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...economy so tightly linked that problems in the U.S. real estate market can help bring down Icelandic banks and Asian manufacturers, AIG sits at some of the critical switch points. Its failure, so the fear goes, would set off chains of others, rattling around the globe in short order. Although some critics say the fear is overblown and the world economy could absorb the blow, no one seems particularly keen on testing that approach...
...Although a CDS is, in its simplest form, an insurance policy, AIG was selling something far more exotic. Say you buy a house and insure it. The insurer doesn't offer the same policy on your house to everyone else in the neighborhood; if it did and your house went up in flames, the insurer could get wiped out. In its CDS contracts, though, AIG wrote multiple insurance policies covering the same underlying package of increasingly toxic assets. In essence, it was underwriting systemic risk. This is the opposite of what insurance companies are supposed to do: diversify risk across...
TIME Warner (TWX) may not be planning to buy CBS (CBS), although it would make some sense. If a deal like that was on TIME Warner's mind, CBS has gotten 29% more expensive in the last five days. If Exxon Mobil (XOM) wants to buy Chevron (CVX), the price is up 9% in five days...
...Programs like Shakti, which successfully mix philanthropy with the bottom line, may show the way forward for companies trying to preserve their CSR programs in the rocky economic climate. Although companies are loath to admit that they are cutting their spending on social programs, nonprofit organizations tell TIME that since the recession hit, several have canceled commitments to help fund projects. "We have had three or four partners pull out since October or November, after we had every expectation of the money," says the head of a small organization in London that runs youth programs in eight countries, mostly...
...Saudi Arabia, the most rigid Muslim state, the soft revolution is transforming public discourse. Consider Ahmad al-Shugairi, who worked in his family business until a friend recruited him in 2002 for a television program called Yallah Shabab (Hey, Young People). Al-Shugairi ended up as the host. Although he never had formal religious training, al-Shugairi quickly became one of the most popular TV preachers, broadcast by satellite to an audience across the Middle East and watched on YouTube. "The show explained that you could be a good Muslim and yet enjoy life," says Kaswara al-Khatib, a former...