Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: MeDroogies who wrote (93840)	11/26/2001 11:27:11 AM
From: Night Writer	Read Replies (1) \| Respond to of 97611

I posted it because I found the "Urgent" humorous. It ran across my mind that the announcement was late rather then "urgent". I read what ever looks interesting as the RT headlines show up on my screen. The following is another opinion from a different part of the world. NW Terrorist Attack to Raise Poverty By 15 Million in 2002 Berlin, Germany, Nov 26, 2001 (Financial Standard/All Africa Global Media via COMTEX) -- The number of people living in absolute poverty will increase by between five and 15 million in 2002. The revised estimates by the World Bank came about as a result of the negative economic effects of the September 11 terrorist attacks in the United States of America. The World Bank's preliminary estimates of the impacts of the attack on developing countries were made known recently by Dr. Uschi Eid, parliamentary state secretary, Federal Ministry of Economic Co-operation and Development, Germany, and newly appointed special assistant on African matters to chancellor, Schroder, at the 6th international business forum in Berlin, Germany. It said because of the setbacks in growth, the number of people living in absolute poverty will be higher. The bank said also that additional 20,000 to 40,000 children under the age of five will die as a result of the economic impact of the terrorist attack. The World Bank also said that "growth rates must clearly be corrected downwards," because some sectors, such as tourism have suffered tremendous setbacks. Also, the risk surcharge for the developing countries' borrowing activities has substantially increased, meaning that debtor countries like Nigeria will have to pay more for their loans. The World Bank also said that the terrorist attack has led to a decline in world market prices for many agricultural raw materials, thus endangering the foreign exchange receipts of most developing countries. It is also expected that foreign direct investment will not reach this year's level of $168 billion. Instead, it has been estimated to fall to about $150 billion to $160 billion. Eid said the September 11 incident has led to a muted development of the world economy and decelerating of globalisation. For countries like Nigeria which depend heavily on foreign exchange income and foreign capital as well as nurse a huge debt burden, this declaration might mean greater unemployment, lesser income, lesser capital and of course falling short of gross domestic products (GDP) and general growth projections. It will also mean greater poverty, weaker national currency and fall in general standard of living. The fears of global recession arising from the effects of the September 11 incident has led the European Bank and Bank of England to cut interest rates as a way of encouraging borrowing and reflating the world economy through greater business and investment activities. But the effects of these measures have yet to be positively noticed even in the developed economies. The feeling of most participants at the international business forum is that creditor nations may come harder on debtor countries like Nigeria in 2002. by Eugene Olewuenyi Copyright Financial Standard. Distributed by All Africa Global Media(AllAfrica. om)