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Friday, September 19 2008

 

Asia vulnerable to US crisis

Days of less government over – expert

Asia could be hit hard by the US financial crisis despite limited direct exposure to instruments linked to sub-prime mortgages, experts at a Philippine conference warned Thursday.

The region’s potential vulnerability is linked to its key role in the global current account imbalances, said Charles Adams, a visiting professor of the National University of Singapore and a former International Monetary Fund (IMF) official.

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O T H E R   R E P O R T S

 

The Philippine off-shoring and outsourcing sector stands to benefit from the US economic slump, as tough times push American firms to look for ways to cut operating expenses, local executives said Thursday.

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US Ambassador to the Philippines Kristie Kenney said the stable local economy has enabled the country to stand its ground against the economic slump in the United States.

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Fighting in southern Philippines has claimed more than 200 lives from the government, rebel and civilian sides since August, according to the Department of National Defense.

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LAS VEGAS, Nevada: Democrat Barack Obama ridiculed his White House rival John McCain as a lifelong member of the “old boys’ network” that the Republican said had driven the US economy into crisis.

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WASHINGTON: A former supporter and generous donor to Hillary Clinton announced Wed­nesday (Thursday in Manila) she had endorsed Republican John McCain for president, saying she did so because the Democratic nominee Barack Obama was an elitist.  

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Senators belonging to the minority bloc face arrest, if their boycott of the session continues on Monday, lawmakers said Thursday.

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Local petroleum companies have again reduced prices of gasoline, diesel and kerosene, this time by P0.50 to P1 per liter following a softening of world oil prices.

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Severino O. Frayna Jr., Benjie Dela Rosa
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