Word: j6
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Dates: during 2000-2009
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...overseas, which would eliminate 500 jobs. The government will impose a flat 15% tax on capital gains from the sales of shares and houses, boost gasoline taxes and offer fewer subsidies for new home construction (hence the architect joke). At the same time, unemployment benefits will be cut by j6 billion next year. "These policies will push a country already stagnating into recession," says Norbert Walter, chief economist of Deutsche Bank. Support for Schröder's Social Democratic Party is so weak that the upper house of parliament, the Bundesrat, which is narrowly controlled by the opposition conservatives, voted...
...based Familienf?rsorge, which was rescued last month by a bigger insurer after regulators intervened. So far no major European insurer appears to be seriously at risk of failure, largely because of huge cash reserves that enable firms to meet required solvency levels with ease. Fortis, for example, has a j6 billion cushion and de Mey says that even if the value of its equity holdings drops to zero - a true disaster scenario - it would still have enough capital to satisfy legal minimum solvency requirements. Still, the industry can't afford complacency. "If the markets fall by 15% from here...