To: Jurgen who wrote (29909 ) 1/10/1998 1:06:00 PM From: Glenn D. Rudolph Respond to of 61433
***GLANCE - Asia Financial Crisis at 2359 GMT*** Reuters Story - January 09, 1998 18:43 %&64 %GLANCE %US %TH %JP %ID %CN %SG %KR %INT %GVD %DBT %ECI %BNK %FIN %FRX %GLANCE/KR NEWS PRESS/NEWS1 REUTERS USER/HELP PHONE/HELP V%REUTER P%RTR To access news and prices click on codes in brackets or type code and hit the news key (f9) for [] items or enter for <> ----------------------------------------------------------- Concern over sharp declines in Indonesia's currency and stock markets overnight sent U.S. stocks tumbling over three percent as the Clinton administration urged quick action to restore calm to markets. The Dow Jones industrials average dropped over 240 points to 7560.74 in afternoon trading after European bourses were battered by news that Indonesia's currency, the rupiah, hit an historic low of 11,000 in New York overnight after a record low of 9,900 in Jakarta on Thursday. U.S. President Bill Clinton urged President Suharto to implement tough reforms during a 25-minute telephone conversation and White House chief economic adviser Janet Yellen warned steps must be taken to restore calm to markets. A senior U.S. delegation, led by Deputy Treasury Secretary Lawrence Summers and the IMF's two top officials, was scheduled to visit Jakarta. Markets have spiraled lower since Suharto presented Indonesia's draft budget which ignored conditions agreed to when the IMF agreed to extend a $38 billion rescue package last October. --------------------------TOP STORIES--------------------------- * Indonesian crisis hits U.S., Clinton urges action [nN09562620] * Experts urge patience on S. Korea deal with banks [nN09592800] * Emerging market debt slips as the Dow plunges [nN09619990] * FOCUS-French Cr.Lyonnais defends S.Korea exposure [nPAIE190DQ] * Summers heads for Asia on Saturday to take stock [nWAT5644] * Bankers hope Korea picks economist for debt talks [nN09161822] * Moody's may cut BA1 debt of major Korean corps [nN09283846] * French banks agree to roll over South Korea debt [nTHV002791] * White House steps up pressure on Indonesia [nWAT00192] * FOCUS-Indonesia spooks Asia, rupiah rally fading [nH0981280] * FOCUS-Concern grows over Indonesia,US urges action[nHKHDE09G5] * FOCUS-German banks say S.Korea talks constructive [nJ0906723] * S. Korea forex reserves starting to recover-source[nN09189044] --------------------------INDONESIA----------------------------- * Soros sees Indonesia worse than South Korea [nN09551370] * Moody's cuts 12 Indonesian bnks deposit ratings [nN0992536] * Moody's cuts Indonesia, South Korea ratings [nN0919356] * More calls for Indonesia's Suharto to step down [nJK11370] * Indonesians worry about food, no other crisis sign [nJK15081] * Most Indonesian companies swamped by debt [nJK15051] -------------------------SOUTH KOREA---------------------------- * Moody's may cut Taegu Metropolitan City BA1 bonds [nN09162623] * Cr. Lyonnais upbeat on S.Korea, sees new loan deal[nTHV002788] * Belgium agrees role in South Korea aid package [nAZ0904738] * Sweden C.Bank asks banks about exposure to S.Korea[nSX0901828] --------------------------THAILAND------------------------------ * INTERVIEW-Supachai sees zero Thai growth in 1998 [nFLLM197GS] * Thailand's speculation curb hinges on enforcement [nBKK001237] * Thailand working hard to curb inflation--Supachai [nDAT001467] ---------------------------NEWSGUIDE---------------------------- Politics & General News [NEWS] Oddly enough [ODD] World News Diary [POL/DIARY] Index of diaries [IND/DIARY] News outlook [OUTLOOK/] Business Outlook [OUTLOOK/B] Sports trivia quiz [SPO/QUIZ] Reuters News at a Glance The year ahead and in review [GLANCE/YR] Sport [GLANCE/SPO] Business [GLANCE/BIZ] Directory [GLANCE/] Reuters Speed Guides to Services and Customer Help