BEIJING, Dec. 23 (Xinhua) — Christmas, probably one of the most widely celebrated holidays across the world, is drawing near again.

Children begin to wonder whether they could get their long-coveted gifts, families are busy preparing for the Christmas feast and businesses count on this festival to underwrite the year’s sales.

Despite the holiday feel awash in the air, there is something different this time: the financial crisis and the ensuing economic recession still hangs heavy on the global horizon, their impact acutely felt in the developed and developing world alike. People’s minds are preoccupied by their woes, although the upcoming festival will provide a joyful distraction.

LONDON: A TIME FOR CELEBRATION

“I am considering the location for a holiday before Christmas,” Michael Balboa, who is in charge of an assets management firm in London’s financial district, told Xinhua.

This stands in sharp contrast to last year, when Balboa, like all his peers in the financial sector, bore the full brunt of an unprecedented financial crisis triggered by the fall of Lehman Brothers across the Atlantic.

Banks brought down by toxic assets filed for bankruptcy and ran to the government’s shelter, stocks plummeted to record lows and businesses were throttled by a credit crunch.

Caught in this topsy-turvy world, Balboa quit his job as a fund manager and established the assets management firm.

“At that time, I realized that new opportunities opened up before my eyes,” said Balboa, who positioned his firm as a specialist in providing troubled banks with advice on handling toxic assets.

Tapping the huge potential brought along by banks’ astronomical bad loans incurred during the crisis, Balboa’s firm, founded in March, has now expanded to markets in New York and Singapore.

“I would like to take some time off, enjoying sunshine with my family in Spain, maybe. You know, it’s Christmas after all. It’s time for some celebration,” Balboa said, with a broad smile.

BRISBANE: A TIME FOR ENDURANCE

Holiday in Spain may be a good choice for celebrating Christmas for Balboa, yet it may prove far out of reach for Raymond Hunter, a former travel agency employee who lost his job last Christmas and has remained out of job since.

“I hate to imagine how disappointed my kids would look if I couldn’t get them some proper Christmas presents,” a haggard-faced Hunter said as he looked out of the cafe window, his eyes dreamily following holiday shoppers on the street.

Hunter had been working in the travel agency for 15 years until he was laid off by the firm, which was badly hit by a drastic decline in tourist numbers and suffered consecutive monthly losses.

“Before the crisis, my firm was really doing good. But now those people who used to come here for Christmas and New Year holidays choose to stay home. At first, I thought it was just for a while, but the bad situation continued, so I am landed here,” Hunter said bitterly.

“I really like this job, but I am afraid things can never be the same as they used to, given my age and everything else…” the sentence trailed off as Hunter was temporarily lost in thought.

Sustained on a weekly 500 Australian dollar-unemployment aid, Hunter said a Christmas tree and other holiday decoration items would not be on this year’s shopping list, but he insisted on buying his two daughters presents.

“My elder kid has long been craving for an iPod, and the younger one a Nintendo game console. I think I would at least manage that,” he said, recovering from his reverie.

As for his wife, a bouquet she loves would do. “Just to thank her for her love, support and all,” Hunter said, eyes suddenly overwhelmed with tenderness and warmth.

NEW YORK: A TIME FOR SAVING

Hunter was not the only one who was forced to scale back on the Christmas shopping list this year. Mrs. Krzeminski, living in New York’s Queens District with her husband and three children, was also busily ticking off those unnecessary items from her list.

“The high unemployment rate is bearing down on us,” Mrs. Krzeminski said. “You don’t know who is next to go. Maybe I, maybe my husband, one never knows.”

Mrs. Krzeminski works in a bakery and Mr. Krzeminski is a painter.

The unemployment rate in the United States skyrocketed to 10.2 percent in October, a 26-year high, and remained at the high level throughout November, although the country’s gross domestic product (GDP) climbed out of the negative territory in the third quarter after a four-quarter slump.

Bearing the job market woes in mind, Mrs. Krzeminski sticks to her consumption “golden rule” this year, that is “spend only on necessities and give up on those unnecessary completely.”

Mr. Krzeminski also made his contribution. He had always wanted to replace his old car for a new one, but hasn’t brought up the topic since the crisis broke out. Another victim in the shopping list was a fishing rod for Mr. Krzeminski and the reason was simple: it cost over 100 bucks.

“When I first heard about the situation on Wall Street, I thought it would be over soon. Unfortunately, I was wrong. Anyway, to spend or not is up to you. I will pull the purse strings tightly, and I am ready for a long battle,” said Mrs. Krzeminski determinedly, as if challenging an immaterial enemy before her eyes.

TOKYO: A TIME FOR FAMILY

Across the Pacific, situations were at least as bleak as those in the United States. The world’s second largest economy, Japan, is mired in the longest and deepest postwar recession, which is taking a heavy toll on airline companies like the one where Yumi Satou works as an office lady.

As flights were cancelled, debts were mounting and the company was receiving huge government aid, Yumi inevitably saw her salary dwindling.

“At the beginning of this year, the company said we can get half our bonus in summer and half at year-end, but I am afraid now there won’t be a second half,” Yumi said, exquisitely pruned brows knotted together, apparently disappointed.

Short of that money, Yumi found it hard to relive last year’s lavish gift performance for her South Korean boyfriend, when Yumi bought him a 20,000-yen (about 219 U.S. dollars) jacket as a Christmas present. This time, they plan to have a present-free Christmas.

“He’ll fly from South Korea to celebrate with me in Tokyo. It is really good of him since the situation over there is just as bad and the ticket will undoubtedly cost him much,” Yumi said.

Planning to give up the traditional candlelight Christmas dinner for just the two of them, Yumi said she would invite her boyfriend to dinner at home for a change.

Although not so romantic, this schedule came with its own compensation. “It would be much cheaper, just around 10,000 yen (about 110 dollars) altogether. And what’s more, it will be a chance for my family to know him better,” Yumi said mischievously.

BUENOS AIRES: A TIME FOR SMILE

If a candlelight dinner is dispensable for Yumi, it is by no means so for Soledad Orozco, a professional Tango dancer and trainer in Buenos Aires. She performs tango for diners in the Torcuato Tasso Cultural Center, where candle-lit tables form the audience area.

“Wow, full house again!” peering out to the dancing floor from backstage, gorgeously dressed Soledad said under her breath to her performance partner Juan Cantone, her voice filled with excitement. “If that can last, I bet the crisis will be over soon.”

It was really heartening for Soledad. “Last December, not even half the tables were occupied. To make things worse, we had even fewer diners because of the A/H1N1 flu earlier this year. With less performances on our schedule, I had to teach more tango lessons to make ends meet.”

As Argentina’s economy began to turn around in the second half of this year, tourism in the country also staged a comeback. Tango shows again enjoyed huge popularity among tourists, with advance reservations becoming common practice.

“It seems that we have to spend our Christmas Eve and New Year on the dancing floor,” Soledad moaned as she changed for the next performance, yet her tone apparently lacked the complaining timbre.

As for the Christmas presents, Soledad said she would buy 46 presents for her family and friends.

For herself? “I will give myself a really good treat. A vacation in Uruguay will be perfect,” Soledad smiled, with her face lightened. Given what she had experienced in the crisis, no one could blame her for dreaming.

YI WU: A TIME FOR EXPECTATION

For Ms. Hong, a toy manufacturer in China’s Yi Wu, the crisis has definitely opened up new opportunities for her business.

“Due to the crisis, our orders from the U.S. and European markets sharply declined last year, causing a 20-percent slump in revenues,” recalled Hong, still feeling the dismay.

Her factory manufactures upscale toys exported to developed countries such as the United States, Germany and Italy, as well as to developing markets such as Brazil.

Brushing aside the setback, Hong soon recovered and began conversing with a more light-hearted mood. “On the other hand, thanks to the crisis, some foreign customers began to cooperate with the medium-sized manufactures like us, since we are very cost-conscious and flexible. That makes a big difference. We’ve had deals with three big U.S. customers.”

Hong said that next year, her factory planned to employ more workers for a branch in east China’s Jiangsu Province. “It is true that the financial crisis is not good, but if we hold on and are well prepared, everything will be fine.”

Life amid crisis is hard, but it is better not to take it tragically. Whether the crisis continues or not, thanks to festivals like Christmas, we can still find much support, love and courage to move on.

Written by Xu Duo and Ming Jinwei, reported by Wang Yahong in London, Cao Yang and Yang Lin in Canberra, Wang Jiangang in New York, Song Jieyun and Feng Junyang in Buenos Aires and Guo Na in Tokyo)