Word: sectoral
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...While the failure of Yamato Life is being regarded as an isolated case and not an indication of an ailing insurance sector, some economists say there is growing concern about Japan's property market and the damage that could be done to the banking system if real estate developers and owners began failing in large numbers. New City Residence Investment Corp. became the first REIT to go under since stocks of property trusts were first allowed to trade publicly on the Tokyo Stock Exchange in 2001. "The major REIT failure last week has affected the regional banks' balance sheets," says...
...Though it doesn't change the dismal bottom line, there is a difference between the current slide and the one that eviscerated markets last week. The earlier rout was caused by continuing fears that governments were not sufficiently committed to prevent the world's finance and banking sector from collapsing - worries temporarily allayed by rescue plans announced over the weekend in Washington and Paris, and detailed in trillion-dollar-terms Monday. But the confidence those measures inspired in global markets has given way to more classic concerns among traders of a looming economic downturn - or quite probably recession - undermining...
...Outside the financial sector," Reuters quotes the draft, "the European Council underlines its determination to take the necessary steps to react to the slowdown in demand and the contraction in investment and in particular to support European industry." There's every indication that that help will be sorely needed...
...downturn have caused spending in France's cafés and restaurants to slump around 20% this year. Nearly 3,000 of the nation's restaurants closed down or went bankrupt in the first half of 2008 alone. That wave of failure may well rise as newcomers to the sector who relied on credit to get started find themselves stretched to make their payments as revenues slump. "If I were 30, starting out with loans to reimburse, I'd be in big trouble," says Bonduel, relieved that most of his clients are residents of his restaurant's affluent neighborhood...
...cities are the centerpiece of Saudi Arabia's plans to diversify its economy from oil and gas and to boost its manufacturing sector, especially in energy-intensive industries like aluminum and steel. KAEC, for instance, will have a $5 billion smelter built by the United Arab Emirates firm Dubal, one of the world's largest aluminum manufacturers. Another Emirates firm, Emaar, is the city's main developer; there's scarcely any government investment or involvement in the construction. Other companies that have signed up to invest include France's Total, Sweden's Ericsson and U.S. firm Capri Capital, which...