Word: banking
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...Managers' Index, resulting in reduced hiring by the sector. Meanwhile, a 50% drop in China's stock markets from their peak last October is creating a reverse wealth effect, some economists believe, leading both consumers and companies to be more cautious about their outlays. Tao Wang, an economist with Bank of America in Beijing, says China's GDP growth will slow to 10% this year, down from 11.4% in 2007, and could drop...
...universities are being blitzed with new students. In fields such as engineering and economics, there simply aren't enough high-caliber teachers to go around. "China lacks the educational infrastructure to keep pace with the frantic demand for education," says Tang Min, chief China economist at the Asian Development Bank. A human-resources executive who helped produce a report on the subject for the American Chamber of Commerce in China puts it more bluntly: "the vast majority of [Chinese] kids go to second- or third-rate schools - diploma mills - and are just unprepared to enter a very competitive job market...
...banks, depositors crowded counters to withdraw cash. Bigger depositors demanded meetings with senior managers to gain reassurances about their savings. On Sunday, the central bank had stopped credit lines for customers and told them not to use Internet services to avoid hackers, some of whom had gained access to government sites over the weekend. Managers were coached to explain to customers that their money was safe. It had little effect. A senior Georgian banking official told me that the equivalent of $100 million, or 3% of the country's total deposit base, was withdrawn from the National Bank of Georgia...
...felt that we couldn't afford that people lose confidence in the banks," says acting Central Bank president David Amaglobeli, 32, an unflappable Oregon State University graduate, whom I meet in the central bank office, a grand old building with high ceilings and frescoes and gilt-edged windows dating from the Russian Empire. Amaglobeli's family became refugees during the Abkhazia conflict in 1992. He says the current crisis is stirring bad memories. "I remember the smell of gunfire, the smell of war in the air. It was very painful to see the loss of territory, people falling into poverty...
...Grappling with rising inflation at a time of weakening expansion is a challenge for the European Central Bank, too. Figures released on August 6, for instance, showed a shocking 2.9% fall in German manufacturing orders in June. The country, fuelled by a booming market for its exports, has lately helped drive growth in the 15 nations that use the euro. Rendered more costly by the recent strength of the currency, those exports are under pressure. The result: though inflation within the euro area stands at 4.1% - more than double the ECB's goal of 2% - the region's central bank...