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...players are starting to take notice too. "It's not a significant part of our business, but there is enough there for me to take someone and have half their time devoted to making vinyl a real business," says John Esposito, president and CEO of WEA Corp., the U.S. distribution company of Warner Music Group, which posted a 30% increase in LP sales last year. In October, Amazon.com introduced a vinyl-only store and increased its selection to 150,000 titles across 20 genres. Its biggest sellers? Alternative rock, followed by classic rock albums. "I'm not saying vinyl will...
...mining industry for its rich mineral deposits. Danchon reflects the somber reality - but also the potential - of doing business in North Korea. The transportation infrastructure in the region is dilapidated, the power supply unreliable. But some companies are willing to take the risk. Four years ago, Wonjin Worldwide Corp., a Seoul-based mining company, formed a joint venture to mine and smelt Danchon's graphite, a heat-resistant material used in steelmaking and other industrial applications. The first shipment of 200 tons of graphite arrived in the South's port of Inchon in mid-December, and despite the problems...
...take a $10 billion write-down--it had already taken a $4.4 billion hit--on the value of its "super-senior" subprime portfolio, those formerly top-rated bonds. To restore its capital base, UBS sold $8.9 billion in convertible notes to the Government of Singapore Investment Corp. (GIC) and an additional $1.8 billion to a mystery Middle East investor...
Investments by SWFs can be politically risky too. In 2006, Temasek Holdings, an investment arm of the Singapore government, bought Shin Corp., Thailand's major telecommunications company, for $3.8 billion from the family of Thaksin Shinawatra, who at the time was Thailand's Prime Minister. Public outrage in Thailand over the sale of what was considered an important national asset to a Southeast Asia rival contributed to Thaksin's ouster as Prime Minister in a military coup in September...
...just the prospect of riling trade partners that is persuading SWFs to curb high-profile foreign investments. To much fanfare, China's fledgling SWF, China Investment Corp. (CIC), earlier this year invested in the Blackstone Group shortly before the big New York City private-equity firm went public. But Blackstone's share price has sunk 38% below its June 2007 listing price of $31, costing CIC more than $1 billion. That pratfall appears to have prompted CIC to rein in its ambitions. Instead of making splashy investments in the U.S. and Europe, the fund is now looking closer to home...