Word: shells
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...visit foreign countries or live in them who have been hammered by the dollar's decline. TIME readers, being sophisticated folk, will know that you never, ever take a taxi from Heathrow Airport into central London. (You jump on the express train instead.) Less savvy travelers now have to shell out the equivalent of $100 for the joys of being stuck in west London's traffic. The New York Times recently reported that Irish immigrants to the U.S. who had decided to return home were discovering that their dollar savings didn't go far. The cash that you get from...
...past year, the city government has been excruciatingly slow in making safety on the Cambridge Common a priority. While poor lighting and a lack of emergency callboxes make a walk through the park unnecessarily dangerous, not even the rash of gropings over the past year could convince Cambridge to shell out the cash for security upgrades. The UC maintains an official liaison to the City of Cambridge, but the sluggish pace of the negotiations only underlines the need for a directly-elected Harvard affiliate with governmental power. A year after the first in a string of sexual assaults, Harvard finally...
Even at home, Beijing has faced setbacks. In August a consortium led by oil giant Shell pulled out of a just-finished gas pipeline--running 2,730 miles from the western deserts to Shanghai-- after the firms decided their returns would be too small. A planned oil pipeline covering the same distance has seen no takers. Then, last month, Shell and Unocal backed out of a multibillion-dollar project to tap gas fields under the East China...
...Lugano, handed him an empty briefcase, and waited. About an hour later, Sala returned with the case filled with cash. By now Parmalat's true debts were too big to hide. The beginning of the end came in 1999, when Parmalat executives transferred the activities of the three shell companies to Bonlat, the Cayman Islands firm at the center of the fake Cuban milk scheme. By 2002, Bonlat's fictitious assets had grown so enormous - up to $8 billion - that the company had to invent a Cayman Islands-based investment fund called Epicurum to take over some of its fictitious...
With the help of former Parmalat executives, magistrates and forensic accountants have mapped out the system of double billing they say was at the heart of the firm's alleged fraud. They claim Parmalat secretly controlled 33 of the 104 distributors it employed in Italy through shell companies in the Netherlands Antilles. The company issued duplicate invoices and used the fictitious revenues as collateral for bank credits. It then shunted the debts into offshore, off-the-books companies. As a result, investigators say Parmalat was able to both inflate its revenues and give the appearance of reducing its debt. Here...