Word: sectoral
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...Some time around the 1970s, the car business had its first unimaginable crisis due to big cars and expensive gas. Since those car companies didn't learn anything from that experience, there have been episodic auto sector crises since then. And the whole world knows now what this inability to learn from their mistakes has done to the car companies. (See the 50 worst cars of all time...
...moving aggressively to hive off assets and divisions - earlier this week it announced the merger of its Smith Barney brokerage unit with Morgan Stanley's Global Wealth Management division, a deal that will bring Citi more than $2 billion - investors are worried about worsening loan losses across the banking sector and also about Citi's ability to get decent prices on any other asset sales. Even JPMorgan Chase, which reported a small fourth-quarter profit of $702 million, was the bearer of troubling news, as CEO Jamie Dimon spoke of more hard times to come. "The worst of the economic...
...capital market and legal system and thus succeeded not because of the regime's economic conduct but in spite of it. For reinforcement of the mainland's shortcomings, Huang points to Shanghai, where the mushrooming Pudong skyline masked a poor record on innovation and a lack of private-sector companies of note (its greatest success story, e-commerce star Alibaba, fled to Hangzhou in the neighboring and more entrepreneurial Zhejiang province...
...Ominously, Huang contends that productivity growth in China has collapsed. So, too, has personal-income growth. Meanwhile, the paucity of attention given to rural incomes, and the stripping away of educational and health-care services for the rural sector, suggest that the future China might not resemble South Korea, where the private sector has steadily grown in importance, but Latin America...
...performing better than the U.S.'s. Bilateral-trade issues had suddenly become what arms-control talks had been to the Cold War. Geithner made his bones in the U.S. Treasury by helping negotiate a comprehensive deal with Japan that, against all expectations, opened Tokyo's financial-services sector to foreign companies for the first time...