February 6th, 2008

- GIC partnered with ING Real Estate to buy Roma Est Shopping Centre for EUR400mn in the biggest real estate deal ever in Italy
- IMF predicts HK economy will slow down to 4.6% from estimated 6.0% in '07; inflation seen rising to 3.7% in '08 from 2.2% in '07
- Chinese inflation predicted for after Lunar New Year, predicting a 11yr high of 7%
- Taiwanese inflation grew 3.0%, below mktexp of 3.4%
- FM of Thailand establisehd 2 teams for facilitating THB appreciation; one to plan 3-5 years ahead, one as an emergency team
- the long-term team will be headed by Director of Fiscal Policy office and in charge of monitoring flows of funds
- the emergency team to be headed by BoT governor and responsible for damage control
- BoT eased restrictions on foreign currency holding by local companies, can hold dollars up to 360 compared to 120 day limit previously
- before Thais and corps could hold foreign ccy of no more than USD1mn and USD100mn, aimed at alleviating upside pressure to THB
- new cabinet to be announced on Wednesday for royal aproval
- Govt of Samak Sundaravej is going to adopt populist agenda of TRT: rural debt suspension, micro-credit, universal health care, public investment in mega-inftrastructure projects, legalization of underground lottery, anti-drugs
- BoT wont have much latitude under new govt
- a big problem is leading policymakers all banned under 5yr TRT ban; also new laws have discouraged economics experts from joining public service like lengthy intervals b/w private and public jobs so "b" team in charge of policy

Stock Market Crashes

1) 4/17/1930 - 7/8/1932 813 days Dow: 294.07 to 41.22 or -86.0%
2) 3/10/1937 - 3/31/1938 386 days Dow: 194.40 to 98.95 or -49.1%
3) 1/19/1906 - 11/15/1907 665 days Dow: 75.45 to 38.83 or -48.5%
4) 9/3/1929 - 11/13/1929 71 days Dow: 381.17 to 198.69 or -47.9%
5) 11/3/1919 - 8/24/1921 660 days Dow: 119.62 to 63.9 or -46.6%
6) 6/17/1901 - 11/9/1903 875 days Dow: 57.33 to 30.88 or -46.1%
7) 1/11/1973 - 12/6/1974 694 days Dow: 1051.70 to 577.60 or -45.1%
8) 9/12/1939 - 4/28/1942 959 days Dow: 155.95 to 92.92 or -40.4%
9) 11/21/1916 - 12/19/1917 393 days Dow: 110.15 to 65.95 or -40.1%
10) 1/15/2000 - 10/9/2002 999 days Dow: 11,792.98 to 7,286.27 or -37.8%