This Week’s Big News

Hong Kong shocked Asian investors this weekend with the announcement that they have entered their first recession since the deadly SARS epidemic. Hong Kong’s government economist, Helen Chan, said that demand for Hong Kong services have been "severely hit by the outbreak of the global financial tsunami that caused significant jitters in the local asset markets."

Economists predict Hong Kong’s downturn will be deep and will worsen next year. "This is only the beginning of the economic aftershock, and the territory will likely continue to suffer from tremors in the coming quarters," says DBS economist Connie Tse.

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Years from now, long after the details of the opening and closing ceremonies at the “Bird’s Nest” Stadium in Beijing may be forgotten, the impact of the Beijing Olympics will continue to be felt worldwide.

Yes, the opening ceremonies were spectacular, mounted on a scale never seen before in any Olympic celebration. But this was much more than a display of China’s growing economic power and its immense population. The ceremonies were a true artistic triumph. Ancient traditions were combined perfectly with modern technology in a cascade of unforgettable presentations. What we Americans (and people around the world) saw at 8 PM on August 8, 2008 was pure history in the making.

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