Word: hsbc
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Dates: during 2000-2009
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...made something of a recovery as analysts took a second look at what Dubai's proposed repayment halt means. Eighty billion dollars - Dubai's total liabilities - may sound like a lot of money but in the context of the past year, it's not huge. And while banks like HSBC and Barclays have billions in exposure to Dubai, they are also better capitalized than they were a year ago, and thus more able to withstand hits of this size. (See the top 10 bankruptcies...
...logic for closer Asian economic integration is becoming more compelling as intraregional trade becomes more important when compared with Asia's trade with the West. According to HSBC, the share of Asia's exports to the U.S. and Europe declined to 30% of the regional total in 2008, down from nearly 40% in 1998. Over the same period, intraregional exports as a share of total exports in emerging Asia rose to 54% from 46%. "Intra-Asian trade flows are the fastest growing in the world," says Lawrence Webb, global head of trade and supply chain at HSBC. This trend...
...free-trade zone would aid economic growth by cutting import duties and eliminating the murky morass of trade barriers that impedes commerce. A model to emulate would be the establishment of the E.U., which made it far easier for companies to import and export their goods within Europe, says HSBC's Webb. Establishing a common Asian currency similar to the euro would allow companies to ship goods or arrange credit with less exposure to currency risk. "A barrier to trade over the last year in Asia has been fluctuating currencies," Webb says. "For a small- to medium-sized business...
...loose monetary policy in Asia could fuel dangerous and unstable asset price bubbles, especially in property. There has been some speculation in financial markets that South Korea's central bank could raise interest rates in the coming months to cool a roaring housing market. Frederic Neumann, an economist at HSBC in Hong Kong, says Asian central bankers might need to hike rates by four percentage points over the next year - much more than is expected from the Fed - in order to quash inflation and asset bubbles. "This is the real test for Asia: the region's central banks have...
...Others are not so sanguine. HSBC's China economist, Qu Hongbin, worries that his country is full of manufacturers trying to hang on while waiting for overseas demand to recover. "There still is hope that we'll go back to the old days," Qu says. But "demand in the future will be lower than in the past," he says. "That means the factory owners have to face reality" - the reality of them no longer cranking out ever more widgets in a widget-weary world...