Word: downturned
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...stem cell research, including work at the Harvard Stem Cell Institute. According to City Councilman Sam Seidel, Pfizer’s expansion is part of a continuing effort to bring large research facilities into the city. “We on City Council are very aware of the economic downturn overall,” Seidel said. “It is reassuring that companies on the cutting edge of technology are looking to us now.” Cambridge’s initiative to attract research began in the 1980s with the redevelopment of the city’s buildings...
...enough to eat meat even." Now the specter of deprivation is emerging again. Plastic bottles, which sold for $1,175 to $1,300 a ton as recently as the summer, are now trading in the $300-to-$450-a-ton range. Zhang claims that as a result of the downturn in scrap prices, the losses sustained by some of his neighbors have ranged from...
...make more money to survive high rents and costs. So in these times of economic duress, with plunging stock prices and rising unemployment, that stress can boil over. In October, Caritas, a social services organization, set up a special government-funded hotline to counsel those suffering from the economic downturn. In the first month, Caritas received more than 1,000 calls from Hong Kong citizens who had lost their jobs or savings. "Hong Kong people are very stressful in their daily life," says Pinky Yung, a Caritas manager. "If they have no money, there will be fear and worry...
...downturn has hit hard and fast. Hong Kong, like much of the rest of Asia, has been booming for several years; between 2004 and 2007, GDP growth averaged more than 7%. The economy was propelled forward by closer ties to China after Hong Kong was handed back to Beijing by Great Britain in 1997. Millions of mainland tourists flooded the city and spent their newfound wealth in Hong Kong's famous luxury shops. A rush of Chinese companies looking to tap international capital markets turned to Hong Kong's stock exchange, solidifying the city's status as a world-class...
...however, this Chinese territory's economy - highly dependent on financial services and trade - is proving vulnerable to the global downturn. As Europe and the U.S. slump, so have merchandise exports from Hong Kong, which in the third quarter grew at their slowest pace in more than six years. Hit by higher costs, slowing orders and tightening credit, thousands of factories owned by Hong Kong firms are closing up in southern China's industrial heartland. This week, HSBC, the city's largest bank, said it would layoff about 450 people in Hong Kong due to deteriorating business conditions and a poor...