Word: boom
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Dates: during 2000-2009
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...sponsored the U.S. Davis Cup team since 1999, an agreement that ends this year: if the company hadn't floundered, odds are it would have renewed the deal. Now the United States Tennis Association has to fish for a new sponsor in a very soft market. The sports-facility boom could also take a hit: the economy will likely delay ground-breaking for the new Florida Marlins stadium in Miami...
...Chinese manufacturers are particularly vulnerable to a recession right now because of higher labor and commodities costs and because of the simple fact that China's boom resulted in the creation of far more factories than global demand could possibly support in a cyclical downturn. A shakeout is unavoidable, and it is being made worse by the worldwide credit crunch. Nervous banks, Lau says, have reduced the credit lines of many small manufacturers by up to 50%, starving them of operating funds. Letters of credit, which facilitate the shipment of exports, were once automatically accepted by banks in Hong Kong...
...Boom When outside experts look at Turkey's vulnerabilities, they see other weaknesses apart from its dependence on exports to Europe. One of the drivers of growth this decade has been foreign direct investment, but that has dropped by about 40% so far this year. Sabanci Dinçer is right to praise the robustness of the banking sector, but there are some vulnerabilities here, too: several of Turkey's banks have been acquired by foreign companies, including two European banks that have run into financial trouble elsewhere, Fortis and Dexia. Turkey also has a current account deficit that amounts...
...affordable ones like Benetton. Along with their competitors, the Boyners have been on a roll. New shopping malls have sprung up across the country, especially in Istanbul, where some of the most recent examples were deliberately aimed at upscale, upwardly mobile clients. The Boyners have fully participated in this boom; for luxury goods alone, they doubled their retail space over the past two years. But now luxury is taking a fall, and sales of all types of merchandise are soft. "There's no need for panic," Boyner says, "but this is the point where you need to be very conservative...
...sitting at an outdoor table drinking beer. "This is all we're going to be spending on for a while - food and drink," he says. "That's about it for the near future. Everybody's going to have to be careful." For Turks used to living in a boom, it's quite a change. But they've been through hard times before - much harder times, and not all that long ago. As Ümit Boyner says, "We have a saying here: "If you go into the hammam, you have to sweat." If a downturn at home is the price...