Word: asianized
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...huge scale and complexity of Kerviel's fraud has strong echoes of Nick Leeson, a young rogue British trader in Singapore. Leeson bankrupted the 230-year-old Barings Bank in 1995, after losing $1.38 billion in fictitious trades on Asian futures markets, single-handedly wiping out Barings' cash reserves. Leeson was jailed for more than three years in Singapore, and the scandal became almost synonymous with the power of a lone employee to unravel a large company. At the time, officials at various banks said they were tightening internal security measures in order to avert a similar disaster...
...slowdown outside the U.S. and Europe are few. India and China are posting astonishing growth numbers, while economies of countries from Africa to Latin America that export raw materials, like oil from Nigeria and copper from Chile, have benefited from high commodity prices--themselves a function of the Asian giants' performance. "The economic bleakness in the West I don't think is matched by economic bleakness in the East," says Kamal Nath, India's Minister of Commerce and Industry. There's so much growth momentum outside the U.S., argues C. Fred Bersten, head of the Peterson Institute of International Economics...
...vengeance. "There's no question the slump in the US will have hurt [Asia's] exports," says Shanghai-based economist Andy Xie. Morgan Stanley's Roach believes decoupling is "one of those nice theories you hear at the top of market bubbles." The fact is, Roach argues, "that Asian consumers are too small to make up for the void created by U.S. consumption...
...slowdown outside the U.S. and Europe are few. India and China are posting astonishing growth numbers, while economies of countries from Africa to Latin America that export raw materials, like oil from Nigeria and copper from Chile, have benefited from high commodity prices - themselves a function of the Asian giants' performance. "The economic bleakness in the West I don't think is matched by economic bleakness in the East," says Kamal Nath, India's Minister of Commerce and Industry. There's so much growth momentum outside the U.S., argues C. Fred Bersten, head of the Peterson Institute of International Economics...
Global warming has no shortage of causes - coal-burning power plants, carbon-spewing automobiles - but many European and Asian environmentalists seem to blame one factor above all others: U.S. President George W. Bush. As the world's top carbon emitter and the only major developed country to refuse to ratify the Kyoto Protocol, America is seen as hastening global warming while foiling attempts to slow it down. At December's U.N. climate-change summit in Bali, the frustration toward American intransigence on global warming was palpable. When U.S. negotiators stood in the way of agreement during the summit's final...