Word: slowdowns
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...layoffs vs. throwing money at possibly doomed companies. But a bailout would have major reverberations abroad as well. Though a bailout may not be the blatant protectionism of the 1930s tariffs introduced by the Smoot-Hawley Act, Europeans warn that a rescue of Detroit amid a major global slowdown could be the first shot in a new trade...
...What needs to emerge from the summit in terms of a coordinated response to the crisis? I think we'll need to show some leadership. The wildcard factor in this economic slowdown is that no one's quite sure how Asia will come through. If it comes through better than people think, then the global slowdown will last for a shorter period than many expect. But there's a lot resting on China, its rescue package and generally on how resistant Asia turns...
...While Dongxiaokou's scrap yards have epitomized China's industrial boom over the past two decades, the global economic slowdown has left the scrappers struggling as prices for raw materials plummet. A group of men from Henan sit at a table playing a card game called "Fight the Landlord." They're the owners of a huge mound of plastic bottles they could process, but if they sold them now, they would lose money - scrap prices have fallen to levels not seen in years. "You want to know why our prices are dropping?" says Zhang Zhongming, 43, who moved...
What with the world economy in the throes of a precipitous slowdown and even Africa's crisis agenda now dominated by the upheavals in eastern Congo and the exploits of Somalia's pirates, it's easy to forget all about Zimbabwe - which is exactly what President Robert Mugabe may be hoping will happen. Mugabe and his inner circle have doggedly fought to maintain absolute control over Zimbabwe, despite having agreed on Sept. 15 to share power with the opposition, in order to resolve the political crisis resulting from the ruling party's refusal to accept the results of the March...
...Hong Kong has good reason to be afraid. The economy is experiencing its worst slowdown since the SARS virus rampaged the city in 2003, stalling the economy for months on end. GDP shrank 0.5% in the third quarter - the second consecutive quarter-on-quarter contraction. That officially means Hong Kong is in a recession, and it doesn't look likely to end any time soon. The government lowered its forecast for 2008 growth from 4-5% to 3-3.5%. "The global financial turmoil has derailed the economic upturn that Hong Kong has enjoyed," government economist Helen Chan told reporters...