Archive for the ‘Top Stories’ Category

CIUDAD DE MÉXICO (Dow Jones)–El magnate mexicano de las telecomunicaciones, Carlos Slim, dijo que alaba la competencia, previo a la potencial entrada al mercado mexicano de telefonía móvil de Grupo Televisa SAB.

Slim dijo a la prensa que no teme a la competencia, sino que quiere que sus rivales inviertan.

En abril, Televisa accedió a invertir US$1.600 millones por un 50% de participación en Iusacell, uno de los operadores más pequeños de las cuatro empresas de telefonía móvil que prestan servicios en México.

La filial mexicana de América Móvil, Telcel, cuenta con cerca de un 70% del mercado mexicano de telefonía móvil, mientras que Iusacell posee un 4%.

© 2011 Wall Street Journal (www.wsj.com)

The 33 atolls that make up Kiribati – the former Gilbert Islands – occupy a vast area in the Pacific. They stretch nearly 4,000 km from east to west, more than 2,000 km from north to south, and straddle the Equator.

Kiribati's economy is weak and is affected by rises and falls in the world demand for coconut.

Fishing licences, foreign aid and money sent home by workers abroad also play their part, as does a trust fund set up with revenues from phosphate mining on the island of Banaba. The mines were depleted by 1980, precipitating the evacuation of much of the population.

Kiribati is home to the South Pacific's largest marine reserve.

It is also one of the low-lying Pacific island states seen as highly vulnerable to rising sea levels and global warming, and frequently lends its voice to calls for action on climate change.

© 2011 BBC News (www.bbc.co.uk)

Most investment managers will remember 2008 mostly for the precipitous tumble in financial markets. But for Pictet Asset Management, the year also marked its first offering of funds in Hong Kong, and another step in the Swiss firm’s Asian strategy. A unit of 206-year old private bank Pictet & Cie., the asset manager has long targeted Asian clients. It has had an office in Japan for the past three decades, as well as offices in Hong Kong, Singapore and Taiwan.

Pictet & Cie

Laurent Ramsey

Résumé


  • Education: Bachelor’s and master’s in international management from HEC Business School of Lausanne. European diploma of financial analysis and portfolio management.

  • Career: Joined Pictet in 1993. Has had stints in Hong Kong, Singapore and Geneva.

  • On Asia: “Hong Kong, Singapore, Taiwan, Korea—they’re all interesting. The question is [whether they have] the regulatory framework for us to access savings.”

  • On financial advice: “Advisers are in a tough position. There are a number of uncertainties—sovereign debt, inflation, and U.S. consumption.”

As of March 31 Pictet + Cie had about $418 billion in assets under management (2010, $383 billion; 2009, $321 billion)—Pictet Asset Management accounts for about a third of the total figure for 2011, and is one of the largest institutional asset managers in Japan.

Since the financial crisis, Pictet Asset Management’s efforts to ramp up business in Asia has faced a set of challenges familiar to just about any financial services firm—a war for talent, stiff competition, and an ever-toughening regulatory environment. Laurent Ramsey, the asset manager’s head of global distribution, was in Hong Kong recently and talked with The Wall Street Journal’s Duncan Mavin. The following interview has been edited.

WSJ: How has your business in Japan been affected by the earthquake, tsunami and nuclear tragedy?

Mr. Ramsey: It’s still a very important market for us and we continue to invest resources there. People are sitting on cash and the appetite for foreign assets is growing despite the strength of the yen.

WSJ: It seems like you’re, understandably, more optimistic about Asia than Europe.

Mr. Ramsey: I’m optimistic in general. Obviously in Asia the dynamics are different. Balance sheets are sound. Growth is there. But in Europe, there are other dynamics that are positive—within Europe, people were hit by the crisis, missed the rebound, and are still sitting on time deposits. That cash still needs to go somewhere.

WSJ: Around 14% of your Assets Under Management are in themed funds, which focus on agriculture, clean energy and water, for instance. Are themed funds a trend that will last?

Mr. Ramsey: I think there’s room for [more] good ones. I think there are a lot of products out there that have been launched because they’re fashionable. I think [themed funds] have some advantages if they’re focused on mega-trends. They provide diversification. People tend to invest because they believe in the long-term story.

WSJ: What do you think of the general quality of investing research these days?

Mr. Ramsey: I think nothing is going to replace primary research. If you want to be a good investment manager, you need to go and talk to the companies and the regulators. Our fund managers always did but they probably do so more now. This was critical [before the financial crisis] but it is more critical now. Probably you’re more suspicious of what you read now.

WSJ: What are the main challenges for asset managers in Asia?

Mr. Ramsey: There are three. Different regulatory cultures in different countries. Talent—a lot of firms are expanding and chasing just a few talented people in the region. And savings and investment pattern—people tend to be more short-term focused.

WSJ: How do you persuade investors with that mentality to buy mutual funds?

Mr. Ramsey: It’s a long-term effort. Education is a key, especially on the need to save for old age and to diversify investments. In that respect, the financial crisis has had a good effect as it has put a premium on good advice. In Europe, we’re talking about whether university students should have lessons [in investing]. The industry can bring more clarity, through the way we classify and distribute funds, for example. Also, in product design we really need to think through what can provide value to clients and not just what is exciting or fashionable right now.

WSJ: How do you attract, and hold on to, good people?

Mr. Ramsey: On the asset-management side, we’re talking about [hiring] more or less 80 people in investing and distribution. It will mean doubling our distribution resources in Asia ex-Japan and opening up in Taiwan if we get a license there.

We’ve managed to attract talent that before the crisis would have been difficult for us [to attract]. We have had a clean track record during the most difficult times.

WSJ: Are salaries rising sharply in your industry?

Mr. Ramsey: In general, we’re not at the levels of 2007. It’s always a risk [that new hires don't fit in]. First of all, they have to meet a lot of people. [We need people who] focus on the long-term, people that can say no to a client, people who are entrepreneurs, doers not thinkers. In Asia, [we're hiring] all locals. We don’t have a rule that we need expats or locals. But in any region, you need to understand the culture. We never compromise on timing to hire mediocre people. In Japan, we lost money for 15 years before becoming the biggest [foreign] asset manager.

Write to Duncan Mavin at duncan.mavin@wsj.com

© 2011 Wall Street Journal (www.wsj.com)

Abu Dhabi: President His Highness Shaikh Khalifa Bin Zayed Al Nahyan yesterday issued federal decrees granting Emirati citizenship to 1,117 people who were born to Emirati women married to foreigners.

Nearly 5,000 beneficiaries were found to have met the conditions required to acquire citizenship, a senior official told Gulf News yesterday ref.

"The group of newly naturalised citizens will be followed by several other groups shortly, as nearly 5,000 candidates are eligible to gain citizenship," said the official who spoke on condition of anonymity because he is not authorised to speak to the press.

The rule allows children of Emirati women, both naturalised and citizens from birth, to become UAE citizens once they are of legal age ref. The names were approved after the committee tasked with implementing the order reviewed the lists of names provided by the Ministry of Interior, WAM reported.

Article continues below

© 2011 Gulf News (www.gulfnews.com)

Dubai: US universities are now looking to aggressively recruit students from the Middle East by offering them scholarships in order to culturally diversify their campuses.

The increased interest in the regional student market is set to be illustrated at the upcoming American Education Expo. More than 30 US universities will be offering grants worth up to $40,000 (Dh146,928) to UAE students to pursue their higher education in the US.

The education exhibition is organised by the International Student Network (ISN) and is endorsed by the US Embassy. It will run for two days from Saturday in Dubai and Abu Dhabi.

"More and more US universities have been looking at increasing the recruitment of foreign students in recent years," Babish Soni, organiser from ISN, said. "Therefore, they are aggressively increasing their scholarship offerings, some up to 50 per cent, targeted at students in the Middle East."

Article continues below

A US Consulate official confirmed to Gulf News that international student numbers now stand at more than 600,000, which takes them back to what they were prior to September 11, 2001.

Latest figures

Education fairs such as the American Education Expo are supported by the US Department of Commerce as higher education is a ‘cash cow’ for the American economy. The latest figures show American education exports to be currently worth $17 billion.

"There are 24,000 students from the Middle East alone who travel to the US annually for university, with the average annual tuition fee costing $45,000 over four years," Soni said. "So, the department of commerce is looking to recruit students from all over the world because besides cultural diversity, American higher education is still a cash cow as a large majority of international students are not there on scholarships but pay from their own pockets."

The US consulate confirmed there are approximately 3,000 Emirati students currently studying at university in the US. However, the number of expatriate UAE residents at university in the US remains unknown. Yet, the highest number of GCC students in the US comes from Saudi Arabia.

Soni said, "The GCC region is definitely an engineering market when it comes to most popular programmes." For this reason, a majority of the 30 US university exhibitors at the expo will be promoting their engineering and computer systems programmes.

The expected footfall to the expo, an annual event in the UAE for 12 years, is predicted to exceed 500.

Lucrative industry

600,OO0: international student numbers in US varsities
3,000: number of Emirati students at US varsities

INFORMATION

© 2011 Gulf News (www.gulfnews.com)

A revelação de que uma versão falsificada do remédio contra o câncer Avastin foi descoberta nos Estados Unidos ressalta uma ameaça nascente: cópias de terapias injetáveis, em vez de simples pílulas como o Viagra.

A FDA, agência americana que fiscaliza remédios e alimentos, alertou médicos e outros profissionais de saúde recentemente sobre o risco de “medicamentos injetáveis contra o câncer que não foram aprovados pela FDA”, como versões sem autorização dos remédios Herceptin, Rituxan e Neupogen, que foram vendidos para clínicas e “muito provavelmente ministrados a pacientes”.

Genentech/Associated Press

Um frasco falsificado do Avastin.

A FDA também alertou em 13 de janeiro a farmacêutica britânica AstraZeneca PLC sobre “alguns casos de importação ilegal de remédios oncológicos para os EUA”, como o quimioterápico injetável Faslodex, segundo a empresa.

A FDA informou que esse Faslodex não aprovado foi “muito provavelmente” ministrado a pacientes. A AstraZeneca informou que “não tem provas” de que um remédio importado ilegalmente entrou na cadeia de suprimento de medicamentos legítimos nos EUA ou de qualquer outro país.

Uma porta-voz da Amgem Inc., fabricante do Neupogen, disse que não tem conhecimento de falsificações de seus produtos no mercado americano. Mas ela disse que a Amgem está cooperando com uma investigação da FDA sobre importações ilegais de um produto não identificado e não aprovado para venda nos EUA, que está sendo vendido na internet e diretamente a clínicas.

No passado, a maioria dos incidentes de falsificação de remédios envolvia pílulas como o remédio contra impotência Viagra, o mais falsificado de todos, segundo seu fabricante, a Pfizer Inc., com mais de 9,5 milhões de cópias confiscadas no ano passado. Mas, cada vez mais, terapias complexas como o Avastin, ministrado por via intravenosa, estão sendo falsificadas, afirmam as farmacêuticas.

Os remédios injetáveis têm se tornado cada vez mais atraentes para os falsificadores, em parte porque geralmente são mais caros que as pílulas. Cada ampola do Avastin, fabricado pela Genentech, filial da Roch Holding, custa US$ 2.400.

Hugh Pullen, diretor associado de assuntos governamentais europeus da Eli Lilly & Co., disse que a falsificação de produtos como esses é um “fenômeno crescente” e algo que a Lilly está “monitorando muito atentamente”.

Os falsificadores estão tentando copiar “de tudo, desde remédios patenteados aos sem patente, desde os caros aos baratos”, disse John Clark, diretor de segurança da Pfizer. O Viagra falsificado respondeu por 85% das cópias confiscadas de remédio da Pfizer, um percentual que já atingiu de 95% no final da década de 1990, quando a falsificação revelou-se um problema sério.

O número de relatos de falsificações de remédios biológicos injetáveis, como o Avastin, ainda é pequeno. Mas ele mais que dobrou de 2005 a 2009, para 4% do total mundial de incidentes de falsificação, segundo os dados mais recentes do Instituto de Segurança Farmacêutica, uma organização sem fins lucrativos de farmacêuticas. Um terço dos injetáveis falsificados era de tratamentos contra o câncer.

© 2011 Wall Street Journal (www.wsj.com)

Em julho, quando o site imobiliário Zillow Inc. estava procurando um banco de Wall Street para administrar sua oferta inicial de ações de US$ 80 milhões, o Citigroup Inc. estava no topo da lista.

IAB

O analista de internet do Citigroup, Mark Mahaney

O principal atrativo: o famoso analista de internet do banco, Mark Mahaney.

Mahaney “é amplamente considerado um dos analistas mais importantes cobrindo a internet, então sim, isso foi um elemento crucial” da escolha do Zillow pelo Citi, disse Spencer Rascoff, diretor-presidente da Zillow, numa entrevista ao The Wall Street Journal.

Durante o processo de venda das ações, Mahaney “provavelmente passou umas 100 horas no telefone com investidores”, lembra Rascoff.

À medida que as ofertas iniciais de ações ganhavam proeminência ano passado, com aberturas de capital da LinkedIn Corp., da Groupon Inc. e da Zynga Inc. – e com a oferta do Facebook Inc. prevista para logo – os analistas de ações têm desfrutado de uma importância vista pela última vez há uma década, quando alguns deles ajudaram a alimentar o primeiro boom das empresas ponto com.

A ressurgência ocorre apesar das regras adotadas pelo setor nos Estados Unidos em 2003, que foram criadas para reduzir as pressão nos analistas para gerar operações de banco de investimento para as empresas em que trabalham.

As regras impedem que os analistas participem de reuniões em que os banqueiros se oferecem para subscrever ofertas iniciais de ações. E elas também limitam a capacidade dos analistas de trabalhar com banqueiros e receber pagamentos ligados diretamente ao volume total da transação.

Mas elas ainda permitem que analistas participem da venda para investidores das ações dessas ofertas. Para uma empresa que busca um subscritor, isso significa que ela pode consultar analistas sobre suas opiniões acerca da empresa — em outras palavras, a empresa pode simplesmente sair pescando a análise mais favorável.

As regras de 2003 reduziram “drasticamente a hipocrisia evidente” dos analistas que emitem publicamente recomendações de compra enquanto aconselham nos bastidores que os investidores vendam a ação, disse Jay Ritter, professor de finanças da Universidade da Flórida. Mas os analistas continuam podendo servir como vendedores, diz ele, conseguindo ofertas iniciais de ações e recebendo mais por isso no decorrer do processo.

Mahaney, que entrou no Citi em 2005, mantém há quatro anos o posto de analista de internet mais importante do setor, segundo as pesquisas de opinião realizadas pela revista “Institutional Investor”. Embora o Citi tenha sido apenas o sexto maior subscritor de ofertas iniciais de ações de empresas de internet no ano passado, segundo a Dealogic, a reputação de Mahaney já ajudou o Citi a conquistar algumas operações do segmento, disseram executivos que contrataram o banco.

As ofertas iniciais de ações de internet renderam ao Citi um total de US$ 24,9 milhões em comissões ano passado, afirma a Dealogic.

Os analistas não são o único fator analisado pelas empresas na hora de escolher os banqueiros que subscreverão suas ofertas de ações, dizem fontes do setor. As empresas também analisam o histórico dos bancos em conseguir vender as ofertas, por exemplo, algo que pode refletir o vigor de suas marcas ou equipes de vendas.

As empresas que escolheram o Citi como principal subscritor de suas ofertas iniciais tendem a receber avaliações favoráveis de Mahaney. Ele deu três recomendações de comprar para acordos subscritos pelo Citi em 2011 — para a Active Network Inc., a Bankrate Inc. e a Zillow — e uma neutra, para o Groupon Inc. Ele iniciou sua cobertura de quatro ofertas iniciais que não foram subscritas pelo Citi com três recomendações para “manter” e uma para comprar.

As três ofertas iniciais do Citi que ele recomendou a compra tiveram desempenho médio abaixo do resto do mercado, de 5,7 pontos porcentuais; as ações de ofertas não subscritas pela Citi que ele avaliou como neutras tiveram desempenho ainda pior e ficaram 45 pontos porcentuais abaixo da média do mercado.

O Citigroup informou num comunicado que “as recomendações de Mark são totalmente objetivas e não têm correlação com o fato de subscrevermos ou assessorarmos qualquer empresa”.

Mahaney admitiu a clientes que ele não é sempre que acerta. Ele foi pessimista em relação à Google Inc., enquanto a ação subia depois da abertura de capital. Ele também atualizou sua análise sobre a Netflix Inc. para comprar em abril do ano passado, pouco antes da ação despencar.

Mahaney revisou acertadamente sua análise sobre a Amazon.com Inc. em 2009, antes de as ações mais que dobraram, e exortou os clientes a comprar ações da Priceline.com Inc., em 2008, pouco antes delas triplicarem.

© 2011 Wall Street Journal (www.wsj.com)
[CFOBANKER]

Steve Dininno

La crisis financiera y sus consecuencias drenaron parte del salario y del prestigio de ser un experto en cerrar acuerdos en Wall Street. Esto le ha dado la posibilidad a algunas empresas de que contraten banqueros de inversión versado en adquisiciones y estrategias de capital para el cargo de director financiero, una posición asociada a menudo con la contabilidad.

El año pasado, seis banqueros de inversión dieron el salto al puesto de gerente de finanzas de una empresa grande que cotiza en bolsa. En 2010 no se registraron transiciones de este tipo, de acuerdo con la firma de cazatalentos Korn/Ferry International. La mayor parte de los seis hizo el cambio a una empresa que había conocido como cliente.

“Durante mucho tiempo fue imposible contratar algo parecido a un banquero de inversión, porque ganaban demasiado dinero”, dice David Crane, presidente ejecutivo de NRG Energy Inc., que el año pasado contrató como su director de finanzas a Kirkland Andrews, ex banquero de inversión de Deutsche Bank AG.

Crane dice que había hecho “un serio intento” con Andrews cerca de un año atrás para ofrecerle un puesto ejecutivo en NRG relacionado con la estrategia y las fusiones, pero Andrews había declinado, argumentando cuestiones personales. Cuando se abrió la posición de director financiero, Crane dice que Andrews fue uno de los primeros en la lista de candidatos.

El ex banquero dice que no le sorprendió el acercamiento de NRG, pero que tampoco estaba buscando la oportunidad. Andrews agrega que se siente a gusto con su nueva compañía porque había servido como asesor de la misma en el pasado.

De cara al futuro, dice que se ve a sí mismo avanzando al puesto de director de operaciones o presidente ejecutivo.

En mayo, Lee Shavel se convirtió en el gerente de finanzas del operador de bolsa Nasdaq OMX Group Inc. luego de dejar Bank of America Merrill Lynch, donde era director de banca de inversión para instituciones financieras en las Américas.

Shavel afirma que no buscaba irse de la unidad de Bank of America Corp. pero que el presidente ejecutivo de Nasdaq, Robert Greifeld, y el director general de finanzas saliente, Adena Friedman, lo persuadieron.

Shavel sostiene que los banqueros de inversión que hacen la transición a director general de finanzas deben tener confianza en el contador de sus empresas y la gente que maneja sus reportes financieros internos, porque los banqueros no necesariamente tienen experiencia en esa área.

Pero indica que sus antecedentes en la banca fueron útiles en varias iniciativas que ha lanzado Nasdaq desde que se sumó a la empresa, incluida una refinanciación de deuda. La reestructuración incluyó canjear deuda convertible de Nasdaq por una línea de crédito bancaria y una reactivación del programa de recompra de acciones de la empresa.

Más banqueros de inversión podrían convertirse en directores generales de finanzas con el tiempo, ya que más empresas consideran opciones estratégicas como desinversiones y adquisiciones, y la banca estadounidense enfrenta regulaciones más estrictas, afirma Joshua Wimberly, de Korn/Ferry. “La diversión se acabó en la banca de inversión y será un ambiente desafiante en los próximos años”, agregó.

Por su parte, Arun Dhingra, directivo de la firma de cazatalentos Egon Zehnder International, dice que el terreno está preparado para que más banqueros de inversión consideren un cambio en sus carreras y se conviertan en directores generales de finanzas.

Aunque por ahora las instancias son pocas, afirma que empresas de Estados Unidos que buscan realizar más compras en mercados en vías de desarrollo podrían considerar cada vez más a banqueros de inversión como candidatos a director general de finanzas.

© 2011 Wall Street Journal (www.wsj.com)

Two cabinet ministers in Uganda at the centre of a corruption scandal have resigned.

They agreed to step down after a parliamentary investigation found they had illegally paid out millions of dollars to a city businessman.

The payout was made when Syda Bumba served as finance minister and Khiddu Makubuya was attorney general

They are the latest casualties of an anti-corruption purge in Uganda that has seen four other ministers resign.

The businessman, a ruling party member, had won tenders to develop areas of central Kampala, but the deals were called off after protests from market traders who feared the developments would risk their livelihoods.

The BBC's Joshua Mmali in Kampala says the businessman was paid compensation, but when it became public knowledge that the amount was in excess of $60m (£38m), the Parliamentary Accounts Committee launched an investigation.

During the probe, the two ministers said it had been sanctioned by President Yoweri Museveni – which he denied.

The parliamentary committee's report, published this week, recommended that the ministers resign – and their decision to do so was announced to MPs by the deputy prime minister on Thursday.

© 2011 BBC News (www.bbc.co.uk)

Marriage across racial and ethnic lines has reached a new high in the U.S. amid fading social taboos in an ever more diverse society.

About 15% of new marriages in the U.S. in 2010 were between individuals of a different race or ethnicity, more than double the share in 1980, according to a report released Thursday by the Pew Research Center. Among those married in 2010, 9% of whites, 17% of blacks, 26% of Hispanics and 28% of Asians married outside their ethnic or racial group.

“Intermarriage in this country has evolved from being illegal to being a taboo to being merely unusual,” said Paul Taylor, the Pew official who edited “The Rise of Intermarriage” report. “With each passing year, it becomes less unusual.”

Shifts in behavior, attitudes and demographics—including immigration—have contributed to the intermarriage trend, which the report analyzes based on historical data and Census Bureau figures from the annual American Community Survey from 2008 to 2010.

Michal Czerwonka for The Wall Street Journal

Alex and Kristine Smith with their 8-month-old daughter Holly at their California home this week.

In particular, attitudes have changed markedly since the Supreme Court declared antimiscegenation laws unconstitutional in 1967. Until then, whites were still banned from marrying nonwhites in 16 states.

When Kathy Christie Hernandez, who is Caucasian, married her Mexican-American husband, Don, in 1987, “we didn’t feel like groundbreakers,” recalled Ms. Hernandez, 48 years old. “We were two Stanford students who met and fell in love.”

But when she stops to think, Ms. Hernandez can’t immediately name another mixed couple among their peers. Indeed, intermarriages represented only 4% of all existing marriages 25 years ago.

By the time Kristine Smith, a Filipino-American, married Alex, a Caucasian, in 2008, mixed marriages had doubled to 8% of the total. By 2010, they accounted for 8.4% of all existing marriages, says the report.

Mrs. Smith’s parents, Benjamin and Conchita Feleo, met and married in California after emigrating from the Philippines in the 1970s. The Feleos have maintained strong ties to the Philippines and their social life revolves around Filipino associations.

But their 32-year-old daughter says, “I never thought of limiting myself to marrying another Filipino or Filipino-American. I have friends who are everything.”

The University of California graduate met her husband, an engineer from Texas, in 2004, through personal ads on the Internet. They are now settled in La Habra, Calif., with two young children. Ms. Smith said her only sibling, a sister named Kayreen, is dating a white man.

“Rising interracial-marriage rates suggest men and women of different races are more likely than in the past to come into contact with each other as coequals in the same neighborhoods, schools and work settings,” said Daniel Lichter, a Cornell University sociologist who studies intermarriage.

The ascendancy of interracial marriage is partly fueled by the wave of immigration in recent decades, with U.S.-born offspring of Hispanics and Asians entering adulthood, said Mr. Lichter.

Younger adults, especially those under the age of 30, tend to have a more positive view of intermarriage than older adults, according to a Pew survey that is part of the report. College graduates are much more likely to regard intermarriage positively than those with only a high-school diploma.

Of the 275,500 intermarriages in 2010, 43% were white-Hispanic, 14.4% were white-Asian, 11.9% were white-black and the rest were other combinations. Mixed couples are most likely to reside in the Western states, where 22% of all newlyweds between 2008 and 2010 found a partner outside their group.

More than four out of 10 marriages in Hawaii were mixed, the highest intermarriage rate of any state. Vermont had the lowest rate of intermarriage, 4%.

New Mexico boasted the biggest prevalence of white-Hispanic marriages, or 20%. Rates of white-Asian marriages are highest in Hawaii, Washington, D.C. and Nevada. The top three states for white-black unions are Virginia, North Carolina and Kansas, which have rates of about 3%.

Mixed couples are as likely as those in non-mixed marriages to be college educated and their ages at marriage are also similar. Both Hispanic and black men and women who marry whites are more likely to be in a union where both partners are college-educated than those who marry in their group.

As intermarriage has climbed, the rate of outmarriage among Asians has declined, most likely because the pool of people who are members of the same group and of marrying age has swelled. The share of Asian newlyweds who married outside of their group dropped to 28% in 2010 from 31% in 2008.

Jen Kim and Jason Ma, U.S.-born children of Korean immigrants who married last year, weren’t looking for a fellow Korean-American to wed when they met in New York five years ago.

In fact, “Jason was the first Korean I ever dated,” recalled Ms. Kim, 33, who is an art conservator. Mr. Ma, who is a reporter, says he had dated both Asian and white women.

Being from the same group means “it’s convenient when our parents meet and when it comes to eating [Korean] food,” said Mr. Ma.

Write to Miriam Jordan at miriam.jordan@wsj.com

© 2011 Wall Street Journal (www.wsj.com)
Search
Categories
Archives

You are currently browsing the archives for the Top Stories category.