Word: profitably
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...question is, What will you do with it? The majority of you will spend your refund--averaging $2,000 this year--or simply stick it in the bank (where it will earn 1.4% interest, on average), according to a survey by Cambridge Credit Counseling, a not-for-profit adviser to debtors. Chances are you can do better. Here...
...confused about what a credit union is, you're not alone. The institutions, which date to the mid-1800s, took off during the Great Depression as not-for-profit, tax-exempt organizations through which workers in a company could pool their savings to qualify for loans for cars and other big-ticket items. About 10,000 exist today. The Navy's is the nation's largest, with 1.25 million members, while some have fewer than 500 members. Roughly 60% of credit unions are federally chartered (the rest have state charters) and supervised by the National Credit Union Administration. Nearly...
...expansion is no longer just an option. "It's become a question of grow or die," says Tom Glatt, an independent industry consultant based in Sedona, Ariz. Credit unions have long called themselves the best-kept secret in banking, but they are currently looking more and more like for-profit businesses. In Colorado, six credit unions formed a trust company in 2001, and one of its members, Bellco in Greenwood Village, offers everything from investment advice to mutual funds, annuities and insurance. "We're trying to create an image that we're a full-service financial institution," says Bellco...
...combined are not worth as much as the U.K.'s 20 top companies - or the U.S. market's four largest. The Oils Of War George W. Bush isn't the only one who had a good war. First quarter results hit record highs at British Petroleum, where net profit soared 136% to $3.7 billion; at Royal Dutch Shell, where profits jumped 96% to $3.91 billion; and at Exxon, which saw profits more than triple to $7.04 billion. Cracker Jacked A crummy week for Swedish cracker-maker Wasa, after a Swedish court ordered it to re-brand a 27-year favorite...
...personal fortune of $60 million. You might expect Svanberg, now 50, to ease into early retirement. But last month he took over as president and CEO of Ericsson, the sprawling Swedish telecom-equipment maker that's all locked up in a world of trouble. Ericsson hasn't turned a profit in more than two years. It's had four CEOs in five years and has laid off almost half of its once-mighty workforce of 107,000. Why would Svanberg want such a migraine? "The headache is what's so attractive," he told TIME. "I felt prepared to take...