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...late Moore also founded the Economic Cycle Research Institute (ECRI), a New York City firm that compiles a weekly leading index from a secret sauce of indicators. Its latest was released Friday and showed the sharpest decline in the history of the data series, which goes back to 1949. "We have plenty of gloom," says ECRI managing director Lakshman Achuthan. "But having said that, we haven't gone into doom...
...according to the National Retail Federation's (NRF) 2008 survey by BigResearch of holiday consumer intentions and actions. "They know the longer they wait, the better off they are, so there's no reason to rush," says Marshal Cohen, chief industry analyst at the NPD Group, a market-research firm. (Find out 10 things to do with your money...
Stores have to figure out how to tap into this recalibrated value system--one based on caution rather than the branded excess of Christmas past. "The American consumer is trading downward in the most dramatic fashion ever seen," says Howard Davidowitz, chairman of Davidowitz & Associates, a retail-consulting firm. What's more, the thrift mind-set has seeped into all income levels. Saks Fifth Avenue, for instance, had a 16.6% drop in sales in October. "Saving is cool right now," says Candace Corlett, president of WSL. "Conspicuous consumption is out, and people have lost their passion to buy." (See pictures...
...panel, entitled “Financial Re-Regulation: The Economics and the Politics,” was moderated by Richard Parker, a senior fellow at the Shorenstein Center and a HKS lecturer. Former U.S. Senate Staff Attorney Jack Blum—who has worked on bank and securities firm compliance, international financial crime, money laundering, and offshore tax evasion—rounded out the panel. The panel spent much of the time addressing the root causes of the economic crisis, and generally agreed that the lack of transparency in the financial markets was a top reason for the U.S. economy?...
...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 outlook for next year. Supply chain-management firm Li and Fung, which sources clothing...