Word: solding
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Smoke and Mirrors In your article "Big Tobacco's War for Africa" you underestimated smoking rates by ignoring the amount of cheap pipe tobacco that is sold and hand-rolled into cigarettes [Aug. 10]. Most of the countries in Africa have a lot of so-called "grey" (that is, unofficial) cigarette imports. Clive Varejes JOHANNESBURG, SOUTH AFRICA
...spot in the cultural establishment is proof that his revolution succeeded. He's about to start on the screenplay of The White Tiger, the Booker Prize winning novel by Indian author (and occasional TIME contributor) Aravind Adiga. That a story about a poor Indian hustling his way in Bangalore sold millions of copies all over the world, notes Kureishi, shows that post-colonial fiction has reinvigorated the novel. (See Aravind Adiga's Summer reading list...
...Choe and his family - which now includes a second son - watched from the sidelines until the end of last year. That's when the Choes moved back into a home of their own, a four-bedroom they plucked out of foreclosure at a 35% discount from what it had sold for two years earlier. (See pictures of Americans in their homes...
...another example take, well, Dean Baker. He and his wife sold their condo in Washington in the spring of 2004 and started renting. The cost of a house relative to a typical apartment rent had doubled in four years - you didn't have to be an economist to notice. That spread has narrowed substantially, but by Baker's calculations, there's more to go. Yet that didn't stop him from buying a couple of months ago. "We got an interest rate at the absolute bottom," he says, "and we wanted outdoor space...
...risks but also its chief risk watchdog. He has a far different perspective from that of most of the previous Goldman bosses. In December 2006, Viniar led a meeting of senior Goldman executives to examine ongoing daily losses in the firm's mortgage portfolio. Goldman had already underwritten and sold billions of dollars' worth of mortgage-backed securities, much of it labeled investment grade by ratings agencies. It was, in fact, junk. But Goldman realized earlier than most that rot was setting in and famously decided to pull back from the mortgage market. The firm then shorted various mortgage-securities...