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...Among other measures, the proposal calls for smoothing immigration and customs procedures, coordinating airport and train facilities, and allowing money to flow more easily across the border. The proposal is rooted in a much grander vision than merely cutting bureaucratic red tape, however. The goal in melding Hong Kong and Shenzhen, the report said, is to create a megacity that, by 2020, would surpass London and Los Angeles as an international economic juggernaut. It's a quintessentially capitalist solution befitting a quintessentially capitalist city. Need to grow to keep pace with competitors? Find a merger partner. "I think a closer...

Author: /time Magazine | Title: Beijing's Brokers | 1/17/2008 | See Source »

...international standards of corporate transparency and regulation. The mainland, for all its explosive growth, remains hamstrung by corruption and a centrally planned economy. Beijing has taken slow, measured steps to open its financial markets, but obstacles remain. Because China's currency, the yuan, is nonconvertible, capital can't flow freely between Hong Kong and the mainland. And Chinese officials recognize that a flood of mainland money could disrupt Hong Kong's markets. Last year, Chinese authorities cracked down on underground Shenzhen traders funneling yuan illegally into Hong Kong. Aware that speculative investment could destabilize Hong Kong, Chinese financial officials also...

Author: /time Magazine | Title: Beijing's Brokers | 1/17/2008 | See Source »

...Britain has always been a popular place for entrepreneurs and industry tycoons to live, thanks to its proximity to Europe and the U.S. and its foreigner-friendly tax regime. But over the past 10 years, the flow of superrich into the capital has surged. Emerging economies and the opening up of the E.U. mean there are more people in the world with big money to spend. And the rise of London as a leading financial center, along with the strengthening of the British pound, have made the U.K. the place to spend it. These days, wealthy Middle Easterners and Western...

Author: /time Magazine | Title: Ritzy Business | 1/17/2008 | See Source »

...someone who can clobber a steady supply of meat and keep lions away from the cave. And while a hairy chest and a full beard have fallen out of favor in the waxed and buffed 21st century, they are historically-if unconsciously-seen as signs of healthy testosterone flow that gives rise to both fertility and strength...

Author: /time Magazine | Title: Why We Love | 1/16/2008 | See Source »

...jobs, but the thing we notice most is that it regulates reward. When you win a hand of poker, it's a dopamine jolt that's responsible for the thrill that follows. When you look forward to a big meal or expect a big raise, it's a steady flow of dopamine that makes the anticipation such a pleasure...

Author: /time Magazine | Title: Why We Love | 1/16/2008 | See Source »

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