Word: abn
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...informality that envelops the diamond trade?there are often no written contracts, many transactions occur in cash, and stones worth millions of dollars are transported with virtually no security. "It's an industry built on trust," says Biju Patnaik, a Bombay-based diamond-industry expert at Dutch bank ABN AMRO. The Palanpuris have also ventured over-seas, setting up small family-run polishing centers in Antwerp and Tel Aviv, and slowly elbowing into the U.S. as diamond sellers. In Manhattan's midtown diamond district, Palanpuri businessmen sitting beneath portraits of their saint, Mahavira, now run shops side by side with...
...player, Cingular (which upped its bid last week), Vodafone would be buying a firm that's losing market share. The bid deadline was Friday, but no one would confirm a Vodafone offer; some say AT&T's 22 million customers come at too high a price. ABN Amro analyst Jamie Mariani calls the merger idea "nonsense,'' arguing that the $35 billion price tag, plus $8 billion in AT&T debt, would obliterate any benefits. And to make a deal Vodafone would have to wriggle out of its noncompete accord with Verizon, the U.S. leader, by agreeing to dump...
...sales in the U.S. Though domestic sales for Indian drugmakers as a whole are growing at less than 10% a year, their exports soared by 20% last year. "Even the small and midsize companies are looking to go into the U.S.," says Giridhar Iyengar, a pharmaceutical analyst at ABN AMRO. Thanks to their successes in America, Iyengar thinks profits of Indian drugmakers might grow by up to 30% over the next few years...
...acting more like a hunchback these days, slumping ever lower last week as it pushed the euro to a fresh three-year high of $1.067. Nervous about an Iraq war and hedging their bets against the struggling U.S. stock market and economy, even normally bullish strategists at Citibank and ABN AMRO are losing faith, saying the dollar may fall to $1.09 against the euro in coming months. To Europeans that may sound great: after all, it makes American goods cheaper, and who couldn't use a shopping run to New York City? But the euro's super-power could carry...
...strawberry jam. Consider Dunkin' Donuts, owned by the British beverage company Allied Domecq. It doesn't release separate figures for its European shops, but they're not considered a success. "I'd be amazed if Dunkin' Donuts makes any money at all in Europe," says Andrew Holland, an ABN AMRO analyst in London. Indeed, Dunkin' Donuts closed its last U.K. outlet earlier this year. But the quality of Krispy Kreme's doughnuts is its biggest selling point. Even supposedly objective analysts gush when they talk about eating them. "It really is a cheap delight," says Wolf. That's why free...