New York region struggles to move on a week after Sandy
NEW YORK (Reuters) – A week after superstorm Sandy wreaked havoc on New York City and the surrounding area, schools were set to reopen on Monday and life expected to slowly return to normal for many, but close to 2 million people still have no power as cold weather sets in.
Hundreds of thousands of commuters faced a frustrating journey into the city as public transportation remained spotty. Service on many rail lines was reduced and the subway was running at about 80 percent of its normal service.
The next emerging market: A billion women
You would never dream of not investing in India. You would never dream of not investing in China. So why wouldn’t you invest in women? That question was posed by Beth Brooke of Ernst & Young at the launch on Wednesday of a campaign called The Third Billion that aims to empower women as a means to drive economic growth. The campaign is based on the notion that there are a billion women not participating in the global economy who should be.
“Every country, every company in the world is looking for growth wherever they can find it,” Brooke said at a panel discussion (which I moderated) at Thomson Reuters headquarters in New York. “Where is the growth coming from? It’s coming from the emerging markets … We historically think of those emerging markets as India and China and many others. But it is clear that women are an emerging market.”
Behind the scenes at UBS
Emma Thomasson and Edward Taylor tell the inside story of UBS’s turbulent week in today’s second special report “How a rogue trader crashed UBS.”
UBS chief Oswald Gruebel’s decision to resign after the bank said a rogue trader lost as much as $2.3 billion was not just a response to the immediate crisis. It was also an admission that the bank’s latest scandal has effectively undone all his efforts over the past two years to lobby against tougher bank regulations.
Nevada’s Big Bet
What happens in Nevada, stays in Nevada. Literally. Especially when it comes to Nevada shell companies.
That’s the gist of our latest special report in the SHELL GAMES series, “Nevada’s big bet on secrecy.”
Stress testing the UAW
Today’s special report from Detroit, “Crunch time for America’s richest union,” takes a close look at the finances of the historic United Auto Workers union.
Over its 76 years, the UAW has built up a more than $1 billion war chest that has proven to be its big stick at the negotiating table and on the political stage.
New York City gets back to business after Irene
NEW YORK (Reuters) – New York City was slowly getting back to business as usual on Monday after Hurricane Irene but hundreds of thousands of people who normally travel in from the surrounding area faced a hellish commute as flooding knocked out some transit routes.
Downgraded to a tropical and then a post-tropical storm, Irene pelted eastern Canada with rain and 50-mile-per-hour (80-kph) winds late on Sunday after killing 20 people in the United States. It cut power to 5 million homes and businesses and choked towns with floodwaters, especially in Vermont and New Jersey.
NY City back to business after Irene, Vermont flooded
NEW YORK (Reuters) – New York City was back to business on Monday after Hurricane Irene but hundreds of thousands of people who normally travel in from the surrounding area faced a difficult commute as flooding knocked out some transit routes.
Farther north, Vermont was battling the state’s worst flooding since 1927 after Irene swept through as a tropical storm late on Sunday. It dumped huge amounts of rain in New Jersey and other states on its way up to Canada.
Hurricane Irene poised to hit New York hard
NEW YORK, Aug 28 (Reuters) – The force of Hurricane Irene
began to build in New York City early on Sunday morning, with
major roads already flooding and the tourist mecca of Times
Square abandoned to a hearty few.
Local forecasters said the path of Irene was shifting
westward, putting the city squarely on the wrong side of the
storm and raising the prospect of 10-foot storm surges.
More bloodshed in Monterrey
After the latest news from Mexico where armed men torched a casino in Monterrey, killing at least 52 people, it’s a good time to re-read Robin Emmott’s special report “If Monterrey falls, Mexico falls.”
As the story says:
In just four years, Monterrey, a manufacturing city of 4 million people 140 miles from the Texan border, has gone from being a model for developing economies to a symbol of Mexico’s drug war chaos, sucked down into a dark spiral of gangland killings, violent crime and growing lawlessness.
Is it time for a stockation?
By Matt Goldstein
It’s too soon to say whether the recent madness on Wall Street will drive away ordinary investors from the stock market, but the trend lines certainly aren’t looking good.
In the past two weeks, retail investors pulled $17.4 billion out of U.S. equity mutual funds, according to the mutual fund information service Lipper. But the exodus from stock funds really began in late 2008 at the height of the financial crisis. And the move of retail money out of stock funds continued through 2009, even as the markets bottomed and rallied back.
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