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Gadgets That Perfect Your Swing KDN PP 9315/10/2012 (031275)Malaysia: RM7.50, Pakistan: Rs140.00, Philippines: MCI Peso100.00, (P) Singapore: NO. S$5.00(Incl 122/06/2014 GST), Sri Lanka: Slrs500(Incl VAT), Taiwan: NT$110.00, SK. T MENPEN R.I. NO: 01/SK/MENPEN/SCJJ/1998 TGL. 4 SEPT 1998 KDN PP 9315/10/2012 (031275)Malaysia: RM7.50, Pakistan: Rs140.00, Philippines: MCI Peso100.00,Australia: (P) A$6.00(Incl GST), Singapore: NO. Brunei: B$8.00, S$5.00(Incl 122/06/2014 China: GST), RMB28.00, Hong Sri Kong: HK$23.00(Incl Lanka: Macau), India: Slrs500(Incl Rs100.00, Indonesia: VAT), Rp25,000(Incl PPN), Taiwan: Japan: NT$110.00, SK. Yen620(Incl JCT), Thailand: MENPEN Korea: Won4,000, Baht80.00, R.I. NO: Vietnam: 01/SK/MENPEN/SCJJ/1998 US$4.50 TGL. 4 SEPT 1998 OFF DUTY ASIA EDITION VOL. XXXVIII NO. 245 (India facsimile Vol. 6 No. 49) FRIDAY - SUNDAY, AUGUST 15 - 17, 2014 WSJ.com InsuranceTitans Wager on Asia BY ENDA CURRAN most significant insurers in Asia, and is working to grow HONG KONG—Two octoge- as well. Already, it has prop- narian insurance magnates erty-casualty operations in are making bets on Asia. War- countries including Japan, ren Buffett’s Berkshire Hath- China, South Korea, Singa- away Inc. and Maurice pore, Vietnam, Thailand, Aus- “Hank” Greenberg’s Starr tralia and Indonesia. Cos. are quietly expanding Other foreign insurers, in- their operations, hoping to cluding the U.K.’s Prudential capitalize on a fast-growing PLC and Germany’s Allianz market that they believe is SE, are also present, selling underserved by existing in- life insurance and general surers. protection policies. But ana- In recent months, the two lysts say that in general insur- have been building up their ance, outside of auto protec- presences in Asia’s general in- tion, there are large coverage surance market, a sector that gaps in areas from real estate remains dominated by local to aviation. Those underser- players though some foreign viced markets, mixed with a firms, such as France’s AXA rapidly rising middle class Reuters SA, are active here. Mr. and relatively strong eco- Well-wishers greet Pope Francis, center, upon his arrival at Seoul Air Base in Seongnam, on Thursday, accompanied by South Korean Greenberg, 89 years old, a nomic growth, have caught President Park Geun-hye, second right, who said the pontiff’s decision to make the trip demonstrated his special interest in the country. former chief executive officer the eye of Mr. Buffett and Mr. of American International Greenberg. Premiums in Asia Group Inc., completed the outside of Japan for property Pope Kicks Off South Korea Visit first foreign takeover of a and casualty insurance grew Chinese state-owned general almost 15% a year in the de- insurer last month. The 83- cade ending in 2012, com- BY DEBORAH BALL abroad and the first papal trip will hold a Mass for reconcili- the pope’s plane landed in year-old Mr. Buffett’s firm has pared with 3% in the U.S., ac- to Asia since St. John Paul II ation on the Korean peninsula. Seoul, North Korea fired three been hiring high-level execu- cording to Swiss Re. SEOUL—Pope Francis ar- went to India in 1999—in- “Korea’s quest for peace is short-range missiles into the tives from AIG and others as Last month, the Starr rived in South Korea on cluded meetings with bishops a cause close to our hearts, sea. It fired two more around it builds up its fledgling com- group, led by Mr. Greenberg, Thursday for his first trip to and South Korean President for it affects the stability of 1 p.m. local time. South Ko- mercial insurance business. completed its takeover of Asia as pontiff, kicking off a Park Geun-hye, who said the the entire area and indeed of rea’s Defense Ministry said “The insurance market in China’s Dazhong Insurance in five-day visit that will show- pontiff’s decision to make the our whole war-weary world,” the rockets, launched from Asia offers so much potential the first foreign buyout in the case the Vatican’s efforts to trip demonstrated his special he said during a meeting with North Korea’s east coast, for growth,” said Sally Yim, a country of a state-backed gen- spread the faith on a conti- interest in the country— South Korean government of- posed no danger to the pope’s senior credit officer at eral insurer. It originally held nent where just 3% of the pop- whose population is 10% Cath- ficials. (Visit WSJ.com for live Please turn to page 14 Moody’s Investors Service. a minority stake. ulation is Catholic. olic—and a desire to bring updates on the pope’s visit to “That’s why these two ty- Mr. Buffett’s Berkshire The opening day of the peace to a divided continent. South Korea.) Pope Francis telegraphs his coons are expanding here.” Hathaway has hired two se- visit—Pope Francis’ third During his stay, the pope Less than an hour before ‘best wishes’ to China.......... 14 AIG remains one of the Please turn to page 14 InsideInside Walls of the Perth Mint Are a Golden Opportunity Lenovo’s Phones Gain iii Dust Worth Hundreds of Thousands; ‘Love to Have a Scrape’ In Emerging Markets BY RHIANNON HOYLE bit of mining lore, there’s gold to sell to pay for our trip.” BY JURO OSAWA predict Lenovo could become in them thar walls! It is a different story at the an even bigger player after it PERTH, Australia — Greg “The gold in the walls isn’t mint’s current gold-refining HONG KONG—Lenovo completes its acquisition of Cooke knows where gold visible. You can’t see it,” said hub near Perth airport, 15 kilo- Group Ltd. is on a fast track Google Inc.’s Motorola Mobil- worth hundreds of thousands Mr. Cooke, a gold pourer at meters away. There, the mint to become a significant com- ity handset unit, which the of dollars is hidden. But like the mint. “But the moment doesn’t allow visitors and all petitor in smartphones—not Chinese company agreed to many people in this mining you point it out to people, you employees must be vetted by just in China but also over- buy for $2.91 billion earlier city, his problem isn’t finding see their eyes darting around the police’s Gold-Stealing De- seas, taking on Samsung this year. the precious metal; it is being the room with excitement.” tection Unit—nicknamed the StyleStyle and Electronics Co. and Apple “Although China is still the able to recover it. Security is unobtrusive in “gold squad.” To get to work Inc. most important market for That’s because the gold is the melting house, which was requires passing through SuSubstancebstance Already the world’s largest our smartphone business, we in the form of dust that has decommissioned in 1990. something like airport secu- THEBESTOFFALLFASHION personal-computer maker by think we have even more op- accumulated in the brickwork Tourists seeking a fix of Aus- rity, including metal detectors, shipments, the Chinese com- portunities outside China,” of the old Perth Mint since its tralia’s gold rush history wan- while employees’ every move pany has made significant Chief Executive Yang Yuanq- founding in the 1890s at the der around the room pretty is captured by cameras. Chef Niki Nakayama: progress in smartphones. In ing said in an interview. height of one of the world’s much undisturbed though In 2011, the Perth Mint First in Her Class the second quarter, Lenovo Thanks to strong smart- great gold rushes. Decades of they are within spitting dis- produced the world’s largest not only became the No. 1 phone sales in Southeast Asia, refining resulted in tiny frag- tance of the secret hoard. gold bullion coin, weighing The Fortress smartphone maker in China, Eastern Europe and Latin ments of gold embedding “I’d love to have a scrape,” one ton and worth about Of Modernism overtaking Samsung, but was America, Lenovo said Thurs- themselves in the fabric of the said Sacha Hibbitt, a 19-year- US$50 million.