WIDESPREAD panic swept across world markets yesterday as the near-collapse of a troubled German lender ignited fears of a global financial meltdown.
The extraordinary sell-off sent bourses into freefall as fearful investors stampeded out of banks and property stocks.
Asian markets started the rout by falling between 4 and 5 per cent but the real blood-letting came when Europe opened for business.
US dollar and yen soar as investors seek safety
By Fiona Chan
HOLIDAYMAKERS planning a year-end trip to the United States or Japan may need to increase their budgets.
That vacation is now getting more expensive by the day, as the US dollar and Japanese yen surge sharply against the euro and other Asian currencies, including the Singapore dollar.
Yesterday, the US dollar hit a one-year high against the Singdollar, while the yen has reached its highest level against the Singdollar since March.
Indonesia's surprising stability
By John McBeth
WHATEVER has happened? It was not so long ago that Indonesia looked as stable as a bowl of jelly and grave fears were being held for its survival as a nation.
Now, it is Indonesia that stands like a rock, while Thailand and Malaysia, supposedly the two most stable nations in the region, are revealing themselves to be a lot more fragile than anyone had imagined.
Mind you, I never believed all that stuff we were hearing in the wake of the 1997/1998 financial crisis that Indonesia was in danger of Balkanising - an expression that had come into vogue during the Bosnian crisis.
