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...foreign debt for banks through mid-2009 in a bid to maintain the economy's access to foreign-currency borrowing. Shortly afterward, the Bank of Korea finalized a currency-swap agreement with the Federal Reserve to ensure a supply of dollars for the economy, which gave a big boost to confidence. In early November, the Finance Ministry announced an $11 billion stimulus package that included tax breaks and new infrastructure spending. The moves have recently brought some stability to stock and currency markets and eased foreign financing for South Korean banks. "I think we did the right things," says...
...Nooyi, though, is hardly done investing in developing markets. Pepsi announced in September that it would spend $500 million in India over three years to triple its business there. And a month later, Pepsi unveiled plans to invest $1 billion over the next four years to boost production in China as well. "China represents a lot of thirsty individuals," says Jim Gregory, CEO of branding agency CoreBrand. "The opportunity is especially strong when the locally produced products like milk have such terrible quality-control issues. The Chinese will be flocking to American beverage brands for our quality standards alone." They...
...weekend in Los Angeles and other Golden State cities, and legal challenges are already asking the California Supreme Court to overturn the Nov. 4 statewide vote on Proposition 8 that made same-sex marriage in California not only illegal but unconstitutional. On Sunday, gay-marriage supporters got an unexpected boost from Republican governor Arnold Schwarzenegger. The term-limited governor had always opposed the amendment but had not campaigned against it or come out in support of gay marriage. "They should never give up," he said on CNN, referring to proponents of gay marriage. "They should...
...infrastructure, water, electricity, transportation, the environment, technological innovation and rebuilding from several disasters, most notably the May 12 earthquake." While the details of exactly when and where the money will be spent were not revealed, Sunday's announcement did make it clear that the government not only aims to boost its spending on infrastructure and projects but also seeks to get notoriously savings-obsessed Chinese consumers - who boast the highest household-savings rate in the world - to do more spending of their own. The package proposes to do this by, among other things, cutting taxes and abolishing existing limits...
Arkady Gaydamak, the enigmatic Israeli-Russian billionaire, thought he had his campaign for mayor of Jerusalem all gamed out. He was hoping that a win by his Beitar football team last week would boost his chances in the Nov. 11 vote. Indeed, Beitar started strong against rivals Ha'poel from Tel Aviv. Twice, his players sprinted up field, shaking off defenders to take cannonball shots at the goal, but twice the ball struck the crossbar. Beitar was scoreless. Then, in the last six minutes of the game, Ha'poel drilled in two goals. The Jerusalem fans left in a foul...