WASHINGTON - US FEDERAL Reserve Chairman Ben Bernanke warned on Tuesday that unless government efforts succeed in restoring financial stability, the nation's recession may not end this year.
Mr Bernanke told lawmakers that the sharply shrinking economy was at further risk from mutually reinforcing weakening growth and financial market strain.
TAIPEI - TAIWAN'S export orders plunged a record 41.67 per cent to US$17.68 billion (S$27 billion) in January as the global economic crisis evaporated demand for electronic products, the economic ministry said on Tuesday.
It was the biggest fall since 1984 when the government started compiling export order figures, a ministry official said.
HONG KONG - ASIAN stock markets tumbled on Tuesday, with Hong Kong and South Korea indexes down around 3 per cent, after relentless fears about the financial system and world economy drove Wall Street to its worst finish in nearly 12 years.
Every major market shuddered from losses across a range of sectors, from banks to technology firms, exporters and commodities, wiping out solid gains from the previous day.
SEOUL - SOUTH Korea on Tuesday challenged North Korea to present evidence to support its claim that it was preparing to launch a satellite, not a long-range missile.
Defence Minister Lee Sang Hee said the South believed the North was again preparing to test a long-range missile under the guise of launching a satellite.
