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To: marginmike who wrote (29290)	5/6/1999 1:33:00 AM
From: brian h	Respond to of 152472

MM and all, The Chinese internal struggle is going on as I write. Mr. Wu wants all GSM. Mr. Zhu wants to have some CDMA and GSM. Who is winning so far? Nokia and ERICY. Trades or politics? OT..... I am ashamed by Mr. Limbaugh continuance attacking on "Chinese Spy - Mr. Lee" as being a Chinese while he is a naturalized American may be acting as a spy for the Chinese. Shame on you Rush while I am a Republican. So who are you Mr. Limbaugh? An English American may be acting as a spy for England? You will be the one who tarnishes the Republican party. You bet I do not want to be associated with you. Just my opinion. MARK O'NEILL in Beijing The Ministry of Information Industry (MII) denies that its minister, Wu Jichuan, has resigned. Ministry spokesman Cheng Guanghui said: "I have no idea of this." He was responding to a report in the Asian Wall Street Journal that said Mr Wu had submitted his resignation last month at a meeting of the cabinet. The report also indicated Shenzhen Special Economic Zone mayor Li Zibin would replace Mr Wu, who would be named governor of Shandong province. "I have not heard this news at all. I do not know where the Journal heard about this. It is not true, otherwise we Chinese would have heard about it. I think it is false reporting," Mr Cheng said. A ministry official said by some to be a possible replacement for Mr Wu described the report as "entirely fabrication". "You should not listen to these rumours," he said. Rumours of Mr Wu's resignation have been circulating in Beijing for about two months because of the dramatic liberalisation of the telecommunications market being undertaken by Prime Minister Zhu Rongji. During a trip to the United States last month, Mr Zhu offered up to 49 per cent foreign ownership of all telecom services and 51 per cent foreign ownership for value-added and paging services within four years of entry. The offer was part of moves seeking entry to the World Trade Organisation. As late as January, Mr Wu publicly opposed such liberalisation, arguing that telecoms were a strategic industry that should remain in mainland hands. During his six years in office, he has presided over a dramatic expansion of telecoms, making it one of the biggest revenue earners for the government. Last year, revenue from the sector reached 229.5 billion yuan (about $213.66 billion), a rise of 25.4 per cent over 1997. Best to all Brian H.

To: marginmike who wrote (29290)	5/6/1999 4:31:00 AM
From: Jon Koplik	Read Replies (1) \| Respond to of 152472

To all - Instinet may (eventually) help us poor slobs "level the playing field." May 5, 1999 Instinet Wants E-Trades Made Easy Filed at 4:46 p.m. EDT By The Associated Press NEW YORK (AP) -- Promising faster and cheaper stock trades, Instinet Corp.'s chief executive confirmed Wednesday the company is in talks seeking a partnership with a brokerage to allow ordinary investors to trade on the service. Instinet would get a piece of the booming online trading market, while individual investors would gain benefits now almost exclusive to mutual funds, pension plans and other giant institutional investors -- more direct access to overseas and after-hours U.S. markets. ''A U.S. investor cannot get a trade execution in a foreign stock in anywhere near real time,'' Doug Atkin, chief executive officer of Instinet, said in a conference call from London. ''Even in the New York Stock Exchange and the Nasdaq can sometimes take a long time,'' which can be expensive considering how the price of volatile stock can move 3 percent or more in just a few minutes. Atkin said the company is in talks with four or five ''blue chip players'' and hopes to work out a deal by yearend. A report of Instinet's interest in such a partnership first appeared Wednesday in The Wall Street Journal. Faster, more direct execution of trades would get investors better prices, and would allow them to bypass more costly middlemen. Such ''captive'' market makers often are affiliated with or owned by a brokerage and may pay a brokerage to channel trades their way. Concerns over such relationships and hidden fees have drawn criticism from the Securities and Exchange Commission about the quality of service Internet brokers give clients in carrying out trades. While commissions paid to Instinet would be higher than the $9.95 charged by some discount brokerages -- perhaps up to $50 -- the total cost of trading through the Instinet service would actually be cheaper, Atkin said. For example, he said, Instinet saved an eighth of a point, or 12 1/2 cents, in the price of a share, a trade of 1,000 shares of stock would cost $125 less. Even if the commission was $40 more expensive than a competing online service, the Instinet investor still would come out $85 ahead in such a deal, he said. ''The investor has to understand what goes on in the sausage factory,'' Atkin said. Instinet also would bring to the table the ability to give investors the ability ''with the touch of two or three keys'' to send orders to 43 foreign stock exchanges. Instinet is a New York-based unit of Reuters Group that pioneered after-hours trading, a field it still dominates. It also is the leader in handling institutional trading of shares listed on the Nasdaq Stock Market. Copyright 1999 The New York Times Company