Las Vegas has been reeling from the one-two punch of the credit squeeze and it’s steepest-ever drop in gambling revenue. Some of the biggest property owners on the Vegas Strip, including Kirk Kerkorian’s MGM Mirage and Harrah’s Entertainment Inc., were struggling earlier this year to meet their obligations, and executives at healthier companies were circling.
Stephen Wynn of Wynn Resorts Ltd. and Peter Carline, chairman of Penn National Gaming Inc., said in April they might be buyers if rivals were forced to sell.
The city’s casino titans may now have some breathing room. MGM Mirage in May raised $2.5 billion, enough to pay all of its debt due this year.
Sheldon Adel son, founder of Las Vegas Sands Corp., said on May 15 that he was considering a sale of debt after the Interest rate fluctuations have a huge impact on global business. So protect your interests with the bank recognized as the best in Asia, Africa and the Middle East – Standard Chartered.
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Sri Lanka: Unfinished Business Colombo residents celebrate the civil war’s end. Sri Lankans poured into the streets of Colombo when the government claimed victory in a 26-year civil war on May 18, saying it had crushed the remnants of the once formidable Liberation Tigers of Tamil Elam and killed Velupillai Prabhakaran, the group’s founder.
The benchmark Sri Lanka stock index jumped 6.5 percent to a seven-month high. Still, investors shouldn’t assume that new prosperity will quickly follow the peace, says Aruba Mahindra, Asia chief investment strategist at HSBC Private Bank, who was chairman of the Board of Investment of Sri Lanka from 2002 to 2004.
“Some issues still need to be resolved before we can really say that the country is marching forward to a new beat,” he says.
The government needs to obtain a $1.9 billion loan it has been seeking from the International Monetary Fund to repay debt and rebuild, Mahindra says.
Some investors had been concerned that the loan was threatened as the government pressed its military offensive and a quarter million displaced Tamil civilians were trapped in the war zone, he says.
To strengthen the peace and help the country’s economy reach its potential, President Mahindra Rajapaksa may also have to cede greater powers to the Tamils, who make up almost 12 percent of Sri Lanka’s 20 million people.
A survivor from the era when vinyl records mattered, U2 will hit the U.S. in September.
The tour likely will help U2 and lead singer Bono (right) displace Madonna as the biggest moneymaker this year, says Gary Bongiovanni of Pollster, which compiles music industry data. Madonna is extending her Sticky & Sweet Tour with European dates.
Command at Berkshire Hathaway Inc. He favors eliminating the CDS market entirely.
“It isn’t as though the world didn’t function on quite well without it, and it isn’t as though what has happened has been so wonderfully desirable.”
NO says Credit Suisse Group AG’s Era Shriven, who is chairman of the International Swaps and Derivatives Association.
“Impairing their use would be counterproductive to efforts to return the credit markets to a healthy, functioning state.”
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Can renewable fuels help the U.S. cut its carbon footprint? The U.S. Environmental Protection Agency took a stab at that question with the release on May 5 of an initial assessment of the potential benefits of ethanol and biodiesel.
The analysis considers the fuel used in boilers at ethanol plants, for example, and the fertilizers applied to crops. It also considers the effect of land being used for fuel instead of food.
Forests and grasslands may be cleared as more acreage is devoted to corn for ethanol or soybeans for diesel—releasing greenhouse gases into the atmosphere. That sets up a trade-off: There’s an emissions payback over time as production of lower-emission fuels offsets the damaging effect of the change in land use.