Word: downturning
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...employees. Each month the human-resources trade group surveys more than 1,000 manufacturing and service-sector companies. The number of firms reducing new-hire salaries and benefits now outstrips the number of companies increasing packages. Falling compensation for new hires is unusual too, even during a downturn, according to analysts at SHRM - smaller increases are the more typical response...
...button issue for British voters, with the recession fueling fears that Brits are losing already scarce jobs to foreigners. In a Home Office poll released in February, 64% of respondents said they were dissatisfied with the government's immigration policies. That same month, the government responded to the economic downturn by toughening the points system for getting a visa into the country. Now it argues that a second, more difficult test to decide who can stay would give it an additional mechanism to respond to the needs of the U.K.'s workforce. (Read "Immigration: Let's Get Over It Already...
...Hardest hit by the economic downturn has been national carrier Air India: It reported annual losses of $1 billion in the fiscal year ending March 31, along with an accumulated debt of $3.5 billion; that debt load is expected to rise to $7 billion by 2012 if it takes delivery of 111 new aircraft already on order. Air India alone accounts for 10% of the total projected losses for the global airline industry this year - even though it carries just 0.35% of global traffic. Air India is suffering from an aging fleet and a bloated staff roster...
...optimists, the June data showed just how determined the Chinese government is to implement effective monetary countermeasures to fight the downturn. As Peking University finance professor Michael Pettis says, China is "throwing everything including the kitchen sink'' at the problem. There is no question that as a result of the flood of financing, a lot of Chinese have jobs they otherwise wouldn't. But, as Grant's Interest Rate Observer, an influential Wall Street newsletter, points out in its latest issue, "Massive injections of money and credit ... are always bullish before they are bearish." The newsletter draws worrying parallels between...
...resilience of the Chinese economy is no mirage. If Beijing can come through the global crisis without an economic meltdown of its own, its leaders' reputation and confidence will be boosted. An economic model that survives the worst downturn since the Great Depression will have undeniable appeal in the developing world, at a time when the Washington Consensus is thoroughly shot. Beijing, before the crisis, was already rising, its global reach and influence expanding. As the rest of the world falters, that is truer than ever. China is not yet the leader of the global economy. But it's getting...