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Non-Tech : The ENRON Scandal -- Ignore unavailable to you. Want to Upgrade?

To: Mephisto who wrote (4572)	10/6/2002 3:36:08 PM
From: Mephisto	Read Replies (1) \| Respond to of 5185

"If we had a renewable energy policy in this country," he charged, "we would not be sending kids to die in Iraq."-- Vermont Gov. Howard Dean Source: Democratic Presidential Hopefuls Differ on War in Iraq Iowa: Two possible candidates question a military solution at a party fund-raiser; a third tells the dovish crowd he would back use of force. Reference: latimes.com By RONALD BROWNSTEIN, TIMES STAFF WRITER SI Reference: Message 18079377

To: Mephisto who wrote (4572)	10/6/2002 5:55:04 PM
From: Mephisto	Respond to of 5185

Asia Looks to China as War Fears Felt Sun Oct 6,10:04 AM ET By Simon Cameron-Moore story.news.yahoo.com KUALA LUMPUR, Malaysia (Reuters) - China's growth is Asia's ray of hope as the world eyes a meltdown on Wall Street, warplanes over Iraq, a sluggish U.S. recovery and a Japanese government desperately seeking solutions to financial chaos. The World Economic Forum 's conference on East Asia opened in Kuala Lumpur Sunday to worries over storm clouds building and little talk spent on recent forecasts of strong growth. Wall Street struck five-year lows last week, Japan's stock market is at levels unseen for 19 years and leading Asian corporates have ditched planned bond issues. "We have an extremely challenging international environment, and that environment is likely to be more challenging as we see the crash in equity markets and the huge spreads that have opened up in the bond markets that make it difficult for many companies to get funding," Kenneth S. Courtis, vice-chairman, Asia, Goldman Sach Japan, told the conference. Low investment, falling confidence and fear of what a Gulf War could do to oil prices and world trade have eroded optimism in a continent doing better than most in the growth stakes. Just two weeks ago, the Asian Development Bank forecast the Asia-Pacific, excluding Japan, would grow five percent this year and 5.7 percent in 2003. Courtis estimated high oil prices, currently over $28 per barrel on the London market for Brent Blend, had sliced one percentage point off world growth, with the threat of war looming in the Gulf. "Asia's growth has probably peaked. Signs that exports now are starting to peak and slow down are coming in, and there are also increasing signs of deflation gathering momentum in the region," he said. HOPES ON TAKENAKA AND CHINA Japan, with zero growth expected this year and 0.6 percent in 2003, is hardly helping, and the focus is on Financial Services and Economics Minister Heiko Takenaka to see if he can conjure a solution to the banking sector's chronic bad loans. "Everybody in this room wishes you good luck and lots of courage," Courtis told Takenaka, saying the minister's success was crucial to the international economy. But China could pull Asia through the hard times. Its growth is forecast at close to 7.5 percent this year and next. And its burgeoning domestic economy, coupled with foreign direct investment inflows seen rising 30 percent this year to over $60 billion, will keep the juggernaut rolling. In Asia's favor, the continent has shown resilience during the past two years after the shocks dealt by a slump in the high-technology sector, the economic repercussions of the September 11 attacks on the United States, and the market misery. "Asia's economies and societies have been remarkably stable through this turmoil despite the global environment," Malcolm Williamson, chairman and CEO of Visa International, told the conference. He said some uncertainties would arise from leadership changes -- due in both China and Malaysia -- and the political fallout from any war in the Gulf among the region's Muslim nations -- Indonesia and Malaysia again. Malaysia, hitherto one of the most optimistic governments in the region and forecasting six percent growth next year, is unnerved by what war in the Gulf could mean. "This war is going to threaten all prospects and plans for future growth anywhere in the world, especially Asia, this region," said Rafidah Aziz, Malaysia's Minister of International Trade and Industry. Courtis said those economies that can hook on to China's locomotive will be partially cushioned against the trouble brewing in the global economy. Malaysia will be glad to know that for the future. It is China's biggest trading partner in Southeast Asia, but the volumes are still a fraction of the $17.8 billion exported to the United States, and $11.8 billion to Japan last year. story.news.yahoo.com Email Story