Word: sank
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...case of surf, sand and empty beach chairs. In February, French Polynesia reported a 30% drop in year-on-year arrivals - tourist numbers are now at levels last seen in 1996 - while the number of tourists cruising between the islands of Bermuda, Antigua and Barbuda in 2008 sank by almost a fifth. The WTTC estimates the travel industry will contract by 3.5% this year and shed 10 million jobs...
...Ontario Teachers' Pension Plan, with backing from U.S. investors including Providence Equity Partners and Merrill Lynch Global Private Equity--was doomed from the moment it was signed in 2007. Less than two months later, global equity markets began to wobble, and credit got scarce. BCE's value sank from the take-out price of 34.62 a share to 16.85 on an auditor's report that debt from the proposed LBO would render the company insolvent. (Shares of BCE, with annual revenues of $14.3 billion, have since recovered to about 20 on the NYSE...
...best solution is likely to be military, based on inspections, exclusion zones, rapid reaction and deadly force. That is how our partners are beginning to view it. French commandos retook a yacht on April 10, killing two pirates. (One passenger was killed.) Last November, the Indian navy sank a pirate "mother ship" off Yemen. Favoring multilateralism over unilateralism often means favoring talk over action; maybe last week's operation is a sign that Obama is not so easily pigeonholed...
...stand up to a withering cross examination in March about AIG's collapse. The roasting may have been entertaining, but Liddy had nothing to do with the issues that caused AIG's demise, or the pay packages that some of its executives received while the company rolled over and sank into the dark waters...
...funds and other financial-market players will be subject to far greater - and properly coordinated - international scrutiny, as will big banks with activities in several countries. "We'll begin to crack down on cowboys in global markets," said Australian Prime Minister Kevin Rudd. The tax-haven issue that almost sank the summit means that those not complying with international standards on exchanging information will be publicly named and shamed. (See a TIME video from outside the G-20 summit...