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To: Les H who wrote (5185)	1/27/2003 10:44:26 PM
From: pallmer	Read Replies (1) \| Respond to of 29602

-- DAVOS-Dollar weakness hurts world economy-Soros -- (Refiling to clarify dateline is DAVOS) DAVOS, Jan 27 (Reuters) - Billionaire investor George Soros said on Monday the dollar's slide to multi-year lows against major currencies would have a negative impact on the global economy despite making U.S. exports more competitive. He also told a news conference at the World Economic Forum's annual meeting in Davos that a quick victory over Iraq that spared the OPEC member's oil fields would do more to remove uncertainty and boost economic output than any tax cuts could. The dollar's retreat amid fears of a U.S.-led attack on Iraq "is more a sign of weakness than a potential strength", he said. "It means other countries still have to keep selling to the United States because that is where the market is. They will just have to sell at lower prices, so it will have a negative effect on the rest of the world. It will be relief for U.S. companies but not for the global economy," he said. Soros, 72, is best known as "The Man Who Broke the Pound" for betting against sterling in 1992 until London pulled out of the European currency grid that prefigured the euro single currency. He no longer actively manages investments himself. The Hungarian-born financier said bearish stock markets were clear signalling they abhorred the uncertainty over a looming war in Iraq, which he said he was not taking for granted. "The markets are exerting pressure on (U.S.) President Bush to resolve these issues. Further delay will likely keep the markets under pressure and the economy under pressure and he is on notice that he has got to pump up the U.S. economy if he wants to be re-elected," Soros said. Rising oil prices as traders scramble to secure supplies in case war breaks out are also weighing on the economy, but would probably drop if an easy victory over Baghdad did not destroy Iraqi oil fields. "That would probably do more for the economy than fiscal stimulus," he said. ((Reporting by Michael Shields; Reuters Messaging: michael.shields.reuters.com@reuters.net; +41 1 631 7320)) (C) Reuters 2003. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. nL27397837 27-Jan-2003 13:35:03 GMT Source RTRS - Reuters News