City & Business: A great day for the merchants of doom
Sunday 31 August 1997
Of particular interest will be the behaviour of the Hong Kong markets and currency, both of which have been seen as safe havens amid stormy waters, but have instabilities of their own to contend with - particularly the Hong Kong dollar's peg to the US dollar, which currency speculators have often dreamt of breaking only to be defeated by deep-rooted confidence.
But does the Asian crisis, precipitated by some of the region's economies trying to run before they could walk, and fuelled by the current holder of the world foot-in-mouth award, Malaysia's prime minister Dr. Mahathir Mohamad, really matter to Britain? More importantly, will the world end if you do not read the "whither the ringgitt?" op-ed piece that is bound to appear in this week's financial press?
The answer, sadly, is that the ringgitt, and indeed all the other curiosities of East Asia's economies, including the irrepressible Dr. Mohamad, matter more to you and me now than they ever did.
Never mind the fact that our pensions, and indeed some of our active investments are linked to the health of Asia's stock markets. A lot of British jobs now ride on export contracts to Malaysia, Thailand, Indonesia and the Philippines.
In the long term this is no bad thing, considering that the region will eventually fulfill its promise as a world economic power comparable to that of the EU. If British exporters and capital goods manufacturers were not involved, we would be demanding to know why. But the price of this commitment will inevitably be the scaling back of those business links in the short term, and therefore a short-term hit on some UK businesses' profits. If we are to play the long-term game, it is an acceptable price.
- 2 Moscow voted the world's unfriendliest city
- 3 The excuses your boss is most likely to believe when you call in sick
- 4 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 5 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
The one chart that shows how George Osborne is almost certainly going to be our next Prime Minister
The excuses your boss is most likely to believe when you call in sick
Bono's group has made more money from Facebook investment than from all his music
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...