An interesting fallout of the sub prime crisis is the sale of substantial stakes in Western Banks to Asian interests.  There have been a few to China, and here UBS is selling 9% to Singapore Government.

BBC NEWS | Business | Sub-prime woes continue for UBS

The bank wants shareholder support to sell a 9% stake to the Singapore government, and 1.5% to another buyer

In related news, the Chinese economy is expected to cushion the what is now being described as the worlds slump.

BBC NEWS | Business | China boom ‘cushions world slump’

Global economic growth will slow in 2008 as the credit crunch hits the richest nations, the World Bank says.

But the “resilience” of developing countries will cushion the slowdown, with China still booming, it adds.