FINANCEASIA BEGINS PUBLISHING
Founded to cover corporate finance across the Asia-Pacific region, it was later acquired by privately-held publisher Haymarket Media in 2005. FA continues to cover the most important regional capital market transactions for its audience.
ASIAN FINANCIAL CRISIS
Triggered by the collapse of the Thai baht after it was targeted by speculators and floated, the currency contagion quickly spreads to other Southeast Asian regions, affecting the Malaysian ringgit, Philippine peso and Indonesian rupiah. By the end of the year, South Korea and Hong Kong are also affected and the IMF steps in with a series of bailouts.
IMF BAILOUT REFORMS IN TH, ID, KR
In exchange for tens of billions of dollars’ worth of bailout packages to pay back loans, countries like Thailand, Indonesia and South Korea agree to financial reforms and austerity measures triggering strikes, mass protests and occasional food shortages. Korean citizens are even called on to donate their gold to help pay back the loan – and they do.
INTERNET BUBBLE FORMS
‘Irrational exuberance’ in early Internet-related companies, primarily in the US, forms an enormous stock market bubble whereby growth and potential are valued over profit.
INTERNET BUBBLE POPS
The collapse of the dot-com bubble combines with news of Japanese recession to trigger a global sell-off, especially in technology stocks.