Word: banking
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...Taring Padi's artists have been asked to hold an exhibition at the National Gallery in Jakarta and to show alongside the paintings of the great Indonesian artist Sudjojono at a retrospective of his work in Singapore in May. The World Bank has commissioned them to produce works for poverty-alleviation and anticorruption campaigns starting later this year. The group is even making hesitant steps in the direction of merchandizing, setting up a shop near its old squat (they used to live in a derelict building on the campus of Yogyakarta's Indonesian Institute of the Arts, known after...
...many ways, London has become the world's leading financial center. With finance a global growth industry, this is a great strength to have. But it is a uniquely mobile industry, and one in which reputation is particularly important. So the still unresolved failure of the U.K. mortgage bank, Northern Rock, is more damaging for Britain than a similar disaster would be for any other country...
...Bank failures are bound to happen from time to time. But unlike failures in other industries, a high-profile bank failure can lead to a loss of confidence throughout the banking system, with potentially devastating consequences for the rest of the economy. For this reason, central banks must stand ready, in the case of a potential systemic risk of this kind, to step in as lender of last resort to shore up the failed bank until the crisis can be resolved. In return, banks have to submit to a degree of official supervision unknown to other businesses in a market...
...unfortunate, to say the least, that one of the first actions of Britain's present Prime Minister, Gordon Brown, when he became Chancellor of the Exchequer in 1997, was to remove the task of bank supervision from the Bank of England and entrust it to the agency responsible for the regulation of U.K. financial markets - perhaps under the erroneous belief that financial regulation and bank supervision were much the same thing. In fact, they are fundamentally different. In any event, although Northern Rock was pursuing a conspicuously high-risk business strategy, which enabled it to increase its share...
More than four decades later, affection has finally blossomed into something you can take to the bank. Lockheed Martin announced this week that it will supply six Super Hercules C130-Js to India in a deal worth $1 billion - a breakthrough that the U.S. hopes will open a floodgate of orders for its military hardware. During the Cold War, India relied on the Soviet Union for most of its arms, and Russia is still India's biggest supplier. Now U.S. companies want to cash in on closer political and strategic ties between America and India and grab a much bigger...