As the economic crisis unfolds, countries around the globe are seeing their companies crumble or weaken. Reuters reports on the latest tolls the economic slump is having on Asia: “Japan insurers seek merger as crisis takes toll“.

The South Korean unit of the largest Chinese automaker Ssangyong Motor, filed for bankruptcy protection on Friday, which makes it the first major player in the autoindustry to receive a destructive blow as demand for new cars plunged and the global economic crisis strangled all credit.

Reports by the Bank of Korea on Thursday, revealed Korea’s Gross Domestic Product fell 5.6 per cent in the fourth quarter compared to previous three months.

Headlines around the globe are sprouting up, announcing that Toyota is to cut jobs.

The automaker Nissan Motor said yesterday it would eliminate 20,000 jobs, or 9 percent of its workforce.

The announcement comes as the Japanese automaker cuts its earnings estimates predicting a loss this year.

Nissan filed the following revised forecast for the fiscal year ... Read More

The Bank of East Asia (OTC:BKEAY) posts first loss in fourty years. Hong Kong’s fifth-largest lender posted a second-half net loss of HK$746 million compared with a net profit of HK$2.27 billion in the second half of 2007.

As the global economic crisis spreads around the world, South Africa is feeling the effects. The rand posted a third week of declines against the dollar closing at 1 ZAR = 0.098 USD (1 USD = 10.225 ZAR) Friday.