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Global Financial Crisis
Major advanced economies slide further into recession
Japan's economy shrank at its fastest pace in nearly 35 years in the fourth quarter of 2008, joining other major advanced economies in sliding further into recession.
Global financial woes take heavier toll on export-reliant Asia
The global financial crisis and economic downturn, which escalated in 2008 and plagued nearly every part of the world's economy, showed no particular sign of recovery after the first month of 2009. And Asian economies are even harder hit.
  Impact on China
• China's housing prices expect slight dip in Q4: think tank
• Hong Kong stocks close 0.67 pct lower -- Sept. 18
• Chinese shares dive 3.19%, led by heavy weights
• Hong Kong stocks rally, end at fresh year-high

  China's Action
• China approves border development zone to boost cooperation in NE Asia
• Chinese company signs contract with Electricity of Viet Nam for power plant project
• China's growth generates opportunities for other countries, says European expert
• State firms invest $35 bln overseas in 2008

  American Markets & Society
• Wall Street recovers amid concerns one year after Lehman fall
• U.S. retail sales up 2.7% in August
• U.S. wholesale prices rise 1.7% in August
• China wants talks with U.S. on tire tariff dispute

  U.S. Efforts
• U.S. approves China company's acquisition of Delphi business
• China, U.S. prepare for new landmark talks on Geithner's visit
• Ecuadorian gov't announces strategy to create jobs
• Obama economic adviser confident of U.S. recovery in one year

  Europe/Asia/Oceania/Africa
• ADB supports sub-South Asia region's efforts to develop prime tourism sites
• S Korea's Samsung Life to go public next year
• Interest rate may remain steady by year end: Indonesian central bank
• Nikkei gains in mixed trade, concerns about fundraising

  Speeches/Comments
• ILO conference to tackle global job crisis
• China, a stabilizing factor for world economy, says leading economist
• Overall recovery of automobile market
• Logic of capitalism is evil, suicidal: UN General Assembly president

Editor' note
The worsening US subprime crisis has turned in to the "financial hurricane of the century" that is wreaking havoc on Wall Street.

On September 15, the Lehman Brothers filed for bankruptcy, Merrill Lynch was sold to Bank of America. The US government has agreed to provide a $85 billion emergency loan to rescue the huge insurer American International Group (AIG). The three "bomb blasts" rocked Wall Street to the core, sending shockwaves through the US economy and very likely the presidential election as well.

Now even Wall Street's professional optimists have given up predicting exactly when their industry might stabilize. One senior executive at a top investment bank suggested recently that there was no ending in sight to the crisis.

Backgrounder
• Chronology of financial crisis in EU
• Major financial crises in history
• Bailout of U.S. financial system
• What is investment bank?
• Subprime mortgage crisis
• Fannie Mae, Freddie Mac
• Morgan Stanley
• Backgrounder: Goldman Sachs Group, Inc.
• Backgrounder: Bear Stearns Companies Inc.
• AIG Group

 

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