Asia Focus

This week has been all about the markets starting to factor in the prospect of a global recession, it's not just the banking crisis in the northern hemisphere, which has been driving a lot of volatility in the markets in the past year or so but now the prospect is very real of a global downturn. Australian Prime Minister Kevin Rudd says he's more concerned about the stability of Australia's banks than its competitiveness. The Commonwealth Bank has launched a bid to buy Bankwest, while Westpac is trying to takeover St George Bank. Australia's opposition says the global economic crisis is an opportunity for the big banks, and will reduce competition in the market.