Word: bmw
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...egregious incarnation arrived a few weeks before spring break. Carorder.com, a start-up based in Austin, Texas, began running ads in The Crimson looking to hire Harvard students. They sought students for both technical and business positions. The terms? $400,000 dollars over two years, plus a brand new BMW. The first thing I did upon seeing this advertisement was to send off a rsum. The second was to shake my head in hopeless bewilderment...
...Johns Hopkins researchers believe saliva tests could detect this 2. "Editorially speaking," in cyber-shorthand 3. Gore's gang, for short 4. BMW is selling this English subsidiary 5. Warts and all 6. Cpl. or sgt. 7. Bond portrayer Timothy 8. It apologized for having insured the lives of slaves 9. Conger, for one 11. Viviana __, winner of 39-Across's Science Talent Search Competition 12. Name on Prizms, once 14. Within earshot 17. Its House has okayed civil unions for gays 20. Star in the constellation Orion 22. Native of Brno 24. Word on either side...
...BMW's strategy focuses on advance sales and tax breaks. Customs duties make up 60% of the price of imported BMWs in Russia, but Kaliningrad, a free-trade zone, grants importers immunity from imposts. Atop that, BMW's Russian partner is assembling the cars cheaply--the top pay for its workers is only about $200 a month. The Kaliningrad BMWs, deluxe Series 5 models, will sell at upwards of $40,000, a price only Russia's richest can afford. The joint venture already has on its books a big order, however--from the Kremlin. The administration of new acting President...
Companies like BMW that are willing to take a big plunge into Russia's uncertainties are still rare enough to win admiration from Moscow's financial experts, who have a good understanding of the tough local business climate. "Yeltsin's retirement is certainly good news, but Russia still lacks good corporate governance and a viable legal infrastructure," says Bill Browder, founder and head of the Hermitage Fund, which has been one of the leading players in the Russian market. Since August 1998, when the country suddenly devalued the ruble and defaulted on $40 billion in foreign debt, notes Browder, "Russia...
...BMW shows, hurdles are there to be leaped. Along with the German automaker last year, Ikea, Nestle, Caterpillar, Lucent Technologies, Ford Motor Co., Gillette and Philip Morris quietly added to their investments--nearly all built production plants with local partners, pouring more than half a billion dollars in direct foreign investment into Russia. In all cases, investors have developed a range of protection plans to help ensure that they prosper, even if that word is somewhat loosely defined...