Word: costes
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...bank financial statements are never that simple: Citi's overall investment-banking earnings were boosted by a $2.5 billion derivatives valuation adjustment "mainly due to the widening of Citi's CDS spreads." In somewhat dumbed-down but still utterly flummoxing language: credit-default swap (CDS) spreads represent the cost of insuring against Citi's default. That cost went up in the quarter as investors fretted about Citi's solvency, so Citi was able to book $2.5 billion in gains. Got that? Without that boost, Citi's $1.6 billion in quarterly profit would have been more than wiped...
...representatives in the U.S., however, complain the current demands go beyond those spelled out in the December loan agreement. The union has already committed to eliminating productivity bonuses due this year and next, to changes in the way overtime pay is computed, and to the elimination of the traditional cost-of-living allowances as well as to cuts in the special supplemental unemployment benefits for employees with less than 20 years seniority. Sources close to the negotiations tell TIME that the union has not yet agreed to the changes in funding Chrysler's health-care trust, which was established...
Maia Szalavitz is a freelance journalist in New York City and author of the book Help At Any Cost: How the Troubled-Teen Industry Cons Parents and Hurts Kids (Riverhead...
...company, which is a subsidiary of the worldwide public relations and advertising firm WPP Group, based in London. The bills the Clinton campaign ran up included $5 million for the polling that apparently failed to pick up on the public mood. And then there was the cost of sending out 20 million pieces of direct mail, with postage alone reaching $8 million, according to an official for the firm. Many would argue that it was money ill-spent. At a minimum, that big a bill for snail mail suggests that Clinton's campaign was relying heavily on tactics from...
...Aluminum Corporation of China (Chinalco) to mine bauxite ore in Vietnam's Central Highlands. Bauxite is a key ingredient in aluminum, which China needs to fuel its construction industry. Vietnam has an estimated eight billion tons of high-quality bauxite, the third-largest reserves in the world. The environmental cost of extracting the mineral, however, can be high. Strip mining is efficient, but scars the land and bauxite processing releases a toxic red sludge that can seep into water supplies if not adequately contained. Several senior Vietnamese scientists as well as Vietnam's burgeoning green movement have questioned the wisdom...