Asian outlook improves

The Asian recovery is sustainable due to restructuring and an end to protectionism, according to Fleming Asset Management (FAM While return on capital invested in the US has been increasing, this has not been the case in Asia until now. Pegged currencies, the protection of domestic industries and banks from foreign competition and crony capitalism have all been responsible for holding back performance in the past, the group said Rick Schmidt, fund manager at FAM, said: "There has been a major change as a result of the crisis. The IMF has laid down measures, which have been adopted, so the...