-Caveat Lector- U.N.: Global Investment Surges By GEIR MOULSON .c The Associated Press GENEVA (AP) - Overseas investments by the world's business giants surged 39 percent to a record $640 billion last year and will likely set another high this year, a U.N. report said Monday. Overall, global investment flows will easily exceed $700 billion and could top $800 billion in 1999, said the U.N. Conference on Trade and Development. But developing countries desperate for more cash have less to cheer about, said the report, as much of the new investment in 1998 took the form of ever-larger mergers and acquisitions across the North Atlantic. The investment share going to developing countries dropped sharply to 28 percent from 37 percent in 1997 and ``may be somewhat lower'' again this year, the study said. ``Basically, what took place last year was an enormous rise in foreign direct investment between the United States, Europe and Japan,'' said Rubens Ricupero, secretary-general of UNCTAD. Investment in the United States stood at $193 billion, up from $109 billion the previous year. The European Union attracted $230 billion, up from $126 billion. The inward flow to Japan was $3.2 billion, down marginally from the previous year. The United States remained the most significant investor, shelling out $132.8 billion. As a group, the 15 EU nations invested a total of $386.1 billion, $114.2 billion of which was Britain's. Investment in Asia and the Pacific region as a whole fell 11 percent to $85 billion last year, but it seems to have ``weathered the financial crisis,'' the report said. Some $5 billion flowed into South Korea, up from less than $3 billion in 1997. Thailand saw an 87 percent rise in investment as crisis-hit financial institutions were bought by foreign investors. China, still the most popular destination for foreign investment among developing Asian countries, attracted $45.5 billion last year, up from $44.2 billion the year before. But the U.N. projected a fall to $35 billion this year. The Philippines also gained, but investment in Hong Kong, Indonesia, Singapore, Taiwan and Vietnam declined. Spending abroad by Asian corporations, at $36 billion, was down by almost a quarter. Russia received $2.2 billion - a 60 percent fall from the previous year, marking low investor confidence. But investment elsewhere in central and Eastern Europe rose by 25 percent to $16 billion. Latin America and the Caribbean came through financial turbulence to register a 5 percent rise in incoming investment. Of the total $71.7 billion entering the region, Brazil accounted for $28.7 billion. Foreign investment in Africa fell by almost 12 percent in 1998, to $8.3 billion from $9.4 billion - largely because of decreasing flows to South Africa as its privatization program slowed. DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance—not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://home.ease.lsoft.com/archives/CTRL.html http:[EMAIL PROTECTED]/ ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
