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Technology Stocks : Y2K (Year 2000): Is Wall Street & Banking Vulnerable? -- Ignore unavailable to you. Want to Upgrade?

To: flatsville who wrote (98)	7/21/1999 12:59:00 PM
From: C.K. Houston	Read Replies (1) \| Respond to of 158

Think this is the article you're thinking of? ... Following City rumours that Lloyds TSB is the "high-impact" institution rated as a red risk, the bank broke with FSA protocol to state that it was not behind in its preparations for the Millennium bug. A spokesman said: "We are confident that it will be business as usual and these rumours are untrue." A spokesman for the Halifax, which has also been subject to City rumours, said: "It is not the Halifax at risk at all." telegraph.co.uk:80/et?ac=000154642417163&rtmo=gZlnbNnu&atmo=99999999&pg=/et/99/7/13/nbug13.html Cheryl

To: flatsville who wrote (98)	7/21/1999 3:02:00 PM
From: foobert	Read Replies (1) \| Respond to of 158

On the other hand, there is this. . . nationalpost.com Y2K worry overblown Mobius says Fund up 29% this year: 'Emerging markets are less dependent on computers' Susan Heinrich Financial Post TORONTO - Mark Mobius, portfolio manager of Templeton Emerging Markets Fund, thinks worry over the impact off the Y2K computer bug on developing countries is overblown, and he can't understand why some money managers would be pulling out of these markets. "I'm surprised to hear people say emerging markets are in bad shape versus developed countries," he told reporters at a Toronto meeting. "Emerging markets are less dependent on computers. They will have PC-based systems but not extensive networks... and, secondly, these companies are used to dealing with crises." For example, Mr. Mobius said frequent power blackouts have led companies to establish back-up power systems rather than rely on a central system. Templeton Emerging Markets has recovered strongly this year after a couple of dark years that began with the Asian crisis. "We've had a very, very difficult time in the most recent two years," he said. The fund gained 29% during the first half of 1999. Over the two years ended June 30, however, it had a negative 5.3% compound annual return. Asked if the fund can sustain its recent gains, Mr. Mobius said investors must keep things in perspective. Gains made by markets such as South Korea and Singapore may look spectacular in percentage terms because they are coming off such lows. Emerging markets have reached "a very good turning point," Mr. Mobius said, due to lower interest rates, a recovery in currencies and investor confidence, which has led to a return of capital. Demographics also are helping, as these populations move into their peak spending years, he said. As for the much needed reforms in Asia he said, "There's no question a lot of the reforms we hoped to see are not going to take place... but there will be enough change and reform to allow us to make money in my view." At June 30, the fund was most heavily invested in Mexico, with 14% of its assets there, followed by South Africa at 10%, Thailand 9.6% and Brazil 8.9%.