Beware the ides of March
It has not been the most auspicious of months for Asia’s financial markets. More than a year after Enron, Asia has an accounting scandal all of its own – South Korea’s SK Group. The news that top executives from the group, Korea’s fourth largest conglomerate, have been indicted on accounting fraud charges totalling around $1.2 billion sent stocks tumbling and credit spreads soaring in March.
Adding to market anxiety has been the nuclear standoff in North Korea, rising consumer debt
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