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To: Giraffe who wrote (19813)	9/25/1998 11:13:00 PM
From: Don Green	Read Replies (2) \| Respond to of 116759

Just in case your curious... Message 5845991 Rambus closed at 65.. It was as high as 67 earlier today.. hmm? regards don

To: Giraffe who wrote (19813)	9/26/1998 1:20:00 PM
From: goldsnow	Respond to of 116759

PM Goh warns of retreat from free market paradigm He paints bleak picture of world economy if US fails to provide necessary leadership From Leon Hadar in Washington S INGAPORE'S Prime Minister Goh Chok Tong warned an American audience yesterday that the criticism of the free market system by Malaysia's Prime Minister Mahathir Mohamad "has struck a chord throughout the region and beyond". He said that a deterioration in the economic conditions in Asia and the spread of financial turmoil to other parts of the world could lead to major global retreat from the free market paradigm. In an address before the Asia Society Annual Dinner in New York, PM Goh stated that the key to resolving the Asian crisis is global leadership, and that "the US is the only major economy that is in a position to lead such a global effort". Mr Goh painted a bleak picture of the world economy that could follow a failure on the part of the US to provide the necessary leadership in dealing with the current economic crisis. The prolonged crisis has produced major challenges to the principle of a free and open global economy, "not just in East Asia, but around the world", threatening the foundation on which the prosperity of the US and Asia has expanded since 1945. He suggested that the Asian crisis and the insecurities that it has produced, "has given a new sharper edge" to intellectual and political attitudes and even to "conspiracy theories" that reflect "a loss of faith in international institutions and a desperate search for alternatives to orthodox prescriptions". Moves in Hongkong and Malaysia to intervene in the free market are examples of "the temptation to move away from openness", and they seem to be winning some support in Asia. "It is precisely because Malaysia and other East Asian economies were so successful for so long that any turning away by them from the free market system can have a powerful contagion effect," the PM stated. "Countries that did not open up feel vindicated" and they may "resist strenuously the developed world's move to liberalise their financial and services sectors". PM Goh warned that if the problems of global markets were not addressed, more governments would resort to economic nationalist measures, and warned that such a change of "the intellectual and political framework", or a "paradigm shift", would only worsen economic conditions in Asia, in the US and around the world. "Economic regimes put in place by the WTO (World Trade Organisation) would be undermined" and a new round of multilateral trade negotiations would not take off. In addition, Asia's economic downturn could "revive latent tension against the West and may unravel the security architecture that the US spent blood and bullion to erect over the last 50 years", and could lead to growing regional, even global tensions. business-times.asia1.com.sg

To: Giraffe who wrote (19813)	9/27/1998 11:32:00 AM
From: goldsnow	Read Replies (1) \| Respond to of 116759

WEEKAHEAD-Thai baht seen holding, stocks to rise 09:59 p.m Sep 26, 1998 Eastern By James Mclean BANGKOK, Sept 27 (Reuters) - The Thai baht, which surged last Friday to four-month highs against the dollar, should hold below the 40.00 per dollar level this week while the local stock market is expected to remain buoyant, dealers and analysts said. The baht ended the week at 38.90/39.00 per dollar, its strongest level against the greenback since mid-May, an appreciation of more than four percent from the previous Friday's close at 40.70. Dealers said offshore funds were still scrambling for baht late on Friday, and though local banks were looking to buy the dollar back on the dip, it was offshore that would likely dictate market movements this week. Bank of Thailand Governor Chatu Mongol Sonakul told reporters on Friday the baht's move was primarily linked to equity investment by foreign funds and the baht could hold at about current levels. Dealers concurred with the governor's assessment though dollar support looked good at 38.50 and the market would be volatile. ''For this week I think it should be quite difficult to see 40 again but I think 38.50 is also looking like strong (dollar) support,'' said a senior dealer at a U.S. bank in Bangkok. ''But it is difficult to say which way it is going to go at the moment. Most of the market movement is coming from offshore and we are caught in the middle,'' he added. The baht's rise, partly fuelled by a week-long foreign investor-based rally in Thai stocks, could also further encourage a resurgent local stock market. The market has rebounded from off near-12-year lows in the last week to end on Friday at 248.93, a rise of 12 percent from the previous week's close. Lower local interest rates and signs that Thailand is making solid progress towards economic recovery have attracted sizeable foreign buying for the first time since February. Profit-taking, which saw the market break a seven-day rally on Friday, could continue on Monday but overall the short term outlook remained positive, analysts said. ''The interest rate scenario has been around for a long time but the assumption was that rate cuts would crush the baht, but the baht has remained stable for a considerable period of time,'' said Peter Redhead, head of research at ING Barings in Bangkok. ''For investors rebalancing portfolios within Asia they will by default have to look at Thailand...while there are worries about the economy and about an early election the risk premiums appear to be coming down,'' he said. With Thai banks struggling to cope with still rising non-performing loans, investors have a limited choice of solvent, profitable and liquid industrial counters to choose from. Most fitting that criteria have already run up quickly. National Petrochemical Co Plc and entertainment firm Grammy were good value plays, Redhead said. Analysts and brokers said that though a comprehensive rally may have to await improved economic fundamentals, investors' perceptions had shifted to a feeling that Thailand was a possible turnaround play. ''I think the SET will outperform the rest of the region from here until Christmas, though possibly by default as most of the regional markets are still dropping,'' said Stefan de Baets, a senior trader at Seamico Securities Plc. --Bangkok Newsroom (662) 253-5000 ext 400 --e-mail: rtrburo+ksc15.th.com Copyright 1998 Reuters Limited.

To: Giraffe who wrote (19813)	1/11/2000 1:15:00 PM
From: long-gone	Respond to of 116759

Tehran upgrades Chinese missile BY MICHAEL EVANS, DEFENCE EDITOR IRAN and North Korea are working together to improve the accuracy of a naval cruise missile which Tehran bought from the Chinese in the mid-1990s. The joint programme is intended to provide the Iranian Navy with an advanced weapon capable of being used in a coastal defence or anti-ship role. The new weapon is an improved version of the Chinese C802 cruise missile which Iran began procuring from Beijing until pressure from Washington persuaded the Chinese to freeze the deal. The Chinese weapon closely resembles France's Exocet missile, although A‚rospatiale, the French manufacturer, has always denied any technology exchange. The French Exocet proved devastating against Royal Navy warships in the Falklands conflict in 1982. The Argentinians had acquired Exocet prior to their invasion of the Falklands. Iran had already bought older 30-mile range C801 missile from China in the early 1990s and had received about half of the 150, 80-mile range, C802s on order from Beijing before the supply was frozen in 1997. The longer range missiles were also delivered to Tehran without target designation systems, which is why Iran is now developing the advanced equipment with the help of the North Koreans, according to intelligence sources. The latest reports indicate that North Korea is working on an "over-the-horizon" designation system to increase the chances of a successful hit. the-times.co.uk