Word: storms
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...Singapore's main index fell 7.72% amid economic news that the island state has slipped into recession for the first time since 2002. In a speech Friday, Singaporean Prime Minister Lee Hsien Loong predicted a continued "rough ride" for Asia. "The world is caught up in a financial storm, and dark clouds fill the immediate horizon," Lee said to a meeting of Indian expatriates in Singapore...
...been downhill ever since. First came the run on Northern Rock, the stricken bank that the government ended up nationalizing and whose near failure raised serious questions about the effectiveness of U.K. banking regulation. Then came a damaging political storm over the taxing of "non-doms" - wealthy foreigners who move to Britain and are taxed only on their U.K. income. Following last month's rescues of HBOS and Bradford & Bingley, the big question now is what sort of new regulatory measures will be put in place as a result of the current market meltdown. Fraser, the City's policy head...
...Practice, for one. "We never had a housing crisis," says Pittsburgh's controller, Michael Lamb. "We already weathered that storm." Foreclosures declined 20% for two months compared with a year ago. Home prices are relatively steady. When the economy began to pick up steam again after 2003, Pittsburgh was a city with affordable housing, great parks and recreation, rich cultural and sports scenes, and surviving industry clusters that were globally competitive--a helpful thing when recession returns. "We've done a really good job at coming to terms with how to manage. Our weaknesses 25 years ago led to strength...
...industry. The era of rapid growth for Chinese steel "will soon be remembered as history," he says. The Chinese stock market has also been hit hard - it's down about 60% this year - but the nation's banking system has for the moment largely been sheltered from the international storm because it's only partly open to the global capital flows that have circulated so many toxic assets. China's economic growth has been a critical factor for the U.S. because working in tandem, the nations have served as the twin motors of world economic growth: American consumers have snapped...
...Other such examples of my staggering inability to master the minute include the four-week -long hell storm that was learning to tie my shoes. This consisted of exactly one attempt per day, followed by a temper tantrum comparable to that of an infant, and concluding with the vow to never wear shoes again...