US recession affecting world

clipped from http://www.thestandard.com.hk/news_detail.asp?pp_cat=1&art_id=65708&sid=18890456&con_type=3

US recession `likely,' says HSBC after crunch losses

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Benjamin Scent

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Tuesday, May 13, 2008

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HSBC (0005) recorded US$3.2 billion (HK$25 billion) of loan impairment charges in the first quarter for its US consumer finance business, down from US$4.6 billion in the fourth quarter last year, but chairman Stephen Green said the deterioration in the US housing market will likely extend into 2009.

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