Word: asia
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Dates: during 2000-2009
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...from around the world. Some wealth management may migrate to Singapore or Dubai, rapidly emerging regional centers, and some of the back-office jobs that are cut may never come back. "As in any business there will be more pressure to take more support roles out of London, to Asia or just to cheaper places in Britain," says Owen Jelf, who heads the U.K. capital markets practice at consultancy Accenture. But nowhere other than New York boasts the combination of specially tailored office space and clustered expertise to challenge London's status. "I don't see how what is happening...
...decision to cut interest rates could cheer Asian investors concerned that a deep economic slump in the West will derail Asia's export-driven economies. The quandary facing Asia's policymakers is that credit is tightening and stocks are plunging due to circumstances mostly beyond their control. "Central banks in Asia don't have the ability to fix the problem," said Kirby Daley, senior strategist at financial services firm Newedge Group in Hong Kong...
...question now is whether or not the Fed's rate cut is enough to reverse the markets' downward spiral. Many analysts in Asia say it is not. "I don't think that the coordinated rate cut will work," said JPMorgan's Kanno. "The only thing it could do is to buy time. Monetary policy doesn't work anymore, once confidence is lost." Kanno and other observers in Japan - recalling their own painful financial crisis in the 1990s - believe the solution needs to be far more dramatic. They advocate that the U.S. government directly invest taxpayer money into private financial firms...
...scheduled for Friday in Washington. On Tuesday, Japan's Prime Minister, Taro Aso, urged industrialized countries to take further measures to shore up credit markets. "The impact would be substantial if the G-7 didn't send a clear message," he said. Meanwhile, as the crisis continues to deepen, Asia's frustration continues to mount. "Masters of the Universe have bitten the dust, the same dust that is now in the mouths of the rest of us," Nirupam Sen, India's permanent representative to the U.N., said on Monday. The dust doesn't look likely to settle anytime soon...
...Bashat, the director of the Opera Gallery Hong Kong, "Many buyers see art as a safer investment in the mid to long term compared to other investments in the market." Buyers may be turning away from contemporary Chinese art today, but at least they are keeping an eye on Asia...