2023年6月26日 星期一

run, trail-running, bank runs, a dog run; horse around, delist, relist

In Bulgaria, Corruption Turns Promise Into Pain

Bank runs and political instability have cast a shadow on the future of the European Union’s poorest member state.

JAL applies for relisting on Tokyo Stock Exchange

June 21, 2012
THE ASAHI SHIMBUN
In a remarkable turnaround, Japan Airlines Co. applied June 20 for relisting on the Tokyo Stock Exchange.
The carrier is expected to go public again in mid-September, just two years and seven months after it was delisted.
It signals the airline's efforts to reorganize its management structure and return to profitability.
In January 2010, JAL filed for bankruptcy under the Corporate Rehabilitation Law.
This led to the Enterprise Turnaround Initiative Corp. of Japan, a public-private fund, to invest 350 billion yen ($4.4 billion) in JAL and acquire 96.5 percent of the airline's shares.
Support from the fund is limited to only three years by law. Thus, it will be unable to recover the invested money unless JAL stock is relisted by next January.
According to analysts, the total market value of JAL's shares will reach between 600 billion yen and 700 billion yen if the airline is relisted.
When the stock is relisted, the fund is expected to not only recoup its investment but come out ahead.
JAL's quick return to the TSE reflects strong state support and an upturn in its business performance.
JAL injected profitability management systems in each business division after Kazuo Inamori, founder of Kyocera Corp., an electronics equipment maker, became its chairman.
As part of its restructuring, JAL slashed 16,000 jobs, reviewed wages and abolished money-losing routes.
JAL turned an operating profit of 204.9 billion yen in the fiscal year that ended in March 2012. Net profits reached 186.6 billion yen. Both figures were the largest on record for the airline.
The ratio of operating profits to sales amounted to about 17 percent, compared with just 6.9 percent for All Nippon Airways Co., JAL's main rival.
JAL's midterm management plan, released in February, said the airline expects to keep its profitability rate at 10 percent or higher for five years starting April 2012.
As of the end of March 2011, JAL posted accumulated losses of 1.2 trillion yen.
Even if the airline returns to stable profitability, it will not be obliged to pay corporate taxes to the government while its earnings are offset by accumulated losses. In the fiscal year that ended March 2012, JAL was able to skip payment of an estimated 35 billion yen in taxes.
Under the Corporate Rehabilitation Law, banks forgave some 520 billion yen in credits to JAL. This brought down JAL's snowballing interest payments.
"We hope that a fair environment is secured for competition," said Shinichiro Ito, ANA president, on preferential treatment to JAL.
JAL will focus on increasing its international routes after making severe cutbacks.
This will entail a critical look at associated costs, including expenses for aircraft purchases and payrolls. Competition with low-cost carriers is also intensifying.
By putting priority on business performance, JAL hopes to lure many individuals and institutional investors.
"The challenge is whether investors think that JAL’s profitability has really recovered," said one analyst.
The Tokyo Stock Exchange is expected to approve the relisting of JAL stock on its First Section in mid-August after checking the airline's assets and business performance forecast. The stock exchange is expected to relist the airline on Sept. 19.
(This article was written by Keiko Nannichi and Rui Hosomi.)





Penn State Coach Admits to "Horsing Around" With Kids


But Jerry Sandusky says that he is innocent of the sex-abuse charges against him.


horse around
Indulge in frivolous activity or play. For example, The boys were horsing around all afternoon. This term presumably alludes to horseplay, which has meant "rough or boisterous play" since the late 1500s. [First half of 1900s]



run   擠兌
A sudden demand for repayment from (a bank) made by a large number of lenders:growing nervousness among investors led to a run on some banks


run
n.
    1. A pace faster than a walk.
    2. A fast gallop. Used of a horse.
  1. An act of running.
    1. A distance covered by or as if by running.
    2. The time taken to cover such a distance: It is a two minutes' run from the subway.
  2. A quick trip or visit: a run into town.
    1. Sports. A running race: the winner of the mile run.
    2. A campaign for public office: She managed his successful senatorial run.
  3. (Abbr. R) Baseball. A point scored by advancing around the bases and reaching home plate safely.
  4. Football. A player's attempt to carry the ball past or through the opposing team, usually for a specified distance: a 30-yard run.
    1. The migration of fish, especially in order to spawn.
    2. A group or school of fish ascending a river in order to spawn.
  5. Unrestricted freedom or use: I had the run of the library.
  6. A stretch or period of riding, as in a race or to the hounds.
    1. A track or slope along or down which something can travel: a logging run.
    2. Sports. A particular type of passage down a hill or across country experienced by an athlete, especially a skier or bobsledder: had two very good runs before the end of the day.
  7. Sports. The distance a golf ball rolls after hitting the ground.
    1. A scheduled or regular route.
    2. The territory of a news reporter.
    1. A continuous period of operation, especially of a machine or factory.
    2. The production achieved during such a period: a press run of 15,000 copies.
    1. A movement or flow.
    2. The duration of such a flow.
    3. The amount of such a flow.
  8. A pipe or channel through which something flows.
  9. Eastern Lower Northern U.S. See creek (sense 1).
  10. A fall or slide, as of sand or mud.
  11. Continuous length or extent: a five-foot run of tubing.
  12. Geology. A vein or seam, as of ore or rock.
  13. The direction, configuration, or lie: the run of the grain in leather.
    1. A trail or way made or frequented by animals.
    2. An outdoor enclosure for domestic animals or poultry: a dog run; a turkey run.
    1. A length of torn or unraveled stitches in a knitted fabric.
    2. A blemish caused by excessive paint flow.
    1. An unbroken series or sequence: a run of dry summers.
    2. Games. A continuous sequence of playing cards in one suit.
    3. An unbroken sequence or period of performances or presentations, as in the theater.
    4. A successful sequence of actions, such as well-played shots or victories in a sport.
    5. Music. A rapid sequence of notes; a roulade.
    6. A series of unexpected and urgent demands, as by depositors or customers: a run on a bank.
  14. A sustained state or condition: a run of good luck.
  15. A trend or tendency: the run of events.
  16. The average type, group, or category: The broad run of voters want the candidate to win.
  17. Computer Science. An execution of a specific program or instruction.
  18. Nautical. The immersed part of a ship's hull abaft of the middle body.
  19. runs Slang. Diarrhea. Often used with the. 
  20. delist, relist  股票下市/重新上市

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