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To: goldsnow who wrote (23384)	11/24/1998 10:50:00 PM
From: Alex	Read Replies (1) \| Respond to of 116752

China Files With U.S. SEC to Sell $1 Bln of Debt; First Sale in a Year China Files With U.S. SEC to Sell $1 Billion of Debt (Update2) (Rewrites first four paragraphs, adds analyst comments and recent prices of China government bonds) Washington, Nov. 25 (Bloomberg) -- China filed with the U.S. Securities and Exchange Commission to sell as much as $1 billion of debt securities, paving the way for the start of its first sale of international bonds in more than a year. Including a previous filing which China hasn't used yet, the country is now cleared to sell up to $2.5 billion of debt in the U.S. Bankers said the sale of $500 million to $1 billion of government bonds could come this week. China's filing became effective today, said Mark Wiltshire, an attorney at New York-based Brown & Wood LLP, which represents China's central government. He declined to comment on the timing of the sale. The investment banks hired to sell the bonds -- Credit Suisse First Boston and Goldman, Sachs & Co. -- also declined to comment on the timing. Announced in June, China delayed its bond sale as credit markets around the world tumbled. The sale could be coming now because the price the country would be forced to pay has come down in recent months, while at the same time it may be willing to pay more than it did last year because of an urgent need for cash, bankers said. Since October, China has been battling one of the worst credit-crunches in more than a decade. On Oct. 6 the central bank closed the finance arm of Guangdong International Trust and Investment Corp. -- the nation's second-biggest trust company -- because it couldn't repay about $2 billion of foreign debt. Banks subsequently cut credit across the country just as short-term loans which were being used to finance long-term projects and investments come due. Several other trust companies have since missed debt payments. The sale of government bonds would give the country money it needs to shore up its ailing banking and finance industry and help save other international trust firms from collapsing. It would also set a benchmark that would let other Chinese companies follow with sales of their own. ''I will not be surprised if other leading Chinese corporates will also come to the market following a successful launch of the sovereign issue,'' said Eden Wong, a China credit analyst at Barclays Capital in Hong Kong. ''The Chinese government might want to take advantage of the improved market sentiment as spreads of the Chinese sovereign bonds (against U.S. Treasuries with a similar maturity) have tightened significantly in recent weeks,'' he said. Traders said China's 10-year bonds due in 2006 are trading at about 200 basis points more than Treasuries of similar maturity. China could sell its new bonds at a similar price, they said. The filing with the U.S. regulators is called a shelf registration, which lets a country or a company register securities in advance and sell them when financing needs arise. The terms of the securities are available at the time of the sale. China already had a $1.5 billion shelf registration from debt securities that remain unsold. The securities will trade on the Luxembourg Stock Exchange and the Stock Exchange of Hong Kong, according to the documents. <Picture> ------------------------------------------------------------------------ © Copyright 1998, Bloomberg L.P. All Rights Reserved. bloomberg.com

To: goldsnow who wrote (23384)	11/25/1998 12:38:00 PM
From: Alex	Read Replies (1) \| Respond to of 116752

WHITE HOUSE PANIC; MASSIVE LEAK OF NATIONAL SECURITY DOCUMENTS *World Exclusive WASHINGTON -- The Clinton administration is facing the most massive leak of classified foreign policy documents since the publication of the Pentagon papers more than two decades ago during the Vietnam war, the DRUDGE REPORT has learned. "The impeachment proceedings are going to have seemed like a picnic, before we get though with this," said one White House official. The papers, totaling more than 20,000 pages, according to sources who have read them, include a history of the secret negotiations between the U.S. and North Korea, describing the failed policy of trying to buy off North Korea to forego its nuclear weapons policy. They describe in great detail the intelligence and policy failures that led to the detonations of nuclear weapons by India and Pakistan this year. Most embarrassing, the papers appear to corroborate, according to sources who have read them, allegations by a former U.N. arms inspector that the Clinton administration concealed from Congress and the public details regarding Saddam Hussein's ambitious program to develop nuclear, chemical, and biological weapons. The papers also reveal new details on the Clinton policy towards China in which the White House allowed ballistic missile technology exports to China at the behest of wealthy Democratic campaign contributors. News of the massive leak of classified foreign policy documents caught senior White House officials by surprise on the eve of the Thanksgiving holiday weekend... MORE Two Washington newspaper editors have reviewed the papers, which have been obtained by left-wing reporter Murray Waas. Waas has been holding the documents close, according to one media insider. Some in Washington speculate that Waas does not want to write a major expose about the Clinton administration in the midst of the impeachment hearings, fueling the flames for conservatives. The new leaks appear to be indicative of deep dissatisfaction within the foreign policy establishment regarding Clinton policies. There have been other unprecedented leaks as well: most notably, a James Risen story in the NEW YORK TIMES earlier this week about the disregarding of a CIA assessment of Russian corruption by Vice President Al Gore. Some see an organized attempt by dissidents to discredit the Clinton foreign policy. Ironically, the Clinton White House might have a hard time attacking one of their favorite reporters: During the 1992 presidential campaign, both Clinton and Gore often praised Waas exclusives exposing the Bush administration's Iraq policy, which involved the leaks of thousands of pages of classified papers regarding the Gulf war. Developing... drudgereport.com

To: goldsnow who wrote (23384)	11/25/1998 2:16:00 PM
From: Alex	Read Replies (5) \| Respond to of 116752

11/25/98 - FEDERATION COUNCIL IS TO LET CENTRAL BANK BUY PRECIOUS STONES DIRECTLY FROM MINING COMPANIES. <Picture> ST.PETERSBURG, RUSSIA. The Federation Council submitted a corresponding bill to the State Duma. According to the current law, the Central Bank may purchase gold from Gohran and private banks. Gohran is the only state organization entitled to purchase gold directly from gold- miners. Authors of the bill believe that if Central Bank starts purchasing gold from gold miners, the latter will get better financing. Authors of the bill claim CB is planning to purchase over 25 tons of gold this year.