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...Little wonder that in the aftermath of a record contraction in U.S. consumer spending in late 2008 - 4% average annualized declines in the final two quarters of the year in real terms - every major economy in Asia either slowed sharply or tumbled into deep recession. More than ever, the region's fate remains made in America...
...sharply, because in a recession a theater ticket or concert seat can seem like an indulgence. Meanwhile, with corporate profits tanking and charitable endowments badly deflated, donations and underwriting have also been drying up. And as state and local governments contend with huge deficits, arts spending has been a major casualty. In Michigan, where the struggling Detroit Institute of Arts recently laid off 20% of its staff, the 2010 budget proposed by Governor Jennifer Granholm would cut arts funding to exactly nothing...
...main intelligence agency, the Inter-Services Intelligence, commonly known as the ISI. At least two dozen people were killed by the blast that caused widespread damage and injured over 300. The Taliban later claimed responsibility. Hakimullah Mehsud, a deputy of notorious Taliban commander Baitullah Mehsud, warned the residents of major cities to flee before they struck again...
...want the people of Lahore, Rawalpindi, Islamabad and Multan to leave those cities as we plan major attacks against government facilities in coming days and weeks," Mehsud told the Reuters news agency...
...shipping-industry insider notes that any evaluation of transport prices must include not only demand (how much cargo there is to be hauled), but also supply (the quantity of carrier capacity). The steady boom of world trade over the past decade prompted a major shipbuilding spree, with many vessels slated for completion in the coming months and years. "There are new and larger ships on order," notes the source. "I fear that overall rates will not be as responsive to the recovery as a whole." In other words, just as skyrocketing prices in raw-material transport don't guarantee...