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To: goldsnow who wrote (24016)	12/8/1998 6:16:00 PM
From: lorne	Read Replies (1) \| Respond to of 116764

INTERVIEW-Turkey gold bourse plans silver market 03:44 a.m. Dec 08, 1998 Eastern By Tulin Aygunes ISTANBUL, Dec 8 (Reuters) - Turkey's Istanbul Gold Exchange plans to launch silver and platinum trading as it seeks to diversify in the next two years, its chairman said. ''The Istanbul Gold Exchange aims to set up a market within the gold bourse where silver and platinum will be traded in full competition. We are working on technical and legal procedures,'' Serdar Citak told Reuters. He said Turkey's annual silver demand was estimated at around 200 tonnes, 30 percent of it met by state mining company Etibank, which produces silver in its Kutahya mine and plant. About 40 percent of supply came from imports and the remaining 30 percent through unoffical channels. He said domestic demand for silver and platinum was growing due to the development of Turkey's jewellery industry in recent years. ''Demand for precious metals is not the only condition for setting up such markets. The main basis is to have buyers and sellers meet directly in a trusted market,'' Citak said. Silver bullion prices in Turkey are currently determined by Etibank. ''(By setting up a silver market) it will also be possible to register unofficial silver inflows, estimated to reach 60 tonnes per year, and trade in scrap silver,'' Citak said. Technical procedures as well as changes in current legislation on precious metals trade had yet to be completed. ''According to new regulations prepared by the gold bourse and sent to the Treasury (for approval), silver will be accepted as a precious metal and can be traded on the gold bourse,'' Citak said. ''We have also sent a communique proposal including other details, rules for silver and platinum trading, their weight, purity, and names of accredited refineries,'' he added. In preparation for a silver market, Turkey removed on July 29 a 15 percent value-added tax imposed on silver bullion deliveries, bringing them in line with gold deliveries. Deliveries of silver granules will also be exempt from tax. Trade on the gold exchange's spot gold market rose by 31 percent year-on-year to 361 tonnes in the first 11 months of 1998. Turkey is said to have the world's third biggest gold trading volume after Italy and India, with 291 tonnes of gold traded on the Istanbul Gold Exchange in 1997. Turkey's jewellery sector, which has enjoyed an export boom in recent years, seeks foreign revenues of $4-4.5 billion this year.

To: goldsnow who wrote (24016)	12/8/1998 7:39:00 PM
From: NickSE	Read Replies (2) \| Respond to of 116764

Coast Guard raises Y2K warning flag fcw.com SAN DIEGO -- Year 2000 date-code problems in oil tankers could lead to an oil spill in a U.S. port or slow the flow of imported oil to U.S. communities, some of which have "only a three- or four-day supply of oil,'' the Coast Guard's chief information officer said last week. Speaking here at the Navy Connecting Technology Conference, Coast Guard CIO Rear Adm. George Naccara said concerns about computer chips that control oil pumps on vessels and in on-shore storage facilities could force the Coast Guard to issue a directive telling tankers "not to offload cargo on Dec. 31, 1999." The Coast Guard can issue an order against oil offloading from tankers under its mandate to ensure marine safety in U.S. coastal waters and ports. The Coast Guard also is worried about how the Year 2000 problem will affect the marine transportation industry, especially the 7,000-plus foreign-flagged vessels, which make more than 80,000 visits a year to U.S. ports. Over the years, these ships have been automated with information systems that have allowed ship owners to cut costs by reducing the size of crews. Today, even the largest tankers can operate with only a crew of 10. Naccara said that at this stage the Coast Guard has little knowledge of the Year 2000 compliance of the numerous embedded systems on ships. But his concern has captured the attention of White House Year 2000 czar John Koskinen, who has made the shipping problem "one of his top five priorities." Koskinen, chairman of the President's Council on Year 2000 Conversion, was unavailable for comment. A council spokesman confirmed that the problem is among Koskinen's top priorities. Naccara said the embedded-chip problems in some ships could come close to halting them dead in the water. "Some [vessels] may have problems crossing the ocean,'' which also could put a crimp in the nation's oil supply. Natasha Brown, a spokeswoman for the International Maritime Organization in London, said officials in the group's safety division are not aware of this Year 2000 issue. Chevron in San Francisco does not anticipate Year 2000 problems to affect the importing of oil. However, the company will not operate vessels in restricted water, such as narrow passages or ports, on Dec. 31, 1999, because officials are concerned that on-board systems may receive contaminated data from systems that are not Year 2000-compliant. Chevron is testing its 35 tankers -- a process that will take nine days and cost about $15,000 per tanker. Officials with other major oil companies and associations could not be reached for comment. The Year 2000 marine infrastructure problems extend beyond oil tankers, Naccara said, to items such as the giant cranes that offload containers from cargo ships. The Coast Guard also has started to develop contingency plans to mitigate problems with critical infrastructure systems, such as the electrical power grid. Naccara said the Coast Guard has an ongoing "broad outreach effort'' to provide Year 2000 information to every segment of the marine community, including briefing the International Maritime Organization and distributing Year 2000 brochures to foreign-flagged tankers and recreational boats. Despite these efforts, Naccara said, "I have no doubt we have great exposure [in the marine transportation environment] due to the weakness of embedded chips."