Word: production
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...trading firms quickly devised a new, cross-border manufacturing system. With poor technology and training, Chinese workers could complete basic product assembly, but not the more complicated parts of a manufacturing process. So traders like the Fungs kept functions such as quality control and packaging in Hong Kong while outsourcing the assembly to factories in China. The next step came as the spread of communications technologies, improved transportation networks and freer international trade enabled trading companies to begin sourcing supplies and products from Korea, Indonesia, India?wherever they could get the best price and quality. Victor Fung, Li & Fung...
...Think of Hong Kong's traders as the world's matchmakers. "We're the search engines to find the best place in the world" to buy a product, says Bruce Rockowitz, president of Li & Fung's sourcing business. Let's say you're an executive at a major U.S. fashion retailer looking to fill its racks with a spring collection. Stop by the offices of Li & Fung in Hong Kong's Kowloon district and its staff will track down the best fabrics, buttons and other components at the best prices and hire the right manufacturers to sew the clothes together...
...says-an unsettling reality for companies that have tended to look at the world from a narrowly national angle. He cites research and development as a prime example: R&D centers, once kept close to domestic headquarters, have been springing up around the world as companies seek to lower product-development costs. China and India are attracting the most investment dollars, but other locations are also rapidly emerging. For example, Motorola, Capgemini and Delphi are all setting up R&D centers in Krakow, Poland. Companies accustomed to keeping their R&D operations at home may end up missing important opportunities...
Beauty Wondering if that pricey skin-care product is worth the cost? A subscription to NewBeauty magazine's Test Tube program brings supersized samples to your door four times a year. The cosmetics are worth about eight times the $100 subscription...
Nevertheless, consciousness is surely a natural biological product, as devoid of the otherworldly as digestion and blood circulation. It comes and goes, waxes and wanes, grows and dies...