Word: creditably
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...they are right, it's partly a credit to tiny Bulgaria's growing clout. The country joined the European Union in January, which allowed the 27-member body to negotiate on its behalf. The U.S. is also a strong supporter of Bulgaria thanks to its vociferous backing for U.S. operations in Iraq and elsewhere. (President Bush has called for the nurses' release.) But Western countries are also especially eager to smooth over any lingering problems with Gaddafi. Libya remains 'exhibit A' in the Western attempt to convince the world and notably Iran that giving up nuclear weapons' ambitions...
...Chinese are believed to have issued the world's first paper currency around 600 A.D., and fourteen centuries later, cash remains king. Cars and houses are bought, and even salaries are often paid, with thick envelopes of bills. To date, banks have issued only slightly more than 50 million credit cards to a population of 1.3 billion, according to a recent study done by the payment processing company First Data International. Credit card debt remains minimal - 85% of cardholders pay the full balance off each month. By comparison, Americans possess 640 million cards - more than double the population - with...
...reason for this disparity is that only 4% of merchants in China even accept credit, concerned that handling fees will eat into already tiny margins. Nowhere is that more clear than Luohu Commercial City. By its very nature, such a robust trade in fake products couldn't survive without cash. Shopkeepers make change from wads of renminbi stuffed in suitcases or pockets. At the few stalls that do accept plastic, it's not without an extra fee that can range anywhere from five to 20%. When, after six hours of shopping and short on funds, I couldn't even...
...disrupting global trade balances. Access to consumer debt could ease the country's dependence on exports and investments that now power China's 10% annual growth, ultimately making it more sustainable. "Mature economies are driven by consumer spending," says Nigel Lee, president of First Data's Asian operations. "Consumer credit is an important instrument in increasing domestic demand...
...urging of the U.S., the country has undertaken vast reforms of its banking sector over the past five years, including opening up the system to foreign banks offering debit cards. But officials remain cautious about letting consumer debt grow too fast, and have maintained safeguards such as low credit limits. Wang Huaqing, assistant chairman of the China Banking Regulatory Commission, recently told the Washington Post that such decisions come from reports of people taking out loans to speculate in the stock market or on real estate, adding the indebtedness of young Americans was also a cautionary tale. "We have been...