Word: retailler
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...shing. When Tom.com went public in February 2000, it looked to be a cynical attempt to cash in on Web fever. The portal had few assets, no track record and a vague business plan. All it offered, really, was the blessing of the legendary Li. For Hong Kong's retail investors, that was enough. They mobbed local banks in hopes of getting their hands on a few shares. If Asia's greatest dealmaker was raising cash, they figured, he was probably going to spend it?and spend it wisely...
...controversy. It refused to bail out Sogo, a hopelessly debt-ridden but beloved chain of department stores, forcing it into bankruptcy. And the bank initiated bankruptcy proceedings against First Credit Corp., Japan's biggest mortgage-loan specialist. Aside from overhauling its investment-banking business, Shinsei also launched a retail business featuring fee-free, 24-hr. services at its network of 56,000 atms--a concept considered revolutionary here. Shinsei offers savers returns higher than those of traditional banks, at which, Yashiro notes, the annual interest income on a 1 million yen deposit--about $7,700--earns the equivalent...
...help find a buyer for the failed Long-Term Credit Bank, Japan's government erased much of the bank's bad debts and promised to take back any that turned south through the spring of 2003. Collins hired Masamoto Yashiro, 72, who ran Citigroup's highly successful retail operation in Tokyo, as CEO. LTCB was born again as Shinsei Bank, which was appropriate: shinsei means rebirth...
...situation." But with cheaper receivers and growing content, the British market is set to explode. While the U.K. is digital radio's first big test, much of the rest of Europe isn't far behind. The Swiss consultancy Prognos forecast that once receivers are widely available the Western European retail market could eventually hit $4.1 billion a year...
...savings and loan collapse of 1988. Tokyo said it wanted to avoid layoffs, that companies would recover when the economy perked up. The real story is that Tokyo's instinctive reaction has been to dole out government contracts to construction companies and make banks provide cheap capital to keep retail empires going. (In January, the government backed a bailout of struggling Daiei Inc., a retailing giant that needs $3 billion from its main creditor banks to stay afloat.) This kind of propping up and bailing out is expensive: healthier parts of the economy and eager entrepreneurs get starved for loans...