September 27, 2008 at 12:02 am
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A benediction followed Barack Obama's closing speech at the Democratic convention in Denver. The audience, many already exiting, were asked to join in. Those who stayed may have been puzzled to see Pastor Joel Hunter—a conservative evangelical, registered Republican, staunch abortion opponent and one-time candidate to head the Christian Coalition of America—leading some 80,000 Democrats in prayer. Equally surprising, just before the convention, Obama and McCain met for their first public campaign appearance in a mega-church in California, for Pastor Rick Warren's "Compassion Forum." On the day Obama accepted his nomination, liberal evangelical activist Reverend Jim Wallis mused: "At this year's Democratic convention, faith has become cool."
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We present insolvency practitioners from 88 countries with an identical case of a hotel about to default on its debt, and ask them to describe in detail how debt enforcement against this hotel will proceed in their countries. We use the data on time, cost, and the likely disposition of the assets (preservation as a going concern versus piecemeal sale) to construct a measure of the efficiency of debt enforcement in each country. We identify several characteristics of debt enforcement procedures, such as the structure of appeals and availability of floating charge finance, that influence efficiency. Our measure of efficiency of debt enforcement is strongly correlated with per capita income and legal origin and predicts debt market development across countries.
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Online anonymous corruption reporting software.
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Mainland regulators have told domestic banks to stop lending to United States financial institutions in the interbank market in a bid to prevent possible losses during the financial crisis, industry sources said yesterday. The ban from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to US banks but not to banks from other countries, a source said. The CBRC was not available for comment yesterday. The decree appears to be Beijing's first attempt to erect defences against the deepening US financial meltdown after the mainland's major lenders reported billions of US dollars in exposure to the credit crisis. Lending transactions on the mainland interbank market totalled 10.65 trillion yuan (HK$12.17 trillion) last year, according to the People's Bank of China. In the first eight months of this year, transactions totalled 10.11 trillion yuan, up 104 per cent from a year earlier. At the end of last year, the mainland interbank market had 717…
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