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...South Korea's government announced it would guarantee external borrowing by Korean banks through June up to a total of $100 billion and to inject a further $30 billion into financial markets. The steps are aimed at alleviating growing difficulties Korean banks have faced getting U.S. dollar financing from skittish international banks. Korea's move followed the lead of other Asian governments. Last week, Hong Kong, Singapore and Malaysia guaranteed all bank deposits, part of a larger effort to rebuild confidence in financial markets. A half dozen Asian central banks, including China's, have cut interest rates in recent weeks...

Author: /time Magazine | Title: Asian Nations Step Up Support as Crisis Rolls On | 10/20/2008 | See Source »

...South Korean banks was cheered by market analysts. Goldman Sachs noted in a report that the package - which totals some 13% of Korea's GDP - will "go a long way toward stabilizing the jittery financial markets in Korea." Fitch Ratings added that "these measures will ensure sufficient U.S. dollar liquidity to the banking system and real economy." Investors responded positively, but cautiously. The benchmark Kospi stock market index rose 2.3% on Monday, while the won gained 1.4% against the dollar...

Author: /time Magazine | Title: Asian Nations Step Up Support as Crisis Rolls On | 10/20/2008 | See Source »

...United Arab Emirates (UAE) were being hit this year by an outrunning stampede of billions of UAE dirhams - so-called hot money that one report valued at $55 billion - led by speculators giving up on hopes that the country would de-peg its currency from the U.S. dollar...

Author: /time Magazine | Title: How Wall Street's Bust Threatens Dubai's Boom | 10/19/2008 | See Source »

...short years ago - let's call them the Little Miss Sunshine years - things were looking up in the world of independent films. New titles debuted at Sundance and walked away with multimillion dollar theatrical deals. But as the number of films flooding the art house circuit spiked, audiences have sagged and theaters themselves have become more scarce. Declining box office receipts have resulted in a subdued festival marketplace, where lucrative acquisitions seem to be a thing of the past. For every art-house blockbuster like Juno (which took in $229 million globally) or big-ticket festival purchase like Hamlet...

Author: /time Magazine | Title: A YouTube Opening for Wayne Wang's New Film | 10/17/2008 | See Source »

...toxic mortgages around the world. It appears that about half the toxic mortgages were exported. Had they not been, the U.S. would be in even worse shape. Moreover, even as our economy went into a slowdown, exports kept the U.S. going. But the weaknesses in America weakened the dollar and made it more difficult for Europe to sell its goods abroad. Weak exports meant a weak economy, and so the U.S. exported our downturn just as earlier we had exported our toxic mortgages...

Author: /time Magazine | Title: Nobel Laureate: How to Get Out of the Financial Crisis | 10/17/2008 | See Source »

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