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...house soon, an exasperated Japanese electorate could hand the DPJ enough seats in a general election to take control of the Diet and choose a new Prime Minister. Aso may not survive as the nation's chief long enough to suffer that humiliation, though. "There's no optimistic short-term scenario for Japan," says Gerald Curtis, professor of political science at Columbia University. Aso "is going to have to quit...
...prospects for Asia, and particularly for China, where Shangri-La already has 27 hotels including entries in up-and-coming cities like Wuhan and Dalian, where business has been holding up better than in major metropolitan areas like Beijing and Shanghai. "We do still see medium- to long-term opportunities for growth for all the areas we are getting into," Rao says. "We are in this for the long haul...
...Caracas CHAVEZ WITHOUT LIMITS Venezuelan voters passed a referendum to remove presidential term limits, allowing President Hugo Chávez to seek re-election indefinitely. The constitutional amendment, supported by 54% of voters (including these Chávez supporters, above), comes more than a year after the leftist leader's first attempt was shot down. Chávez says the measure was necessary to continue his socialist reforms; critics say it has brought the country closer to dictatorship...
...signed into law on Feb. 17 sharply restricts bonuses for the 25 highest-paid employees of any company that has taken bailout money. While Wall Street is unhappy about these measures, its bosses agree (publicly, at least) that they must do a better job of linking pay to long-term profitability rather than short-term jackpots...
None of this gets to the core of the issue. What distinguished Wall Street pay in recent years was less its short-term nature (even before the crisis, a large chunk of bonuses was paid in restricted stock that couldn't be cashed in for years) than its staggering generosity. This remunerative largesse extended far beyond the top five or even top 25 executives at big firms. Shortly before its merger with Bank of America at the beginning of this year, Merrill Lynch paid bonuses of at least $1 million to 700 employees--after the firm's worst year ever...