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To: Trey McAtee who wrote (38059)	9/2/1998 10:48:00 PM
From: DJBEINO	Read Replies (1) \| Respond to of 53903

U.S. Senate approves $18 billion for IMF WASHINGTON, Sept 2 (Reuters) - The U.S. Senate on Wednesday approved $18 billion for the cash-strapped International Monetary Fund to help the lending agency shore up Russia and crisis-hit Asian economies and fend off a global downturn. The Clinton administration's funding request was approved as part of the fiscal 1999 foreign aid package, and now goes to the House of Representatives, where an uphill battle was expected. House Republican leaders have said they may only agree to give the IMF $3.4 billion, Washington's share of a special fund to help the agency deal with new crises. The Senate approved the package on a vote of 90-to-3. If agreed by the House, the $18 billion would replenish IMF reserves drained by multibillion-dollar bailouts for Russia and three Asian states, and help the Washington-based lending agency put rescue packages together for other countries when needed. The Senate bill calls for the U.S. Treasury Secretary to certify that the Group of Seven major industrial nations -- the United States, Britain, France, Germany, Japan, Canada and Italy -- use their combined clout to support lending reforms at the IMF. These changes would require countries that receive IMF assistance to comply with international trade agreements and would call for them to end government-directed lending and subsidies. The legislation also urges the IMF to open its books to congressional audits, and urges nations that receive IMF aid to treat foreign and domestic creditors equally. biz.yahoo.com

To: Trey McAtee who wrote (38059)	9/2/1998 10:50:00 PM
From: DJBEINO	Read Replies (1) \| Respond to of 53903

Most important, Edelstone believes, excess global capacity has passed its worst point. As chip makers have drastically reduced their capital spending, the time will come in late 1999 or 2000 when chip supplies run short. ''In the second half of 1999 you'll see a much more benign pricing environment,'' says Edelstone, meaning chip manufacturers will be able to charge more. If that seems like a long time away, Edelstone has an answer: ''If you wait 'til then, it's too late.'' Among the improvements Edelstone discerns in the semiconductor environment is the indication that PC makers have cleared out their excess capacity. That means new computers -- assuming consumers want to buy them -- will require new chips. ''The worst of the excess capacity problem was in the second quarter,'' and as that situation improves ''the company that benefits the most is Intel.'' mercurycenter.com