Word: multibillion
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...bars in the 1990s and was ordered to stay away from computers for three additional years. The "Melissa" and "I Love You" viruses of the late 1990s and early 2000s drew widespread attention to expanding cyberthreats and jump-started the sale of virus- and worm-protection software, now a multibillion-dollar industry...
...those paid in Toyota's U.S. factories. When those givebacks are added to an earlier surrender of the notorious "jobs bank" - which paid laid-off autoworkers for doing nothing - clearly the UAW's once heavenly bed has lost much of its fluff. What remains is the VEBA, the multibillion-dollar trust fund designed to protect a key element of the membership's fabled retirement benefits - which the union refers to as deferred wages. As in the Chrysler deal, the UAW agreed to trade a chunk of the cash GM owed the VEBA for 17.5% equity in the company and other...
...same goes for the country's big banks as a group. This week's positive results, which had been anticipated by a monthlong rally in bank stocks, are certainly better than last year's multibillion-dollar losses. But bank earnings are extremely sensitive to assumptions about the future, and whether the banks are actually on the road to recovery will depend to a great extent on how the economy performs in the coming months. That said, there are a few dumbed-down lessons that can be taken from the earnings news thus...
...South Africa Zuma's Path to Power Cleared South African prosecutors have dropped corruption charges against African National Congress leader Jacob Zuma, ending an eight-year legal saga in which Zuma was accused of accepting bribes to impede an investigation into a multibillion-dollar arms deal. The decision to drop the charges comes just two weeks before the country's presidential election, clearing the way for a near certain victory for Zuma. Members of the Democratic Alliance, South Africa's main opposition party, are demanding a judicial review, accusing prosecutors of "buckling to political pressure." Zuma, who had long called...
...some Washington officials rejected the proposal as impractical, China's leaders have been taking steps to show just how nervous they are about a weaker dollar as the U.S. runs up massive deficits to shore up its crumbling economy and financial system. In the past two weeks, China signed multibillion-dollar currency-swap agreements with Indonesia and Argentina that effectively allow Beijing's two trading partners to bypass the dollar as a medium of exchange. The deals followed similar swaps China has hammered out over the past six months with Malaysia, Hong Kong and South Korea. The combined value...