Word: localism
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...Help from Washington will go only so far, so local community support might be the arts' best bet. As the biannual 2010 Geraldine R. Dodge Poetry Festival in Morristown, N.J. - which typically draws some 20,000 poets from around the globe - nears extinction, its surrounding community has surfaced to offer support. Dodge Foundation CEO David Grant's appeals seem to be working, and if this continues, the four-day gathering may return...
...easy enough to buy a smoke at Isa Yakubu's grocery store on a busy street in Lagos, Nigeria. Never mind if you don't have much money. Most local merchants are happy to break open a pack and sell cigarettes one at a time - single sticks, as they're known - for about 10 Nigerian naira, or 7 cents. "St. Moritz is the most popular brand," says Yakubu. "But [people] also like Rothmans and Benson & Hedges...
...cigarette suppliers are also its benefactors. Tobacco companies have jumped into the corporate-social-responsibility game, doing all manner of benevolent work across Africa and Asia. In 2005, Philip Morris paid $5 billion to buy Indonesian cigarette-maker Sampoerna, a company that was already pouring money into scholarships for local students. British American does similar work in Malaysia, and in Nigeria has devoted 1% of its local profits to improving access to drinking water, health care and vaccines. That kind of largesse buys the companies a measure of indebtedness...
...some cases, those "little groups" include the government. In 2007 the Nigerian Customs Service signed an agreement with British American to work jointly on curbing the unlicensed tobacco trade - which diverts profits from industry. The company courted the government two years earlier, with a three-day retreat at a local resort. "It's not the industry's job to be in charge of government policy," says Bialous...
...Construction Engineering, the country's largest home developer, jumped 56% on July 29, the day of their debut on the Shanghai stock exchange. In Singapore, property prices are rising despite the city-state's sharp recession. The resale index for Housing and Development Board apartments, a key indicator of local property-market conditions, rose an annualized 5% in the second quarter to an all-time high. In Hong Kong, a city famous for its property booms and busts, prices have rebounded from last year's slump and are on course to retake highs reached in mid-2008, according to analysts...