Saturday, 11 October 2008

This Terrifying Moment is Our One Chance for a New World

The past 20 years has seen an unparalleled boom in the money markets. As the free market blossomed, so too did cheap debt, huge bonuses and ostentatious wealth. Now, as our financial system lies on the brink of collapse, it is time to build a new one, based on fairness instead of naked greed, and with long-term commitment to building businesses and supporting investment

Buffett’s Paper Profits Wiped Out

Goldman, GE warrants worthless as share prices drop

Mainland Poised to Build up Copper Supply Amid Price Slide

The Chinese government may go on its first copper buying spree in years as plunging prices give it a chance to restock supplies that were depleted in 2005 during an ill-fated attempt to turn back the market’s rally.

PBOC to Return Excess Reserves to Banks in Yuan not Dollars

The mainland’s central bank will give back commercial banks cash unlocked by the cut in the required reserve ratio in yuan instead of US dollars, banking sources said yesterday.

FDI Flows into Mainland Surge 40pc to US$74b

Foreign funds pouring into the mainland soared 39.85 per cent to US$74.37 billion in the first nine months of this year, defying predictions that the global financial meltdown would deter investment.

Few Asian Economies are as Exposed to the Crisis as HK

For most of you who have lost a fortune over the past five days as the Hang Seng Index dived more than 4,000 points to 14,796.87, Mr Tsang’s “yet to arrive” comment is hard to comprehend or to swallow.

Russian Billionaires US$230b Poorer

Russian billionaires from aluminium magnate Oleg Deripaska to football-club owner Roman Abramovich lost more than US$230 billion in five months during the nation’s worst financial crisis since the 1998 default on its debt.

Pre-IPO Financing Deals Return to Haunt Region’s Hedge Funds

Before the mainland’s boom in initial public offerings began to fizzle late last year, hedge funds jumped to buy stakes in hot companies before they went public, an investment known as pre-IPO financing.

$1 billion profit, so electricity tariffs raised 22%

Should we remember this when we tick the ballot paper next time?

Credit default insurance costs for Asia hit record

The cost of protection against defaults in Asian debt soared to record highs yesterday amid fears the financial crisis could soon spread to the region, especially to countries such as Indonesia and South Korea.

The Week the Financial Crisis Became the Great Crash of 2008

Panic swept global markets this week, raising the spectre of an imminent economic collapse and unleashing a stock market crash that has only a handful of historical comparisons.

Fallout Tipped to Hit HK Early in New Year

Hong Kong’s economy could begin contracting as early as this quarter although much of the fallout from the global financial meltdown would not hit city until next year, economists warned yesterday.

Paul J. Markowski

A good source says that Treasury Secretary Paulson’s comments after today’s market close will outline a G-7 backed joint clearing effort. If that’s true, the channels of credit will open and Libor or some blended rate (Libor or fed funds plus a term & risk premium) will replace central bank rates as the principal lending rate. The ungluing of the market will open bank lending. Consumer discretionary should benefit. Is it inflationary? Let’s deal with that next summer.

'More Insidious' Than 1987: Current Bear Market Ranks Among Worst in History

This market is like running into a bully who beats you up and takes your lunch every day, day after day...

Starbucks Taps Turned Off

All 85 outlets of the two chains here abandon water-wasting dipper-well system for cleaning utensils

Singapore in ‘Recession’

But the real recession, which usually portends job losses, will probably come next year when the Republic feels the full impact of the global economic slowdown, warned economists.

US to Take Stake in Banks

The US government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said late on Friday, announcing the historic step after stock markets jolted still lower around the world despite all efforts to slow the selling stampede.

Was it a ‘Crash’?

Did US stocks crash? Some news organisations and investors are hesitating to use the word to describe Wall Street’s terrifying sell-off.

Ferrochina: 1st Victim Here of Credit Crunch

Steelmaker defaults on $152m in loans; more liabilities coming up for payment

Insurers: Next to be Hit?

Wave of losses sweeping through insurance industry causes jitters

Paulson Indicates Need to Purchase Bank Equity ‘Soon as We Can’

U.S. Treasury Secretary Henry Paulson indicated that pumping government funds into banks is a priority and said financial markets will remain volatile.

Asia Suddenly Feels the Pain

Can a region like Asia - with more than $3 trillion in foreign exchange reserves, high savings rates, mostly well-capitalized banks and minimal exposure to American mortgage-backed securities - run into trouble during a global financial crisis?

Plan B: Flood Banks With Cash

Banks are supposed to lend money, but they aren’t doing very much of it these days. That is not the only cause of the global recession that is unfolding, but it is hard to see how economies can begin to recover without functioning financial systems.

Friday, 10 October 2008

SGX Has the Right Approach to Short-Selling

Furthermore, academic studies have shown that short-sellers do not earn abnormal profits by artificially driving prices down and instead provide liquidity and stability by buying into down markets.

Rate Cuts Won’t Stem Slide in Equities: Marc Faber

Artificially low interest rates will make matters worse

Merrill Reduces Singapore to Underweight

Move follows downgrades in property and banking sectors

How Much are the Accountants to Blame?

In the sub-prime crisis and its ruinous aftermath, accountants fell short as gatekeepers

Few Firms Measure ROI for Staff Sent Overseas

Most lack process, integrated databases to do so: Mercer

China Mills Slowing Iron Ore Demand, Mt. Gibson Says

Steel mills in China, the world’s biggest makers, are reducing demand for iron ore and asking miners to postpone deliveries because of tightening credit facilities, said Mt. Gibson Iron Ltd., an Australian producer.

Owe Trillions to China? Why Not Nuke Them?

State Department Arms Control Board Declares Cold War on China

FerroChina: JP Morgan’s Advance Red Flag

NextInsight ran a story about 2 weeks back explaining 10 tests that alert investors on companies headed for trouble.

Interestingly, FerroChina failed 4 out of the 10 tests ran by JP Morgan, which NextInsight referred to when writing the story.

FerroChina Unlikely to Find Strategic Investor – DMG

The Singapore-listed FerroChina is unlikely to find a strategic investor capable of rescuing it from its financial problems, and it could be facing liquidation, DMG said in a note.

FerroChina in Talks with Local Government to Resolve Debt Crisis

Senior management with the Singapore-listed FerroChina is currently in talks with the local government to discuss ways of resolving the company’s debt crisis, a government spokesman.

FerroChina Surprises Analysts, May Face Liquidation if no Debt Deal

The crisis facing Singapore-listed Ferrochina has completely surprised analysts who now fear the real prospect of liquidation.

US Weighs Backing Bank Debt

The U.S. is weighing two dramatic steps to repair ailing financial markets: guaranteeing billions of dollars in bank debt and temporarily insuring all U.S. bank deposits.

China Printing Dyeing Arm Faces Debt Repayment Problems

The report also said that chairman and founder of the mainland company Tao Shoulong had disappeared. This too could not be confirmed.

Micro Financing Misses Underground Banks

Contrary to expectations, micro financing in Zhejiang has not brought the region’s underground banking system into the open.

Where Did Obama’s Money Come From?

This election has me very worried. So many things to consider. About a year ago I would have voted for Obama. I have changed my mind three times since then. I watch all the news channels, jumping from one to another.

Guanyu to Heng Tong Jin (DMG)


Heng Tong Jin (DMG) to Guanyu


Thursday, 9 October 2008

Social Smoking Takes a Lasting Toll

But new research shows that even occasional cigarette smoking can impair artery function, a sign of looming heart disease.

In Flailing Iceland, Disbelief and Regret

REYKJAVIK, Iceland: People go bankrupt all the time. Companies do, too. But countries?

FerroChina Says Can’t Repay Loans, Blames ‘Crisis’

FerroChina Ltd., a Chinese steelmaker, said it is unable to repay loans totalling 706 million yuan ($104 million) because of the “current economic crisis,” and a further 4.52 billion yuan in loans and notes may also be at risk.

Another Big U.S. Bank Failure Could Happen, Warns Roubini

Turning Positive on Equity Markets - Ajith

We are turning positive on equity markets for the following reasons:



Credit Spreads


Paul Markowski's thoughts on the coordinated interest rate cuts

Asian Markets Snapshot

We are at the second phase of a classic bear market - the panic stage.


No Quick Fix: Roubini Forecasts Worsening Economy, 2-Year Recession


Roubini: Rate Cuts Reduce Crash Risk, But Dow 7,000 Likely 'Sometime Next Year'

In other words, the Dow is going to 7,000, but over the course of months vs. days if Roubini is right, as – unfortunately for bulls – he mostly has been for the past two years.

Wednesday, 8 October 2008

What China Can Do to Ease Crisis

China, the world’s biggest holder of currency reserves, may yet play an important part in calming a global financial storm from which it is largely sheltered.

Mainland Joins World Central Banks in Co-Ordinated Rate Cuts

China’s central bank, acting in co-ordination with other central banks around the world, cut banks’ benchmark lending and deposit rates by 0.27 percentage point on Wednesday.

HKMA Cuts Key Rate by 1pc as Central Banks Pump in Billions More

HKMA said the base rate would now be calculated using the US Federal Reserve’s benchmark plus 50 basis points, meaning the Hong Kong rate would effectively be reduced to 2.5 per cent from 3.5 per cent.

Nikkei Ends 9.4pc Down, Biggest One-Day Fall Since 1987

The Nikkei average plunged 9.4 per cent on Wednesday, its biggest drop since the 1987 stock market crash, as growing fears of a global recession led investors to wipe US$250 billion off the value of Tokyo shares.

Steel Shares Slump as Mainland Firms Plan Output Cut

Shares of Asian steel firms, led by Japan’s Nippon and JFE, slumped more than 10 per cent on Wednesday as concern grows that a global credit crisis will drag economies into recession and dampen steel demand.

Central Banks Launch Rate Cut

Central banks around the world announced a co-ordinated cut in interest rates on Wednesday, in response to mounting fears about the impact of the financial crisis on the world economy.

HK Index Plunges to its Biggest Fall in Nine Months

Hong Kong shares plunged 8.2 per cent on Wednesday, their biggest drop in 9 months, sending valuations to levels last seen during the Asian financial crisis as dismayed investors reacted to the looming threat of a global recession.

End of America? Not So Fast

From the current crisis, US will emerge humbler but still a superpower

IMF Says World Economy Heading for ‘Major Downturn’

The global economy is headed for a recession next year, as U.S. gross domestic product grinds close to a halt, the International Monetary Fund said in reports ahead of a Group of Seven meeting this week.

U.S. Stocks Drop; S&P 500, Dow Post Worst Retreats Since 1937

U.S. stocks fell, sending the Standard & Poor’s 500 Index below 1,000 for the first time since 2003, on speculation banks and real-estate companies are running short of money as the credit crisis worsens.

Recession Looms for Singapore

Singapore appears headed for its first recession since 2002 as the city-state suffers from a US economy wilting under its worst financial crisis since the Great Depression, economists say.

He said that given the rarity of the global crisis, “the numbers we may be looking at may be once in a century for Singapore.”

Yen Surges Beyond 100 to Dollar as Traders Reduce Carry Trades

The yen surged beyond 100 per dollar for the first time in six months after a plunge in Asian stocks prompted investors to reduce holdings of higher-yielding assets funded in Japan.

FerroChina - CIMB

Given the bad timing of the suspension when regional equity markets are bleeding badly this morning, we think it would be prudent to AVOID this stock. We will provide an updated view once the details are available.

A Reflection of Current Sentiment

CEO – Chief Embezzlement Officer
CFO – Corporate Fraud Officer
BULL MARKET – A random market movement causing an investor to mistake himself for a financial genius
BEAR MARKET – A 6 to 18-month period when the kids get no allowance; the wife gets no jewellery, and the husband gets no sex
VALUE INVESTING – The art of buying low and selling lower
P/E RATIO – The percentage of investors wetting their pants as the market keeps crashing
BROKER – What my broker has made me
STANDARD & POOR – Your life in a nutshell
STOCK ANALYST – Idiot who just downgraded your stock
STOCK SPLIT – When your ex-wife and her lawyer split your assets equally between themselves
FINANCIAL PLANNER – A guy whose phone has just been disconnected
MARKET CORRECTION – The day after you buy stocks
CASH FLOW – The movement your money makes as it disappears down the toilet
YAHOO – What you yell after selling it to some poor sucker for $240 per share
WINDOWS – What you jump out of when you're the sucker who bought Yahoo @ $240 per share
INSTITUTIONAL INVESTOR – Past year investor who's now locked up in a nuthouse
PROFIT – An archaic word no longer in use

Computer Glitch May Have Caused Qantas Jet Plunge

A computer glitch may have caused a Qantas passenger jet to abruptly plummet, injuring at least 30 passengers and crew, Australian air safety investigators said on Wednesday.

Wall Street Decline Makes Decade Worse Than ‘30s

Even the 1930s are looking better for stock investors in the United States after the credit crisis wiped out more than US$6 trillion from equities over the past year.

For Now, It’s All Sentiment

As for the property sector, the good news is that we are in far better shape than in 1997.

Movie Downloads Free if You Watch an Ad First

While Hollywood seems to have no effective weapon against online piracy, one mainland online advertising agency has introduced a new sponsorship model that allows free legal downloads of movies. However, users are forced to watch the sponsor’s advertising message before they can view a movie.

Morgan Sees Big China Rate Cuts, Spending

It says spending may add 3percentage points to growth

Stocks Not Expected to Bottom Out in Q4

Credit Suisse picks defensive stocks like UOB, SIA, SPH, Olam

Making Sense of the Post-Bailout Meltdown

US needs to urgently recapitalise its banks and Europe must get its act together fast

Milk Scandal: Beijing Needs to Allow More Openness

Even now, the Chinese authorities are trying to manage the news. They have also threatened to revoke the licences of lawyers who volunteered to help victimised families. This does not reflect a proper understanding of the situation. What is needed is greater openness, not more control. If China is to fulfil its dream of becoming a great country, it will have to let reporters and lawyers perform their proper functions in society.

Sexual Signals Linked to Voice

A WOMAN raises the pitch of her voice during her most fertile period of the month in an unconscious boost to her femininity, according to a study published on Wednesday in the British journal Biology Letters.

US$480m? No, I Earned Only US$250m

Fuld plays the blame game as he is grilled by Congressmen

‘Mail Goggles’ Might Prevent E-Mail Regrets

If you’re the kind of person who types tipsy and regrets it in the morning, Google’s “Mail Goggles,” a new test-phase feature in the free Gmail service, might save you some angst.

HSI - Standard

Analysts say the Hong Kong stock market is expected to remain volatile, but it may find support at 16,200 in the short- term, while some forecast a technical rebound today.

Markets Slide After Bernanke Remarks

Comments from the Federal Reserve chairman, Ben S. Bernanke, led to quick drop on Wall Street on Tuesday.

Technical Damage Done

Not only did the S&P 500 Index (SPX) experience a monthly close below its 80-month moving average in September, but it also closed below its 160-month moving average during last Friday’s trading. This long-term trendline marked a bottom for the SPX during the bear market in 2002-2003.

Panicked Arab Stock Markets Plunge, Israel gains

Stock markets plunged across the Arab world on Tuesday as panic over the global financial crisis gripped investors, wiping billions of dollars off share values.

Hedge Fund Finds Itself on Defense

Kenneth C. Griffin was one of those Wall Street whiz kids. As a teenager, he traded out of his dorm room at Harvard. In his 20s, he opened his own hedge fund. In his 30s, he boasted that his company might one day rival Goldman Sachs.

Emerging Markets Find They Aren’t Insulated From the Tumult

Emerging markets took one of their biggest collective tumbles in a decade Monday as stock markets from Mexico to Indonesia to Russia were gripped by fears of a collapse of Europe’s banking system and concern that a global recession could drag down the price of commodities, forcing a steep slowdown in emerging-market growth.

Global Fears of a Recession Grow Stronger

The crisis that began as a made-in-America subprime lending problem and radiated across the world is now circling back home, where it pummelled stock and credit markets on Monday.

Europeans Handle Crisis Together and Separately

European governments pledged Monday to safeguard bank deposits in a bid to stem financial panic, but they stopped short of a coordinated strategy to break the grip of a credit crisis that now threatens to set off a protracted recession across the Continent, sending markets tumbling on both sides of the Atlantic.

Cupping it Hot and Sweet for Health and Happiness

This won’t hurt, much. This is just a love bruise from a session of TCM “fire cupping” and it will help drive out pathogenic damp, cold and relieve sore backs, coughs, insomnia and tummy aches. Zhang Qian writes.

Cramer: DJIA 7,700 a Real Possibility

With the market dropping as many as 800 points in intraday trading, investors have to protect themselves. That’s why Cramer urged viewers who will need any significant amount of cash over the next five years to sell some of their stock holdings right now.

Market Oversold, Short-Term Bottom Near: Dr. Doom

The stock market is as oversold as it has been since the crash of 1987 and the broader market could be start to rebound until early next year, Marc Faber, editor and publisher of the Gloom Boom and Doom Report, said Tuesday.

Nick Leeson Pins Crisis on Banks

One of the most notorious rogue traders in global finance has blamed central banks and government for the current money market crisis.

Starbucks in Hot Water

Its chain of coffeeshops wastes 23m litres of water daily by leaving taps on all day.

StarHub Offers Free Home Phone Service

StarHub, Singapore’s second largest info-communications provider, today announced that with immediate effect, StarHub’s residential voice service, Digital Voice Home (DV Home), is made available to its StarHub TV customers for free.

World Shouldn’t Foot US Bill

CHINA’S banking regulator denied that Beijing might ride to America’s financial rescue, while a leading state newspaper said on Tuesday that the world should avoid paying for the United States’ own mistakes.

The Gentler Side of Two Street Fighters

I cannot verify if this really is Dr Chee’s pen (although I think it sounds like it). It gives a tender, human side to both men.

Tuesday, 7 October 2008

Stocks Savaged as Recession Looms

Commodity, financial stocks in Asia, Europe tumble as global outlook gets bleaker; STI dives 5.6% to 3-year low

Price War Set to Erupt on Singapore-KL Air Route

Number of flights to double soon; more East Malaysia services also on the way

Commodities Hit by Sharp Decline as Speculators Exit, Growth Slows

Commodities markets are heading for the biggest annual decline since 2001 as investors exit leveraged bets and slowing economic growth erodes demand for raw materials.

SARS Response Offers Lessons for Bringing Calm to Panicky Markets

This is what a panic looks like.

Keeping the Family Business Alive

Why do some family businesses fail? Is ineffective or insufficient governance to blame, or the lack of leadership qualities in the family?

Asian Shipyards Face Prospect of Bankruptcy

Asian shipbuilders face an abrupt downturn in demand that could result in some yards going bankrupt as ship owners cancel or postpone orders, according to executives, bankers and analysts.

Fed Considers Plan to Buy Companies’ Unsecured Debt

As pressure built in the credit markets and stocks spiralled lower around the world on Monday, the Federal Reserve was considering a radical new plan to jump-start the engine of the financial system.

Shanghai Eyes Merging 2 Big Taxi Operators

The Shanghai government is considering merging two of the city’s biggest taxi operators, Dazhong and Jinjiang, as it moves to consolidate the industry to cope with high fuel prices, government and industry sources familiar with the matter said.

Singapore Investor Oei Predicts Financial Crisis Will Worsen

Oei Hong Leong, the Singapore investor who made S$7 million ($4.8 million) from trading American International Group Inc. shares last month, said the credit crisis will worsen as Europe’s financial institutions falter.

Tibet Moving on Climate Change Threat

Over the course of 12 months, they mapped the degradation of grassland in Nagqu with remote sensing technology. The map showed that nearly half of Nagqu’s alpine grassland had degraded. The affected area covers about 20 million hectares, with 10 percent, or 4 million hectares, seriously degraded.

What Does a Recession in China Look Like?

UBS has lowered its forecast for China GDP growth to 8% for 2009. According to Reuters, “It is the second time in less than three months that UBS has lowered its forecast for Chinese GDP growth next year.”

RBS and Barclays CDS Tighten on Funding Reports

The cost of insuring the debt of UK banks Royal Bank of Scotland and Barclays against default fell sharply on Tuesday morning on reports of funding talks with the government.

Barclays, RBS Said to Be in Talks on U.K. Government Funding

The U.K. government may invest at least 45 billion pounds ($79 billion) in banks including Royal Bank of Scotland Group Plc and Barclays Plc to bolster capital depleted by mortgage-related losses, two people with knowledge of the situation said.

RBS Plummets After First Credit Rating Downgrade in a Decade

Europe Fails to Find Coordinated Response to Financial Crisis

This news could be the reason for the steep fall in European indices now.

Up To 40 Injured In Qantas Midair Incident

I think there is a curse on Qantas or there are ghosts in their planes... so many incidents lately! Calls for ghostbuster?

Countrywide to Revise Property Mortgage Deals with Borrowers

Facing a lawsuit over deceptive mortgage practices, a Bank of America Corp subsidiary has agreed to modify tens of thousands of loans to keep people in 11 states from losing their homes, the Illinois attorney-general’s office said.

More Lenders Expected to Collapse Despite US$700b Rescue

Here is a safe bet for uncertain times: A lot of banks will not survive the next year of upheaval despite the US government’s US$700 billion plan to restore order to the financial industry.

UBS Cuts Forecast of Mainland Growth to 9.6pc

Meltdown impact wider next year

STI May Rise To 2850 If Troubles Averted - UBS

UBS says Singapore market may avoid repeat of its Asian crisis tumble as long as governments act to stop credit troubles evolving into full blown economic crisis. Broker compares current STI correction to performance in 1998-1999 Asian crisis, says STI may recover to around 2850, on similar PE to past recessions, if strong policy responses from Asian governments avert crisis. But warns if full blown economic meltdown occurs, STI could match decline seen in Asian crisis, which would see it head down to 1500. Notes STI down 43% so far from Oct. 2007 peak vs 63% correction seen in Asian crisis. Advises investors to remain defensive, stick to high quality big caps, stocks that have consistently shown robust free cash flows and return on capital.

Singapore Property Stocks

Deflation May be Next Threat

As countries around the world fight the worst financial crisis since the 1930s, one danger is looming larger by the day: deflation.

Don't Buy Antivirus Software, Vendor Says

Threats today go far beyond viruses, so a standalone solution won't make it, Trend Micro manager says.

Monday, 6 October 2008

Chinese schoolchildren must run one kilometre a day

Chinese schoolchildren will have to run at least one kilometre a day, the government has announced.

Tantallon Said to Have Closed Asia Hedge Fund as Stocks Tumble

Capital, founded by Merrill Lynch & Co. former head of sales Nicholas Harbinson, closed one of its hedge funds after the Singapore-based firm had its worst performance because of bad bets on Asian stocks, three people familiar with the matter said.

Any Given Sundae

Nervous Days as U.S. Consumers Tighten Belts

Cowed by the financial crisis, American consumers are pulling back on their spending, all but guaranteeing that the economic situation will get worse before it gets better.

Like J.P. Morgan, Warren Buffett Braves a Crisis

In the midst of a financial crisis, a towering figure of American business steps forward with his reputation and financial resources for public good and personal gain.

Stocks Fall Sharply in Europe and Asia; New York Set to Tumble

Stocks tumbled Monday in Europe and Asia, and oil fell below $90 for the first time since February, on growing fears that the financial crisis is spreading to the world economy.

STI Weekly

I believe STI will find temporary support at 2190, last tested on October 2005.

Lure of Attractive FD Rates

Banks see term deposits as alternative source of funds amid credit crisis

Stocks to Struggle Despite Rescue Plan

Wall Street’s mood will likely remain dark this week as fallout from the credit crisis continues to corrode the U.S. economy and questions linger about the likely effectiveness of the newly passed bailout plan in shoring up the financial system.

Chill Financial Winds Cool Art Lovers' Ardour

The chill winds of the global financial crisis may have cooled art lovers’ ardour, if the result of Sotheby’s Hong Kong art auction yesterday is any indication.

Visa Curbs Stall Macau’s Casino Boom

Singapore should not be overly optimistic with the prospect of millions of Chinese coming to our 2 IRs.

Sunday, 5 October 2008

Worst Still to Come for HK Amid Crisis

‘Financial tsunami’ bigger than ‘97, banker says

China, Cooperating with the $700 billion Bailout, to Lend More to the US?

The People’s Bank of China (PBoC), China’s central bank, has welcomed the recent passage and signing into law of the $700 billion Wall Street rescue plan by the US government, stating that China and the United States have common interests in the stability of the financial markets, and that the Chinese side is willing to work with the United States to strengthen coordination and cooperation.

Alternative Energy, Toxic Price

Do factories have the means to dispose of hazardous materials generated by biofuels? China doesn’t.

Nokia Takes on Apple in Music, Touch-Screen Phones

Nokia plans to release iPhone competitor half the price of other main touch-screen phones.

Hey Doc... Is Your Tie Clean?

The unsuspecting tie and long-sleeved shirt that doctors wear may be crawling with germs.

Smells Like Recession

US lawmakers okay US$700b rescue plan but credit crunch knocks out economy