To understand what kind of year 2006 has been for Asia, look no further than the stock tables.
Of the world's top 10 performing equity bourses, Asia boasts four: the Vietnam Ho Chi Minh Stock Index (up 150 percent so far this year), the Shanghai Shenzhen 300 Index (up 109 percent), Hong Kong's Hang Seng China Enterprises Index (up 68 percent) and Indonesia's Jakarta Composite Index (up 67 percent).
Stock rallies in many Asian markets reflect rapid growth, young populations, swelling cities, growing ranks of middle-class consumers and undervalued companies.
They also point to resilience in the face of the crises that have flared up in the region.
Big deals kept Asia in the spotlight. In March, Softbank Corp bought Vodafone Group Plc's Japanese mobile phone unit. In October, Industrial and Commercial Bank of China Ltd pulled off the biggest initial public offering in history. India's Tata Steel Ltd this month announced a bid for Corus Group Plc, the UK's largest steelmaker.
The last 12 months also have been rife with intrigue. Japan got a new prime minister, Shinzo Abe, and a new heir to the world's oldest monarchy.
Thai Prime Minister Thaksin Shinawatra was removed in a coup, while presidents Chen Shui-bian (陳水扁) of Taiwan and Gloria Arroyo of the Philippines displayed Teflon tenacity; both hung on to their presidencies amid widespread discontent.
As a memorable year draws to a close, some awards seem in order for the countries, companies and people that, for better or worse, helped shape Asia this year. Drum roll, please.
Watching Grass Grow Award: To China's currency, whose value versus the dollar seemed to grow even slower than vegetation. While there's much excitement about how the yuan is the highest since it was freed from its dollar peg in July last year, let's make one thing clear:
Boom 'n' Bust Award: To North Korean leader Kim Jong-il, who shook up the world with a nuclear test. The US retaliated by halting the flow of luxury goods, from cognac to fur coats to fancy cheese to Rolexes. While he may have the bomb, it seems Kim's ability to entertain in style just went bust.
Nobody Home Award: To Howard Stringer, chief executive at Sony Corp. The world's second-largest maker of consumer electronics took its lumps with a high-profile battery recall and a delay in getting the all-important PlayStation 3 to market.
Where was Stringer, the man charged with turning around Sony? Inquiring minds are still trying to answer that one.
King Lear Award: To those Asian billionaire families experiencing a falling out. You had casino mogul Stanley Ho (何鴻燊) in a legal dispute with his sister, Winnie, over his stake in the company that controls 16 of Macau's 23 casinos.
In Hong Kong, Li Ka-shing (李嘉誠) and his son, Richard Li (李澤楷), clashed over the ownership of PCCW Ltd (電訊盈科). Indians, meanwhile, have been captivated by a tussle between the Ambani brothers to split the Reliance group. Mom had to intervene to broker a truce.
Snake Eyes Award: To squeaky-clean Singapore, for gambling on its future with casinos. Asia's 12th-biggest economy has been trying to loosen its tie; it allowed bar-top dancing, broadcasts of Sex and the City, and sales of US women's magazine Cosmopolitan. Tossing a bit of Las Vegas into the mix is all about getting more Chinese tourists to visit. Chances are, the bet will pay off.
Chutzpah Award: To US politicians pushing China to revalue the yuan. The US, with its 4.5 percent unemployment rate and ravenous consumption tendencies, goes hat-in-hand to Beijing for help, claiming Americans feel squeezed economically. It's a bit unseemly, given that China is struggling to raise the 42 percent of its population living on less than US$2 a day out of poverty.
Goin' Shopping Award: To Macquarie Bank Ltd, which topped off the year with Australia's biggest leveraged buyout. For a while there, 2006 seemed like a wash for Australia's largest investment bank. It failed in attempts to buy London Stock Exchange Plc, the telephone and media assets of Hong Kong's PCCW Ltd and Patrick Corp.
That was then. Last week, Macquarie and Texas Pacific Group bought out Qantas Airways Ltd. That topped off a year that included purchases of Thames Water, the largest water-services company in the UK, and the Indiana Toll Road, in the largest US highway privatization. No doubt Macquarie has Goldman Sachs Group Inc looking over its shoulder these days.
Happy in Exile Award: To Thaksin, Thailand's ousted leader. Rather than sulking about the military leaders who on Sept. 19 took over Asia's ninth-biggest economy, Thaksin is on a global shopping tour of his own.
Thaksin has been seen literally circling Bangkok with stops in Beijing, Hong Kong, Bali and elsewhere -- and with the press always in tow. Perhaps it's his way of annoying the generals trying to make sense of Thailand's economy. Or maybe it's just a sign that when the going gets tough, the tough go shopping.
IT Economy Award: To Vietnam, the one nation that came close to out-China-ing China. Intel Corp said it would build a US$1 billion plant, Microsoft Corp chairman Bill Gates visited to tout its outsourcing potential, and outfits like Merrill Lynch and Credit Suisse Group tripped over themselves to make glowing assessments of its future.
The key now is for Vietnam to deliver and not disappoint investors as it did in the mid-1990s. It's easier said than done, and that goes for the rest of Asia, too.
William Pesek is a Bloomberg News columnist. The opinions expressed are his own.
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