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To: Lee who wrote (93332)	2/1/1999 10:36:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 176387

Thanks Lee, glad to see NAPM ( 49.5) getting closer to 50 finally,pheeeew. Man looks like there is still life left in manufacturing,'about time too.

To: Lee who wrote (93332)	2/1/1999 11:10:00 AM
From: Mohan Marette	Read Replies (2) \| Respond to of 176387

<U.S Economy> Is 'bubba' a Republican? Budget surplus $1.77 trillion for the year! Hi Lee: Here is little something I picked up the London Financial Times.Tell me is 'bubba' a Republican now? Yahoooooooooo. ========================= (Courtesy: Financial Times-London) Clinton expects $1.77 trillion budget surplus By Our Summaries Staff US President Bill Clinton on Monday detailed his administration's fiscal 2000 budget, forecasting a $1.77 trillion surplus for the year and a string of subsequent surpluses totalling $2.41 trillion over 10 years. If the budget meets its targets, it would be the third year in a row that the US government has achieved a surplus. The Clinton administration posted a $69.2bn surplus in 1998, ending 28 years of consecutive deficits, and has predicted a $79.3bn surplus in 1999. Mr Clinton said: "This year's budget surplus is one in many decades of surpluses to come if we maintain our resolve." The budget, for the year beginning in October, ignored a Republican call for sweeping 10 per cent tax cuts, opting instead for a more targeted programme offering a $1,000 tax credit for people caring for elderly or sick relatives and $500 for parents opting to stay at home. In total, about $30bn of tax breaks are on the agenda, which will be paid for largely by a crackdown on corporate tax loopholes. Mr Clinton's proposal to limit the benefits of tax shelter transactions is likely to raise more than $7bn between 2000 and 2004. The budget proposes to increase to 40 per cent, from 20 per cent, the penalty for "substantial underpayment" in this area. The budget proposed to limit the income US companies could receive on foreign oil and gas extraction, costing companies an extra $407m over the next five years, with just $5m incurred in 2000. In addition, a 5 cents-a-barrel oil spill excise tax, which the government unsuccessfully tried to reinstate in its 1999 budget proposal, would net the government $1.3bn during that period. In his budget plan, Mr Clinton will again face the wrath of the banking sector by seeking to impose a fee on bank holding companies and state-chartered federally-insured banks for routine regulatory checks. The fee, currently met by the Federal Reserve, is expected to generate $450m over the next five years. Taking on the US meat and poultry industry, the budget proposed for a second time a user fee for federal inspectors despite claims that the government and not companies should foot the bill to check the safety of the national food supply. User fees would raise $504m for the funding of the Food Safety and Inspection Service, which in 1999 will spend $617m to inspect meat, poultry and egg plants. Mr Clinton proposed $55.2bn in fiscal spending for the agriculture department - the third-largest spending federal department - disappointing lawmakers in rural states who had hoped for increased funding to improve crop insurance in the face of weak grain and livestock prices. However, the government said it had put $400m into lower premiums for 1998's crops as part of a $6bn farm aid package. The government moved to counter accusations that military spending cuts had gone too far in recent years by proposing a $280.8bn spending plan for 2000, including $53bn for state-of-the-art weaponry and a 4.4 per cent pay rise for military staff, the biggest increase since 1982. Total missile defence funding would be increased to $10.5bn by 2005 under the budget plan. Defence spending outlays for 2000 were put at $274.1bn, including $13.2bn for the energy departments and those with military responsibilities. The budget forecast a 50 per cent fall in interest repayments on the national debt over the coming decade, with net interest on debt dropping to $215.2bn, from $227.2bn in 1999. By 2004, the ratio of net interest to gross domestic product should have fallen to 1.6 per cent, from 2.9 per cent in 1998. Mr Clinton was modest in his expectations of 2 per cent real gross domestic product growth in 2000-01, rising to 2.4 per cent in 2002-04. The government said it saw steady inflation at 2.3 per cent to 2004.

To: Lee who wrote (93332)	2/1/1999 8:13:00 PM
From: Mohan Marette	Respond to of 176387

<Indonesia>To recapitalize 61 banks,let 43 fail-Our man reports from Davos. Lee: How is this for good news,I see CRB at 200 soon.Best news I heard all day. ====================================== Indonesia Will Recapitalize 61 Banks and Let 43 Fail Davos--Jan. 29--Indonesia's central bank has determined that 61 undercapitalized banks are to be recapitalized if they pass two tests, while 43 others have been deemed not viable and will be allowed to fail, Bank Indonesia Managing Director Subarjo Joyosumarto told Bridge News today at the World Economic Forum's annual meeting here. He said the central bank considers an additional 62 Indonesian banks to be healthy enough to survive without new capital injections. The recapitalization will be done in four phases, with the process beginning for the first 12 banks at the end of January, the central bank cheif revealed. Those 12 banks will include only two private-sector banks, the larger of which is Lippo Bank, according to Subarjo Joyosumarto. He did not identify the smaller one. The other 10 banks are regional development banks. He said these were included in the first phase to satisfy parliament. Banks deemed viable enough to survive with recapitalization must submit a business plan that both the central bank and the consultancy McKinsey and Co. consider acceptable, and they must have "fit and proper" ownership and management as determined by a study of their track record, Subarjo Joyosumarto said. He said the recapitalization will be financed 80% by the government, which will cover the cost through bond issues, and 20% by the banks' owners, which in the case of the regional development banks would be regional administrations. By Michael J. Strauss, BridgeNews _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _