Asian markets resume slide amid mounting US financial woes

Asian markets resume slide amid mounting US financial woes

2012 DAN QUAYLE : That’s strange, if the AP-GFK poll shown 72% Americans are feeling confident to the new black Marxist president-elect Barack Hussein Obama’s economic handling; WHY the stock market is sinking down to the toilet everyday ? Are you feeling like a King trying on his new clothes to parade through the street — titular but nude ? Republicans predict the 2009 Marxist Obama administration, the Dow Jones Industrial Average will between 6,000 points.
Actually we like to tell the Federal Reserve Chairman Ben Bernanke, no need to play like an elevator to play up-and-down to lower the interest-rate again, you lower the interest-rate ONLY will affect the commercial bank’s decreasing capitals from CD account customers and make the banks have no money to loan and less profit earning, more layoffs.
The 2012 DAN QUAYLE and his fellow Republican leaderships are working hard to rebuild the Republican Party’s government-credibility since the TV news media and the pollers have been damaging Republican Party so bad during the 2008 General Election.

This can only add to stresses in Chinese society...
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Jobless return to villages in China
21 Nov 2008, Provincial governments in China are alarmed by the wide-spread job cuts resulting in reverse migration of hundreds of thousands of workers returning to their rural homes. They have begun to order factories to obtain prior permission before cutting jobs.

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Official reports emanating from just one province, Hubei, show that over 300,000 workers have returned to its rural areas over the past two months after losing jobs they held in different cities across the country. Local officials said they expect the figure to double by the year end.

The global economic crisis has resulted in extensive loss of export market and product cutback by Chinese companies in southern China, which employed millions of migrant workers from central and Northern provinces.

The government is worried that the return of jobless migrant workers might cause new social tensions as they might compete with local workers in rural areas for the already scanty job openings, sources said.

[url=http://timesofindia.indiatimes.com/World/Jobless_return_to_villages_in_China/articleshow/3738394.cms:
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Honda to cut production by another 18,000 vehicles
21 Nov 2008, Honda Motor Co said it will cut its North American production by another 18,000 vehicles, citing the industry wide drop in demand for new vehicles.

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Honda spokesman Ed Miller on Thursday said the cuts are on top of others announced earlier this year and bring the automaker’s total production cuts since August to 50,000 units. Miller said 12,000 of the cuts will be made at Honda’s plant in Lincoln, Alabama, which makes the Odyssey minivan and Pilot sport utility vehicle.

The other 6,000 will be made at a plant in East Liberty, Ohio, which makes the Element, CRV and Civic; and Marysville, Ohio, which makes the Accord along with the Acura TL and RDX, Miller said. Honda said it won’t need to make work force changes as a result of the cuts. Production will be slowed at the Lincoln plant, while the plants in Ohio will be shut down for an additional two days around the Christmas holiday, Miller said.

Tough economic conditions and tight credit markets have cut into auto sales across the industry this year, forcing many automakers who produce vehicles in the United States to cut production. With the cuts, Honda said it now expects to produce about 1.41 million vehicles in North America for the fiscal year ending March 31, down from 1.44 million in fiscal 2007.

[url=http://timesofindia.indiatimes.com/Honda_to_cut_production_by_another_18000_vehicles/articleshow/3739580.cms?TOI_latestnews:
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For what its worth, the global economic crisis may be doing what China didn’t do by re-valuing the yuan...
:confused:
Economy warning from China leader
Sunday, 30 November 2008 - China’s President Hu Jintao warns that the global financial crisis could weaken his country’s competitiveness.

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Mr Hu gave his warning at a meeting of the Politburo and his words have been made public by the state media. As growth slows, Mr Hu said that in the coming period China would starkly confront the effects of the international financial crisis. And he warned that the economic situation was a test of the Communist Party’s ability to govern.

“External demand has obviously weakened and China’s traditional competitive advantage is being gradually weakened," Mr Hu said, according to the official People’s Daily newspaper. “Whether the pressures can be turned into a driving force and the challenges turned to opportunities ... is a test of our ability to control a complex situation, and also a test of our party’s governing ability," he added.

Action

Recent figures show that the government has cause to be worried. Growth has slowed to 9% - and predictions say that it may drop to 7% or 8% next year. These are dazzling figures for some economies, but there’s a widespread belief - even a superstition - in China that growth needs to stay above 7% in order for social stability to be maintained.

China has already taken action. This past week the central bank carried out the biggest cut in interest rates in more than a decade. And earlier this month, the government announced a stimulus package of $586bn (£380bn). This is enough, the Communist Party will hope, to get this country through the next year or two.

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http://news.bbc.co.uk/2/low/asia-pacific/7757105.stm[/url]