Word: downturning
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...also doesn't take a detective to find Fielmann shops, which number 536 in Germany - and counting. The Hamburg-based company sees the downturn as a chance to press home its dominance by expanding and squeezing out stumbling rivals. Fielmann, which also operates in Austria, Switzerland, the Netherlands and Poland, plans to open 150 new stores in Germany alone, as many as 30 of them this year. Georg Alexander Zeiss, Fielmann's head of finance, says that he is also considering acquisitions of smaller, weaker competitors. "We are looking at every serious opportunity," Zeiss says...
...leaders who pledged the $21.5 billion in 2005 obviously hadn't anticipated the global downturn that would force them to spend hundreds of billions on bailing out their own floundering economies. And the squeeze on the finances of G-8 countries is likely to worsen next year, as governments scramble to lower their deficits rather than risk inflation in the midst of rising unemployment. Overseas aid could then suffer even further cuts. "As governments look to cut deficits, they will look to cut all parts of their budgets, and these parts that are to help the poorest...
...Locking in long-term revenue is typical in the sports business and crucial to spending during a downturn. Besides the broadcast deal, by far the world's biggest with a single sports club, Madrid has another season left in its three-year shirt-sponsorship contract with online betting company bwin, and kit sponsor Adidas is signed up until 2012. Although commercial revenue dipped as a share of Madrid's takings in 2007-08 - the departure of Englishman David Beckham, who helped increase merchandise profits 137% during his four years with the club, had a lot to do with that...
...recession. Indeed, attendance across the big five European leagues - England, France, Germany, Italy and Spain - rose 2% in the season just finished. And German and English clubs will all enjoy new and improved broadcast deals in the coming two seasons. But that's not to say the downturn doesn't throw up stiff opposition. "Beyond that very affluent, élite core," says Chadwick, "the mood of austerity is still very, very strong...
...right. Pikalyovo is one of hundreds of cities across Russia whose populations are supported by just one factory or one industry. If that factory or industry is wiped out by the global economic downturn - as Pikalyovo's was when the price of cement dropped and Deripaska's company Basic Element put half its workforce on forced leave - the whole town is sent into a tailspin. (See pictures of the global financial crisis...