Word: sectoral
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...local currency, the krona, and invested for a higher return in real estate and business both in and beyond Iceland. The result is what economists call “carry trade”—currency arbitrage and speculative investment highly susceptible to liquidity crises. Whereas banking sector assets accounted for 96 percent of GDP in 2000, they were over 10 times GDP this year. Furthermore, external debt in the form of foreign deposits in Icelandic banks was over 20 times the government’s debt. Effectively, the banks had become too big for the government to protect.Despite...
...what's happening in world financial markets and says, "The economy of Paris will resist the shock better than London. We're more diversified." And in Brussels, at the European Trade Union Institute, economist Andrew Watt draws some uncomfortable historical parallels. "There was some idea that the financial sector was immune," he says. "It's like pinning your hopes on anything, whether it's textiles in the north of England or the car industry around Birmingham. It expands for a while, and then it takes a nasty knock...
...human-induced greenhouse gas emissions—more than the world’s cars, planes, and trucks combined. Moreover, the report cited meat production as a primary cause of land degradation, air pollution, water shortage, water pollution, and lost biodiversity. The scientists concluded “the livestock sector emerges as one of the top two or three most significant contributors to environmental problems, at every scale from local to global...
...both triggered in part by the 'Celtic Tiger' - the growth phenomenon that has seen the Irish economy mushroom by over 150% since 1995. Years of EU infrastructural and educational support and a young and cheap labor force made Ireland a fertile ground for foreign investment in the domestic IT sector, among other industries, and the result has seen the average annual family income double to $93,000 in the past 10 years. Nic Ghiolla Phádraig says this new prosperity brought a sense of pride and self-assurance that prompted a rediscovery in Ireland's "cultural assets" - Irish being...
...Geological Survey (USGS), a government agency, made the initial estimate of 5 billion bbl.to 10 billion bbl. for Cuba's northwest offshore sector (known as the Exclusive Economic Zone, or EEZ) in 2004. Tenreyro says Cupet's analysis is based on what he calls a more accurate comparison of similar maritime oil fields like those off Mexico's Gulf Coast. "We're talking about that magnitude," he argued last week. "We have more data" than the USGS. But Cupet, an arm of Cuba's ultra-secret communist government, hasn't offered much more evidence than that. Chris Schenk...