Word: sectored
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...Less ambiguous was the news that housing starts and permit applications are falling off too. Although the declines were modest, they're a signal that construction companies see demand for new homes dropping in the months ahead - and that's the slowdown again, in a sector whose surprising winter strength was supposed to mean that the worst of it wasn't going...
...poverty. Staff at Credit Suisse First Boston have been asked to keep celebratory dinners below $10,000, while Goldman Sachs has cut back on free fruit, first-class travel and taxis home. Cold Turkey When a country's going through a financial crisis, who knows which sectors will be the worst hit? In Turkey, it's the shoe-making industry, where 300,000 workers - 75% of the sector's workforce - have lost their jobs since the lira was devalued in late February. Entangled Wires E.U. Ministers took a mara-thon 10 hours of intense debate to try to agree...
...doing a share swap with Munich Re. In the process, the center of gravity of German finance moved a step toward Munich from its traditional base in Frankfurt. "By reducing cross-holdings, Allianz and Munich Re are laying the foundation for a crucial realignment within the German financial services sector," said Allianz chairman Henning Schulte-Noelle...
...became feasible after the government of Chancellor Gerhard Schröder last year pushed through an end to the 50% capital gains tax for corporations, which had led many firms to sit on their investments. "The end of the capital gains tax is facilitating the restructuring of the financial sector in Germany and the eurozone," says Thomas Mayer, chief economist at Goldman Sachs in Frankfurt. "An acquisition currency has become usable with the elimination of capital gains...
...February, in an economy that has been shedding 100,000 workers a month since the beginning of the year. Last week Winstar Communications, once a wireless wonder, hung up on 2,000 employees--44% of its staff. TiVo, Sycamore Networks and Extreme Networks added more bodies to the tech sector's growing pile. AOL Time Warner, parent of TIME, has announced 2,400 job cuts in response to the slowing economy and pressure from Wall Street. By week's end unemployment had hit 4.3%, a slight but ominous rise. Worse, job creation was down, more evidence that recession...