| Joe Pappalardo A wedding can consume money like a wildfire devours trees. Figures vary from those who follow the numbers, but according to the Bridal Association of America, U.S. couples this year are spending an average of $30,000 to get hitched. Ironically, as costs spiral upward, the event can become less personal. But there are ways to defeat the wedding industry jackals that thrive on overcharging for what couples with some time and moderate technical skills can do on their own.
DIY Accommodation and RSVP Cards. You can easily design your own invitations, which the Bridal Association of America says eats up almost $900 for an average wedding. This seems crazy to me: All you need is a computer and a layout program such as InDesign or Quark, or even MS Word, to make your own. Lily Malcolm, who works with Heather at Dial Books for Young Readers as the executive art director, has some good advice from her experiences designing invites for friends and family: "Take a look at other invitations to see how they're worded, how each line breaks and whether or not the type is set to the left, right, or centered. Once you've figured out the size of the invitation and the wording and placement, the only thing left to do is to find a font you like and then decide on colors for the paper stock and the font. If you want to add a little something extra, Dover Clip-Art has tons of images." If the whole thing is too daunting, try a site like Printablepress.com to work within a formatted template. After the design is set, you can print it out at home or bring the design to a print shop. When it came time to construct the invitations for our wedding, Heather led the charge. First she picked a paper that would work as a theme for all the stationery for the entire wedding, like the band around the invitations and around favor boxes. "Then I got all the other components needed, like pre-cut cards. That saves time and helps accurate printing." She found our fonts—Chelsea Studio and Century Gothic—at 1001freefonts.com. After the cards were printed, they had to be assembled into multipage invitations including maps of Baltimore, hotel information and so on. The cards were held together using grommets, which you can get at any scrapbooking supply store. The bands that wrapped around the invitation also served as a pocket for these cards, for which she employed a rotary cutter and a mat with a straight edge to cut the strips to size. Then she folded over the edges to form the pockets. For the invitation cards, she used industrial-strength double-sided tape to hold the pieces together. She also created a wax-seal effect with a hot glue gun loaded with a colored glue stick. We stamped the image into the wet glue, one invitation after another, exchanging stories about the guests as we worked. Heather got almost everything at Paper Source, but other good sources are envelopments.com and envelopme.com. Scrapbooking paper can work well for bands and other flourishes. "Papermart.com is the best source of ribbon I've ever found," Heather says. We personalized our favor boxes by using the same paper we used for the invitations, tying the boxes shut with the same ribbon we used on the invitations. It was very easy, and used up our leftover supplies. In the end, it's the goodwill of the guests that make the wedding. There's no reason a couple—or more commonly, according to BAA, in-laws—has to fork over tens of thousands of dollars just to get married. But I also feel lucky that Heather and I had such a hands-on approach to our nuptials. We didn't feel like guests, we felt like hosts. Heather says she only has one regret. (Not that one.) She never got a cupcake. DIY Three-Tiered Cupcake Stand Project by Don Alexander This stand holds approximately 200 cupcakes. Materials: 1 sheet ¾-inch plywood (½ inch could be used, but screws are short and don't hold well). 4 floor flanges for ¾-inch galvanized pipe 3¾-inch galvanized pipe nipples, 10 inches long 16 No. 12 galvanized flat-head wood screws, ¾-inch long Construction: Layout and cut the following circles on the sheet of plywood. Be sure to mark the center of the circles. You will need them later. 1 – 36-inch diameter 1 – 24-inch diameter 1 – 12-inch diameter Center one of the floor flanges on the top of the 36-inch circle and screw it in place; Center one floor flange in the center of the top and bottom of the 24-inch circle and screw them in place; Center one floor flange on the bottom of the 12-inch circle and screw it in place. Assembly: Screw a 10-inch pipe nipple into the floor flange on the 36-inch circle. Screw the floor flange on the bottom of the 24-inch circle to the top of the 10-inch pipe nipple previously screwed onto the 36-inch circle. Screw a 10-inch pipe nipple into the floor flange on the top of the 24-inch circle. Screw the floor flange on the bottom of the 12-inch circle onto the pipe nipple previously screwed onto the 24-inch circle. Paint or finish to suit. Heather's father, Don Alexander, used the coordinating paper on the different layers of cake stand. "First, I used bookbinding paper around the edges, cut perpendicular to the edge about an inch apart to make it lay smoothly on the curves," he says. "Then I used Mod Podge and a foam brush to glue down the paper and add a sheen." Tips: You can use cabinet-drawer knobs for feet if you want to raise the stand off the table. To aid in positioning the floor flanges, cut squares the size of the final circle and draw lines from corner to corner. Once the circles are cut, the lines will allow you to align the screw holes in the floor flanges as well as the center hole to better center the flange. You can make a square stand and eliminate the circle-cutting for easier construction. Circles can be adjusted to provide more clear space on each layer. How to Make Your Own Wedding DressProject by Joanna AlexanderAnyone with experience and nerve can either copy a wedding dress from a photo or memory or use several different commercial patterns to achieve a beautiful original gown. First, the bride needs to pick a gown for inspiration. It might be a designer original that can't be copied without written permission from the designer. Given that caveat, you can copy the style and lines of the original and by giving it your own touch can style it yourself. When Heather was married, the gown she liked so much had a tea-length skirt of eight layers of silk tulle netting, which drove up the cost. It turns out this tulle was silk. Frankly, the way it was used in the dress, it was hard to tell the difference between the look of silk and the look of polyester. The lace for the sleeveless top was much easier. Less than half a yard of very beautiful lace was enough for us to make the simple top, by draping the lace on her body and pinning it to her shape before cutting, then sewing it together so the lace pattern was intact. The openings needed no facings. The material for an underskirt came from silk from a parachute Heather's grandfather acquired during World War II. You don't need to use a single gown pattern; feel free to mix and match. The neckline can come from one pattern, the bodice from another, the sleeves from a third, and so on. If you make it in wedding fabric it will look perfect. Just make sure the pattern pieces fit together, or be prepared to trim them to match. Things to remember: 1. Measure yourself carefully. 2. Measure your patterns very carefully. You'll find in a lot of cases the pattern doesn't accurately reflect the measurements on the envelope, so don't trust them! 3. Adjust the measurements and make a prototype from an old sheet or cheap muslin. 4. Put it on inside-out. That way, you can pin changes along the seams. Use safety pins if it's going to be moved very much. 5. If you need boning, don't bother with the plastic bones available at most shops. Get metal ones online if you can. Other ideas include construction banding (look in the back of big-box lumber stores); the metal hangers at the tops of hanging desk files work well. You will need to soften the ends or you'll cut through your fabric. (Try hot glue for the ends.) 6. Don't hem your own gown—that's a two-person job. Put on the gown and have a friend mark every 4 to 5 inches where it meets the floor. If it's shorter, use a yardstick and measure the exact length from the floor up. Cut at the measurement line. Never measure the skirt length down. 7. Embellish to your heart's content. Heather's dress features a purse and satin sash. 8. If you want to do a headdress, look for hat frames in fabric stores or online under "millinery supplies." There are lots to choose from |
2009年7月31日星期五
3 Projects for a Cheap and Easy DIY Weddin
A Hong Kong Gold Merchant Seeks Fortune in China
| JOYCE HOR-CHUNG LAU
Vincent Chow, the grandson of the company’s founder and now its general manager, was at the 5,000-square-foot store to oversee the proceedings — and to take a hand at banging on the drums himself. But although Mr. Chow, 62, is overseeing a rapid expansion in the family jewelry business, he is staying firmly focused on the commodity that made his family’s fortune. “We started as goldsmiths,” Mr. Chow said in a recent interview. “Today, gold still makes up half of our sales.” Chow Sang Sang was founded in 1934 in Guangzhou, China. In 1948 — when masses of refugees and companies fled political turmoil on the Mainland — Mr. Chow’s father and two uncles re-established the family business in Hong Kong, then a British colony. In 1973, the jeweler went public on the Hong Kong exchange. Today, Chow Sang Sang has more than 190 stores in Hong Kong, Taiwan, Macao and China, and it had revenue of 9.88 billion dollars, or $1.27 billion, in 2008. For Mr. Chow, one of the buffers against hard economic times is gold’s role in Chinese culture — a role that will not fade with fads or volatile markets. “In this part of the world, gold is a part of life, and people are used to trading it,” he said. “It is what elders give to newlyweds. It is what a Chinese bride wears — or perhaps I should say exhibits — to show off gifts from the family. If you are going to buy a wedding bracelet, you cannot not buy gold.” Like most Hong Kong jewelers, Chow Sang Sang’s bread-and-butter items include gold baby bracelets, as well as pendants and figurines shaped like religious or iconic figures. There are more than 40 Chow Sang Sang stores in Hong Kong, but the Central megastore will be the last opening in the foreseeable future. Expansion will not be here, but north of the border. “The Mainland is our engine for growth — there’s no doubt about it,” Mr. Chow said. According to the Hong Kong government, the value of total retail sales fell 6.2 percent in May, compared with a year earlier. In a report, the Census and Statistics Department said consumers were “cautious” about luxury spending on items like cars and jewelry but that “local consumer sentiment continued to hold up rather well.” “The key reason for that drop is the change in the macro-economy,” said Eric Yuen, the head of research at Guoco Capital, an investment management company in Hong Kong. “Overall, the slowdown of the economy will affect consumption.” However, according to Mr. Yuen, the spending power of the Mainland Chinese — the main buyers of jewelry in Hong Kong — will play a big role. The Chinese economy is picking up, having grown 7.9 percent year-on-year in the second quarter of 2009. The jeweler’s Mainland shops are not yet big earners; despite the fact that there are 125 of them, they account for less than half of total sales. Still, the Mainland offers more room to grow than the more developed markets of Hong Kong, Taiwan and Macao. “There should be room for maybe 100 more stores on the Mainland,” Mr. Chow said. “But not thousands of stores. We don’t want one on every street in China.” Quality — and the perception of quality — is important in a crowded market. Mr. Yuen, the analyst, described Hong Kong retailers like Chow Sang Sang as having “a very strong operational history.” “They’ve got good brand names, which gives confidence to the Mainland buyer,” he added. “If they’re buying gold from an unbranded store on the Mainland, they have no guarantee of good quality.” Despite a drop-off in the latter part of the year, Chow Sang Sang’s jewelry sales for the year ending Dec. 31, 2008, were 5.3 billion dollars, up 30 percent from 2007. The economic downturn has meant that Mr. Chow has had to keep a cold eye on costs. “In the first half of 2008, things were go-go-go in terms of buying materials like diamonds,” he said. “But by the third quarter, we knew things were not right. So we quickly refined our logistics in a way that allowed us to reduce our inventory. We had to both confront the recession and make preparations for the volatility in the price of gold and platinum.” A well-known supporter of the arts in Hong Kong, Mr. Chow was once the head of the Hong Kong Arts Development Council and has also worked in an official capacity with the Hong Kong Academy for Performing Arts, the Hong Kong Philharmonic Orchestra and the Hong Kong Repertory Theatre. He has brought that interest into his business, adorning a Beijing megastore with works by young local artists. “We don’t want to rely too much on celebrity spokespeople,” Mr. Chow said. “Celebrities come and go. Their popularity, notoriety, fame can be nebulous.” Gold, on the other hand, is solid — and eternal. “In hard times,” he said, “people cling to it.”
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When Chow Sang Sang opened its third jewelry megastore in Hong Kong in April, it was not a quiet affair. The 464-square-meter space was packed with publicists, fashion models, art installations, drummers and a diamond necklace priced at 5.7 million Hong Kong dollars. From Hong Kong to Omaha to hear Warren Buffett
| William Freehling Every spring, people travel from all across the world to Omaha, Neb., to hear Warren Buffett and Charlie Munger answer questions about the state of the economy and Berkshire Hathaway. This year one of those international travelers was Chester Hoang, who attended the meeting with his wife, Kelly Chan. Hoang, a Chinese native and financial professional, traveled to Omaha from Hong Kong, where he’s lived since late 1999 after returning from a stint living in Northern California. I am fascinated by how the Berkshire meeting draws people from so far away, so I asked Hoang if he would answer some questions via e-mail about his experience in Omaha. He graciously accepted and also sent me the three photos running with this article. Here is the interview:  Hoang in front of the BYD model car at the meeting Examiner: How long have you been a Berkshire shareholder? CH: I’ve been a shareholder since 2008. For many years, I’ve watched the shares and wanted to wait for the right opportunity to make the investment into this great company. However, I’ve been a follower for a very long time where I first encountered “Security Analysis” nearly 20 years ago when I first started college. I will continue to accumulate more of BRK, as it’s a special company and a rare one. At today’s price, it’s a great investment in my personal opinion. Buffett has mentioned in the past that the intrinsic value of Berkshire rises and falls in parallel with its net worth. The market of recent has yet to reflect the value of what Buffett masterfully accomplished over the past 12 months. I’m confident that it’ll be appropriately reflected in due course. Examiner: Describe your occupation in Hong Kong. CH: I advise companies and asset managers on their investments/acquisitions in the region with specific focus in China and certain parts of Southeast Asia.  Hoang and his wife, Kelly Chan, in Omaha Examiner: Was this past spring your first Berkshire shareholders meeting? What did you think of it? CH: 2009 was my first time at the Berkshire shareholders meeting, and I have already made reservations for hotel accommodations for 2010, as it does require close to a year in advance notice to book a place. I’ll be coming for many more years. Irrespective of the distance, people from all over the world come to Omaha to hear both the Oracle and Charlie Munger putting things into perspective in its purest form. As with many first-time attendees, we did the rounds at Gorat’s, Borsheim’s, Nebraska Furniture Mart, Dairy Queen, Kiewit Plaza and the Oracle’s house. Due to our commitments in Asia, we were only able to stay in the U.S. four days. It took us nearly two full days to arrive and depart from the U.S., but my wife and I committed to making the journey, and will continue to do so in the years to come now that we own a small piece of Berkshire. You can’t beat hearing them speak live and unplugged. It’s unlike any shareholders meeting that I’ve ever attended. What I greatly admire is that the guy sitting amongst the general audience can be a Berkshire CEO/manager, where they meshed themselves with the rest of crowd with no sense of pretentiousness. I greatly admire that sense of values and culture at Berkshire. I met one of the CEOs—if anything, it was anti-elitist and that made me truly value the times spent at the meeting. Examiner: Why did you decide to travel across the world to attend? Was it worth it? Why? CH: Paying homage to the Oracle himself is a yearly highlight event for many, such as me, where we travel across the globe to be present when Buffett and Munger speak “unplugged.” Spending nearly 22-24 hours in-flight and in-between four different airports from Hong Kong to Omaha is quite physically strenuous. But for us, the trip was worth every ounce of effort and more. I’ve watched practically all the official videos that are out there on Warren Buffett and most clippings of his interviews on the tube. But it doesn’t come near to being at the shareholders meeting and meeting the man himself, and some of his associates. They’re a special group of people and I have had the honor and privilege of meeting some of them. That alone made it worth the over 22 hours of traveling time. Examiner: I've read that Buffett is hugely respected in China. Could you tell me more about the general attitude toward Buffett there, and what the respect stems from? CH: Warren Buffett is highly respected in China and has long been called the “God of Stock.” After being closed for business for over 40 years, the stock market in Shanghai reopened with its debut in 1990. In 2003 the Shanghai market and the smaller Shenzhen Stock Exchange had just a little over US$512 billion in market capitalization. As of June 2009, the combined market capitalization stands at US$3 trillion, giving it a boost of nearly 490 percent in just 5.5 years. In Hong Kong, in 2003, it was merely US$712 billion, and fast-forward to mid-2009, it now stands at US$1.8 trillion, giving it a boost of over 150 percent in a similar short time frame. This is already taking into consideration the demise of the market from the crisis. It was at over US$2.4 trillion in 2007. Irrespective of the above performance of the two markets in China and Hong Kong, it has had its fair share of booms and busts like any developing stock markets in the world. As a backdrop of the two markets, it’s no surprise that people have come to see Warren Buffett as the epitome of what could be achieved in the stock market, and many have tried to emulate his success, though many would find this to be futile. Hence, as people in China become more aware of the stock market and become active participants, they will become even more interested in Buffett and his ability to consistently beat the market since 1956 with only a few down years. Hence, the well-deserved “title” he’s gained in China as the greatest investor ever. Buffett’s achievements have brought awe to speculators and the general investment community as a whole around the world, and for a frenzy stock market like China, he’s more revered than ever and has captured the imagination of many in China, particularly for those with newfound riches in China. With his past investments in PetroChina and, of recent, BYD, Buffett’s moves are carefully watched. With many of the state-owned enterprises still undergoing privatization where the public can become a part-owner of the companies as a listed company in China and Hong Kong, I believe Buffett’s teachings on value investing to the new and old generation of investors will be more relevant than ever. In my opinion, Buffett has significantly contributed to the investment world’s perception of what sound investments are all about and how countries with newfound wealth, such as China, can also benefit from his humble teachings. As Bill Gates has recently said about Buffett in “Fortune,” Buffett’s ability to encapsulate the most complex issues on the table and communicate that to the general audience in its simplest form is one of his greatest qualities. His teachings will have an impact for current and future generations in China and Hong Kong that venture into the investment world. One can say that behind Buffett’s simplicity is a genius at work. I truly believe the world is a better place with Buffett, and that's not even taking into consideration his immense philanthropic contributions. |
From Hong Kong to Omaha to hear Warren Buffett
| William Freehling Every spring, people travel from all across the world to Omaha, Neb., to hear Warren Buffett and Charlie Munger answer questions about the state of the economy and Berkshire Hathaway. This year one of those international travelers was Chester Hoang, who attended the meeting with his wife, Kelly Chan. Hoang, a Chinese native and financial professional, traveled to Omaha from Hong Kong, where he’s lived since late 1999 after returning from a stint living in Northern California. I am fascinated by how the Berkshire meeting draws people from so far away, so I asked Hoang if he would answer some questions via e-mail about his experience in Omaha. He graciously accepted and also sent me the three photos running with this article. Here is the interview: Hoang in front of the BYD model car at the meeting Examiner: How long have you been a Berkshire shareholder? CH: I’ve been a shareholder since 2008. For many years, I’ve watched the shares and wanted to wait for the right opportunity to make the investment into this great company. However, I’ve been a follower for a very long time where I first encountered “Security Analysis” nearly 20 years ago when I first started college. I will continue to accumulate more of BRK, as it’s a special company and a rare one. At today’s price, it’s a great investment in my personal opinion. Buffett has mentioned in the past that the intrinsic value of Berkshire rises and falls in parallel with its net worth. The market of recent has yet to reflect the value of what Buffett masterfully accomplished over the past 12 months. I’m confident that it’ll be appropriately reflected in due course. Examiner: Describe your occupation in Hong Kong. CH: I advise companies and asset managers on their investments/acquisitions in the region with specific focus in China and certain parts of Southeast Asia. Hoang and his wife, Kelly Chan, in Omaha Examiner: Was this past spring your first Berkshire shareholders meeting? What did you think of it? CH: 2009 was my first time at the Berkshire shareholders meeting, and I have already made reservations for hotel accommodations for 2010, as it does require close to a year in advance notice to book a place. I’ll be coming for many more years. Irrespective of the distance, people from all over the world come to Omaha to hear both the Oracle and Charlie Munger putting things into perspective in its purest form. As with many first-time attendees, we did the rounds at Gorat’s, Borsheim’s, Nebraska Furniture Mart, Dairy Queen, Kiewit Plaza and the Oracle’s house. Due to our commitments in Asia, we were only able to stay in the U.S. four days. It took us nearly two full days to arrive and depart from the U.S., but my wife and I committed to making the journey, and will continue to do so in the years to come now that we own a small piece of Berkshire. You can’t beat hearing them speak live and unplugged. It’s unlike any shareholders meeting that I’ve ever attended. What I greatly admire is that the guy sitting amongst the general audience can be a Berkshire CEO/manager, where they meshed themselves with the rest of crowd with no sense of pretentiousness. I greatly admire that sense of values and culture at Berkshire. I met one of the CEOs—if anything, it was anti-elitist and that made me truly value the times spent at the meeting. Examiner: Why did you decide to travel across the world to attend? Was it worth it? Why? CH: Paying homage to the Oracle himself is a yearly highlight event for many, such as me, where we travel across the globe to be present when Buffett and Munger speak “unplugged.” Spending nearly 22-24 hours in-flight and in-between four different airports from Hong Kong to Omaha is quite physically strenuous. But for us, the trip was worth every ounce of effort and more. I’ve watched practically all the official videos that are out there on Warren Buffett and most clippings of his interviews on the tube. But it doesn’t come near to being at the shareholders meeting and meeting the man himself, and some of his associates. They’re a special group of people and I have had the honor and privilege of meeting some of them. That alone made it worth the over 22 hours of traveling time. Examiner: I've read that Buffett is hugely respected in China. Could you tell me more about the general attitude toward Buffett there, and what the respect stems from? CH: Warren Buffett is highly respected in China and has long been called the “God of Stock.” After being closed for business for over 40 years, the stock market in Shanghai reopened with its debut in 1990. In 2003 the Shanghai market and the smaller Shenzhen Stock Exchange had just a little over US$512 billion in market capitalization. As of June 2009, the combined market capitalization stands at US$3 trillion, giving it a boost of nearly 490 percent in just 5.5 years. In Hong Kong, in 2003, it was merely US$712 billion, and fast-forward to mid-2009, it now stands at US$1.8 trillion, giving it a boost of over 150 percent in a similar short time frame. This is already taking into consideration the demise of the market from the crisis. It was at over US$2.4 trillion in 2007. Irrespective of the above performance of the two markets in China and Hong Kong, it has had its fair share of booms and busts like any developing stock markets in the world. As a backdrop of the two markets, it’s no surprise that people have come to see Warren Buffett as the epitome of what could be achieved in the stock market, and many have tried to emulate his success, though many would find this to be futile. Hence, as people in China become more aware of the stock market and become active participants, they will become even more interested in Buffett and his ability to consistently beat the market since 1956 with only a few down years. Hence, the well-deserved “title” he’s gained in China as the greatest investor ever. Buffett’s achievements have brought awe to speculators and the general investment community as a whole around the world, and for a frenzy stock market like China, he’s more revered than ever and has captured the imagination of many in China, particularly for those with newfound riches in China. With his past investments in PetroChina and, of recent, BYD, Buffett’s moves are carefully watched. With many of the state-owned enterprises still undergoing privatization where the public can become a part-owner of the companies as a listed company in China and Hong Kong, I believe Buffett’s teachings on value investing to the new and old generation of investors will be more relevant than ever. In my opinion, Buffett has significantly contributed to the investment world’s perception of what sound investments are all about and how countries with newfound wealth, such as China, can also benefit from his humble teachings. As Bill Gates has recently said about Buffett in “Fortune,” Buffett’s ability to encapsulate the most complex issues on the table and communicate that to the general audience in its simplest form is one of his greatest qualities. His teachings will have an impact for current and future generations in China and Hong Kong that venture into the investment world. One can say that behind Buffett’s simplicity is a genius at work. I truly believe the world is a better place with Buffett, and that's not even taking into consideration his immense philanthropic contributions. |
2009年7月29日星期三
China Development Bank sets up operations in Hong Kong
 China Development Bank is setting up operations in Hong Kong as part of overall plans by the government to attract more foreign investment into the Chinese bond market by boosting the use of its currency – the yuan – in the international arena.The state-owned lender has just sold yuan-dominated bonds worth US$4.4 billion. The Beijing-based lender is using the fund-raising exercise to transform itself from a government sponsored bank to a commercial entity. Said Li Jiping, vice president of the China Development Bank: "If we can set up a platform in Hong Kong, our business on the mainland through Hong Kong will be more efficient, and the transition will be smoother into the world market." The move to use the territory as a launch pad has been welcomed by Hong Kong officials, with the territory’s financial secretary John Tsang saying the move will add depth to the local bond market. Said Tsang: "Expanding the renminbi bond market will not only strengthen Hong Kong's financial position but showcase Hong Kong to be a test-bed for yuan reform for global markets." China Development Bank was the first to issue renminbi-denominated bonds in the territory two years ago. The latest bond sale was fully subscribed, even though response was not overwhelming due partly to new sale rules in place to spell out risks, implemented after the Lehman Brothers minibond debacle. - CNA/yb |
UBS Sued by Hong Kong Client for Negligence in Selling Products
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A Hong Kong client sued UBS AG for alleged negligence and reckless misrepresentation in inducing her to buy so-called accumulators that resulted in losses of more than HK$200 million ($25.8 million). |
Bloomberg
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