Word: banking
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...Center on Philanthropy reported in July that nonprofits were feeling less optimistic than they had six months ago. And that was before Lehman, before AIG, before the S&P 500 Index dove off a cliff. Gregory Boroff, senior vice president for external relations at the New York Food Bank, notes that his organization's donations from direct mailings is down 27% from the same time last year. Like City Harvest, the New York Food Bank receives the bulk of its donations during the holidays, and Boroff is nervous about December. "If people start to pull back, there's going...
...number of people in need of charity is steadily rising, a situation that's sure to get worse as the economy slides and nonprofits' coffers run dry. From 2004 to 2007 - when New York's economy was doing well - the number of city residents who used the Food Bank rose 24%. As of 2007, more than 1 out of every 5 New York City children relied on soup kitchens or food pantries, up 48% from 2004. In the developing world, the situation will be even worse. At the United Nations Global Assembly last month, the global-hunger charity Oxfam warned...
...Lessons from the 1997-98 Asian financial crisis come with caveats, since the conditions were markedly different. The crisis was contained to a relatively small number of countries - mainly Korea, Indonesia, Malaysia and Thailand - in which banks and businesses were unable to pay off debts owed to the outside world. That allowed the International Monetary Fund (IMF), in cooperation with the World Bank and Washington, to organize bailout packages that allowed Asia to get back on its feet...
...World Bank officials are meeting in Washington on Oct. 13 to search for solutions to the current crisis. But the IMF's role will be limited, because the financial turmoil is global. The organization might be able to lend a hand in specific situations. On Thursday the IMF announced it was restarting an emergency lending program that had been active during the 1990s Asian crisis for developing countries. The IMF has already sent a mission to Iceland, which is suffering from a financial meltdown. "All kinds of cooperation has to be recommended," IMF managing director Dominique Strauss-Kahn told reporters...
...Alvin Liew, a Singapore-based economist for Standard Chartered Bank, says Singapore's bad economic news was exacerbated by investors' broadly pessimistic mood. "My feeling right now is that people take negative news more seriously than any positive news," he says...