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To: Bobby Yellin who wrote (22732)	11/8/1998 6:34:00 AM
From: John Hunt	Read Replies (2) \| Respond to of 116764

Russian Crash Shows Risks of Globalization washingtonpost.com << Dana F. McGinnis was not a Russia expert when he went to Moscow on a trip organized by Morgan Stanley & Co. in fall 1994. He did not speak the language and he had made his first visit to Russia only six months earlier. But the San Antonio-based fund manager had something Morgan Stanley and Russia were interested in: a couple of hundred million dollars from rich and adventuresome individuals and institutions in search of new investment frontiers. McGinnis and two dozen other managers of big U.S. pension, mutual and private investment funds were given a grand tour: a glitzy dinner at the Kremlin, an enchanting night at the Bolshoi Opera, a stroll through the famous Novodevichy convent gardens, receptions at the elegant Metropol Hotel, and meetings with leading lights in Russian politics and economic policy. Meanwhile, in private meetings with Russian executives, McGinnis plotted major investments in Russian cement, telecommunications and electric power companies. "There was great optimism that there would be an end to the arms race and that some 250 million people would be brought into the capitalist fold," McGinnis recalled. "There was a buzz in the air. The country was evolving by the hour. You could feel it." It seemed like a historic moment and a historic business opportunity. McGinnis and many other people bought into that vision. Over three years, tens of billions of dollars of foreign money flooded Russia's tiny new bond and stock markets. Then just as quickly, the money poured back out in a financial panic this spring and summer, leaving Russia and many banks and investors high and dry. Russia's new market economy collapsed, throwing emerging markets into turmoil worldwide, sharply reducing earnings at several major Western banks, and forcing McGinnis to put his three investment funds into bankruptcy, wiping out about $200 million of his investors' equity. .............. >> A House of Cards

To: Bobby Yellin who wrote (22732)	11/8/1998 2:10:00 PM
From: goldsnow	Respond to of 116764

06 November 1998 US producers will spend less in their search for gold Nikki Tait Financial Times CHICAGO - US gold producers are expected to cut expenditure on exploration by about 28% this year, after posting a 9% decrease last year. The Gold Institute, the Washington-based industry association, says in a new survey the slump in the gold price and pressure on mining companies to contain costs meant exploration outlays dwindled to $582m last year, and that this could be down to less than $420m in the current 12 months. Last year's fall was the first reduction in exploration expenditures by the US gold mining industry, which is second in size only to SA's, for three years. Between 1992 and 1996, spending on exploration more than doubled from about $301m to $629m. Most of that increase came from outside the US itself - triggered partly by international political and mining law changes that opened up prospective regions, and partly by growing permit hurdles and environmental obstructions in the US. In particular, US producers targeted parts of Latin America, Australia, and the Asia Pacific region. However, this year, the institute calculates that exploration expenditure flowing into Latin America will decline by a hefty 39%, from $241m to $148m, while expenditure in Australia and the South Pacific will be down from $70m to $61m, having peaked at $95m in 1996. John Lutley, president of the institute, said this week he believed that the sharp fall-off was "clearly attributable to the gold price", and that this was by far the most significant factor. However, he also acknowledged that economic and political instability in some regions could have had an additional effect. "I think it is clear that Aboriginal protests have had an effect on how prospective (Australia is)," Lutley said, referring to the land rights issues there. Lutley also pointed out that, in spite of the current year declines, exploration expenditure by US producers in many of these countries remained much higher than it was in the early 1990s. In Latin America, for example, there will still be a three-fold increase between 1993 and this year. By contrast, exploration expenditure in the US itself will has fallen in absolute terms over the same period, and is projected to have dropped to just $103m this year. bday.co.za

To: Bobby Yellin who wrote (22732)	11/15/1998 10:43:00 AM
From: goldsnow	Respond to of 116764

Full story FOCUS-Arafat's statehood plans anger Israel 03:30 p.m Nov 14, 1998 Eastern By Khader Abusway NABLUS, West Bank, Nov 14 (Reuters) - Israel accused Palestinian President Yasser Arafat of jeopardising the Wye accords on Saturday after he announced his intention to establish a Palestinian state next year. ''Continuing statements of this sort put into doubt the Oslo agreement in general and the Wye agreement in particular,'' a statement released by Israeli Prime Minister Benjamin Netanyahu's office said. Arafat told thousands of Palestinians who gathered in the West Bank city of Nablus to celebrate a decade since the first Palestinian declaration of statehood, that next year they would be living in an independent Palestinan state. ''We will declare our independent state on May 4, 1999 with Jerusalem as its capital, yes Jerusalem, the eternal capital of our state, whether they like it or not,'' Arafat said in his address which was also broadcast on Palestinian radio. Israel reiterated a threat made by its cabinet on Wednesday after it ratified the Wye deal that it would take unilateral steps of its own if Arafat declared a Palestinian state in May. ''Israel will see itself free to take all necessary measures in order to protect its national interests including the imposition of Israeli law over security zones and areas of settlement,'' the statement said. The celebrations in Nablus and other West Bank cities marked the 10th anniversary of the then exiled Palestine Liberation Organisation's November 15, 1988, declaration of independence. The PLO signed a historic peace deal with Israel in 1993 with hopes of achieving statehood after a five-year interim period that is due to expire on May 4, 1999. ''Now we are on our land and we are regaining this holy land inch by inch until we set up our state in 1999,'' Arafat told a cheering crowd. U.S. peace envoy Dennis Ross met Arafat on Saturday in Nablus as part of his Middle East mission to oversee Israeli and Palestinian efforts to implement the Wye deal. ''Both sides have obligations and responsibilities under the terms of the Wye memorandum and we expect both sides will carry out those obligations and responsibilites,'' Ross told reporters after meeting Arafat in Nablus. In line with last month's Wye River deal, Israel is scheduled to begin the first stage of a three-phased West Bank pullback on November 16, but has said the withdrawal could be delayed by several days. Netanyahu's office said Israel would only go ahead with the redeployment if the Palestinian Authority fulfilled its obligations. ''If the Palestinian commitments are implemented, the redeployment will take place as stated in the agreement,'' the statement released by Netanyahu's office said. It said Palestinian prisoners due to be freed next week as part of the agreement would not be released until the Palestinian Authority arrested 10 from a list of 30 fugitives that Israel says are responsible for attacks against Israelis. The Wye River deal signed at the White House on October 23, calls for an Israeli troop pullout from parts of the West Bank and for firm Palestinian security measures against Moslem militants opposed to peace. Ross's mission coincides with mounting tension in the West Bank following moves by Israel to build more than 1,000 houses at a Jewish settlement site on the edge of Arab East Jerusalem. Copyright 1998 Reuters Limited