Word: trillion
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...long way to go before it can claim to be a wealth-management capital on a par with Switzerland. Assets under management at Singapore private banks total about $200 billion, says Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore. That compares with $3.71 trillion in Switzerland...
...Asia's approximately 88 billionaires as clients, even as it launches operations in the relatively untapped markets of China and India. Also expanding their Asia footprints are Swiss behemoths such as Credit Suisse and UBS. The latter, which is already the world's largest private bank with $1.32 trillion in assets under management, had just 153 private bankers in Asia Pacific six years ago; earlier this year that number reached 600, most of them working in Hong Kong and Singapore. "By 2015, we expect the Asia-Pacific market to be bigger than the European market," says Kathryn Shih, the Hong...
...been slow to approve defense funds, even for the Army and Marines, which have borne the brunt of the fighting. That has left the Pentagon with a huge deficit--even though a 40% hike in its budget since 9/11 has swelled its yearly funding to nearly half a trillion dollars...
ETFs are still a relatively small business--totaling $350 billion compared with some $7 trillion invested in conventional U.S. mutual funds. But ETFs are attracting so much attention that some financial pros believe they're moving markets in certain precious metals, alternative energy, water and other areas. Those pundits suggest that gold ETFs--formed by trusts that hoard the glistening, 400-oz. bars in London vaults--have become reflexive, a term applied by billionaire investor George Soros. Think self-fulfilling prophecy. In this case, it means the new ETFs signaled a shortage of physical gold available, making the metal jump...
...African interior. About 500,000 Africans receive the antiretroviral medications they seek, but 4.7 million still need them. Our current efforts are simply insufficient. It is not enough to share precious intellectual property rights. We need to be willing to aggressively counteract AIDS with all the ammunition our trillion-dollar pharmaceuticals can provide.Our world is one divided and sub-divided by arbitrary lines drawn in the sand. These lines make it easy for us to sleep at night, far from the Central Hospital, where patients rot in their own filth and the stale Saharan summer heat. Regardless, a simple truth...