Word: banke
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...Beginning in mid-October, Lee sprang into action. The government earmarked $100 billion to guarantee new foreign debt for banks through mid-2009 in a bid to maintain the economy's access to foreign-currency borrowing. Shortly afterward, the Bank of Korea finalized a currency-swap agreement with the Federal Reserve to ensure a supply of dollars for the economy, which gave a big boost to confidence. In early November, the Finance Ministry announced an $11 billion stimulus package that included tax breaks and new infrastructure spending. The moves have recently brought some stability to stock and currency markets...
...fickle, of course, and soon they returned to their downward drift. But the impact of the stimulus will last far longer because it marks the shift of China's economy away from manufacturing and exports to other means of growth. Says Ben Simpfendorfer, a China economist with the Royal Bank of Scotland in Hong Kong: "In a decade we'll be looking back at this moment and saying, 'This was it, this was when things really changed.'" The number doesn...
...with the government as overseas workers. Thousands of workers leave the country every day, and half of the new hires are women, flying off to earn salaries that are propping up the country. Last year alone, overseas workers sent home $17 billion in cash remittances, according to the World Bank. "Without the remittances, our economy will instantly collapse," says Dr. Honey Carandang, a clinical psychologist and professor at the University of the Philippines. "The whole country knows...
...father moved to Italy to work. When she was 18, her four siblings did, too. The family supported her while she stayed in Manila to go to university, but she says the feeling of being deserted has never left her. Now 27, with a good local job as a bank teller, Diaz has to decide whether to join her entire family in Italy, where she'd make more money even as a domestic worker, or stay in Little Italy and raise Magnus alone. "I know my parents worked so hard for me to finish school so I could...
...rang Slater a few days later from London, where he was head of foreign exchange for investment bank Merrill Lynch. It would be a few years before Key could extricate himself from the world of finance, and he entered Parliament in 2002; he became the party's leader four years later. And on Nov. 8, the political career launched by that call culminated in a resounding election victory for Key and National, ending nine years of Labour rule under Helen Clark. On the night, hundreds of supporters gathered outside Key's mansion in the affluent Auckland suburb of Parnell. "That...