Word: pullbacks
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...Philip Morris crashed more than 20% as the Dow plunged in June and July. Sure enough too, the collective wisdom of the market understands recessions better than the economists. Last week's revised figures show the economy contracted in not just one but three quarters last year. That deep pullback helps explain why the market began tanking in 2000, when economists were insisting the R word was overblown...
...MIDDLE EAST Nothing to Hide, But in No Hurry to Comply Ignoring a fresh U.S. call for a complete pullback from reoccupied Palestinian areas, Israel sent tanks and troops back into the city of Qalqiliya and three villages, while asking the U.N. to delay - pending clarifications - a fact-finding mission to investigate Israeli forces' attack on the Jenin refugee camp. Denying allegations of a massacre at Jenin, Israel insists that the U.N. inquiry include an investigation of Palestinian "terrorism" and that both sides agree on a framework for the U.N. team's activities. In Ramallah, the Greek and Turkish Foreign...
...Israelis could not entirely dismiss the initiative, despite the fact that its terms are unacceptable to Prime Minister Ariel Sharon. To the Times, Abdullah spoke of "full withdrawal from all occupied territories...including in Jerusalem." Israel insists on keeping parts of the territories, and Sharon rejects any Israeli pullback in Jerusalem. The Saudis might be more flexible on these points than Abdullah indicated; Saudi officials now say the kingdom would endorse any border compromises acceptable to the Palestinians and Syrians. In any event, Sharon invited Abdullah to explain his ideas in detail. He insisted that before Israel would judge Abdullah...
...under Freedom of Information Act requests, a chief tool of watchdogs checking up on government. And federal agencies are pulling down information of all kinds from their websites. Preventing Web-surfing terrorists from learning the location of power plants and gas lines makes sense. But some of this data pullback could make it harder for ordinary folks to get information they need--like whether, say, a cancer-causing factory is located near a home they're thinking of buying...
...September at $37.80 per bbl., oil prices have tumbled to below $25. This breather from high energy costs is going to be short-lived. In the past two years, members of the cartel have stuck close to their output quotas, which they demonstrated in last week's announced production pullback. That will bring crude prices above $25 per bbl. again. Should crude top $30 for a prolonged period, it will further eviscerate U.S. corporate profits and have a deeply corrosive effect on the entire U.S. economy...