Word: aren
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...grim joke making its way around Wall Street and the City of London about the options left for laid-off bankers: "It's Dubai, Mumbai, Shanghai, or goodbye." But the reality may be even grimmer. In fact, Dubai and the other oil-enriched regions of the Arab world aren't quite the safe havens they once were. Western and Middle Eastern markets are more closely intertwined than they were during the 1970's oil boom. But recently, Arab exchanges have been hit with a double whammy. Western investors have pulled out of Arab markets to cover bad deals back home...
...years, having learned their lessons from past speculative investments in assets such as office blocks and shopping malls during the Asian financial crisis that began in 1997. Several Japanese banks, including Shinsei Bank and Mitsubishi UFJ Financial Group, are creditors of Lehman, but any potential losses from their exposure aren't expected to have a significant impact on Japan's banking system. In fact, the problems on Wall Street are actually benefiting some Asian financial institutions. Large Japanese banks, including Mitsubishi UFJ, have been striving to expand their international presence, filling a hole left by retrenching American and European banks...
...investors are concerned about the potential negative impact Wall Street's woes will have on the U.S. economy. Though Asia's economies aren't as dependent on the U.S. market for growth as they traditionally were, exports to the U.S., Europe and Japan are still a key driving force in Asia's rapid development. Any global slowdown dims the outlook for Asia. "There will be important economic implications of the financial meltdown in the U.S. on Asia," says Dariusz Kowalczyk, chief investment strategist at CFC Seymour in Hong Kong. The continued financial chaos in the U.S., he says, raises fears...
...investment strategist for Asia at BNP Paribas Private Banking in Hong Kong, says central bankers face "a conundrum." Though he says there is "psychological pressure" to cut interest rates, Freris believes that concerns about inflation and the continued strength at Asian financial institutions will keep them cautious. Policy makers "aren't going to jump because the U.S. is having domestic problems," Freris says...
...this time we've been fed not one, but a series of promises that aren't worth the subprime paper they were printed on. First, there's the one about the price of real estate never going down. It got repeated so often that even banks and mortgage lenders who should have known better started to drink their own Kool-Aid and lowered their lending standards. It was a mantra compounded by the hard sell that real estate agents used all over the country: Get in now, because it's going to be more expensive tomorrow. Hope you weren...