The charges against them include planning terrorist acts, fundraising for the Organisation, and concealing the source and destination of those funds
Some of the hallmarks of this new landscape include supportive macro-economic factors, such as record foreign exchange reserves, current account surpluses and moderate inflation. Regulation and corporate governance have improved, while foreign exchange regimes have become much more flexible.
Furthermore, the region's banking systems have undergone significant changes, including achievement of the healthiest credit metrics in a decade and the establishment of more sophisticated and rigorous risk management systems. Moody's ratings for individual banking systems in Asia are either stable or stable to positive.
A replay of 1997 is unlikely, given the changes which have occurred, and it is also important to note that Asia has overcome other shocks since July 1997, including the tech meltdown in 2000, the terrorist attacks of September 11, the Bali bombings, the SARS scare and more recently bird flu.
However, while there is much to feel good about, complacency and searches for new paradigms need to be eschewed. Structural deficiencies remain and, if any thing, the lesson on this 10th anniversary — as the various papers enclosed in this Moody's report show — is not what has been done, but what still needs to be done. In other words, reform must continue.
Pierre Cailleteau, a Moody's Senior Vice President, says in his report "Asian Crisis 10 years after: what we know, what we think we know and what we do not know", part of the Moody's new International Perspectives series, that as the lessons of the crisis were being learnt, the world economy has embarked on a major, probably historical change. Consequently, some of the lessons learnt these last 10 years may become obsolete and new risks may have emerged. It is therefore important to be candid about what we know and don't know in terms of crisis management and resolution. In another recent report "Exchange of Perspectives" Moody's publishes the findings from Pierre Cailleteau's discussion with the Managing Director of the IMF at the time of the crisis, who explains that the international community needs to do more to equip itself with the means to avert and manage modern financial crises. Currently, it is still approaching the 21st century with old-style 20th century methods.
Deborah Schuler, a Moody's Senior Vice-President, says in her special comment entitled "Asia's Banks — 10 Years Since the Crisis" that Asia's banks now occupy a stronger position, in view of their good earnings and financial fundamentals, and should take the opportunity to continue with reform. But time may be running out as the current economic cycle could well peak in the next few years. Finally, Matthew Robinson, a Sydney-based Economist with Moody's Economy.com, while acknowledging the progress of the last decade, says that rectifying the problems that precipitated the crisis has generated another set of potential threats, such as asset bubbles.
The charges against them include planning terrorist acts, fundraising for the Organisation, and concealing the source and destination of those funds
Eyewitnesses are reporting that the fire seems to be located in the industrial area
In the video shared by the Abu Dhabi Police, speeding cars are seen crashing into vehicles as traffic builds up unexpectedly
With an impressive portfolio of projects, Al Bateen offers a vast range of high-quality fasteners across industries
Israel's military campaign against Hamas has reduced much of the territory of 2.3 million people to a wasteland with most civilians homeless
The event caters to diverse interests, including medicine and emerging career paths
Organised by Ameeraga Tamil Sangam, the event had participants from across the UAE
The esteemed initiative delivered essential grocery food baskets to around 5,000 deserving families across 14 Bangladeshi districts