Word: aug
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Dates: during 2000-2009
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...first hours as Japan's new ruling party, the Democratic Party of Japan (DPJ) and its leader Yukio Hatoyama wasted no time preparing for a transition of government. In the historic Aug. 30 general election, the Japanese people - about 70% of eligible voters cast ballots - ended a half-century of nearly unbroken rule by the Liberal Democratic Party (LDP). Hatoyama's party took 308 of the 480 seats in the House of Representatives, 12 seats shy of a two-thirds majority that would have allowed the party to single-handedly pass bills rejected by the upper house...
...should hardly be a surprise that the iPhone is coming to China. Apple Inc.'s iconic mobile device is manufactured here, and an estimated 2 million have already been sold on the gray market on the mainland. But a deal announced on Aug. 28 by China Unicom, the country's second largest mobile service provider, will make the phone available to hundreds of millions of mainland consumers, opening a huge new market to Apple. China now has nearly 700 million mobile phones in use, almost as many as the next two largest mobile-phone nations - India and the U.S. - combined...
Talk about déjà vu. On July 29, the Shanghai Composite Index fell 5%, setting off panic selling in Hong Kong and dinging even the Dow. But Chinese stocks rebounded 2.7% the next trading day, the steepest rise in two months. Fast forward to Aug. 31. The Shanghai index dropped 6.7% that day, causing panic around Asia and even in distant markets like...
...where the similarity ends. The index is not likely to return to its previous lofty perch anytime soon. Following a miserable performance in August - Chinese stocks fell nearly 22% last month - Shanghai's 81% Great Leap Forward from January to July has now been pared to 42% as of Aug. 31. That's still a hefty advance, but it's looking like the long march backward will continue for some time. (See pictures of China's infrastructure boom...
...Hong Kong's Hang Seng China Enterprises Index is probably a more realistic reflection of expectations about the direction of China's economy. It advanced only 45.8% from January to July this year. The sell-off in Shanghai trimmed that gain to 35.6% as of Aug. 31 - a strong gain, but hardly the stuff of bubbles...