China Plays Second-Billionaire-Fiddle
The United States has dominated the Forbes Billionaires List ever since the list premiered. The US still does, with 403 of the world’s 1,011 billionaires calling the United States home. China, though, has moved into second–with 64 billionaires living in China-proper and 25 more in Hong Kong, which is Chinese property but mostly governs itself.
On Forbes’ list of billionaires there are a total of 97 new additions – and 27 of those are from mainland China.
They include people such as Li Shufu, who is chairman of Geely, a car-maker that is currently poised to buy Sweden’s Volvo.
The richest man in China, Zong Qinghou, runs a multi-billion-dollar firm, the Wahaha Group, that makes soft drinks.
In an interview with Forbes, he hinted at why his firm has become so successful.
“We’re not afraid of competition. To meet competition, however, you have to continuously innovate,” he said.
If China can continue to add that many people to the list each year, and maintain that attitude of competitiveness, they will soon be competing with the United States in raw numbers.
Floral Finances
One of the most popular holidays of the entire year, especially for lovers of all things flowery, is Valentine’s Day. February 14th is the biggest day for purchasing flowers, chocolates, and cards each year. I found a particularly interesting article concerning the floral business.
That’s pretty much business as usual for one of the busiest days on the floral calendar, along with many other aspects of their businesses this year. Sure some customers are buying differently this year thanks in large part to the economy, but they’re still buying.
Apparently the flowers tend to skew less expensive in an economy such as this one, but this is to be expected. Later on the article one of the floral shop owners comments that they expect less roses ordered, and more spring-oriented flowers. This makes a great deal of sense–as the economy has gone down, so has the ability to purchase luxury items like floral arrangements.
Yen Beats Dollar
For a number of years the dollar has been in decline, but that has never been more obvious than it was today when it was announced that the dollar had hit a 14-year low against China’s Yen. This came on a day when the Nikkei, one of Japan’s stock market compilations–similar to Dow Jones, continued to decline. Canon, Toyota, and Asahi Glass Co. all plummeted Thursday, each of them has a direct effect on the United States because of their shares of their respective markets. Apparently some of the reason for the Nikkei’s declining value is the fear that Prime Minister Yukio Hatoyama will fail to right the ship of the economy.
However, the lessons that Americans should take from this news is that the dollar is not as strong as we are often told.
The dollar depreciated to as low as 86.30 against the yen today, a level not seen since July 1995. A weaker dollar reduces the value of overseas sales at Japanese companies when converted into their home currency.
Read more here.
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