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To: Lee who wrote (70967)	10/9/1998 1:26:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 176387

<World Economy><Interest Rates> Hi Lee: I hear a few of the European countries have cut interest rates already and many are projected to do so shortly.Have you heard anything. The following are countries who has cut thus far that I know of. 1.U.K/25 bp 2.Spain/? 3.Portuagal/50 bp 4.Denmark/25 bp Following are some of other world economic news I picked this A.M =========================== AUSTRALIAN employment rose more than expected in September, indicating the economy may be maintaining the robust growth of the 12 months to June and suggesting the central bank won't cut interest rates soon. Business are still hiring staff, even as a survey by National Australia Bank Ltd. found Asia's turmoil is causing executives to be close to their glummest since the recession of the early 1990s -- though less pessimistic than three months earlier. The economy created 41,300 jobs in September, taking the workforce to 8.65 million, the Australian Bureau of Statistics said. This was more than the 12,400 jobs expected in a Bloomberg survey and added to the 13,200 jobs created in August. The jobless rate was unchanged at 8.1 percent. The recession gripping SOUTH KOREA will ''bottom out'' and the economy will post ''mild positive growth'' in 1999, Korean Finance Minister Kyu-Sung Lee said. By the year 2000, the Korean economy ''will have restored growth potential,'' Lee said in a speech to the annual meetings of the International Monetary Fund and World Bank. ''Korea's current flexible interest rate policy and fiscal expansion will cushion the economic contraction.'' With the inflation rate slowing and the economy contracting, the government last month cut interest rates and set aside 10 trillion won ($7.23 billion) for loans to individuals to stimulate domestic economy. The central bank cut interest rates on overnight funds to banks by 1 percentage point to 7 percent and pumped more money into the banking system. The government will remove some restrictions on foreign exchange transactions beginning in April and eliminate all of them by the turn of the century, Lee said. (Story illustration: To graph Korea's consumer price index, type KOCPI GP) NEW ZEALAND new vehicle registrations rose 13 percent in September from August, indicating tumbling interest rates may be boosting sales and after tariff cuts this year lowered car-yard prices. The government scrapped tariffs on imported motor vehicles in May, bringing forward an earlier plan to phase them out by 2000. That saw car dealers cut prices as the passed on the savings. Meantime, money market rates have fallen nearly 500 basis points since mid-June. Lower interest rates mean its cheaper to borrow to buy items such as cars, which are often purchased using hire-purchase contracts. New car registrations rose to 5,180 in September from 4,586 in August. (Story illustration: for a graph of New Zealand's monthly trade balance, see NZMTBAL GP) --Chris Collins in the London newsroom