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To: Alex who wrote (22927)	11/13/1998 11:11:00 AM
From: Giraffe	Read Replies (1) \| Respond to of 116762

U.S. Wholesale Prices Rise On Energy Costs By Caren Bohan WASHINGTON (Reuters) - U.S. wholesale prices edged higher in October, boosted by higher costs for energy and passenger cars, the Labor Department said Friday. The Producer Price Index increased by 0.2 percent following a 0.3 percent rise in September. The closely watched core index, which strips out volatile food and energy costs, inched up 0.1 percent after a 0.4 percent gain in the prior month. The increases exceeded the expectations of U.S. economists in a Reuters survey, who had forecast a 0.1 percent rise in the overall PPI and an unchanged reading on the core index. However, market reaction was muted following the simultaneous release of the price index and surprisingly strong U.S. retail sales figures for October. The price of Treasury securities softened slightly immediately following the data release and the dollar firmed. "Inflation is really down for the count and for now is of no real concern to Fed policy makers. We're as close to perfect as you can get on that front," David Jones, Managing Director and Chief Economist at Aubrey G. Lanston, said. "We're in a stable price environment." Federal Reserve policymakers are scheduled to meet Tuesday and most economists expect them to lower key short-term interest rates for a third time in less than two months to boost the economy. Despite last month's increase, the PPI was still down by 0.7 percent from October 1997. Slumping global demand for oil has sent energy prices tumbling for much of this year, helping to push the PPI down. But in October, energy costs had a rebound, rising 1.2 percent following a 0.1 percent drop in September. Gasoline prices were up 5.7 percent in October, but heating oil costs eased by 0.4 percent. Passenger car prices gained 0.5 percent following a 2.2 percent rise in the prior month. "Autos rose half a percent, which was a little surprising. But we know the trend in auto prices is more subdued than that, so this is an aberration," said Greg Jones, chief economist at Briefing.com. Food prices rose by 0.4 percent after a matching increase in the prior month. Higher prices for fruits and vegetables were partly offset by declines in prices for fish, pork and beef and veal.

To: Alex who wrote (22927)	11/14/1998 7:43:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116762

MOSCOW More than 700 Russian banks set to collapse: analysts LL but Russia's strongest banks are set to collapse as the government's three-month moratorium on private foreign debt payments expires this weekend, analysts and officials said. More than 700 banks -- or about half of all Russian banks -- are about to fail because of the rouble's 60 per cent plunge since mid-August and the government's default on its rouble debt, of which domestic banks were the biggest holders, said Andrei Kozlov, first deputy chairman of the central bank. Banks had a temporary respite from foreign debt payments through a government order that they should not make payments on US$12 billion (S$19.8 billion) in foreign debt. By not extending that order and pledging to help only banks it considers strategic, the government, itself unable to pay its debts, is setting the stage for collapse. "We'll end up with a handful of Russian banks," said David Riley, director of sovereign ratings at Fitch IBCA in London. "It's clear that a number of major banks, including some of the Moscow-based ones, without government support are not viable." Already, at least four Russian banks have had accounts in foreign banks blocked by courts in London and Paris because of non-payments. More foreign creditors probably will try to seize Russian assets abroad, analysts said. The situation grew more complicated after the government last week separated banks' private obligations from talks with holders of Russia's defaulted rouble debt. -- Bloomberg business-times.asia1.com.sg