Word: euros
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...make it past the velvet rope. As the host of the best parties on campus, the Advocate is dominated by the respectable crowd from 11 to12:30; they schmooze and boogy to music that can't really be pinned down (sometimes it's Britney Spears, sometimes it's Euro house). And from 12:30 on, it's sketch-o-rama. Always a good time....Regis Philbin just signed a $20 million extension on his "Who Wants to Be a Millionaire" contract. What? Is it me, or could we place a baboon in that chair and people would still watch?...Charlize...
Another concern for Clinton is that Germany might be tempted to use the IMF chairmanship to deal with some of its own financial woes. "Germany is the central bank for the Euro, which has just dropped below the dollar," notes TIME international affairs correspondent William Dowell, referring to the E.U. currency, which was introduced in 1998 with a value greater than $1. "There's concern in Washington that a German-run IMF will put pressure on the U.S. economy to help build up the Euro. So a lot of people in the E.U. say this is an attempt to make...
...Goldman Sachs International, noted that in 1996 there were 211 corporate megamergers (deals worth $1 billion or more) around the world, valued at $1.2 trillion. In 1999 there were 476, worth $3.8 trillion. One of the main spark plugs for the trend was the new European currency, the euro, which encouraged companies to grow outside national borders. Last year more than 60% of the world's megamergers involved European companies. "We're likely to see more megamergers and more countries involved," Hormats predicted, "because the Asians haven't got into the game yet, and they have...
Other board members were more optimistic. "Europe is at the beginning of a renaissance," predicted Kenneth Courtis, the Tokyo-based vice chairman of Goldman Sachs Asia. "The euro is creating a competitive marketplace almost as big as the U.S.--and in effect outside the control of any government." In addition, the weak euro--down from a value of $1.17 at its birth a year ago to less than $1 now--has been a boon to European exporters. On the other hand, Hormats was worried that the euro's slide has taken some of the pressure off structural reform...
Although cross-border takeovers were widely predicted to be one of the early benefits of the introduction of the euro by 11 European countries on Jan. 1, 1999, there had been few hostile cross-border transactions before last week's deal. In part, the domestic bias of mergers can be explained by the relative ease of making them work when both companies are in a home market. But government intervention, particularly in France and Italy, has kept foreign banks from making planned bids...