Word: asian
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...specter of global recession helped spark Monday's plunge in Asian stocks as Hong Kong's main index fell 5%, Japan's 4.3% and Indonesia's 10%. Markets ended mixed on Tuesday: Japan's Nikkei index dropped 3% while Korea's Kospi and Singapore's Straits Times index both rose slightly. But few were heartened by the feeble bounces...
...most part, Asian banks have remained unscathed and economies relatively robust compared with other parts of the world. But tumbling Asian stock markets, marked on Monday by near-panic selling, is signaling just how little confidence there is among bankers and investors that the $700 billion bailout of U.S. banks will end the financial crisis...
...Instead, worries are growing that a severe economic downturn in the U.S. and Europe could hurt export-driven Asian economies more than originally thought. Turmoil in Europe as governments scramble to cobble together their own bailout packages has convinced Asia that the contagion will spread far from Wall Street. "We felt pretty good that our economies are stronger," says Song Seng Wun, an economist at CIMB-GK Research in Singapore. "Problems seemed to be other people's problems." But recent events "have made us realize that we aren't entirely safe. It looks like the problem might be closer...
...With no end to the turmoil in sight, continued stress on Asian markets looks likely to continue. "We do not think the re-emergence of fear on account of the global financial crisis will likely evaporate anytime soon," Merrill Lynch commented in an Oct. 3 report. Once that fear sets in, it is hard to dispel...
...will unite two government bodies that previously administered aid separately - the Foreign Ministry and the Japan Bank for International Cooperation - under the umbrella of the Japan International Cooperation Agency (JICA). The revamped agency's annual budget of more than $10 billion puts it in the same league as the Asian Development Bank and the U.S. Agency for International Development. With the sagging economy, which many - including Prime Minister Taro Aso - say is already in recession, the reorganization doesn't necessarily mean more money, just a more efficent way at dispensing it. JICA expects the change to scale up its activities...