economy

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Melissa Hamlet worries that the stock market's wild swings will mean fewer potential buyers for her home. Restaurant owner Christopher Tocchio fumes that the government isn't holding failing businesses accountable for their reckless decisions. And Mary Vaughan, a recent widow, wonders why government rescues corporate America while she struggles to pay her bills. "I'm paying enough taxes now, and the taxpayers have to bail these big guys out?" she said.

Anger, fear, and shock about the Wall Street meltdown are percolating through conversations along Massachusetts' main streets. A whirlwind week of unprecedented government intervention to prop up the nation's financial system seemed to confirm people's worst fears: The economy is in peril and recovery is far off. Seemingly overnight, nearly everyone felt poorer - homes lost value, 401(k) investments were battered, and jobs, for some, were in jeopardy.

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In one of the most dramatic days in Wall Street’s history, Lehman Brothers, the 158-year-old, fourth-largest U.S. investment bank that predates the Civil War and weathered the Great Depression, filed the largest bankruptcy in American history; while Merrill Lynch, the third largest investment firm, has agreed to sell itself to Bank of America, the nation's largest bank.

Investors suffered their worst losses since the terrorist attacks of 2001. Amid worries that the bankruptcy of Lehman Brothers and the sale of Merrill Lynch might not be enough to stop the downward spiral, stocks fell sharply in the last half hour of trading. By the end of the day, the Dow Jones industrial average had dropped 504.48 points, or 4.4 percent, as a record volume of more than 8 billion shares traded hands on the New York Stock Exchange. It was the biggest decline since Sept. 17, 2001 - the day the index reopened after the 9/11 terrorist attacks - when it fell 7 percent, or 684.81 points.  read more »

Complete coverage at New York Times with slideshows

Photos courtesy of Louis Lanzano/Associated Press, Getty, Firstview, Frazer Harrison/Getty Images, and Telegraph UK

Related Article: Ralph Lauren at New York Fashion Week (with video)

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The Dutch East India Company: VOC (Vereenigde Oost-Indische Compagnie)
In March 1594 some Dutch merchants founded a “Company of Far Lands” at Amsterdam. Their objective was to send two fleets to the East Indies. The first fleet of four ships reached Bantam and returned to the Netherlands in August 1597. Only three ships with a small cargo of pepper returned, but it covered than the costs of the expedition. The next step to this first enterprise was the founding of five different companies (voorcompagniën). In 1598 twenty-two ships left Dutch ports for the East Indies. In 1601 sixty-five ships were bound for the East Indies.

As early as 1598 the Staten Generaal suggested that various companies should amalgamate. On March 20, 1602 finally from a fusion of six small Dutch companies the VOC (Verenigde Oostindische Compagnie) was born. The unification into one company did not happen spontaneously, but was enforced by the Dutch government. The charter (octrooi) was valid for 21 years. The Staten Generaal granted a monopoly on the trade in the East Indies to the Dutch East India Company (Verenigde Oostindische Compagnie or VOC). The area of trade granted to the company was called the octrooigebied (trade zone). Its purpose was not only trade; the Compagnie also had to fight the enemies of the Republic and prevent other European nations to enter the East India trade. During its history of 200 years, the VOC became the largest company of its kind, trading spices (nutmeg, cloves, cinnamon and pepper mainly) and other products (tea, silk and chinese porcelain). The VOC was virtually a state within a state.

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ANAHEIM, Calif. (AP) — Cinderella, Snow White, Tinkerbell and other fictional fixtures of modern-day childhood were handcuffed, frisked and loaded into police vans Thursday at the culmination of a labor protest that brought a touch of reality to the Happiest Place on Earth.

The arrest of the 32 protesters, many of whom wore costumes representing famous Disney characters, came at the end of an hour-long march to Disneyland's gates from one of three Disney-owned hotels at the center of a labor dispute.

Those who were arrested sat in a circle on a busy intersection outside the park holding hands until they were placed in plastic handcuffs and led to two police vans while hundreds of hotel workers cheered and chanted. The protesters were arrested on a misdemeanor count of failure to obey a police officer and two traffic infractions, said Sgt. Rick Martinez of the Anaheim police. They were cited and released, Sgt. Chris Schneider said.  read more »

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Fears were raised as Russian troops opened a second front by pushing deep into the west of Georgia. Yesterday other former Soviet bloc countries warned that the Kremlin was becoming ever more aggressive and authoritarian and could try to restore control to more of its former territories.

Czech Republic foreign minister Karel Schwarzenberg compared Russia’s incursion into Georgia to the Soviet invasion of Czechoslovakia in 1968 to crush the so-called Prague Spring uprising against Communist rule.

Schwarzenberg said the Czech Republic supports Georgia and added that “it is a sad coincidence” that the fighting in Georgia takes place at the moment when the country is marking the 40th anniversary of the invasion of Warsaw Pact troops in August 1968. And the presidents of Poland and three Baltic states, formerly members of the Soviet bloc, labeled Moscow’s approach “imperialist and revisionist.”  read more »

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The rising cost of food is a growing concern for many people across the world. There have been protests, and even riots, in countries including Mexico, India and Egypt, clear evidence of the struggle that many people are now facing. However, if Italians feel that their local food retailer is charging unreasonable prices, they can now call on a new service to help them haggle or walk away. Thanks to a short message service (SMS) text system set up jointly by the Italian agriculture ministry and consumer associations, shoppers can check the average price of different foods in northern, central and southern Italy.

Italy’s Department of Agriculture, Food & Forestry, along with consumer organisations, have come up with the SMS Consumatori service www.smsconsumatori.it, which tracks prices for over 80 types of fruit, vegetables, meat, dairy products and so on. To use the service, shoppers send a text message to 47947 for free, typing the name of the product they want a price for. They get a reply straightaway listing both a wholesale price and average retail prices in the north, centre and south. If a product comes in varieties, the service sends separate messages for each of the most popular ones.

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