From the category archives:
Even Thailand is feeling the pinch from the U.S.credit crisis.
“The drastic slowdown resulting from the financial crisis in the United States and Europe has deeply affectedbusinesses in Thailand in terms of investment, production costs, consumer purchasing power and trade.”
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If you really want to understand how China views theU.S. credit crisis and our real estate bubble, read this Asian Timesarticle. Here is a quick except.
“China’s economic problem is the inverse of America’s:China has achieved fast rates of growth at the expenseof huge disparities between the prosperous coast and the backward interior, as well as [...]
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Even the casinos in mighty Macau are raking in less money these days. How much less? Less enough that Las Vegas Sands is haltingconstruction on its new projects.
“Given the current conditions in the global credit environment, we have elected tosignificantly slow the pace of our development activities” in Macao, said Las Vegas Sands COOWilliam Weidner.
Edmund [...]
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Singapore debt collector DP Information Group reported that its credit card collection cases have more than doubled since March.
And the company expects conditions to get worse.
‘We have already detected a downturn in consumer repayment behaviour as a result of the credit crisis. We foresee a greater and more visible impact on defaults and rollover amounts [...]
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Argentina is nationalizing its $30 billion private pension fundto protect it from the global credit crisis.
What it is really doing is grabbing future pension contributions and putting it into the general budget.
Bad, bad, bad move. How would you like it if the government took control of your 401(k)?
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Asians are angry at the U.S. because our credit crisis is affecting their financiallives. Here is a quote from a Chinese laborer.
“This financial crisis in America is going to kill us. It’s already taking food out of our mouths.”
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Dominique Strauss-Kahn, the head of the International Monetary Fund, is still verypositive on China.
“It would be very surprising if a power like Chinawould just be looking at the crisis from a balcony without being very concerned. Nonetheless, (China’s) rate of growth will remain very high.”
I agree. China will lose a point or two ofannualized GDP [...]
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The Monetary Authority of Singapore lowered interest rates for the first time since 2003, joining the other central banks in a coordinated attempt toprevent the credit crisis from deepening.
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Depositors at the Bank of East Asia lined up for hours to withdraw their money. Iwouldn’t characterize it as a ‘run’ but it is pretty darn close.
S&P and Moody’s both lowered their credit rating for Bank of East Asia from ’stable’ to ‘negative’when it restated its earnings for the first half of this year.
The root [...]
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The credit crunch has stalled U.S. companies from doing much buying of overseascompanies, but India has no such problem.
In the first six months of 2008, Indian companies have made 50 acquisitionsof foreign companies from developed countries. Since 2003, India has gobbled up 322 foreign companies, includingJaguar/Land Rover.
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