Word: hugeness
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...high growth rates. "I don't think [domestic spending] will replace what has been lost in exports," says UBS economist Wang Tao. Nor will it offset another weakening pillar of China's economy: real estate. Rampant construction of new office towers and apartment blocks in recent years was a huge boon to growth. But government action to cool down the market, by, for example, restricting credit for property development, is resulting in a sharp falloff in construction. After 35% growth in real estate investment in the first half of the year, Wang estimates that growth dropped sharply to some...
...common to all free-market democracies. The U.S. and the world have seen worse times, and this one too will pass, pessimists and naysayers notwithstanding. To predict "the end of the American era," as Michael Elliott does, is both premature and foolish. The U.S. still has a huge population of highly educated, smart and hard-working people who continue to excel in innovation and industry. Readers who live outside the U.S., as I do, have only to look around them to see how American products and culture have influenced their life. That is not about to change in a hurry...
...Gazal, Mambo could have been a breakfast cereal or a box of dog biscuits," says Golding. "There was a failure to appreciate that we were at the élite end of the hard-core surf market." The brand hadn't moved with the times, persisting with oversized clothes and huge graphics long after a sharper look became de rigueur. Its youth appeal dipped when kids spotted Mambo tees and shorts on the middle-aged, then plunged in 2006 when Gazal shifted Mambo stock from surf shops to department stores. From those '90s peaks of $40 million, in 2007 Mambo turned...
...children sunbathe in thong bikinis. The village is part of modern Europe. And I do mean Europe. Its sports and cultural heroes are not American, the political issues it cares about are not American, and its sense of the good life is not measured by 500 TV channels and huge McMansions. It has become modern, but its sense of modernity is largely unshaped by anything that the U.S. has done or has been...
Oxford Economics, which advises the British government, expects 110,000 jobs to be cut in London between this year and 2010--although if the credit crunch is protracted, that number could rise to almost 150,000 next year alone. Real estate is already reeling. Plans for two huge new skyscrapers in the City have been shelved, and the price of prime houses in central London has dropped 12% so far in 2008, according to the real estate firm Savills, while sales volume is down 50% in some areas like Clapham and Fulham...