Orchid entrepreneur Koh Keng Hoe makes failure a blooming success, mastering the full cycle of orchid growing through trial and error.

He makes failure a blooming success

Sunday, Aug 11, 2013

Judith Tan, The New Paper

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SINGAPORE – Life had thrown Mr Koh Keng Hoe lemons and instead of wallowing, he grew orchids. He has gone from an unemployed man in his 20s with a bleak future to one of the top growers worldwide. The Kovan boy, whose nursery did not even have a proper road, is now living in a bungalow in Dunearn Road. But back in 1954, life was tough as he had just been sacked from his job in The Straits Times after taking part in a Singapore Printing Employees’ Union strike. “I only had that one skill, nothing else,” he said of his $160-a-month job as a linotype operator. So he sold his BSA motorcycle for $100 to buy a Vanda merrillii, a red jungle orchid with a distinctive scent, from a Simon Road grower. “I had no money. I had to ride a bicycle there,” he said. “I knew nothing (then) about growing orchids. I was told that they grow well on coconut husks. People throw out the husks, making that a zero investment for me,” he added. Mr Koh applied whatever little knowledge of vegetable farming he had and his plants blossomed. That was the start of his six-decade love affair with the flower. He even mastered the full cycle of orchid growing – from cultivation and pollination, to the preparation and perfecting of nurturing seedlings – through trial and error. Read more of this post

“At its best, the sensation of writing is that of any unmerited grace. It is handed to you, but only if you look for it. You search, you break your heart, your back, your brain, and then — and only then — it is handed to you.”

Annie Dillard on Writing

“At its best, the sensation of writing is that of any unmerited grace. It is handed to you, but only if you look for it. You search, you break your heart, your back, your brain, and then — and only then — it is handed to you.”

What does it really mean to write? Why do writers labor at it, and why are readers so mesmerized by it?

From Annie Dillard’s timelessly wonderful The Writing Life (public library) – which also gave us her vital reminder that presence rather than productivity is the key to living richly and her meditation on what a stunt pilot teaches us about creativity and the meaning of life – comes her infinitely resonant insight on the magic and materiality of writing, a fine addition to famous writers’ collected wisdom on the craft. Read more of this post

NZ PM John Key Says Fonterra Scare Affected All of New Zealand’s Exports

Key Says Fonterra Scare Affected All of New Zealand’s Exports

New Zealand’s entire export industry has suffered from the contamination scare that prompted China to halt imports of milk powder made by Fonterra Cooperative Group Ltd., Prime Minister John Key said.

Damage from the incident would be hard to quantify as it affected all of New Zealand’s exports around the world, rather than just dairy sales to China, Key said in an interview with Television New Zealand yesterday. In a separate interview, Fonterra Chief Executive Officer Theo Spierings put the cost at “tens of millions” of New Zealand dollars. Read more of this post

Cronies and capitols: Businesspeople have become too influential in government

Cronies and capitols: Businesspeople have become too influential in government

Aug 10th 2013 |From the print edition

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IN 1994 many Italians voted for Silvio Berlusconi in the hope that he could use his skills as a businessman to revive a sclerotic economy. He had built a property-and-media empire out of thin air. He had reinvigorated one of the country’s great football clubs, AC Milan. Surely he would do a better job of running the country than the old guard of corrupt politicians and introverted bureaucrats? Well, si monumentum requiris, circumspice. Mr Berlusconi was prime minister of Italy for eight of the ten years between 2001 and 2011. During that time Italy’s GDP per head fell by 4%, its debt-to-GDP ratio rose from 109% to 120%, taxes rose from 41.2% of GDP to 43.4%, and its productivity stagnated. Rather than using his business skills to revive the Italian economy, Mr Berlusconi used his political skills to protect his business interests. The great seducer is an extreme example. And with luck Italy’s long Berlusconi-themed nightmare is drawing to a close. But the problem at the heart of Mr Berlusconi’s Italy—the commingling of power and business—is a growing worry around the world. In “Can Capitalism Survive?” (1947) Joseph Schumpeter argued that the answer to that question was probably “no”. The great battle of the 20th century was between the state and business. And the state was likely to win because the thinkers and bureaucrats at its service were better at occupying the moral and intellectual high ground. “A genius in the business office may be, and often is, utterly unable outside of it to say boo to a goose—both in the drawing room and on the platform,” he said. Times have changed. Most politicians now believe that businesses are better than bureaucracies at generating growth. Prime ministers and finance ministers flock to Davos not to lay down the law to businesspeople but to court their favours. Businesspeople have learned not just to say boo to a goose but to put a ring through its beak. Today the problem is often the very opposite of the one that Schumpeter imagined: not the marginalisation of business but its excessive influence.

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Why Founders Fail: The Product CEO Paradox

Why Founders Fail: The Product CEO Paradox

BEN HOROWITZ

posted 12 hours ago

Editor’s note: Ben Horowitz is co-founder and partner ofAndreessen Horowitz. He was co-founder and CEO of Opsware (formerly Loudcloud), which was acquired by HP, and ran several product divisions at Netscape. He serves on the board of companies such as Capriza, Foursquare, Jawbone, Lytro, Magnet, NationBuilder, Okta, Rap Genius, SnapLogic, and Tidemark. Follow him on his blog and on Twitter@bhorowitz.

If I knew what I knew in the past
I would have been blacked out on your a** —Kanye West, Black Skinhead

Because I am a prominent advocate for founders running their own companies, whenever a founder fails to scale or gets replaced by a professional CEO, people send me lots of emails. What happened, Ben? I thought founders were supposed to be better? Are you going to update your “Why We Prefer Founding CEOs” post? In response to all of these emails: No, I am not going to rewrite that post, but I will write this post. There are three main reasons why founders fail to run the companies they created:

The founder doesn’t really want to be CEO. Not every inventor wants to run a company and if you don’t really want to be CEO, your chances for success will be exceptionally low. The CEO skill set is incredibly difficult to master, so without a strong desire to do so the founder will fail. If you are a founder who doesn’t want to be CEO, that’s fine, but you should figure that out early and save yourself and everyone else a lot of pain.

The board panics. Sometimes the founder does want to be CEO, but the board sees her making mistakes, panics and replaces her prematurely. This is tragic, but common.

The Product CEO Paradox. Many founders run smack into the Product CEO Paradox, which I explain below. Read more of this post

Christians, Muslims and Jesus: How two global monotheisms view the same prophet

Christians, Muslims and Jesus: How two global monotheisms view the same prophet

Aug 10th 2013 |From the print edition

Christians, Muslims and Jesus. By Mona Siddiqui. Yale University Press; 285 pages; $32.50 and £20. Buy from Amazon.comAmazon.co.uk

RELIGION is a tricky subject for scholarship. Even the most professional academic is bound to have personal feelings about the faith under scrutiny. Some see this as cause for concern. Indeed Reza Aslan, one of America’s best-known writers on religion, recently came under fire for his new book about Jesus (“Zealot”, reviewed in the July 27th issue of The Economist). Because he is a Muslim who once embraced Christianity and then dropped it, Lauren Green of Fox News accused him of writing with a “clear bias”. No, Mr Aslan replied, he was writing as a scholar. His response was articulate and dignified, and the interview has helped sell quite a few books, but it will hardly sway those who believe Mr Aslan is writing with a Muslim agenda. Read more of this post

The perils of sitting down: Real science lies behind the fad for standing up at work

The perils of sitting down: Real science lies behind the fad for standing up at work

Aug 10th 2013 |From the print edition

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WINSTON CHURCHILL knew it. Ernest Hemingway knew it. Leonardo da Vinci knew it. Every trendy office from Silicon Valley to Scandinavia now knows it too: there is virtue in working standing up. And not merely standing. The trendiest offices of all have treadmill desks, which encourage people to walk while working. It sounds like a fad. But it does have a basis in science. Sloth is rampant in the rich world. A typical car-driving, television-watching cubicle slave would have to walk an extra 19km a day to match the physical-activity levels of the few remaining people who still live as hunter-gatherers. Though all organisms tend to conserve energy when possible, evidence is building up that doing it to the extent most Westerners do is bad for you—so bad that it can kill you. Read more of this post

Commercialising neuroscience: Cognitive training may be a moneyspinner despite scientists’ doubts

Commercialising neuroscience: Cognitive training may be a moneyspinner despite scientists’ doubts

Aug 10th 2013 | NEW YORK |From the print edition

“OUR primary goal is for our users to see us as a gym, where they can work out and keep mentally fit,” says Michael Scanlon, the co-founder and chief scientist of Lumos Labs. For $14.95 a month, subscribers to the firm’s Lumosity website get to play a selection of online games designed to improve their cognitive performance. There are around 40 exercises available, including “speed match”, in which players click if an image matches a previous one; “memory matrix”, which requires remembering which squares on a matrix were shaded; and “raindrops”, which involves solving arithmetic problems before the raindrops containing them hit the ground. The puzzles are varied, according to how well users perform, to ensure they are given a suitably challenging brain-training session each day.

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Crazy Rich: Power, Scandal and Tragedy Inside the Johnson & Johnson Dynasty

The Johnson & Johnson dynasty: A headache-inducing biography of the Johnson family

Aug 10th 2013 |From the print edition

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Crazy Rich: Power, Scandal and Tragedy Inside the Johnson & Johnson Dynasty. By Jerry Oppenheimer. St Martin’s Press; 496 pages; $27.99 and £18.99.Buy from Amazon.comAmazon.co.uk

“CRAZY RICH” ought to be good. It has a bestselling author, Jerry Oppenheimer. It has a fascinating subject, the family that founded Johnson & Johnson, the company that invented Band-Aids and now peddles everything from painkillers to antipsychotics. The Johnson scions include drug addicts, a sculptor and the owner of the New York Jets football team. Yet somehow this book is unreadable. The problem is hardly the raw material. Robert Wood Johnson, the son of a poor Pennsylvania farmer, founded Johnson & Johnson with his brothers in 1886. After his death in 1910, his brother James led the company’s expansion during the first world war, creating the plasters and gauze used by soldiers at the front. Robert Wood Johnson’s son, named after his father, may have been the company’s most forceful leader. He steered it through the Depression and oversaw its initial public offering in 1944. He served in the army for a few months during the second world war and called himself “General Johnson” for the rest of his life. His son Bobby (Robert Wood Johnson III), was the firm’s president for just four years before the General helped oust him in 1965. They were the last Johnsons to be in the family business. The book’s many other characters include Evangeline, the General’s sister. She had three husbands and, if Mr Oppenheimer is to be believed, a lesbian lover. There is the strange case of J. Seward Johnson junior, whose wife shot an investigator hired to track her. There is Keith Johnson, who parked his BMW on a beach, dropped acid and then watched the tide carry away his car. The most delectable titbits involve Robert Wood “Woody” Johnson IV, who owns the Jets and was a leading supporter of Mitt Romney, the Republican presidential candidate last year. His public persona has been rather staid. Mr Oppenheimer paints him as a dolt. He earned poor marks at the University of Arizona, hardly a bastion of academic rigour. When drunk once, he fell off a bridge and severely injured his back. As a young man in Florida, he courted a business partner by supposedly saying, “My dad told me that I have to learn business from somebody who made their own money without inheriting it, and preferably he should be a Jew.” All this should make for juicy reading. But “Crazy Rich” is all guilt and no pleasure. The sources for this “unauthorised biography” are patchy. Mr Oppenheimer’s long sentences are packed with clichés. The narration ranges from sloppy to preposterous. Must he compare the Johnsons to a Greek tragedy twice in two pages, or to the Kennedys even more frequently? When Woody Johnson’s daughter criticised a family member in a tabloid, Mr Oppenheimer opines that she “was now considered a tabloid terrorist, and her act of vengeance their own personal 9/11”. The Johnsons have had many sad stories, including drug overdoses and fatal accidents, not to mention ugly fights over inheritance. One might think this would inspire sympathy, or at least greater interest in its subjects. Yet “Crazy Rich” arouses few feelings other than the desire for it to end. Best then not to start it in the first place.

Crazy Rich: Power, Scandal, and Tragedy Inside the Johnson & Johnson Dynasty Hardcover

by Jerry Oppenheimer  (Author)

From the founders of the international health-care behemoth Johnson & Johnson in the late 1800s to the contemporary Johnsons of today, such as billionaire New York Jets owner Robert Wood “Woody” Johnson IV, all is revealed in this scrupulously researched, unauthorized biography by New York Times bestselling author Jerry Oppenheimer. Often compared to the Kennedy clan because of the tragedies and scandals that had befallen both wealthy and powerful families, Crazy Rich, based on scores of exclusive, candid, on-the-record interviews, reveals how the  dynasty’s vast fortune was both intoxicating and toxic through the generations of a family that gave the world Band-Aids and Baby Oil. At the same time, they’ve been termed perhaps the most dysfunctional family in the fortune 500. Oppenheimer is the author of biographies of the Kennedys, the Clintons, the Hiltons and Martha Stewart, among other American icons. Read more of this post

Is China’s great wall of capital controls keeping money in or out?

Is China’s great wall of capital controls keeping money in or out?

Aug 10th 2013 |From the print edition

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AT ITS recent mid-year meeting, China’s State Administration of Foreign Exchange (SAFE), which helps to regulate the flow of capital across the country’s borders, weighed the task ahead. China is committed to making its currency, the yuan, fully convertible, relaxing the controls that keep foreign money out and domestic money in. A plan is expected this year. At its meeting, SAFE concluded that the next phase of foreign-exchange management will be “glorious and arduous”. It will certainly be the latter. China first promised to make the yuan fully convertible in 1993, setting the end of that decade as a deadline. Back then the Asian financial crisis helped undermine the case for quick and early capital-account liberalisation. But China’s peculiarities have also reduced the sense of urgency. Most emerging economies relaxed capital controls because they wanted to invite money in. By importing foreign capital, poor countries could invest more than they themselves could afford to save. Read more of this post

China’s Guangdong Province Confirms Bird-Flu Case; The Confirmation Raises Concerns That the Virus May Be Resurfacing

August 10, 2013, 8:54 p.m. ET

China’s Guangdong Province Confirms Bird-Flu Case

The Confirmation Raises Concerns That the Virus May Be Resurfacing

TE-PING CHEN

HONG KONG—Southern China’s Guangdong province confirmed its first case of H7N9 bird flu on Saturday, rekindling concerns that the virus may be resurfacing and could spread to Hong Kong and elsewhere. Authorities in Guangdong said a 51-year-old woman surnamed Chen living in Boluo county, about 80 miles east of the capital Guangzhou, had contracted the disease. She is in critical condition after having been admitted to a hospital on Aug. 3 following signs of a fever. Read more of this post

A new prescription: New Zealand’s plan to regulate designer drugs is better than trying to ban them and failing

A new prescription: New Zealand’s plan to regulate designer drugs is better than trying to ban them and failing

Aug 10th 2013 |From the print edition

AS THE world’s drug habit shows, governments are failing in their quest to monitor every London window-box and Andean hillside for banned plants. But even that Sisyphean task looks easy next to the fight against synthetic drugs. No sooner has a drug been blacklisted than chemists adjust their recipe and start churning out a subtly different one. These “legal highs” are sold for the few months it takes the authorities to identify and ban them, and then the cycle begins again. In June the UN reported more than 250 such drugs in circulation.

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Can China clean up fast enough? The world’s biggest polluter is going green, but it needs to speed up the transition

Can China clean up fast enough? The world’s biggest polluter is going green, but it needs to speed up the transition

Aug 10th 2013 |From the print edition

“HELL is a city much like London—a populous and a smoky city,” wrote Percy Bysshe Shelley in 1819. It is a description that would suit many Chinese cities today for, like Britain in the early 19th century, China is going through an industrial-powered growth spurt. Like Britain back then, the urge to get rich outweighs the desire for clean air, so the Chinese are chucking all manner of filth into the atmosphere. And, rather sooner than Britain did, China is beginning to clean up its act (see article).

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Years of crisis have reinforced the pressure on Italy’s once-envied industrial base

Years of crisis have reinforced the pressure on Italy’s once-envied industrial base

Aug 10th 2013 | ROME |From the print edition

THE traditional August shutdown of Italian factories usually lifts the spirits of blue-collar workers, who can look forward to up to four weeks away from toiling on the production line. In recent years, however, many have spent their holidays wondering if there will be a job to come back to at the end of summer. Almost one manufacturing firm in five shut between 2009 and 2012, and the carnage continues unabated. Italy has long been Europe’s second-biggest manufacturing power, beaten only by Germany. It still is, just about, but its production base is being jeopardised by competition from abroad and the downturn at home. Read more of this post

Fish are getting more expensive, but they do not all move at the same speed

Fish are getting more expensive, but they do not all move at the same speed

Aug 10th 2013 |From the print edition

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IT IS a good time to be a fisherman. The global fish-price index of the UN’s Food and Agricultural Organisation (FAO) hit a record high in May. Changing consumer diets, particularly in China, explain much of the sustained upward movement. High oil prices, which increase the cost of fishing and transportation, also add to the price of putting fish on the table. Not all fish are created equal, however. There are two types of fish production: “capture” (or wild) and “aquaculture” (or farmed). And they seem to be on different trajectories. Fish such as tuna, the majority of which is caught wild, saw much bigger price increases than salmon, which are easier to farm. Overall, the FAO’s price index for wild fish nearly doubled between 1990 and 2012, whereas the one for farmed fish rose by only a fifth. What explains this big difference? Read more of this post

What Angela isn’t saying: Euro-zone rescues have left sovereign debt too high to be sustainable

What Angela isn’t saying: Euro-zone rescues have left sovereign debt too high to be sustainable

Aug 10th 2013 |From the print edition

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AN ORCHESTRATED hush has descended over the euro area as Angela Merkel, the German chancellor who conducts its troubled band of 17 states, campaigns for a third term in the election on September 22nd. The calm also stems from signs that the euro-zone economy may gradually be emerging from recession. But discord will reappear after the poll as it becomes clear that Europe’s bail-out programmes won’t be unwound harmoniously and that more big bills are on their way.

Of the first three rescued euro-zone countries—Greece in the spring of 2010, Ireland at the end of that year and Portugal in mid-2011—only one should be able to leave its bail-out programme as planned. Helped by its resilient economy, Ireland, whose rescue amounted to €67.5 billion ($90 billion), looks set to bow out at the end of this year. In practice, however, it will be only a partial departure. Read more of this post

Squeezing the hourglass: Growth is back. But for many Britons, it does not feel like it

Squeezing the hourglass: Growth is back. But for many Britons, it does not feel like it

Aug 10th 2013 | SOLIHULL |From the print edition

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MARK CARNEY is a man on a macroeconomic tightrope. On August 7th the new governor of the Bank of England promised that interest rates will stay low until the unemployment rate, now 7.8%, has fallen to 7.0% or lower. He gave himself two get out clauses: his pledge is off if inflation gets out of hand or if Britain’s banks start to wobble. Mr Carney’s announcement reflected the balancing act demanded of him: he must spur economic confidence without allowing inflation to erode wages and savings. The severity of the slump in British living standards shows just how tricky that task will be. Read more of this post

Christie’s CEO Steven Murphy: ‘Why shouldn’t I take Amazon going into the art business seriously?’

Christie’s CEO Steven Murphy: ‘Why shouldn’t I take Amazon going into the art business seriously?’

August 9, 2013: 11:23 AM ET

The storied auction house reacts to Amazon entering the fine art biz.

By Ryan Bradley, senior editor

FORTUNE — On Tuesday Amazon announced the launch of Amazon Art, a partnership with 150 U.S. dealers and galleries that currently features some 40,000 works from 4,500 artists. There’s a Monet selling for $1.45 million (user reviews are appropriately snarky: “BUYER BEWARE: THIS ITEM IS IN FRENCH. There is no English version. I purchased this product and couldn’t understand a word of it.”) and a Norman Rockwell for $4.85 million, the most expensive piece on the site, so far. On Wednesday Fortune sat down with Christie’s CEO Steven Murphy, who is especially well-suited to consider the magnitude of Amazon (AMZN) entering the fine art space. Before arriving at Christie’s in 2010, Murphy worked in music and book publishing — first at the publishing house Simon & Schuster, then as a president at EMI Records, and finally as the CEO of Rodale. So he’s seen, firsthand, his industries hugely affected by the online retail Goliath. Edited excerpts follow: Read more of this post

Microsatellites: What Big Eyes They Have; By expanding Earth imaging, low-cost satellites could help many businesses keep track of their operations. But frequent updating of those images may also raise privacy questions

August 10, 2013

Microsatellites: What Big Eyes They Have

By ANNE EISENBERG

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Kelley Alwood, project manager, worked on the SkySat-1 satellite in Skybox Imaging’s clean room.

PEOPLE already worried about the candid cameras on Google Glass and low-flying drones can add a new potential snooper to the list: cameras on inexpensive, low-orbiting microsatellites that will soon be sending back frequent, low-cost snapshots of most of Earth’s populated regions from space. They won’t be the first cameras out there, of course. Earth-imaging satellites the size of vans have long circled the globe, but those cost millions of dollars each to build and launch, in part because of their weight and specialized hardware. The new satellites, with some of the same off-the-shelf miniaturized technology that has made smartphones and laptops so powerful, will be far less expensive. The view from high up is rich in untapped data, said Paul Saffo, a forecaster and essayist. He expects the new satellite services to find many customers. Insurance companies, for example, could use the satellites’ “before” and “after” views to monitor insured property and validate claims after a disaster. Businesses that update online maps for geologists, city planners or disaster relief officials could be customers, too. The images could also be used to monitor problems like deforestation, melting icecaps and overfishing. Read more of this post

Chrome rules the web: What Google’s browser has in common with Queen Victoria

Chrome rules the web: What Google’s browser has in common with Queen Victoria

Aug 10th 2013 |From the print edition

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EMPIRES rise and fall swiftly on the internet. Google’s Chrome browser, which celebrates its fifth birthday next month, has captured much of the territory of older browsers and is now responsible for about 43% of all the web traffic generated by the world’s desktop computers. When Chrome was launched the dominant browser was Microsoft’s Internet Explorer (IE), with a 68% share—it is now down to just 25%. It is only 20 years since Mosaic, the first browser capable of combining words and images in a single page, was made available. Some of its developers went on to launch Netscape, an improved version, in 1994, just as the internet was taking off. But Netscape’s dominance quickly crumbled after Microsoft started bundling IE with its Windows operating system. IE and Microsoft’s other software became so prevalent that in 2000 an American court briefly contemplated breaking the company into two. By 2010, when the European Commission forced Microsoft to start offering Windows users a choice of browsers, many were switching anyway, especially to Mozilla’s Firefox. Now Chrome is increasingly pushing Firefox to the margins. Measuring browser use is difficult and subjective: one source shows that IE is still in front in terms of numbers of visitors to websites. But for e-commerce, share of traffic matters more. By this measure Chrome now dominates much of the planet. Like the boast made of the British empire in Queen Victoria’s time, the sun never sets on its dominions.

Can Japan finally make special economic zones work?

Can Japan finally make special economic zones work?

Aug 10th 2013 | TOKYO |From the print edition

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THE world’s best-known and most successful special economic zone is China’s Shenzhen. After 1979, when Deng Xiaoping chose the small farming and fishing town north of Hong Kong to test free-market economics, it grew rapidly into an industrial metropolis. Japan, though long converted to capitalism, has also used special zones to test ideas too radical for the rest of the country. Shinzo Abe, the prime minister, has now put them at the heart of his plan for economic revival. After decades of not achieving much, can they finally help Japan manage a Shenzhen-like transformation? If the zones’ expected size is any guide, they could indeed have an impact. The final locations will soon be announced, with the vast cities of Tokyo, Osaka and Nagoya said to be likely candidates. A new cabinet minister may even be chosen to oversee the tokku, as such areas are known in Japanese. Read more of this post

Boundary problems: America has changed the way it measures GDP

Boundary problems: America has changed the way it measures GDP

Aug 3rd 2013 |From the print edition

ECONOMICS is a messy discipline: too fluid to be a science, too rigorous to be an art. Perhaps it is fitting that economists’ most-used metric, gross domestic product (GDP), is a tangle too. GDP measures the total value of output in an economic territory. Its apparent simplicity explains why it is scrutinised down to tenths of a percentage point every month. But as a foundation for analysis it is highly subjective: it rests on difficult decisions about what counts as a territory, what counts as output and how to value it. Indeed, economists are still tweaking it. This week America’s GDP rose by $560 billion, or 3.6%, mainly because the “boundary” that defines what counts as an economic asset was moved. Read more of this post

Myanmar Faces Difficult Balance in Financial Overhaul

August 10, 2013, 4:35 a.m. ET

Myanmar Faces Difficult Balance in Financial Overhaul

NATASHA BRERETON-FUKUI And SHIBANI MAHTANI

Myanmar has come a long way in revamping its financial system since the military gave up formal power two and a half years ago. The country’s new civilian leaders made its central bank independent last month and ushered in several other changes meant to smooth the way for more foreign investment. And over the past two weeks, the government has allowed foreign-exchange trading between local banks, according to state media, and appointed a new management team for the central bank. Read more of this post

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