Word: londonized
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...family wealth, once accumulated, is typically dissipated by the third generation because trust-fund babies, having little regard for the money that has come to them without toil, lack the motivation to strive. It's a worry even to - perhaps especially to - the superrich. In a recent interview in London's Sunday Times newspaper, Indian-born steel tycoon Lakshmi Mittal said flatly that "money is a curse," and that he was concerned that extreme wealth might be spoiling his young kids. In June, Microsoft founder Bill Gates reiterated that he would donate most of his $58 billion to charity, rather...
...with reporting by William Lee Adams / London...
...called funds of hedge funds, which spread risk by investing in a portfolio of hedge funds and hence are considered safer. But since hedge funds are doing badly, so are funds of hedge funds, which appear to be headed for their worst year ever. On Nov. 6, shares in London-based Man Group, the world's largest publicly traded fund manager, fell 31% on news that its Man Global Strategies fund of funds had lost more than 20% of its value so far this year...
...about 8% - in part to forestall the labor unrest that Beijing fears could spread and turn into protests against the ruling Communist Party. Despite its domestic agenda, the stimulus package has been warmly welcomed overseas, too. The day after it was revealed, share prices from Hong Kong to London surged. And by again taking action along with the rest of the world (Beijing had previously cut its interest rates in tandem with central banks in other capitals), China is reinforcing its stated willingness to step up and help rebuild the global financial system...
...families - some red-eyed, others laughing - hang around, trying to draw out their last moments together. "This is normal," says Amie S. Catigbe, who has just parted with her sister again. "Everybody hugging, crying." She winces. "Sad." On the tarmac, planes are ready to scatter families to Dubai, to London, to Rome, to Hong Kong. Women sit in window seats, bracing themselves for another year, or another three years. As night falls, they watch Manila spread out beneath them. The lights of their houses are on, but the lights of their homes are already gone...