Word: oiling
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...interests. Our democrats and demagogues backed by the West effect little. All the while, magazines like this refuse to address the larger history at play that has brought us to this mess. It seems the less we talk about the legacy of the Cold War, the U.S. thirst for oil and the specious war on terror, the better. Danish Azar Zuby, Karachi...
...Booming prices for oil, copper, gold and other commodities over the past decade have produced annual GDP growth rates as high as 6% in some African countries. But the International Monetary Fund predicts continent-wide economic growth of only about 1.7% this year - compared with last year's growth estimate of about 5.5%. (See pictures of scared traders...
...Witt: "While now we're largely a service-providing nation, we're still just a generation away from being a nation of producers. The question is: what economic framework will help us reclaim those skills and that potential." Say, for example, the exchange rates change or the price of oil rises (and it has started to creep up, if not at last summer's pace) so that foreign-made goods are no longer cheap to import. We could find ourselves doubly stuck because domestic manufacturing is no longer set up to make all these products. While no community functions...
...away with his old leather wallet bulging with rubles. Like thousands of others in the northern Russian industrial town of Pikalyovo, the 44-year-old clay-quarry worker had not been paid in three months. But now he at least has enough to buy the basics - meat, vodka, noodles, oil and fruit - from shops that just a few days ago were empty of customers...
Calderón is particularly concerned about the nation's image because of the bottom line. In 2008, foreign tourists spent $13.3 billion in Mexico, the third biggest source of foreign income after remittances and oil exports. This year all three of these moneymakers are being clobbered. While the price of petroleum nose-dived with the crisis, the recession north of the border pushed Mexican remittances down 18.6% in April compared with the same time last year. To add to these woes, Mexico's manufacturing sector has been battered by a drop in spending in the U.S. In total...