Word: funds
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...course, as institutions emerging from the worst of the credit crisis, the banks have little more than that in common. Famous for flogging mortgages worth 125% of a property's value, Newcastle-based Northern Rock was caught with its pants down when the wholesale markets it relied on to fund those loans froze in 2007. With unemployment rising and house prices still on the wane, the bank's impairment charges for soured loans tripled, to $1 billion in the first half of this year vs. the same period in 2008. Just as worrying: a shade under 4% of its home...
...lenders - both "have worked hard on their balance sheets," says Simon Maughan, a banking analyst at MF Global brokerage in London. Having tapped Middle East investors last year in an effort to bolster its capital base, Barclays agreed in June to sell the investment unit BGI to U.S. fund manager BlackRock for $13 billion. HSBC, for its part, pulled in close to $18 billion in a bumper-rights issue in April. The result: "Survival is no longer the issue" for these banks, says Maughan. "Growth can be once again...
...states carry out these cutbacks, many park officials have started investigating long-term strategies to find more reliable sources of funding. Margaret Bailey, senior vice president at CHM Government Services, a consulting firm in Beverly, Mass., says parks are trying to move away from operating with money in their states' general-fund accounts. These catchall coffers have historically financed public spaces but in recent years have been decimated by legislatures redirecting much needed cash to fill other lines in their budgets. Of the seven state-park systems that are not tethered to general funds, Oregon finances its parks with money...
...Although Congress is willing to fund the Energy Department at roughly the levels Obama is demanding, the House would give Chu only $35 million for his innovation hubs - enough for one center. Meanwhile, Congress is pushing the Energy Department to spend more than $200 million on hydrogen-based clean-fuel technologies - an idea that was popular with President George W. Bush but that many energy experts deride as a permanent pipe dream. Another House bill would have the Energy Department spend $30 million a year for five years on natural-gas vehicles, even though the Obama Administration hasn't sought...
...niche sports car maker, it's better known stateside than VW's other premium brand Audi and could add to VW's sex appeal with brand-conscious U.S. consumers. "VW's image in the U.S. could benefit significantly from Porsche," says Jürgen Meyer, a fund manager with SEB Asset Management in Frankfurt. "Americans don't know Audi, but they know Porsche as a premium brand and that will rub off on VW. They could possibly use the Porsche brand name to create a group of premium models like we see today with Audi, but with better brand recognition...