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...news is that to ameliorate the worst side effects of the carry trade, which if unchecked could make Asian exports too expensive to buy, Asian central banks have intervened in foreign exchange markets and done something they are loath to do: Actually increase the dollars in their foreign reserves. "Asian central banks are accumulating even more dollars," says Credit Suisse's Desbarres. According to Citigroup, China's foreign reserves ($2.13 trillion as of June, including forward currency contracts) have increased 11.9% since the collapse of Lehman Brothers in September, 2008. Hong Kong's foreign reserves have shot up by nearly...
...Very impressive what they have done in the past few years,” Carroll said through text message...
Most useless hero: Emma. Seeing sound as colors is kind of a cool effect, but we wish she could have done something interesting with it this week...
...executive director of the National Institute for Policy Studies, a Manila-based think tank, says much of the blame for poor urban management ought to be leveled at the government. "There's no coordinated policy for cleaning up garbage. There's no political will to get even simple things done," he says. Ramirez spoke to TIME while salvaging appliances and valuables from his own flooded home. (See pictures of the recent floods in Georgia...
...many in the country are pointing fingers at its politicians for failing to predict the scale of the disaster or lessen the damage it caused. Manila, they say, was always bound to face such catastrophe, and more should have been done to help its millions of residents prepare. A recently published study by the Economy and Environment Program for Southeast Asia (EEPSA), a research group based in Singapore, ranked metropolitan Manila as one of the provinces in Southeast Asia most vulnerable to flooding. The capital region is perched on a marshy isthmus that is crisscrossed with streams and rivers...