Word: dollarized
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Canada’s current foreign aid contribution is approximately $3 billion, 0.26 percent of the country’s trillion-dollar GDP. Reaching 0.7 percent would require Canada’s contribution to more than double, a political near-impossibility given the higher-than-usual level of spending included in the government’s last budget, passed...
...destruction," so you'd think he would steer clear. But his company, Berkshire Hathaway, has acknowledged a $307 million pretax loss in the first three months of this year that's due to a $21.4 billion position in "currency contracts," which are derivatives that hit pay dirt when the dollar falls. Problem is, the dollar is rallying. The greenback--up 4% against the euro in the first quarter and an additional 8% since then--shows no signs of stalling, and Jim Bianco of Bianco Research estimates that Buffett's losses this year have surpassed $1 billion...
...indicated that he's sticking with his bet. "There's no change in the underlying factors affecting currencies," he said, adding that in the long run, the U.S. trade deficit must weaken the buck. It's not all bad news for Buffett fans. He first bet against the dollar as it was falling in 2002 and remains in the money overall. But with his gains eroding, dreaded derivatives may claim the biggest victim...
...China, with its surging trade surplus and huge holdings of dollar reserves, CNOOC's action is called the "go out" strategy: for the past two years, the Beijing government has been urging Chinese firms to expand their presence in overseas markets. Some have begun to respond. Late last year computer giant Lenovo bought the high-profile but money-losing personal-computer business from IBM for $1.75 billion. Prior to that, TCL, a consumer-electronics maker, bought the RCA TV business from French giant Thomson. And all the while, Chinese energy companies have been making deals with governments and private companies...
...next take up the Olympic torch and host the 2012 Summer Games. The competition has been the most intense for years, with five of the world's most famous cities - London, Madrid, Moscow, New York City and Paris - vying for the honor. Each city has launched a massive, multimillion-dollar marketing effort to get the Games. British Prime Minister Tony Blair will jet to Singapore for a last-minute charm offensive before opening the G-8 summit meeting in Scotland. The French team will screen a short film about Paris directed by filmmaker Luc Besson, and Spain's Queen...