Tuesday, June 16, 1998
Asia crisis may hit US economy
The United States economy is likely to be affected by the financial crisis which after leaving its mark on several East-Asian countries, is now threatening Japan, the world's second largest economy. As risks to the global economy rises, the brisk economy of USA faces an uncertain future, with the crisis now starting to affect bigger nations like Japan's four trillion dollar economy.
US will be a loser too -- Albright
The US secretary of state Madeleine Albright has expressed `worry' that the sanctions imposed on India and Pakistan will not only affect the two countries but also US business will stand to lose even as senator John Glenn, author of the sanction law, is having second thought on the unilateral action bearing his name. Albright said the way the Glenn Amendment is written, it is "all stick and sledgehammer and no incentives," with no waiver authority or flexibility for the President.
Crude prices drop to 10-year low in Asia on fear of output cuts
Crude prices in Asia fell to a new 10-year low on Monday amid growing market scepticism that oil producers would cut enough oil to bolster prices. The New York Mercantile Exchange (Nymex) July crude contract, trading on the out of hours access electronic trading system, fell to dollar 12.35 per barrel-the lowest level since October 1988.
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