Word: asianized
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...history of detecting worst-case scenarios before they came to pass. Back in 1995, Walker, then an economist at brokerage house CLSA, penned a report entitled It's Life, Jim, but Not as We Know It: Asia Decoupling, in which he and his team of economists warned that Asian currency regimes, if not reformed, could be susceptible to Mexico-style meltdowns in two to three years. Two years later, the region plunged into the 1997 Asian crisis, which was triggered by the rapid decline of currencies such as the Thai baht...
...been growing in the past decade because of excess world growth," Walker says. "Domestic demand is the strong component." He also argues that Asia could take the lead in a global recovery, and might show signs of an upturn by early 2010. The turnaround will be sparked by Asian companies, which generally are in healthy shape. "They are much less leveraged" than in the past, Walker says. "There has been an aversion to taking on debt in Asia since 1998. There is less vulnerability to a downturn in economic activity." As interest rates around the region fall, Asian companies will...
...Still, Walker worries that the pain caused by this global crisis will lead to "a de-globalization move" over the next two years by Asian governments. Countries looking to preserve their own economies could become less eager to promote global trade, he says, and could resort to protectionism as competition for export markets becomes cutthroat. There will be "much more introspection, especially in emerging markets, about joining the party with as much gusto as in the past," Walker says. "There is going to be a lot of questioning about capital market opening. The old model is broken and they...
...about 52% of Yemen's girls marry before the age of 18, often as the second or third wives of far older men. Worldwide, child marriage has been slow to change, according to UNICEF's "State of the World's Children" report released last month. About 49% of South Asian women in their early 20s were married before the age of 18, according to statistics gathered by UNICEF, which links early marriage to high rates of infant death and maternal mortality in very poor countries. "Often families marry off girls very young because they want to protect them, not realizing...
...Lords-for-hire allegations came after journalists, posing as lobbyists representing a fictional Asian firm that was setting up a chain of shops in the U.K., approached 10 Lords for help amending business-rates legislation. Three Conservative peers, a Liberal Democrat, an Ulster Unionist and a Labour peer ignored the request or refused to help. But The Sunday Times says four Labour Lords - Lewis Moonie, Peter Snape, Thomas Taylor and Peter Truscott - agreed to help amend the bill in exchange for retainers. Following those allegations, London's Independent newspaper reported that peers are currently being paid to advise more than...