Word: dollarization
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...appropriately dubbed "Pension Palpitations" report details, the S&P 500's pensions are now collectively underfunded by at least $115 billion. The problem stretches far beyond the finance sector. Five of the companies with the highest dollar amount of pension underfunding, according to the report, are Raytheon (underfunded by $1.6 billion), Johnson & Johnson ($1.5 billion), ExxonMobil ($1.4 billion), Macy's ($980 million) and Alcoa ($950 billion). "This is affecting the broad swath of companies that make up the fabric of what we call the 'real economy,'" says Mark T. Williams, a risk-management expert and finance professor at the Boston...
...Clint Eastwood’s latest film “Changeling,” Christine Collins (Angelina Jolie) tells her son, “Never start a fight, but always finish it.” Though it’s no “Million Dollar Baby,” “Changeling” stays true to this charge, fighting to tell a story of justice and loss till the very end of an emotionally turbulent 140 minutes. Jolie’s impassioned performance at times veers into the melodramatic, but it’s the lifeblood...
...expected to cut its key policy rate below the current 0.5% soon. Though rates in Japan are already almost nil, Tokyo's hand is to an extent being forced by Washington. That's because as U.S. rates fall, fewer investors are willing to hold U.S. dollar debt, which undermines the value of American currency vs. the yen - and a stronger yen is bad news for Japan. It makes the country's exports more expensive, curtailing economic growth. Credit Suisse's Shirakawa believes the chances of the BOJ returning to a zero rate is less than 50%, "because they know that...
Free Money. When was the last time a hotel gave you cash at check-in? The Hard Rock Hotel in Chicago is handing guests $20 in one-dollar bills in the hopes that they'll use the money charitably during their stay. The hotel suggests giving back by tipping a street musician or paying the highway tolls of 10 cars behind you. If you upgrade your room, the hotel will donate $25 to one of three local charities, including the Chicago Food Bank. Generosity must be contagious: Another Chicago hotel, Hotel Indigo, is handing guests $25 gift cards to Target...
...there has always been a darker side to this paradise. Since coming to power in 1978, Gayoom has tended to run the Maldives as his personal sultanate, awarding seats in government to members of his own family while, to this day, 40% of the population earn less than a dollar a day. Political parties were banned and dissent stifled while Gayoom periodically renewed his own mandate through elections with only one name on the ballot. "There was a catalog of human rights violations," says Abbas Faiz, a South Asia researcher for Amnesty International. "Authorities could detain anyone and treat them...