NorthEast

Ariel View from Laban Rata (above cloud @ approx 3200M asl) Our hostel (Gunting Langanan) @ Laban Rata At 5.30 AM (freezing cold) Just 900M asl away from Peak

My best friend, Kok Yong and I, out of the need to challenge our mental and physical strength, decided to try to land our foots on the peak of Mount Kinabalu (Mt KK), the highest peak in Southeast Asia at 4,101 metres asl. For Kok Yong, the attempt is just another routine given how actively he has participated in the full marathon race for many years, which requires very high level of mental and physical strength. For me, it is a completely a different story. The climb to Laban Rata (3,270 metres) alone took almost 5 1/2 hours via 'The Summit Trail', and soon after I checked into Gunting Langanan hostel the altitude sickness spinned my head and caused me 2 vomits slightly after 2.30 am the next day, when everyone is supposed to start its final leg of attempt to conquered the peak. With the temperature at 15 degree C, I decided not to touch the water. Kok Yong came out with a brilliant idea of dry cleaning; apply Baby Johnson powder to overwhelm his odour - i did not bother to ...

Morgan Stanley Asia chairman Stephen Roach talks to Vikram Khanna about the global financial crisis and where it's headed. FOR several years now, Stephen Roach, Morgan Stanley's chairman for Asia, has been flashing the orange light on the state of the US economy. In press articles, research reports, speeches and interviews, he's been hammering home his gloomy message: the US consumer is overstretched, the stock and property markets are in bubble territory, the US current account deficit is out of control and this party can't keep going on. The party did, however, go on far longer than he predicted. As stocks and property values kept rising, Mr Roach, a former economist at the US Federal Reserve, earned himself a reputation as 'the perennial bear'. Market optimists would murmur 'there he goes again' everytime he spoke. But then, around August last year, the bubble burst, the markets went into a tailspin, culminating in a financial meltdown and a near coll...

Japan's stock market lost more than three quarters of its capital over two decades - it might be enough to bring tears to the eyes of even the most inscrutable investor. 'Pushing on a string'' might sound like a daft if harmless activity but I fear it will be seriously bad news for all of us if the phrase ever enters mainstream usage. Devotees of the dismal science of economics use it to describe the point at which interest rate cuts and other attempts to boost activity - such as pumping billions into bust banks - fail to restore confidence. For a Chancellor or Prime Minister to discover he is pushing on a string is akin to a sailor being blown onto a leeward shore and, seeing he is running out of sea room, discovering that the auxiliary engine will not start. I first heard the phrase nearly 20 years ago when the Japanese stock market began its long decline from a peak of 38,000 in the Nikkei index, despite a series of increasingly desperate rate cuts. It came to mind a...

While share prices plunge and bears – or pessimists – rule the stock market, analysts are seeking comfort from their history books. They scrutinise charts of previous slumps, hoping for clues on how to survive stock market shocks and beat the bears. Experts believe that lessons from history can stop us repeating the mistakes we have already made, and give us some tips on how to do better in future. Statistics show that no stock market downturn lasts forever. They also show that, even when downturns are swift and terrible, the way up can also come quickly.Current stock market shocks have been likened to everything from the 1970s oil crisis to the Great Depression. "This downturn is new," says stock market historian David Schwartz. "But it is important to realise that every downturn is new. They are never exactly the same." However, he claims that there are lessons to be learnt from studying what happens in the past. Schwartz says that he is confident that things are ...

The roar was visceral: a gutsy grunt of defiance. For a few heady minutes on Friday afternoon, traders on the floor of the New York Stock Exchange cheered aloud as they briefly heaved the stock market into positive territory. The effort was Herculean: a dwindling band of optimists pouring billions of dollars into a few selected shares in the hope of encouraging others to rally round. Twice they succeeded, only to see the forces of panic overwhelm them each time. Finally, New York closed for the weekend, once again in the red: bringing temporary relief to a global rout that has reduced the value of most international markets by a fifth in just five brutal days. Listening to the animal language of the trading pit, it is easy to forget that securities trading is just a mathematical invention – nothing but the abstract agglomeration of pricing data. The sober Reuters wire service wrote on Friday of investors being “castrated”. Scandinavian bank Enskilda warned clients that markets were “at...

Thursday's calamitous chain reaction on Wall Street continues this morning in Asia and Europe. In Japan, the Nikkei slumped another 9.6 percent Friday, the New York Times reports, on a perfect storm of events. Asian "investor sentiment was battered by the overnight rout on Wall Street, confirmation that Singapore has slid into recession and news of a financial-sector bankruptcy in Japan," the NYT writes. There were similarly deep plunges in Europe with markets in London, Paris, and Frankfurt all opening at least 9 percent down , the BBC writes. Back in the States, investors are still trying to make sense of the market's 20-percent drop in the past seven days. The Dow on Thursday sunk to its lowest level in five years , below 9,000, the Wall Street Journal reports, adding "the decline leaves America in one of its worst bear markets in decades, a slump that is triggering comparisons to long-running declines of the 1930s and 1970s." Market pundits say we'v...