Word: localizes
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...Local businesses are trying to hearten people by throwing open their doors. One Reykjavík restaurant, Á naestum grösum, has changed itself into a soup kitchen offering downtrodden Icelanders a free bowl of barley-vegetable soup and a slice of bread, while just down the street a few local bars have begun selling "recession beer" at $2.60 a glass compared with the normal price of $6 or so. But with more layoffs and further turmoil expected, it will take more than hearty stew and a pint of cheap cheer to rescue this nation from economic despair...
...global demand for sushi, we're fast fishing out our seas, with some researchers estimating that if we don't change the way we harvest the oceans, all the commercial fisheries in the world could collapse as early as 2048. That could mean no more California rolls in your local supermarket...
...project is a template for the kind of investment Saudi Arabia wants to attract: it will be 100% foreign-owned and will probably generate several downstream businesses. The ownership is crucial; in the past, the only way foreign companies could operate in the kingdom was through joint ventures and local agents--many of whom brought no skills and little capital to the partnership. With that barrier gone, al-Dabbagh hopes investors will pour in: he expects the new cities to generate more than $100 billion in foreign investment. Saudi businesses may kick in two or three times as much...
Businesses, homegrown and foreign alike, also face several problems that are unique to Saudi Arabia. The quality of the local workforce is poor, owing to an education system that has long placed religious studies above science and math (unlike that of the élites, who are often Western-educated). Reforms are under way, but it will be years before Saudi universities are churning out world-class engineers in the numbers the country needs. Nor can businesses expect to simply import employees, which has long been the norm in the Persian Gulf economies: mindful of that youth bulge, Riyadh is imposing...
...Federal Deposit Insurance Corporation has ever had a public face, it was probably that of Lydia Lobsiger, the happy and relieved East Peoria, Ill., widow who in 1934 was the first American to get her little pile of savings back from the feds after a terrifying run on her local Fon du Lac State Bank. Now, almost 75 years later, the FDIC has been busy projecting a newer face, and it belongs to Sheila Bair, a 54-year-old lawyer from Kansas...