首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
Economy Terrorized From Wall Street to Main Street, Layoffs, Losses, and Little Hope The popular word in business befo
Economy Terrorized From Wall Street to Main Street, Layoffs, Losses, and Little Hope The popular word in business befo
admin
2010-03-26
141
问题
Economy Terrorized
From Wall Street to Main Street, Layoffs, Losses, and Little Hope
The popular word in business before September 11 was "visibility." Company after company complained about their gloomy future because of the worsening economy. Now, though, corporate America has a clear vision of the immediate future--and it’s not a good one. "The attack has turned the business world upside down," says Diane Swonk, chief economist at Bank One in Chicago.
Companies have been aware of the possible loss due to the terror attacks. Firms directly affected by the horror, such as Boeing and Marriott, warned of lower profits. Airline layoffs alone will top 100,000, pushing some analysts to say as many as one million workers may lose their jobs because of the post-attack repercussions (反应). On Capitol Hill, lawmakers and the Bush administration began preparing an economic emergency response. "The foundations of our free society remain sound, and I am confident that we will recover and prosper as we have in the past," Federal Reserve Chairman Alan Greenspan told Congress.
A chief executive of Frontier Airlines in Denver last week announced a 20 percent flight reduction and large scale layoffs.
On Wall Street, markets tumbled (TM) amid the likelihood of recession and war: The Dow Jones industrial average fell nearly 700 points Monday. "It’s no longer about earnings or the economy or interest rates anymore," says Morgan Stanley market strategist Peter Canelo. "It’s about fear."
Some observers believe Washington’s response could be effective to prevent further economy deterioration. "The recovery could be much smoother than expected due to the fiscal and monetary stimulus we’re in store for," says Richard Weiss, chief investment officer for City National Bank.
Restoring consumer confidence is a top priority for Greenspan and Congress, given that consumer spending accounts for about two thirds of the nation’s total output. To that end, the Fed has been flooding the markets with cash. Congress, meanwhile, is awash in plans to spend money, drawing down the $153 billion Social Security surplus. There’s even talk of further tax cuts.
The economic devastation of the worst disaster on American soil is far and wide. Last week, individual industries began to estimate the loss.
Airlines
While "recessions are bad for the airline industry, terrorism is worse," says a senior vice president at aviation consultants Avitas. Now both are serious problems for airliners, as heavily indebted and cash-poor companies are seeing a drastic reduction in bookings. Some planes are flying less than half full. Experts predict that this will put some airliners out of business and the total industry losses will amount to $10 billion by the end of next year.
When--and if--the industry recovers, it will have been fundamentally changed. Passengers might find fewer flights overall and limited service to smaller airports, as airlines focus on large, profitable hubs (交通枢纽).
Oil
As U.S. naval forces headed out from Norfolk (美国一个重要的海军基地) toward the Middle East, the oil market was nervous but focused as much on recession as on the threat of war. Crude prices slid downward due to the predicted economic slowdown and a drop in air travel which would reduce demand. Still, with the prospect of armed conflict very real, analysts see considerable risk of higher energy prices, especially when the war might involve Iraq, an oil-producing country.
But Michael Lynch of the research firm DRI-WEFA said that despite decreasing demand, the terror attack had produced an "uncertainty effect" that would possibly drive oil prices higher in the weeks ahead. Lynch said that oil companies and large industrial users of oil very likely would attempt to build their inventories amid uncertainty.
Retailing
Many shoppers stayed home during the week of the attack. Federated Department Stores, which owns Bloomingdale’s and Macy’s, said sales during the week were $65 million, or about 20 percent, below its forecasts. Other retailers, including Wal-Mart Stores and bookstore chains Borders Group and Barnes & Noble, as well as teen apparel retailer American Eagle Outfitters, reported a fast decrease in sales but some rebound by last weekend. "For the most part, sales are starting to come back, but they’re not where we want them to be," says Tracy Mullin, president of the National Retail Federation.
Consumers already planning the purchase of a new car, appliance, or other big-ticket item may go ahead, but forget those who had only begun to think about buying, says Marian Friestad, president of the Society for Consumer Psychology. "This would be a time when people would not be particularly open to changing their purchase behavior or trying new things," she says. Frivolous purchases, like perfume and fashion, will probably decline.
Media
On Madison Avenue, advertising industry executives estimated their losses after nearly a week without network TV ads. But that is not all. Many companies felt it inappropriate to advertise during such a time of tragedy and canceled their commercials on TV.
This trend is likely to mean further losses for an industry already suffering from a sharp cutback in spending.
Already, the six TV networks report an estimated $320 million in lost ad revenues due to the attack. And four of the country’s newspaper groups warned of a shortfall in third-quarter earnings because of canceled ads.
Entertainment
The most pressing question right now is what will happen in TV, already suffering from a big drop in advertising. Although the new season has been pretty well purged of any references that might be deemed offensive in the wake of the attack, there is serious doubt about viewers’ tastes in the future.
Two big-budget films--Big Trouble and Collateral Damage--were shelved indefinitely last week. Other movies with New York themes were pushed back. Still more were simply scrubbed clean of their references to terrorism and the World Trade Center.
However, the entertainment industry may not suffer long-term damage, with losses expected to level off by the first quarter of next year, according to analysts.
Insurance
Already stunned by a plunge in profits and losses from storms in the first half of the year, property and casualty insurers now face even worse. "All profits will be wiped out," says an analyst. Despite some loss, analysts are confident that the industry will be able to meet the estimated $30 billion in projected claims, a loss that could escalate if costly business-interruption and personal injury claims accelerate.
One thing is certain: There will be higher rates and more limited coverage for terrorist or war-related events, especially for airlines.
The estimated loss to the airline industry amounts to $10 billion by the end of this year.
选项
A、Y
B、N
C、NG
答案
B
解析
此题可根据数字定位相关信息。Airlines部分的第一段最后一句说明应该是by the end of next year,因此判断此题不符合文章的内容。
转载请注明原文地址:https://kaotiyun.com/show/68k7777K
0
大学英语四级
相关试题推荐
ThepassagefocusesontheneedforAmericanstolearnforeignlanguages.MostAmericans,likethewriter,learnFrenchathigh
A、Anyroadwithouttrafficlights.B、Anyhighwaywithoutcrossroad.C、It’saroadwherethedriversdonotpay.D、It’sahighway
A、Marriagethatcontinuesformanyyearswithoutdivorce.B、Marriagethatcaneasilyendindivorce.C、Peoplewillmarrythreeo
Peopleintheworldareclassifiedintotwotypes.Althoughtheyhavealmostthesamedegreesofhealthandwealthandtheother
A、Judgingpeople’sbehavior.B、Changingpeople’sattitudes.C、Commoncausesofanger.D、Theeffectsofnegativebehavior.AWhat
A、Ithasdroppedinnumbers.B、Ithastripled.C、Ithasdoubled.D、IthasbecomemostlyHispanic.CSince1990,whathashappened
Thepurposeofimprovingtheeducationqualityistocreateanenvironmentinwhichpeoplemayachievefurthersuccess.Toacqu
A、Thatthemanwenttotheparty,butthewomandidnot.B、Thatthewomanwenttotheparty,butthemandidnot.C、Neitheroft
Wewereshockedat______(他对他手下的员工所做的事).
随机试题
下列哪些属于快反应自律细胞
当以固定利率借出一笔资金或以固定不变的租金长期出租一宗物业,虽然通货膨胀带来商品或服务价格上涨,但不会有风险性。()
【2014专业案例真题下午卷】有一台10kV、2500kW的异步电动机,cosφ=0.8,效率为0.92,启动电流倍数为6.5,本回路三相Y接线电流互感器变比为300/5,容量为30V.A,该电流互感器与微机保护装置之间的控制电缆采用KVV一4×2.5mm
城市公共设施指标确定的方法包含()。
根据《标准施工合同》,关于监理人指示的说法,错误的是()。
工程施工质量是指通过施工使工程满足业主需要的并符合()规定的要求,包括在安全、耐久性等方面所有明示和隐含需要的能力的特性综合。
案例: 2015年4月,甲公司与乙建筑公司(以下简称“乙公司”)签订写字楼建筑工程总承包合同。双方约定:工程造价4000万元,工期一年。合同签订后,甲公司依约先行支付2000万元工程款,剩余2000万元在工程竣工合格后一次付清。 2015年5月,乙公司
中国近代第一个真正意义上的资产阶级性质的学制是()
IntheUSA,85%ofthepopulationovertheageof21approveofthedeathpenalty.Inthemanystateswhichstillhavethedeath
Readcarefullythefollowingexcerptoncreditcard,andthenwriteyourresponseinNOLESSTHAN200words,inwhichyoushould
最新回复
(
0
)