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Szabados is quick to acknowledge, however, that not all the money has been well spent. There was the housing development built in a hurry in a wooded area south of town that now stands largely empty. "If we'd thought about it properly, we wouldn't have done it," she admits. Then there are the government-sponsored job-creation programs that failed to live up to their name, and the startups that quickly shut down again because they depended more on government subsidies than on a smart business plan. (See pictures of the global financial crisis...
There's no doubt this public spending produced some results. The U.S. semiconductor firm AMD, for example, was planning to build a new plant in Ireland. In 1995, however, it switched to the Dresden area - once a high-tech region for the whole Soviet bloc - where it now employs about 2,000 people. Similarly, on the edge of Halle's Neustadt, in a brand-new technology center built on the site of the former Soviet army base, Katja Heppe pulls the claws of a snow crab out of a plastic bag. She's 29, a biotechnology researcher who specializes...
...growth forecast for 2009, predicting GDP would contract by 1.3%, the most severe recession since the 1930s. Yet oil is some 60% more expensive now than in December. Palm oil, which is used in a wide variety of manufactured foods, has surged more than 50% this year. "The only area of the world economy I know of where the fundamentals are improving is commodities," says investment guru Jim Rogers. "The fundamentals for General Motors are not improving. The fundamentals for Citibank are not improving. The fundamentals for cotton are improving...
...Pakistan Refugees Flee Taliban Area Citing government steps to oust its fighters from the southern region of the Swat Valley, the Taliban ended a three-month truce May 5, prompting thousands of civilians to flee, fearing a renewal of violence. As many as 800,000 of the valley's 1.6 million residents are expected to evacuate, according to Khalid Khan Umerzai, a local commissioner, in what he said might be "the biggest displacement of Pakistanis since independence" in 1947. While the government has set up at least six refugee camps, officials are worried they will lack funds to support...
...Mayer, the staff reassignment seeks to accommodate the workers affected by the hot breakfast cut by filling some of the vacancies left by the early retirement program. The bid process was the mutual agreement of HUDS and Local 26, a union that represents hospitality workers in the Greater Boston area. “We remain hopeful that we can find an opening within HUDS for anyone in a position that is being eliminated due to the service changes,” the statement said. 17 dining hall staff took the early retirement package, and 24 jobs—12 cooks...