Word: slump
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...barrel have been proved wrong. "Warnings that [$50-a-barrel oil] would threaten a global downturn turned out to be too pessimistic," says Richard Berner, an economist at Morgan Stanley in New York. With prices threatening to bust through $70, though, the chances of an energy-related economic slump are growing by the week...
...many, that slump is already here. Jung Jun Ki, 65, owns a factory south of Seoul that makes plastic containers such as lunch boxes and trash cans, which are produced using oil-derived polypropylene. Jung, whose factory employs about 50 people, says as many as 40% of Korea's small and mid-sized plastics manufacturers have gone out of business in the past 18 months because, in a highly competitive industry, they've been unable to raise prices to compensate for higher production costs?the price of polypropylene has soared from $800 per ton last year...
...first casualties when business gets tough, and enviros often criticize the promises as "greenwash"--really, business as usual. In 2000, Ford Motor lit up the Birkenstock crowd by promising to improve SUV fuel economy 25% by 2005; three years later, the firm reneged amid a steep sales slump and $6.4 billion in losses. Ford has started issuing reports on its environmental impact and is taking steps to address global warming. But nowhere in the publicity efforts do you hear that the firm is part of an industry group suing California to block a regulation requiring a 30% cut in greenhouse...
...with appropriations bills while the nomination goes through the vetting process," predicts Senator John McCain. "Some of the committees will still hold hearings and such, but as far as national attention goes, this is going to be at the center for some time." With his approval ratings in a slump, Bush might welcome an extended fight that puts him in a position to defend his list of values. Democrats too might want the confrontation, if only to help define who they are as they head into an election year. And no matter where you come down on abortion or church...
...year ABC veteran, Pierce became president in 1983. Though he ran the network during the 1970s when it climbed to first place in the prime-time ratings race, Pierce also presided over ABC's recent slump to third place. In an effort to reverse that slide, Pierce last November appointed Brandon Stoddard, who headed the company's motion-picture operations, president of ABC Entertainment. He is expected to keep that post...