Word: stagnant
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...slump in oil prices is causing a mixture of harm and good outside OPEC. Last week several U.S. oil firms reported stagnant or declining profits for the third quarter. Mobil's earnings fell 41%, to $238 million, compared with the same period last year. But low-cost fuel is producing some consumer bargains. Last week People Express Airlines, citing a decline in aviation-fuel prices, slashed fares by about one-third on five heavily traveled eastern routes...
...Twelfth Central Committee, Chinese leaders released a 16,000-word resolution outlining a complex package of new economic reforms. The program consolidated Deng's five-year attempt to promote a free-market system in the countryside. More important, the new scheme extended those reforms to the long-stagnant cities, thereby promising the "invigoration" of notoriously sluggish industries and offering 200 million urban workers a chance to catch up with some of the 800 million peasants who have been enjoying the fruits of free enterprise for half a decade now. With startling candor, the document conceded that although socialism...
Another cloud on the horizon is the economy. Industrial output is stagnant. Unemployment hovers around 14% nationwide and runs as high as 40% in some places. Foreign debt has risen to $3.4 billion, and export revenues (primarily from bananas, shrimp and light manufacturing) are falling. Panama is not benefiting much from the country's famous waterway, which was transferred to joint U.S.Panamanian administration under the 1977 Panama Canal treaties. The Big Ditch, historically a not-for-profit concern, last year showed an operating loss of $4 million, reflecting a worldwide shipping slump. One of Ardito Barletta's first...
...menace with bilingual reforms. Toward the end of his tenure, however, Trudeau was increasingly perceived by Canadians as having overstayed his welcome. Many felt that the Prime Minister had grown bored and petulant, and that the Liberal Party had become rudderless, lazy, unimaginative. Against the backdrop of a stagnant economy, Canadians yearned for a fresh new course. The election results were not so much a resounding note for Mulroney as they were a deafening rejection of the incumbents. "The Liberal Party had become too remote, too arrogant," says George Perlin, professor of political science at Queens University at Kingston...
Three years ago, OPEC was a global oil power whose $35 price per bbl. of crude meant nightmarish gasoline prices and stagnant economies for the industrialized world. But along with staggering energy costs came recessions and conservation measures that whave resulted in a worldwide oil glut. Last week the 13 members of OPEC 1 gathered in Vienna and struggled to hold onto their bench-mark price of $29 per bbl. and a production ceiling of 17.5 million bbl. a day that they established in March...