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To: lorne who wrote (44787)	11/9/1999 5:30:00 PM
From: lorne	Read Replies (3) \| Respond to of 116770

FOCUS-IMF chief Camdessus says will resign in 2000 By Janet Guttsman WASHINGTON, Nov 9 (Reuters) - International Monetary Fund Managing Director Michel Camdessus said on Tuesday he would quit in early 2000 from the agency that masterminded the rescue of stricken economies in the recent global financial crisis. Confirming weeks of speculation that he would leave, the 66 year-old Frenchman said the ending of that crisis was a good time to change leaders at the Fund and urged the IMF's 182 member states to look for a replacement as soon as possible. "My friends, this is the right time," Camdessus said in a resignation letter to IMF board members. "The world economic outlook allows us to anticipate favorable trends for the world economy. So I see it as my duty now to suggest that you take advantage of these favorable circumstances to select my replacement," he added. An enthusiastic advocate of the free market, Camdessus took the brunt of criticism of the IMF for its failure to spot the fault lines which sparked the financial crisis that began in 1997 and spread through emerging markets. These attacks came to head last year when Congress came close to denying the agency an $18 billion dollar increase in its capital which the Clinton administration said was needed to fend off any worsening of the global financial crisis. Speaking to assembled IMF staff, Camdessus indicated that he had thought about resigning well before Tuesday's announcement. "Personal reasons, of which I did not even want to hear, particularly as long as we were in the midst of the Asian crisis, lead me to this decision, a decision I would never have thought would be so hard to take," a clearly emotional Camdessus said. At a later news conference he denied he was leaving for health reasons. Asked to elaborate on reasons for his departure, he replied: "They are personal. Period." He said he wanted to step down from his post at the helm of the international lending institution "preferably before the middle of February." Camdessus's resignation cuts in half his final five-year term at the Washington-based body he has headed since 1987. "The time I have spent here has been the most rewarding in my long career of public service," he said. Speculation has mounted recently over who might succeed him in the only job whose holder is supposed to protect the global financial system by bailing out countries with serious economic problems. Those whose names have been floated as possible successors include Italian Treasury Director Mario Draghi, French banker Philippe Lagayette, who lost out in 1998 to Germany's Horst Koehler as head of the European Bank for Reconstruction and Development and Bank of France head Jean-Claude Trichet. Camdessus's record won widespread praise from the Fund's major shareholders. U.S. Treasury Secretary Lawrence Summers said he had done an "outstanding job" while British finance minister Gordon Brown said he had made a "great contribution" in almost 13 years at the head of the Fund. Camdessus, born on May 1, 1933, moved to the IMF after a career in the French Treasury and the Bank of France, following in the footsteps of his French predecessor, Jacques de Larosiere who left after an eight-year stint. At the time of his appointment Camdessus won support from developing nations which had admired the way he had handled complex debt reschedulings. But he earned enemies because of his passionate espousal of the view that the liberalization of markets and capital was key to long-term economic growth. His defenders argue that without the IMF's actions as global economic policeman, and its ability to shore up collapsing economies with emergency financing, the global financial crisis would have been far worse reuters.com

To: lorne who wrote (44787)	11/10/1999 1:42:00 PM
From: John Hunt	Respond to of 116770

Cambior Update of Gold Hedging Program << Cambior Inc. reports that the gold hedging program as of November 8, 1999 has been reduced to gold hedging positions on a total of 1.7 million ounces at an average price of $332/oz, as compared to positions of 2.7 million ounces at an average price of $318/oz reported as of September 30, 1999. Similarly, the naked call position has been reduced to a total of 1.5 million ounces at an average price of $321/oz as compared to the total of 1.9 million ounces at an average price of $315/oz reported as of September 30, 1999. >> ... more at ... biz.yahoo.com Interesting, how much they have worked their positions down. ***** Way OT Hi Lorne, Lot of scary stuff in the news these days. I have been spending a lot of time following the Y2K issues. IMHO, it doesn't look good, in spite of all the positive spin out of Washington and Ottawa. I got a real chuckle this morning out of this... theonion.com My weird sense of humor again, I guess. :-)) John PS - Hi young 49r!