Word: alongism
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Dates: during 2000-2009
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...Capital cushion: Thanks to the Troubled Asset Relief Program (TARP), Citigroup now has $151 billion in equity, up from $113 billion a year ago. Alas, it will have a $76 billion hit from bad loans. Along with a projected bottom-line loss of $3.5 billion, that drops the bank's capital to $70.5 billion...
...sure, Shangri-La is dealing with setbacks due to the credit crunch. In the Chinese gambling enclave of Macau, Shangri-La was scheduled to open two hotels along the city's nascent Cotai Strip this year, but casino operator Las Vegas Sands failed to raise the necessary funds and the entire project is on hold. In the U.S., a 223-room hotel in Chicago, due to open in 2011 in Waterview Tower, is also stalled due to the developer's financing difficulties...
...Europeans and North Americans abandon their paid subscriptions - newspaper circulation contracted by 1.84% and 2.14% respectively in 2006-07, according to WAN's most recent figures - Asia's grew by 4.74%. In India alone, 11.5 million new newspaper readers were added in 2008, and ad growth is chugging along at around 10% - less robust than over the past two years but still remarkably strong. "Many people can't enjoy their morning cup of tea without their newspaper," says Rahul Kansal, chief marketing officer for the Times of India, the world's most read English-language broadsheet and a major player...
...Paris Conn to Sonar: Ouch French and British authorities admitted on Feb. 16 that two nuclear submarines, Le Triomphant and H.M.S. Vanguard, collided in early February while deep in the Atlantic Ocean. Though neither vessel was damaged enough to leak radiation or sink along with their approximately 32 combined nuclear missiles, the incident raised concerns over the European neighbors' lack of naval coordination...
...families in the island nation have been untouched by the violence--more than 70,000 people have died since the war began--yet Sri Lanka has managed to preserve its stunning beaches and lush hills, as well as a cosmopolitan outlook dating back to its history as a stop along the Spice Route...