Quotes of the Day
A Renewed Migration from Mexico
One of America's favorite imports from Mexico is butterflies, especially the 300 million to 400 million monarchs that each spring and summer flutter across much of the U.S. and as far north as Canada in search of cooler weather. This year's migration is especially sweet. A devastating cold snap in January 2002 was estimated to have killed 75% of the monarchs that winter in the Transvolcanic Mountains of central Mexico, about 90 miles west of Mexico City, where they have inspired a growing tourism business. Lepidopterists had been worried that the butterfly population wouldn't bounce back, but it has — and gloriously so. Monarchs have shown up in Texas and the Southeast. They should reach the Midwest and the Mid-Atlantic in late April, and the Northeast and Canada in May. To track the migration, go to learner.org/jnorth or monarchwatch.org. The butterflies' next big challenge will come when they return to central Mexico, where logging — which provides more jobs than ecotourism — is encroaching on the sites where they spend the winter.
HIRING ABROAD
Now, About That Arrest In Paris ...
As employers increasingly recruit talent from around the world, how can they know whether the resumes they get are legit? Kroll, the global risk consultancy, has introduced a worldwide background-checking service to verify job candidates' education, employment, references and, in some cases, credit and criminal records. Kroll conducts its research from offices in 66 cities, from Moscow to Sao Paulo to Hong Kong. During a trial run in Britain, Kroll checked the backgrounds of 1,400 job candidates from 37 countries and found that 80% of job seekers had glossed over or failed to mention negatives like dismissal or academic failure. Other Kroll programs have turned up some doozies, such as an accountant who lied about having worked at a firm in South Africa — to cover for the nine months she had spent in prison for fraud. The price per search starts at about $100.
INNOVATION
The Contact Solution
Fix your vision while you sleep. That's the promise of a new contact lens made by Paragon Vision Sciences of Mesa, Ariz. The firm's Corneal Refractive Therapy lens is worn overnight to flatten the top layer of the cornea. In the morning the contact comes out, and the wearer has normal vision for one to three days, until the cornea gradually reverts to its normal shape. Similar contacts have been around for decades, but these are the first approved by the FDA for wear during sleep. They are especially attractive to athletes and those who find daytime lenses uncomfortable. A fitting and a pair of lenses may cost more than $1,000, vs. about $300 for standard contacts. Sales since August 2002 have been about $1.5 million and are growing 25% a month, according to Paragon, which is talking to potential distribution partners in Asia and Europe.
CEO COMP
Win or Go Payless?
Remember when "CEO pay cut" was a contradiction in terms? Suddenly, with proxy-filing season upon us, it's a trend. Even Texas Tech basketball coach Bob Knight, disappointed with his team's 16-11 regular-season record, is refusing this year's $250,000 base salary (while keeping $650,000 in outside and deferred compensation). Such hip fakes are fairly common: a survey by Mercer Human Resource Consulting shows that when firms cut executives' salaries and bonuses, they often boost long-range incentives like stock options. Here's a sampling of who's not getting what (2001 vs. 2002):
CEO Company Pay Cut*
Kenneth Chenault
American Express
From $27.9 million to $20.9 million. His firm's stock has been stuck
John Browne
British Petroleum
From $9 million to $6.1 million. Profits were down 25% in 2002
Stanley O'Neal
Merrill Lynch
From $21.7 million to $14.3 million. The stock fell 27% in 2002
Sidney Taurel
Eli Lilly
From $4.3 million to $203,640. First drop in sales since 1960
Sanford Weill
Citigroup
From $30.3 million to $8.9 million. Citi stock fell 30% in 2002
*Salary, bonus, restricted stock, present value of options and various other compensation
Moon Shoes For Joggers
Sure, they look a bit like platform shoes — without the psychedelic colors. But who knew such funky-looking footwear could feel so nice? Nike's newest $150 running shoe, the Shox TL, just hit stores worldwide and contains 11 polyurethane columns from heel to toe, providing the runner with ample cushioning. On downhill runs the columns act as brakes, so a jogger doesn't feel like a runaway caboose. Some heavyweight runners say they don't feel as fatigued after using the Shox. But other users — especially smaller ones — find this is a lot of sneaker to lug, particularly on distance runs. How about a lighter-weight version, with more ventilation?
EXECUTIVE SUMMARY
The Expat Experience
A House Somewhere: Tales of Life Abroad takes the romance of travel a step further and explores what happens when wanderers settle down in foreign lands. The anthology, edited by Don George and Anthony Sattin, includes some of the best travel writing of the past 20 years, with excerpts from Paul Theroux's Sunrise with Seamonsters and TIME contributor Pico Iyer's The Global Soul. Also included, alas, are too many grating accounts of yuppies slumming in old country houses or despairing of finding a decent plumber in Tuscany. But other stories strike a humbler chord, as when Karl Taro Greenfeld (editor of TIME Asia) reveals the pain of a resident outsider. The collection vividly displays the disparate experiences of expatriate life but also celebrates the universal moment when a house somewhere becomes a home. --By Aryn Baker
- Barbara Kiviat; Sean Gregory; Aryn Baker