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To: lorne who wrote (30176)	3/16/1999 5:39:00 PM
From: goldsnow	Respond to of 116757

EU crisis complicates trade rows with U.S. By Adrian Croft BRUSSELS, March 16 - The resignation of the entire European Commission creates a new complication as the European Union and the United States teeter on the brink of all-out confrontation over banana trade. At the very least, the mass resignation of the EU's executive body in a fraud scandal early on Tuesday will distract Commission officials at a crucial phase in several transatlantic trade disputes. The Commission conducts international trade negotiations on behalf of the 15-nation EU and is locked in disputes with Washington over banana trade, hormone-treated beef and planned EU rules on aircraft noise. The banana fight intensified this month when the United States imposed provisional 100 percent duties on a range of European Union exports. EU and U.S. officials have agreed to hold more talks to try to solve the dispute. But it was uncertain on Tuesday whether the current Commission would remain in office for months as caretakers or whether a new Commission would take over soon. "We have a lot of international issues," one Commission insider said, pointing to negotiations on EU enlargement and bananas. "It's unclear how far the Commission will be able to carry on with its workload," he said, adding that it was not yet known what powers a caretaker regime had. EU member states were concerned about the possible impact of the crisis on transatlantic trade issues. "This is a major preoccupation. We cannot just turn our backs on the banana dispute. The legal advice the commissioners have had is that they can continue to do current business," one EU diplomat said. In Washington, however, U.S. trade negotiator Peter Scher said the Commission's resignation was unlikely to disrupt crucial talks on beef and bananas. "Business has to go on," Scher said in an interview with Reuters. "I don't expect at this point it is going to have a major impact." U.S. officials in Brussels were struggling to find out the consequences of the Commission's downfall. "We don't know what the legal implications are," a U.S. source said, adding that it was unclear to what extent Commission officials could make decisions. However, the source noted that Commission civil servants below the level of the commissioner would remain working as usual and that Britain has already said it will seek the reappointment of Sir Leon Brittan as trade commissioner. Time is running out for an amicable solution of the transatlantic banana dispute in which Washington accuses the EU of failing to comply with a 1997 World Trade Organisation (WTO) ruling that found its banana import rules discriminatory. On Monday, the EU and the United States both handed over information requested by WTO arbitrators assessing the level of sanctions the United States can impose. Washington could make its sanctions on EU exports definitive soon after the arbitrators rule. The United States has also threatened sanctions if the EU does not lift its import ban on hormone-treated beef by May 13 in line with another WTO ruling. U.S. and EU officials agreed last week to hold a series of meetings to try to solve a row over EU plans to ban aircraft fitted with noise mufflers. Washington says the ban would cost American industry $1 billion. yahoo.co.uk

To: lorne who wrote (30176)	3/17/1999 4:12:00 PM
From: Alex	Read Replies (1) \| Respond to of 116757

Closing N.Y. Metals: Gold, Silver Steady After Mon.-tues. Fall <Picture> New York-March 17-FWN--Gold and silver futures managed to stop their recent tumbles, consolidating today and ending the session little changed. Platinum and palladium futures were mixed, although these markets were characterized as mainly range trading without any fresh news. April gold futures dropped sharply on Monday after French President Jacques Chirac suggested International Monetary Fund (IMF) gold sales may be necessary to provide debt relief to poor countries. Then gold tumbled some more on Tuesday after President Clinton also made similar comments that IMF gold sales may be needed for debt forgiveness. May silver, meanwhile, fell the last couple of days on lower lease rates and in the aftermath of a weekend Berkshire Hathaway report offering no clues on the company's 129.7 million-ounce stake in the silver market that was announced in February of 1998. But today, both metals finished with little change. April gold added 20 cents to $284.10, and May silver dipped a mere 0.3 cent to $5.04. Glenn Toth, director of operations for Commodity Resource Corp., said both metals appeared to be consolidating in ranges. A gold floor trader said the gold market was choppy, with some players moving from the April to the June contract. The market ticked higher to $285.70 this morning, with a couple of traders at the time commenting that it was getting a slight bounce from a possible oversold condition after a steep fall on Monday and Tuesday. From the highs, however, some trade selling emerged, another floor contact said. "But there is really not a whole lot going on," this floor contact noted. "We're basically stuck in a range here. It's been very quiet." After the Clinton and Chirac comments, Toth said he suspects there likely will be sales of IMF gold. "But that will be a long-term thing," he said. "With the committees they're dealing with, it will take a long, long time." In the meantime, he characterized the gold and silver markets as "demoralized." "The gold and silver had some momentum going for them (recently), and now that's been pretty much punctured." Toth put support for May silver at Tuesday's $4.9550 low and support for April gold at Tuesday's $282 low. Both markets fell so far, so quickly, that they may have to establish a trading range before meaningful upside resistance can be pegged, he continued. More to follow... (c) Copyright 1999 FWN