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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: IQBAL LATIF who wrote (17265)	3/4/1998 5:38:00 AM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

Asian Business news summary: SINGAPORE: Asian currencies drift lower in subdued trade - Most stock markets dive: Asian currencies drifted lower in slow trade late on Tuesday as uncertainty over Indonesia and a lack of fresh impetus elsewhere dampened interest. 1. INDONESIAN RUPIAH: The Indonesian rupiah barely twitched as traders retreated further into the wings due to continued uncertainty over a proposed currency board to strengthen and stabilize the rupiah. 2. MALAYSIAN RINGGIT AND SINGAPORE DOLLAR: Elsewhere, the Malaysian ringgit and Singapore dollar shed early gains as players covered their short dollar positions in the wake of the dollar's rebound above 126 yen. The ringgit slipped back through the 3.60 per dollar level after failing to breach dollar demand near 3.55/57. The Singapore dollar slithered through the 1.62 level to the US dollar as the psychological 1.60 base held. 3. THAI BAHT: The Thai baht was sandwiched between corporate dollar demand and exporter sales, keeping it in a narrow range around the 43.00 per dollar level. 4. PHILIPPINE PESO: The Philippine peso perked up a bit amid stability in regional markets and a lack of corporate dollar demand. The central bank cut its one-month lending rate to 17.93% from 18.57%. Central bank governor Gabriel Singson said banks' prime lending rates had gone down to 21% this week. 5. JAPANESE YEN: On the foreign exchange markets, the yen's three day rally against the dollar came to an abrupt halt on news of a fresh inquiry into the conduct of a senior Japanese finance official known as "Mr. Yen" for his ability to move markets. The probe into the past conduct of Eisuke Sakakibara, Japan's Vice Finance Minister for International Affairs, hobbled the yen but failed to dampen expectations that Japan will do more to boost its economy and stock market. The yen weakened as far as 126.30 per dollar and 69.67 per mark on Tuesday but had trimmed its losses by 1545 GMT when it was quoted 125.97 and 69.63. Most Asia-Pacific stock markets ended lower Tuesday as investors locked in profits on recent gains and waited for fresh leads to emerge. JAKARTA's bourse was the star performer of the day, putting on 4.4% amid heavy trade in leading counters, as envoys of the world's leading economies visited the region. US special envoy Walter Mondale held talks in Jakarta with President Suharto to press for full implementation of economic reforms promised by Indonesia to foreign creditors. He warned against "quick fixes" as Jakarta continued to toy with the idea of a currency peg, but dealers in the Indonesian capital said such warnings had been anticipated by the markets and had no effect. LONDON: Euro stocks falter with Dow, bonds - Oil wins feeble support from US Iraq threat: Europe's main bourses faltered on Tuesday, ending their record-breaking run as Wall Street paused for breath and US Treasury bonds fell on renewed concern that interest rates may rise. FTSE 100: Britain's key FTSE 100 index closed down for the first time in five sessions, but the wider 250 index managed to clamber to record highs as investors hunted for bargains. DAX: Germany's blue-chip Xetra DAX index crept off the day's lows, but profit-taking took its toll after the market's recent ascent to record heights. By 1700 GMT the DAX was down 22 points or 0.46% at 4,759.62. Earlier, the DAX closed bourse trade 20.40 points firmer at 4,747.14, with its advance reflecting an adjustment to previous day's post-bourse gains. DOW: Surprisingly strong US home sales data also helped buoy the dollar and dampen enthusiasms for shares. Concerns over rising long-term interest rates, possible first-quarter corporate earnings disappointments and a downgrade of a key computer stock all weighed on the US share market. By 1700 GMT, the Dow industrials was down by around 16 points, while the US 30-year Treasury bond was nearly a full point lower, fuelling fears that higher fixed income returns could lure investors out from shares. NASDAQ: US blue chip stocks had trimmed losses but the Nasdaq fell further as computer shares came under pressure after a downgrade of the world's largest personal computer supplier Compaq Computer Corp. Forecasts of new lows in the computer chip-making industry also helped drag US technology stocks down. OIL: Oil prices, which were under siege from global oversupply, won half-hearted support on Tuesday from a US threat to attack Iraq if it failed to honour an arms inspections accord. World Benchmark Brent blend traded four cents firmer at $14.09 a barrel at 1724 GMT, more than $5 below the average price for last year and some $11 below a post-Gulf War peak about 16 months ago. JAKARTA: US, Japan tell Indonesia to pursue reform, no quick fix: The United States bluntly told President Suharto on Tuesday the only way out of Indonesia's debilitating economic crisis is to implement reforms by the International Monetary Fund stating that "quick fixes" would not work. Japan also said Indonesia should be careful about implementing any radical new policies. Looming hyper-inflation and rapidly depleting foreign reserves have dealt another blow to Indonesia's faltering economy and turned President Suharto's much trumpeted plan to peg the shattered rupiah into a pipe dream, analysts warned Tuesday. The central Bank Indonesia late Monday said foreign reserves plunged to $16.333 billion at the end of February, down 25% from the close of last year to a level analysts described as precarious. The year-on-year inflation rate in February to 31.7%, nearly double January's rate of 16.91%, the biggest rise in three decades and within striking distance of the 40-to-50% hyper-inflation level. Business briefs: DUBAI: Saudi Prince eyes Seoul investments: Saudi Arabian billionaire Prince Al-Waleed Bin Talal intends to seal deals worth $250 million with South Korean companies during a visit to the country next week, a newspaper on Tuesday reported him as saying. The London-based Asharq Al-Awsat quoted Al-Waleed as saying that he also planned to invest in a Four Seasons hotel in Seoul, and others which would involve major companies working in the automotive, electronic and heavy industry sectors. ISLAMABAD: US firm to invest $1.4b: A US company, Synergies Energy Development Inc., has agreed to invest 1.4 billion dollars in a hydroelectric power project in Pakistan-controlled Kashmir, the government said Tuesday. The 750-megawatt project, described as the biggest private sector hydropwer scheme in South Asia, will be built at Kohala. The US company has already begun a feasibility survey at a cost of six million dollars. Synergies will retain control of the project for 20 years after it becomes operational and will sell electricity to the Pakistan government at a "cheap price," an official statement said. Ownership would be transferred to the government in Pakistan-controlled Kashmir after that. Pakistani Minister for Kashmir Affairs and Northern Areas, Malik Abdul Majeed, also invited the company to consider investing in hydro power generation in the northern Gilgit region on the river Indus, from where power could also be exported to neighbouring China. BOMBAY: The Indian rupee recouped early losses and strengthened slightly Tuesday as traders awaited final results from India's parliamentary elections. The rupee closed at 39.46 to the dollar, up from opening level of 39.50, catching most dealers by surprise as its value was expected to weaken in later trade. Meanwhile, a surge in gold consumption in India and the Middle East boosted global demand for the precious metal to a record level in 1997 despite a decline in Southeast Asia, official figures showed Tuesday. World demand climbed around 9% to an all-time high of 2,935 tonnes, the World Gold Council said. India remained the biggest gold consumer in the world and demand was growing fast because of its decision to liberalise the gold trade. Demand in the world's second most populous nation rocketed by at least 45% in 1997 over the previous year and consumption in the first nine months hit a record 508 tonnes. MADRID: Spain is negotiating a two-billion dollar arms sale to Turkey, including four navy frigates, the daily El Pais said Tuesday. HONG KONG: Hong Kong Chief Executive Tung Cheehwa said Tuesday that China's strong fundamental meant there was no reason to devalue the yuan after the shift in competitiveness from Asia's financial turmoil. Samira

To: IQBAL LATIF who wrote (17265)	3/4/1998 10:11:00 AM
From: Bart	Respond to of 50167

Samira,thank you for relaying the message from Ike.Tell him to be careful but have fun!

To: IQBAL LATIF who wrote (17265)	3/4/1998 11:39:00 AM
From: steve susko	Respond to of 50167

Happy skiing. Thanks for the market comments. For great skiing, try the Mammoth mountains in California and Whistler mountain in Vancouver Canada -- 2 best spots in the North American West Coast!

To: IQBAL LATIF who wrote (17265)	3/5/1998 3:13:00 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

I won't be able to get in touch with Ike today, but yesterday after I told him about Intel, he thought that 1040 put, in hindsight, seemed to be a good strategy. Little did he realize that Intel would come out with these kinds of pre-warnings, but he thinks that this should be read in association with tomorrow's unemployment numbers, until then, he would like to continue long puts, rather, add them if some critical levels are broken, like 1018; if that is taken out he thinks we might get into the 1000 area. At the moment, he will be a seller of calls and buyer of puts at any little rebound. This announcement will have a bigger effect, but he's long April puts and is ready to have a defensive posture. He added that there can be rebounds but Intel shortfall will not have a good impact on S&P. Samira