Word: centralism
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...economy contracts - although if the credit crunch is protracted, it predicts that the number could rise to almost 150,000 next year alone. Real estate is already reeling. Plans for two huge new skyscrapers in the City have been shelved, and the price of prime residential houses in central London has dropped by 12% so far in 2008, according to realtors Savills, while sales volume is down by 50% in some areas like Clapham and Fulham. That's just the start. Vincent Tchenguiz, one of the biggest property moguls in the U.K., believes the real estate downturn will last five...
...Buell was the first to fit an exhaust underneath the bike so the weight stays low for better control. It was the first to put oil in the swing arm and fuel in the frame to distribute weight more evenly. And it pioneered a perimeter brake disk--replacing a central disk around the hub--that weighs a third less than the standard system. "I want every part to do at least two jobs, maybe three or four," says Buell. "So you have to invent new parts that no one has done that way before." Fewer parts mean less weight, lower...
...Market-watchers credited the relative market calm to Wednesday's coordinated rate cuts by the U.S. Federal Reserve and five European central banks. China, South Korea, Hong Kong and Taiwan also reduced benchmark lending rates. Ting Lu, an economist with Merrill Lynch in Hong Kong, called local market reaction to the cuts "generally positive, but cautious...
...less concerned with fighting domestic inflation than in joining the rest of the world in battling a global slowdown. In a report released today, the International Monetary Fund warned that the world economy has entered a "major downturn" that would likely get worse before it gets better. It said central bankers trying to get a handle on the situation were "between a rock and a hard place...
...financial system. Britain announced a similar plan to shore up shaky banks by helping them refinance debt in exchange for ownership stakes. That move toward partial nationalization of the banking system underscores just how deep - and how apparently uncontrollable - the financial panic has become. With few tools left to central bankers seeking to calm markets, investors are likely in for more anxiety...