Word: priced
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...selling, in a particularly Vegas way. Basically, she finds clients who owe more on their house than the house is worth (and that's about 60% of homeowners in Las Vegas) and sells them a new house similar to the one they've been living in at half the price they paid for their old house. Then she tells them to stop paying the mortgage on their old place until the bank becomes so fed up that it's willing to let the owner sell the house at a huge loss rather than dragging everyone through foreclosure. Since that takes...
...agent - a woman in a Gucci scarf and sunglasses - is a little more freaked out, trying to figure out how much this mess will cost to clean up. Which is strange, since she's offering $250,000 on behalf of her overseas client - $70,000 more than the asking price. There are no other buyers. Boemio goes over the offer three times with the Gucci lady to make sure she understands exactly what is going on. Gucci lady, she figures out, is just trying to score an extra $2,100 in commission and is screwing over her client...
...Cotai Strip, along with huge casinos in Singapore; he also doubled his Vegas space by adding the Palazzo to his Venetian hotel. In a short time, he has accumulated a debt-to-earnings ratio of 6.8 to 1 in the U.S. Then the loans stopped coming, and his stock price sank from $144 to $1.42 in March. (It now hovers at about $12.) That's his crane parked between the Venetian and the Palazzo resort, atop the St. Regis condominium, on which work has been halted for the foreseeable future. (Read TIME's 2004 cover story "The Strip Is Back...
...China's second tack is to prolong negotiations over the contract price of iron ore with the two main suppliers, hoping to wear them down while frantically moving to line up other potential sources beyond Rio and BHP Billiton for next year and beyond. China is the world's largest steel producer, and despite the global recession, its factories are running close to flat-out thanks to enormous infrastructure construction and brisk sales for new autos and apartments. That means it would appear to have little leverage in pursuit of the price cuts on iron ore that it seeks...
...Contrary to constant press reports in China and abroad, which say the Chinese side of the iron-ore price negotiations are being conducted on Beijing's side by the Chinese Iron and Steel Association, they are, in fact, being run straight out of Premier Wen Jiabao's office. And Wen, says the banking source, has "not been a happy man" since the Chinalco deal fell apart earlier this summer. Don't misread, in other words, the absence of the state-secrets charge against the Rio Four as evidence that the extraordinary face-off between China and one of the world...