Word: cashed
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...reeling under the weight of its own sub-prime damage, announced a $9.8 billion loss for the fourth quarter of 2007, forcing it to seek $12.5 billion in new capital from investors including sovereign wealth funds run by Kuwait and Singapore. Merrill Lynch was also combing the world for cash in the face of yet another write-down, expected to be $15 billion...
...what they spend would feed through, compared to a middle-class person." The tabloid headlines scream out FAT CATS GETTING FATTER, but some argue that their contribution to the local economy doesn't matter, saying that the most valuable thing the global rich bring to Britain isn't their cash. Tony Travers, head of the Greater London Group at the London School of Economics, says that visible groups of powerful people from other countries living and working in London is a priceless form of "soft diplomacy," advertising Britain as the place to be for the world's best and brightest...
...Hong Kong facilitate their key industry. If the 19th century was the age of empire and the 20th one of war, so the 21st century, to date, is an age of finance. It is the banks and investment houses, the mutual funds and money managers, taking in their clients' cash and spreading it around the world, who have made today's global economy what it is. In Victorian times, London alone could fulfill this function. (The city funded enterprises all over the world, including much of the industrial development of the U.S. after the Civil...
...country's trade surplus with the rest of the world has been rising at an alarming pace, growing nearly 50% to a record $262 billion last year (although the trade gap narrowed in the final three months of 2007). Because many Chinese companies are awash with cash, traditional policies aimed at slowing investment growth, such as raising interest rates, seem to have lost much of their effectiveness...
...Internet prices are new users who figure if it's getting more expensive, they can keep doing without it," Mandela says. But with annual French internet access increasing by nearly 14% per year - and by more than 22% for fast connections - Sarkozy may be banking on something his fellow cash-strapped leaders may also get hip to: internet access just isn't optional for most people any more. "These days, there just aren't many people who could respond to higher Internet prices by saying, 'Forget it, I'll just do without the net from now on,'" Mandela says...