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Scottish Power is a poster boy for the latest trend in European corporate finance: demerging. The '90s were years of stock market-inspired bulking up - in Europe there were $4.7 trillion worth of mergers and acquisitions as capital markets surged. But now that market valuations have retreated, this is a time of slimming down, as companies look to impress investors by shedding unprofitable or unnecessary divisions...
Though a “Marshall Plan” for the developing world might at first appear both overly ambitious and overly expensive, it presents a viable alternative to the current plan, one that will spend $4.7 trillion in defense over the next decade, while at the same time involving the nation in a war with no clear exit strategy and no hope for successful resolution. Of course, just as the most extreme use of military force could never hope to eradicate the world’s terrorist networks, even the most benevolent policies on the part of the United...
...face of it, the odds don't look good. In Japan, "restructuring" often means ordering just enough layoffs and cost cuts to qualify for another lifeline from the banks?themselves staggering under $1 trillion in bad debts. Meanwhile, the corporate graveyard is crowded with foreign investors who tried to make over Japanese failures. Most recently, Merrill Lynch, which bought out securities firm Yamaichi, is beating a retreat...
Sachs said Americans currently spend $1.4 trillion a year on their health care—but said the U.S. government only spent $50 million during the 1990s on AIDS in Africa...
...spending cuts have left Europe without the military clout to contribute to regional let alone global security. The U.S., on the other hand, just gets stronger. Over the next five years, the largest increase in defense outlays since the Reagan era will see the Pentagon spending more than $2 trillion. Small wonder that Super Power envy - and fear - abounds...