Slump on Asian markets continues

Asian markets are having another rough day Friday as the region's major corporations continue to report falling profits.

Izvor: VOA

Friday, 24.10.2008.

13:04

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Asian markets are having another rough day Friday as the region's major corporations continue to report falling profits. Japan's key Nikkei index fell more than nine percent to end the day's trading below the 8,000 mark (7,649) for the first time since 2003. Slump on Asian markets continues The Kospi index in South Korea lost more than 10.5 percent, closing under the 1,000 mark since 2005. The declines were triggered by huge profit losses at Japan's Sony Corporation and South Korea's Samsung Electronics. The markets in Hong Kong, Sydney and Wellington are also suffering massive losses. In currency trading, the dollar has fallen below 95.35 yen in afternoon trading, its lowest level against the yen in 13 years. On Thursday, the former head of the U.S. central bank told a U.S. congressional panel the current financial crisis a "once-in-a-century credit tsunami." Alan Greenspan opposed tighter regulation of financial companies during the 18 years he was chairman of the U.S. Federal Reserve. But he now urges more regulation of financial firms and predicts a rise in layoffs and unemployment. At the same time, the head of the government's USD 700bn financial rescue program told a Senate hearing the administration has made "tremendous" progress in organizing the huge effort. Neel Kashkari also said there have been "signs of improvement" in markets. President Bush has invited leaders of wealthy nations and the heads of major developing economies to a summit focusing on the global financial crisis on November 15.

Slump on Asian markets continues

The Kospi index in South Korea lost more than 10.5 percent, closing under the 1,000 mark since 2005.

The declines were triggered by huge profit losses at Japan's Sony Corporation and South Korea's Samsung Electronics.

The markets in Hong Kong, Sydney and Wellington are also suffering massive losses.

In currency trading, the dollar has fallen below 95.35 yen in afternoon trading, its lowest level against the yen in 13 years.

On Thursday, the former head of the U.S. central bank told a U.S. congressional panel the current financial crisis a "once-in-a-century credit tsunami."

Alan Greenspan opposed tighter regulation of financial companies during the 18 years he was chairman of the U.S. Federal Reserve. But he now urges more regulation of financial firms and predicts a rise in layoffs and unemployment.

At the same time, the head of the government's USD 700bn financial rescue program told a Senate hearing the administration has made "tremendous" progress in organizing the huge effort. Neel Kashkari also said there have been "signs of improvement" in markets.

President Bush has invited leaders of wealthy nations and the heads of major developing economies to a summit focusing on the global financial crisis on November 15.

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