Standard Chartered's Bad Loans Reveal Cracks in Asian Economies - Bloomberg Business:
"As China’s growth sputters, the troubles at Standard Chartered Plc are another bad omen for what were once Asian economic darlings.
The bank, which generates most of its income in the region, had gambled on success in emerging markets such as India, which instead saddled the lender with delinquent loans. As a result, the company which opened its offices in Mumbai under Queen Victoria is now axing 15,000 jobs and is asking investors for $5.1 billion.
“Standard Chartered are Asian specialists and are in all the main markets in the region, so in looking at them you can get a good sense for credit direction and lending appetite,” said Mark Holman, chief executive officer at TwentyFour Asset Management in London, which oversees 5 billion pounds ($7.7 billion). "
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