Word: hard-hitting
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...third of Taiwanese companies are ordering employees to take unpaid leave as the global economic downturn worsens, according to a recent survey by Yes123, a Taiwanese employment website. Especially hard-hit is the Hsinchu Science and Industrial Park, Taiwan's version of Silicon Valley, where more than 90% of the world's notebook computers, motherboards and cable modems, to name a few leading products, are made. It's also where most U.S. companies turn to subcontract manufacturing of their high-tech goods. (See the worst business deals...
...Neighborhood Stabilization Program (NSP) fund to buy and refurbish already foreclosed homes. The city of Miami Gardens received $6.8 million, enough to acquire about 40 homes, less than 1% of the more than 4,000 units the city has in foreclosure, which amounts to the worst housing crash in hard-hit Florida. Meanwhile, foreclosures nationwide, the root of the U.S. economic crisis, keep piling up: last month saw a frightening 25% rise in mortgage collapses compared with October 2007. (See TIME's video "Facing Foreclosure in Tampa...
...letting election watchdogs detect potential problems - not just defective voting-booth technology but also the new no-match, no-vote laws that tighten voter-identification requirements at the polls but that critics say threaten to inordinately disenfranchise minority voters. A new concern is the home-foreclosure crisis, which in hard-hit states like Florida may leave thousands of voters without a valid voter address to claim. No major problems have been reported so far, but lawyers for both parties are at the ready (and at polling sites) to make a case if necessary...
...this turmoil on Wall Street remain hard to assess. ATMs are still dispensing cash, credit card offers keep arriving in the mail, and it's not even all that hard to get a mortgage - if your credit's okay and you can actually afford the monthly payments. There is less lending overall, and that depresses economic activity. But with oil prices dropping again today, the single greatest scourge of American consumers this year - the high price of gasoline - is due for a further pullback. In New York and a few hard-hit real estate markets, this is a big-time...
...foam settled on the biggest drinks merger in history, workers at Anheuser-Busch have been a lot less keen than shareholders to toast the company's $52 billion takeover by the Belgium-based behemoth InBev. Unions in hard-hit St. Louis, Missouri, where Budweiser has been brewed since 1876, pledged to protect the jobs of Anheuser-Busch's's 30,000-strong workforce. They better roll up their sleeves, because InBev will bring to town a reputation as a ruthless cost-cutter that has prospered by slicing fat from its units, consolidating breweries and laying off staff in a relentless...