Societe Generale expects increase in Asia provisions

Article Abstract:

Societe Generale SA, a banking group based in France, expects a significant increase in its provisions to cover Asia considering the economic decline in Asia in 1998. Societe Generale announced that to respond to the worsening crisis in Asia, the firm will raise its provisions for its Asian operations in the Philippines, Indonesia, Thailand, South Korea and Malaysia. The firm has approved the release of a total 4 billion Francs for Asian risks in its 1997 accounts. Meanwhile, there is a limit in provisions for international bad debts.

Comment:

Expects a significant increase in its provisions to cover Asia considering economic decline in Asia in 1998

Commercial Banks, Commercial Banking, Capital expenditures, Societe Generale S.A., Article

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Spending, trade help Asia defy U.S. slump: local demand rises, export partners shift; driving world growth

Article Abstract:

Asia is faring better than other regions in light of the US economic downturn, with Europe becoming a more prominent destination instead for Asia's exports. Asia's affluent populations are also growing and are spending larger amounts.

United States, International aspects, Comparative analysis, Economic indicators

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Tremonti urges bars to Asia goods

Article Abstract:

Giulio Tremonti, the economic minister of Italy, is calling on the European Union to increase trade barriers against cheap imports from Asia. Tremonti made his comments in the context of the struggling European economy.

Italy, Foreign trade, Imports, International trade, Beliefs, opinions and attitudes, European Union, Tremonti, Giulio

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