Daily Archives: October 29, 2012

Alan Beattie

Just a week till presidential election day, but still time for more dialogue of the deaf about offshoring. The latest iteration was kicked off by a Romney comment (and slightly less misleading ad) wrongly suggesting that Jeep, owned by Chrysler, was moving production to China. (In fact Chrysler is restoring capacity there to service the Chinese market.) The Obama campaign has just released its response, and so another bout of breast-beating economic nationalism gets under way.

More sympathy might be due to the Obama campaign if it didn’t itself routinely equate foreign investment with sending jobs overseas, particularly its ill-advised attacks on the idea that a territorial corporation tax system would reward US companies for offshoring employment. As informed opinion on the subject routinely points out, the overall evidence is that foreign investment is a complement rather than a substitute to domestic expansion. If you want the specifics, read thisRead more

Gideon Rachman

(MIKE CLARKE/AFP/Getty Images)

Over the weekend, my son and I walked up to the Peak in Hong Kong. We set off from the wrong point, which meant that that the walk took longer than it should have – and we kept getting cut off, by private roads.

On the other hand, our circuitous route gave us the chance to stare into the front rooms, back gardens and swimming pools of some of the priciest properties in the world. For example, this modest town-house on Severn Road would set you back about $30m (that’s US). If you really want, you could spend twice that on a mere apartment in the most luxurious blocks in Hong Kong.

The downside of the incredible prices being fetched for Hong Kong property is that finding somewhere to live is increasingly tough for people on normal incomes. Now the Hong Kong government, normally noted for its laissez-faire attitude, has acted. Over the weekend it imposed a 15% stamp duty on property purchases by non-residents. Estate agents are predicting a sharp drop-off in interest from buyers from mainland China, who have been driving up prices. Read more

John Paul Rathbone

If Barack Obama is re-elected on November 6, a large part of that will be down to the Latino vote. The big question for Mr Obama, then, is will enough Latinos be motivated to turn out on election day to boost his chances nationwide? Read more

The New York Times just ain’t what it used to be. It’s full of sensationalism, plagiarism and out-and-out fake news. Loyal readers are losing their faith.

Or so goes the verdict from that arbiter of fine journalism: the People’s Daily, mouthpiece of the Communist Party of China.

The People’s Daily made a crude attempt at a hatchet job on the New York Times in a lengthy opinion piece on its website on Monday. The immediate prompt was clearly the New York Times account published last Friday of how Premier Wen Jiabao’s family has accumulated “hidden riches” of about $2.7bn, though the People’s Daily refrained from mentioning that specific article.

Instead, it chose to rehash the New York Times’ two biggest reporting debacles of the past decade and various laments about how it has lost its way under the headline, “New York Times: Scandals multiply and reputation deteriorates”.

Apart from the obvious irony in the fact that the People’s Daily is trying to pass judgment about reporting standards, there is another, even more basic problem with its criticism of the Times: its words appear to have been almost entirely plagiarised.

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It may be a contest to become the most powerful human on the planet, but even the US presidential race has to bow to the might of nature sometimes. As Hurricane Sandy summoned up her powers to hammer the east coast of the US, organisers of the two campaigns hurriedly changed their plans and moved inland.

The weather is likely to have two effects, according to the US press, with practical concerns about travel and safety affecting both. But the campaign of President Barack Obama will be worse hit by a second factor, as the Wall Street Journal explains:

Today is the last day for in-person and mail-in voter registration in deadlocked New Hampshire, where the weather threatens to scuttle campaign stops planned by both camps next week. First lady Michelle Obama has canceled a Tuesday trip to the University of New Hampshire campus, which will be closed Monday and Tuesday in preparation for Sandy.

Mr. Obama’s campaign team is relying on banking votes during the early voting period in many states. Campaign aides are privately nervous about a potential disruption in early voting in Florida, North Carolina and Virginia.

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