Last month, global stock markets suffered a 20 percent loss, which was a record monthly fall that domestic entrepreneurs are becoming more cautious in taking their companies public both at home and overseas. Many hopes of Chinese IT companies of hitting the initial public offering (IPO) jackpot have shrunk because of sharp falls in global stock markets in the past few months.

Not only has the IPO dreams gone, but the hundreds of millions of new Read more…

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China, crisis, dreams, industry, IPO, turmoil

Financial turmoil is mirrored by the latest list of China’s 400 richest people compiled by Forbes magazine. According to the Forbes report, their combined net worth dropped nearly 40 percent to $173 billion from $288 billion last year, and the top richest lost $68 billion. Their fortunes have plummeted along with a 60 percent plunge in mainland stocks and a 50 percent drop in Hong Kong Shares this year.

There are 24 billionaires in this year’s list compared to last year record 66. The losses would be even larger if it had not been yuan’s appreciation. Read more…

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financial, Forbes, poorer, rich, turmoil

According to a survey, the US still has the world’s most competitive economy, despite the recent turmoil that has seen some Wall Street giants tumble and others turn to the Federal Reserve for financial bailouts. The US ranked first in a poll of over 12,000 business figures conducted by the Geneva-based World Economic Forum, ahead of Switzerland, Denmark, Sweden and Singapore. Although the Global Competitiveness Index 2008-09 survey was conducted before the US government announced a $700 billion rescue package to save ailing financial companies from collapse, researchers still defended its accuracy.

One of the authors of the report, Margareta Drzeniek Hanouz told that the index measures the ability of economics in such Read more…

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competitive, economy, survey, turmoil, U.S.