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...factories on the mainland, taking advantage of a liberalization of Taipei's restrictions on such investments. More than a million people from Taiwan now live in China in industrial centers near Shanghai in the east and in Guangdong province in the south. Direct transport links greatly enhance efficiency and lower costs of doing business across the strait, which could help a Taiwan economy that has struggled in recent years to find new sources of growth. In addition, a warmer China-Taiwan relationship alleviates a thorny diplomatic and security problem for the U.S. Its historic support of Taipei is a point...
RESIGNED After authorizing the Air Force to buzz lower Manhattan for a photo op, Louis Caldera, 53, director of the White House Military Office, resigned...
...Film. At the end of the 1954 festival (won by the Japanese movie Gate of Hell), the festival's Board of Directors asked jewelers to submit designs for a palm, in honor of the tree on Cannes' coat of arms. The renowned Lucienne Lazon's design, (a bevelled lower extremity of the stalk forming a heart) in tandem with a pedestal produced by the celebrated artist Sébastien, was greenlit by the board and the Palme d'Or was born. (See photos from the Cannes red carpet...
...their own it would have been much more expensive. Morgan Stanley, another bank that has reportedly been looking to pay back TARP funds, has raised $23 billion in FDIC-backed debt since the program began in November. Hintz estimates the government's help is allowing Morgan Stanley to lower its borrowing costs by 5½ percentage points. That would have raised Morgan Stanley's expenses by nearly $1.3 billion a year. And that is just the money it has borrowed in the past six months alone...
...government. "Banks may have to spend substantial sums to pay back their TARP warrants," says Hendler. Proponents of the banks paying back the government say the higher borrowing costs will only be temporary. As the market improves, banks will be able to issue bonds on their own at lower rates. Indeed, so-called bank credit spreads - the extra costs of borrowing - have already begun to fall. What's more, if the banks buy back the warrants now, while bank stocks are still relatively low, it could be much cheaper than waiting to do it once the share prices have recovered...