Word: oiling
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...press conference. "I was mentally disturbed when I saw tears in their eyes." Civil Aviation Minister Praful Patel said he told Goyal that "the ministry would certainly not be very happy with the approach of Jet Airways." Something similar happened in France last month when the French oil company Total announced the closure of two refineries, with the loss of 550 jobs. The move provoked a furious public outcry including denunciations from two government ministers, and the firm quickly backtracked, saying it had been a "communication error." For companies receiving government bailout money, the pressure is even more intense: French...
...Support, though, is hard to come by in countries where unemployment is skyrocketing and competition for jobs fierce. Oil palm plantations in Malaysia, which involve intense toil under the hot sun, were once the exclusive province of migrant labor, but laid-off Malaysians like former factory worker Palani Kandasamy are turning to this sort of work. "The pay is lower, but it is impossible to live in the city without a job," he says. Kandasamy now harvests oil palm fruit in a plantation south of Kuala Lumpur...
...been spending far more than it has earned, sending huge sums of capital overseas, a dynamic measured as the current account deficit. This "giant pool of money," as the radio program This American Life described it, did not stay in low-spending surplus countries like China or oil-producing states. Instead, much of it came back to the U.S. in the form of cheap credit. "Like water seeking its level, saving flowed from where it was abundant to where it was deficient, with the result that the United States and some other advanced countries experienced large capital inflows for more...
...sometimes, the bad news has to be admitted from on high. The U.A.E.'s Minister of Economy, Sultan bin Saeed al-Mansouri, last week acknowledged that the economy of the world's fifth largest oil exporter is expected to shrink in 2009. He refused to give an indication of the extent of the contraction, saying simply that the U.A.E. would escape recession. The International Monetary Fund had previously said it expected the U.A.E. economy to grow only 3% this year after expanding 7.4% in 2007 and an estimated 6.9% in 2008. (See 10 things to do in Dubai...
...Ferriter, deputy operations commander of the U.S.-led forces, says the police have taken in 5,000 and the army 500. Even so, the figure is clearly not the promised 20%. A recent hiring freeze in the security forces - prompted by budget woes due to the massive drop in oil prices, which account for about 90% of government revenues - has further reduced the likelihood that the 20% benchmark will be achieved anytime soon...