Word: globalization
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Dates: during 2000-2009
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Uncertainty about the economic recovery was also reflected in commodity markets, which sold off broadly on June 15. China is believed to be stockpiling a range of raw materials, notably copper, which has driven prices dramatically higher in recent months. But ubiquitous weakness in global demand is now taking a toll. The Reuters-Jeffries CRB commodity index fell 2.25% during the day. Gold prices dipped slightly, down $11 per ounce, but stocks of precious-metals companies were hammered, declining more than 7% on average...
...York. The bank's Empire State Manufacturing Survey showed a sharp decline for May, reflecting further weakness in new orders. That news came on the heels of grim tidings from the head of the International Monetary Fund, which noted on June 15 that the worst phase of the global recession may be yet to come...
...they foresee just a 14% decline. That mildly upbeat news does not hold true for the New York City area, however, which is expected to see a 40.6% drop. While that is also a slight improvement from the March forecast, it is dire nonetheless. (See photos of the global financial crisis...
...change the course of that fate, a coalition of major health agencies from Australia, Canada, China, Britain and the U.S., which together control 80% of the world's public health-research funding, announced today the formation of the Global Alliance for Chronic Diseases (GACD). "Our focus is on reducing the burden of chronic diseases in developing countries," says Leszek Borysiewicz, the chief executive of the U.K. Medical Research Council. "It's critically important to make these interventions now." (Read how health workers are helping fight killer diseases in the developing world...
...they are hardly isolated from global events: the impact of the worldwide recession is pushing some Central Asian societies to the brink. Tajikistan, like other poor Central Asian nations, has over the years seen many of its able-bodied men leave to work in the more prosperous cities of Russia and oil-rich Kazakhstan - at least a tenth of the Tajik population of 7 million is migrant labor. Remittances sent home comprise some 40% of the country's total GDP, according to UN figures, and account for only slightly less in Uzbekistan and Kyrgyzstan. Now, with the collapse...