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...reflects individuality and a laid-back cool at the same time," Richer says. The black parts didn't necessarily lower the bike's costs. The developers stood firm on using premium materials, like metal fenders and side covers, rather than the plastic found on comparable bikes. "A lot of our competitors think there's only one way to get through this economy - to go down the price ladder," observes Richer. "But we refuse to play by that book. We have no interest in hurting the long-term value of our brand or our bikes." (See pictures of Evel Knievel, motorcycle...
...UNOCAL, the American oil company, and learned about how xenophobic Congressional leaders in Washington could be. Then Beijing's sovereign wealth fund got suckered by Wall Street sharpies. It poured $3 billion into Blackstone in return for a 10% stake in the New York-based private equity firm in 2007, just before the bottom fell out of global debt and equity markets. One private equity banker in New York says the investment is today "worth about half of what they paid, if they're lucky." (See pictures of TIME's Wall Street covers...
...China's state-owned aluminum company Chinalco announced it would inject $19.5 billion in cash into Anglo-Australian mining giant Rio Tinto. More than $12 billion of that will give the Chinese company, which already owns 9% of Rio, a share of some of the mining firm's most valuable mines. The remainder of the cash injection will go into bonds that can eventually be converted into an equity stake, which would double Chinalco's overall ownership position in Rio. The $19.5 billion deal amounts to the largest foreign investment any company in China has ever made. Two days...
...trying to create outreach to investors to be on the lookout for this kind of fraud, to call us," Obie said. "The lessons we've learned from Madoff are twofold. First, no matter how reputable the firm or individual is - and Madoff was highly reputable - you have to check them out. And second, as an agency, we have to follow up on every allegation, no matter who calls it in or how unsubstantiated it might...
Dragging the stock market down is a near universal acceptance that this recession is going to be longer and deeper than the consensus thought just three months ago. Late last week, for example, investment firm Credit Suisse lowered the projected operating earnings for S&P 500 companies to $58. It had been expecting $70 per share. The firm now expects overall operating earnings for the S&P 500 to fall 34% in 2009. In lowering its estimate, Credit Suisse analysts added a note of caution to the grim forecast: "We worry that while financial earnings have already seen considerable weakness...