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Strategies & Market Trends : Investment in Russia and Eastern Europe -- Ignore unavailable to you. Want to Upgrade?

To: Real Man who wrote (375)	7/22/1998 6:00:00 PM
From: goldsnow	Respond to of 1301

Agreed. If Russia unable to finance its vast base metals operation (nickel, aluminum)that it regularly dumps on the market than those will likely skyrocket no matter what... On a separate note it looks like Greenspan is now treated by market more like Mr. Yen-largely ignored..certainly not like "Irrational Exuberancy" comment, where in fact he might be much closer this time... Greenspan gloomy over Asia, warns on stocks 04:58 p.m Jul 22, 1998 Eastern By Caren Bohan WASHINGTON (Reuters) - Federal Reserve Chairman Alan Greenspan on Wednesday said the economic crisis raging through Asia did not seem to be abating yet and repeated a warning about high U.S. stock prices. On the second day of key testimony to Congress, Greenspan sharpened his remarks about the severity of the Asian crisis. ''The evidence we have to date as of yet shows no evidence of stabilization,'' Greenspan told a House banking panel. ''The recent data still exhibit deterioration.'' His comments were made during an appearance on Capitol Hill required by the 1978 Humphrey-Hawkins law. The testimony exacerbated a sell-off in the stock market that already had been sparked by weakness in technology issues. The Dow Jones industrial average closed down 61 points at about 9,129. It was the second day in a row that stock investors reacted negatively to Greenspan's remarks, an outcome that some analysts suggested the Fed chief might not find unwelcome. Referring to a big run-up in stocks over the past few years, Greenspan said that, judging from past developments, the market may be ripe for a sell-off. ''Ultimately history tells us that there will be a correction of some significant dimension,'' he said, but added that it was not clear when that would occur. U.S. stocks weakened Tuesday when Greenspan, addressing the Senate Banking Committee, made clear the Fed might raise interest rates if inflation seemed in danger of heating up. He did not back off from such remarks when addressing the House panel Wednesday, although he emphasized the Fed might not need to move interest rates because healthy growth with low inflation was the most likely outcome for the U.S. economy. ''The most probable outcome ... is that we are going to get a continuation of what is really quite a remarkable and benign economic environment,'' he said. But Greenspan said if the economy did not slow of its own accord and wages accelerated faster than productivity growth, ''then other actions, mainly monetary policy, may have to be involved'' -- a thinly veiled reference to a possible rate rise. Greenspan made a plea to lawmakers to approve money for the International Monetary Fund, saying it was needed for efforts to rescue battered economies in Asia and elsewhere. The IMF has been under fire for its management practices by many members of the Republican-dominated House who have delayed approval of its funding. Greenspan acknowledged such criticism, but said he knew of no alternative to the IMF to help Asia improve. ''I think that the IMF has done as much as it thought it understood it could do,'' Greenspan said. ''I don't know what alternative policies could have been implemented which could have significantly altered the pattern that emerged once the vicious cycle began to accumulate to the degree that it did.'' Copyright 1998 Reuters Limited. All rights reserved.

To: Real Man who wrote (375)	7/22/1998 7:50:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 1301

OT :) Russians launch new moon to help them see the light By Robert Uhlig, Technology Correspondent RUSSIAN scientists are planning to put what will appear to be a second moon, 10 times as bright as a full Moon, into the night sky above London and other cities in November as part of a scheme to end night-time. The orbiting space mirror will pass across the night sky quickly, up to 16 times in 24 hours, but will last only one night - Nov 9 - before burning up in the atmosphere. The reflecting spacecraft, Znamya 2.5, is part of a Russian-led consortium's plan which bears some similarities to the plot of the Bond film Diamonds are Forever. The Space Regatta Consortium, a group of companies led by Energia of Korolev, near Moscow, wants to launch a constellation of several hundred mirrors, each up to 100 times brighter than the full Moon, to cast sunlight from the far side of the globe into the darkest corners of Siberia during the Arctic winter and make city street lights obsolete. But the proposal has alarmed environmentalists and astronomers. Daniel Green, of the Harvard-Smithsonian Centre for Astrophysics, said: "I cringe to think that we could lose the night sky because of all these companies with brain-dead ideas." David Thomas, of Bangor University, told BBC Wildlife that almost any ecosystem "would get completely screwed up" and that the permanent daylight could cause more Arctic ice to melt. He said plants and animals depended on darkness. He said: "Everything - sex, movement, feeding - is triggered by day length." Provided that there is little cloud on the night, London, Brussels, Frankfurt, Kiev, Seattle and Quebec are among the cities that will be lit up by what will appear to be a disc between five and 10 times as bright as a full Moon. Some estimates say it could appear to be up to half the size of the Moon. The previous experiment with Znamya 1, a 60 ft wide space mirror, was hampered by cloud. At best, it was only half as bright as the Moon since the reflector did not form a full disc.