Word: prices
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...first drop in four years, and that demand is reflected in the market for playoff tickets. Last year, a ticket for a Boston Red Sox American League Championship Series game sold for an average of $448 on StubHub.com, the leading secondary-market ticket site. This year, that average price dipped like the Dow: it was $244, a decline of about 50%. In the Tampa area, World Series tickets are going for under $200, the lowest price StubHub has seen in the five years it has tracked the secondary market. Several teams have already taken measures to draw fans...
...needs of gas-guzzling Western nations, however, are exactly the opposite. Ironically, though, a falling world oil price negates the goal stated by Barack Obama and John McCain to cut America's dependence on foreign oil, especially from the volatile Middle East. That's because although it only accounts for about one-fifth of U.S. imports, oil from Saudi Arabia, Kuwait and other Middle Eastern countries is much cheaper to produce than the more politically popular alternative of oil drilled in Canada or the United States...
...Even more than the lower prices, OPEC leaders have been jolted by the lightning speed with which they have tumbled. But their influence over prices is more limited than many in Western countries believe, or OPEC members would like: OPEC members, in fact, produces only one-third of the world's oil; the rest comes from Canada, Russia, Mexico, and several smaller countries. The cartel sets production quotas for each member, but those are routinely violated by bigger players, like Saudi Arabia, whose well usually have spare capacity. "We saw that when prices went up to $145 a barrel OPEC...
...ground to a halt. One of the three big remaining state-owned banks, Halkbank, was supposed to be next on the block, but the government dithered over how to sell it, and now, because of the worldwide financial turmoil, it can't - at least, not for a good price. A September tender for a new nuclear power plant - Turkey's first - was ill-prepared, and turned into a fiasco when all the bidders except for one Russian-led consortium dropped out. A three-year agreement with the IMF under which it would provide Turkey loans of as much...
...quite a change. But they've been through hard times before - much harder times, and not all that long ago. As Ümit Boyner says, "We have a saying here: "If you go into the hammam, you have to sweat." If a downturn at home is the price of greater integration into the world economy, so be it - as long as it doesn't last too long. - with reporting by Pelin Turgut / Istanbul