Word: frozenly
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...production in September dropped by 2.8% - the steepest fall since December, 1974. That came on the heels of statistics showing all-important consumer spending in the U.S. had tightened more than forecast. Meanwhile, despite government rescue plans and central bank rate cuts, there is little sign so far that frozen credit flows are thawing fast enough to get badly needed funds moving to businesses and households quickly...
...REYKJAVÍK, ICELAND Frozen Assets In the Icelandic language the words for money and sheep are the same. But under Iceland's current economic conditions, goes a joke doing the rounds, only one will put food on the table and a coat on your back (as long as you eat mutton and wear wool). With a flagging currency and a crippled banking industry, Icelanders are fast losing their jobs, savings and businesses. The government fears that some may even be losing their minds: a few days ago, the Icelandic Ministry of Health set up an emergency mental-health center...
...became the first country in the euro zone officially to stumble into recession. House prices - after rising almost threefold in the decade to 2007 - have slumped 10% in the past year, weakening Ireland's construction industry, which plays an outsized role in the country's economy. Throw in frozen credit markets, high inflation, soaring unemployment and a new tax to pay for the financial crisis bailout, and it's little wonder Ireland's workers are again pondering a move abroad. Dublin's Economic and Social Research Institute, a think tank, forecasts a net migratory outflow...
...Citigroup lost its bid to merge with faltering bank Wachovia to Wells Fargo last week. The company will be one of the nine major banks to receive an injection of federal funds as part of the Bush administration’s $250-billion plan to rescue frozen credit markets...
...That may be the reason why there were so many photographers and journalists at Russian President Dimitry Medvedev’s recent meeting with Venezuelan President Hugo Chavez in Moscow, which was the second such negotiation in the last two months. After the meeting and in a world of frozen credit lines, it was announced that Russia would lend Venezuela over a billion dollars to fund purchases of Russian weaponry in the next few years, which complements the joint naval and air exercises agreed upon this summer. Moreover, the two countries signed deals that allow Kremlin-controlled energy behemoths Gazprom...