Word: asian
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Investors and money managers in Asia were relieved yesterday after the 7% plunge in the Dow Jones Industrial Average, which marked the largest one-day points drop in Wall Street history, did not ignite a calamitous selloff on Asian markets. There was some damage after Washington failed to pass a $700 billion bailout plan for the U.S. financial system, the catalyst for Wall Street's plunge. Japan's Nikkei Index fell 4.1% on Sept. 30; after declining in early trading, stocks in China and Hong Kong eked out small gains. "The reaction was not as bad as I had feared...
...Then again, it's hard to feel like you've dodged a bullet when you are already riddled with holes. Asian stocks have absorbed severe losses this year - The MSCI Asia-Pacific Index is down nearly 30% in 2008, while China's Shanghai market is down 60% from it's January high (The Dow is down 20% this year). Asian shares already took a hit after the rescue package failed to pass over the weekend, with shares in Hong Kong and Tokyo plunging by 5.5% and 5% respectively on Sept. 29. "It's pretty terrible already," Kowalcyzk says...
...infants and sickened tens of thousands of others, milk consumption has fallen precipitously. Chinese supermarkets have cleared products from their shelves, but the crisis continues to spread beyond the country's borders. Dairy goods laced with tainted Chinese exports have been found in Taiwan, Singapore and Japan. A dozen Asian and African nations have banned Chinese dairy products. The European Union, which prohibits the import of Chinese milk, banned baby foods containing Chinese dairy products and said it will begin testing products such as toffee, chocolate and biscuits that contain 15% Chinese milk powder...
...regrets, describing his Hong Kong move as "growth" and "going forward." Hopefully the chance to win fresh converts, target new Chinese-speaking markets and play a formative role in an Asian rap scene that yearns for someone of his experience will keep him content for a long time to come. "I might not have been the guy who sold a million records," he says, "but you can't accuse me of not properly representing hip-hop and Asian culture...
...different countries. ShContemporary ranks as Asia's first international art fair, and the fact that it takes place in Shanghai is no coincidence. Shanghai may be in China, but its ambitions have always extended beyond the Middle Kingdom. Note, for instance, that China's regional bloc with the Central Asian nations - the People's Republic's only formal attempt at international alliance-making - is called the Shanghai Cooperation Organisation. Of course it's simply named for the city where it was inaugurated, but the point for proud locals is that the Chinese government chose to host an important international security...