Word: sectoral
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While much of Wall Street and the rest of the financial sector are finally seeing some sun, the storm clouds around Citigroup just don't seem to be breaking. The company said on July 17 that it earned $3.4 billion in its second quarter. It was the second quarter in a row that Citi had announced a profit, after many critics said the company was done for. In a press release, Citigroup CEO Vikram Pandit triumphantly said, "Our financial results today reflect the incredibly dedicated efforts of all of our people around the world and their success in implementing...
These confident auras of authority seem at first to have impact, but they’re wearing thin amongst the British public. This year, we’ve discovered the greed of our financial sector, the violent tactics of our police, and the corruption of our politicians in a wave of horrific scandals. Now, whispers are circulating about the illegal practices that take place at every newspaper, and even if further allegations aren’t uncovered, the strength of this story could taint the media as a whole. If the fourth estate of British society crumbles, executives will need...
...corner of Africa. Ultimately, however, my run-in with the authorities is just another example of the shortsighted mismanagement of Equatorial Guinea. While the government lavishes in oil wealth, the citizenry suffer under the weight of unbearable poverty. Tourism could be an avenue for Guineans outside of the government sector to begin taking control of their own economic potential. The country itself is a vibrant and beautiful place, with landscapes ranging from volcanic mountains to elephant forests to grassy plains and sleepy seaside villages. With the right resources, there could be a thriving adventure tourism scene here that could send...
...community for racist laws enacted as far back as the mid-19th century Gold Rush, which attracted about 25,000 Chinese from 1849 to 1852. The laws, some of which were not repealed until the 1940s, barred Chinese from owning land or property, marrying whites, working in the public sector and testifying against whites in court. The new bill also recognizes the contributions Chinese immigrants have made to the state, particularly their work on the Transcontinental Railroad. (Check out a story about the Asian-American experience in late-20th century California...
...Making the yuan a freely traded currency would mean losing control over its value and flows of capital in and out of the country. This is a step Beijing's economic policymakers remain fearful of taking, since they still feel the need to protect China's developing domestic financial sector from shifts in the global economy. China sees its controlled currency as a "dam surrounding a reservoir, and the government doesn't know what would happen if it blew up the dam," says David Li, an economist at Tsinghua University in Beijing. "Would water flood out because the level inside...