Word: shanghaied
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...flies to 78 destinations in 55 countries. Last summer, Emirates began its first U.S. flights, to New York City's J.F.K. airport. The airline is already considering as many as nine U.S. destinations. "The U.S. is the final important piece," says Flanagan, whose airline also initiated flights to Lagos, Shanghai and Vienna last year. "Airlines are generally bad businesses. Emirates is different," says Damien Horth, an analyst at UBS in London. "It has been consistently profitable." Still dramatically expanding, it has more than $26 billion worth of new airplanes on order, including 45 of the massive, double-decker Airbus A380s...
...Maurice Greenberg, who over four decades built one of the world's largest global insurance companies and became an industry icon from Shanghai to New York, was dragged down by the same defiance that had made him so successful. Over 17 years, Greenberg inched American International Group (AIG) into China, even as critics said he would never open that market. Today China is one of AIG's most promising regions. Yet Greenberg's success was accompanied by arrogance. He thought nothing of dressing down an analyst who asked tough questions, and when AIG came under siege early this year--accused...
...about quality, not quantity," he says. Still, Hong Kong?and international moviegoers?will lose something when the old system dies, as Peter Chan knows. Chan, who built his name by making indie Hong Kong movies, has just shot a $10 million Mandarin musical set in Beijing and Shanghai and co-produced by the Hollywood backer of Million Dollar Baby. The film could be bigger than anything Chan has ever done, but part of him misses the way things used to be. "Hong Kong culture will inevitably be gone one day," Chan says. "That's why it's important...
...nearly $500 billion of foreign investment in the past decade. In 2003 alone, $53 billion flowed in?the first time China eclipsed the U.S. as the No. 1 recipient of foreign investment. But all that cash isn't drifting in on global trade winds. Matching a capital-starved Shanghai manufacturer with a New York City financier requires an expert middleman, someone with Chinese-market savvy and an ability to bridge cultural divides. Here, TIME profiles an ?lite group we have dubbed China's Rainmakers: pioneering venture capitalists, investment bankers and other dealmakers who helped finance China's economic miracle...
Feng, 37, is a bit of an odd hybrid himself. He grew up in Shanghai, studying the traditional art of calligraphy, while his parents lived in Beijing, where his father served as a high-ranking communist cadre. After attending the prestigious Harbin Institute of Technology (he majored in "the automatic control of intercontinental missiles"), Feng moved to Canada, eventually earning a Ph.D. in math from the University of Toronto. His first business venture back in China, which made him a millionaire at 26, created joint ventures in gold and diamond mining and then sold them through a deal with multibillionaire...