Word: second-largest
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...Politicos all over Latin America will be scrutinizing those mistakes as well. The Argentine poll was a referendum on Fernández's often confrontational leadership style - which voters and financial markets alike decided isn't all that well suited to rescuing South America's second-largest economy from the ravages of a global recession. The Fernández-Kirchner comeuppance may well be taken as a first sign that the economic downturn is reining in the region's increasingly powerful Presidents, especially the leftists who this decade have become a popular counter to U.S. political and economic hegemony...
...that the pullback on debt-fueled spending continued into the spring. New data from the Federal Reserve shows that outstanding consumer credit which includes credit cards, auto loans and tuition financing, but not mortgages, fell by $15.7 billion to $2.52 trillion, an annualized drop of 7.4%. That marks the second-largest dollar drop on record, following March's $16.6 billion decline...
...Vietnam have cut visa fees and worked with airlines, hotels and tourist sites to slash prices. Caribbean operators say deep price cuts have been essential to keep the region in people's minds during the turmoil. Some Caribbean resorts have cut prices in half, while Elite Island Resorts - the second-largest independent hospitality group in the region - will even accept guests' depressed stocks as payment; the firm values stocks at their closing price at the end of last October (way above what most stocks are worth now) and says it will sell them when the markets eventually go up again...
Last week the nation’s second-largest athletic program acknowledged that the recession had dealt it a devastating blow. MIT, proud former promoter of 41 varsity sports ranging from the mainstream to the obscure (the Engineers sported one of the best air pistol squads in the country), cut eight of its teams, including alpine skiing, men’s and women’s ice hockey, men’s and women’s gymnastics, golf, pistol, and wrestling...
...Royal Bank of Scotland wrote in a note to clients Monday, "it's just what we need now, a flu pandemic in the midst of the biggest financial crisis since the Great Depression." Amid the sell-off, travel industry stocks fell sharpest. Shares in Lufthansa, Europe's second-largest airline, tumbled by more than 12% before recovering slightly. Those of rival British Airways pulled back from similar lows, trading 8% down by mid-afternoon in London. Tour operators and hotel groups took similar hits. (See pictures of the swine flu outbreak in Mexico...