Word: baumohl
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...compared with a $212 million profit for the same period last year; Hitachi lost $1.04 billion compared with a $204 million profit in the equivalent period last year. "These companies will bleed as long as demand at home and in Asia remains weak," says TIME senior business reporter Bernard Baumohl. And therein lies Japan's vicious cycle: The bursting of the country's banking and real estate bubble created a credit crunch throughout Asia, and the consequent financial turmoil shrank markets for Japanese products -- eating into the manufacturing sector that turned Japan into an economic superpower. The country's Nikkei...
...even banking reform can ease the pain at this point: "Even if Japan succeeds in revitalizing its banking system, it would take at least three years for the Japanese economy to restore the growth levels of the 1980s," says Baumohl. So when that Hitachi sound system gets cheaper at your local store, it's playing a depression tune...
...Quantum Emerging Market Growth fund and merge two other hedge funds in a move designed to change the tone of his Quantum group. "This is a sign that Soros plans to play it safe until the dust settles in the world economy," says TIME senior business reporter Bernard Baumohl. "He is consolidating his fund's investments under the control of Stanley Druckenmiller, who is a more cautious money manager." And Soros would have more cause than most to show caution -- his fund suffered a $2 billion hit in Russia alone this year, and his emerging-market fund was down...
...long-term implication of Quantum's restructuring may be the dimming of the billionaire financier's aura: "Soros was viewed with awe because he appeared to have the Midas touch," says Baumohl. "Now he seems distinctly mortal...
...Competition for business in the future is going to depend on how much confidence Japanese investors have in these companies," says TIME senior economics reporter Bernard Baumohl. "That means a comprehensive review of their strategies -- less risk, better decisions and more transparency." Baumohl says that Japanese banks are already losing spooked customers to U.S. outfits such as Citibank. The brokerage houses face similar defections. Maybe they'll be scared straight...