Word: asia
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...comes down to managing the economies of nations overseas. After taking a shellacking from Congress in 1995 for successfully bailing out Mexico with $20 billion in taxpayer-backed loans, Rubin was hardly eager to get out front in the Asian economic crunch. As the liquidity crisis swept across Southeast Asia last summer, Rubin and other U.S. officials urged the International Monetary Fund to take the lead. Washington did not regard the Thai or Malaysian economy as vital to American interests, and in a year that had seen far too many fund-raising stories about Jakarta's Mochtar Riady...
...themselves in varying states of insolvency. It didn't take much imagination to see how the dominoes might fall. A default in Korea would almost certainly trigger a massive banking crisis in Japan. U.S. banks would get swept into the mess not just because of their loan exposure to Asia but also as a result of the trillions of dollars in interest-rate and currency swaps, hedging contracts and other derivative deals that link American financial institutions to the region. For strategic as well as political reasons, Rubin & Co. believed, the Asian flu had to be contained before it spread...
Overall, though, the likelihood of a full-scale meltdown is, if anything, less likely because of Asia's troubles. Japan may hold more than $315 billion in U.S. Treasuries, or more than 9% of the total, but the notes give Tokyo some of the highest returns in its otherwise sagging portfolio. The roughly 5.64% yield on a 10-year Treasury bond is more than 3 percentage points higher than the payout on equivalent Japanese securities. Besides, any move out of U.S. bonds would drive down the value of U.S. currency, pushing up the yen. And a strong yen would make...
...Asia In Severe Tailspin Markets across Asia continued to hemorrhage money Monday. But on Wall Street, the effects were temporary; a 137-point Dow tumble at the morning bell turned to a moderate gain by afternoon closing. Keep up with the numbers...
...across-the-board bloodbaths this week means investors are getting inside. "Next week, earnings reports season begins in earnest," says FORTUNE writer Nelson Schwartz, "and there have been a lot of warnings of a lot of bad news, especially from the tech stocks." What's spoiling the mood? Asia. For a few days this week, Asia was looking up. South Korea was leveling off. Then came Indonesia. "The panic in Indonesia reminded everyone that the Asia problems aren't going away." In some ways, Indonesia, ripe with rumors of civil unrest and even a military coup, is worse because...