Word: important
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Dates: during 2000-2009
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...taxes on imported whiskey, not the taste, that prevent it from winning more market share. The import duties begin at 150%, and additional state taxes can add another 150% or more to the price of a bottle. Wine and beer face similar import duties, as well as additional and constantly changing state taxes and regulations. The complexity of the market means that only big producers like Jack Daniels and Jim Beam can afford to make a go in India on their own, and usually only with their premium labels. Although single-malt is a new status symbol in India, Scotch...
...India's government has been encouraging automakers to build cars in India to avoid high import levies of up to 120% and to minimize production costs. Volkswagen, for example, plans to increase sourcing parts locally from 50% currently to 80% in the next two years, according to Joerg Mueller, head of the German carmaker's India group. (Watch TIME's video "Owning a Nano, the World's Cheapest...
...about Stanford. (Though I doubt he'll be invited back for many more ceremonial coin tosses anytime soon.) There are probably only two athletes in recent history who approached Tiger's global, iconic status: Muhammad Ali and Michael Jordan. But I think the social import of both Ali and Jordan was different from Tiger's, in part because of the sports they played. Boxing and basketball are populated with athletes from poor and working-class backgrounds. And over the past several decades, both sports have been dominated by African Americans. That's never been true of golf - it's still...
...Asian free-trade zone would aid economic growth by cutting import duties and eliminating the murky morass of trade barriers that impedes commerce. A model to emulate would be the establishment of the E.U., which made it far easier for companies to import and export their goods within Europe, says HSBC's Webb. Establishing a common Asian currency similar to the euro would allow companies to ship goods or arrange credit with less exposure to currency risk. "A barrier to trade over the last year in Asia has been fluctuating currencies," Webb says. "For a small- to medium-sized business...
Unless you're a musical or an import from London, you'd better have a Chicago accent to make it in the Big Apple this season. The second major play to open on Broadway this fall is another Chicago product: Superior Donuts, Tracy Letts' follow-up to August: Osage County, his multi-award-winning family drama that stormed Broadway nearly two years ago and is now on a national tour. Chicago theater's most celebrated export, David Mamet, will be represented on Broadway with two works this fall: a revival of his 1992 drama Oleanna and a new play, about...