When I travel internationally, I am generally struck by how different business reporting is outside the US.
There is usually no “International Section” or “World News” separate from the rest of the reporting in the way we often see in the US. In example, today’s Asia version of the WSJ includes stories ranging from changes in outlook in Singapore to the US debate over government powers. Companies are cited on the front page which do not even make the radar screen in our papers.
And yet, this trip I am also seeing similarities. There are stories about executive compensation (both current and severance), inappropriate corporate use of government bailout funds, re-examination of tax avoidance strategies and searches for assets to reimburse those impacted by fraud and malfeasance. But these stories are not about US companies. In fact, there are stories from France, Korea, Japan, the UK and on an on. Pick any of them and you could substitute familiar names like AIG, Bernard Madoff and not impact the integrity of the story at all.
And if you need more proof that we are an interconnected global society… here is the other big story today. Millions watched as Japan defeated South Korea 5-3 in a dramatic extra innings victory at the World Baseball Classic, played in Los Angeles. California.