Hello from Tokyo. Reading biographies of business leaders can be incredibly enlightening, especially when they lead eventful lives. I hope you enjoy our My Personal History series about private equity pioneer Henry Kravis, co-founder and executive chairman of KKR, as much as I do. In today's installment, he discusses the firm's famous RJR Nabisco deal, which he explains was an “unpleasant byproduct.”
It was written in 2014 by Indian business magnate Ratan Tata, who recently died at the age of 86, for Nikkei's long-running autobiographical series. Unfortunately, these stories are no longer available online, but I found them in old newspaper archives and noted with great interest how his life, both personal and business, was closely intertwined with the development of the Indian economy.
While reading the series, I was fascinated to learn that the Tata Group, founded in 1868, the first year of Japan's Meiji era, has deep historical ties to Japan. Tata's founder, Ratan's great-grandfather, known as the father of Indian industry, met Eiichi Shibusawa, the father of Japanese capitalism (and now featured on Japan's 10,000 yen note), in 1893 to establish the first regular shipping routes between the two countries. .
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We have some great stories for you this week. Here are my top picks.
My suggested readings
1. Over the past five years, Malaysia's ZUS Coffee has grown from nothing to a profitable business with over 600 outlets in two countries and significant expansion ambitions. What has helped the startup succeed is its use of technology to reach the aspirations of millennials and Gen Z.
2. As the head of the world's most important chipmaker, ASML CEO Christophe Fouquet has a unique insight into the global semiconductor industry. In this exclusive interview with Nikkei Asia, he explains why Asia will remain the center of chip manufacturing for years to come, despite efforts by Western governments to focus on onshore production of these critical components.
3. China is now moving into the satellite internet game, dominated by Elon Musk's Starlink. Seeing the economic and security importance of experts, as well as the potential for Beijing to export its restrictive online governance model, the country has embarked on a mission to launch constellations of tens of thousands of satellites. Chinese engineers are still working to acquire SpaceX's reusable rocket technology, but observers believe it's only a matter of time.
4. Global investors are showing increased interest in Asian bonds and believe that the US Federal Reserve's first interest rate cut in four years will allow regional central banks to follow suit. The easing trend has helped domestic companies in the region issue more bonds and encouraged investors to take risks and pour money into higher-yielding assets.
5. Massive development projects are changing the long-established character of Tokyo's various neighborhoods by replacing independent businesses with chain stores, luxury boutiques and standardized eateries. Writer Melinda Joe wonders if we are witnessing the evolution of the city or the erosion of its essence.
This week's best photo selection: On October 1, 23 schoolchildren and teachers died when a bus caught fire during a field trip on the outskirts of Bangkok. It is believed that the car with 45 people inside caught fire due to gas leak. (Photo by Reuters)
Check out more of our photos here.
I wish you a wonderful weekend!
Shin Nakayama
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