Word: buyer
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...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...
...liters from 10% to 5%. The measure, designed to get Chinese to buy smaller, more fuel-efficient vehicles, has had an immediate impact. January sales of small cars jumped 19% compared with the previous month, according to the China Association of Automobile Manufacturers. Also boosting buyer interest: Lower road taxes and fuel prices, which are set by the government. (See TIME's picks of the 50 worst cars of all time...
Harvard Kennedy School Professor Ashton B. Carter was named the U.S. military’s chief weapons buyer by President Barack Obama on Monday. Carter—who is co-director of the Preventive Defense Project—has been a vocal critic of the Pentagon for purchasing what he deems to be unnecessary weapons and has called for greater alignment between military strategy and spending. Carter was originally scheduled to teach the class “American National Security Policy” at the Kennedy School this spring, but he joins the growing list of Harvard professors who have...
...against which it could write credit default swaps (CDS), that is, insurance contracts based on whether some other bonds get paid back. As a writer, or seller, of CDS contracts, Strata investors get a regular fee, much like a annual amount any insurance holder would pay, for guaranteeing the buyer of the insurance against losses on the bonds. All told, Bank of America wrote CDS contracts worth $20 million based on the debts of as many as 75 companies. Add the fees from the insurance contracts to the interest Strata was already receiving on its collateral and voila...
...Here's the catch: If the bonds Strata insured against go bad, Strata is on the hook for the losses. And in a twist on regular insurance, the buyer of a CDS contract [i.e., the insured] doesn't actually have to own the bond. If the bond goes belly up, they get paid as if they had, pocketing the insurance payout as a profit, which of course would be a loss for the owners of Strata...