Word: bonos
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...motorcade pulls up and Secret Service agents fan out, the children of Wamili, a village of mud and grass huts in the north of Ghana, break into song. The tribal chief welcomes Bono, leader of the rock band U2, and his traveling sidekick, Paul O'Neill, the buttoned-down U.S. Treasury secretary. Each is presented a traditional robes and a matching floppy hat. Bono's fits nicely. O'Neill's seems several sizes too small. The chief looks apologetically at the Treasury secretary and says, "I think one of you got a bigger one." To which Bono replies with...
...Like heroes in a buddy movie, opposites attract. Striding through Accra's sprawling Makalo market past mounds of fresh pineapple, peppers and salted fish, O'Neill wears black tassel loafers and gray slacks; Bono sports a rumpled safari shirt and his trademark blue wraparound sun glasses. O'Neill, the former head of Alcoa, interrogates vendors on the economics of their business, trying to figure out the impact more U.S. aid might have. Bono walks up to a merchant selling psychedelic tie-died textiles and asks, "Have you ever heard of Jerry Garcia? " When O'Neill's microphone goes awry...
CURRENCY RATES What Happened to the Strong Dollar? For some reason Paul O'Neill looks cooler when he's hanging out with Bono than when he's talking about monetary policy. But what the U.S. Treasury Secretary suggests about the dollar matters a lot, because it affects all those things - trade, aid, the economy - that his trip with Bono to Africa is about. As the dollar hit five-month lows against the yen and slouched to around 92? to the euro, it became clear that O'Neill had abandoned the Clinton Administration's strong-dollar policy to let the markets...
...quickly rebounded to gain 26%, but a fragile world economy may prevent such optimism this time around. B O T T O M L I N E S "Politics at a certain level is pop. You have to get your record on the radio for people to pay attention." ? Bono, U2 frontman, on his tour of Africa with U.S. Treasury Secretary Paul O'Neill "I've used the term breakthrough three times in my career. This is one of them." ? Larry Norton, doctor at the Memorial Sloan-Kettering Center, on Novartis' Gleevec "What are they going to attack next...
...believe your own rhetoric?” Bono wrote. “Are you ready to invest in the future? Are you ready to believe in the idea of equality...