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WSJA-260111-COMPLETE VOL. XXXV NO. 104 * * Wednesday, January 26, 2011 OPINION: HowXi Jinping’s rise will test Sino-U.S. ties Page 13 Descending on Davos WORLD ECONOMIC FORUM Pages 16-17 ASIA As of 11 a.m. ET DJIA 11955.09 g 0.21% FTSE 100 5917.71 g 0.44% Nikkei 225 10464.42 ...

WSJA-260111-COMPLETE
VOL. XXXV NO. 104 * * Wednesday, January 26, 2011 OPINION: HowXi Jinping’s rise will test Sino-U.S. ties Page 13 Descending on Davos WORLD ECONOMIC FORUM Pages 16-17 ASIA As of 11 a.m. ET DJIA 11955.09 g 0.21% FTSE 100 5917.71 g 0.44% Nikkei 225 10464.42 À 1.15% Shanghai Comp. 2677.43 g 0.68% Hang Seng 23788.83 g 0.05% Sensex 18969.45 g 0.95% S&P/ASX 200 4807.82 À 0.46% asia.WSJ.com (India facsimile Vol. 2 No. 165) Australia:A$6.00(InclGST),Brunei:B$7.00,China:RM B25.00,Hong Kong:HK$18.00,India:Rs25.00,Indonesia:Rp18,000(InclPPN),Japan:Yen500(InclJCT),Korea:W on2,500, M alaysia:RM 6.00,Pakistan:Rs140.00,Philippines:Peso80.00,Singapore:S$4.00(InclGST),SriLanka:Slrs180(InclVAT),Taiw an:NT$60.00,Thailand:Baht50.00,Vietnam :US$2.50 KKDN PP 9315/10/2011 (026992) M ICA (P) NO.164/10/2010 SK.M ENPEN R.I.NO:01/SK/M ENPEN/SCJJ/1998 TGL.4 SEPT 1998 Stanley Ho’s assets ‘hijacked,’ lawyer says Emerging world tackles food costs Governments take aggressive measures to avoid instability, repeat of violent unrest in 2008 Fast-growing emerging na- tions are taking increasingly aggressive actions to beat back rising food prices as they grow more worried of threats to stability if prices don’t start to retreat. Developing-market govern- ments have unveiled a laun- dry list of measures—includ- ing price caps, export bans and rules to counter commod- ity speculation—to keep food costs from disrupting their economies as price spikes that some had hoped were temporary have stretched into the new year. Some econo- mists worry that any further supply shocks could push prices even higher, triggering a food-price crisis like the one the world witnessed in 2008, when higher food costs led to violent unrest across the de- veloping world. In the latest indication of concern, Indonesia said Thursday it will remove im- port tariffs on more than 50 items including wheat, soy- beans, fertilizer and animal feed in an effort to slow the rise in food prices. Indonesia is also planning to raise taxes on palm-oil exports to 25% from 20% next month, accord- ing to a government official familiar with the matter. Bad weather, more-afflu- ent populations and underin- vestment in agriculture have pushed up prices of every- thing from wheat, rice and onions in India, chilies in In- donesia and water spinach in China. Some point to low in- terest rates in the U.S., Japan and Europe, as investors use cheap financing to invest in globally traded commodities such as rice, sugar, cotton and oil, driving their prices higher. Soy bean prices in the past six months have risen 46% to more than $14 a bushel at the Chicago Board of Trade. Sugar, while lower than in November, is still up 34% over six months ago to around 31 cents a pound in In- tercontinentalExchange trad- ing. In response to the price pressures, India earlier this month extended bans on ex- porting lentils and cooking oil. It also struck a deal with Please turn to page 15 BY ERIC BELLMAN AND ALEX FRANGOS Jakarta, Delhi ties point out new trend Indonesia and India vowed to double trade to $25 billion a year by 2015, with Indone- sian President Susilo Bam- bang Yudhoyono on Tuesday signing $15 billion of invest- ment pacts with Indian firms in an unmistakable sign of how fast-expanding ties be- tween emerging nations are steadily reshaping the global economy. Economists call it “South- South” investment, and it is becoming an increasingly im- portant growth strategy for dozens of developing econo- mies around the world as they look beyond investment flows from the once-powerful econ- omies of Europe, Japan and North America. At the same time, the big- gest developing nations— China and India—are moving quickly to secure energy and minerals supplies from other, resource-rich emerging coun- tries such as Indonesia to en- sure they keep their econo- mies fully powered up. The result: a boom in trade and investment that is already providing a buffer against the lingering impact of the 2008 financial crisis in the West—and which could remold the way large chunks of the world do business. Just as well, many ana- lysts say. Globally, foreign di- rect investments—invest- Please turn to page 18 BY JAMES HOOKWAY HONG KONG—A behind- the-scenes power struggle for control of one of the world’s greatest casino empires has burst into the open, revealing deep fissures in the family of ailing 89-year-old billionaire Stanley Ho. Opposing members of Mr. Ho’s sprawling family publicly accused each other of trying to seize Mr. Ho’s controlling 18% stake in SJM Holdings Ltd., the Hong Kong-listed op- erator of his Macau casinos. The stake is estimated to be worth $1.7 billion. On Tuesday, rival family representatives released per- sonal communications from Mr. Ho and his four families to prove their cases in the fight to gain a controlling stake in Lanceford Co., a vehicle that holds nearly one-third of the company that controls SJM. The stake stands to benefit from a gambling boom in Macau, where revenue is ex- pected to rise 30% this year to about $35 billion, compared with $7 billion on the Las Ve- gas Strip. The most recent chapter of the Ho saga began Monday, with the release of regulatory filings showing that Mr. Ho split his stake, roughly in two, with slightly less than half go- ing to the children of the woman he considers his sec- ond wife and the rest to the woman known as his third wife, leaving Mr. Ho with nearly nothing. But Mr. Ho, through law- yers claiming to represent him, later denied he approved the share distribution and ac- cused his third wife and the children of his second wife of stealing his shares without his knowledge, according to a let- ter provided by these lawyers. A regulatory filing by SJM on Tuesday confirmed that Mr. Ho is contesting the re- structuring. “It would appear the assets at Lanceford have been hi- jacked by members of the sec- ond and third family insofar as shares were issued to the effect to dilute Stanley to nothing,” said Gordon Old- ham, a senior partner at Old- ham, Li & Nie, Mr. Ho’s law- yers. Mr. Oldham said in an interview Tuesday morning that Mr. Ho had always made it clear he wanted his assets to be held in a trust for the four families in equal share and would file a lawsuit un- less the share were returned. “This has always been my intention and wish,” Mr. Ho wrote in a letter dated Jan. 5 that was provided by his law- yers at the time and ad- dressed to Daisy Ho, a daugh- Please turn to page 18 Stanley Ho’s letter, Jan. 5, 2011 Daisy Ho’s letter, Jan. 7, 2011 Stanley Ho and Daisy Ho attend the funeral for Nina Wang in April 2007. BY SHAI OSTER AND KATE O’KEEFFE Garuda IPO Indonesian airline Garuda ran into trouble trying to sell shares at a premium price, unable to overcome investor concerns that it can navigate government meddling and contend with growing competition. Page 19 dingbat India’s central bank raises rates as inflation surges.........4 Bloomberg News 2 * * THE WALL STREET JOURNAL. Wednesday, January 26, 2011 THE WALL STREET JOURNAL ASIA Dow Jones Publishing Company (Asia) 25/F, Central Plaza, 18 Harbour Road, Hong Kong Tel 852-2573 7121 Fax 852-2834 5291 www.wsj-asia.com SUBSCRIPTIONS and Address Changes, please telephone our local customer service hotline, Hong Kong/Taiwan: 852-2831 2555; Beijing: 86-10 6581 4090; Shanghai: 86-21 5836 8228; Indonesia: 62-21 527 7592; Japan: 81-3 6269-2760; Korea: 82-2 756 1695; Malaysia: 60-3 2026 4061; Philippines: 63-2 848 5873; Singapore: 65-6415 4000; Thailand: 66-2 652 0871; India: 91-11 6462 0215. Or email: service@wsj-asia.com ADVERTISING SALES worldwide through Dow Jones International. Hong Kong: 852-2831 2504; Singapore: 65-6415 4300; Tokyo: 81-3 6269-2701; Frankfurt: 49 69 29725390; London: 44 207 842 9600; Paris: 33 1 40 17 17 01; New York: 1-212 659 2176. Or email: wsja.publisher@dowjones.com Trademarks appearing herein are used under license from Dow Jones & Company. USPS 337-350ISSN 0377-9920 PAGE TWO ONLINE TODAY Most read in Asia 1. Why Chinese Mothers Are Superior 2. Postal Service Eyes Thousands of Closures 3. Stanley Ho’s Assets ‘Hijacked’: Lawyer 4. Obama’s Address Previews 2012 Race 5. Firefox Web Tool to Deter Tracking Most emailed in Asia 1. Why Chinese Mothers Are .. 2. Postal Service Eyes ... 3. Ho Casino Empire Divided 4. Opinion Asia: Speaking Truth to Burma 5. Why Rich Parents Don’t Matter Korea Real Time blogs.wsj.com/korearealtime North Korean state media reported on a visit by telecom company Orascom’s chief executive. The Egyptian company started the North’s 3G mobile network in 2008. Technology Twitter is still a niche activity, but it might have a lot of growing left to do. blogs.wsj.com/digits Hong Kong wsj.com/hk Luxury rental rates are rising in Asia’s sixth-most expensive city for expats. See a 5,548-square-foot house leasing for US$38,000 a month. i i i Business & Finance n The U.K. economy, battered by snow, shrank in the fourth quarter of 2010 for the first time in more than a year, a surprise hit that will trigger debate about the country’s aggressive fiscal tight- ening and the direction of interest rates amid high inflation. 14 n The IMF said the uneven global recovery continues, but sovereign- debt and financial-sector risks, particularly in Europe, could threaten global stability. 14 n India raised key interest rates, suggesting policy makers have been caught off-guard by a recent surge in inflation, which has been driven mainly by food prices. 4 n Foreign direct investment into India fell by more than a third from April to September 2010, hurt in part by problems with land acquisition and poor infra- structure, the central bank said. 4 n U.S. stocks fell, with investors trading cautiously as the Fed kicked off a two-day policy meet- ing. In Japan, technology stocks helped the Nikkei gain 1.2%. 27 n Japan kept its easy monetary policy unchanged and maintained its view that the nation’s economy will gradually return to a moder- ate recovery path. 4 n Garuda Indonesia will cut the value of its IPO roughly in half to $500 million, reducing the size and price amid investor concerns about the state-owned airline. 19 n A move by Japan’s financial watchdog to urge some banks to support customers who bought foreign-exchange derivatives has been met with controversy. 19 n Chinese Internet company Tencent Holdings plans to launch a $759.5 million investment fund to target online game companies and other funds. 21 n U.S. steelmakers blamed slow economic recovery for larger- than-expected quarterly losses as high raw material and labor costs and lukewarm demand offset the positive impact of rising prices. 21 n Yahoo Japan’s profit rose 19% in the latest quarter from a year earlier amid solid growth in ad- vertising revenue, and it said its planned search-technology tie-up with Google is going smoothly. 21 n India’s largest mutual-fund company is struggling with poor performance and plans changes to try to boost investor returns. 25 n Hindustan Unilever said its net profit in the October-December period slipped 1.7% because of high raw material costs. 20 i i i World-Wide n Chinese military experts re- jected claims that China obtained secret U.S. technology to develop its new stealth fighter, saying it used homegrown innovation. 3 n Obama will call for a five-year freeze on nonsecurity discretion- ary spending “as a down payment toward reducing” the U.S. deficit, a White House official said. 8 n Russia’s Medvedev said terror- ism is “the main threat” the coun- try faces and vowed to find and punish those responsible for the suicide bombing at the country’s busiest international airport. 8 n A blast from a suspected bomb ripped through a bus in the Philip- pine capital’s financial district, killing four people and injuring 14. n A roadside bomb killed nine people in southern Thailand, where an Islamic separatist insur- gency has entered its eighth year. n Suicide bombers attacked po- lice protecting marches by minor- ity Shiite Muslims in Pakistan’s two largest cities, killing 12 people and wounding dozens. n Australian police charged three Indonesians with people- smuggling offenses over the De- cember shipwreck of a boat of asylum seekers that killed dozens. Thousands of protesters, some throwing rocks, clashed with riot police in the center of Cairo in a Tunisia-inspired demonstration to demand the end of Hosni Mubarak’s nearly 30 years in power. Police responded with blasts from water cannons and set upon crowds with batons and tear gas. The demonstration was the largest Egypt has seen in years. Eu ro pe an Pr es sp ho to A ge nc y What’s News— Inside Markets: Japanese stocks defy weak yen and soft economy. 19 Property: Hong Kong home prices are the world’s highest. 24 World News: Dispute over funding ensnares Fiji rugby team. 7 Personal Technology: The iPad has taken over your computer. 9 Wednesday, January 26, 2011 THE WALL STREET JOURNAL. 3 WORLD NEWS Stealth-theft claims denied in China BEIJING—Chinese military ex- perts disputed that China obtained secret U.S. technology to develop its new stealth fighter, saying the coun- try relied on homegrown innovation to produce a plane that has drawn new international attention to its military advances. Speculation that China obtained U.S. stealth technology has been cir- culating since aviation experts noted that the J-20 stealth-fighter prototype looked like a larger ver- sion of the U.S. F-22 Raptor, cur- rently the world’s only fully opera- tional stealth fighter. The twin-engine J-20 made its first pub- lic test flight two weeks ago during a visit to China by U.S. Defense Sec- retary Robert Gates. On Sunday, the Associated Press quoted Balkan military officials say- ing China likely learned some of its stealth technology from pieces its agents obtained of the wreckage of a U.S. F-117 shot down by a Serbian anti-aircraft missile during the 1999 Kosovo war. The F-117 Nighthawk was the first U.S. stealth fighter. Then, on Monday, a former U.S. B-2 stealth bomber engineer called Noshir Gowadia was sentenced by a U.S. court in Hawaii to 32 years in prison for selling stealth-missile technology—with potential applica- tions on fighter jets—to China. Mr. Gowadia’s son, Ashton Gowa- dia, said his father plans to appeal. The Chinese experts rejected the idea that China obtained American technology from espionage or from the wreckage of the F-117—which they said used less advanced tech- nology than what China has devel- oped—although some acknowledged that China may have used publicly available source materials. “China is completely capable of making its own stealth fighter jet,” said Li Daguang, a professor at the People’s Liberation Army’s National Defense University. “I think we de- veloped the J-20 largely on our own research, but at the same time learning from existing foreign mod- els. Many countries have already possessed stealth-jet technol- ogy...stealth materials are not con- sidered highly sophisticated or con- fidential at all.” China’s Defense Ministry and Air Force declined to comment on any of the reports, as did China Avia- tion Industry Corp., which is devel- oping the J-20, and the Chengdu Aircraft and Design Institute, where it is being tested. Asked about the reports at a routine briefing, For- eign Ministry spokesman Hong Lei said “I am not aware of relevant in- formation.” Current and former U.S. officials also said in 2009 that computer spies had repeatedly broken into the program to develop the F-35, the next generation of U.S. stealth fighter. The former officials said at the time they thought the attacks came from China. Beijing has denied involvement in such cyberattacks. Song Xiaojun, a former naval of- ficer who is now a military com- mentator for Chinese state televi- sion, attributed the reports that China appropriated its stealth tech- nology to those who “just envy and hate us for having developed the jet, for we made something they thought we’d never be able to make. I’m saying that I’m sure the technol- ogy is 100% Chinese.” The F-117 was developed in se- crecy in the 1970s and began service in 1983. It was not completely invis- ible to radar, but was very hard to detect because of its unique radar- absorbent coating. The one shot down over Serbia was the first to be hit. The F-117 was retired in 2008. The AP quoted Adm. Davor Do- mazet-Loso, Croatia’s military chief of staff during the Kosovo war, as saying intelligence reports in 1999 described Chinese agents “criss- crossing” the region where the F-117 went down, and buying bits of wreckage from local farmers. “We believe the Chinese used those materials to gain an insight into secret stealth technologies ... and to reverse-engineer them,” he was quoted as saying. Parts of the F-117 are still exhib- ited at Belgrade’s aviation museum. Wang Yanan, associate editor-in- chief at China’s Aerospace Knowl- edge magazine, said there was no point in China acquiring wreckage parts of the F-117, as its technology was already outdated in 1999. Still, other analysts point to signs of Chinese interest in the F-117. Andrei Chang, the Hong Kong- based editor of Kanwa Defense, an online publication about military af- fairs, said China had also built a scale model of the F-117 at an avia- tion research institute in the city of Luoyang in Henan province. He included in an emailed state- ment what he said was a satellite photograph of the F-117 model, taken in May 2010. “This is the fundamental reason why it took China only a very short period of time to develop several types of stealth materials in Bei- jing,” he said. The B-2, which was developed in the 1980s and first unveiled in 1988, is still used as a long-range strategic bomber and has never been shot down. Mr. Gowadia—the former B-2 en- gineer sentenced Monday—moved from India to the U.S. for postgradu- ate work in the 1960s and became a U.S. citizen about a decade later. He helped design the propulsion system for the B-2 when he worked at Northrop Corp., now known as Northrop Grumman Corp., between 1968 and 1986. He was arrested in 2005. A fed- eral jury in Honolulu found that he pocketed about $110,000 to help China design a cruise-missile ex- haust nozzle that would give off less heat, allowing it to evade infrared radar detection and U.S. heat-seek- ing missiles. He was not accused of assisting with the J-20 program, although prosecutors did say that he visited an aviation design facility in Chengdu, the western city where the stealth fighter has been tested. However, aviation experts have noted that the J-20 prototype that made the test flight had unusual ex- haust nozzles, which appear to be designed to prevent it from emitting enough heat to be detected by infra- red radar. —Yoli Zhang and Juliet Ye contributed to this article. BY JEREMY PAGE Some Chinese experts say J-20 designers may have looked to publicly available material on foreign models. This advertisement has been approved and/or communicated by Deutsche Bank AG and appears as a matter of record only. The services described in this advertisement are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. © Copyright 2011 Deutsche Bank AG. Deutsche Bank db.com Bank of the Year 2010. We got to the top together with our clients. “The performance of the investment banking part of Deutsche, combined with equally sure-footed developments in areas such as retail and commercial banking and the private bank andwealthmanagement divisions, leaves the firmwell positioned to build on its tremendous performance since the crisis hit. Indeed, it is back on the front foot and growing again.” International Financing Reviewmagazine, 2010. IFR Awards 2010: IFR Bank of the Year IFR Derivatives House of the Year 4 THE WALL STREET JOURNAL.
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