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...city center, ultramodern water-treatment plants, a technology center on the site of a former Soviet army base just outside town, and - most needed of all - thousands of solid new jobs in a rebuilt industrial sector that has become home to U.S. firms such as computer maker Dell and Dow Chemical. Mayor Szabados waves to a corner of her office. Leaning up against the wall there are two dozen new shovels, several big trowels and an oversized watering can - all souvenirs from groundbreaking ceremonies around Halle since she took office in 1990, first as deputy mayor and, since...
Once the Wall fell, those chemical factories were among the first casualties of reunification. Investors such as Dow, Dell, French oil giant Total and Belgian chemical and pharmaceutical firm Solvay moved in, enticed in large part by the subsidies Germany was offering to companies willing to take the obsolete mammoths off its hands. But welcome as the newcomers were, they quickly shuttered the old plants and hired only a fraction of the workers - about 20% of those who had previously toiled at Buna and Leuna. Unemployment soared as high as 30%. People started to leave Halle to find work elsewhere...
Good news is relative. A Dow of 10,000 looks awfully sweet right now, for example, but it would've seemed like a disaster back when daily closes were closer...
...data to figure out where share prices are headed, believe the market's rally that started in early March, and has pushed stocks up 36% in less than two months, is here to stay. They say stocks will rise another 10%, before the market stalls. That would leave the Dow Jones Industrial Average at around 9,200, or about where it was in early October, just after the initial $700 billion bank rescue plan was passed by Congress, though still well off the market high of 14,000 set two summers...
What a difference a financial crisis makes. After the worldwide economic boom went bust, demand abruptly evaporated for many commodities that go into the production of houses, cars, computers, and all kinds of durable goods. The Dow Jones-AIG commodity price index has shed more than half its value since mid-2008. Due to falling metal prices, BHP Billiton in January announced the mothballing of an Australian nickel mine only eight months after it officially opened. The most visible turnaround has been in oil. A year ago, Western governments were pleading with Persian Gulf oil states to ramp up production...