To: PAL who wrote (80244 ) 11/16/1998 8:51:00 AM From: Mohan Marette Read Replies (2) | Respond to of 176387
<Market Friendly news> One down,three to go Good morning Paul-san. Didn't you say this week would be interesting,it certainly is shaping up that way. 1)Brazil/IMF ( Done) 2)Japan-Economic revival plan(Announcement possibly today) 3)FED (Will know tomorrow) 4)APEC-US/Japan initiative (Announcemnet possibly today) 5)IRAQ (Forget about it) 2)Japan Economic Package May Top 20 Trillion Yen 1.54 p.m. ET (1854 GMT) November 15, 1998 By Tatsuo Ito TOKYO — Japanese ministers held last-ditch talks Sunday to hammer out details of an emergency economic stimulus package which was expected to top 20 trillion yen ($163 billion), making it the nation's largest-ever such package. Financial markets were poised to take the government to task Monday over both the quantity and quality of the measures after an outline of the plan released earlier in the week by the ruling Liberal Democratic Party (LDP) failed to impress. "(The package) will be something that will make an impact on the markets," Economic Planning Agency (EPA) Minister Taichi Sakaiya told reporters Sunday as he left a meeting of cabinet ministers and LDP officials to discuss the details of the plan. Sakaiya said the size of package had not been finalized yet but that each of the government ministries would work through the night to come up with a final figure by Monday morning....... 4) APEC-FOCUS-US, Japan to launch plan to help Asia 7.14 a.m. ET (1214 GMT) November 16, 1998KUALA LUMPUR, Nov 16 — The United States and Japan were expected on Monday to announce a plan to help crisis-ridden Asian countries revive their financial systems, senior U.S. officials said. Details of the plan were still being worked out but it would involve Japan and the United States working with the Asian Development Bank and the World Bank, they said. Officials from the two countries, which have been sniping at each other for the past few days over a trade initiative at a meeting of Asia-Pacific economies, plan to outline the proposal at a joint news briefing at 10:15 p.m. (1415 GMT) on Monday. U.S. Vice President Al Gore, standing in for President Bill Clinton at the Asia-Pacific Economic Cooperation (APEC) forum, was due to discuss the initiative in a speech to a business group meeting alongside APEC meetings. Gore was expected to tell the group that with hard work and leadership from all sides, a path could be found out of the economic crisis gripping the region. "Just as the financial crisis started here in Asia, the global economic recovery can and must start in Asia as well,'' a U.S. official quoted Gore as saying in the prepared speech. U.S. officials said before the APEC forum they would be bringing a broad plan to revive the region, including proposals for helping viable Asian firms restructure their debts. Clinton decided not to attend the APEC meetings so that he could deal with the standoff with Iraq over United Nations weapons inspections. Business leaders who met in Kuala Lumpur on Sunday and Monday had earlier endorsed a proposal for bonds, backed by development banks and governments, to be floated to help ailing Asian economies overhaul their banking systems. Japan has said it will provide $30 billion in aid for its Asian neighbours but has not yet announced the details. Asia's economic crisis erupted in mid-1997, sending currencies and share prices plummeting. Three of the region's countries -- Thailand, Indonesia and South Korea -- turned to the International Monetary Fund for rescue packages. This year's APEC summit host, Malaysia, has resisted going to the IMF and instead slapped controls on foreign exchange to enable it to slash interest rates. Source:Reuters/via fox