Not everyone cheered when South Africa was awarded the 2010 World Cup. Skeptics cited security concerns and poor infrastructure as potential pitfalls for the young democracy.
But now a month before kickoff, South Africa is set to silence its critics. The country has put the requisite work into launching the event and is poised to deliver on one of the world's grandest stages.
Just as the 2008 Olympics in Beijing shone a spotlight on China, this event will serve as a vibrant demonstration that South Africa, more than any other African nation, has arrived.
"Some people were saying it was a stupid decision to organize the World Cup in South Africa," Jerome Valcke, secretary-general of FIFA, told the Financial Times. "We will show the world that it was the right decision to organize the World Cup in South Africa and South Africa was able to provide, not only to FIFA but the world, with the best organization possible."
Better, even, than Germany provided as host in 2006, he claims. That's setting the bar awfully high, considering the 2006 World Cup was a resounding success.
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South Africa Takes Aim at Both Short and Long-Term Goals with World Cup Bid
United, Continental Merge Into World's Largest Airline
United Airlines parent UAL Corp. (Nasdaq: UAUA) and Continental Airlines, Inc (NYSE: CAL) announced today (Monday) that they plan to merge and create the world's largest airline in a stock swap valued at $3.17 billion.
The merger is the is the biggest airline deal since Delta Air Lines, Inc. (NYSE: DAL) bought Northwest Airlines Corp. in 2008, and it further demonstrates how an industry plagued by losses has devolved into a pattern of consolidation.
The "merger of equals," as described by the companies, would top Delta as the biggest global carrier, have combined annual revenue of $29 billion, and $7.4 billion in unrestricted cash. The deal should yield cost savings of $1 billion to $1.2 billion by 2013.
The merger is the is the biggest airline deal since Delta Air Lines, Inc. (NYSE: DAL) bought Northwest Airlines Corp. in 2008, and it further demonstrates how an industry plagued by losses has devolved into a pattern of consolidation.
The "merger of equals," as described by the companies, would top Delta as the biggest global carrier, have combined annual revenue of $29 billion, and $7.4 billion in unrestricted cash. The deal should yield cost savings of $1 billion to $1.2 billion by 2013.
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- Japan's economy grew at a much slower pace than previously thought, with government figures showing a revised growth of 0.3% on a quarterly basis, down from the initial 1.2%. On an annualized basis, Japan's gross domestic product (GDP) grew 1.3%, well below the preliminary 4.8% growth estimate. Consumer spending did improve thanks to stimulus measures, but the corporate sector continued to lag, the data showed.
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Gold Stretches Record Run; GM CEO Henderson Out; Philly Fed Calls For Interest Rate Hike; U.S. Auto Sales Edge Up in November; Chinese Manufacturing Continues to Expand; U.S. ISM Index Shows Slower Growth; Late Auto Payments in the U.S. Rise; The Clock is Ticking for Saab; Staples' Profit, Revenue Beat the Street
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With our investment news briefs, Money Morning provides investors with a quick overview of the most important investing news stories from all around the world. GM May Keep Saab After Deal Falls Apart; Third Quarter GDP Revised Down; Home Prices Rise for Fourth Straight Month; European Commission Drops Qualcomm Antitrust Inquiry; Fitch Downgrades Mexico; Bank […]
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Although President Obama Warns of a "Double-Dip" Recession, Money Morning Expects U.S. Recovery to Continue
In a warning that focuses on the need to contain the soaring federal deficit, U.S. President Barack Obama yesterday (Wednesday) said that a continued accumulation of government debt could be enough to blunt the recovery and then drop the U.S. economy into a “double-dip” recession.
It was President Obama's most-severe warning yet about the dangers of growing budget deficits at a time when the U.S. unemployment rate is at 10.2% and climbing. The comments were made to Fox News during an interview granted in Beijing during the president's nine-day trip through Asia.
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