Word: saversion
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Another pillar of economic growth is getting knocked away: domestic demand. Asians may have a lot more money than they used to, but even so, they tend to be savers, not spenders, and quickly return to stuffing cash under the mattress during times of economic stress. In South Korea, wholesale...
Santander agreed to buy the savings deposits and branch network of the hopelessly overextended British lender Bradford & Bingley (B&B), forced into nationalization yesterday after investors and lenders lost confidence. B&B - whose share price has plummeted 93% this year - relied on the gummed-up wholesale credit markets for around...
Japan certainly knows how to transform developing economies from energy wasters to energy savers after surviving its own era of environmental destruction. Much like China today, Japan in the 1950s and '60s placed modernizing industry and elevating incomes above improving the environment and public health. The air in Japanese cities...
The Pope shared a private moment with each of the 9/11 survivors and savers of lives, and was back in his popemobile. As he rolled away up the ramp and the bagpipes above began playing again, the 9/11 representatives wiped away tears and hugged each other. As photographers and cameramen...
Ann's most lasting professional legacy was to help build the microfinance program in Indonesia, which she did from 1988 to '92-before the practice of granting tiny loans to credit-poor entrepreneurs was an established success story. Her anthropological research into how real people worked helped inform the policies...