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Strategies & Market Trends : HONG KONG -- Ignore unavailable to you. Want to Upgrade?

To: Stitch who wrote (1698)	5/27/1998 11:31:00 PM
From: Stitch	Respond to of 2951

Thread, Interesting story from a post on the India Coffeehouse thread: Source:Reuters -For private use only. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Wednesday May 27, 7:54 pm Eastern Time Morgan Stanley remains firmly SANTIAGO, May 27 (Reuters) - Despite the widespread financial crisis that has rocked Asia, U.S. investment bank Morgan Stanley Dean Witter & Co (MWD - news) has adopted a bullish outlook on the region and upped its presence there, its regional chairman said. The company has added a couple of hundred employees to its roster of 2,000 stretching from Tokyo to Bombay, while its investment there has ''continued to grow,'' Morgan Stanley Asia Ltd. Chairman John Wadsworth said. ''Our long-term five year view to capital investment is it will increase,'' Wadsworth said in between meetings at the Pacific Basin Economic Council annual conference. Morgan Stanley's business strategy has changed ''dramatically'' in Asia, however, said Wadsworth. ''Twelve months ago I would have told you equities were 70 percent of our business in the region,'' he said. ''Now it's more forex trading and debt restructuring.'' Wadsworth declined to mention how much of the company's business had been pulled out of equities, saying only there was ''a significant shift in the balance.'' Last week Morgan Stanley chief economist Stephen Roach presented an upbeat forecast for the Chinese economy, noting exports have exceeded expectations and there were positive signs for domestic demand growth. The country's longer-term prospects were boosted by its commitment to reforming its financial system, a process that has been accelerated by the Asian crisis, Roach said. Roach said China and Japan are the central players for Asia's future, with the latter's economy currently in very dire straights.