Word: buyer
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...credit default swap is an insurance policy on an investment. Wall Street took out insurance on risky investments, like taking insurance out on your car. The party that issues the CDS agrees to insure an investment in the event of a loss, and, in return, the CDS buyer agrees to pay a monthly premium. However, a CDS is not your average insurance policy. Insurance is highly regulated, and CDSs are unregulated, creating many dangers...
...must set aside some money, called collateral, that proves that it can make some payoff when needed. There was often little or no collateral required for CDSs. The obvious problem is that in an unforeseen catastrophe, the insurer may not be able to honor its commitment. Therefore, the CDS buyer must totally trust that the issuer is good for the money...
There's no question that it's a buyer's market for raw materials and that many resource companies are struggling to find willing partners and financiers. China's Rosneft injection will allow the Russian company to pay off $8.5 billion in debt-- 60% of it owed to foreign banks--that matures this year. Beijing looks like the last, best hope of miners and drillers...
...money. For fashionistas at the opening of the 18th annual Russian Fashion Week on Sunday, the most potent sign of the times was the sight of people wearing last year's styles. "Even the very rich aren't just going out and buying anymore," says Tatyana Ageyeva, a buyer who has worked for élite labels like Kenzo and Hugo Boss for nearly a decade. "Before, the wealthy would buy expensive things because they didn't care. Even if they knew they wouldn't wear it, that it would just sit in the closet, they would drop 3,000 euros...
...while sales may have slumped, the spirit of some of Russia's rich remains breezy. The élite GUM shopping mall, situated on Red Square, has seen its number of shoppers fall some 30% this year, according to Ageyeva, the buyer. But Lilya Bondarchuk, a manager at the Jil Sander store in GUM, says that "clients joke about the crisis and ask each other if they have noticed it yet." Natalya Batalova, a corporate attorney who shops at GUM every few months, says she hasn't felt the crisis so far. "I don't know what it is," she says...