Word: regionalization
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...years ago, Asian bankers got a good finger-wagging from their American and European counterparts as the region's financial sectors melted down in a major crisis. Today, Asia has the right to do some finger-wagging...
...Asia's financial systems "are not expected to face a crisis situation," according to a Standard & Poor's report released this month. The primary reason is that the region's banks had little need to dabble in high-risk U.S. mortgage investments. With economies roaring at home, they found ample opportunities for profit. "They had a lot better things to do with their money," says Deborah Schuler, group credit officer at Moody's in Singapore. "There is real growth in Asia and they were financing...
...region might be safe for now, what the future holds is unclear. Asia's economies, though far from recession, are decelerating as a result of the overall global slowdown. That could lead to problems at home, including rising nonperforming loans. "Asian banking systems might have dodged the turmoil from the U.S. subprime crisis but they are not immune to economic slowdowns," Standard & Poor's concluded. In these turbulent times, avoiding one bullet doesn't necessarily save you from others...
...former commander of the Rwandan Patriotic Front, a guerilla army that helped end the 1994 genocide in the country, spoke of “the tremendous and positive impact” that technology has had on Africa, allowing the region to “sidestep” some of the development challenges caused by a lack of infrastructure...
...were driven to some extent by bargain hunting. After tumbling about 45% from highs reached late last year, Asian stocks now trade at roughly 10 times 2008 earnings - which means they're relatively cheap. Although Asia's economic growth is expected to slow over the next 12 months, the region's financial systems and economies are still fundamentally sound, analysts say. Banks in Asia haven't experienced the dangerous losses on property and mortgages that are devastating their U.S. counterparts. To some, like Hugh Young, managing director at Aberdeen Asset Management Asia in Singapore, the sell-off is providing...