Word: lowness
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This kind of activity - flushing out low-rent tenants and replacing them with wealthier new renters - has been a staple of strong real estate markets for years. What was different over the past few years was how widespread this Dickensian business model had become, largely fueled by Wall Street money seeking high rates of return. Another difference was how much the general investing public - through university endowments and pension funds - became party to such morally dubious schemes. Consider it another footnote to the Gilded Age we just passed through. (See pictures of Americans in their homes...
...measures of the restructuring plan include cutting more than 15,000 jobs, or about 30% of its workforce, by the end of 2013, paring down to about half of its 110 group firms, and slashing unprofitable international and domestic routes. JAL's shares - which hit an all-time low of 3 yen Tuesday afternoon from a high of 213 last March - will also be delisted from the Tokyo Stock Exchange. Kazuo Inamori, founder of technology company Kyocera, is expected to take over from JAL's president Haruka Nishimatsu, who resigned on Tuesday...
Schools, roads and airports shut down on Jan. 4 as Beijing suffered its heaviest snowstorm since 1951. Authorities in the Chinese capital dispatched thousands of workers to help clear snow-covered roads, putting them to work in temperatures as low as 10°F (-12°C). More than 30 highways were closed in northern China, and a train in the Inner Mongolia region hit a snowbank 6 ft. (2 m) high, trapping its 1,400 passengers overnight. Other parts of North Asia also experienced unprecedented winter storms; Seoul received 11 ft. (3.3 m) of snow, the most it had seen...
...think [we] feel comfortable at home...with training there day after day,” Crimson coach Jason Saretsky said. “[The meet] turned out to be just what we needed—a good competition in a low-key environment...
...With new industry reforms passed last summer in Brussels allowing all European wine producers to list the grape variety and vintage on their labels - the makers of low-end wines had previously only been able to call their products table wine in many countries - another wave of aggressively marketed French wine is sure to come. "This is just beginning," says Verdier. "Now that the new rules have come into effect, we are definitely going to pull out all the stops...