Word: status
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...tumult, it is only human to look for answers, and on Thursday there were plenty of story lines to account for the pain. Financial companies, the bêtes noires of the global economy, were at it again, led by Morgan Stanley, off 22% after speculation about the status of planned investment. Or perhaps the trigger was General Motors, down 31% in the wake of being put on watch for a possible credit-rating downgrade, signaling that the broader economy is on much shakier ground than everyone thought. Or could it even have been the much vilified short-sellers...
...more support roles out of London, to Asia or just to cheaper places in Britain," says Owen Jelf, who heads the U.K. capital markets practice at consultancy Accenture. But nowhere other than New York boasts the combination of specially tailored office space and clustered expertise to challenge London's status. "I don't see how what is happening will upset London's position as the fulcrum of finance in Europe," says Marc Lhermitte, a partner at Ernst & Young in Paris who specializes in foreign-investment issues. And even in the worst-case scenario of continued market turbulence and a deep...
...disappear, but it will face even tougher challenges not just from London but also from regional financial centers, including Dubai and Singapore. And since financial services are such an important part of the U.S. economy, accounting for a massive 15% of New York's alone, any diminishing of its status as a financial center will have big repercussions on jobs. The dollar too may lose its long-held status as the currency of choice for central bankers everywhere. Snower of the Kiel Institute believes that in the future, "this will be seen as a historic period in which...
Luckily, there is an easy way to improve upon the status quo: Congress should vote to make Election Day—that is, the first Tuesday after the first Monday in November—a federal holiday. This is no new idea: Election Day is already a holiday in states such as Delaware, Hawaii, Kentucky, Maryland, Montana, New Jersey, New York, Ohio, and West Virginia. The idea has even been contemplated on the federal level, too. In 2005, Michigan Representative John Conyers proposed the establishment of “Democracy Day,” a holiday that would fuse Election...
...Gyari, special envoy of the Dalai Lama, called on the Chinese government to participate in bilateral talks with a sincere desire to reach a solution, in an appearance at the Kennedy School yesterday. Tibetan and Chinese officials are preparing to enter the eighth round of negotiations on the status of Tibetan political authority at the end of this month. But, with restrained responsiveness from Communist Party representatives, Gyari expressed concern over whether the ongoing discussions would lead to an equitable solution. “In the absence of serious and sincere commitment on [the Chinese] part, the continuation...