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Feats like a $100 billion foreign-reserve cache have helped lower the country's risk premium, as measured by JPMorgan Bank, to 175, vs. 1445 when Lula took office. The manufacturing sector, including world-class regional jetmaker Embraer, now represents a quarter of GDP, and Brazilians feel more consumer confidence than perhaps at any other time in their history. "They now have the incentive to buy vehicles through long-term-financing programs," gushes Jackson Schneider, head of the National Association of Automotive Vehicle Manufacturers, whose members have added 27,000 direct jobs in the past three years. "They can more...
...part of a trade-off, the Danes say. By largely banishing the financial insecurity that plagues so many American workers, Danish politicians and business leaders have won public support for all manner of business-friendly policies. Corporate taxes are lower than in the U.S., and capital gains are taxed at a much lower rate than ordinary income. There are few restrictions on trade. That, and it's easier to fire people in Denmark than anywhere else in Europe...
...preventing low-cost carriers from hopping from city to city around Asia the way Ryanair does in Europe. With only 2% of airline capacity in the region, the budget carriers have a long way to go to challenge the big boys. Most of all, major Asian airlines have much lower costs than their U.S. and European counterparts, allowing them to compete more easily. In Europe, for example, no-frills airlines have costs that are 60% lower than those of the major airlines. HSBC Securities estimates that in Asia the gap can be held...
...boasted, "AirAsia tames even the wildest tiger." Udom Tantiprasongchai, chief executive of Orient Thai Airlines, says fierce competition from AirAsia and flag carrier Thai Airways forced him to slash the fare on his One-Two-Go budget service from Bangkok to Chiang Mai to less than $25, about 30% lower than he had planned. At that price, he admitted, he lost money. But Udom has wreaked revenge. He says he routinely employs a team in his office to go on the Internet and buy as many of the cheapest tickets on AirAsia flights as it can get, often spending more...
...since human societies began has there been a classless one. We began with the most ironbound of all class distinctions, between prisoners and the free. The freeborn (the "sterling") were bitterly opposed to giving up their social placement above the ex-convicts and their children (the "currency"). But the "lower orders"--that is, most 19th century Australians--fiercely resented the pretensions of the nobs and were well aware that in a pioneer environment Lady Luck was a more powerful queen than Victoria Regina. This was rammed home after the discovery of gold in Ballarat in 1851, just after the California...