Word: asianized
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...from 26 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 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 Organization. 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...
...Asian markets got pummeled on Tuesday as investors dumped stocks across the region in the wake of Wall Street's worst decline in seven years. Japan's benchmark Nikkei stock market index closed down nearly 5%, Hong Kong's Hang Seng index fell 5.4%, and Seoul's KOSPI index dropped 6.1%. In Taiwan, where the main index slumped 4.9%, the government encouraged banks and state funds to buy shares to support the market...
...declines come after investment bank Lehman Bros. filed for bankruptcy and Bank of America reached a deal to acquire Merrill Lynch. The biggest worry of Asian investors, however, isn't so much the stability of Asia's own financial system. For the most part, Asian banks and securities firms have not suffered the mortgage and property losses of their U.S. counterparts. Asia's financial institutions have become more conservative in recent years, having learned their lessons from past speculative investments in assets such as office blocks and shopping malls during the Asian financial crisis that began in 1997. Several Japanese...
...Asia's economies have held up quite well, but in recent weeks, economists have been scaling back their growth forecasts. Merrill Lynch last week cut its Asia GDP growth estimate to 7.7% from 7.9% for 2008, citing weak demand in industrialized economies for Asian exports. Though that's far from a recession, Merrill says that Asian growth is falling below the expected trend of about 8%. Asian policy makers have been limited in their efforts to stimulate growth because of rising inflation, which has forced most central banks to hike interest rates...
...response to Wall Street's problems. Andrew Freris, senior investment strategist for Asia at BNP Paribas Private Banking in Hong Kong, says central bankers face "a conundrum." Though he says there is "psychological pressure" to cut interest rates, Freris believes that concerns about inflation and the continued strength at Asian financial institutions will keep them cautious. Policy makers "aren't going to jump because the U.S. is having domestic problems," Freris says...