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...That toxic debt was also behind the other bad company news of the day, when HSBC - Europe's largest bank - said it would seek $17.1 billion in new capital, and close its U.S. consumer-lending unit, Household Finance. The American affiliate had saddled HBSC with $16.3 billion in subprime-rooted losses, and explained the group's 62% dip in 2008 profits of $9.3 billion. But closing the troubled unit means adding its 6,100 employees to the list of 3 million American jobs eliminated since November...

Author: /time Magazine | Title: Markets Fall from Tokyo to London to New York City | 3/2/2009 | See Source »

...reportedly has said that the courtroom will be ready for trials at the beginning of 2010. Robin Vincent, the tribunal?s registrar, has said that the trials could last five years. In welcoming the launching of the tribunal, Lebanese Prime Minister Fouad Siniora said, ?The Lebanese do not seek vengeance, they only wish to protect their country and prevent the terrorists from persisting in their crime unpunished...

Author: /time Magazine | Title: Lebanon on Edge as Hariri Tribunal Starts | 3/1/2009 | See Source »

Cambridge Public School Committee member Luc D. Schuster said last week that he will not seek reelection in November, hoping that the early announcement will encourage non-incumbent candidates to run for his seat. Schuster, who was first elected in the fall of 2005 at age 25, said that though serving his two terms on the committee has been “the most meaningful work” of his life, his interests have broadened beyond educational policy. “Local public service is something that everybody should have the opportunity to experience,” he said...

Author: By Michelle L. Quach, CRIMSON STAFF WRITER | Title: Member of Cambridge School Committee Will Not Run for Re-Election After Two Terms of Service | 2/27/2009 | See Source »

...turn of phrase succinctly vocalized a somber resignation that threatened to stifle the once vibrant borough. Ravaged by Robert Moses’ ambitious urban planning, the Bronx—newly equipped with a gleaming expressway—literally crumbled throughout the 70s and 80s, forcing thousands of residents to seek shelter in tenements and public housing. As desperate landlords set fire to their property, hoping to reap the benefits of insurance policies, blackened, windowless towers came to punctuate the skyline of an apocalyptically desolate landscape.Joon, the protagonist of Nami Mun’s debut novel “Miles from...

Author: By Roxanne J. Fequiere, CONTRIBUTING WRITER | Title: Mun's Bronx Burns, Obscures | 2/27/2009 | See Source »

Vampires normally feed on the blood of livestock. But when cattle populations are suddenly sold off or moved to greener pastures, the bats seek alternative sources of blood. So far, none of the human victims have tested positive for rabies. But the government isn't waiting for an outbreak to take action. On Tuesday, the Ministry of Agriculture and Forestry sent two of its seasoned vampire hunters to the community to catch the winged pests and wipe out their colony, discovered at the bottom of an abandoned 200-ft. well that no one ever thought...

Author: /time Magazine | Title: Nicaragua's Vampire Problem | 2/27/2009 | See Source »

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