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...month of preparation the banks have had before submitting their capital plans has in general shown that the banking industry is stronger than many thought. Banks were able to raise capital in May and early June with surprising ease. Selling new shares usually makes a company's stock price go down because the earnings-per-share pie gets cut up into more slices. But many of the banks have been able to raise cash and have their stock price continue to rise. J.P. Morgan, for instance, raised $5 billion in May, yet its stock price rose 14% over the course...
...Lacroix's situation is indicative of the state of luxury overall, a business that is structured on a pyramid model wherein companies invest in the high-end image of a brand that will generate profits at the lower end of the price spectrum. Lacroix, who launched his label in 1987 with the financial backing of Bernard Arnault, chief of the mighty LVMH Moët Hennessy Louis Vuitton, is a product of a 20-year creative and business cycle that has come crashing down with the recent global financial crisis. Despite his enormous creativity and influence on fashion, Lacroix could...
...typical luxury consumer has traded in high-priced fashion for quality, durable goods at a lower price, according to a recent report by Bain & Company. As a result, the luxury market is expected to shrink by 10% in 2009, with apparel being hit the hardest. So, when French couturier Christian Lacroix filed for court protection from creditors (similar to Chapter 11 bankruptcy protection in the United States) on May 28, it came as no surprise - especially since the filing was timed to same-store sales comps for May, which for department stores like Neiman Marcus and Saks Fifth Avenue were...
...before you run out to start an import-export business, take a look at some other numbers in the shipping world that are far less robust. Shipping by container, typically finished goods, remains troublingly cheap, a sign that consumer products are still not flowing between continents. The price for a 20-foot equivalent unit (TEU) container on an East Asia-to-Europe voyage is reportedly currently maxing out at a paltry $500. Though the pace of the drop in rates has slowed, there are signs that charter prices have still not bottomed out, having dipped below the record lows...
...individual mandate requiring everyone who doesn't get health coverage at work to go out and buy it, just as car owners have to carry automobile insurance. But that means the Federal Government would have to subsidize people who couldn't afford it themselves, upping the health-care-reform price tag considerably. Obama says he can support an individual mandate only if it has a "hardship waiver to exempt Americans who cannot afford it," and he also says small businesses face a "number of special challenges in affording health benefits and should be exempted...