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
94
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
A、ShewillcallMr.Taylorinthenextfewclays.B、Shewilltalkovertheirdiscussionwithothers.C、Shewillnotcontacthim
Forthispart,youareallowed30minutestowritealetterofthanks.Youshouldwriteatleast120words,andbaseyourcompos
Theauthorthinksthatthetrendtowardsarapidriseinconsumptionwas"undesirable"because______.Costincreasedmostgreat
A、Hehadhiscarhitbyafallingpieceofconcrete.B、HewasfinedforspeedinginSouthStreet.C、Hehadbeenunabletoparkh
Kuwaitisacountrywhichisquitesmall,butwhichisquiterich.Ithasapopulationofalittlemorethanamillion,anditi
A、50minutes.B、60minutes.C、10minutes.D、15minutes.CDavid说他基本上每天都是8:50到办公室,而他公司每天9点正式上班,故选C。
A、BecausetheAmericanAstronomicalSocietyofferedwrongdata.B、Becausetheyincludedthewrongstarsystemsintheirobservat
A、Hehasmanypets.B、Hehasthreechildren.C、Hedoesn’tneedalargerhouse.D、Hiswifeispregnant.DWhydoesthemanneeda
Thepurposeofimprovingtheeducationqualityistocreateanenvironmentinwhichpeoplemayachievefurthersuccess.Enjoyin
Wewereshockedat______(他对他手下的员工所做的事).
随机试题
男性,48岁。反复上腹部隐痛,疼痛于进餐后1小时加重,有反酸胃灼热,3天前上述症状加重并伴有腹胀,查体。上腹部压痛。无反跳痛及肌紧张。若该患者检查HP(+),经过铋剂+阿莫西林+甲硝唑治疗方案失败后,可选择下列治疗方案继续治疗的是
Severalyearsago,oneofthenewsfeatureshowsontelevisionhadaninterviewertalkingwithafreckle-faced,red-headed12-ye
心包积液患者查体的特征性表现是()
张某为某煤矿工人,2002年10月被诊断为一期煤矽肺,按照《职业病防治法》关于职业病待遇规定,张某要求下列待遇中,哪一项是没有规定的
下列不属于房地产经纪人员心理素质要求的是:()。
在现金流量表中,现金股利收入和股利支出属于投资活动的现金流量。()
根据《刑事诉讼法》及有关规定,下列关于审判公开的说法中,正确的是()。
“你的看法决定了你的处境”,这种看法是()的观点。
《晋书》记载:“(曹魏咸熙二年,即265年)令诸郡中正以六条举淹滞:一曰忠恪匪躬,二曰孝敬尽礼,三曰友于兄弟,四曰洁身劳谦,五曰信义可复,六曰学以为己。”根据上述内容,下列说法正确的是()。
在考生文件夹下的数据库文件“samp1.accdb”中已建立了表对象“tEmployee”。请按以下操作要求,完成表的建立和修改。将“tEmployee”表中“联系电话”字段的“默认值”属性设置为“010-”。
最新回复
(
0
)