I READ THE NEWS TODAY, OH BOY - John Lennon...

Asean wants role in solving global economic crisis   Kavi Chongkittavorn  Asia News Network Publication Date: 31-03-2009 Asean should be given more active role to coordinate regional strategies to resolve regional challenges amid the global economic crisis, Secretary General of Asean Surin Pitsuwan said yesterday.   Surin, who is attending the G-20 London Summit on Thursday, told ANN in an interview that it is a rare opportunity for the Asean chair to attend such a summit “when the global community is being faced with such formidable challenges as now.”   “It is rather encouraging to all of us in Asean to be given such an opportunity to participate in the highest level of the global community in search of the global solutions to all the global challenges,” Surin said. “I hope that this will be the beginning of a new era of regional organizations playing a global role.”   As the Asean chair, Prime Minister Abhisit Vejjajiva, who arrived here Monday evening, will speak on behalf of Asean on Thursday. He has been coordinating with Indonesian President Susilo Bambang Yudhoyono over the issues to be raised since February. They are scheduled to meet on Wednesday ahead of the summit. Asean and its dialogue partners China, Japan and Korea also will speak with one voices on the necessity to reform international financial systems to make them more equity.    Surin pointed out that Asean can offer a model of regional cooperation that has helped stabilize a diverse region, achieve a continued economic growth, integrate economies of various levels of development and enhance prosperity and security of the region for the past 4 decades.   “The grouping can take part in the efforts to redesign a new landscape for the global economic system post-crisis. It will be a multi polar growth,” he said adding that East Asia will be one such pillar and Asean can be the cornerstone of that regional growth pillar of East Asia.   But to achieve these objectives, he reiterated that Asean must be forceful to go against protectionism of all shades by lowering tariff and non-tariff barriers among its members.   “In fact, one reason why Asean was invite to London summit has been its track record of regional cooperation and sustained economic growth and prosperity and stability achieved through such cooperation. We can be an example to other regions,” he said.   Looking forward in the post G-20 summit, the Asean chief said that coordinated efforts based on the summit’s outcome must be fully carried out by all including the international community at large.   Resources must be mobilized for such international financial institutions like the World Bank, the IMF and regional development banks, according to Surin.   “And if regional mechanisms for financial cooperation and economic coordination could be created, it would be a healthy development, strengthening regional development cooperation and governance for the benefit of the regions.”   At the Asean summit in Cha-am/Hua Hin, the Asean leaders reaffirm their determinations to ensure free flows of goods and services. They also stood firm against the protectionism. Less rhetorics, how about doing more walk and less talk ? Singapore authorities warn of April 1 computer worm   Chua Hian Hou  The Straits Times Publication Date: 31-03-2009 A government information security watchdog here has issued a warning for people to take precautions against a fast-mutating malicious computer programme that is poised to strike tomorrow. In a bulletin sent out yesterday, the Singapore Computer Emergency Response Team (SingCert) warned that the latest variant of the Conficker worm, known as Conficker.C, may “become active on April 1.” SingCert, a unit of technology sector regulator Infocomm Development Authority, identifies information security threats and coordinates computer security responses to events like hacking attacks. Conficker targets computers running Microsoft Windows software, automatically jumping from one computer to another over a local network or by hitching a ride on portable storage devices like USB drives. Only computers that have not been updated with new security signatures are vulnerable. The worm is one of the more sophisticated programmes developed to date. Earlier versions of such programmes were easily found and removed, but Conficker’s creator regularly comes up with improved versions of the worm to foil efforts to remove it. The creator remains at large despite a US$250,000 bounty put up by Microsoft. The newest variant, Conficker.C, the fourth generation of the worm since it was first discovered late last year, disables security features like Microsoft Windows’ automatic update. One of Conficker’s key features is its ability to call up a “master computer” via the Internet for directions. This feature is present in an improved form in its latest variant. And Wednesday, Conficker.C infected computers will do just that, SingCert warned, although “the exact nature of the activity that will occur ... is not known at this time.” Paul Ducklin, security company Sophos’ Asia-Pacific head of technology, said that while it is possible “nothing will happen (tomorrow), it is also possible that something will happen and you’d wish you did something about it today.” And even if nothing happens tomorrow, he added, it does not mean that Conficker cannot strike on May 1 and is instructed to, say, erase your computer. Since its release, Conficker has claimed more than 10 million victims worldwide, includingcomputers used by the British Parliament. For instructions on how to check if your computer is infected and how to remove the worm, visit SingCert’s website at www.singcert.org.sg. It's April 1st and it's not cool to be fooled ! Be armed !! Singapore to Let Currency Ease, But Caution Needed By: Reuters | 31 Mar 2009 | 12:49 AM ET Singapore's central bank is likely to allow a modest currency depreciation in coming weeks to help the ailing economy, but has to tread carefully to avoid sparking a domino effect of falling currencies in Asia. The central bank, whose monetary policy targets the Singapore dollar within a crawling trade-weighted band, has various options to choose from: recentre the band downwards, widen the trading band to give the currency more room to move, or change the slope of the band to allow the unit to move one way or the other more quickly. Most analysts believe the central bank, which keeps the details of the band a secret, will lower the band's mid-point by at least 1 percent or 2 percent to guide the currency lower when it reviews policy, most likely in the next few weeks. That would signal a shift to an easing policy after the central bank adopted what it called a neutral bias on the currency at its last policy review in October. But a shift to an easing bias will have to avoid any perception it is deliberately lowering the value of its currency to help the island's exporters, analysts said. "There are a lot of political considerations to be made because it may not be welcomed by regional peers if you have an outright statement saying you are targeting a weaker currency," said Magnus Prim, currency strategist at SEB in Singapore. Markets have speculated on the risk of competitive currency devaluations in Asia because of the region's export reliance on the United States and Europe, regions deep in recession. A weaker currency can do little to boost end demand that has been hammered by the global crisis, but it might improve price competitiveness and so give exporters an edge. Currency dealers say Thailand and Taiwan have intervened this month to reduce the value of their currencies to support exports, the only central banks suspected of having taking such action, although neither country has confirmed this. Indeed, traders said Taiwan's central bank intervened on Monday to buy the U.S. dollar, which at the time was rallying against most currencies including the Taiwan dollar. "The central bank was buying U.S. dollars and it bid at around the day's high today. I think what it's trying to do is, it wants to help exporters by ensuring the Taiwan dollar remains weak," said a dealer in Taipei, who declined to be identified because he was not permitted to talk on the record to the media.  Trade Reliant Singapore is the most trade reliant economy in Asia, a factor that has pushed it into its deepest recession on record. Exports revenues are equal to 200 percent of gross domestic product. Knowing that vulnerability, investors have pushed down the Singapore dollar against the U.S. dollar by close to 6 percent so far this year, making it the second-weakest emerging markets currency in Asia after the Korean won. But on a trade weighted basis, Emmanuel Ng, currency strategist at OCBC Bank estimated the Singapore dollar has fallen about 2.6 percent this year. The Singapore dollar was trading around 1.5200 per U.S. dollar on Tuesday, more than 2 percent above its two-year low hit in early March. A Reuters poll of economists this month forecast Singapore's economy would shrink 5 percent in 2009, although Lee Kuan Yew, a former long-term prime minister who now has the title of minister mentor, said earlier this month the contraction could be as deep as 10 percent if exports continue to slump. "While a weaker Singapore dollar would not be a panacea for the slowing economy in Singapore, it would be more reflective of the prevailing economic realities," said Ng. "We think that the global landscape has gotten significantly more dire since the last meeting in October," he said. While other Asian central banks have slashed interest rates to spur growth, the Monetary Authority of Singapore steers policy through the currency. The secretive currency band means financial analysts have to develop their own models to gauge policy. Wei Zheng Kit, analyst at Citigroup, suspected the central bank may have already pushed down the Singapore dollar to the bottom of the trading band to pave the way for a policy easing. More From CNBC.com Charting Asia: A Yen for the Dollar U.S. Dollar Advances Against Yen Asia Pacific Currencies More Asia Pacific News A central bank survey of 20 private economists published on March 16 showed the Singapore dollar was likely to slip to 1.56 per U.S. dollar by the end of 2009. Before adopting a neutral policy on the currency in October, the central bank had a tightening policy defined by what it called a gradual and modest appreciation in the currency. "There is an outside chance of change in the slope, but their policy approach looks too conservative for this," said Piron. Still, few analysts expect the MAS to openly advocate a weaker currency policy, which could risk more overt competitive currency depreciations in the region, analysts said. Weakening the Singapore dollar too aggressively may also trigger capital flight, analysts say. Woon Khien Chia, a strategist at Royal Bank of Scotland, said Singapore's policy easing would help fend off deflation and the fear of capital flight may be overdone. "Capital flight, if any, has nothing to do with currency policy but credit risk. Singapore's government, banks and corporations have no credit issue," she said. Very interesting development indeed, to weaken the SD to aid exports at a time when worldwide markets for goods and services had diminished for a country without natural resources that has to import even its water supply!  Are the Singaporeans that desperate or is there more than meets the eye to  MAS  decision ?   EU to Urge Ambitious Agenda at G20 Summit By: Reuters | 31 Mar 2009 | 08:13 AM ET The upcoming G20 summit should pledge an overhaul of financial institutions, map out an exit from governments' spending sprees and commit to a climate deal, European Commission President Jose Manuel Barroso said. Speaking about the 27-nation European Union's priorities for the April 2 summit on the global financial crisis, Barroso said the bloc should allow countries such as China or India to have a bigger say in a reformed International Monetary Fund. "Emerging economies must have an equitable stake. EU member states will have to be flexible on how this is achieved," Barroso told a news conference on Tuesday. Armando Franca / AP The EU will opt for a massive increase of IMF resources, to which it will contribute 75 billion euros ($99.3 billion), he said. The G20 leading and emerging countries should also commit themselves on reforming capital requirements for banks, better oversee hedge funds, overhaul credit rating agencies, improve accounting standards and remuneration, he added. (If there is to be a singing lesson, where are the lyrics for the chorus to sing  along, Mr. President ? ) Netanyahu says peace possible with Palestinians 31/03 18:13 CET The incoming Israeli prime minister has promised to pursue peace with the Palestinians. Addressing parliament before it votes to endorse his right and left leaning coalition cabinet, Benjamin Netanyahu said he’ll “seek peace along three tracks – economic, security and political.” However the leader of the right-wing Likud party made no mention of establishing a Palestinian “state” – a key demand of the Palestinian Authority, that is supported by Washington. The cabinet is one of Israel’s largest, with hard-liner Avigdor Lieberman as foreign minister and Labour veteran Ehud Barak as minister or defence. Some analysts say Iran’s nuclear programme will be its top security priority This will be Netanyahu’s second spell as prime minister. He last held office in 1999. It is apparent that the Israelis think that they already have the Palestinians right under their thumbs and that they are more fearful of Iran which explains Netanyahu's seeming arrogance as if peace with the Palestinians is just an option !!!