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- Welcome to the Olympics
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Resenting criticism of its handling of unrest in Tibet, China wages a gruesome propaganda offensive IT HAS become a public-relations quagmire and China is struggling to escape. Senior Western diplomats have been summoned to the Chinese foreign ministry to watch gory videos of atrocities allegedly committed by Tibetan rioters. Select foreign journalists have been invited to Tibet to see the damage. Officials are suddenly less certain that this summer’s Olympic games in Beijing will be the diplomatic triumph they had craved. …
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27 March, 2008| massmedia |
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- Still wobbling
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The credit drought continues to cast a pall over marketsTHE rescue of Bear Stearns has been greeted in some quarters as the salvation of the financial markets. The Federal Reserve’s commitment to lend money to investment banks has revived sentiment towards them; American financial stocks rose by 11% in the week ending March 21st, according to Dresdner Kleinwort. There has been a strong rally in investment-grade bonds. Volatility has fallen in both share and currency markets….
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27 March, 2008| massmedia |
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- No picnic
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JPMorgan Chase quintuples its bid for its battered rival. Now for the hard partTHE dramatic $2-a-share rescue of Bear Stearns was, almost everyone agreed at the time, the best way out of an awful situation. Bear was going for a song, but that was better than bankruptcy, which might have caused global markets to collapse. The only aggrieved parties were Bear’s shareholders and employees?but they had got it into the mess in the first place….
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27 March, 2008| massmedia |
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- Who regulates the regulators?
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Heavy-handed bank supervision may do no better SINCE the world’s banks sailed into the sea of troubles that swamped Northern Rock last summer, regulators have intensified their scrutiny of those still afloat, looking carefully for holes below the waterline. But some wonder whether the guardians of the world’s financial system are themselves shipshape. Refreshingly, on March 26th Britain’s main banking regulator, the Financial Services Authority (FSA), released a surprisingly frank report on its own manifold shortcomings in supervising Northern Rock….
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27 March, 2008| massmedia |
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- The regulators are coming
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Now that investment banking is backed by the state, it needs re-regulating. CarefullyTHE task of making financiers pay for their mistakes would tax St Peter himself. Last week this newspaper applauded the Federal Reserve’s decision to put $30 billion of public money behind JPMorgan Chase’s rescue of stricken Bear Stearns (see article): not only did it stop a systemic collapse, it heaped most of the pain on Bear’s investors, who received a mere $2 a share. But on March 24th, after howls from those investors, JPMorgan increased its offer to $10 a share?an extra $1 billion or so. Taxpayers have every reason to feel aggrieved. Without help from the Fed, Bear’s shareholders might well have received nothing at all, and yet the state is stuck at the back of the queue?guaranteeing a $29 billion slug of Bear’s worst assets (see article)….
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27 March, 2008| massmedia |
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- History lesson
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How to deal with banking crisesCorrection to this articleTHE decline and fall of Bear Stearns illustrates both an old truth and a new one. The old truth is that when cash is scarce, he who has deep pockets is king. Bear Stearns is still standing only because JPMorgan Chase was solid enough to prop it up. The new truth lies in the Federal Reserve’s role as matchmaker of last resort, smoothing the deal with a temporary loan of $30 billion. This shows just how far a financial supervisor’s purview now extends. Even though Bear is not a fully regulated institution, the investment bank was deemed too central to the complex web of America’s financial system to be allowed to fail. ……
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19 March, 2008| massmedia |
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- Earnings up, prices down
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Risk aversion hits Chinese stocksNINE DRAGONS PAPER lies at the heart of China’s booming industrial relations with the rest of the world: it packages exports. The strength of the business was abundantly clear on March 17th, when it announced record first-half earnings. Immediately afterwards, however, its share price tumbled by 40%. That reflects a pattern during the latest earnings season, says Alvin Chong of Sun Hung Kai Financial, a Hong Kong brokerage firm. Good results: awful stockmarket performance….
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19 March, 2008| massmedia |
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- Trashing the Beijing Road
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Our Beijing correspondent happened to be in Lhasa as the riots broke out. Here is what he sawETHNIC-Chinese shopkeepers in Lhasa’s old Tibetan quarter knew better than the security forces that the city had become a tinder-box. As word spread rapidly through the narrow alleyways on March 14th that a crowd was throwing stones at Chinese businesses, they shuttered up their shops and fled. The authorities, caught by surprise, held back as the city was engulfed by its biggest anti-Chinese protests in decades. …
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19 March, 2008| massmedia |
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