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China’s largest online publisher enchants investors and readers alike

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WeChat, we readWHENEVER Xu Jie goes to the cinema to watch mystery and detective films, she leaves disappointed: to help stamp out superstition, China’s censors excise ghosts and zombies from the screens. So for her fill of phantoms, she turns to the flourishing online-literature scene. There, authors are allowed to take liberties from which most of China’s state-owned publishing houses would recoil. Homophones stand in for forbidden words. Danmei, a new online class of homoerotic story, is especially popular among young women. Readers can choose from over 200 established genres such as xianxia, a fantasy world of deities and martial arts.The corporate prince of this virtual realm is China Literature, a spin-off from Tencent, a gaming and social-media giant. The four-year-old online publis

Plant-based “meat” is so tasty that Europe’s meat industry has to bite back

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CarroticideTHE “kapsalon” is a healthy mix of chips, melted Gouda cheese, shawarma, lettuce and garlic sauce and is a tried and tested hangover cure in the Netherlands. So naturally, a butcher’s shop on the Spui, in The Hague, put it on its takeaway menu, alongside burgers and sausage rolls. As two young women walk out, tucking into their steaming kapsalons, an elderly gentleman asks how to prepare the steak he has just bought. The scene would have most carnivores fooled. For this butcher deals only in meatless “meat”.“We want to become the biggest butcher in the world without ever slaughtering an animal,” says Jaap Korteweg, a ninth-generation farmer and founder of The Vegetarian Butcher. Since opening its first shop in The Hague in 2010 the company has been developing plant-based product

In the Trump era, big business is becoming more political

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AT THE start of Donald Trump’s presidency bosses rushed onto his business councils, hoping to influence policies in their favour. Their ardour has cooled. When Mr Trump banned travel from Muslim-majority countries, withdrew from the Paris agreement on climate change and equivocated on racist protesters in Charlottesville, to name but a few occasions, chief executives roared their protest.“Un-American,” declared Reed Hastings, Netflix’s chief executive, of the immigration ban. Sergey Brin, a co-founder of Google, told a reporter, “I am here because I am a refugee” as he joined protesters against the ban at San Francisco’s airport. “I feel a responsibility to take a stand against intolerance and extremism,” wrote Kenneth Frazier, boss of Merck, a pharma giant, after Charlottesville. “Isolate

Two more illustrious Japanese firms admit to falsifying quality data

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AKIO MORITA, co-founder of Sony, liked to recall his first trip to Germany in 1953, when a waiter stuck a small paper parasol in his ice-cream and sneered: “This is from your country.” Like many of his post-war compatriots, Mr Morita was ashamed that Japan was known for shoddy goods. The fierce drive to reverse that reputation resulted in the Deming Prize, a quality-control award named after an American business guru so revered in Japan that he received a medal from the emperor for contributing to its industrial rebirth. All that hard work is under threat.Toray Industries, a textiles and chemicals giant, is the latest pillar of corporate Japan to admit to quality problems. This week a subsidiary said it had faked inspections on reinforcement cords used to strengthen car tyres. Sadayuki Sak

A flattening yield curve argues against higher interest rates

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CENTRAL bankers may control short-term interest rates, but long-term ones are mostly free to wander. They do not always behave. When Alan Greenspan, then chairman of the Federal Reserve, was raising short rates in 2005, he described a simultaneous decline in long rates as a “conundrum”. His successor-to-be, Ben Bernanke, blamed foreign investments in American assets because of a “global saving glut”.Janet Yellen, today’s (outgoing) Fed chair, faces a similar puzzle. Ms Yellen’s Fed has raised rates twice this year, and will probably make it three times in December. In October the Fed began to reverse quantitative easing (QE), purchases of financial assets with newly created money. Despite all this monetary tightening, yields on ten-year Treasury bonds have fallen from around 2.5% at the st

What cheese can tell you about international barriers to trade

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Slicely does itBEN SKAILES, a British cheesemaker, is busy as Christmas ripens demand for his Stilton. Foreigners make up a third of demand for his dairy, Cropwell Bishop Creamery. This exporting achievement is not to be sniffed at when one considers the barriers to the cheese trade.Some are natural. Perishable food goes better with wine than long journeys. At least Mr Skailes’s Stilton can survive the three-week trip to America. (His is best eaten within 16 weeks.) Softer cheeses struggle, giving American producers an advantage.Other hurdles are man-made. Tariffs and quotas are supposed to support domestic dairy industries, and are more onerous than in other sectors. The European Union protects its dairy industry with a 34% average duty, compared with an overall average of 5%. In America

What if the unwashed masses got to vote on companies’ strategies?

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ANGLO-SAXON capitalism has had a bad decade. It is accused of stoking inequality and financial instability. A relentless pursuit of shareholder value has led big firms to act in ways that often seem to make the world a worse place. Aeroplane seats get smaller, energy firms pollute the air, multinationals outsource jobs and Silicon Valley firms avoid tax. Some people think that governments should exert more control over private enterprise. But what if the answer to a deficit of corporate legitimacy was to give shareholders even more—not less—power?That is the intriguing possibility raised by a new paper by Oliver Hart of Harvard University and Luigi Zingales of the University of Chicago. Their argument has two parts. First, the concept of shareholder capitalism should be expanded, so that f

India’s new bankruptcy code takes aim at delinquent tycoons

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A SMOOTH bankruptcy process is akin to reincarnation: a company at death’s door gets to shuffle off its old debts, often gain new owners, and start a new life. Might the idea catch on in India? A first wave of cadaverous firms are seeking rebirth under a bankruptcy code adopted in December 2016. In a hopeful development, tycoons once able to hold on to “their” businesses even as banks got stiffed seem likely to be forced to cede control.India badly needs a fresh approach to insolvent businesses. Its banks’ balance-sheets sag under 8.4trn rupees ($130bn) of loans that will probably not be repaid—over 10% of their outstanding loans. But foreclosure is fiddly: it currently takes over four years to process an insolvency, and recovery rates are a lousy 26%. Partly as a result, bankers have ofte

Unilever dodges the Brexit crossfire

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IN 1929 the Lever Brothers, a British soapmaker, merged with Margarine Unie, a Dutch margarine manufacturer, to form Unilever. The company has an annual turnover of over €50bn ($59bn), and a portfolio of brands that is recognisable worldwide, from its Flora spread to its Persil detergent. It has retained dual nationality for nearly 90 years, with holding companies and share listings in both Britain and the Netherlands.Now Unilever says that for the sake of its business, it needs to pick a side. But it is hesitating. On November 28th, ahead of its annual investor meeting, the board provided an update on an ongoing review of its corporate structure. Unifying the company’s share structure, it said, would offer “strategic flexibility” and be in the best interests of both the company and its sh

Germans get little in reward for booking their flights early

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HOW far in advance should you book a flight to get the best price? That is a question that many travellers agonise about. Yet people around the world do not respond in the same way to the incentives they are given.New data from Concur, a travel-software firm, compares flight-booking trends from five countries. Their researchers found that the penalty for booking at the last minute is by far the greatest in America. For domestic flights in America, tickets booked fewer than eight days in advance of travel tended to cost 39% more last year than those purchased at least 15 days ahead of time. The equivalent figure for France was 27%, 19% for Canada and 16% for Germany. In Britain (where there are comparatively few domestic flights), waiting to buy a ticket until the final eight days actually ...