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Economic damage seen in asia after terror Original Source Link: (May no longer be active)    http://www.voanews.com/article.cfm?objectID=013AFCDC-7EFA-4BBE-82C75BE3FBBE2F7D http://www.voanews.com/article.cfm?objectID=013AFCDC-7EFA-4BBE-82C75BE3FBBE2F7D Economic Damage Seen in Asia After Latest Terror Attack Kurt Achin Hong Kong 06 Aug 2003, 13:22 UTC Southeast Asian finance ministers are worried that terrorism could damage their countries' fragile economies. Their meeting in the Philippines is being overshadowed by Tuesday's bombing of a hotel in Indonesia. Indonesia's finance minister canceled his trip to the meeting of Association of Southeast Asian Nations' finance ministers, to help his government respond to Tuesday's terrorist bombing in Jakarta. The attack killed at least 10 people and wounded more than 100 others. The ASEAN finance ministers Wednesday acknowledged that such attacks could inflict long-term damage on investor confidence in the region. In her welcoming speech, Philippine President Gloria Arroyo rallied ASEAN members to take a firmer stance on security issues. "The war against terrorism in the region must be pursued without let up through more intensive, multilateral operation," she said. The venue for the two-day meeting is itself a reminder of the region's security issues. It is being held in Manila's Makati district, just a short distance from where more than 300 Philippine military personnel commandeered a building in a mutiny last week. Regional finance ministers are expected to discuss ways to tighten financial controls and cut off the flow of funds to terrorist groups such as Jemaah Islamiyah. JI is suspected of involvement in last October's Bali bombing that killed 202 people. The group appears to have ties to Osama bin Laden's al-Qaida network. Although Indonesian police have not yet named any suspects in Tuesday's bombing, many terrorism experts say JI may be to blame. The annual ASEAN finance meeting also will focus on regional trade and finance issues, such as smoothing out customs regulations and establishing a regional bond market to attract international capital. The finance ministers plan to discuss the dilemma they face as China emerges as an economic superpower. China's ability to undercut production costs in the region has caused direct investment in Southeast Asia to plunge, especially from the United States. But in the longer run, rising Chinese purchasing power creates opportunities for Southeast Asian exporters. Some Southeast Asian financial leaders want tighter integration with China, arguing that a large Asian trading bloc is needed to offset the power of the United States and the European Union. ASEAN finance ministers hope to integrate member nations into a regional free-trade zone by the year 2020.

Asia bankers gear up china stock deals { August 28 2003 } Asian stocks slide india halted { April 2004 } Bank of japan predicts continued deflation China gdp 20 percent bigger than expected { December 13 2005 } China losing protections for poor { January 15 2006 } China raises interest rates for first time in 9 years China replaces us { June 28 2002 } China says 2005 surplus near 102 billion China toy sweat shops China widens role in latin america { November 20 2004 } Downgrade for japanese economy Economic damage seen in asia after terror Foreign direct investment in china hits records India buys 1b in asian bonds Japan 18yr low { September 2 2002 } Japan 19yr low Japan europe concerned for dollar slide Japan markets two days plunge { January 19 2006 } Japan pursuing weak yen policy { August 27 2003 } Japan vm prefers bonds local currency { August 15 2003 } Japanese stocks plunge april 2005 { April 18 2005 } Japanese yen gains against dollar Rural healthcare dies as china wealth grows { January 14 2006 } Tokyo nikkei 20 yr low { April 11 2003 } Tokyo stocks fall 5 percent Files Listed: 25

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