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To: TobagoJack who wrote (59750)	4/28/2006 3:01:43 AM
From: shades	Respond to of 110194

Battle Over UN Management Reform Heats Up UNITED NATIONS (AP)--Rich and poor nations battled over the fate of U.N. Secretary-General Kofi Annan's proposals to overhaul the United Nations, sharply divided on how much new authority to give him. Looming over the debate that continued into Friday was an implicit threat that some rich nations - which contribute the vast majority of the U.N. budget - might refuse to pay their dues later this year if they don't get the reforms they seek. That would throw the U.N. into a grave financial crisis. The confrontation in the U.N. General Assembly's main budget committee underscored the bitter rivalry between wealthy and poor nations over the fate of Annan's demand for a management overhaul that would streamline U.N. operations, cut jobs and give him more budget authority. He unveiled the ideas in March, six months after world leaders had agreed at a summit that the U.N. system, created in the aftermath of World War II, was in urgent need of reform. Allegations of waste and fraud surrounding the Iraq oil-for-food program added new pressure for change. In a morning meeting Thursday, a bloc of developing nations led by South Africa demanded action on a draft resolution that would essentially reject or put off some of Annan's key proposals. The United States, the European Union, Japan and other leading contributors were opposed. Despite 20 years of tradition that says such decisions are made by consensus and without a vote, the bloc, known as the Group of 77 and China, threatened to force an up-or-down decision on the issue. They would almost certainly win such a vote because of their large numbers. "We cannot accept some of the proposals from the secretary-general's report," said Pakistan's Ambassador Munir Akram, a member of the Group of 77. "So far, there doesn't seem to be any possibility of agreement on those major issues so therefore it has to be decided by action." Later in the day, all sides agreed to continue discussions until Friday after Annan intervened with new proposals. There seemed little room for compromise, however, with both sides saying it appeared likely they would return and vote on the issue on Friday. Poor nations fear that Annan's proposals are an attempt by richer nations to wrest control of the U.N. finances away from them - their key power in the 191-member General Assembly, where each nation gets one vote. They say that the proposals go against the U.N. charter. Rich nations, meanwhile, back Annan's demand that member states give him more authority for some budget decisions, and leave other choices to a small but representative group of nations. U.S. Ambassador John Bolton said the Group of 77 resolution would only draw more attention to the need for reform at the United Nations. "We do not fear a vote," Bolton said. "If the American public and Congress see what actually goes on up here as opposed to the confusion and fog that often accompany debates in the United Nations then they'll be in a position to draw their conclusions." Decisions are usually adopted by consensus in the budget committee as a way to force compromise between developing nations, which can get their way because of their numbers - and the smaller group of nations that pay about 85% of the budget. If the Group of 77 resolution is adopted later Thursday, richer nations such as the United States and Japan may consider withholding their U.N. dues in June. That's when member states will convene to discuss how much progress has been made toward reform. In December, the U.N. agreed to a $950 million spending cap for 2006 that could only be lifted if sufficient reforms were implemented. (END) Dow Jones Newswires April 27, 2006 21:08 ET (01:08 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 09 08 PM EDT 04-27-06

To: TobagoJack who wrote (59750)	4/28/2006 3:02:37 AM
From: shades	Respond to of 110194

Tanigaki:No Decision Yet If To Up 30-Yr JGB Issue This FY . TOKYO (Dow Jones)--Japanese Finance Minister Sadakazu Tanigaki said Friday that the ministry hasn't decided yet whether it will increase the issuance amount of 30-year Japanese government bonds during this fiscal year. "We are aware that market players are calling for an increase in 30-year bond issuance. But we have to assess the market conditions first and have yet to reach any decision on the issuance," Tanigaki told a regular press conference. Tanigaki:No Decision If To Up 30-Yr JGB Issue This FY-2- . Both traders and investors have recently asked for an increase in 30-year bonds in their meetings with Ministry of Finance officials. The increase would boost liquidity of long-term bonds, they said. MOF currently plans to sell a total Y2 trillion of 30-year issues this fiscal year to March 2007. The Nihon Keizai Shimbun reported in its Friday morning edition that the ministry is considering raising this fiscal year's offerings of the bonds by about Y300 billion. Turning to the annual meeting of the Asian Development Bank next week in India, Tanigaki said that he wants the forum to help deepen understanding of global financial imbalances among Asian countries. "The issue has been much debated at recent international gatherings, such as the G7 (Group of Seven) finance ministers' meeting. With interest rates tending to rise globally, I hope discussions at the ADB meeting will help assess how such rises will affect the imbalances and lead to a better and shared understanding of the issue among Asian countries," Tanigaki said. Tanigaki said China's decision to raise bank lending rates, to 5.85% from 5.58%, was probably aimed at preventing the economy from overheating. "China's economy has constantly been growing at around 10% annually. I suppose the move was aimed at forestalling overheating of the economy," Tanigaki said. -By Takeshi Takeuchi, Dow Jones Newswires; 813-5255-2929; Takeshi.Takeuchi@dowjones.com (Michiyo Seki contributed to this article.) -Edited by Jay Alabaster and Tomoko Hosaka (END) Dow Jones Newswires April 27, 2006 21:35 ET (01:35 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 09 35 PM EDT 04-27-06

To: TobagoJack who wrote (59750)	4/28/2006 3:03:40 AM
From: shades	Respond to of 110194

China To Start Daily Collateral Financing Sys May 8 -2- . With the system in place, banking financial institutions won't need to keep large amounts of excess reserves with the central bank, the PBOC said. That will help reduce their cost of capital and raise their returns, it said. The latest details on the automatic collateralized financing system build on regulations first issued in November that took effect Dec. 8. The move is more about improving banks' use of capital, and creating a more efficient financing system for banks' daily borrowing needs, rather than being a tightening measure. Late Thursday, the central bank said it was raising benchmark lending rates by 27 basis points to ensure stable economic development. The rate hike came a week after China disclosed first-quarter economic growth of 10.2% from a year earlier, the highest quarterly growth in two years, on stubbornly high fixed-asset investment, strong credit growth and trade gains. Friday's statement set out specific borrowing rates and limits on the amount of funds that banks, including policy banks, state commercial banks, joint-stockholding banks, city commercial banks, and credit cooperatives, can borrow under the system. The move will improve the efficiency of payments and clearing, increase cash flow, prevent liquidity risks and safeguard financial stability, the PBOC said. (MORE TO FOLLOW) Dow Jones Newswires April 28, 2006 00:08 ET (04:08 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 12 08 AM EDT 04-28-06

To: TobagoJack who wrote (59750)	4/28/2006 3:05:31 AM
From: shades	Respond to of 110194

Britain Sells Off Valuable Thai Embassy To Retail Chain (buffet said not to sell off the farm eh? Why couldn't they just do a 99 year lease?) BANGKOK (AP)--Britain has sold most of its gracious Thai embassy compound to Thailand's largest retail chain, which plans to build a massive mall on the plot - touted as Thailand's most valuable piece of land, a newspaper said Friday. The Central Retail Corporation won the final round of bidding with an offer of THB3 billion for the 3.5-hectare property in downtown Bangkok, according to the Bangkok Post. The newspaper quoted company sources as saying Central, run by a prominent Chinese-Thai family, plans to turn the land into a first-class commercial area, with a shopping zone, serviced apartments or a hotel and entertainment facilities. The embassy compound, with low-lying buildings, lawns and a statue of Queen Victoria, is one of the last remnants of the old, leafy Bangkok in the downtown area. The British Embassy - which moved to the location in 1926 when the area was still semi-rural - sold the land in an apparent cost-saving measure. It will remain on a smaller portion of the existing plot. Critics say the city government, frequently accused of corruption, has failed to implement proper planning, leaving Bangkok with few public areas and concentrating development in already traffic-clogged sections of the city. A recently opened shopping center near the embassy, built on what was once a wide expanse of greenery, has spawned massive traffic jams. (END) Dow Jones Newswires April 28, 2006 00:24 ET (04:24 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 12 24 AM EDT 04-28-06

To: TobagoJack who wrote (59750)	4/28/2006 3:07:08 AM
From: shades	Respond to of 110194

Bush Set To OK Takeover Of 9 Military Plants By Dubai-NYT (why didn't he let mexicans or chinese or africans do this?) NEW YORK (Dow Jones)--President Bush is expected Friday to announce his approval of a deal under which a Dubai-owned company would take control of nine plants in the U.S. that manufacture parts for American military vehicles and aircraft, say two administration officials familiar with the terms of the deal, The New York Times reported in its Friday editions. The officials, who were granted anonymity so they could speak freely about something the president had not yet announced, said the final details had not yet been set and that Bush might put conditions on the transaction to keep military technology in the U.S., the paper reported. The plants in question are owned by Doncasters Group Ltd. (DNC.YY), a U.K. company that is being purchased for $1.2 billion from the Royal Bank of Scotland Group (RBS.LN) by Dubai International Capital, which is owned by the United Arab Emirate government. The Times reported that because the plants make turbine blades for tanks and aircraft, the deal was reviewed by the Committee on Foreign Investment in the U.S., which sent it on to Bush for a decision, a step used only when the potential security risks or political considerations are particularly acute. Administration officials alerted Congress that the deal would go through the committee's review process in an effort to head off the kind of public debate that surrounded the ports deal. The Times reported that one official who was briefed on the Doncasters transaction said there would be provisions in the agreement protecting American military secrets. But it was unclear whether that would satisfy Congressional objections. (END) Dow Jones Newswires April 28, 2006 00:33 ET (04:33 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 12 33 AM EDT 04-28-06

To: TobagoJack who wrote (59750)	4/28/2006 3:55:01 AM
From: shades	Respond to of 110194

Philippine Judge To Detain 4 US Marines In Rape Case (women will have thier rights - you cant stop what is coming Dear General) MANILA (AP)--A Philippine judge threw out a Justice Department motion to reduce charges against three of four U.S. Marines charged in the rape of a Filipino woman last year, keeping all of them detained as prinicipal defendants in the case. Justice Secretary Raul Gonzales last week said he found no conspiracy surrounding the alleged rape of the 22-year-old woman on Nov. 1 and decided to keep only one Marine as the principal defendant - Lance Cpl. Keith Silkwood - who could face capital punishment, and the three others as accessories, who could face up to 20 years in prison. Judge Benjamin Pozon of the Regional Trial Court in suburban Makati city said he couldn't allow the downgrading of the charges against the three Marines "on the basis of the evidence not yet presented" to the court. Pozon also said the move by Gonzales "not only asks for the disregard of the requirements of due process but also tends to erode the court's independence." Pozon's ruling came just hours before a scheduled arraignment of Smith, and his alleged co-conspirators - Lance Cpl. Keith Silkwood, Lance Cpl. Dominic Duplantis and Staff Sgt. Chad Carpentier. "We are happy about that," said private prosecutor Evalyn Ursua, who opposed the Justice Department's motion to amend the charges against the Marines. (END) Dow Jones Newswires April 28, 2006 01:14 ET (05:14 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 01 14 AM EDT 04-28-06

To: TobagoJack who wrote (59750)	4/28/2006 3:55:18 AM
From: shades	Respond to of 110194

Yahoo Gave Evidence On Jailed China Dissident -Rights Grp . SHANGHAI (AP)--Evidence provided by Yahoo Inc. was entered in a court case against an online writer sentenced to 10 years in prison over pro-democracy essays posted online, a human rights group said Friday. Human Rights in China said Wang Xiaoning was sentenced in September 2003 on the charge of "incitement to subvert state power," a vaguely defined statute that the Communist Party frequently uses to punish its political critics. The New York-based group said Wang distributed pro-democracy writings authored by him and others by e-mail and through Yahoo Groups, an online e-mail community. It is the fourth time Yahoo has been accused by rights groups of helping jail Web dissidents. The U.S.-based Internet company told prosecutors that Wang's "aaabbbccc" Yahoo Group was set up using the e-mail address bxoguh@yahoo.com.cn, and confirmed that the address was based in mainland China, HRIC said, citing the formal written judgment against him. However, it said the judgment does not indicate whether Yahoo provided specific information regarding Wang's identity. Pauline Wong, a spokeswoman for Yahoo's Hong Kong unit, said she had no information about the case, but that the company requires strict legal documentation before complying with any official request for information. Even if such information was handed over, Yahoo would not know the nature of the investigation behind such a request, Wong said. Porter Erisman, a spokesman for Alibaba.com, which acquired Yahoo's mainland China operations last October, said he had no knowledge of any Chinese legal requests prior to the purchase. "We follow the laws of every company in which we operate," Erisman said. A clerk at the Beijing Municipal First Intermediary People's Court where Wang was reportedly sentenced said he was not aware of the case. Like many Chinese bureaucrats, the official would only give his surname, Lin. A female officer at the Beijing Municipal No. 2 Prison where Wang was being held said she could not release any information over the phone. Allegations that U.S. Internet companies have helped convict Chinese Web dissidents have drawn strong condemnations from the U.S. Congress and other critics. (END) Dow Jones Newswires April 28, 2006 01:24 ET (05:24 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 01 24 AM EDT 04-28-06

To: TobagoJack who wrote (59750)	4/28/2006 3:59:16 AM
From: shades	Respond to of 110194

Japan's Cabinet Approves Law Change To Teach Patriotism (Is nationalism spiraling out of control globally - will mugabenomics take over the world? Reconquista senore! - I remember a movie with christian bale - when he was young - imdb.com - Empire of the Sun) TOKYO (AP)--Japan's Cabinet on Friday approved a revision of the education law to teach "love of the nation" and other patriotic themes, a longtime goal of conservatives eager to instill young people with greater national pride. The bill, the first-ever revision of the 1947 Fundamental Law of Education and object of criticism from a teachers' union, will now be submitted to parliament, said Education Ministry official Shiro Terashima. The revision would add language requiring educators to foster "love of the nation and homeland and respect for its tradition and culture." The changes were endorsed by the ruling Liberal Democratic Party and its coalition partner earlier this month. "We will work hard toward the passage of the bill and hope to have the kind of discussions to gain understanding from the public," Education Minister Kenji Kosaka said. Teaching patriotism has been largely taboo in Japan since the country's disastrous defeat in World War II, and has been long opposed by the left-leaning teachers' union. On Thursday, the Japan Teachers Union submitted a petition signed by 610,000 teachers accusing the ruling coalition of a lack of transparency during discussions on the bill, said union official Mikio Someya. He said that the petitions also called for the establishment of committees in both houses for thorough deliberation on the education law. Critics of the bill also say that the revision would further damage ties with Asian neighbors like China and South Korea where Japan's World War II-era aggression is bitterly remembered. Many in Japan, however, have argued that the young should also be taught national pride as the country takes a more active diplomatic and military role in the world. The Rising Sun flag and an anthem to the emperor were made the national symbols in 1998 despite their association with wartime militarism, and Tokyo city is leading a crackdown on teachers and students who don't stand up for them at school ceremonies. It was not clear, however, if the education bill would become law during the current parliament session. Kyodo News agency said that it would be difficult to pass the bill unless the regular parliament session is extended. The current session runs through June 18. (END) Dow Jones Newswires April 28, 2006 01:33 ET (05:33 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 01 33 AM EDT 04-28-06

To: TobagoJack who wrote (59750)	4/28/2006 4:04:24 AM
From: shades	Respond to of 110194

Foreign Ownership Of Sony Shrs Tops 50% As Of Mar-Nikkei . TOKYO (Nikkei/Dow Jones)--Foreign ownership of Sony Corp. (6758.TO) stood at 50.1% as of the March 31 book closing, exceeding the 50% level for the first time ever. The previous high was 49.6% as of the end of September last year. Sony has added its name to the list of Japanese companies, such as Canon Inc. (7751.TO) and Nissan Motor Co. (7201.TO), in which foreigners hold more than half of all outstanding shares. (END) Dow Jones Newswires April 28, 2006 01:34 ET (05:34 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 01 34 AM EDT 04-28-06

To: TobagoJack who wrote (59750)	4/28/2006 4:04:44 AM
From: shades	Respond to of 110194

Hong Kong Not Ready For Full Democracy-Chinese Law Expert (more nationalism - socrates is spinning in his grave eh?) HONG KONG (AP)--A senior Chinese law expert has said Hong Kong isn't ready for full democracy partly because the community lacks a consensus on the issue and people need better patriotic education, local media reported Friday. The comments were widely reported in Hong Kong media because leading Chinese legal scholars are believed to serve as the spokesmen for the Communist leadership, which rarely publicly discusses in detail the democracy issue. The remarks were made Thursday at a conference in Beijing about Hong Kong's mini constitution, or Basic Law. The legal expert, Wang Zhenmin, said there were six conditions Hong Kong had to meet before it was ready for full democracy, the South China Morning Post and the pro-Beijing Wen Wei Po both reported. "I believe Hong Kong can achieve universal suffrage one day. But we need to conduct research and measure carefully how to approach it," the English-language Post quoted Wang as saying. Wang, deputy dean of Tsinghua University's law school in Beijing, said that Hong Kong society needed to reach a consensus on how it would achieve full democracy and this had to be approved by Beijing, Wen Wei Po reported. The scholar said that Hong Kong needed more assurances that democratic reform wouldn't hurt the economy. Wang also said Hong Kong needs an anti-subversion law - a measure that drew intense opposition and sparked a massive protest when officials tried to initiate it in 2003, reported Ming Pao Daily News, a mass-market paper. The scholar said there was a lack of civic education that inspires patriotism, the Post reported. Wang also said Hong Kong's political culture needed to be more mature, Wen Wei Po reported. He said the legislature's defeat of the government's political reform package last year was a sign that Hong Kong wasn't ready for greater reform, the Chinese-language paper said. Pro-democracy lawmakers defeated the bill because it didn't include a timeline for when the territory would become fully democratic. Hong Kong, a former British colony, returned to Chinese rule in 1997. Since then, it has been ruled under a "one country, two systems" formula, designed to allow the territory to preserve its capitalist system and civil liberties. The city's leader is selected by an 800-member committee dominated by Beijing loyalists. China has said Hong Kong would eventually become fully democratic but no timeline has been given. The professor also said Hong Kong needed to reform laws governing political parties, according to the Post. (END) Dow Jones Newswires April 28, 2006 01:47 ET (05:47 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 01 47 AM EDT 04-28-06

To: TobagoJack who wrote (59750)	4/28/2006 4:07:45 AM
From: shades	Respond to of 110194

Brazil's Ex-Finance Minister Charged With Four Crimes (Did el mat forget to teach this guy how to not get caught?) BRASILIA, Brazil (AP)--Police charged a former finance minister with four crimes, including money laundering, in a new setback for the man viewed as the architect of Brazil's economic recovery. The charges Thursday stem from allegations that Antonio Palocci received kickbacks from a trash hauler when he was mayor of the southeastern city of Ribeirao Preto in 2001 and 2002. Palocci has denied the accusations. Police charged Palocci with illegal enrichment, money laundering, criminal association and using false documents, the government's official news service Agencia Brasil said. "There is evidence he took part" in the alleged kickback scheme, public prosecutor Daniel Jose de Angelis was quoted as saying. "We still don't know if the money went to the Workers Party," Brazil's governing party. Palocci was accused by former aide Rogerio Buratti of taking kickbacks worth $23,800 a month from a city trash company. Buratti said the money was delivered to the Workers Party to use in the 2002 electoral campaign. "I was never involved in such a scheme," Palocci testified to a congressional probe this year. Palocci left Ribeirao Preto to become the finance minister of leftist President Luiz Inacio Lula da Silva, who was elected in 2002. Palocci was credited with curbing inflation, attracting foreign investment and guiding Brazil to slow and steady growth. He was virtually untouched by a 2005 corruption scandal that rocked the government, accused of illegally financing campaigns and paying opposition lawmakers $13,730 a month for support in Congress. But Palocci was personally accused by a poor caretaker of frequenting a house in Brasilia where lobbyists threw parties with prostitutes and money arrived by the suitcase, possibly for political payoffs. He denied the accusations. The caretaker's bank records then were leaked to the press, apparently to suggest he had been paid to accuse Palocci. But the caretaker said he had been born out of wedlock, and an unusual deposit was from his biological father to avoid a paternity suit. The scandal forced Palocci to step down in March, and police charged him with violating bank secrecy laws. The public prosecutor's office will decide whether the charges are grounds for indictment. (END) Dow Jones Newswires April 28, 2006 00:40 ET (04:40 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 12 40 AM EDT 04-28-06

To: TobagoJack who wrote (59750)	4/28/2006 4:11:15 AM
From: shades	Respond to of 110194

Shiite Cleric Leader Backs Dismantling Militias In Iraq (War is good for profit eh? Your grandpa stopped war - have we found the middle eastern grandpa chen?) BAGHDAD (AP)--The incoming prime minister has won the backing of Iraq's top Shiite cleric for his plan to disband militias, which the U.S. believes is the key to calming sectarian strife and halting the country's slide toward civil war. The endorsement of al-Maliki's plan came during a meeting in Najaf with Grand Ayatollah Ali al-Sistani. The ayatollah told al-Maliki, a Shiite tapped last weekend to form a government, that security should be his top priority. "Therefore, weapons must be exclusively in the hands of government forces, and these forces must be built on a proper national basis so that their loyalty is to the country alone, not to political or other sides," a statement from al-Sistani's office said. Al-Maliki plans to integrate militias, many of them linked to Shiite parties, into the army and police. To ensure their loyalty to the government, he wants to appoint defense and interior ministers without connections to militias. Former militiamen who have joined government forces, especially those run by the Shiite-led Interior Ministry, have been widely accused by Sunni Arabs of operating as death squads targeting Sunni civilians. Attempts by previous Iraqi governments to abolish militias have failed, and their numbers have grown, in part because U.S. and Iraqi forces have been unable to guarantee public safety. The leader of one major militia, radical Shiite cleric Muqtada al-Sadr, refrained Thursday from endorsing calls to disband his Mahdi Army. After a separate meeting with al-Maliki, the cleric was asked if he would give up his militia. He replied: "All groups inside or outside the government work for the people's interest and service." Al-Maliki has until late May to present his Cabinet to parliament, the final step in building a national unity government. (END) Dow Jones Newswires April 28, 2006 01:26 ET (05:26 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 01 26 AM EDT 04-28-06

To: TobagoJack who wrote (59750)	4/28/2006 4:13:57 AM
From: shades	Respond to of 110194

A Diplomatic Exchange By Robb M. Stewart A DOW JONES NEWSWIRES COLUMN LONDON (Dow Jones)--Should the head of the London Stock Exchange be reprimanding heads of state, as Clara Furse has done in her letter to Russian President Vladimir Putin warning that barring a key foreign investor from the country risks damaging Moscow's international image? The CEO's role is, on the surface, clear: she has delegated authority from and is responsible to the board for managing the company. And the board is answerable to shareholders for achieving strategic objectives, and accountable to them for financial and operational performance. Yet Furse has written to Putin, critical of the decision to exclude William Browder, chief executive officer of Hermitage Capital Management and head of a sizable Russia equity fund. The decision, she said, "could have a negative impact on Russia's image as a country that welcomes foreign investment and on the ability of Russian companies to raise capital outside Russia." Russia, though, was the biggest source of international offerings for the LSE last year, with seven Russian IPOs raising $5 billion on the exchange. Capital raisings of Russian companies accounted for 14% of the LSE's new listing fees last year, according to the Financial Times, which published Furse's letter this week. It would sit at odds with Furse's objective of maximizing returns for LSE shareholders if she were to restrict future listings from Russia - keeping in mind the impending flotation of Russian state-owned oil and gas giant Rosneft, expected to be the largest-ever initial offering and raising as much as GBP11 billion on the LSE. The LSE bills itself as the most international of stock exchanges and one of the oldest. Its strategy centers on reinforcing and extending its position as a source of equity market liquidity, benchmark prices and market data - and delivering value to shareholders. Indeed, the LSE has made much of its success attracting listings from Russia and elsewhere. However, the LSE's board is also accountable to customers and, importantly, must protect the brand and reputation of a recognized investment exchange. Admission fees for the LSE run from GBP5,450 for companies with a market cap less than GBP5 million up to a maximum fee of GBP272,400 for market caps greater than GBP2 billion. Piddling amounts, then, compared with the LSE's overall annual revenue - and surely incomparable with the value of its reputation. Furse walks a fine line intervening in international diplomacy. But she needs to balance the LSE's desire to build liquidity and add international listing with the reliability and profitability of those listing. What's interesting is that so far there's no question of Furse tightening rules for those listing where there is questionable national transparency. That may be because it would set the CEO against shareholders, and raise questions about whether bourses should indeed be publicly listed. Of course, such a punchy letter as the one to Putin probably doesn't harm Furse's chances of securing a position with, for instance, the Bank of England should she find herself in the job market in the coming months. (Robb M. Stewart, founder of the Skeptic column in 2001, has reported for Dow Jones Newswires since 1997 from Sweden and the U.K. Comments on this or other columns can be emailed to robb.stewart@dowjones.com) (END) Dow Jones Newswires April 28, 2006 01:45 ET (05:45 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 01 45 AM EDT 04-28-06