Word: globalitis
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...harsh tone from Beijing stings even more since the E.U. had hoped its new Lisbon Treaty - intended to create a more streamlined institution with a strong President and Foreign Minister speaking on its behalf - would ensure the bloc would have a bigger presence on the global stage. But China has historically sought to exploit the E.U.'s internal divisions to fuel its economic growth, not deal with the bloc as a whole. All of the E.U.'s biggest members have cozied up to Beijing at one point or another in the hopes of guaranteeing lucrative trade deals. (See pictures...
...bespectacled Sirou Hirayama, times have never been so bad. He and his wife Kiyomi, standing behind the counter at the Toyomi pharmacy in downtown Toyota City, home to Japanese car giant Toyota Motor, complain that the global recession has so punished the local economy that his sales are down 20% from 18 months ago. Now, with Toyota facing a crisis over the safety of its cars, Hirayama fears more hard times down the road. "Toyota was known for quality cars. Now that's changed 180 degrees," he says. "I'm fearful of the impact. The whole area is dependent...
...connected to Toyota, with independent suppliers of parts spread through the surrounding countryside and nearby cities. "Toyota is the biggest company in this area," says Masahiko Hosokawa, a business professor at Chubu University in Nagoya, the closest major metropolis to Toyota City. If Toyota's crisis depresses its global sales, "it will have an impact here," he says. (See the 50 worst cars of all time...
...Toyota City's center sees Toyota's current crisis as yet another stop in the town's 30-year decline. Toyota City, he says, has never regained the bustle it enjoyed back in the 1980s, during the go-go years when Japan was the rising force of the global economy. Since the Toyota shock, Kamiya's sales are down 50%. "We're very worried that we can't continue," he says. And that all depends on Toyota...
...weeks, European leaders have dismissed talk of a bailout for debt-plagued Greece, saying the country could tackle its enormous budget problems on its own. Now, however, as fears of a default domino effect in Europe have shaken global confidence in the euro, the continent's major powers are changing their tune. Suddenly, the question is not, Will Greece need assistance? but, Who is going to help...