Word: stockings
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Fairy tales can hurt you only if you believe them. That's why the widespread conviction right now that the "Goldilocks economy" will prevail in 2007 is so worrying. Stock markets around the world have been rallying strongly because key global economic fundamentals are said to be not too hot, not too cold, but just right. Growth is solid, inflation is relatively low, energy prices are easing, interest rates are benign, and consumer spending is holding up, most importantly in the U.S. The assumption that investors seem to be relying on to justify the high prices they are paying...
Only a few years ago, Hong Kong was gripped by panic that the rapidly ascending Chinese city of Shanghai was set to usurp its coveted position as China's premier financial hub. Shanghai's budding stock market and burgeoning financial community were supposed to be the future; Hong Kong, the fusty remnant of a colonial past...
...pace of reform, allowing Hong Kong's modern capital market plenty of room to grow. Not only has Hong Kong strengthened its position at the financial heart of Asia, but today it's competing with powerful centers in New York and London. Companies going public via Hong Kong's stock exchange in 2005 raised more money from initial public stock offerings-$21.6 billion?than any other exchange except New York, according to Thomson Financial. Last year, Hong Kong ranked No. 1, beating out New York and London, with $41.1 billion raised...
...flood of IPOs by Chinese companies, including some record-breaking deals, is a major reason for that performance. To tap overseas investors, China's best companies?from mobile-phone operators to insurance firms?have made Hong Kong's stock market their No. 1 choice for going public. Why? The imposition of onerous reporting requirements on companies listing in the U.S. in the wake of the Enron scandal has knocked some of the shine off New York, while Chinese bourses in Shanghai and Shenzhen are often considered to be too immature and restricted (foreigners are allowed to trade freely only...
What I mean is, every half an hour or so, a clanging, whistling length of rolling stock rumbles through on the Burlington Northern Santa Fe tracks that slice the park lengthwise along its shoreline side. And just up from those tracks, running parallel to them, the park is cut again by the four lanes of Elliott Avenue, one of Seattle's major arteries. Together they split the slope into three long stretches connected by a land bridge over the roadway and a steel span crossing the tracks. So this isn't just a park in the city...