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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (16612)	11/23/2004 8:42:17 AM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 116555

Russia May Increase Holdings of Euros in Reserves (Correct) Russia May Increase Holdings of Euros in Reserves (Correct) (Corrects ruble exchange rate in fourth paragraph.) By Vladimir Todres Nov. 23 (Bloomberg) -- Russian Central Bank First Deputy Chairman Alexei Ulyukayev said the country may increase the amount of euros in its foreign exchange reserves. ``Most of our reserves are in dollars and that's a cause for concern,'' Ulyukayev told reporters in Moscow. ``It's a real problem. Looking at the dynamics of the euro-dollar rate, we are discussing the possibility to change the reserve structure.'' Russia keeps about a third of its reserves in euros and the rest mainly in dollars, central bank deputy chairman Konstantin Korishchenko said in an interview on Nov. 3. The share may rise to about 50 percent, said Dwyfor Evans, a strategist at Bank of America Corp. in London. Against the dollar, the Russian ruble rose to 1.2851 at 1:45 p.m. in Moscow, the strongest since April. Every change in the euro-dollar rate by one U.S. cent causes the ruble-dollar rate to shift about 15 kopeks, Ulyukayev said. Russia's foreign currency and gold reserves rose for a 12th straight week to a record $113.1 billion, nearing the country's total hard currency debt. The central bank said the reserves rose $300 million in the week ending Nov. 12, the Moscow-based bank said in e-mailed statement on Nov. 18. ``Central banks are becoming more like professional fund managers -- they want to maximize returns,'' said Steven Saywell, a currency strategist at Citigroup Inc. in London. ``If you are of the view that the dollar is going to depreciate significantly, then it makes sense for central banks to reduce any aggressive overweightings in dollars.'' `Losing its Value' The dollar, down 3.5 percent against the euro in the past month, has dropped to a record versus the euro five times since the start of November. China is among other countries that may diversify its reserve holdings as it prepares to loosen the yuan's peg to the dollar, said Carsten Fritsch, a currency strategist at Commerzbank AG in Frankfurt. ``The dollar is still number one, but it's losing its value,'' said Fritsch. China, which has pegged the yuan to the dollar at a rate of about 8.3 since 1995, has pledged to gradually introduce more flexibility to its exchange rate. China may switch to valuing its currency against a basket of currencies of its major trading partners, including the euro, at ``any time,'' according to Stephen Jen, head of global currency research at Morgan Stanley in London. To contact the reporter on this story: Vladimir Todres in Moscow at vtodres@bloomberg.net. To contact the editor responsible for this story: Tim Coulter in London at tcoulter@bloomberg.net. Chris Kirkham at ckirkham@bloomberg.net Last Updated: November 23, 2004 07:29 EST

To: russwinter who wrote (16612)	11/23/2004 9:09:48 AM
From: mishedlo	Read Replies (5) \| Respond to of 116555

Trump Casino Empire Files for Bankruptcy Trump denied the bankruptcy was a setback. "I don't think it's a failure, it's a success," he said in the interview. "In this case, it was just something that worked better than other alternatives. It's really just a technical thing, but it came together." "We have one of the most powerful gaming companies the day it comes out (of bankruptcy). There's no way we could have done that without the 'B' word," he said. news.yahoo.com