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To: Alex who wrote (31772)	4/14/1999 6:07:00 PM
From: John Hunt	Read Replies (2) \| Respond to of 117012

Crisis watchdog looks at hedge funds, banks << A new group of regulators and policymakers has pinpointed hedge funds, offshore centres and short-term capital as fields to watch in order to stave off crises in the financial world, its chairman said on Wednesday. Andrew Crockett, head of the new group of central bankers, finance ministry officials and international regulators, told a news conference that working parties would discuss concerns about the three areas and report back in six months. ''The subjects were selected for further study, partly on the basis that they were a source for concern,'' Crockett said after his new international Financial Stability Forum met for the first time in Washington. >> abcnews.go.com

To: Alex who wrote (31772)	4/15/1999 7:05:00 PM
From: goldsnow	Read Replies (3) \| Respond to of 117012

Buffett says US stocks 'too expensive' Warren Buffett has moved markets The influential US investor, Warren Buffett has advised private investors against buying US stocks, which he said were 'too expensive". Mr Buffett, who has become known as the 'Sage of Omaha' for his hugely successful investment policy over the past few decades, told the BBC Radio 4's Today programme that anybody with money to invest should think twice before putting it into US shares. He said: "It's tough because equity valuations, at least in the US, generally are fairly full and I would not advise somebody in the US that came in to some money right now, to rush right into the equity market." The US market has roared to new highs in recent weeks - despite concerns that stock prices increasingly appear to bear little or no resemblance to the amount of money a company is actually making. Asked just how expensive US companies were at the moment, Mr Buffett said: "Too expensive for me in virtually all cases." Stock tips The famous investor qualified his warning against private purchases of shares by saying that in the long-term equities would offer a healthy return. "If they are going to own it for a very long period of time, equities are the place to be. But if many people, particularly if they haven't been in equities before, go in at a time like this and prices should go down they might start doubting their own judgement," he said. He also had some advice for investors wondering which stock to pick. He suggesting they should look to invest in businesses they understand and believe have good prospects and a strong management team. Then hold them for a long time - rather than bailing out when the share price wavers. Mr Buffett believes holding on to stocks for 10 or 20 years was the secret to his investment success. Hanging on his words Mr Buffett is one of the few investors who regularly moves the world stock markets. Investors have been keen to hear word from the head of the Berkshire Hathaway investment trust for some time. Mr Buffett recently spread euphoria and surprise through commodities markets after he purchased 20% of world silver stocks. Dealers have tried in vain to glean some information about his movements since then. However, there have been some concerns that Mr Buffett has lost his golden touch recently. Analysts believe he lost a substantial amount of money having taken the wrong decision to invest heavily in US bonds. Dancing to the market's tune Nevertheless the 68 year-old Mr Buffet said he still loved what he was doing and had no intention of retiring. "I love what I do. I tap dance to work every day - I can hardly wait to get there. "I plan to retire five years after I die," he added. "The money means nothing - the money will go back to society. Enjoying the journey is terrific." news.bbc.co.uk

To: Alex who wrote (31772)	4/15/1999 7:15:00 PM
From: goldsnow	Respond to of 117012

Canada's Martin cautious on IMF gold sale plan 04:20 p.m Apr 15, 1999 Eastern OTTAWA, April 15 (Reuters) - Canadian Finance Minister Paul Martin said on Thursday it was too early to say whether the International Monetary Fund would approve a plan to sell gold from its reserves later this year. ''I think it's too soon to say -- I'll let you know after the meeting,'' Martin told reporters outside of Parliament, referring to a April 27 meeting in Washington of the IMF's policy-making Interim Committee. Martin declined to say whether he supported the plan to sell some of the IMF's 103 million ounces of gold, cautioning that the move could unsettle markets. The sale is planned to help fund debt relief for poor nations. ''I think that, obviously, if that's the course of action that the IMF chooses, it would be very important that it be done in a way that would not depress the price of gold.'' Gold prices fell on Wednesday when a deputy IMF managing director said most countries were set to agree to gold sales. It bounced back on Thursday after the German central bank said no discussions were planned at the Interim Committee meeting. A decision to sell IMF gold needs the approval of countries holding 85 percent of the votes at the international lending institutions. British Finance Minister Gordon Brown told parliament on Thursday he expected the Group of Seven rich industrialised nations to back the plan later this year. ''I confidently expect that all G7 members will now support the sale of gold and I believe that therefore the IMF will go ahead with this proposal later this year,'' he said. ''We have initially proposed the sale of $1 billion of gold. That is an initial sale that can take place,'' Brown said. ''But of course, there is pressure for more to happen.'' A senior IMF official said even long-term opponent Germany is softening its stance against gold sales. Hans Tietmeyer, president of the German central bank, said the idea of gold sales was not officially on the April 27 agenda of the IMF's policy-making Interim Committee. But the plan was being discussed informally, he said. Germany has long fought against the idea of IMF gold sales, partly because central bank officials believed the sale of IMF gold could increase pressure on the Bundesbank to sell some of its own reserves of gold. But Bonn's views appeared to change when a new government was elected last year, and IMF policy chief Jack Boorman said the shift in Germany's position could shift the focus of the debate from whether to sell gold to how much to sell. Officials say money from the sales would go into a trust fund and the interest would be used to fund debt relief or to pay for a programme of low interest loans for poor countries. ((Andrea Hopkins, Reuters Ottawa Newsroom, 613-235-6745, fax 613-235-5890)) Copyright 1999 Reuters

To: Alex who wrote (31772)	4/15/1999 7:17:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 117012

World Bank to Lend Russia $650 Million After IMF Approves Economic Program World Bank to Lend Russia $650 Mln After IMF Accord (Update2) (Adds Wolfensohn comments from third paragraph.) Moscow, April 15 (Bloomberg) -- World Bank President James Wolfensohn said the bank will resume lending to Russia for the first time since it defaulted on its Treasury debt in August, saying the government now is taking steps to develop a free-market economy. The bank agreed to lend $650 million, and expects to reach agreement on another $1.2 billion in loans by the end of the month, Wolfensohn said. The loans will be disbursed after the International Monetary Fund approves the government's economic program. The World Bank could lend up to $2.3 billion to Russia through 2001, he said. ''Prime Minister Yevgeny Primakov is committed to a market- oriented system,'' Wolfensohn said after talks with government officials. ''We have agreed on a very substantial program. We expect to be a long-term constructive partner of the Russian people.'' The benchmark Russian Trading System stock index gained 3.6 percent after Wolfensohn's comments. Russia's 9.25 percent eurobond also rose, pushing the yield down 111 basis points, to 45.04 percent. Last month, IMF Managing Director Michel Camdessus said in Moscow that the fund had agreed to resume lending after the government pledged to increase budget revenue. IMF officials are currently in Moscow to negotiate the size of new loans and the final details of the government's revenue-boosting measures. 'Clear Steps' ''What we need to do is get guidelines from the Russian government for a clear set of steps which we can agree on,'' said Wolfensohn. After that, the bank can ''give financial assistance to develop a more sophisticated and better-managed market economy.'' The World Bank will lend $250 million for social programs and $400 million for retraining coal miners. The $1.2 billion World Bank structural adjustment loan, which could be approved in the next two weeks, will go towards helping to reform the banking system, improve tax collection and regulate monopoly utilities. ''These are problems of transition,'' he said. ''It's important we keep this partnership so we can give the support'' Russia needs. The Japanese government said it would be willing to lend Russia another $1 billion once the government reaches agreement with the World Bank and IMF, said Wolfensohn. Last year, Japan pledged to lend $600 million in 1998 and another $900 million in 1999 -- both part of the IMF-led $22.6 billion package canceled in September after the default. The funds are crucial because Russia faces more than $6 billion in foreign debt payments through July and a total of $17.5 billion in payments this year, including $4.5 billion to the IMF. Moreover, debt- rescheduling talks with other creditors hinge on the agreement. As Wolfensohn spoke, the government released data showing that industrial output had risen 11 percent in March from the previous month, the highest monthly gain in at least three years, as domestic producers benefited from the ruble's decline of more than 76 percent since August. That made Russian exports cheaper, and allowed Russian producers to boost domestic sales as many imported goods were priced out of the market. ©1999 Bloomberg L.P. All rights reserved. Terms of Service, Privacy Policy and Trademarks.