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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Don Lloyd who wrote (102017)	5/14/2001 1:44:23 PM
From: patron_anejo_por_favor	Respond to of 436258

Easy come, easy go: quote.bloomberg.com 05/14 11:41 Millionaires' Numbers Drop as Technology Stocks Slump (Update1) By Tom Giles London, May 14 (Bloomberg) -- About 80,000 people around the world lost their millionaire status last year as slumping shares of Internet and telecommunications companies eroded wealth, according to a survey by Cap Gemini Ernst & Young and Merrill Lynch & Co. More than 250,000 people became millionaires in the early months of 2000, helped by the 24 percent gain of the technology- heavy Nasdaq Composite Index. The number of ``minute millionaires'' dropped as the Nasdaq then lost about half its value after peaking March 10. ``There was a herd instinct and generally an enormous amount of interest in technology stocks,'' Christopher Humphry, a principal at Cap Gemini, said in an interview. ``Several later lost out on their millionaire status.'' ``By year end, global stock markets had plummeted by 14 percent, in the process ending the short ride of approximately 80,000 `minute millionaires','' according to the report. Over all of 2000, the number of millionaires rose by about a net 180,000, to 7.2 million, after increasing by more than 1 million in 1999, according to the survey. Their wealth rose 6 percent to $27 trillion after rising 18 percent the previous year, the survey said. Private banks, which target customers who have $1 million or more to invest, have seen revenue decline in the first part of this year as slumping markets curbed demand for share trading and management of assets. Merrill Lynch reported April 18 that its private-client group saw net revenue decline 20 percent in the first three months to $2.7 billion, from the same period in 2000. Credit Suisse Private Banking handled ``substantially'' fewer stock trades in the first quarter than in the year-earlier period, the unit's Chief Executive Oswald Gruebel told Bloomberg last month. The wealth controlled by millionaires is expected to grow by 8 percent annually in the next five years, slower than the 12 percent growth rate forecast last year, Humphry said. The consultancy scaled back its expectations as global growth rates slowed in 2000; economists trimmed their expectations for future growth and strategists and analysts lowered projections for share price gains in coming years, Humphry said.

To: Don Lloyd who wrote (102017)	5/14/2001 3:18:19 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

LOL..yes and no. my impression of the post apartheid govt. in SA is that it is very pragmatic, and the union has learned to be pragmatic perforce, due to the languishing gold price. most SA mines have entered into profit sharing agreements with their workers (i.e. bonuses are paid for productivity improvements and unexpected windfalls). in the past, the industry suffered many outages due to strikes, and the NUM was once a very militant organization. that has clearly changed for the better.