Muhammad Cohen on media and more

Indonesian Chinese flourish after 1998 riots

Muhammad Cohen — Thu, 19 Jan 2012 04:44:53 +0000

For decades, Indonesia’s Chinese minority enjoyed disproportionate wealth while simultaneously serving as the nation’s designated ethnic scapegoat. The 1998 riots that targeted Chinese in Jakarta and other major cities left more than 1,000 dead – mostly non-Chinese – and caused an estimated $300 million in property damage. Those riots of suspicious origin led to the ouster of President Suharto and a new era of reformasi, substituting democracy for authoritarianism.

Jemma Purdey wrote the book on the 1998 riots and their place in the history of Chinese in Indonesia, Anti-Chinese Violence in Indonesia, 1996-1999. I caught up with Purdey during the Ubud Writers & Readers Festival in Bali last year.

Purdey and other experts I interviewed for Asia Times agreed that Indonesia’s Chinese face new challenges now that Indonesia has emerged as the world’s third largest democracy. But they all believe that the situation for Chinese is far better than it was in 1998. That’s a hopeful note to sound for the lunar new year.

May the year of dragon bring good things to you and your loved ones. Kung hei fat choi/gong xi fa cai.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, financial crisis, and cheap lingerie. See his biography, online archive and more at www.muhammadcohen.com.

Singapore beats Las Vegas at its own game

Muhammad Cohen — Mon, 09 Jan 2012 03:49:36 +0000

Gaming industry analysts project that Singapore beat Las Vegas in casino revenue last year. That’s incredible given that Singapore’s two casinos were in their first full year of operation and total 320,000 square feet of gaming floor, while the Las Vegas Strip has decades of glamorous history, 39 casinos and nearly 3 million square feet of tables and slot machines

The Lion City’s success underscores the gaming industry’s argument that there’s huge unsatisfied demand for casinos in Asia. As I report in Asia Times, other countries in the region hope to copy Singapore’s model of casino development.

Singapore insisted that developers invest billions of dollars to build not just casino hotels, but integrated resorts (IRs) that feature a wide variety of non-gaming attractions. With Resorts World Sentosa weeks away from its second anniversary, the IRs no longer resemble construction sites and have become much more hospitable to visitors.

Marina Bay Sands had a severe fun deficit in its early days. But the world’s most expensive casino resort has blossomed into a destination worthy of its stunning architectural wrapper. Since the resort’s grand opening in June 2010, new additions include US import clubs Pangaea and Avalon, the first Singapore outpost of Banyan Tree Spa, a world class museum, and an ice skating rink, plus restaurants and bars overlooking the bay. Those new attractions along with the presence of people actively engaging the property, have overcome the initial imposing cathedral atmosphere. The arrival of Singapore’s MRT mass transit line this month will bring bigger crowds to add to the fun, and to Singapore’s lead over Las Vegas.

Titanic lands in Singapore

Muhammad Cohen — Sat, 31 Dec 2011 06:50:05 +0000

One hundred years after its fateful maiden voyage, the Titanic has landed in Singapore. The blockbuster exhibition of facts and artifacts runs through the centennial of the infamous ocean liner’s sailing in April at the Marina Bay Sands’ ArtScience Museum.

Singapore’s casino resorts both include a museum among numerous non-gaming attractions the government required in the bidding for a gaming license. The Maritime Experiential Museum and Aquarium at Resorts World Sentosa and its counterpart are both state of the art facilities with impressive designs and price tags to match.

As I report in the December issue of Macau Business, the Titanic exhibition showcases the extraordinary versatility of the ArtScience Museum and the skill of its curatorial staff. It’s well worth the rather stiff S$24 (US$18.50) price of admission, even if you have no prior interest in the ship, have never seen the movie, and loath its theme song.

There are other titanic happenings in Singapore’s casino industry that you can read about soon in Asia Times. Until then, thanks for your interest and support throughout the year. Best to you and your loved ones for 2012.

Galaxy creates new star in Macau

Muhammad Cohen — Wed, 21 Dec 2011 10:51:34 +0000

Since opening in May, Galaxy Macau resort has changed the game in the world’s largest gambling market. As I report in Asia Times, the resort has shuffled market shares, making parent company Galaxy Entertainment Group a heavyweight contender among Macau casino operators. Last week, Galaxy Macau opened a state of the art cineplex, highlighting the market savvy underpinning the resort’s success.

‘Ali’s Diner’ reaches 3Quarks semifinals

Muhammad Cohen — Mon, 12 Dec 2011 03:55:32 +0000

Thanks to your support, Overheard at Ali’s Diner on Arab Street has reached the semi-finals for the 3QuarksDaily Politics and Social Science Prize. The article finished fourth in the voting among this year’s 56 nominees. I sincerely appreciate the votes; the quark is in the mail.

Please vote now in 3QuarksDaily.com blog competition

Muhammad Cohen — Tue, 06 Dec 2011 02:40:12 +0000

I’d appreciate your support in this year’s 3 Quarks Daily Politics & Social Science Prize. Please vote for my nominated article, Overheard at Ali’s Diner on Arab Street, listed alphabetically under letter M for Muhammad Cohen, You can read the article, a reaction to the massacre in Oslo, and the other nominees through links on the nominee page. The deadline for voting is Saturday, December 10 at 11.59pm New York time, so please vote for Muhammad Cohen’s article now.

The articles with the most votes get considered for the top prize of $1,000, so please cast your ballot for Muhammad Cohen, and please spread the word.

Many thanks for your support, and may the best blog win.

Occupy Wall Street original writes the book on risk

Muhammad Cohen — Thu, 24 Nov 2011 13:26:25 +0000

Like the weather and bad writing, financial risk is something everybody talks and nobody does anything about. More accurately, nobody did anything sensible and helpful about it until Aaron Brown and a bunch of fellow quants, short for quantitative analysts, invaded Wall Street and ushered in a brave new world of finance.

In Red-Blooded Risk, Brown reveals behind the scenes facts of finance based on centuries of higher math and even higher minded philosophy, then distills it down to compelling arguments that require no numbers to comprehend. (Full disclosure: I worked as an editor on the book.) Wall Street junkies and math geeks will find plenty to ponder for sure, but Red-Blooded Risk is modern risk management for the rest of us.

Subtitled The Secret History of Wall Street, Red-Blooded Risk tells the story of how this odd group of quants shook up the old white shoe business of finance, opting for calculations on the computer rather than cocktails at the club at the moment when stocks were about to overshadow bonds and start mattering to Main Street. This original Occupy Wall Street movement, highly educated and weaned on fringe activities including point-spread arbitrage and blackjack card counting, took advantage of technological advances that enabled advanced data analysis and unlocked information once the exclusive province of banks to turn finance on its head during the 1980s. It’s a spellbinding business how-dunnit that leads Brown to weave fascinating tales, including what if the ancient Egyptians had used money rather than slaves to build the pyramids, and explain how American colonists beat the British with currency devaluation, all marvelously illustrated by manga comic master Eric Kim.

The 1987 stock market crash brought the quants back to earth. Mainstream Wall Street blamed the quants and their mad scientist formulas for the devastation, but Brown says that 1987 proved the new breed needed to add risk to the equation and get it right. He calls those times the most intellectually stimulating period of his life as he and his colleagues searched for useful measures of risk.

As a truer picture of risk emerged, it became a tool in investment decision making. Things may have gone off the rails with the 2008 crisis, and one reaction has been moving to minimize risk. Brown provides compelling counterarguments that risk is not just essential to making money but that there’s an optimal amount of risk to maximize profit.

Brown notes when investment managers try to avoid risk and seek safe havens, the resulting groupthink multiplies risk for all. There’s little chance of such complacent unanimity crashing markets again as long as guys like Brown are in the game to shake things up.

Tennis bows out in Bali

Muhammad Cohen — Tue, 01 Nov 2011 18:24:53 +0000

The last WTA tournament of 2011 is also the finale for women’s pro tennis in Bali. The season-ending Commonwealth Bank Tournament of Champions, successor to the Wismilak International that made its Bali debut in 2001, moves to Sofia, Bulgaria, next year under new sponsorship.

As reported in Asia Times, the Bali tournament may have been a victim of its own success as it failed to find local stakeholder support. Tournament director Kevin Livesey hopes to bring a new event to Bali and says that building grassroots support will be a top priority if he succeeds.

Meanwhile, enjoy this year’s finale. Action gets underway Thursday, 5.30pm local time with what could be biggest slugfest of the tournament, world number 16 Peng Shuai meeting former top fiver Nadia Petrova. The nightcap matches defending champion Ana Ivanovic against Roberta Vinci, winner of three tournaments this season. Friday at 5.30pm, world number nine Marian Bartoli, Bali runner-up in 2009, faces Anabel Medina Garrigues, then Bali stalwart Daniela Hantuchova battles hard serving Sabine Lisicki. Each day’s winners meet in Saturday’s semifinals, with victors meeting in the final Sunday

If you’re in the neighborhood, come on down to the Bali International Convention Center at the Westin in Nusa Dua or watch on StarSports. Otherwise, follow along on the tournament website. Just don’t think about November in Bulgaria next year.

Disney doubles down in China

Muhammad Cohen — Sun, 23 Oct 2011 05:52:54 +0000

One definition of insanity is to keep doing the same thing and expect the results to change. The Walt Disney Company, the folks behind Disneyland and Disney movies and TV, has had a tough time in China, but it’s come back for more.

The Cultural Revolution did not televise Mickey and Goofy. Beijing limits movie imports, so the little princes barely know The Lion King, and today there’s still no Disney television channel in mainland China. Hong Kong Disneyland, opened in 2005, has been a US$3 billion disappointment.

Despite the difficulties, Disney is doubling down on China. The company known as The Mouse is building a US$4.4 billion theme park and resort in Shanghai, while Hong Kong Disneyland will get a US$465 million expansion. As reported in Asia Times, these big ticket items are just a small end of an invigorated China strategy for the world’s largest media group.

World comes to Bali’s Ubud Writers Festival

Muhammad Cohen — Fri, 30 Sep 2011 04:39:59 +0000

Bali’s renowned Ubud Writers & Readers Festival kicks off Wednesday, October 5 and runs though Sunday, October 9. Despite drama over festival sponsorship that ended with ANZ Bank coming aboard, this year’s eighth edition of the annual event will have a full complement of more than 100 writers from at least a dozen countries.

The event, founded as a response to the 2002 Bali bombings that left 202 dead, takes on added meaning this year in the wake of last Sunday’s latest church bombing in Java. The festival always features a variety of writers from across Indonesia and Southeast Asia, fostering wide ranging discussions on contemporary national and regional issues. It also brings writers from the across the Muslim world to the country with the world’s largest Muslim population, albeit to Bali, a Hindu island that’s traditionally welcomed foreigners and their cultures.

Western world headliners at this year’s Ubud event include Booker Prize winner DBC Pierre, Pulitzer Prize winner Junot Diaz, and creator of the No. 1 Ladies’ Detective Agency Alexander McCall Smith. Often, though, it’s the writers you’ve never heard of that make the biggest impressions; these festivals are about broadening literary horizons for readers and writers alike.