Word: downturn
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...bank to reach critical mass. When Bank of America beat him in the race to take over FleetBoston Financial in October 2003, he knew he had to move fast or get left behind in the rapid consolidation of the banking industry. J.P. Morgan Chase, which had stumbled after the downturn on Wall Street in 2000 and was looking for a bigger retail presence, as well as an eventual successor to CEO Harrison, turned out to be the ideal match. "Every single one of our businesses is enhanced," Dimon said last week. "Even the ones that were Chevys are now Ferraris...
...With the downturn in the economy and new jobs being generated at below-normal levels, demand for AmeriCorps programs like YouthBuild is at an all-time high. “There are 2.4 million low-income youth across this country who have not completed high school or they’ve finished high school and they don’t have jobs,” said Vugrin. It will be very difficult for these people to get jobs that pay enough to support themselves and their families and help the economy unless the federal government allocates money to train them...
Bush officials argue that most spending increases were necessary to fight terrorism and that smaller tax receipts resulting from the economic downturn played a bigger role than Bush's tax cuts in the deficit increase. The President has now promised to cut the deficit in half over the next five years. To achieve this ambitious goal, he wants to limit discretionary growth to 4% next year. But his budgeters are likely to make that number by not counting emergency, defense and homeland-security costs. Above all, the Bush team is counting on growing out of the deficit. If economic activity...
...Guangqian, warned that China is willing to wage war with Taiwan to prevent it from declaring independence?whatever the cost. Writing in a Beijing journal controlled by the Chinese Communist Party, Peng said China would brave a boycott of the Olympic Games, a drop in foreign investment, an economic downturn, even regional instability in order "to uphold national unity and territorial integrity." Like all Taiwanese, Wong has heard similar strident threats from China before. This time, however, he blames his own President, Chen Shui-bian, for deliberately baiting Beijing by stirring the pot of independence at home in a crude...
Vest said that while the endowment has increased from its value a decade ago, the recent economic downturn has hit the university hard because of its increase in dependence on gifts and endowment income in the past ten years...