Word: downturn
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...wrong. Less than a decade ago, Business Week ran nearly 6,000 ad pages in a year. This week, a banker valued the magazine at a dollar. "The rapid speed of the switch from print to digital, combined with the extreme severity of the economic downturn, has made it very tough for all weekly magazines," says Stephen Shepard, former editor in chief of Business Week and now dean of City University of New York's journalism school. Of all of them, though, Business Week is in a uniquely precarious position. (See the best magazine covers...
...these days Icelanders are enduring an identity crisis. Almost bankrupted by the economic downturn - which they call the "Kreppa" - they are shedding age-old shibboleths about their sturdy self-sufficiency. On Thursday, they did what would have been unthinkable just one year ago: they reached out to the European Union for help. (See pictures of the global financial crisis...
...more remarkable aspects of Chinese government efforts to fend off the global economic downturn has been a surge in lending. To keep struggling enterprises afloat, Beijing urged Chinese banks to open the credit floodgates - and bankers have done so. The People's Bank of China, the central bank, estimates that $224 billion in new loans were made in June alone, bringing the total for the first half of the year to $1.08 trillion - 50% more than the amount of loans Chinese banks issued in all of 2008. (Read "China's Banks Become the Government's Foot Soldiers...
...have received less than 5% of the total volume of loans. That's not just a problem for private business owners. Because their firms do a better job of creating employment than state-owned enterprises, the credit crunch creates headaches for policymakers trying to limit unemployment during the economic downturn. (See pictures of China doing business in Africa...
...least a lot closer to them than it currently does. To keep this new American frugality from battering the global economy even more than it's been battered, somebody has to pick up the resulting slack in demand. Europe and Japan have been hit harder by the downturn than the U.S. has, and they have aging, slow-growing populations unlikely to ignite consumer booms. That leaves the BICs as pretty much the only remaining candidates. These economies are still too small to take up all the slack: together their GDP amounts to less than half that...