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To: Bobby Yellin who wrote (9887)	4/13/1998 7:00:00 AM
From: Jack Clarke	Read Replies (2) \| Respond to of 116906

Bobby, I find it a joke that although analysts haven't found a way to lower PE rations, they can drop earnings' expectations and thus let companies still meet their earnings.. This whole market bubble is a joke in my humble opinion, and the above is just another manifestation of the mania. Sorry, I am not up on the Israel-Russia currency situation. But I'll await news from someone knowledgeable. Jack

To: Bobby Yellin who wrote (9887)	4/13/1998 7:55:00 AM
From: Crimson Ghost	Read Replies (1) \| Respond to of 116906

Bobby: Merger mania! Gold moving! Last remaining bears capitulating according to the WSJ. Draw your own conclusions.

To: Bobby Yellin who wrote (9887)	4/13/1998 4:05:00 PM
From: Alex	Read Replies (1) \| Respond to of 116906

Bobby, Don't know if this is what you are looking for or not. Don't have much time at the keyboard today. Later................ jpost.co.il

To: Bobby Yellin who wrote (9887)	4/13/1998 5:24:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116906

Bobby do not know much about sheckel . As far as Russia is concern you got to be kidding? or making fun of me? IMF lashes out at Russian tax system, sees growth 02:18 p.m Apr 13, 1998 Eastern WASHINGTON, April 13 (Reuters) - The International Monetary Fund lashed out on Monday at Russia's inability to keep tax policies on track, criticizing a complex tax structure, weak administrative rules and an inadequate legal framework. ''Russia exemplifies many of the fiscal problems that still confront countries less advanced in transition,'' the IMF's semi-annual World Economic Outlook said in a special section on Russia's fiscal challenges. ''Progress in tax reform in Russia has been inadequate. The tax system remains complex, with up to 200 types of taxes, numerous and sometimes arbitrary exemptions, narrow tax bases and...high statutory taxes on labor income.'' But the IMF commended Moscow for its monetary policies, saying it was a ''key area of success in terms of Russia's macroeconomic policy.'' ''Sustaining that accomplishment and the confidence that it helps bring is something that's very important for the Russian economy,'' IMF Chief Economist Michael Mussa told a news conference. The IMF stressed the importance for Moscow to maintain a consistent exchange rate policy. ''Russia relies on capital inflows to help finance its budget deficit,'' Mussa said. ''It needs to provide some reasonable assurance that the foreign exchange market will not become a source of uncontrolled instability for both domestic and foreign investors.'' The IMF projected Russian economic growth of 1.0 percent this year after 0.4 percent growth in 1997. It expected Russian inflation to slow to 8.0 percent from 15 percent in 1997. The lending institution singled out the energy sector as one area with a number of shortcomings, and said energy taxes were lower than in comparable oil and gas producing countries. It said a new government tax code would help improve matters. Prime Minister-designate Sergei Kiriyenko said last week that the new tax code should be passed into law by September. The document has not yet been approved by the conservative State Duma lower house of parliament. IMF lending to Russia has stalled several times over recent years because the IMF is worried about low tax revenues. Russian central bank officials said earlier on Monday they had signed a new statement on economic policy for 1998 that was key to unlocking IMF funding this year. ''The persistent weakness of revenue and the pervasive problems of ad hoc expenditure cuts and arrears reflect fundamental weaknesses in tax policy, tax administration and budgetary management,'' the IMF said. ((IMF newsroom, +1 202 898-8329, fax +1 202 898-8383, washington.economic.newsroom+reuters.com)) ^REUTERS@