Word: asianized
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...critical issue, Tyson said, is this: At what point does a growing structural federal budget deficit undermine international confidence in the U.S. economy? For the moment, Asian central banks are helping fund the deficit by buying dollars. That's keeping their trade with America on track and U.S. interest rates low, and effectively financing the worldwide expansion. But, Tyson asked, "how long can they keep doing this?" The U.S. Federal Reserve gave a partial answer recently when it abandoned a five-month-old commitment to keeping rates low "for a considerable period"--a statement widely interpreted to mean that rates...
...focus of U.S. attention today is China, whose economy continues to grow apace and attracts huge amounts of foreign direct investment--an eye-popping $53.5 billion last year. For months now, American economists and politicians have been fretting publicly over whether China is overheating, whether it is the next Asian meltdown-in-waiting and how long its currency can remain so blatantly undervalued against the dollar...
...find jobs despite the 9.1% growth rate. "Wage pressure is nowhere to be seen," he said, and the foreign investment in the Chinese economy may sound huge but still represents only 10% of total investment. That suggests China is less dependent on foreign investment for its growth than other Asian economies have been and thus is less likely to fall victim to the meltdown that hit them in the 1990s, when investment dried...
...frills carriers have also been helped by the changing attitudes of Asian governments. Instead of defending national-flag carriers, officials are clued in to the possibility that budget airlines can invigorate underused airports and attract much needed tourist dollars. Singapore is building a new terminal as a hub for budget carriers, and other countries have been wooing no-frills airlines by reducing airport fees. In Kota Kinabalu, AirAsia took over a mothballed terminal, which now buzzes with eight flights a day. Fernandes wants to turn the building into a regional hub. "The loyalty to national carriers is getting more...
...airlines more protection by preventing low-cost carriers from hopping from city to city around Asia the way Ryanair does in Europe. With only 2% of airline capacity in the region, the budget carriers have a long way to go to challenge the big boys. Most of all, major Asian airlines have much lower costs than their U.S. and European counterparts, allowing them to compete more easily. In Europe, for example, no-frills airlines have costs that are 60% lower than those of the major airlines. HSBC Securities estimates that in Asia the gap can be held...