Asia business & finance editor
@TheEconomist
. Co-host of our Money Talks podcast. Just a lad from Leeds with a lust for markets, economics and history.
News: Disney has filed a lawsuit against Ron DeSantis, alleging a "targeted campaign of government retaliation" over "protected speech" that "threatens Disney's business operations" and "violates its constitutional rights."
"Disney regrets that it has come to this."
In Tokyo there is a Philadelphia themed bar, which was set up because the guy who runs it loved Philadelphia soul music, and wanted to set up place that only played that. Eagles games on the TV, cheesesteak on the menu.
There's a joke that's been revived in a bunch of countries along these lines.
Man stands on a street in Hamburg, 1918, with a sign that says "the king is an idiot". Police arrest him. He says he meant the British king. "You can't fool us," they reply, "we know who the idiot is"
A reminder that the British government has not at any point even required a negative Covid test for people to fly into the UK. Not in the Spring, not in the Summer, not now. Never.
A while ago a Singaporean taxi driver asked me what a UK hawker centre lunch might cost. I explained that there aren't any. He asked what office workers ate, and I explained the concept of Meal Deals. And he looked at me with such a powerful combination of pity and revulsion.
It'll never stop being funny to me that the Malay nickname for a proboscis monkey is orang belanda, meaning Dutch guy. They must have had different names, and then one day the Dutch arrived and everyone was like lol yeah that's them for sure.
Police have shut down a fake Indian Premier League built to fool Russian gamblers. Labourers paid to pretend to be pro cricketers, games streamed online, crowd noises downloaded and played over the top. Got to the quarter finals before they were caught.
This website needs a cultural translation feature. In America this means you are an alcoholic, in Britain it means you an ordinary drinker, and in parts of Eastern Europe it means you are a temperance campaigner, or pregnant.
so, 1 of my coworkers in accounting casually admitted to me that she's probably an alcoholic. i said that if you're not drinking every day, you're probably not an alcoholic. she said she doesn't drink every day, but when she does, she kills almost a whole wine bottle. i said "oh"
Pretty cool. Ajinomoto, known best for selling MSG seasoning, has redirected its work with amino acids to become a leading manufacturer of insulation for semiconductors. Stock is up 21% this year to a record high.
800 years ago we built things with such impossible detail that you could spend days staring at them. Does modern man have the patience to build something like this today?
🚨 NEW: The UK has the worst rate of child alcohol consumption in the world, with more than half of children having drunk by the age of 13
[
@guardian
]
A reminder that Japan, the poster child for demographic issues, now has the highest fertility rate in developed East Asia, above Hong Kong or Macau, China, South Korea or Taiwan. (Data from the Population Reference Bureau)
Japan was once known for ultra-low birthrates. Though still low, it now actually has the highest fertility rate in developed E. Asia, and is tied with China, where fertility is still tumbling.
Not having a 20x house-price/income may help.
Vietnam’s Minister of Public Security made a pilgrimage to Karl Marx's grave on his trip to London, and then went to Salt Bae's restaurant for the gold leaf steak.
This is absolutely wild from commentator Ruslan Kurbanov, even by Russian state TV’s usual standards
He says the Hamas attacks on Israel could have been overseen by British intelligence with the ultimate aim of driving the US out of the Middle East
Britain doesn't yet understand that the country has lost its second-strongest export market (twinkish boyfriends for Taylor Swift). We only have questionable university degrees left. Dark times.
Are there other examples of this outside of DC? Advertising where it's ostensibly public but actually directed at perhaps a dozen very important policymakers who might walk past it.
US gas prices blow my mind, at $4/gallon that is still cheaper than the least I have ever paid for petrol in the UK, even at the absolute 2009 low in oil prices, even using the weakest sterling/dollar exchange rate on record.
I've said it before and I'll say it again, if Google's dominance in search is supplanted it will be in no small part because they behaved like they thought they were unchallengeable.
Japanese IT consultant goes on a huge bender, falls asleep in the street, loses a flash drive containing the personal data of the 465,177 residents of the city of Amagasaki, including their dates of birth, addresses, bank account numbers, and tax details.
Ok but when are we going to make contact with North Sentinel Island? Are we going to have Mars colonies and trans human cyborgs but just keep a bunch of people in a pre bronze age bubble until the end of time?
It's sort of crazy that Taylor Swift went from garden variety C21st megastardom to a sort of Beatles-level phenomenon, while the general media monoculture is in terminal decline.
You want to make sure your county has a healthy culture where drunkenness is frowned upon and alcohol is consumed with meals, like the UK and Ireland, not one of reckless bingeing, like France.
Alcohol death rates in Europe. Apparently very low in cultures where drunkenness is frowned upon and where alcohol is only consumed in company of others and served alongside meals. Spain and Italy for example. Source:
My favourite joke from last year was Finns saying they were excited for the two metre distance rule to end so they could go back to the customary five metres.
Finland is a weird country. Everywhere else life satisfaction declined but here we are MORE happy with our daily lives under restrictions than without them. Who doesn't like a valid excuse not to meet anyone? It seems we sure like isolation as much as the stereotype says. 🤷♂️
Always love to see billionaires who simply can't stop themselves from posting, because it reminds you that no amount of money in the world can buy you the hit you get from posting.
A lot of British political journalism looks really awful from the outside - insincere, focused on largely unimportant gossip, a game for the initiated. But it's important to recognise that when you hear and understand more about how it really works, it's much worse than that.
Moderna next week arguing that their vaccine is actually 120% effective, some people they didn't even give it to are protected. The vaccine group is now hotter and richer than the placebo group, some of the placebo group's wives have left them for the vaccine group participants.
I'll shortly start
@TheEconomist
as Asia business & finance editor, covering the region alongside very talented new colleagues. There's quite a bit to write about (big place), and I'm very excited to get going.
Any time I'm in the US I panic about tipping. Very offensive not to tip waiters, I get that. The barman? Him too I think. Taxi drivers? No idea. I'm wandering round with a clenched fistful of bills offering them to people I bump into. Tried to tip a vending machine last time.
Imagine, you're a board member at a non-profit which wants to build safe AI, and you're worried about how serious your CEO is about AI risk...
So you sack him and accidentally end up creating a new AI division inside a profit-maximising 2.7 trillion dollar tech company.
For the people who were worried that the sharp decline in Scottish cases was some sort of mirage due to lower testing, or people hiding from testing/tracing - hospitalisations are now moving exactly as you'd expect from the case data.
There seem to be three pieces of specific information about Musk in this piece: He was a loner, he was bullied for chiding someone for using an anti-black slur, and he attended the funeral of a black friend when doing so was "unheard of at the time"
Look, I used to be poor. When you're poor, like actually poor, it seems unbelievable that anybody actually makes an upper-middle-class salary, but a lot of our discourse is in denial about the fact that ~34% of American households (40 million households) earn $100k per year.
Lots of people are negative about the condition of the modern world, but we're living in the only era of human history where you can watch villagers in Punjab try an English breakfast for the first time.
Damn, another huge NYT scoop. I thought it was 9 counts of wire fraud and 2 counts of conspiracy to commit wire fraud that led to the Elizabeth Holmes trial.
I had the scoop on this at the time. I sort of thought it didn't need writing up, because I heard the government's chief scientific adviser say it explictly, on the public broadcaster's flagship radio news programme.
Me: We need to bring back the idea of the polymath, the renaissance man. A man of intellectual talent can be an physicist, a financier, a philosopher
Me after seeing one tweet by a tech guy about the dollar: as I said, ultimately staying in your lane is an underrated discipline
Whether Die Hard is a Christmas film or not is a boring question. What it reflects about Japanese real estate investment overseas during the peak of the '80s land bubble is the real question.
I will not allow myself to become morose about Covid because of evidence that the transmission reduction from vaccination isn't perfect, a thing that everyone seemed to know and understand up until a couple of months ago.
I know it's slightly parochial but these images (before and after) are genuinely radicalising. Doing something like this to a street where I lived would turn me into a single-issue pro-tree political lunatic. (HT
@createstreets
)
The year is 2287. Hong Kong and Singapore announce the beginning of discussions on a 'travel bubble', though no restrictions on international travel exist. The plans will be ritually withdrawn two months later. Nobody remembers the origin of this strange practice.
At what point did playing things out loud on your phone in public become something every other person does, and stop being the profoundly antisocial thing it was viewed as 10yrs ago? Was it cheaper data, TikTok or the end of headphone jacks that did it?
Swedish state epidemiologist Anders Tegnell asked people not to judge the country until the Autumn, when raised immunity levels would mute a second wave. Autumn is here, and Swedish Covid-19 hospitalisations are rising more rapidly than anywhere in Europe.
Real year for the mainstream orthodoxy crowd. Big wins for the guy that thought overdoing stimulus is dangerous, that crypto is mostly just scams, that authoritarianism is bad and inefficient.
To say Hong Kong's current Covid death rate is the highest in the world doesn't quite do justice to how extreme it is. It is markedly higher than any of the countries with the worst overall Covid death rates have ever recorded on a weekly basis.
Britain: The degrowth success story!
"The UK has been remarkably successful in weaning itself off its growth addiction. I’m surprised that supporters of degrowth don’t celebrate these charts more.'
I had a colleague, who will remain nameless, who said that she repeated anything an English person said back to herself in her head to decide whether it was actually clever, or just the accent.
Someone tweeted it a few weeks ago but I struggle to imagine what people did in an office in say, 1985 as much as I do for 1885. Before the internet, office working life is just a black hole to me, I have no real conception of what people were up to. Typing and smoking? IDK.
I can't wrap my head around what "otherwise strong but in a liquidity crisis" really means when you're talking about crypto. It's all liquidity, that's the game, there's no connection to the real economy so no recovery value that would imply longer-tern solvency.
To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2
Ah, I'm old enough to remember when China didn't even make it into the top 15 car exporting countries! It was behind Thailand and Sweden and Hungary back in the distant days of, errr, less than three full years ago.
My briefing this week: None of the world's 15 largest economies now have fertility rates over 2.1. The ageing and shrinking of the world will pose a threat to the most disruptive innovation and entrepreneurship, disproportionately pioneered by the young.
It is amazing that the idea of escaping volatility by investing in things that are not marked to market regularly has gained such prominence. It's the financial equivalent of infant children believing that the room disappears when their eyes are covered.
Wealthy Chinese are exploring bigger investments in private assets to avoid the wild swings in public markets. That dovetails moves of funds like Carlyle and KKR, which are courting Asia's rich as institutional investors recalibrate exposure
Covid cases now week-on-week negative in every English region, from -14% in London to -38% (!!) in the North East. It's possible that there'll be cases added to the last few days by specimen date, might budge the numbers by a few percentage points, but won't change the picture.
AstraZenaca vaccine trial shows 90% efficacy when given as a half dose, followed by a full dose one month later. 62% efficacy in a separate trial with two full doses one month apart.
Combined efficacy estimate is 70%, but could presumably be higher
Common mistake I see around this time every year: the prizes in physics, medicine, literature, peace and chemistry are NOT real Sveriges Riksbank Prizes in Memory of Alfred Nobel. They're "Nobel Prizes." They're fine too I guess but people should know the difference.
My piece this week explores how a patchwork of Asian economies from Hokkaido to Gujarat stacks up as an alternative to China for global manufacturers.
Whether it works in practice is a test of both cross-border business and a nascent geopolitical order.
Crazy that the whole bit in Forrest Gump where investing in Apple made him immensely rich was filmed and released when the company had like a ~$5bn market cap.
God give me the sort of confidence required to produce research that says the US' response to coronavirus (133k deaths) has been good while South Korea's (285 deaths) has been fair. (HT
@SakamotoFumie
@GearoidReidy
)
The ratio of English hospital beds occupied with Covid-19 patients to Covid-19 cases two weeks ago is at its lowest level ever again, just 0.12. Literally a tenth of its peak during the Winter outbreaks.
American cultural power is so overwhelming that you have to pull a slogan when it sounds like it could mean something in the US, even when it's not remotely possible that it could have meant the same thing in context, and also couldn't be offensive to anyone.
The Taiwan People's Party (TPP) on Monday decided to remove a controversial "Vote White, Vote Right" slogan from its website after the wording was accused of being similar to that used by an American white supremacist group.
Yoga will be allowed again in Alabama schools, but parents must sign a permission slip acknowledging “I understand that yoga is part of the Hinduism religion.”
Love that France pulled its ambassadors from the US and Australia but not the UK, presumably because like the rest of us they can't quite work out how the UK is involved.
Tugendhat said: “The difficulty is getting people into and out of the airport and we’ve just used a lot of troops to get in 200 dogs, meanwhile my interpreter’s family are likely to be killed."