Word: asianization
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...includes extremes of both poverty and prosperity. Aurora is vast - nearly 154 sq. mi. (400 sq km) - and dense, with a high concentration of multifamily housing units, apartment buildings, townhouses and condominiums. Those homes contain a patchwork of races, ethnicities and tribes: Aurora is 23% Hispanic; 13% black; 15% Asian, Native American and other. Nearly 100 languages are spoken by students in the Aurora public schools. It is, in short, an excellent place for a young man with a laptop and a recipe for bombs to hide in plain sight...
...news is that to ameliorate the worst side effects of the carry trade, which if unchecked could make Asian exports too expensive to buy, Asian central banks have intervened in foreign exchange markets and done something they are loath to do: Actually increase the dollars in their foreign reserves. "Asian central banks are accumulating even more dollars," says Credit Suisse's Desbarres. According to Citigroup, China's foreign reserves ($2.13 trillion as of June, including forward currency contracts) have increased 11.9% since the collapse of Lehman Brothers in September, 2008. Hong Kong's foreign reserves have shot up by nearly...
...also be hazardous if taken in immoderate amounts. For instance, Citigroup's Chua says one of the reasons Asia's stock and property markets have been rallying over the last six months is because of the overabundance of short-term liquidity. "A lot of dollars are seeping into Asian economies," she says. "That's pumping up asset bubbles." When those bubbles burst, as they frequently do, there will no doubt be unpleasant messes to clean...
...Hongkong and Shanghai Banking Corporation, HSBC backed some of city's most important businessmen, including tycoon Li Ka-shing, and remains Hong Kong's No. 1 bank. But for much of the past 20 years, HSBC has expended a lot of its energy striving to be more than an Asian institution. With major acquisitions in the U.K., the U.S. and elsewhere, HSBC grew into one of the world's largest banks, with a truly international footprint. Since 1993, the Hong Kong stalwart has had its global headquarters in London...
...indeed thinking of long-term solutions to its infrastructure woes. Plans have been afoot to improve sanitation and also relieve the population burden in metro Manila by shifting certain businesses and government offices to areas outside the dense capital region. But the challenge facing the Philippines and other poor Asian countries is one of resources. Most Southeast Asia nations budget around 2% or 3% of their GDP for infrastructure development. To fend off such disasters in the future, Jain says that figure ought to be closer to 5% or 6%. It's a deficit that few governments can afford...