Archive for the ‘market’ Category

China, India wary of taint of global economic crisis

November 1, 2008

Two powerhouse emerging market countries felt the sting of the global financial crisis on Saturday as India unexpectedly cut its main short-term lending rate again and China said it was now feeling a slowdown.

The developments followed signs elsewhere this week that world markets were stabilizing, with interbank rates falling and U.S. stocks posting their best week in 34 years.

“The impact of the crisis on China has just started to appear as China has already seen a sharp slowdown in industrial profit growth and fiscal income,” a senior Bank of China (BOC) executive said in Shanghai on Saturday.

Shoppers walk through Bern's Westside shopping centre, which ... 
Shoppers walk through Bern’s Westside shopping centre, which was designed by architect Daniel Libeskind, on the opening day, in Bern October 8, 2008.(Stefan Wermuth/Reuters)

The global economy will likely enter recession next year with the United States, Europe and Japan posting negative growth, Executive Vice President Zhu Min told a financial conference.

“That will have a huge impact on China,” he said.

Zhu also said currency volatility was expected to add further pressure on China’s banks, which have enjoyed robust profits for years as the country boomed. Earnings growth is now slowing as the economy cools from the impact of the crisis.

“The uncertainties in the world’s currency markets have exposed the Chinese banking sector to higher foreign asset risk,” Zhu said.

A central bank spokesman said Beijing was no longer imposing strict limits on bank lending as it sought to preserve growth in its economy, in which the overseas market is important.

Read the rest:
http://news.yahoo.com/s/nm/20081101/ts_nm/us_financial6_115

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Thai Brewery’s Stock Listing Seen as Affront to Buddhism

October 30, 2008

 

By Tim Johnston
Washington Post Foreign Service
Thursday, October 30, 2008; Page A19

BANGKOK, Oct. 29 — Thai Beverages, the brewer of Thailand’s best-selling Chang Beer, has found itself straddling the uncomfortable point where markets and morals collide.

ThaiBev is trying to get a listing on the Stock Exchange of Thailand (SET) — its second attempt in three years — but as happened the first time around, it is running into heavy opposition from campaigners who argue that such a listing would encourage alcohol consumption.

Opponents of the listing handed a letter of protest to the Finance Ministry on Wednesday, and about 100 demonstrators held a rally outside the stock exchange Monday, some of them carrying signs of opposition.

Demonstrators say that if the company is listed, it would be in the interest of shareholders to encourage alcohol consumption, something that goes against the Buddhist principles of many Thai people.

But the volume of protest against the listing is substantially quieter than in 2005, when ThaiBev last attempted to get into the exchange. Mass protests forced it to withdraw its application, although subsequently it listed on the Singapore Stock Exchange.

Read the rest:
http://www.washingtonpost.com/wp-dyn/content/article/
2008/10/29/AR2008102904408.html