-3.92%)
East West Bank corp,Inc	EWBC	14.53	-1.03	(-6.62%)

NATION

Indian American-Held Fundraiser Emerges as Key Event in Illinois Probe

CHICAGO — A fundraiser held by Indian American businessmen three days before Illinois Gov. Rod Blagojevich was arrested on corruption charges emerged Friday as a potentially key event in the federal investigation into whether he tried to sell President-elect Barack Obama’s vacant Senate seat.

Questions are being raised about last Saturday’s event for Blagojevich because Rep. Jesse Jackson Jr.’s brother, Jonathan, was among those attending. Rep. Jackson, however, flatly denied that he or his brother were involved in the scheme.

The Chicago Tribune reported Friday that some of the businessmen who gathered at the Dec. 6 fundraiser discussed the prospect of raising at least $1 million for the governor in return for Jackson getting the Senate seat.

Iftekhar Shareef, former president of the Federation of Indian Associations, said he attended the fundraiser and sat at the same table as the governor, Jonathan Jackson and at least two prominent Indian businessmen.

Nobody discussed the Senate seat at the table, Shareef said.

— AP

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Assemblywoman Ellen Young and Bland House Seniors Donate Holiday Gifts

FLUSHING, NY — The holiday season is in full swing, and some residents of Flushing are getting into the spirit by donating their hand-crafted stuffed animals to children housed in the pediatric wing of New York Hospital Queens.

Assemblywoman Ellen Young and seniors from the Bland House Senior Center last week visited the pediatric wing of New York Hospital Queens to donate handmade dolls and stuffed animals to in-patient children.

Assemblywoman Young stated, “These seniors who have given so much of their time and energy to crafting these dolls are a wonderful example of the true spirit of the holiday season. During this economic crisis, we have a beautiful story of a community coming together to help one another right here in Flushing. I would like to commend both the Bland seniors and the Continental Garment Manufacturers Association for putting their hearts into bringing some joy to a sick child’s life.”

BAY/CALIFORNIA

Man Who Lost Family Thanks Community, Says He Doesn’t Blame Pilot

SAN DIEGO — A grieving father and husband who lost his wife, two young daughters and mother-in-law when a Marine fighter jet crashed into their home last Monday thanked everyone who has supported him and said he does not blame the pilot of the disabled plane.

“Nobody expected such a horrible thing to happen, especially right here, you know, our house,” Don Yoon said at a Tuesday news conference in front of his destroyed home in University City. “I believe my wife and two babies and mother-in-law are in heaven with God, and I know God is taking care of them.”

Yoon asked the public to pray for the jet’s pilot, who ejected safely in a canyon about two blocks from where the plane crashed, first on the street and then into Yoon’s house.

“I don’t blame him; I don’t have any hard feelings. I know he did everything he could,” Yoon said.

— San Diego Union-Tribune

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Immigrant Workers Speak Out Against Wage Theft

SAN FRANCISCO — Over 60 Chinese and Latino workers, community organizations, SF Supervisor Jake McGoldrick and other elected officials gathered in Portsmouth Square Monday morning to denounce wage theft and called for stronger policies to protect workers hard-earned wages, then marched through Chinatown. New On Sang poultry workers connected their struggle to that of immigrant workers at Parc Hong Kong and Eastern Café restaurants, as well as to day laborers and domestic workers.

This weekend, workers met with Suzanne Lee and her son Darren and began plans for talks to negotiate over the repayment of back and unpaid wages. Workers shared details of this weekend’s initial progress at Monday’s worker speak-out. They called on the community to help monitor the process and ensure the Lees keep their promise to negotiate in good faith and repay workers what they are legally due.

ARTS/ENTERTAINMENT

Opening of Photography Exhibition Commemorates CAM’S Fifth Anniversary

The Chinese American Museum and El Pueblo de Los Angeles Historical Monument present “Asian Roots/American Reality: Photographs by Corky Lee,” running through May 31, 2009. The exhibit features 88 black and white photographs depicting scenes of labor, protest, resistance, celebration and everyday events that defined the socio-political and cultural landscape of APIA communities over the past three decades. The opening of this exhibit marks the first time Lee’s work has been exhibited in Los Angeles, and more significantly, in the entire West Coast. It is Lee’s first major career retrospective and anchors the celebration of CAM’s milestone fifth anniversary.

“Corky’s passion for providing a voice to the untold stories, experiences and images of the APIA community resonates strongly with CAM’s overall mission to preserve and document the Chinese American experience. For this we feel that ‘Asian Roots/American Reality’ is a very significant exhibit to mark our own milestone fifth anniversary,” said Pauline Wong, CAM executive director.

SPORTS

Yao Gets Hit and Rockets Fall

LOS ANGELES —Yao Ming took a smack in the eye and was sent to the locker room with double vision.

Yao returned only minutes later, but with most of the second half to play, the Rockets went through stretches in which it seemed they could not tell one team from the other, could not spot the Clippers on one end or the rims on the other. With ample help, the Clippers dominated the second half to roll past the Rockets, 95-82.

Yao did return relatively quickly and said later that he had no vision problems, but the Rockets struggled to see him the rest of the way. Yao finished with 24 points and 13 rebounds, making 10 of 17 shots. But he had taken 10 shots in 19 minutes when he left. In the next 17 minutes, he took just seven shots, with two of those coming on offensive rebounds.

— Houston Chronicle

COMMERCE

Nirvik Singh Appointed Chairman & CEO of Grey Group Asia Pacific

NEW YORK — Jim Heekin, chairman and CEO of Grey Group, today announced that Nirvik Singh has been appointed chairman and CEO of Grey Group Asia Pacific, responsible for Grey and G2 in the region, effective January 1, 2009. Singh succeeds Mike Amour who has held the top post in Asia Pacific since 2005.

“Nirvik Singh is one of the most dynamic and accomplished executives of the new generation of leaders emerging in Asia-Pacific’s advertising industry and his promotion underscores the talent Grey possesses in our ranks,” Jim Heekin said.

Nirvik Singh said, “It is an honor for me to oversee our Asia Pacific operations at this crucial time in the growth and development of the region. Grey is ascending, our brand has great vitality and tremendous potential, and I look forward to building on its success and shaping its future.”

— Marketwatch.com

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Asian Carmakers Clobbered

A good week for Asian equities came to a negative close Friday as investors fled from automakers after the U.S. Senate failed to pass a bailout package for Detroit’s Big Three.

Automakers plunged on worries that the collapse of the $14 billion Detroit bailout package could lead to the failure of suppliers shared by Asian carmakers and America’s much-diminished Big Three.

Honda Motor (HMC) lurched 12.5 percent lower, Toyota Motor (TM) tumbled 10.1 percent and Mazda Motor (MZDAF) dropped 10.9 percent. In Seoul, Hyundai Motor (HYMLF) slid 9.3 percent.

The dollar fell below the psychologically significant 90 yen level, reaching 89.64 yen after Tokyo’s Friday close. The yen’s advance raised concern that Japan could intervene to weaken its currency, as a strong yen erodes the value of overseas earnings and makes Japanese goods more expensive abroad. Finance Minister Shoichi Nakagawa said the government was not considering a currency intervention but would continue to closely monitor currency movements, according to TradeTheNews.

— Forbes

GLOBAL

Indonesia Drinkers Face Alcohol Shortage

JAKARTA, Indonesia — On the shiny tables of the capital’s five-star hotels, little cards have appeared next to the silver dishes of peanuts, delicately warning guests of an embarrassing lack of alcohol.

Menus at some of the best-known cocktail bars on the tourist island of Bali have shrunk to a single page. And the country’s top Japanese restaurants are reported to have run out of sake.

Indonesia is facing a nationwide alcohol shortage.

As the bar manager of one international hotel put it: “We’ll be dry by the weekend.”

The reason is mostly an anti-corruption drive. A few months ago, the government decided to clamp down on the huge black market in alcohol and to stop companies bribing their way through customs.

That left the country’s sole legal importer trying to meet a demand that is more than four times the size of its legal quotas.

— BBC News

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New Thai Prime Minister Chosen

BANGKOK, Thailand — After months of political instability, Thailand turned Monday to an untested, British-educated opposition leader to head a coalition government. Abhisit Vejjajiva — the third prime minister in four months — faces a stiff challenge in quelling political unrest, reviving a stricken economy and keeping together a fractious coalition.

By a margin of 235 to 198 votes, the Thai Parliament chose Abhisit, leader of the Democrat Party, over a rival candidate aligned with former Prime Minister Thaksin Shinawatra. The last government collapsed on Dec. 2 after the constitutional court ordered three parties in the ruling coalition be disbanded for vote buying.

Last month royalist protesters forced the weeklong closure of two airports in Bangkok, defying an enfeebled government that was unable to muster support from the powerful military to restore order. The protesters, known as the People’s Alliance for Democracy, left the airports after the court ruling against the government.

Daily Dose: 12/15/08

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