Lehman Brothers files for bankruptcy and Merrill Lynch gets taken over.
Morgan Stanley and Wachovia Corp. are in merger talks.
I asked our US correspondent Daniel Ryntjes how these latest developments are reshaping Wall Street?
He says: ” We come from a place wherein these names were giants of Wall Street. Now we see the biggest investment banks such as UBS and Morgan Stanley forming a global consortium of banks, with a liquidity pool of 70 billion US dollars to lend to troubled financial companies. We’ll see a Wall Street dominated by risk managers but not the high flyers. We’ll see a Wall Street operating on safe mode.”
Meantime, as I was making calls to market players ( which is a regular part of my mornings), I spoke with the head of treasury research in one of the regional banks about the contagion effect on Asia . He says the impact will be seen in credit risk and deleveraging. He also sees volatile trade in the coming weeks.
I also called the chief investment officer of a European private bank as to the best investment strategy in this troubled trading environment. Put simply, he said, ” Don’t play the hero. Hold on to cash”.
But a chat with an economist from a regional research firm, really struck me. He said he and others like him now have to carefully think before they speak because investors are so jittery — it’s so easy to push the panic button in these uncertain times. It’s quite scary.
Do the recent developments in the financial world affect you? Who do you think is to blame? How are you restructuring your investment portfolio? Are the sharp market drops making you shudder? Do let me know your thoughts.
September 21st, 2008
Posted by
jennifer-alejandro |
Uncategorized |
4 comments
Put the pedal to the metal!
I think in more ways than one, the first ever night time F1 race in Singapore is the most exciting thing to happen in this region after the Olympics.
I am not an F1 fan before, but now I’m familiar with Kimi Raikkonen , Lewis Hamilton and Fernando Alonso.
For those who don’t have the need for speed, like me, what makes this event different from other international gatherings held here? Well, not only does it raise Singapore’s profile as a premiere sports destination in Asia but it also shows a nation’s will to succeed against all odds.
A couple of years ago, who would have thought that F1 officials would even consider a race in and around the city and at night ? Wow.
I tell myself, this is something I got to see! It’s a once in a lifetime opportunity and it’s happening right here in my backyard, so no excuses! I’d scramble for a place near the Pit
( for a better glimpse of the cars and yes I admit, their drivers) or the Padang grandstand because the view there is unfettered and the stretch of road is long. Best of all, having my friends there with me makes the experience more memorable.
Of course, I can’t talk about F1 and not talk about all the biz buzz surrounding it. I’m in the news business and business news is my cup of tea. I can’t help but drink in the excitement that this event generates.The tourism dollars that such a prestigious event brings, the endorsement deals signed by the race car drivers, and the brand awareness for the carmakers. Even major international banks jumped on the bandwagon as they raced each other to sponsor the event. Hotels and restaurants also getting in on the action and marketing buffet lunches and dinners in time for the grand prix. As a journalist covering the business beat, it’s amazing to me to hear all the F1-linked client events organized by the investment banks.
Lest I forget, there’s also the extensive merchandising. There are special ones made just for the Singapore night race. I daresay, they’d be coveted collector’s items.
Grand Prix tickets are costly between S$500 and S$1000. But what it does to the Singapore brand? Priceless.
Business and economic prospects aside, this particular grand prix moves me because it makes me proud to be Asian. F1’s first-ever night time race tells the world that Asia’s time is here. That Singapore’s time is now. We’re revved up!
September 11th, 2008
Posted by
jennifer-alejandro |
Uncategorized |
5 comments
