Word: globalization
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Dates: during 2000-2009
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...trim costs. The sport's leading teams last year had annual budgets of $400 million or more. The huge gap back to the other teams not only created a predictable title fight between just three or four drivers but has forced teams out. Worried by the slump in the global auto market, Japanese carmaker Honda, which spent $350 million in 2008, cut its ties in December. (The team has been bought out by former boss Ross Brawn and will now compete as Brawn...
...that means big shifts for the global industry behind Formula One, and especially for the 3,500 firms specializing in high-performance engineering in England's Motorsport Valley. About a third of those companies, which craft everything from engines for rally cars to brakes for NASCAR racers, service the half-dozen Formula One teams based in the area. "While they play the Marseillaise when Renault win" a Grand Prix, says Aylett, much of the French-owned team's work is "actually done in Oxfordshire...
University spokesman John D. Longbrake said that Harvard understands its responsibilities as a major employer and recognizes that it depends heavily on its staff to fulfill its academic mission. He added that Harvard has “taken a series of steps to minimize the impact of the global economic downturn on the people who work here” by strictly limiting hiring, freezing salaries for non-union staff and faculty, and offering a voluntary early retirement incentive plan for 1,600 workers...
...bonuses, even though many on his staff and on Capitol Hill knew for months they were coming. Clearly, Geithner is a busy guy, what with managing a collapsing economy, trying to restart the credit system and dealing with China, Europe and other representatives of the global marketplace as the recession spreads. And he hasn't exactly had an easy time hiring staff, with three top appointees withdrawing their names from consideration in the past month. "I knew that we had a big mess on the compensation side to deal with, but I did not have - I should have...
...pictures of the global financial crisis...