Hello from Tokyo. Reading the autobiographies of business leaders can be incredibly enlightening, especially when they've led eventful lives. I hope you're enjoying our My Personal History series on private-equity pioneer Henry Kravis, co-founder and co-executive chairman of KKR, as much as I am. In today's installment, he discusses the firm's famous RJR Nabisco deal, which he explains had "an unpleasant by-product."
It was in 2014 when Indian business tycoon Ratan Tata, who recently passed away at the age of 86, wrote for Nikkei's long-running autobiographical series. While those stories unfortunately are no longer available online, I found them in old newspaper archives and noted with great interest how the arc of his life, both in private and business circles, was closely tied to 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 with Japan. Tata's founder, Ratan's great-grandfather, known as the father of Indian industry, met with 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.
We have a lot of great stories for you this week. Here are my top picks.
My suggested reads
1. Over the past five years, Malaysia's ZUS Coffee has grown from nothing to a profitable enterprise with more than 600 outlets in two countries and ambitions to expand significantly. Helping drive the startup's success is its use of technology to tap into the aspirations of millennials and Gen Z.
2. As head of the world's most important maker of chipmaking machines, 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 production for years to come, despite efforts by Western governments to onshore manufacturing of these vital components.
3. China is nudging its way into the satellite internet game currently dominated by Elon Musk's Starlink. The country has embarked on a mission to launch constellations of tens of thousands of satellites, with experts seeing economic and security significance as well as the potential for Beijing to export its restrictive model of online governance. Chinese engineers are still working to catch up with SpaceX's reusable rocket technology, but observers believe it is just a matter of time.
4. Global investors are showing a growing interest in Asian bonds, reckoning that the first U.S. Federal Reserve interest rate cut in four years would allow regional central banks to follow suit. The easing trend has helped domestic companies in the region to issue more bonds, and has encouraged investors to take risks and pour money into higher-yielding assets.
5. Massive development projects are altering the long-established character of Tokyo's diverse neighborhoods by replacing independent businesses with chain stores, luxury boutiques and standardized dining outlets. Writer Melinda Joe wonders if we are witnessing the city's evolution, or the erosion of its essence.
Through the lens
This week's top photo pick: Twenty-three schoolchildren and teachers died in a bus fire on the outskirts of Bangkok while on a field trip on Oct. 1. The vehicle, carrying 45, is believed to have caught fire due to a gas leak. (Photo by Reuters)
Check out more of our photo coverage here.
Wishing you a wonderful weekend!
Shin Nakayama
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