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To: Ed Forrest who wrote (26550)	7/23/1999 12:32:00 AM
From: Ed Forrest	Respond to of 41369

Jul 22 1999 2:46PM ET More on Economic Focus... Greenspan Signals Wait-and-See Stance by Dean Patterson Bonds Writer Fed chief Alan Greenspan's remarks to Congress should not scare you. They portray a central bank in a fine-tuning and wait-and-see posture after the quarter-point rate hike in late June. The U.S. economy is going full tilt, but inflation remains tame. What else could Fed officials do? They are certainly not going to slam on the monetary brakes. "It seems they are willing to leave rates alone for now," says Christopher Low, chief economist at First Tennessee Capital Markets. But he and other analysts cautioned that the Fed will hike rates again if the economy does not continue to show signs of slowing. "They are in a wait-and-see mode but with a hair trigger," Low says. "I hesitate to say they are in a fine-tuning mode, but they probably are." Long-term interest rates are more than a full percentage point higher than their lows of last year, which does a lot of the Fed's heavy lifting for it, slowing growth, Low notes. Did you miss the chat with Merrill Lynch chief economist Bruce Steinberg? Click here to read what he said. The inflation pessimists have it all wrong Get the details of Greenspan's report from MSNBC.com In his second Humphrey-Hawkins address of 1999, Greenspan reiterated his well-known concern that stock prices may have risen past what could be considered reasonable given historic trends in corporate earnings. That question should trouble you, but it should not trouble you any more than it did yesterday. In any raging bull market, you, the investor, must decide when things have gone too far, which likely depends a lot on your time horizon. Analysts advise stock investors to sit up and take notice that Greenspan so clearly described the Fed's fears that rising stock prices would keep stoking excessively strong consumer spending. They warn he may be leaning toward another rate hike to cool off stocks. "It is very unusual for a Fed chairman to be so explicit about this," Low says. Of course, Fed officials worry about the appropriate level of stock prices, as well as the value of the dollar. But they generally hate to link monetary policy to these markets because they don't want to appear as if they are trying to affect those markets with monetary policy. For one reason, there is no guarantee it would work. On a brighter note, Greenspan provides a hint that he may not yet believe for sure that stock prices have climbed into the danger zone, says Ken Mayland, chief economist of Keycorp. "That definitely caught my attention," Mayland adds. The Fed chief suggests that excessive euphoria over the idea that productivity is accelerating "can drive equity prices to levels that are unsupportable." But alas, Greenspan and most economists are aware that productivity and corporate profits have shown themselves historically to be cyclical. In other words, periods of strong growth in either is usually followed by periods of weakness. Greenspan is also earning his public salary by worrying about what a pickup in international growth might do to the U.S. inflation picture. That should trouble bond investors more than stock investors here at home. There again, it's a tough call because he also points to signs of slowing in the United States, which would help offset price pressure from overseas. All in all, fine-tuning and wait-and-see sounds pretty good as the U.S. moves through the ninth year of this expansion. Feedback \| Copyright \| Usage Agreement \| Privacy Policy \| Online Tour

To: Ed Forrest who wrote (26550)	7/23/1999 12:48:00 AM
From: Ed Forrest	Respond to of 41369

Netscape Launches Enhanced China Netcenter With New Localized Content And Services Integrated With First Netscape Chinese Language Browser Thursday, July 22, 1999 08:34 AM Simplified Site Design and Browser Integration Offer Chinese Consumers Unmatched Convenience and Accessibility to Latest Internet Content and Services MOUNTAIN VIEW, Calif., July 22 /PRNewswire/ -- As part of its ongoing effort to deliver the broadest choice of Internet content and services around the world, Netscape(R) Communications, a subsidiary of America Online Inc. (NYSE: AOL), today announced the availability of its enhanced Chinese Netcenter Internet portals. Netscape launched two Chinese portals: one for mainland China in simplified Chinese and the other for Taiwan and Hong Kong in traditional Chinese -- offering new localized content, an intuitive user interface and search services easily accessible from the first Chinese browser developed and supported by Netscape. With this announcement, Netscape reinforces its position as a leading provider of global Internet-based consumer services that make navigating the Web faster and more convenient. "Netscape is well positioned to work with local partners to share in the growth of the Internet in China," said Linda Lawrence, vice president of International Netcenter. "The fact that Netscape was the first global portal in China demonstrates our commitment to the development of China's Internet industry. Netscape will deliver highly targeted and powerful Internet tools and services that enable Chinese consumers to take charge of their Internet experience." Lawrence continued: "Netscape will leverage its experience in building successful online businesses to help its partners create powerful Internet brands and grow audiences by delivering innovative services to new customers on the Internet." Netscape is working with China Internet Corporation (CIC) to provide new localized content for the China Netcenter portals in the following topical areas: Business, Computing, Entertainment, Finance, News, Shopping, Sports and Travel. New site design enhancements allow consumers to conveniently access this information from the China Netcenter front page -- directing users through user-friendly and intuitive listings of relevant information. Today, the China Netcenter Internet search service is integrated with the first Chinese language browser developed by Netscape. This announcement follows on the heels of the release of Netscape's first Chinese language Internet browser: Netscape Communicator 4.51 in simplified and traditional Chinese. Now, the approximately four million Chinese consumers with Internet access have a choice of Internet browser and can use Netscape Communicator in their native languages to access the Internet. In addition, Netscape makes the Netscape Communicator source code available to the developer community in China to bolster the growth of the Chinese developer community and to encourage users to participate in the continued development of the Netscape browser software. According to a recent Internet industry* survey, 60 percent of Chinese households with Internet access already use Netscape Communicator. Netscape Communicator 4.51 is also available in 21 additional languages and on more than a half-dozen technology platforms. China Netcenter is Netscape's leading Chinese portal site that provides users with a home base on the Internet. From China Netcenter, users can navigate the Internet and access a broad range of localized consumer and business content and services. The site includes nine directories and a set of leading-edge services including Netscape Search, Software Download and Universal Member Registration. Netscape is also available in countries throughout the world including: Australia, Brazil, Canada, China, Denmark, France, Germany, Hong Kong, Italy, Japan, Korea, Latin America, Netherlands, Spain, Sweden, Taiwan and the United Kingdom. Founded in 1985, America Online, Inc., based in Dulles, Virginia, is the world's leader in interactive services, Web brands, Internet technologies, and e-commerce services. America Online, Inc. operates: two worldwide Internet services, America Online, with more than 17 million members, and CompuServe, with approximately 2 million members; several leading Internet brands including ICQ and Digital City, Inc.; the Netscape Netcenter and AOL.COM portals; and the Netscape Navigator and Communicator browsers. Through its strategic alliance with Sun Microsystems, the Company develops and offers easy-to-deploy, end-to-end e-commerce and enterprise solutions for companies operating in the Net Economy. -----------------------------------------------------------