Word: assets
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...that have been building from its failed "sterilization" tactics?the inability of China to issue enough domestic debt to offset the massive purchases of U.S. Treasuries required by the now abandoned dollar peg. This was leading to excess money and credit creation?underscoring the mounting risks of inflation and asset bubbles. China's coastal property bubble was a manifestation of this risk, which Beijing could no longer afford to ignore. A "managed float" provides China with greater discretion on the sterilization front, thereby tempering the excesses of its domestic financial system...
...gained a host of new advantages, including a new posse (a pack of “dementors”: creatures who suck souls out of the living, have abandoned their jobs as prison guards, and now roll on the dark side). And, as always, Voldemort has that most critical asset: wicked smart magic skills...
...wrote them off. In June, Arroyo's administration pushed through Congress a fiscal restructuring package to help avoid an Argentine-style financial crisis. But the cornerstone of that package?an expanded value-added tax?has been suspended by the Supreme Court. Increasingly, Arroyo is no longer seen as an asset but a liability. "We were on the verge of a major boom," says Joey Salceda, a Congressman who helped devise the economic plan. "That's gone...
...performance has been extraordinary. In a difficult environment our market cap has grown by five- or sixfold. We have greater than 50% pretax margins. We've got a pristine balance sheet. We are 25% of the active-trader market in the U.S. We're a very, very attractive asset...
Light, an expert in institutional asset management and the entrepreneurial management of technology companies, is also a director of Harvard Management Corporation and serves on the board of several corporations...