Word: dropping
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...ICELAND Drop in currency value since a year ago: 51% No developed country has suffered as much from the credit crunch as Iceland, which has seen its banking system and its currency, the kronur, all but collapse. The silver lining in an Arctic cloud: what was once one of the most expensive, if memorable, destinations in Europe has suddenly gone budget. Icelandair flights from New York City start at $500 round-trip, and decent hotels in the hip capital of Reykjavik - like the Centerhotel Thingholt - are as low as $60 a night. Sure, if you go in the late fall...
...CANADA Drop in currency value since a year ago: 21% If Canadians didn't want us to make fun of their traditionally weak currency, why did they call it the loonie? A year ago, the joke was on us - a Canadian dollar was actually worth more than its American counterpart. Fortunately, economic catastrophe has reasserted the natural order of U.S.-Canadian relations. From the cosmopolitan charm of Montreal to the amazing skiing of Whistler (and, in between, Saskatchewan), America's neighbor to the north is a great place to spend strengthening greenbacks. Bonus: Global warming will make those biting Canadian...
...designed to encourage consumers to purchase new vehicles. And it's not just Detroit that's hurting. "We would be in favor of some kind of action if it was across the board," says Irv Miller, vice president of public relations for Toyota Motor Co., which saw its sales drop 26% last month in spite of ongoing zero-interest financing deals...
...hard times, were clearly stunned by the latest data. "If you adjust for population growth, this is probably the worst industry-sales month in the post-World War II era," says Mark LaNeve, vice president of sales for General Motors, the nation's largest carmaker, which reported a 45% drop in sales. "In my 27 years, I never saw a month like this. It was like somebody turned out the lights." Mike DiGiovanni, GM executive director of market analysis, says that in absolute numbers, sales of 851,000 units in October were the lowest since the autumn...
Bartels says her research suggests that the market could be stuck in neutral or worse for the next year. "We think the market could lose another 12% from its lows, which would be a drop of about 20% from here," says Bartels. "Don't unbuckle your seatbelt...