Word: euros
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Dates: during 2000-2009
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...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...
Sweden surprised the world last week by cutting interest rates, which could trigger rate cuts throughout Europe and a falling euro. Yet Buffett has 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...
...that include an MP3 player and a high-quality camera. A clever TV spot for the Qube, featuring popular Taiwan pop band Mayday, shows typically round objects becoming square, like a basketball being dunked through a net. Lee also followed his bigger competitors into sports marketing by sponsoring the Euro 2004 soccer tournament...
Released two days later, the letter stated that Brittan had told British Aerospace's chief executive officer, Sir Raymond Lygo, that his company's involvement in the Euro-consortium "was not in the national interest" and that he "should withdraw." The account seemed to belie Thatcher's claim of neutrality. The government simultaneously released its own description of the Jan. 8 meeting. According to notes taken by Brittan's secretary, the Minister had said only that "it was not in the national interest that the present uncertainty involving Westland should drag...
...Western investors about the country's business climate. The Russian economy is powering ahead, propelled by the high price of oil, Russia's key export. Growth exceeded 7% in each of the past two years and is expected to be about 5.5% this year, more than triple the euro-zone average. Many Russians are still poor and live in wretched conditions, but on the whole, household income is up, and especially in big cities like Moscow and St. Petersburg, people are ready to splurge. The spending boom is creating a merger wave in sectors as varied as banking, brewing...