Word: downturns
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Boutros-Ghali will also need to keep a close eye on his country's own economy: the global downturn has hit Egypt's growth. "The big problem is that it will slow job creation, and we can't afford that," Boutros-Ghali says. But, he adds, there's no reason to panic just yet: "We have a comfortable balance of payments and reserves." With a little luck, Egypt may escape the "pointy end" of the IMF's policies this time...
...Fuel costs may have been a culprit, but the major problem the airline faces is that it sees no signs of improvement in the economy. BA's CEO said, "The prolonged nature of the global downturn makes this the harshest trading environment we have ever faced and, with no immediate improvement visible, market conditions remain challenging." (See pictures of Heathrow's Terminal...
...Read: "In the Downturn, Europe's Airlines Scramble to Merge...
...until a few months ago, I thought we were going to pull through this O.K.," says analyst James Abbott, who follows regional banks for FBR Capital Markets. "But now I am scared. For a lot of banks, this downturn does not look survivable...
...been quite surprised." Ng's firm is one of more than 300 ship chandlers in Singapore, some of them still small mom-and-pop outfits. According to Douglas Inch, who runs the secretariat of the Singapore Ship Suppliers Association, most of them are doing well in spite of the downturn in trade. One reason, he says, is because Singapore is so strategically located along maritime trade routes that it's an ideal place to ride out the recession. "If the ships are going to move anywhere they'll move from here," Inch says. (Read "Laid Off in Singapore...