2018.08.13

News Headlines - 13 August 2018

Asia markets decline; Turkish lira on the back foot while yen firms

Asian markets slid on Monday as investor sentiment took a knock amid the renewed slump in the Turkish lira.
The Nikkei 225 slid 1.98 percent, or 440.65 points, to close at 21,857.43 as the yen firmed amid uncertainty in Turkey. The safe-haven currency traded at 110.30 to the dollar at 2:45 p.m. HK/SIN, compared to levels around 110.90 seen on Friday.

China’s Giant Banks Top This Ranking. And That’s a Cause for Concern - Bloomberg

In 1988, 9 of the 10 largest banks in the world were Japanese. Three years later the country’s financial system, along with its lenders, collapsed, sending Japan into its infamous lost decade (or three, considering the country is still struggling to escape deflation and low growth)... By 2007 all of the top 10 slots were filled by U.S. and European lenders. A year later the subprime mortgage meltdown hit the U.S. The sovereign debt crisis followed in Europe... U.S. and European economies, like Japan’s, have contended for most of the past decade with low growth.
It’s 2018, and the rankings teem with Asian banks again. This time the top four by assets are Chinese. Of course, this may not be a sign of where the next financial crisis will erupt. But in light of the recent precedents, it’s a cause for concern.

Jakarta, the fastest-sinking city in the world - BBC News

The Indonesian capital of Jakarta is home to 10 million people but it is also one of the fastest-sinking cities in the world. If this goes unchecked, parts of the megacity could be entirely submerged by 2050, say researchers. Is it too late?
...It's already happening - North Jakarta has sunk 2.5m in 10 years and is continuing to sink by as much as 25cm a year in some parts, which is more than double the global average for coastal megacities. Jakarta is sinking by an average of 1-15cm a year and almost half the city now sits below sea level.

Awa Odori festival kicks off - The Japan News

The Awa Odori festival began in Tokushima on Sunday, organized for the first time by a committee led by the Tokushima municipal government after it was revealed that one of the previous organizers had incurred huge debts... The Awa Odori festival was co-organized by the Tokushima city tourism association and The Tokushima Shimbun local newspaper until last year. However, it was found that the association had racked up a cumulative deficit of over \400 million, prompting the Tokushima municipal government, which had covered the tourism organization’s losses, to seek court-led bankruptcy proceedings.

Man escapes from Osaka police station after meeting with lawyer - The Mainichi

Junya Hida was found missing from the interview room at Tondabayashi Police Station at around 9:45 p.m. Hida, who was additionally served with an arrest warrant on suspicion of attempted rape and other charges on Aug. 8, had been in an interview with his lawyer from around 7:30 p.m. In the meeting room, the acrylic plate dividing the suspect and the lawyer was broken, police said.
It is not clear when the lawyer left the room. No officers at the station witnessed Hida's escape, and no one was injured.


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