Word: debts
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Dates: during 1990-1999
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...company already has close to $150 million in the bank, is debt-free and -- amazingly enough, compared to its Net competitors -- is already profitable on an operating basis. Add to this the fact that any takeover targets would be happy to get Yahoo's gold-plated stock. How would you spend the money? Even product development cost only $5 million last quarter, which must buy a lot of server tweaks and Java applets. Noting that Amazon has a similar war chest, our best guess for the bucks: Look for Yahoo's $20 million marketing budget to go into Superbowl-style...
...Minister said he favored permanent tax cuts as the other half of a strategy to revive the moribund Japanese economy. "This was the other major step that the U.S. has been seeking on behalf of the entire region," says TIME Wall Street columnist Daniel Kadlec. "Cleaning up the bad debt allows banks to start lending to businesses again; tax cuts give Japanese people more money to start spending again...
...start it with permanent tax cuts. Especially important to Rubin was a Japanese pledge to abandon its so-called convoy system, whereby strong banks must support weaker ones no matter what their financial condition. Convoying has left the banking system as a whole with some $600 billion in bad debt. The question was what the Clinton Administration was prepared to do in exchange for fast Japanese action...
...hours after midnight, Washington time, financial markets opened in Europe. The Fed and the Japanese central bank began buying yen. As traders scrambled to adjust, the yen jumped 5.2% for the day. In Japan an upbeat Hashimoto pledged "every effort" to restore the country's debt-burdened banking sector and "open and deregulate its markets...
...Spinning off the Fox Group means Murdoch can show investors his juiciest stuff and use the proceeds to pay off some of News Corp.'s sizable debt load -- which should pay off in a rising stock price. (News Corp. immediately gained $2 on the announcement.) And if there isn't exactly synergy between a baseball team and a movie studio in the entertainment industry, the formula works on Wall Street. Says Schwartz: "He's maximizing the value that he has by putting all the hot properties on sale together." Just imagine if the Dodgers start winning...