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...cover the millions of migrant workers who helped power the country to high growth but are now being laid off. The lack of safety nets demands frugality, as does Chinese cultural tradition that all but dictates that working children care for their parents as they age. Even ad-agency chief Wang takes care of her parents. This requires Chinese to accumulate very large nest eggs, particularly because China's longstanding one-child policy means there is often just one offspring caring for two parents...
...field calls from Russians wanting to borrow money. Most of the time the answer they give is a resounding yes. Owned by the French bank Société Générale, Rusfinance is aiming to build a massive presence in Russia. Back in Paris, SocGen's chief executive Frédéric Oudéa even talks about Russia becoming the bank's second biggest market after France...
...weakness in eBay's core business contributed to a 60% drop in market value this year. Amazon's market cap topped eBay's for the first time last summer. "eBay used to own all the on and off ramps, and now it's just another highway," says Scot Wingo, chief executive of ChannelAdvisor, a consultancy that works with online retailers. "They have to figure out how to reorient the eBay brand to mean more than auctions and learn to become a leader again...
...approach that has defined eBay for years. Many wonder whether the 12-year-old auction giant will emerge with the same DNA once Dennis the Menace departs. "Donahoe has introduced more changes in the last six months than we've seen in the last six years," says Jack Sheng, chief executive of Eforcity Corp., an electronics company and top seller on eBay. "Many are long overdue, but the direction is great." Others hate the upheaval. Writes a current eBay software engineer about Donahoe on Glassdoor.com a company-rating site: "Quit! We don't like your changes...
Tung Chee Hwa, former chief executive of Hong Kong, said yesterday at the Harvard Kennedy School that the single most important bilateral relationship for the world is the one between the United States and China. But, he said, this relationship can only been described as passive tolerance today...