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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Stitch who wrote (2831)	4/6/1998 9:45:00 AM
From: Worswick	Read Replies (1) \| Respond to of 9980

The good doctor has now found a friend in George. For Private Use Only (C) SCMP The Asian financial crisis, entering its 10th month, has wreaked havoc on regional economies with millions of workers being displaced, companies going under, inflation soaring and economies struggling to keep out of a recession. While at Asem, Dr Mahathir took the opportunity to urge the world's financial leaders to join forces to prevent damaging currency speculation. He said there was little an individual country such as Malaysia could do to thwart attacks on weak currencies. He said financial market participants as well as governments needed to be transparent in their dealings. "I have quite a few ideas but I doubt where I [alone] can do anything," he said, adding it was up to leading nations to decide what to do. More than US$1 trillion per day is traded on the world's foreign exchanges, and a large share of that represents short-term bets by banks and investors rather than longer-term money for trade and business investment. German Chancellor Helmut Kohl cast doubt on whether anything could be done to curb or channel global financial flows. Mr Kohl said: "I don't think there's a magic cure on offer." But Dr Mahathir said, if the political will existed, ways could be found to shine a light on speculative trading. He said prominent international investor George Soros had come round to his way of thinking about the need for better regulation of the international currency markets.