"We're still seeing capital spending flat to going lower".
Citigroup repurchased $12.8 billion-worth of shares in 2005 and $7 billion-worth in 2006, keeping its capital ratios flat at a time when raising its buffers would have been a better strategy.
So assuming the updated capital structure, flat margins, and very little growth, we come up with an intrinsic value estimate of about $110.
The capital is flat, most main streets have bike lanes, and bicycles (called zi xing che, "self driven transport") are practical, cheap, green and slice through the perpetual gridlock.
Pyongyang - the name of the showpiece capital means "flat lands" - is geographically bicycle-friendly, but has in the past introduced and then lifted bans on bikes in the city center.
In a similar set-up, Conesa et al. (2009) conclude that, also for the US case, the optimal capital income tax (flat) rate is 36%%, while the optimal progressive labor income tax consists of a flat tax of 23 % with a deduction of $7,200.
The capital budget stays flat, same as the year before.
The cost of capital has remained flat, due to the decline in interest rates and the increase in risk premiums which just about cancel each other out.
Then Bob Hill, a 47-year-old defense attorney who had previously represented 14 men facing capital punishment, just flat out conceded to the jury that he had no case.
According to projections by one of the biggest investors in "prime" property in the capital, that average flat could fetch £36m by the middle of the century – if its predictions of 9%-a-year growth in prices become reality.
(The authors, in fact, suggest that the state should setup a separate 18% flat capital gains tax on the profit from share sales).To generate greater up-front revenue for the Treasury, the Centre for Policy Studies scheme would also waive capital gains tax for people who sell their shares within the first three months.
