Word: creditably
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...credit crisis is hurting even small Hong Kong businesses, according to Danny Lau, chairman of the Hong Kong Small and Medium Enterprise Association. "Bankers are tightening loans," Lau says. "That will affect most small businesses. Some of them have loans from banks in order to run their operations. Now they will have to tighten up, or they will have to contract in the future." Last week, 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. By Sunday...
...amplified - and that there will be plenty of news to digest the rest of the week. On Tuesday, bond markets in the U.S. will reopen after having been closed for Columbus Day, and investors will get their first real look since the weekend at how much, if at all, credit has thawed. The rest of the week will bring a slew of economic reports - retail sales, consumer prices, housing starts - and corporate earnings, including those from financial firms such as JPMorgan Chase, Wells Fargo, Citigroup, Merrill Lynch and BlackRock. Will those reports send stocks soaring or back into the trenches...
...says his company, which makes coats for export, is in solid financial shape and will likely fare better than low-cost competitors. But securing credit remains a major problem for Hong Kong's small business community. "Right now we're facing trouble," he says. "The banks are advising us that they may have to tighten our credit. They're giving letters to warn us they may cut our credit in the future...
Meanwhile, the outlook for the entire industry remains grim. Show rooms across the country are empty. Furthermore, in spite of Monday's huge upturn on Wall Street, GMAC, the finance company owned jointly by GM and Cerberus, did not loosen its strictures on credit, announcing it would not underwrite loans for any customer who did not have a credit score of at least 700, effectively shutting out the majority of buyers. Said GMAC spokeswoman Sue Mallino: "The company currently expects these actions to remain in place until the credit markets stabilize and accessibility improves...
...Jeff Immelt, CEO of General Electric and another award winner, said that two immediate problems facing political leaders were stopping the precipitious decline in housing prices and freeing up credit markets by getting banks lending again...