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To: PaulM who wrote (13810)	6/26/1998 8:22:00 PM
From: goldsnow	Respond to of 116789

Dollar Soars vs Mark as Russian Stocks, Bonds Fall The dollar surged to its biggest gain against the mark in three months as Russian stocks and bonds fell, souring investors on Germany, Russia's biggest lender and trading partner. Russia's benchmark stock index slumped to a 20-month low and bonds declined on concern talks with the International Monetary fund for a $15 billion loan could take months. The dollar rose against the mark, its biggest one-day gain since March 30. U.S. Economy: Income, Spending Gains Point to Growth Consumer spending and incomes accelerated in May, suggesting that domestic demand is keeping the U.S. economy growing and offsetting the drag from the Asian economic crisis. Americans' personal spending rose 0.6 percent in May -- led by increased auto purchases -- after rising 0.4 percent in April, Commerce Department figures showed. Incomes rose 0.5 percent last month, topping April's 0.4 percent increase. Both incomes and spending posted their largest gains since February. bloomberg.com

To: PaulM who wrote (13810)	6/27/1998 6:19:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116789

Russians turn on Yeltsin as economy slides By Alan Philps in Moscow telegraph.co.uk FOR the first time, a majority of Russians believes that President Boris Yeltsin is harming the country and should step down, according to the results of an opinion poll published yesterday. They were released amid gloom on the financial front, with Russian stocks continuing to slide despite a decision by the International Monetary Fund to give a œ420 million credit. The President, 67, cancelled two planned foreign visits, to Kazakhstan next week and to Ukraine next month, "in view of the tense situation in the economy and finances", his spokesman said. According to the Public Opinion Foundation, one of Russia's leading pollsters, the government's economic difficulties have dragged Mr Yeltsin's popularity down to an all-time low. Only four per cent of Russians would vote for him if elections were held now. Fifty-five per cent believe that his time in power has been bad for the country and 51 per cent think that it is time for him to resign, two years before the end of his term. The poll was conducted to mark Mr Yeltsin's seven years as president. The polling organisation's head of research, Yelena Petrenko said: "If this had been a western country, I do not think that the President could remain in office. These figures show that the people are looking for a new defender, a new saviour, but it is not clear who that might be." Russia's most popular politician is the communist leader, Gennady Zyuganov, with 20 per cent support. But his dull character and the burden of the communist past practically rule him out from ever being elected president. The lower house of parliament, the State Duma, has begun an impeachment process against Mr Yeltsin, but this is so lengthy and complicated that few imagine that it will reach a conclusion. There are other signs that the legendary patience of the Russians is wearing thin. About 300 miners have been camped outside the government headquarters in Moscow for two weeks, braving searing heat, a mini-hurricane and torrential rain to demand the President's resignation. The liberal economist, Grigory Yavlinsky, a would-be successor to Mr Yeltsin, said this week that more and more politicians were talking of the President stepping down. But he said: "Separately neither the miners, nor the Duma, nor the impeachment process, nor any single party can achieve this goal. Only the President can do this himself." The young Prime Minister, Sergei Kiriyenko, finds himself isolated, except for the support of the president. He has no party behind him, and is viewed with suspicion by Russia's financial magnates, the oil companies and the gas monopoly, Gazprom, whose export earnings are a mainstay of the budget. The Western medicine for overcoming the financial crisis - opening up the economy to competition, breaking up monopolies and making tax debtors pay their dues - all put Mr Kiriyenko on a collision course with the entrenched interests. As the same magnates control the media, Mr Kiriyenko finds himself portrayed as a pawn of the West. The markets are waiting for news of an expected œ10 billion IMF bail-out, but this is expected to take at least a month to negotiate and the fund is insisting on radical changes in the country's financial management. The œ420 million credit, issued as part of an existing four-year package on Thursday, was seen as too little to change sentiment.