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To: goldsnow who wrote (14919)	7/26/1998 10:59:00 AM
From: goldsnow	Read Replies (1) \| Respond to of 116762

FOCUS-U.S. says Obuchi pledges Japan stimulus package 09:09 a.m. Jul 26, 1998 Eastern By Carol Giacomo MANILA, July 26 (Reuters) - Japanese Prime Minister-designate Keizo Obuchi has told U.S. Secretary of State Madeleine Albright he is determined to move quickly on a tax cut and new spending to boost Japan's troubled economy, U.S. officials said on Sunday. The officials, briefing reporters after a 45-minute meeting, said Obuchi told Albright ''he would do whatever it took'' to revive Japan's economy. ''I can and will act promptly,'' one senior official quoted Obuchi as telling the American secretary of state. Both are in the Philippines for the annual meeting of the Association of Southeast Asian Nations. Officials said Obuchi gave Albright specific proposals that tracked his campaign promises, including a tax cut of about $42 billion and a supplementary budget of about $70 billion. Obuchi acknowledged to Albright his reputation as a career politician not known for taking tough decisions and officials said he seemed ''determined to prove otherwise.'' Albright is the first senior U.S. official to meet Obuchi since he won control on Friday of his Liberal Democratic Party, a victory that virtually assures his elevation to the hot seat of prime minister. Obuchi is set to take over Tokyo's government at a time when a year-old economic crisis continues to paralyse the region. The United States and other nations increasingly are looking to Japan as the world's second largest economy to lead the way to Asia's recovery. A dramatic indication of Japan's deepening troubles came on Thursday when Moody's Investor Service said it was considering a downgrade of its Triple-A ratings on bonds issued or backed by the Japanese government. Obuchi met Albright in the historic Manila Hotel, scene of pitched battles between U.S. and Japanese forces in World War Two. For weeks, U.S. officials have publicly pressed Japan for quick action to stimulate the economy with increased spending and tax cuts, with deregulation and reform of the banking system. The economic crisis is expected to be a major topic at meetings from Sunday to Tuesday of the nine members of ASEAN -- the Philippines, Burma, Thailand, Malaysia, Indonesia, Brunei, Vietnam, Laos and Singapore -- with the United States and other states with interests in the region. U.S. officials said the meeting between Albright and Obuchi -- who has been Japan's foreign minister -- was ''extremely warm and cordial,'' with the U.S. secretary of state saying President Bill Clinton looked forward to meeting Obuchi soon. The two ministers agreed to continue calling each other by their first names and Obuchi gave Albright a photograph of the two of them when they last met in Tokyo on July 4 inscribed ''Dear Madeleine.'' But U.S. officials said most of the talk focused on economics and Obuchi ''several times indicated his determination to revitalise ... the Japanese economy, that it was at the top of his agenda.'' ''He went through the agenda that he had previously talked about,'' including disposing of bad loans, permanent tax cuts and additional budgetary expenditures, one official said. ''He went out of his way to express his determination to implement these reforms,'' he said. There was some speculation Obuchi might be backtracking on his campaign promises to stimulate Japan's economy. But U.S. officials said they saw no evidence of that at all. Obuchi also told Albright he was ''quite dedicated'' to the U.S.-Japan security relationship and would ''do his utmost to strengthen'' it, U.S. officials said. Earlier, U.S. officials said while in Manila Albright would tell Asian nations American companies are ready to invest in their region despite the economic crisis if there are moves toward reforms. Despite the year-old financial crisis that has sent Asia into a tailspin, ''we are hearing from a lot of our business community (that) there is a genuine interest in investing in these countries,'' a senior State Department official said. But he said the ability of these firms to make new long term investments in Asia ''will require commitments on the other side to long-term non-discriminatory treatment'' in business, including more openness in business pratices, better accounting procedures and improved government procurement standards. Businessmen told Albright ''they would love to get into some of these (Asian) countries but they find that in some of these sectors where they have an interest, they don't see the types of arrangements and conditions that would let them get involved,'' the official added. Copyright 1998 Reuters Limited.

To: goldsnow who wrote (14919)	7/26/1998 7:35:00 PM
From: long-gone	Read Replies (1) \| Respond to of 116762

It has Started!!!!!!! ALL: Denver Post Sunday July 26, 1998 All of the deposits and some of the assets of the FAILED BestBank were acquired Saturday by Pueblo Bank and Trust Co. which will reopen the bank at 9:00 am Monday. The Pueblo bank agreed to pay $1.13 million to assume $225.3 million in Customer deposits, according to the Federal Deposit Insurance Corp. It also agreed to buy $47.2 million in bank assets - mostly Treasury Bills - at face value, agency spokesman David Barr said. The government also disclosed Saturday that 1800 BestBank depositors had accounts totaling $59.2 million that were not federally insured. "The government will make perodic payments to those customers as bank assets are sold over the next five to seven years, BUT CHANCES are "VERY REMOTE" the customers will receive all their money:, Barr said. Colorado examiners closed the bank Thursday after judging it critically undercapitalized. rh