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...better measure of the reach, depth and potential duration of the global economic slowdown than the fast-sinking fortunes of the shipping industry. From the historic docks of Rotterdam to China's booming trading hub of Ningbo, troubling symptoms abound. The Baltic Dry Index, which tracks the cost of shipping raw materials, has plummeted from an all-time high of 11,793 last May to below 800, a 22-year low. The daily rental rate for the largest bulk carriers plunged from $234,000 last summer to less than $3,000 in early December, a staggering 99% reduction. "The violence...

Author: /time Magazine | Title: As the World Economy Sinks, So Does Global Shipping | 12/31/2008 | See Source »

...Standards and Technology (NIST), there exist three types of atomic clocks: primary standard clocks, which are state-of-the-art instruments owned by only a handful of nations, such as Germany, Britain and the U.S. (there's one at NIST); smaller, rack-mounted commercially available versions that can cost as much as $40,000; and widely available radio-controlled clocks, whose time is set by a daily radio signal received from a primary standard clock - usually the one at NIST's headquarters in Boulder, Colo...

Author: /time Magazine | Title: Wait a Second: Why 2008 Was a Long Year | 12/31/2008 | See Source »

...customer who once spent $10,000 to $15,000 on the tables is now spending maybe $5,000. And other customers are shopping around. "They know they can get a deal," Shalala says. "They used to call up, asking for a table at a club, not caring what it cost. These days they're saying, 'Well, I can get a table at another hotel for $1,000.'" Though Shalala hasn't dropped rates drastically to attract customers, he does throw in extras like free concert tickets, promotional chips to spend in the casinos or discounts at the retail shops...

Author: /time Magazine | Title: Behind Vegas's Bad Bet | 12/29/2008 | See Source »

Gong's increasing wariness of spending and investing comes with good reason. Throughout this past year, bad investments in ventures and funds have cost the couple a hefty 50,000 yuan (roughly $7,300) - or about one-third of their annual income - something inconceivable in the popular mind when the economic outlook was much rosier...

Author: /time Magazine | Title: China's Consumers: Not Ready to Save the World | 12/29/2008 | See Source »

...strikes with ground attacks aimed at neutralizing as much as it can of Hamas' military capability. But Hamas has good reason to expect that Israel's military campaign will be limited, and it believes it can come out ahead in the strategic equation despite the heavy cost in blood that will be paid by its own leaders and militants, as well as by Palestinian civilians...

Author: /time Magazine | Title: The Strategic Price of Israel's Gaza Assault | 12/29/2008 | See Source »

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