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...because a trawler that is seized for use and not ransomed is $3 million in revenue not taken in. Mother ship costs are at least $30 million, maybe $36 million. These are not annual costs. For each one sunk, the cost of replacement is $3 million. On a pro forma basis for operations, the cost of mother ships is $6 million...

Author: /time Magazine | Title: Somali Pirates Are Getting Rich: A Look At The Profit Margins | 4/15/2009 | See Source »

Based on annual costs with pro forma calculations for things that have a life of more than a year, the expenses of operating the Somali pirate operation are $79 million. That puts the profit of the operation at over $120 million. It is worth contrasting that to the average income per capital in Somalia which is only about...

Author: /time Magazine | Title: Somali Pirates Are Getting Rich: A Look At The Profit Margins | 4/15/2009 | See Source »

...celebration of the birth of the Lord is at our doorstep ..." Thus began Pope Benedict XVI in his annual pre-Christmas address to top Vatican officials. But rather than a pro forma holiday wish of good tidings, the pontiff delivered his latest heavy-hitting discourse on everything from ecology to ecumenism, with carefully chosen citations from past Popes and even Friedrich Nietzsche. The topic that most grabbed press attention came about halfway through the 30-minute long address: transsexuals...

Author: /time Magazine | Title: The Pope's Christmas Condemnation of Transsexuals | 12/23/2008 | See Source »

...thus far, Indian politicians haven't offered much beyond pro forma calls for calm. India is a proudly secular state, and acknowledging the friction between Hindus and Muslims could offend the millions of Muslims who have nothing to do with extremist groups, domestic or otherwise. "Our politicians are still in denial mode," says Raman, the counterterrorism expert. "To be able to solve this problem, they have to understand its real nature." The rift between India's Hindus and Muslims is real. Until India acknowledges that fact, the country can't begin to mend...

Author: /time Magazine | Title: Domestic Violence | 7/31/2008 | See Source »

...mention his plans for middle-class tax breaks, rewriting trade treaties and fixing the subprime crisis. Yet it is another message from the Obama camp that seems to be having a bigger impact these days: that his nomination is inevitable. "Support for Clinton from these Catholics is more pro forma than deep and Senator Obama can make some inroads, especially if these voters begin to suspect that it would be unlikely for Clinton to win the nomination," said Steve Schneck, a political science professor at Catholic University in Washington...

Author: /time Magazine | Title: The Blue-Collar Battle in Pennsylvania | 4/1/2008 | See Source »

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