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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.
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
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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European Union

Opinion | Can Europe survive its crippling paralysis?

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Banking & finance

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

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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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Chinese President Xi Jinping at the Shanghai Cooperation Organisation Plus meeting in Tianjin, China, on September 1. Photo: EPA/Iranian Presidency handout
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.

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.

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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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Raffaele Bruno, national secretary of the Movimento Idea Sociale, holds a jar containing live cockroaches during a protest in front of the City Hall in Naples, southern Italy, on September 24. Photo: EPA
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.

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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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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In Asia, Hong Kong has emerged as a first mover – licensing exchanges, regulating stablecoin and approving cryptocurrency ETFs – positioning itself as a regional anchor in the digital asset economy. Photo: Shutterstock
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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China’s President Xi Jinping waves as he departs from Phnom Penh International Airport on April 18. Photo: Pool/AFP
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.

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.

United States

Explainer | 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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A trader reacts on the floor of the New York Stock Exchange on March 11, 2020 as stocks tumbled due to economic fallout from the coronavirus. Photo: AP
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.

Prime Minister Mark Carney holds a press conference following the First Ministers Meeting at the National War Museum on Friday. Photo: Canadian Press/AP
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.

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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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.

The Hong Kong government’s headquarters in Admiralty on February 22. Photo: Edmond So
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.

Diplomacy

Opinion | Trump’s victory a reminder the ‘end of history’ remains far away

As countries respond to global crises and challenges to multilateralism, a new era has dawned that cannot be understood using old precepts.

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United States

Opinion | An America awash in global capital risks spreading financial instability

Free capital flows accelerate economic growth but can also be destabilising, spreading jitters via financial markets.

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Traders work on the floor of the New York Stock Exchange on November 7, a day after the S&P 500 and Nasdaq Composite closed at all-time highs. Photo: Getty Images via AFP
Diplomacy

Opinion | Here’s how the G20 can be more than a talk shop

While the grouping did a good job of dealing with the 2008 global financial crisis, in recent years, collective action has been sorely lacking.

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Brazil’s Economy Minister Fernando Haddad shakes hands with US Treasury Secretary Janet Yellen during the G20 economic ministers’ meeting in Rio de Janeiro, Brazil, on July 26. The G20 summit is scheduled for November 18-19. Photo: AFP
US presidential election 2024

Opinion | Can the US overcome its political polarisation, whoever wins the election?

Harris will have the support of the establishment but not Trump. The possibility of the the US going into terminal decline looms large.

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China’s economic stimulus

Exclusive | Chinese economist calls for mega stimulus in excess of 2008’s 4 trillion yuan

Outspoken Chinese economist Yu Yongding says bigger is better for stimulus package – and the details should be revealed as soon as possible.

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China's economic recovery

When will it end? How inexperience is fuelling the fire of China’s economic woes

Economists have ‘never seen anything like this’, and ‘challenges are on a greater scale’ than ever before, so how can China bring the wild ride to an end?

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Illustration: Brian Wang
Banking & finance

Opinion | Reform financial markets now – or be forced into it with the next crash

It’s not just market volatility. We need to understand the deep structural forces sometimes beyond any single national regulator’s power.

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People watch the Hang Seng Index on TV terminals outside a bank as the market plunges on Black Monday, October 19, 1987. Photo: SCMP Pictures
ETFs

Middle Eastern investors set to access Hong Kong shares with 2 ETFs

The SFC has noticed that international investors, who previously were underweight on Hong Kong stocks, have now rushed back into the local market.

China economy

Opinion | China’s stimulus will fall short without private-sector confidence

While short-term stimulus will help, Beijing must directly address the fears of businesses and households to get them spending again.

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