Word: steers
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Melbourne-based Telstra's new CEO, Sol Trujillo, 53, will need to steer the telecom giant through some daunting challenges, namely Parliament, privatization and protocol. An IP-based network might help Telstra remain competitive and fully integrated. But a stagnant share price and warnings of an industry slowdown might push the former head of US West to cut costs (and jobs) as the government sells its remaining 51.8% stake, worth $25 billion. More foreign investment could raise Telstra's share price. That, and other regulations, should be decided by Parliament in August...
...contest to take the reins of the once dominant KMT, which has lost two consecutive elections to President Chen Shui-bian's pro-independence Democratic Progressive Party. The KMT, buoyed by outgoing chairman Lien Chan's recent high-profile tour of mainland China, hopes that Ma will steer the party back to power in 2008, when many expect he will run for President himself...
...effects of trade but also its impact on the Chinese people. China has one of the oldest cultures as well as a young and optimistic work force that sees no limits. It is a nation of hope and vitality. We can only trust that China's leadership will steer the country wisely into the future. Ted C. Soderberg San Francisco...
...meantime, says Tom Kelly, spokesman for New York City's transit system, it's a constant struggle to steer clear of expensive gadgetry that doesn't work. For example: "One of the first things everybody said after 9/11 is that you have to run out and buy those bomb-resistant wastebaskets [for subway platforms]," says Kelly. "But then you realize that the blast goes up. So somebody on the platform wouldn't die, but somebody on the sidewalk above would...
...like the weather and the direction of interest rates. Derivatives were at the core of the 1994 bankruptcy of California's Orange County and the 1998 demise of hedge fund Long-Term Capital Management. Buffett once called derivatives "financial weapons of mass destruction," so you'd think he would steer clear. But his company, Berkshire Hathaway, has acknowledged a $307 million pretax loss in the first three months of this year that's due to a $21.4 billion position in "currency contracts," which are derivatives that hit pay dirt when the dollar falls. Problem is, the dollar is rallying...