Word: budgeting
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...critical issue, Tyson said, is this: At what point does a growing structural federal budget deficit undermine international confidence in the U.S. economy? For the moment, Asian central banks are helping fund the deficit by buying dollars. That's keeping their trade with America on track and U.S. interest rates low, and effectively financing the worldwide expansion. But, Tyson asked, "how long can they keep doing this?" The U.S. Federal Reserve gave a partial answer recently when it abandoned a five-month-old commitment to keeping rates low "for a considerable period"--a statement widely interpreted to mean that rates...
...issue with him. "It's amazing how little worried the Europeans are about the euro," Tyson said, pointing to two controversial areas: the European Central Bank's relatively tight monetary policy and the E.U.'s battered Growth and Stability Pact, which long required governments to limit their debt and budget deficits. Exchange rates matter, she contends. The past 10 years were "a lost decade" for Germany because--among other reasons--the former West Germany reunified with the former communist East Germany at an exchange rate that was too high. "How many times do you go through this?" she asked, incredulously...
...only moments before takeoff when Tony Fernandes, CEO of high-flying budget airline AirAsia, rushes onto a plane destined for the Malaysian resort town of Kota Kinabalu. But there's no plum seat waiting for him. Even top managers at no-frills airlines don't get any frills. Fernandes treks through the crowded plane searching for an empty chair, ending up in one of the last rows. When flight attendants appear with a cart of sodas and instant noodles for sale, he plunks down 80¢ for a can of Milo chocolate drink. Fernandes then spends much of the two-hour...
...million passengers this year, twice as many as in 2003. His success heralds a revolution in the airline industry in Asia. Although Americans and Europeans have benefited from low-cost air travel for years, tight regulation, powerful national-flag carriers and a dearth of airports have kept budget airlines at bay in Asia. But finally the region's long-suffering travelers are able to join in. Five years ago, Asia had only one low-cost airline; today there are 13 either already in the air or due to launch later this year. The boom is lowering airfares across the region...
...instead made an excruciating 24-hour pilgrimage by bus and train. But with a one-way ticket on AirAsia costing only $26, she took wing in July for the first time. "I will travel much more with AirAsia," she says. Indeed, about half the travelers on Asia's budget airlines are first-time flyers like Boonlerd...