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Business News Archive - December 27, 2008

Record post-Christmas Boxing Day shopping crowds enticed by deep price cuts could not dispel the gloom gripping the British retail industry, observers said. Department stores, fashion outlets and supermarkets slashed prices by as much as 90 percent in desperate attempts to spur spending, resulting in one of the busiest single shopping days in living memory Friday.

Financial woes have delayed or canceled nearly $5 billion in New York City development projects, squelching an important job source, industry experts say. The commercial real estate bust is delivering a tough blow to an industry that last year provided 130,000 unionized jobs and will mean New York's landscape will remain virtually unchanged for two years, The New York Times reported Saturday. Construction and land development loans have slowed their growth rate drastically this year -- 0.08 percent through September compared with an 11.3 percent growth rate for 2007 and 25.7 percent in 2006, the Federal Deposit Insurance Corp.

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Preservationists say Wal-Mart faces a fight over its plans to put a huge store next to the Civil War Wilderness Battlefield in Virginia.

U.S. businesses are gearing up to do battle with worker groups in a political fight over rules governing how unions can be formed and joined, analysts said. The U.S.

Inflation in Russia next year could slow to 11 percent, after reaching as high as 13.8 percent in 2008, the country's finance minister said Saturday.

More than 200 Woolworths stores across Britain closed Saturday, with the chain's remaining 600 British stores likely to be shuttered by Jan.

The British economy is facing an uncertain future as the country's gross domestic product is expected to decline dramatically next year, a group says. The Center for Economics and Business Research has predicted Britain's domestic output likely will decline by 2.9 percent in 2009, marking the largest

McDonald's acknowledges hiring nearly 1,000 people to attend a hamburger marketing promotion at one of the chain's fast-food restaurants in Osaka, Japan. While McDonald's confirmed it had hired a significant portion of the estimated 15,000 customers who flocked to the site for the debut of the chain's Quarter Pounder hamburger, the U.S.

South Korean President Lee Myung-bak said Saturday his country will suffer its first period of negative economic growth in a decade. Lee blamed the situation on the global financial problem, Yonhap News Agency reported. On an annual basis, Korea may attain some economic growth, but may undergo economic contraction in the first and second quarters, Lee said.

A growing number of small communities throughout Alaska now have access to cellular phone services thanks to GCI Communication Corp., the company says. Officials with the largest telecommunications company in Alaska said by using a federal subsidy, GCI created a telecommunications infrastructure in the state that includes rural and poor communities, the Anchorage Daily News reported Saturday. Federal supports helps, but it was just time for us to do this, Vice President of Rural Consumer Service Dan Boyette said.

Word of the Day
cenobite
  • One of a religious order living in a convent or in community; a monk: opposed to anchoret or hermit (one who lives in solitude).
  • A social bee.
This word comes from the Latin 'coenobium,' convent, which comes from the Greek 'koinobios,' living in community.
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