Word: rathering
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...decided that rather than covering the players, he wanted to be a player." Kathy Slobogin, formerly a New York Times colleague of Rattner's, on why he left the news business to be an investment banker, (Newsweek...
...opera house. Jakobs Torg 12 (08-676-58-00; operakallaren.se) Mathias Dahlgren, Grand Hotel Stockholm Partly because we designed it. Also because Mathias is such an extraordinary cook. Sodra Blasieholmshamnen 6 (08-679-35-84; mathiasdahlgren.com) Den Gyldene Freden One of the oldest restaurants in Stockholm. It's rather severe but great. Oster-langgatan 51 (08-24-97-60; gyldenefreden.se...
That sounds like a scene from an action movie, but in the Gulf of Aden it is legal business practice. That's because the pirates are regarded as criminals, rather than terrorists, under U.S. or international law, which bans money going to individuals or organizations listed as terrorists. Unlike in, say, Iraq, Somali pirates appear to have little interest in killing hostages who are seized along with vessels, and the crews are usually released with the ships when the ransoms are paid. "Paying ransoms is not illegal," says Guillaume Bonnissent, a special risks underwriter for Hiscox Insurance...
...situations, and whose day rates can run to thousands of dollars, according to insurance brokers. Those companies begin negotiations with the kidnappers or pirates, and are usually authorized to take decisions without agreement from the shipping or oil companies concerned. Since the pirates off Somalia are motivated by money - rather than politics, as in Iraq and Afghanistan - the talks focus on one issue: the ransom amount. (See pictures of modern-day pirates...
...premiums have risen along with the ransom amounts, according to Regester, who estimates that coverage for a single voyage through the Gulf of Aden costs about $20,000. With shipping companies hard-hit by the global downturn, some opt simply to take their chances running the gauntlet of pirates, rather than pay insurance premiums. "I reckon less than 10% of vessels are insured now," says Regester. "K&R policies are considered a luxury." Whether or not they are covered, many companies pay ransoms, calculating that it is cheaper than losing the vessel and its entire cargo. (Read a brief history...