global financial crisis
FEATURE-Broadway finds show fundraising tougher amid crisis
By Michelle Nichols
NEW YORK, Jan 12 (Reuters) – Broadway producers are finding it tough to attract investors for new productions as the global financial crisis begins to take a toll on the Great White Way.
And sluggish tickets sales have caused the closure of shows, adding to the sense of gloom on Broadway.
While several shows traditionally close at the start of the year to make way for new productions ahead of the Tony Awards, more than usual are taking their final bow — 12 shows have finished and another four are due to close by Feb. 28.
The economic turmoil “certainly had an impact on my show and on a number of shows that might have made it through this coming summer,” said producer Margo Lion, whose show “Hairspray” closed on Jan. 4 after more than six years on Broadway.
Several shows could not secure the financing needed to open in the coming months — “Godspell,” “Vanities” and “For Colored Girls” — and producers blamed the economy, said Charlotte St. Martin, executive director of trade group The Broadway League.
“It’s not uncommon for shows not to get financing if they’re not sure-fire hits in tough economic times,” St. Martin said. “Even in great times, a lot of shows don’t get financed.”
“Hair” was a hit on Broadway and London’s West End in the 1960s, but Andrew Hamingson, executive director of New York’s Public Theater, which will bring “Hair” back to Broadway in March, said lining up investors for the show was difficult.
“At the time we were out looking for investors for the show it was at the same moment … when all those companies (like Lehman Brothers and Merrill Lynch) either disappeared or they were acquired by other companies,” Hamingson said.
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Chinese premier discusses financial crisis with World Bank president
·Chinese Premier Wen Jiabao met with World Bank President Robert Zoellick in Beijing Tuesday.
·Wen said China will focus on expanding domestic demand to stimulate economic growth.
·Zoellick said the World Bank will continue to play a role in helping China overcome difficulties.
BEIJING, Dec. 16 (Xinhua) — Chinese Premier Wen Jiabao said here Tuesday in response to the global financial crisis, China will focus on expanding domestic demand as an effective way to stimulate economic growth.
Wen made the remarks when meeting with President Robert Zoellick of the World Bank (WB). Wen briefed the WB President about China’s economic situation and its measures to address the global financial crisis.
Wen said China, with a 1.3-billion population, has yet to overcome the disparity between urban and rural areas, relatively low per capita incomes and a relatively large number of poverty-stricken people.
Wen said China’s move to expand domestic demand is aimed to gradually meet the people’s demands through economic growth, which will be achieved by stimulating the ultimate consumption market.
To meet this end, Wen said China will focus on improving incomes of rural residents and social security for low-income groups. He said China will strive to expand employment. It will also work on the development of such social causes as education, medical service and culture. Wen said China will advance development of infrastructure in rural areas, including drinking water, bio-gas, roads, electricity and telecommunications. He said China will continue to protect the environment, while working on the rehabilitation of earthquake-stricken areas and poverty elimination.
Zoellick said the current financial global crisis calls for closer cooperation among the international community. He said the World Bank will continue to play a role in helping China overcome difficulties in financing and employment.
Zoellick appreciated the Chinese government’s measures to expand domestic demand. He said sustaining its own economy will be China’s biggest contribution to maintaining financial stability and the economic growth of the world.
Zoellick also met with Chinese Vice Premier Li Keqiang Monday.
Li said during the meeting that the World Bank should play its due role as the world’s largest multilateral development financial institute to help developing countries to fend off external impacts and maintain financial stability and economic growth.
Li said China has been participating in international cooperation on addressing the financial crisis. He said China will continue to act in a responsible way by making its own contribution to maintaining the stability of global finance and economy.
Li said the fundamentals and long-term trend of China’s economic growth remained unchanged despite the many difficulties and grim challenges it faces.
Zoellick spoke highly about China’s performance in addressing the global financial crisis. He expressed the willingness to further expand cooperation between the World Bank and China.
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Chinese premier discusses financial crisis with World Bank president
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