Word: euros
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...Despite record-high oil prices, most economists expect the world economy to grow by at least 4% this year. While that's down from last year's stellar 5% growth, it's more than double the euro zone's growth rate and is enabling companies such as Degussa and its German competitors to raise prices and offset more than j1 billion in extra raw-material costs. "High oil prices certainly still matter, but probably only half as much as they did 15 to 20 years ago," says Kenneth Rogoff, former chief economist at the International Monetary Fund...
...Prodi's euro screwed everybody...
Disney's record with overseas theme parks, however, has been mixed. Tokyo Disneyland has been a smash, with 25 million visitors a year, but Euro Disney, based near Paris, has been a financial sinkhole. Earlier this year, Euro Disney finalized a $2 billion restructuring plan, which included new capital and loan concessions, to rescue the operation. Among the park's problems have been cultural faux pas that have turned off its European audience. When Euro Disney opened, for example, restaurants wouldn't serve wine, an affront even to the French soil it was built...
...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...