Word: dollarized
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...Toronto-based Fairmont Hotels & Resorts. The two companies want to create a $5.5 billion high-end leader, with 120 hotels in 24 countries. Why the interest in prestige North American properties? In part, foreign hoteliers hope to lure nouveau-riche travelers from their own countries. A weak dollar and a low-supply lodgings cycle that analysts expect to last until 2008 help. "The broader trend is private-equity interests in hotel assets," says Deutsche Bank analyst Marc Falcone. So far, shareholders are the biggest winners. Fairmont's stock has jumped 57% over last quarter. Next for the prince...
...Toronto-based Fairmont Hotels & Resorts. The two companies want to create a $5.5 billion high-end leader, with 120 hotels in 24 countries. Why the interest in prestige North American properties? In part, foreign hoteliers hope to lure nouveau-riche travelers from their own countries. A weak dollar and a low-supply lodgings cycle that analysts expect to last until 2008 help. "The broader trend is private-equity interests in hotel assets," says Deutsche Bank analyst Marc Falcone. So far, shareholders are the biggest winners. Fairmont's stock has jumped 57% over last quarter. Next for the prince...
There are two addictions here: That of the Mexicans to the U.S. dollar and that of the Americans to cheap labor. In addition, it plainly doesn't matter how long we Mexicans have lived in the U.S. We struggle and maneuver between two languages and two cultures and settle somewhere in the middle, neither here nor there. Everyone pays a price: for the Mexican, it is being away from family and home, probably never to return permanently, and for the American, it is having to provide health care and other services for this secret workforce...
Most worried of all is Stephen Roach, chief economist at U.S. investment bank Morgan Stanley, who for several years has warned that the U.S.'s borrowing and consumption binge will come to a bad end, with consequences that include a likely fall in the value of the dollar. (And this bear doesn't cry wolf--Roach was right in predicting the dotcom crash.) The problems will not have gone away even if the dollar remains buoyant, he said, warning of a "dangerous degree of complacency" among investors. "The weakest link in the global-growth chain in 2006 is the most...
...friends, and nobody I know has received that kind of money. I’m very proud of her — and I’m proud that I was able to play a role in her success.” The half-million dollar deal is unusual considering that most unpublished authors receive $10,000 for their first novel. Even more unique, Viswanthan is the youngest client that Little, Brown has ever contracted in their 110 year history, according to the Sun. The novel chronicles the supposedly fictitious Mehta family’s rigorous...