Word: banke
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...whose 10 Chinese manufacturing plants turn out women's undergarments for export to Latin America and Africa. "They don't care about quantity. They just want to know: 'What is the price?'" This year, Melwani noticed that U.S. buyers weren't coming anymore. And something else was different. His bank has stopped pushing loans. "Definitely things have changed from the beginning of this year," he says. "They are not as willing to encourage borrowing...
...Hong Kong companies - particularly those that invested some of their capital in property and stocks - are facing crippling cash shortages. On Oct. 9, U-Right, a clothing retailer with about 100 outlets in Hong Kong and another 500 in China, was forced to liquidate after it could not meet bank demands to repay its debts. Analysts say the company borrowed too much and expanded too fast in the rush to catch China's economic wave. As the global economy slows, that's likely to become a familiar refrain - and as a result, lenders are increasingly scrutinizing their customers' balance sheets...
...More bad news has been streaming across the Goyal's Sony over the past few weeks: India's economic growth rate is expected to slow from 9% to 8% or even less; unfounded rumors that the country's largest private bank, ICICI, had been caught in the subprime mess nearly caused a bank run; Jet Airways, the largest domestic airline, is laying off hundreds. Not the cheeriest atmosphere for a wedding. Goyal is getting married in two months. "I wanted to go to Singapore for our honeymoon, and buy a new car. It's ta-ta to those dreams...
...there's nothing he can do to keep the lights on. The mall's operators had been paying day-to-day expenses with financing obtained through a subsidiary of Lehman Brothers, the now defunct American investment bank. After Lehman's dramatic collapse in mid-September, the mall lost its funding source, couldn't pay operating expenses and was forced to liquidate. Tenants must be out within days. They have been told they will not be getting their deposits back. Kamoshida can't get over the feeling of being utterly blindsided. "I had no idea that Lehman Brothers had anything...
...never thought I'd be agreeing with Republican Senator Richard Shelby from Alabama, but my assessment of the current bank bailout conforms with his response: No! Invest in infrastructure, home weatherization, worker-retraining, green-collar jobs and whatever will move us away from our oil addiction. Rather than doubling down on our already obscene national debt, we should face up to letting the chips fall and reorganizing our lives and economy around a sustainable paradigm. Bruce Garver, Murrieta, Calif...