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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.
A worker installs Chinese national and Hong Kong special administrative region flags in Tsim Sha Tsui, ahead of the 29th anniversary of Hong Kong’s return to the motherland on June 25. Photo: Jelly Tse
Hong Kong politics

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

On the 29th anniversary of the city’s return to China and 105 years since the Communist Party’s founding, President Xi expressed high expectations of Hong Kong and Macau.

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?

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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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A trader works, as a screen broadcasts a press conference by US Federal Reserve chairman Jerome Powell following a rate announcement, on the floor of the New York Stock Exchange on March 18. Photo: Reuters
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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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.

People with smartphones walk through the business district of Jakarta, Indonesia, in June 2022. Debt stocks have reached new highs across both advanced and emerging economies. Photo: NurPhoto via Getty Images
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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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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People take photos by the bull statue in Shanghai, on August 7. Photo: EPA
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.

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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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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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.

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

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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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.

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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