Word: sectoral
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...course, junk bonds come from the riskiest borrowers, and a deep recession could drive up the default rate among those companies. But current lofty yields imply investor expectations that one-fifth of these bonds will default, according to Moody's, even though the recent default rate in this sector has been around 3%. Notes Kirk Hartman, chief investment officer for Wells Capital Management, a division of Wells Fargo bank: "Spreads [over Treasuries] in the bond market are pricing in a depression scenario, while the equity markets, despite a substantial decline, are pricing in a recession." (Read "The Recession Is Made...
...more like Japan by developing domestic, technologically formidable manufacturers, rather than just making a lot of inexpensive stuff for the rest of the world. It also means becoming a bit more like the U.S., where factory jobs have over the years been supplanted by the growth of the service sector and knowledge-based companies. China's need to emulate America may seem counterintuitive at the moment, given the parlous state of the U.S. economy. But it is precisely because tapped-out American consumers have stopped buying Chinese-made goods that this economic rebalancing act needs to proceed with haste...
...That's not to say there aren't bright spots. Industrial jobs and residents disappeared from the Tennessee city of Chattanooga in the 1980s, but thanks to a local task force, its downtown stands revitalized, with newly created hospitality and leisure sector jobs boosting employment and income levels far more quickly than in comparable cities through the '90s. Elsewhere in the U.S. old industrial towns seem keen to learn, at least. Greater Ohio, a network of groups working to revitalize cities in the state, recently ordered 60 copies of the LSE's guide to distribute to local city mayors...
...emission levels. Along with Italy, Germany is also battling efforts to make industries pay for permits to pollute through the E.U.'s Emissions Trading Scheme (ETS). Berlin and Rome are backed by BusinessEurope, a club of industrial associations, which claims that whole swaths of Europe's manufacturing sector will move their production out of the E.U. if auctioning of emission permits is introduced...
...group will partner with the Namibia Connection Youth Network to target people in different villages who will help them distribute the technology to rural areas of the country. “It’s a very exciting project even compared to other organizations and jobs in the sector right now,” she says. “People here have a lot of resources to make change and I feel like college is a period when we have the time, energy, and opportunity to go out in the field and do it,” Sengeh says. Between...