Word: bankes
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...investors already wounded by the global economic crash, news of a potential pandemic came as a further blow. "As if we didn't have enough to contend with," strategists at the Royal Bank of Scotland wrote in a note to clients Monday, "it's just what we need now, a flu pandemic in the midst of the biggest financial crisis since the Great Depression." Amid the sell-off, travel industry stocks fell sharpest. Shares in Lufthansa, Europe's second-largest airline, tumbled by more than 12% before recovering slightly. Those of rival British Airways pulled back from similar lows, trading...
...would not be a good idea to take the $3 trillion in upcoming losses from the new "pandemic" to the bank...
...Citigroup (C) is the most shorted stock in America. As of April 15, the bank had a short interest of 1.237 billion shares. Its trading volume average of the prior two weeks was 532 million shares a day. Citi has an extraordinary 24% of its float sold short, a sign that a huge number of investors are willing to gamble against the share price. Citi's stock is subject to wild swings, in part because the short sellers in the company's shares have been "squeezed" more than once this year - forced to cover when the banks had good news...
...turn out to be from the swine flu virus itself - especially if it ends up being relatively mild - but what Osterholm calls "collateral damage" if governments respond to the emergency by instituting border controls and disrupting world trade. Not only would the global recession worsen - a 2008 World Bank report estimated that a severe pandemic could reduce the world's GDP by 4.8% - but we depend on international trade now for countless necessities, from generic medicines to surgical gloves. The just-in-time production systems embraced by companies like Wal-Mart - where inventories are kept as low as possible...
When Sophie, a financial analyst in Paris, learned that her bank would lay off 50 employees by this summer, she didn't react by mailing out résumés or trying to ingratiate herself with her managers - she scheduled arthroscopic knee surgery. "I'm doing it now because I won't be able to if I wait and lose my job," says the 27-year-old, who, fearing questions from her employer, spoke with TIME on condition of anonymity. By going under the knife ahead of her potential job loss, Sophie can use the firm's supplementary health...