Word: londonized
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...Here's the bigger problem: hiding money underneath the mattress risks making the financial system less efficient. And withholding investment from the stock market will depress company valuations. In other words, "if trust has been significantly affected by the crisis," Howard Davies, director of the London School of Economics, said in a lecture last month, "it will have damaging consequences for investment and growth in the future." (See pictures of the financial crisis in London...
...Restoring it is now vital. Part of that responsibility lies with the lenders themselves. "Banks need to know their business," said John McFall, chairman of Britain's Treasury Select Committee, during a recent debate on trust and financial markets organized by the Fabian Society, a left-leaning London think tank. In future, bosses ought to know their CDOs from the CDSs, McFall said, and not leave such understanding to the banks' "35-year-old Ph.D.s." Reining in sky-high bonuses, boosting capital reserves and sharpening risk management won't do any harm to public trust, either...
...also suffering. The International Air Transport Association estimates passenger traffic will contract by 5.7% this year, leaving airlines with losses of $4.7 billion. Carriers such as Cathay Pacific and Qantas have been cutting services, which in turn hurts hotels and restaurants in places such as Sydney, Mumbai and London, to which Cathay Pacific will cut 17 round-trip flights in May alone...
...development will broaden economic and cultural activity from its current focus on the 1,130 sq. ft. (105 sq m) intra-muros Paris and its population of two million, and extend that to the 12 million-strong inhabitants of the surrounding Ile-de-France region (as a comparison, Greater London has a population of 8.5 million). In so doing, Greater Paris, it is hoped, would further boost the Ile-de-France's 30% share of French GDP with the creation of economic and research clusters producing synergies and new jobs...
...announced that she had gained nine pounds in preparation for a 3-week fast to draw awareness to starvation in Darfur, telling People magazine that magician and publicity generator David Blaine had called to offer some tips from the 44 days he spent suspended in a glass box above London's River Thames without food. On May 3, more than 160 journalists and fellow Northwestern alumni launched a "relay" hunger strike in solidarity with Saberi; volunteers each take a 24-hour shift...