Word: shanghaies
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...ferocity of the downturn under way, and the downward pressure it is putting on prices, cannot be underestimated, argues Shanghai-based independent economist Andy Xie. "The world doesn't need to just throw the kitchen sink at this to avoid a disastrous deflation, it needs to throw the bathroom sink, and the garage sink, and any other sink it can find." And it needs to hurry...
Retail sales are also softening. Raphael le Masne, executive chairman of Shanghai Tang, says that the high-end fashion retailer began to experience modest declines in sales from early October, especially due to fewer high-spending tourists and travelers in the city. On some days in November, Shanghai Tang's boutiques in the ritzy Central district generated half the sales they had one year ago. "Things are deteriorating by the day," le Masne says...
...month earlier and half a world away, a team of quality-control specialists from Baxter International, the big multinational health-care company (2007 sales: $11.26 billion) based in Deerfield, Ill., arrived in Zhejiang province, China, about two hours by car from Shanghai, to inspect a facility owned by one of its key suppliers. CZ-SPL is a joint venture controlled by Scientific Protein Laboratories LLC (SPL), a Waunakee, Wis., company started in 1976 by Oscar Meyer, of hot-dog fame. (The connection: pigs naturally produce proteins used in pharmaceuticals.) CZ-SPL makes a key ingredient, what in the pharmaceutical business...
...jarring to see where a drug like heparin begins. Liu Jing, a cheerful 36-year-old, is stomping around in pig poop and mud in knee-high boots. He is a farmer in Jiangsu province, north of Shanghai, where providing the raw ingredients for heparin is a big business. Liu's farm produces a key source of heparin: pig intestines. (Heparin is derived from the mucous membranes in the intestines.) Nearly half the world's pigs are in China, so companies like SPL have set up shop. In SPL's case, it first began buying raw heparin in 1996, established...
...Lanvin. “Their stuff is really original while still being marketable,” he says. An internship in the buying department of fashion label Gucci proved unrewarding because it didn’t allow Parent to exercise his artistic inclinations, but he enjoyed his work in Shanghai with designer Lu Kun. As a result, Parent has one condition for his future career: “I need it to be creative...