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...Efforts to counter the crisis focused on Eastern Europe as well. The International Monetary Fund announced that it has struck a tentative accord to lend $16.5 billion to cash-strapped Ukraine, and said a major impediment to providing emergency funding to Hungary had also been removed. In Asia, meanwhile, the central banks of Australia and Hong Kong safeguarded the liquidity of markets with new injections of funds, while South Korea cut its key interest rate by three-quarters of a point in the hopes of countering slowing economic growth...
...Equity market declines are having a negative impact on the capital adequacy ratio of major banks," says Shinichi Ina, bank analyst at Credit Suisse Japan. "It will get worse in the short term because the other sectors are in severe situations, making it difficult for banks as lending amounts shrink and credit costs increase." But the new offerings have their risk. Large public shareholdings made banks vulnerable to market fluctuations during Japan's lost decade - after the real-estate and banking bubble burst in the 1990s - and the government intervened to buy shares to prevent further bank losses...
...affect on banks' financial earnings by "obscuring the realities." He warns that changing the current standard might "provide more room to manipulate earnings sometime in the future" and could "allow bankers to hide big unrealized losses on their bond portfolios." But Tokyo apparently wants to put out its major conflagration now and worry about the potential brushfires later...
...revolved around temporary shocks to the economy such as high oil prices, backed-up inventories, lofty interest rates and other problems responsive to sharp correctives - after which unemployment rates eased in step with other recovery indicators. More recent recoveries from economic downturns, however, have tended to go forward without major gains in employment, a reflection of the fact that the underlying economic problems of modern recessions have been more complex and therefore more difficult to solve. Levy thinks the same dynamics are in play now as the economy struggles to regain its footing after being sunk by complicated issues such...
...thousands facing joblessness, lingering economic problems mean deepening financial difficulties. In September, the last month data were available, the economy nationwide shed 159,000 jobs; thousands of additional layoffs have been announced by major employers around the country since then. Tracey says many of her clients seeking employment are already getting desperate. One lost a home recently and is living with relatives. Some clients are scrambling to accept even temp positions that pay far less than the jobs they held before the layoffs. Others reveal a growing sense of fear simply in their voices when talking on the phone with...