Word: asianized
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...Worst hit Monday was Tokyo's Nikkei index, whose 6.4% slide to 7,162.9 points marked its lowest level since 1982. Hong Kong's Hang Seng was down 12.7%, its biggest single-session drop in 17 years. Other Asian indices suffered more modest declines, but all were down besides South Korea's Kospi, which was up a modest 0.8% due mostly to an interest rate...
Officials from 43 Asian and European nations gathered in Beijing Friday to discuss how to combat the global financial crisis. But even as the talks got underway, the markets were having their say, and it wasn't pretty. From Tokyo to Mumbai, markets plummeted again, a trend that was repeated when European markets opened a few hours later...
...pushing below $1.27 against the European currency Friday - a dramatic rebound from its record low of $1.60 in April. As investors sell out of stocks in other parts of the world they are rushing back into dollar assets, a traditional safe haven. That would ordinarily be good news for Asian and European exporters, whose products have suddenly become more competitive. But with American consumers cutting back spending, there may not be anyone to sell...
...This self-confidence of modern China, and other Asian societies, too, has had profound implications. At the most basic level, it has encouraged a wide-eyed admiration. In 2004, the World Bank held a global conference on poverty reduction in Shanghai, and I remember press reports describing the scene each evening. African delegates would gather on the Bund and look over the brown waters of the Whampoa to Pudong, gazing in wonder on an unearthly tableau of neon and skyscrapers built on marshes and paddyfields in not much more than 10 years...
...began opening its economy in 2005 under pressure from U.S. sanctions; foreign investment has changed the face of the country. Once the streets of Damascus were filled with 1950s-era American auto-mobiles, kept running by trade barriers and twine; now there's a daily traffic jam of new Asian sedans and German sports cars. Superseding the capital's dictator-chic hotels from the 1970s--massive concrete towers with prostitutes in the bars and spies in the lobbies--modern boutique inns are sprouting in renovated courtyard palaces of the Old City. Among Syria's élite, the Baathist-apparatchik look...