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...next time you complain about the high price of gas, think of Mr. Ma. The owner of small logistics firm in Beijing, Ma was forced to shut it down temporarily earlier this week after he simply couldn't find enough diesel to fuel his company's 20 trucks. "Gas stations even serving diesel have been difficult to come across," says Ma, who didn't wish to give his first name. "I'm losing 100,000 renminbi...
...Economists note that at least part of China's soaring demand comes from its artificially low prices. Together, the Chinese and Indian governments provide suppliers about $15 billion a year in subsidies. A recent report by consulting firm McKinsey & Co. estimates that "ending fuel subsidies worldwide would cut demand for transportation fuels by three million barrels a day" - about 3.4%. Meanwhile, the recent shortages have led at least one Beijing resident to rethink his personal fuel consumption. Stuck in line at a gas station Wednesday, Du Peng remarked, "Now I'll have to reconsider my plan to purchase...
...have plenty of skilled people here," says Moez Bakir, an engineering manager at Eurocast, a Tunisian subsidiary of Arizona-based firm Paradigm Precision Holdings. Eurocast, which is based outside Tunis, builds aircraft parts for GE Aviation and Rolls-Royce, paying its machine operators about $280 a month - a fraction of what equivalent workers would earn in Europe. Over 80% of Tunisia's exports head to Europe, where they will soon be exempt from customs duties, thanks to a free-trade agreement that takes effect in January. Meanwhile, tens of thousands of Europeans soak up the sun on Tunisia's beaches...
Representatives from UBS will visit Harvard’s Faculty Club on Nov. 14 to recruit summer interns for their firm. They will advertise the fact that UBS is one of the world’s leading investment banks and that it manages assets worth well over $2 trillion. But there is one aspect of UBS’s operations that might escape mention at the recruitment session: The bank plays an important role in underwriting the supporters of Sudan’s genocidal government.The Swiss-based bank is arranging a massive stock offering that could raise more than...
...Nowadays it's much tougher to keep a lid on a juicy story as these events testify. Razi Mireskandari, a partner at the law firm Simons Muirhead & Burton and a specialist in media law, says he can imagine a scenario in which a gag order might become untenable because websites, wherever they are based, "are becoming freely accessible by nearly everybody. There could be an issue of trying to put your thumb in the dam, but it hasn't quite got to that stage yet." In the case of the anonymous royal embroiled in the alleged blackmail plot...