Word: globalization
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...Pete will pay $250 million for the unit, which specializes in oil and gas trading. Phibro is not a huge business for Citigroup. But it was one of the few businesses that continued to make money for the giant bank during the credit crisis. Phibro and Citi's global payment-processing business have long been seen as two areas in which the bank outperforms its competitors. Now one of Citi's profit jewels is gone...
...America, for example, has 6,000 branches nationwide. Citi is reportedly considering closing or selling its bank branches in cities such as Boston, Philadelphia and other areas of the country where it does not have a significant presence. Citi has denied any such intention.(See pictures of the global financial crisis...
...sure, there's no denying the facts. The U.S. is the world's largest debtor nation and only digging itself in deeper. Respect for corporate America is evaporating. Profligacy produced sham economic growth. A disconnect between Washington's global ambitions and its available resources - what British historian Paul Kennedy calls "imperial overstretch" - has undermined national strength...
...Nagasaki. Is it because nations and tribes found a conscience regarding mass death? Clearly not - the slaughter in China during the Cultural Revolution, in Cambodia under the Khmer Rouge and in Rwanda between Hutu and Tutsi all offer bloody proof. Is it the U.N.? Um, no. Is it globalism and the web of commerce that increasingly connects the interests of the major powers? Yes, that certainly has an impact. But the global economy is a creation of the nuclear age. Major powers find ways to get along because the cost of armed conflict between them has become unthinkably high...
Meager monsoons mean meager crops, and meager income, for Indian farmers. This year alone, the loss to crop yields and property in the two states has totaled almost $7 million. Dr. William Cline, a senior fellow at the Center for Global Development (CGD) and the Peterson Institute for International Economics says that of all the potential damage that could occur from climate change, damage to agriculture is likely to be the most devastating. "In the southern parts of India, damage will be substantial and similar to that in other countries also located close to the equator," he says. "In these...