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Global Financial Crisis of 2007-2008

Global Financial Crisis of 2007-2008
The Global Financial Crisis of 2007-2008 was widely blamed on the subprime crisis and its fallout, which led to the collapse of Lehman Brothers in 2008, with the US government forced to bail out AIG, and to rescue both General Motors and Chrysler, while also adding liquidity to avert a severe credit crunch in the banking sector. Banks in Europe, the US and Britain also came under extreme pressure and the GFC contributed to the euro zone sovereign debt crisis.
Illustration: Lau Ka-kuen
China stock market

Trump or trap: should China’s stock market entice investors with ‘good bubbles’?

Analysts say China’s risk-averse financial policy is diverting capital to Wall Street, advising the building of ‘good bubbles’ to promote growth.

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Hong Kong politics

Editorial | Prospects for Hong Kong are looking up, 29 years after the handover

Hong Kong economy

Opinion | Why another golden era for Hong Kong is just around the corner

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Yuan

As the world retreats from US Treasuries, will the sell-off deepen?

China is one of several nations trimming their exposure to US debt, as inflation drives Treasury yields to levels not seen since 2007.

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Kevin Warsh was confirmed as the next chairman of the US Federal Reserve earlier this month. Photo: Reuters
Banking & finance

Macroscope | The real reason stock markets are still flying high despite grave risks

For all the talk of market resilience, too much portfolio investment is chasing too few real-world investment areas.

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Artificial intelligence

‘Doctor Doom’ Roubini turns ‘Doctor Boom’, predicting huge economic growth in US

Nouriel Roubini predicted the 2008 financial crisis – now he says an explosion of hi-tech will be unlike anything mankind has ever seen, trivialising near-term headwinds.

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China property

As I see it | Helpful analysts predict China property recovery now, soon and much later

While some economists draw parallels with Japan’s ‘lost decade’, others note key differences when it comes to China’s sluggish recovery.

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A woman walks through a residential compound in Shanghai on January 20. Photo: AFP
Banking & finance

Macroscope | How global debt is sowing the seeds of financial collapse

Markets have so far shrugged off wars and trade conflicts, but the rapid rise of already massive debt should alarm investors.

Hong Kong property

How 2 landmark Central deals boost sentiment in Hong Kong’s office market

JLL’s Alex Barnes and his team closed decade-high single-tenant leases – deals that took on wider significance as rental declines slowed.

United States

Macroscope | Distracted at Davos, leaders are ignoring one critical issue

More attention needs to be paid to the state of US and global finances.

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US President Donald Trump (right) greets leaders as he arrives for a Board of Peace charter announcement at the annual meeting of the World Economic Forum in Davos, Switzerland, on January 22. Photo: AP
European Union

Opinion | Can Europe survive its crippling paralysis?

The brutal reality is that the European Union is failing to get its squabbling nations to work as a coherent group.

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European Union foreign policy chief Kaja Kallas signs an agreement to transfer to Ukraine a tranche of proceeds from frozen Russian assets during a meeting in Lviv, Ukraine, on May 9. Photo: AP
Banking & finance

Macroscope | Inflated asset prices show markets don’t always know best

With hyperinflated sectors across multiple asset markets, the next crash could be so severe that it prompts a restructuring of global finance.

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China economy

Opinion | The rise of a Beijing-led ‘Global South Consensus’

As the Global South seeks a better development model and China looks for alternatives to mature markets, a match made out of mutual need is emerging.

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Banking & finance

Opinion | As markets grow more fragile, matter of time before the bubble bursts

The news and stories that move markets could well be a leading indicator of when markets fail.

The floor of the New York Stock Exchange on September 10. Photo: AP
China property

Opinion | Amid a wave of foreclosures, China’s homeowners could use a break

To share losses more evenly among the financial system, Beijing ought to take pre-emptive steps to protect borrowers and keep prices stable.

A person checks their phone outside a residential community in Beijing, on September 15. Photo: EPA
Banking & finance

Opinion | Jitters among US banks raise spectre of global financial crisis

The world appears to have forgotten a key lesson of the global financial crisis: some problems were spotted earlier but sidelined.

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Insurance

Retiring AIA chairman Edmund Tse reflects on 64 years with the insurer

Tse presided over the company’s blockbuster IPO and return to mainland China in a career that began in 1961 with a monthly salary of US$76.90.

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Banking & finance

Macroscope | How the obsession with risky assets is putting global finance in peril

From the speculative frenzy over digital assets to the assault on bond markets, the next financial crisis will be self-inflicted.

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An activist in Sterling, Virginia, calls out an attendee at an exclusive dinner at the Trump National Golf Course, on May 22. Photo: AP
Hong Kong economy

Opinion | Cryptocurrencies are emerging as ‘digital gold’ in a shaky world economy

Demand is growing for borderless, neutral financial tools in a fragmenting world economy, with rising tariffs and alliances under strain.

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US-China relations

Opinion | Why China has refused to back down in the face of Trump’s tariffs

China’s elites, going back to the late Qing, have been waiting for this moment – to push back against the world’s strongest power.

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United States

Macroscope | IMF’s tariff warnings may be too little, too late

The Trump administration has brought the world to the brink of a systemic financial and economic crisis.

IMF Managing Director Kristalina Georgieva delivers a speech ahead of next week’s World Bank Group and IMF 2025 spring meetings, at the IMF headquarters in Washington on April 17. Photo: EPA-EFE
Hong Kong stock market

Where does Hang Seng Index’s 13% slump rank among other major crashes?

The plunge pushed Hong Kong’s benchmark index into bear territory, as it has lost more than 20 per cent from a recent peak.

Anxious investors watch the stock market coverage at a bank after the crash on October 28, 1997. Photo: SCMP
United States

From Great Depression to Covid-19, how Trump’s tariffs compare to worst crashes

China’s retaliation to Trump’s tariffs caused historic stock market collapses in Asia and Europe, reminiscent of past financial crises.

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Canada

Canada votes: Carney seeks strong mandate to deal with Trump

Carney and his Conservative opponent will kick off the election against the backdrop of a trade war and annexation threats from Trump.

Wealth Report

From niche to necessity: private credit transforms Asia’s lending landscape

As rising interest rates and market volatility push investors towards alternative assets, private credit is gaining traction – though some question whether the sector can maintain its strong returns.

Since the global financial crisis of 2007-08, private credit – nonbank lending from institutional investors direct to businesses or individuals – has gone from strength to strength. Photo: Getty Images/AFP
Canada

Who is Mark Carney? Crisis-fighting central banker to lead Canada through US trade war

Former central banker Mark Carney has won the race to replace Justin Trudeau as Canada’s prime minister.

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Liberal Party of Canada Leader Mark Carney and his wife Diana Fox Carney. Photo: The Canadian Press via AP
Hong Kong budget 2025-26

Opinion | Hong Kong must find the courage to reform its public finances

Reliance on salary freezes and workforce reductions has become a recurring theme. But they fail to address the public sector’s inefficiencies.

China economy

Editorial | China leaves no doubt on way forward at key economic talks

Wide-ranging measures aim to inject momentum into growth of the domestic economy and reflect tone of earlier Politburo meeting.

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