This on-line paper is now archived for perpetuity in the
National Library
of Australia
Wednesday, 7th January 1998
Associated links:
Search entire news archive by day |
Search entire news archive by text |
Definitive Lifestyle Guide to over 5000 Australian webs |
Global Web Builders Gold |
The Kid's Locker Room |
World Wide Websters |
Financial "raper" Soros moves in to clean up on Asian markets.
Extract from Washington Post:
"SEOUL, Jan. 5—After meetings with South Korea's next president and his advisers, U.S. financier George Soros today pronounced the nation's economic crisis fixable and said he is considering a substantial new investment in its troubled markets.
"The South Korean stock market reacted favourably to his comments, climbing 2.8 percent to finish at 396.49 on near-record volume and defying the trend in the rest of Asia, where both stock markets and currencies slumped. Analysts said that the encouraging remarks from one of the world's most influential investment gurus had caused domestic and foreign investors to buy huge numbers of South Korean shares. [The market continued higher Tuesday, up another 1.48 percent in late afternoon trading.]
"'This is a very severe problem, but I think it can be overcome within a relatively reasonable period of time by a policy of radical restructuring of industry and of the financial sector,' Soros said at a news conference, wrapping up a three-day visit to a nation desperately in need of some encouraging news."
Ansett cans Korean air links
Ansett has joined QANTAS in cancelling its flights to and from Seoul after the currency crisis in Korea continues to plague and bankrupt the once proud nation.
Only two airlines continue to service the Australian link from South Korea - Korean Airlines and Asiana.
Ansett's decision follows a claim that the airline would suffer losses of Au$16 million if it continued providing the service.
Ansett Queensland's regional director, Mark Williamson, said that the airline would move its flights to China where up to 400 additional seats a week could be filled.
"We're keen to see QANTAS and Ansett do very well in China and India. If they can avoid losing money in one it could lead to more marketing muscle in other markets," Federal Tourism Minister Andrew Thomson said.
Making the
news" -
Subject: Comments on Australian News of the Day
re: Rupert Murdoch's knighthood...
Impeccable character means he hasn't been convicted of anything and means he's donated a few odd million to the papal coffers. What a guy!
Alan Howard
The Australian dollar continues its freefall - now standing at about 63.5 cents.
It is a complete moral and ethical outrage that the politicians who are supposed to be representing the interests of those who voted them in continue to serve their global masters and the lobbyists.
There is now talk about an interest rate increase as the dollar has lost nearly 25% of its value since March last year.
Of course the low gold price and the Asian currency crisis are the "official" reasons given for the collapse, but the bottom line is that currency speculators who have absolutely no interest in the welfare of Australian citizens are playing with our lives.
The banking system stinks... like the mainstream politicians in this country.
A new Morgan and Banks survey has found that Australians think that they are underpaid by at least Au$10,000 a year.
The survey found that many Australians are now working over 50 and up to 59 hours - compared to just 40 hours per week just five years ago.
Another beautiful day in paradise.
Have a good one.
Return to Australian National
News of the Day
See GLOBE International for
other world news.