Word: second-largest
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...these stomach-churning times, there's comfort to be had in chocolate. Just ask Kraft. The world's second-largest foodmaker revealed on Monday, Sept. 7, that it had launched a $16.7 billion bid for British confectioner Cadbury, a bold effort to create "a global powerhouse in snacks" worth $50 billion a year in revenues. Cadbury rejected the offer, but Kraft, maker of Oreo cookies and Kool-Aid, showed its sweet tooth. The firm is "committed to working toward a transaction," it said in a statement, "and to maintaining a constructive dialogue...
...unable to leave the slums because of police crackdowns and threats from rival gangs, gang culture continues to spread. It has moved well beyond its original bases in the impoverished suburbs of the capital like Apopa and Soyapango. It has now taken root in San Miguel, the country's second-largest city, and the port of La Union, which they now utilize for trafficking drugs abroad. Nowadays, gangs threaten businesses large and small, demanding kickbacks for not shutting them down. They are even said to force the country's public transportation system to pay millions of dollars annually in protection...
...TOKYO) - Japan's newly empowered leader Yukio Hatoyama rushed Monday to select Cabinet ministers and start making good on promises to revive the world's second-largest economy after his party's historic trouncing of the ruling conservatives...
...Still, after nearly a year of relentlessly grim economic news, the reaction to Thursday's revelation in Germany and France - Europe's first- and second-largest economies respectively - tended to echo Moec's upbeat bottom line that the two countries had "extricated themselves from recession, which can only be good." Stock markets sure thought so: London's FTSE 100 index rose 1.3% on the news, and Wall Street followed indices elsewhere in Europe with more modest gains. (See pictures of TIME's Wall Street covers...
...while industrial output in the world's second-largest economy jumped 5.9% in May - the third consecutive month-to-month increase - output remains down nearly 30% compared with May, 2008. "Currently, the recovery is boosted by global destocking and the government economic-stimulus measures," says Hiromichi Shirakawa, chief economist at Credit Suisse in Tokyo. "If [those] fade away, it's possible for the [economy] to go down again." (See 10 things to do in Tokyo...