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To: Haim R. Branisteanu who wrote (41796)	2/29/2000 8:52:00 PM
From: Haim R. Branisteanu	Respond to of 99985

Tue, 29 Feb 2000, 8:41pm EST U.S. Lawmakers Ask Clinton to Block PetroChina IPO, AWSJ Says By Alison Jahncke Washington, March 1 (Bloomberg) -- U.S. lawmakers have drafted letters asking President Bill Clinton to block a planned initial public offering by PetroChina Ltd., the Asian Wall Street Journal reported, citing the letters. Two letters -- one drafted by Representative Spencer Bachus, chairman of the House Domestic and International Monetary Policy subcommittee, and another written by members of the congressional human-rights caucus -- are being circulated in Congress and will be delivered to the White House in coming days, the report said. The lawmakers are concerned that PetroChina's parent, China National Petroleum Corp., will use the sale's proceeds to fund operations in Sudan, which is under U.S. sanctions on allegations the Sudanese government is using oil revenue to help finance a civil war against rebels. PetroChina, whose IPO value has been pegged at $7 billion, filed yesterday with the U.S. Securities and Exchange Commission for the sale of American depositary receipts. (Asian Wall Street Journal, 3/1 page 3)

To: Haim R. Branisteanu who wrote (41796)	2/29/2000 9:26:00 PM
From: Haim R. Branisteanu	Respond to of 99985

WRAPUP-Europe defies U.S., names IMF candidate (New throughout after nomination of European candidate) By Janet Guttsman WASHINGTON, Feb 29 (Reuters) - Europe formally nominated its candidate to head the International Monetary Fund on Tuesday, setting the stage for an informal poll of IMF members and a bitter clash between Europe and the United States. ``In light of his high qualifications and broad experience, the European Union member states have unanimously agreed to present the candidacy of Mr. Caio Koch-Weser ... for the post of Managing Director of the IMF,' Joao Santos, representing EU president Portugal, said in a brief statement. The IMF said its board, responsible for selecting a new managing director, expected an initial vote on Thursday to sound out opinions about the three men now in the running -- German Deputy Finance Minister Koch-Weser, acting IMF boss Stanley Fischer and former Japanese deputy finance minister Eisuke Sakakibara. The job has traditionally gone to a European. The United States, the IMF's largest shareholder, says it will not back Koch-Weser because he lacks the qualifications needed for the job, and Washington wants Europe to come up with someone else. Some insiders say the selection process, already more than three months old, could drag on for weeks or months, although all hope for an early resolution of the issue. ``We support a leader of the IMF who has the requisite stature, the requisite expertise, the requisite ability to command global consensus and respect and the commitment to doing what needs to be done at the IMF,' Treasury Secretary Lawrence Summers said on Tuesday. Referring to the tradition that a European heads the IMF, while an American heads its sister body, the World Bank, he added: ``The existing traditions with respect to selection have served us very well, so it would be our hope that a European candidate who met the criteria I have described would emerge.' Three nominations from three different regions break with tradition at the IMF, which usually operates by consensus and rarely holds formal votes. Developing countries, fed up with rich-country back room deals at institutions like the fund, broke ranks to propose Fischer, a naturalized American. And observers say Japan's nomination of Sakakibara may be a way to persuade its partners to take it more seriously next time. Sakakibara, Japan's former deputy finance minister, was known as ``Mr. Yen' for his ability to move financial markets. EUROPE STANDS BY ITS MAN The blunt U.S. position has infuriated the Europeans, who on Tuesday dug in their heels behind Koch-Weser, who was born in Brazil and who worked at the World Bank for 25 years before joining the German finance ministry. German Finance Minister Hans Eichel said Europe would stick with its man. ``The U.S. does not have the right to say who Europe's candidate for the IMF presidency should be,' he said. A secret informal straw poll of board members is the next crucial stage in efforts to find a new IMF leader. IMF sources expect Koch-Weser to garner the most votes, followed by Fischer and then Sakakibara. But there could be many abstentions, probably including the United States. A second sounding would eliminate the third candidate, giving Japan and the United States key roles as king makers. ``We will do our best to promote our own candidate, and after seeing the result of the first round we will consider how to vote in a second round,' said Yukio Yoshimura, Japan's representative on the board. The IMF said its board would release a statement after Thursday's informal poll. It is not clear if this will detail results of the first round of voting, which the board views as an off-record way to see how much support each candidate has. ``It will be a highly confidential, private sounding out of views, where everyone is open to express an opinion,' said one source. The post of IMF managing director has been vacant since France's Michel Camdessus stepped down ahead of schedule earlier this month. He announced his decision to quit in November, urging IMF members to find a successor fast and telling them not to bicker about who would replace him. ``Regardless of how Fischer and Sakakibara fare, their nominations have effectively ended the post World War Two arrangement whereby the United States picked the head of the World Bank and the Europeans picked the head of the IMF,' the Washington-based Forum for International Policy said in a statement denouncing the selection process. ``Even if the Europeans should manage to get their man to succeed Camdessus, the contest will be wide open the next time the post comes around.'