Word: slides
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...threat to her rule, the cry of "nanny state" may be more potent than the weakened state of the country's $NZ150 billion economy. Its slide predates the global financial meltdown, with Treasury announcing back on Aug. 5 that the country was in recession. It was around this time that inflation hit an 18-year high and petrol passed the $NZ2-a-litre barrier. Like all shrewd incumbents, Clark has tried to turn bad news to her advantage: "I have the experience, the judgment and the skill set which can carry our country through what is the worst international financial...
...international equity markets. Investors in Asia and Europe continued the frenzied dumping of stocks that has marked the past few weeks, pushing some indices to lows not seen in years. As was the case in earlier sell-a-thons, no one seems to have a clue when the brutal slide might...
...Worst hit Monday was Tokyo's Nikkei index, whose 6.4% slide to 7,162.9 points marked its lowest level since 1982. Hong Kong's Hang Seng was down 12.7%, its biggest single-session drop in 17 years. Other Asian indices suffered more modest declines, but all were down besides South Korea's Kospi, which was up a modest 0.8% due mostly to an interest rate...
...Slowing the downturn may have just got a bit more complicated, as well. The Organization of Petroleum Exporting Countries (OPEC) announced Friday that it is cutting output by 1.5 million barrels a day in an attempt to halt the slide in oil prices. The price of oil has dropped from $147 a barrel in July, to just $64 Friday. Lower oil prices have been one of the few positive changes in the financial and economic tempest...
...gallon, says Ken Medlock, an Energy Fellow at the Baker Institute at Rice University in Houston, Texas. If gasoline drops $1.50 the $900 that Joe Average Driver saves would amount to a big stimulus package. According to Ed Leamer, director of the UCLA's Anderson Forecast, the current price slide could drop another $200-to-$250 billion into consumers' pockets, given that as of the second quarter personal spending for gas fuel oil and other energy was about $442 billion on an annualized basis. By way of comparison, Wal-Mart's U.S. stores took in $240 billion in the last...