Word: downturn
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...Originally, this group was made up of six (Canada joined in 1976 and Russia, officially, in 1997) and the idea behind it sprung from the oil crisis and subsequent worldwide recession of 1973. The nations wanted an informal forum to coordinate their macroeconomic policies during the downturn, in addition to formulating a common strategy in dealing with the developing world, which had become less and less dependent on them. (See pictures of the history...
...official business at hand, the 2009 G-8 is expected to be dominated by discussion over a new form of world governance in light of the global downturn. What's more, there's talk of the need for a better-structured form of dialogue to deal with the likes of Brazil, China, India, Mexico and South Africa. Recession? Emerging economies? It's almost as if the annual summit has come full circle from its beginnings back in 1975. For the members of the world's most exclusive club, it must seem like...
...Despite the renewed threat of disruption, major oil-consuming countries are in a strong position to withstand any new market shocks. Global stockpiles are at their largest in about five years because of the downturn in demand brought on by the recession. Many countries also created large strategic oil reserves after the 1979 experience. And in an effort to stabilize oil prices, both the U.S. Congress and the Obama Administration are considering clamping down on speculation in energy futures, said Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission, on Tuesday. Speculation is one factor believed by economists...
...announcement follows months of rumors that Hillel was facing financial difficulties. When asked in January about such rumors, Steinberg vehemently denied that the organization was facing fiscal hardships beyond those caused by the economic downturn, saying that "there is no story" and that discussions about the rumors and Hillel's finances were "totally inappropriate...
...plan? Manufacturers insist that the latest car sales are a reflection of the underlying weakness of the U.S. economy. Bob Carter, head of the Toyota sales apparatus, notes that the Japanese automaker's sales totals continue to suffer from California's economic crisis as well as its real estate downturn. "It's not one thing: it's real estate, it's availability of credit, it's unemployment" that's hurting California sales, he says. Mike DiGiovanni, GM's general director of market analysis, says the present economic numbers suggest that a modest improvement in economic conditions is under...