Archive for Business and Finance

A Maine Paper Mill’s Unexpected Savior: China – By Ellen Barry – The New York Times

By Ellen BarryPhotographs by Tristan SpinskiJan. 15, 2020, 5:00 a.m.

By 

Photographs by 

“OLD TOWN, Maine — During the deepest part of last winter, a van pulled off the highway and followed the two-lane road that skims along the Penobscot River, coming to rest beside the hulk of a shuttered pulp mill. The van’s door slid open and passengers climbed out: seven Buddhist monks from China.

Andrew Edwards, a mill superintendent from the nearby town of Lincoln, led them to a room where he had stockpiled the things they had requested for the ceremony: oranges, limes, apples and seven shovels, one for each monk.

Snow lay deep on the ground, two feet of gritty, frozen crust, and he remembers worrying a little about the visitors. “They were in their, I don’t know what they’re called, their Tibetan outfit,” he said. “With the sandals and whatnot.”

He stepped back and watched as the monks wandered from the boiler houses to the limekiln to the pulp mill, chanting, burning candles and gently tapping a gong.”

Source: A Maine Paper Mill’s Unexpected Savior: China – The New York Times

Posted in: Business and Finance, China, Decline and Renaissanace, United States

Leave a Comment (0) →

Opinion | How to Survive as a Woman at a Chinese Banquet – By Yan Ge – The New York Times

By 

Ms. Yan is the author of 13 books, including, most recently, “The Chilli Bean Paste Clan.”

Credit…Lisk Feng

“A Chinese banquet can be many things, but it is never a gastronomic occasion.

It is more like a sport, one in which the primary goal is to drink a toast with each individual sitting around the table, in a rigid successive order, starting with the most prominent and proceeding clockwise. If that sounds straightforward, it isn’t: Bear in mind that everyone at the table is playing the same game simultaneously, which means just as you’ve homed in on your target and are ready to make your move, he could be raising a toast to another guest, who could very well be looking to drink with someone else.

Other rules: Make sure to turn the shot of baijiu bottoms up with every encounter; say flattering words in your toast, but nothing too flowery; appear cordial and personable; smile, but avoid inappropriate body contact. Finally, while you’re busy circling the table, don’t forget to eat.

At a Chinese banquet, the eating is the least important part. The problem, though, is that Chinese food is irresistibly delicious, especially if you’re someone who’s lived outside China for the last four years. And so this summer, when I returned to my home city of Chengdu for a visit, and a friend called to ask me to meet up at a local restaurant, I said yes without any hesitation.

On the day of, I arrived late. The restaurant had been revamped since the last time I’d visited, six years ago. A slim hostess in a red qipao welcomed me while I stood dazzled by the colossal crystal chandelier suspended from the high ceiling. I told her my friend’s name and was escorted to a private dining room at the end of the hall.”

Source: Opinion | How to Survive as a Woman at a Chinese Banquet – The New York Times

Posted in: Business and Finance, China, History and Literature

Leave a Comment (0) →

China Cracks Down on Fentanyl. But Is It Enough to End the U.S. Epidemic? – By Steven Lee Myers – The New York Times

“XINGTAI, China — An online pharmacy advertising itself as a seller of “high purity, real pure” fentanyl still responds right away to potential customers.

“Which products do you want to buy,” a salesperson replied within a minute to an inquiry in English on WhatsApp, the encrypted messaging service.

But when contacted from an American telephone number and asked about the availability of fentanyl, the synthetic opioid fueling an epidemic killing tens of thousands of Americans a year, the seller demurred.

“I don’t sell any more.”

Until recently, much of the illicit fentanyl that found its way to the United States came like this: easily ordered online from a source in China and seamlessly shipped by international delivery companies, including the United States Postal Service.

Fentanyl sourced from China accounted for 97 percent of the drug seized from international mail services by United States law enforcement in both the 2016 and 2017 fiscal years, according to the Drug Enforcement Administration.

Now, China’s Communist government is taking steps to stop the flood, as the country’s leader, Xi Jinping, promised President Trump he would do.

After the two leaders met in Buenos Aires at the Group of 20 summit at the end of last year, the White House released a statement saying that “President Xi, in a wonderful humanitarian gesture, has agreed to designate fentanyl as a controlled substance.”

Source: China Cracks Down on Fentanyl. But Is It Enough to End the U.S. Epidemic? – The New York Times

Posted in: China, Drug Wars, Trade and Trade Policy

Leave a Comment (0) →

Prime Mover: How Amazon Wove Itself Into the Life of an American City – The New York Times

Amazon just put this department store out of bussiness in Baltimore, and its largest hardware store, both owned by the same family.

“. . .  Ms. Black said she quit after two written warnings that she wasn’t meeting productivity standards, knowing a third would get her fired.

“The machines determine so much,” she said. “You’re clocked from beginning to end. They grind through people.”

When another employee told the National Labor Relations Board that he had been fired for complaining about working conditions, the company said he had it wrong: He had been fired for working too slowly.

In fact, an Amazon lawyer wrote to the N.L.R.B. last year, it had fired “hundreds of other employees” at the Baltimore warehouse for failing to make their numbers. The letter, obtained by The Verge, listed more than 800 workers fired in the previous year, but the company now says the correct number was 309.

Automated dismissals are a feature, the letter said, not a flaw. “Amazon’s system,” the lawyers wrote, “automatically generates any warnings or terminations regarding quality or productivity without input from supervisors.” Amazon says termination decisions are ultimately made by managers.

Workers at Amazon who run into that kind of trouble have no unions to represent them — a shift from Baltimore’s past. G.M. employees were represented by the United Automobile Workers. At the second warehouse, on the old Bethlehem Steel site, United Steelworkers held sway. At both plants, the pay was adequate to support a family.

Credit…Gabriella Demczuk for The New York Times

In the G.M. plant’s final years, line workers made an average of $27 an hour, equivalent to more than $35 today. G.M. workers could make $80,000 annually with overtime, according to contemporary news reports, equal to $102,000 in 2019 dollars.

The vehemently anti-union Amazon has raised its lowest hourly pay to $15.40, which is a little over double the federal minimum wage, the company points out. But even a veteran worker at its BWI2 warehouse would have to put in considerable overtime to get to $40,000 a year, less than half of what a G.M. worker could make in the past.

Nor are the job numbers comparable. The G.M. plant employed 8,000 at its peak; Bethlehem Steel employed 30,000. Amazon has a total of 4,500 workers at the two warehouses.”

Source: Prime Mover: How Amazon Wove Itself Into the Life of an American City – The New York Times

Posted in: Bullies and Scoundrels, Monopoly or Monopsony

Leave a Comment (0) →

New Nissan Pay Problems Point to Conflicts at the Top – The New York Times

By

“TOKYO — An outside law firm investigating problems at Nissan, the troubled Japanese automaker, this summer discovered some potentially explosive information.

Hari Nada, a powerful Nissan insider who was behind the ouster last year of Nissan’s chairman, Carlos Ghosn, over compensation issues, had been improperly overpaid himself, the firm found. A second insider involved in the corporate coup was responsible, the firm said, and had briefed Mr. Nada on what he had done.

A senior Nissan compliance officer planned to share the findings with the company’s board of directors, according to people familiar with the situation.

But the full board never heard the details of the findings, according to people who attended the board’s last meeting on Sept. 9. Moments after the meeting ended, Nissan issued a statement that cleared an unnamed group of executives of misconduct.”

Source: New Nissan Pay Problems Point to Conflicts at the Top – The New York Times

Posted in: Business and Finance, Japan

Leave a Comment (0) →

Carlos Ghosn Is Out of Jail. What Happens Next? – The New York Times

“Carlos Ghosn, the man who created what was effectively the world’s largest carmaker, has been released on bail after spending more than three months in jail.

Mr. Ghosn once oversaw the alliance of Nissan, Renault and Mitsubishi and was the consummate high-flying executive. On Wednesday, he walked out of a Japanese detention center disguised as a construction worker to prepare for a trial on charges of financial misconduct. Under the terms of his bail — set at 1 billion yen, or almost $9 million — he cannot leave Japan.

Here is what has happened since his arrest and what he faces now.

Mr. Ghosn has been accused of underreporting his compensation and shifting more than $16 million of personal losses to Nissan. He was in jail, questioned by prosecutors, for 108 days.”

Source: Carlos Ghosn Is Out of Jail. What Happens Next? – The New York Times

 

 

Posted in: Business and Finance, Japan

Leave a Comment (0) →

Opinion | China Deserves Donald Trump – By Thomas L. Friedman – The New York Times

Thomas L. Friedman

By Thomas L. Friedman

Opinion Columnist,  May 21, 2019,   1420

 President Trump insists that his tough approach to China will benefit the United States.CreditEric Thayer for The New York Times

“A U.S. businessman friend of mine who works in China remarked to me recently that Donald Trump is not the American president America deserves, but he sure is the American president China deserves.

Trump’s instinct that America needs to rebalance its trade relationship with Beijing — before China gets too big to compromise — is correct. And it took a human wrecking ball like Trump to get China’s attention. But now that we have it, both countries need to recognize just how pivotal this moment is.

The original U.S.-China opening back in the 1970s defined our restored trade ties, which were limited. When we let China join the World Trade Organization in 2001, it propelled China into a trading powerhouse under rules that still gave China lots of concessions as a developing economy.

This new negotiation will define how the U.S. and China relate as economic peers, competing for the same 21st-century industries, at a time when our markets are totally intertwined. So this is no ordinary trade dispute. This is the big one.”

Source: Opinion | China Deserves Donald Trump – The New York Times

Posted in: China, Thomas Friedman, Trade and Trade Policy, United States

Leave a Comment (0) →

Trump Administration Could Blacklist China’s Hikvision, a Surveillance Firm – The New York Times

“WASHINGTON — The Trump administration is considering limits to a Chinese video surveillance giant’s ability to buy American technology, people familiar with the matter said, the latest attempt to counter Beijing’s global economic ambitions.

The move would effectively place the company, Hikvision, on a United States blacklist. It also would mark the first time the Trump administration punished a Chinese company for its role in the surveillance and mass detention of Uighurs, a mostly Muslim ethnic minority.”

Source: Trump Administration Could Blacklist China’s Hikvision, a Surveillance Firm – The New York Times

Posted in: China, David Lindsay, Trade and Trade Policy, United States

Leave a Comment (0) →

As Huawei Loses Google, the U.S.-China Tech Cold War Gets Its Iron Curtain – By Li Yuan – The New York Times

By Li Yuan


“China has spent nearly two decades building a digital wall between itself and the rest of the world, a one-way barrier designed to keep out foreign companies like Facebook and Google while allowing Chinese rivals to leave home and expand across the world.

Now President Trump is sealing up that wall from the other side.

Google on Monday began to limit the software services it provides to Huawei, the telecommunications giant, after a White House order last week restricted the Chinese company’s access to American technology. Google’s software powers Huawei’s smartphones, and its apps come preloaded on the devices Huawei sells around the world. Depending on how the White House’s order is carried out, that could come to a stop.

For Huawei, the big impact will be abroad, since Chinese customers already have limited access to Google’s services. Google’s move will have its biggest effect in places like Europe, where it has emerged as a big smartphone seller. Other companies will inevitably follow. In effect, the move puts pressure on Huawei’s international expansion dreams.

If China and the United States have begun a technological Cold War, then the Huawei order can best be seen as the beginnings of a digital Iron Curtain. In this potential vision of the future of technology, China will continue to keep out much of the world. The United States and many other countries, goes this thinking, will in turn block Chinese technology.”

Source: As Huawei Loses Google, the U.S.-China Tech Cold War Gets Its Iron Curtain – The New York Times

Posted in: China, Foreign Affairs and U.S.ForeignPolicy, Trade and Trade Policy, United States

Leave a Comment (0) →

As Huawei Loses Google, the U.S.-China Tech Cold War Gets Its Iron Curtain – The New York Times

By Li Yuan

China has spent nearly two decades building a digital wall between itself and the rest of the world, a one-way barrier designed to keep out foreign companies like Facebook and Google while allowing Chinese rivals to leave home and expand across the world.

Now President Trump is sealing up that wall from the other side.

Google on Monday began to limit the software services it provides to Huawei, the telecommunications giant, after a White House order last week restricted the Chinese company’s access to American technology. Google’s software powers Huawei’s smartphones, and its apps come preloaded on the devices Huawei sells around the world. Depending on how the White House’s order is carried out, that could come to a stop.

For Huawei, the big impact will be abroad, since Chinese customers already have limited access to Google’s services. Google’s move will have its biggest effect in places like Europe, where it has emerged as a big smartphone seller. Other companies will inevitably follow. In effect, the move puts pressure on Huawei’s international expansion dreams.

If China and the United States have begun a technological Cold War, then the Huawei order can best be seen as the beginnings of a digital Iron Curtain. In this potential vision of the future of technology, China will continue to keep out much of the world. The United States and many other countries, goes this thinking, will in turn block Chinese technology.

Source: As Huawei Loses Google, the U.S.-China Tech Cold War Gets Its Iron Curtain – The New York Times

Posted in: China, Trade and Trade Policy

Leave a Comment (0) →
Page 1 of 3 123