Fortune magazine has a new Thai owner:
Thai businessman Chatchaval Jiaravanon has acquired Fortune magazine for $150 million, in just the latest example of a U.S. business publication ending up in the hands of an East Asian buyer.
Be smart: The day might not be that far off when there are no major American-owned business publications at all. Even Business Insider is German.
Jiaravanon is a nephew of the famous billionaire and senior chairman of Thailand’s CP Group, Dhanin Chearavanont.
This continues a trend of Anglo-American media properties being sold off to Asian and European buyers. More from Axios:
The similar moves in the space:
Uzabase, a Japanese company, bought Quartz for about $100 million in July.
A mysterious Hong Kong-based group named Integrated Whale Media Investments bought control of Forbes magazine in 2014.
Lachlan Murdoch is openly wondering whether his father Rupert might sell the Wall Street Journal. Should that ever happen, don’t be surprised if that buyer, too, turns out to be East Asian.
I would add to that:
- The Financial Times was sold to Japan’s Nikkei in 2015.
- The Economist was sold to Italy’s Agnelli family, also in 2015.
- Science magazines Nature and Scientific American are owned by Germany’s Holtzbrinck.
- Book publishers Random House and Penguin – now combined as Penguin Random House – are subsidiaries of Germany’s Bertelsmann.
- While we’re at it: the largest shareholder of the New York Times is Mexican billionaire Carlos Slim.
It’s not necessarily clear that all of these publishers can maintain their intellectual independence under foreign ownership, especially given the very different attitudes towards press freedom in certain Asian countries. For example, I noted last year that Forbes – having been swallowed by Hong Kong’s Integrated Whale Media – apparently told the prominent China skeptic Gordon Chang they were severing their relationship with him and wiping out his archive of articles. (However, his articles are still available on the site, so I’m not sure what the deal is there.) And Fortune will have to tread very carefully in its coverage of a certain southeast Asian monarch from now on…
Axios describes the Russian president as “an enemy of the United States,” which is interesting because I wasn’t aware that Congress had declared war on the Russian Federation… and I doubt Axios would use such inflammatory and hysterical language to describe the president of China which, you may recall, has been accused of all sorts of damaging cyber espionage against the US, including stealing private information on tens of millions of government employees and other Americans.
Don’t mess with Florida: Trump reportedly read Putin the riot act over a campaign video illustrating nuclear missiles raining down on the state.
Russia to consider lifting a four-year-old ban on US adoptions. A good sign?
A lost, nearly complete Stanley Kubrick screenplay has been found, and it sounds sorta creepy.
An estimated 350 people have been killed in protests against Nicaraguan president Daniel Ortega since April. It’s curious how little media attention the events in America’s backyard tend to receive.
At least 42 people, all believed to be Chinese tourists, died when their ferry in Thailand capsized. The Thai defense minister alleged that the ferry was illegally operated by a Chinese firm, concluding that “The Chinese did it to the Chinese,” then later walked back his comments.
Some good news from Thailand:
The first four boys rescued from the Tham Luang cave ordeal are now in safe hands and are under medical care at a local hospital in Chiang Rai, rescue mission chief Narongsak Osotthanakorn said yesterday.
An ambulance transports one of the trapped boys from Chiang Rai airport to the Chiangrai Prachanukroh Hospital yesterday evening. He was airlifted from a field hospital near Tham Luang to the airport after being extracted from the cave.
Speaking at a briefing at 8.45pm last night, Mr Narongsak said the first three boys were airlifted by helicopter to Chiangrai Prachanukroh Hospital in Muang district after being extracted from the cave, and the fourth was taken by ambulance.
The first boy emerged from the cave at 5.40pm, followed by the second boy about 10 minutes later. The third and fourth boys later made it out at 7.40pm and 7.50pm respectively, Mr Narongsak told reporters.
“Today is the most perfect day. We’ve now seen the faces of members of the Wild Boar football team,’’ said Mr Narongsak, a Phayao governor who formerly served as the governor of Chiang Rai. “This is a great achievement.’’
However, the remaining eight boys and their 25-year-old football coach Ekkapol Chantawong remained at the ledge called Nern Nom Sao where they had been sheltering since June 23, he said.
After the four boys made it out safely, the rescue mission was called off temporarily because oxygen supplies were all used up, Mr Narongsak said. An assessment will be made in the next 10-20 hours before a decision is made about when to resume the rescue operation, he said.
About 90 rescuers were involved in the operation. Of them, 10 foreign divers escorted the four boys out of the flooded cave, three divers, also from foreign countries, were technicians, and five Thai Navy Seal members supporting the rescue bid, Mr Narongsak said.
America: what could have been
In which Abraham Lincoln declines a most generous offer from a country far, far away:
I appreciate most highly Your Majesty’s tender of good offices in forwarding to this Government a stock from which a supply of elephants might be raised on our own soil. This Government would not hesitate to avail itself of so generous an offer if the object were one which could be made practically useful in the present condition of the United States.
Our political jurisdiction, however, does not reach a latitude so low as to favor the multiplication of the elephant, and steam on land, as well as on water, has been our best and most efficient agent of transportation in internal commerce.
Reading about the Siamese kingdom of Ayutthaya, which reigned from 1351 to 1767, I was struck by a description of the feudal ranking system called “sakdina” that was put in place by King Trailok in the early 15th century. Here’s the Wiki summary:
Sakdina (Thai: ศักดินา) was a system of social hierarchy in use from the Ayutthaya to early Rattanakosin periods of Thai history. It assigned a numerical rank to each person depending on their status, and served to determine their precedence in society, and especially among the nobility. The numbers represented the number of rai of land a person was entitled to own—sakdina literally translates as “field prestige”—although there is no evidence that it was employed literally. The Three Seals Law, for example, specifies a sakdina of 100,000 for the Maha Uparat, 10,000 for the Chao Phraya Chakri, 600 for learned Buddhist monks, 20 for commoners and 5 for slaves.
China’s rulers may have learned something from Thai history, because they are now rolling out a dynamic, interactive, socially networked sakdina system for their own people. It is called the social credit system.
Whether it can successfully keep 1.4 billion people in line, in an advanced, high-tech and globally connected society, remains to be seen.
Khaosan Road in Bangkok, aka the “center of the backpacking universe” — actually a quarter of a mile long, though it feels longer — is a fun place to visit, if you enjoy being surrounded by approximately 2 trillion people in a loud, confined space.
A similarly pleasant experience can be had at a Chinese train station during the holiday travel rush, though unfortunately without the tattoo parlors and street hawkers offering you delicious fried scorpions.
Personally, I’d prefer to spend my time reclining:
Reclining Buddha at Wat Lokayasutharam (Phra Noon), Ayutthaya
Contemplating the Temporality of things:
Wat Yai Chai Mongkhon (the Great Monastery of Auspicious Victory), Ayutthaya
Or riding a clickety-clackety old train between Bangkok and the ancient capital of Ayutthaya:
What do you do if you’re working a crane in Bangkok and your dinner is on the ground, 13 stories below? The question answers itself:
I am apartment-hunting. The landlord of the place I’m looking at points to a sign in the lobby of the building.
Landlord: This building also has a shuttle bus, it can take you to the BTS [elevated metro system], only 15 minutes.
Me: It takes 15 minutes to get to the BTS?
Landlord: Yes, very convenient.
Me: But the nearest BTS station is a 5-minute walk from here.
Landlord (laughs): You know, Thai people don’t like walking.
Me: You don’t say.
October 5th was the last day mourners in Thailand were able to pay respects to the late king’s royal urn. The royal cremation ceremony will be held on October 26th. From SCMP:
The funeral of Thailand’s late King Bhumibol Adulyadej, who was known as Rama IX, will take place over five days in October with hundreds of thousands of mourners expected to attend.
For many Thais it will be their first experience of a royal funeral of a monarch. King Bhumibol ruled Thailand for more than seven decades and was widely regarded as the nation’s moral compass during decades of on-off political unrest.
King Bhumibol, 88, died on October 13, 2016. The country has been in an official year of mourning since then with many Thais choosing to wear black.