The privatisation of Japan’s post office, which doubles as the world’s biggest savings bank, was hailed around the globe as a watershed free-market reform that would streamline the world’s number-two economy. But just months before the October kick-off date, a darker prospect looms over what will unseat Citigroup as the world’s biggest financial institution.
Asian stocks plunged on Wednesday after Wall Street chalked its second-biggest drop in four years and rattled already nervous markets worldwide. The tumble extended a couple weeks of international trading turmoil rooted in concerns about overheated global markets and slower growth in the American economy.
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/ 10 January 2007
Sony’s long-awaited PlayStation 3 may have missed its global shipment target and been beaten in its home market by rival Nintendo’s surprise hit Wii video game system, new figures show. The results herald more bad news for Sony, which is struggling to maintain its dominance in video gaming amid a three-way battle with Nintendo and the Xbox 360 of United States-based Microsoft.