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Bottom line: the dollar faces a longer-term challenge, and the big players know it. Echoing a call made by Zhou Xiaochuan, its governor, in March, China's central bank advocated a new global reserve currency in its annual financial-stability report released last Friday. Raising concerns of a move away from the dollar as the world's reserve, the proposal for a "super-sovereign" coin nudged down the greenback vs. a host of major currencies. That may have been a tad more impact than Zhou was seeking: with something like two-thirds of China's roughly $2 trillion...
...ownership of VW. But it has also ballooned Porsche's debt to $12.5 billion. Under normal circumstances, Porsche would have no trouble financing that debt - its VW stake alone is worth about $50 billion - but in the current economic crisis, even a company as rich as Porsche can no longer snap its fingers and find the money. (Last year, thanks to windfall gains from the option-trading strategy, its profits before taxes of $11.6 billion were actually larger than its total revenues from sales of $10.2 billion...
...quick glance at the papers told me, however, that I was stuck in the past. The Lega Nord no longer simply spelled federalism and social conservatism. No, this right-wing-populist party had taken a different direction: anti-immigration policy. In fact, in 2002, a politician associated with the party had gone so far as to suggest that immigrants and native Italians should take different trains. And not long after that, Giancarlo Gentili, a Lega member and, at the time, mayor of Treviso, proposed that Italians shoot immigrants like rabbits...
...interns would get to write more. So far, every one of us has been getting at least one or two bylines online a week, sometimes every day. While we were awkwardly relegated to a side room before, now we have desks in the center of the newsroom. We no longer have to fact-check every print article for the week’s paper: Fact-checking (by interns) has been abolished. Now, we simply report and write...
...Court ruling earlier this month has already given around 1,000 veterans of the country's nuclear testing program the go-ahead to sue the government for radiation-linked illnesses. However, any of those cases that may eventually triumph in court will take years to hear and presumably even longer to wind through the appeals process - a stall tactic that French veterans have long accused France of employing. But with French nuclear-testing victims finally having some success in getting their state to do the right thing, their British peers might just pick up some useful tactics of their...