As recently as the middle of last year, banks like HSBC and Standard Chartered were being touted as better investments than some of their global counterparts because emerging markets were slowing less than others. But it is now generally agreed that Asia has been hard-hit by the global recession and the myth of decoupling has been exposed as just that û a myth.
ôThe slowdown in Asia has exacerbated an already bleak situation for the commercial banking business of a number of global banks,ö says a banking source. öNo-one had predicted how bad the domino effect in the region would be.ö
Recent announcements by Asian firms are indicative of the pain being faced by businesses....
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