World's richest ruler makes 1bn pounds sterling economy cuts to pay off his debts

Article Abstract:

Sir Muda Hassanal Bolkiah, the Sultan of Brunei, has seen his personal fortune decline by an estimated $2 billion since summer 1997. He has been negatively affected by the sharp decline in the price of oil and by the economic crisis in the Far East, and has been obliged to liquidate large amounts of investments to pay off debts. His personal financial difficulties could have a negative impact on Brunei itself, with many observers believing that the Sultan's wealth and the general wealth of the country are synonymous.

Economic aspects, Finance, Brunei, Hassanal Bolkiah, Sultan of Brunei

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No easy answer to market reform

Article Abstract:

Many observers now believe that wide-reaching changes must be made to the world's financial architecture. However, there is little agreement about how this can be achieved. It is recognized that there are insurmountable practical difficulties associated with creating a single global regulator to enforce standards of discipline, transparency and supervision across the whole world. However, it may be possible for national regulators to be united in a federal, umbrella organization.

United States, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Financial Regulation & Reporting, Banking industry, Laws, regulations and rules, Financial markets, Financial disclosure

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