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To: Jim Willie CB who wrote (2695)	1/16/2003 9:47:13 AM
From: 4figureau	Respond to of 5423

Too late...I already sent these ideas to Murdoch...he is going to get right back to me. Any more ideas? (gggg)

To: Jim Willie CB who wrote (2695)	1/16/2003 10:28:54 AM
From: 4figureau	Read Replies (1) \| Respond to of 5423

US Fed sees "sluggish" economy By Peronet Despeignes in Washington Published: January 15 2003 14:43 \| Last Updated: January 16 2003 1:07 The economy remains sluggish north east, the Federal Reserve said on Wednesday. Its latest “Beige Book” survey of economic conditions suggests that, despite a series of interest rate cuts over the past two years and recent bouts of investor optimism, the Fed remains concerned about the economy's prospects. The report, based on anecdotal evidence collected from the Fed's 12 regional headquarters, described the economy as soft and subdued from mid-November to January little changed from the last survey. In addition to disappointing retail sales, the report noted a slight cooling in the housing market and a manufacturing sector still struggling to grow in the face of weak demand and excess capacity. But it also cited various, though modest, signs of a pick-up in activity, highlighting scattered reports of a fragile turnround in business confidence, in demand for commercial loans and in port traffic, notably in districts centred around New York, Philadelphia and Cleveland. But other reports yesterday reinforced the general impression of weakness. The National Bureau of Economic Research, the independent academic research group, said in a monthly statement on the economy posted on its website that it was still too early to declare the end of the recession it thinks began in 2001. It also raised the possibility that the economy might have experienced a “double dip”. Separate reports showed flat wholesale prices and subdued stockpiling, offering more evidence that growth in the fourth quarter was almost non-existent. The Labor Department's producer price index, a gauge of wholesale prices, was unchanged in December. Excluding food and energy, the index fell 0.3 per cent for the second consecutive month. While that suggests inflation remains subdued, some economists point to what could be early, ominous signs of a rebound, bolstered by the rise of energy prices over the past year. The PPI fell 2.75 per cent in the year to February, its fastest 12-month decline since 1950, but it was up 1 per cent in the year to December low by historical standards, but also the fastest 12-month growth pace in more than a year. Import prices, bolstered by the weakening US dollar, have shown an even bigger reversal. Both trends belie recurring speculation of deflation risks. Separately, the Commerce Department said stockpiles at the factory, wholesale and retail level grew a modest 0.2 per cent in November after a paltry 0.1 per cent rise in October. news.ft.com

To: Jim Willie CB who wrote (2695)	1/16/2003 10:34:52 AM
From: 4figureau	Read Replies (1) \| Respond to of 5423

Bear Roundup: Foreclosure: Oregon's rate at highest level since mid- '80s 01/15/03 PETER SLEETH Oregon's residential foreclosure rate topped 1 percent of all home loans issued in the second and third quarter of 2002, the highest level since the mid-1980s when Oregon was emerging from a steep recession. In the Portland area, that means at least 2,053 homes went back to the lender last year, up from 80 in 1994. "I can tell you our calls are running about 200 percent more than last year," said Richard Trefren, executive director of the Community Housing Resource Center in Vancouver, which counsels people facing foreclosure. "The most dominant pattern is job loss." oregonlive.com German economic growth slows to 9-year low By Hugh Williamson in Berlin Published: January 16 2003 9:34 \| Last Updated: January 16 2003 9:34 The German economy grew by only 0.2 per cent last year, its worst performance since 1993, sparking concern over growth prospects this year in Europe's largest economy. Germany's budget deficit last year was 3.7 per cent of gross domestic product, according to data issued on Thursday by the federal statistics office. The 0.2 per cent GDP growth rate was in line with analysts' expectations, and the worst rate since 1993 when the economy shrank by 1.1 per cent. The economy grew by 0.6 per cent in 2001 and by 2.9 per cent in 2000. Wolfgang Clement, economics and labour minister, last week admitted that economic growth this year would be weaker than expected, and was likely to be less than 1 per cent, below the government's official estimate of 1.5 per cent. news.ft.com Bank of America Cut Loans to Brazil, Mexico by 20% in 4th Qtr By Charles Penty Sao Paulo, Jan. 15 (Bloomberg) -- Bank of America Corp. cut its loans and other commitments to Brazil and Mexico by 20 percent in the fourth quarter, scaling back its risk in Latin America's two biggest economies. The third-largest U.S. bank said it reduced commitments, including derivatives, to Brazil by $372 million, or 24 percent, to $1.18 billion, and to Mexico by $303 million, or 16 percent, to $1.59 billion. quote.bloomberg.com