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...money to buy them? Nomura found that Asia's banks are significantly underleveraged, meaning they have plenty of muscle for acquisitions. China's leverage ratio is 15.8, Hong Kong's is 14.3, India's is 11.6, South Korea's is 16.7. Having gone through rehab after the 1997 Asian financial crisis, the region's financial institutions went into the current Great Recession with robust balance sheets that they can now leverage up by acquiring the assets that Western banks are shedding. China's banks are in a particularly sweet spot. Grown fat on years of sizzling GDP growth, Bank...
What Chinese banks are likely to do is to focus on Asia and other emerging markets, particularly in places where globalizing Chinese businesses are expanding. Industrial and Commercial Bank of China (ICBC) paid $5.6 billion in 2007 for 20% of Standard Bank, South Africa's largest lender, in part to serve Chinese-owned resources companies prospecting for oil, gold, copper and other metals in places like Angola, Congo, Liberia and Zambia. ICBC is now said to be interested in the Royal Bank of Scotland's Asian assets, along with Australia's ANZ Bank and Anglo-Asian lenders HSBC and Standard...
...security apparatuses. India countered China’s growing sequence of bases in Central Asia and the Pacific Rim by accelerating its own production of a blue-water navy and enhancing security ties with the U.S., France, Russia, and Japan. A mutual fear of China also prompted former adversaries South Korea and Japan to start a symbiotic relationship on defense issues...
...authoritarianism and the injustice of senescent power gets an A for the lessons of Harvard College. In the history of Harvard, many students and professors will mistake the socialist student activism of the 1930s, the African-American and anti-ROTC activism of the ‘70s, the South African divestment activism of the ‘80s, and the workers’ rights activism of the ‘90s for rebellions against the university. In fact, they are the new fruits of knowledge fertilized by the old fallen leaves; they are the seeds of the persistent refinement...
...Cong chalked up by the forces under their command. The intense focus on only one of what the military calls "measures of effectiveness" distorted the American public's perception of how well the war was going, as enemy body counts towered over those incurred by the U.S. and its South Vietnamese ally. (Watch TIME's video "The Challenge on the Ground in Afghanistan...