Word: honge
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...rate three quarters of a percentage point, and signaled that another half point cut could come as soon as next week - arrested, at least temporarily, the rout in equity markets around the world, which had hit Asia's bourses particularly hard. In the trading day before the rate cut, Hong Kong's Hang Seng had declined 8%, Tokyo's Nikkei 5.7% and Mumbai's Sensex 12 percent...
...what you will about today's global economy, it ain't dull. In a cascade of worry on a single trading day, Jan. 21, Hong Kong's Hang Seng index plunged 8.6%, Tokyo's Nikkei 5.7% and Mumbai's Sensex 12.9%. It was a worldwide mini-meltdown, and the Federal Reserve Board wasn't about to let that go unanswered. Before the U.S. markets had even opened, Fed Chairman Ben Bernanke - not a man known for dramatic gestures - slashed a key interest rate three-quarters of a percentage point. The surprise move arrested the rout, and the markets have since...
...Bernanke concluded a big dose was needed, fast, to stem a virtual free fall in global stock markets. On Jan. 21 and 22, investors around the world went on a panicked selling spree that resulted in heavy losses. London's FTSE 100 index fell 5.5% on Jan. 21, while Hong Kong's Hang Seng Index fell more than 13% in two trading sessions; Mumbai's Sensex dropped more than 12% over two days...
...move reassured some markets. Hong Kong stocks rebounded by more than 10%. But relief may be temporary, because emerging-markets investors are finally absorbing a grim truth: the U.S. appears to be in real economic trouble. Most economists now believe the country is on the brink of its first recession since 2001, and that it could be a doozy. Forget all the talk about the "decoupling" of emerging economies, the theory that countries like China and India are no longer dependent upon U.S. trade and can continue to power strong global growth even as the U.S. staggers. "There...
...banking sector to overseas investment in order to tap the expertise of foreign financiers, in recent years the CAAC has been allowing foreign airlines to take small stakes in domestic carriers, hoping that outside partners could improve airline management. Air China, for example, has a cross-shareholding agreement with Hong Kong-based Cathay Pacific, and in 2005 American financier George Soros invested $25 million in Hainan Airlines, the country's fourth largest airline by revenue. But by freezing out Singapore Airlines, CAAC officials signaled that they have decided to close ranks around their domestic carriers - potentially shutting off the fast...