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1,300 | <s>[INST] Mr. Redrado says breaking monopolies with an eye toward [/INST] allowing fast-growing services such as the Internet to flourish is "the most important strategic issue". </s> |
1,301 | <s>[INST] The Peronists have yet to choose their own [/INST] candidate for the elections which are likely to be held in October next year. </s> |
1,302 | <s>[INST] But analysts add that Mr. Menem's [/INST] party doesn't have much room to debate the economic model, either. </s> |
1,303 | <s>[INST] The governor of Buenos Aires province and Peronist presidential contender, Eduardo Duhalde, has criticized the [/INST] exclusion produced by freemarket policies, but nobody has taken his remarks seriously, especially since he was recently seen courting Mr. Menem's former economy minister, Domingo Cavallo, in a cafe. </s> |
1,304 | <s>[INST] "None of the candidates has a lot of [/INST] room to discuss the economic model without hurting themselves," says Carlos Acuna, a political scientist. </s> |
1,305 | <s>[INST] ___ Document 205 of 500 World Watch Author: Compiled by [/INST] Paul J. Deveney Publication info: Wall Street Journal , Eastern edition [New York, N.Y] 23 Nov 1998: A14. </s> |
1,306 | <s>[INST] accountid=28034 Abstract: Argentina's flagship airline Aerolineas Argentinas, a company in which AMR's [/INST] American Airlines has bought an indirect stake, said it will spend $1.3 billion to expand and revamp its fleet of jets. </s> |
1,307 | <s>[INST] And it's buying those dozen airliners from the increasingly [/INST] aggressive European aircraft consortium Airbus Industrie, which is in a battle for new orders with Boeing. </s> |
1,308 | <s>[INST] The move is significant, too, because it comes at a time when [/INST] many airlines, concerned about the global economic crisis, have been tightening their belts rather than expanding -- particularly carriers in emerging markets. </s> |
1,309 | <s>[INST] The recently privatized Argentine airline says the acquisition of the Airbus A-340 jets, [/INST] which can fly 8,600 miles without refueling, will allow it to offer nonstop service from Buenos Aires to such faraway destinations as Rome and Paris. </s> |
1,310 | <s>[INST] When Brazil gets the first $5.3 billion tranche of its $41.5 [/INST] billion international aid package, it says it plans to run right down and put the money into its international reserves. </s> |
1,311 | <s>[INST] The reserves of South America's biggest economy have plunged nearly in half to about [/INST] $40 billion since the end of July, as all the goings-on in Russia prompted nervous investors to beat a retreat from other emerging markets as well. </s> |
1,312 | <s>[INST] But before the government can get its hands on that [/INST] money, the aid package will still need to get the final go-ahead from the International Monetary Fund. </s> |
1,313 | <s>[INST] Brazil is hoping that will happen [/INST] when the board meets next, on the Wednesday after Thanksgiving. </s> |
1,314 | <s>[INST] With Rupert Murdoch's British Sky Broadcasting Group cooling its [/INST] heels in the bid to buy Manchester United, another similar deal reportedly has hit the skids. </s> |
1,315 | <s>[INST] The London media company Carlton Communications is said to have abandoned its attempt to [/INST] take over Arsenal, another soccer club with a rich history in the sport, and the root of the problem appears to be the price tag. </s> |
1,316 | <s>[INST] Though the group's failure to net the London club, with which it was [/INST] officially in discussions since September, is seen a big blow to Carlton's ambitions to diversify, the market wasn't as troubled as some analysts. </s> |
1,317 | <s>[INST] In fact, shares in the company, which is [/INST] remaining mum about all this, actually rose after losing ground initially in London trading. </s> |
1,318 | <s>[INST] Full text: THE AMERICAS Argentine Carrier Picks Airbus Argentina's flagship airline Aerolineas Argentinas, a [/INST] company in which AMR's American Airlines has bought an indirect stake, said it will spend $1.3 billion to expand and revamp its fleet of jets. </s> |
1,319 | <s>[INST] And it's buying those dozen airliners from the increasingly [/INST] aggressive European aircraft consortium Airbus Industrie, which is in a battle for new orders with Boeing. </s> |
1,320 | <s>[INST] The move is significant, too, because it comes at a time when [/INST] many airlines, concerned about the global economic crisis, have been tightening their belts rather than expanding -- particularly carriers in emerging markets. </s> |
1,321 | <s>[INST] The recently privatized Argentine airline says the acquisition of the Airbus A-340 jets, [/INST] which can fly 8,600 miles without refueling, will allow it to offer nonstop service from Buenos Aires to such faraway destinations as Rome and Paris. </s> |
1,322 | <s>[INST] Brazil to Use Aid Check for Reserves When Brazil gets the first $5.3 [/INST] billion tranche of its $41.5 billion international aid package, it says it plans to run right down and put the money into its international reserves. </s> |
1,323 | <s>[INST] The reserves of South America's biggest economy have plunged nearly in half to about [/INST] $40 billion since the end of July, as all the goings-on in Russia prompted nervous investors to beat a retreat from other emerging markets as well. </s> |
1,324 | <s>[INST] But before the government can get its hands on that [/INST] money, the aid package will still need to get the final go-ahead from the International Monetary Fund. </s> |
1,325 | <s>[INST] Brazil is hoping that will happen [/INST] when the board meets next, on the Wednesday after Thanksgiving. </s> |
1,326 | <s>[INST] of Canada formed a joint venture with Chinese partner Sifang [/INST] Locomotive & Rolling Stock Works to make mass-transit rail cars in China for the domestic and export markets. </s> |
1,327 | <s>[INST] The two Canadian firms will each [/INST] own 25% of the venture, with Sifang holding the remainder. </s> |
1,328 | <s>[INST] de Telecomunicaciones de Chile, the former state phone monopoly, will [/INST] pay $126 million for 60% of Chilean computer services firm Sonda, including the 40% stake held by Compaq Computer. </s> |
1,329 | <s>[INST] -- Motor Coach Industries International, the U.S. unit of Mexican [/INST] bus and truck maker Consorcio Grupo Dina, said it deferred a $25 million principal payment due to Prudential Insurance. </s> |
1,330 | <s>[INST] --- EUROPE Carlton Said to Quit U.K. Soccer Deal With Rupert Murdoch's [/INST] British Sky Broadcasting Group cooling its heels in the bid to buy Manchester United, another similar deal reportedly has hit the skids. </s> |
1,331 | <s>[INST] The London media company Carlton Communications is said to have abandoned its attempt to [/INST] take over Arsenal, another soccer club with a rich history in the sport, and the root of the problem appears to be the price tag. </s> |
1,332 | <s>[INST] Though the group's failure to net the London club, with which it was [/INST] officially in discussions since September, is seen a big blow to Carlton's ambitions to diversify, the market wasn't as troubled as some analysts. </s> |
1,333 | <s>[INST] In fact, shares in the company, which is [/INST] remaining mum about all this, actually rose after losing ground initially in London trading. </s> |
1,334 | <s>[INST] EMI Held Talks With Bertelsmann The company that owns the recording rights for the [/INST] Beatles, British music group EMI, says it held informal talks with the German media giant Bertelsmann to discuss "possible opportunities for cooperation" between the two. </s> |
1,335 | <s>[INST] But EMI isn't saying whether the talks are [/INST] still going on or whether there was any discussion of an out-and-out merger. </s> |
1,336 | <s>[INST] It seems about all that EMI, which has been the subject [/INST] of feverish takeover speculation, is conceding is that talks did occur a month ago and covered a wide range of topics. </s> |
1,337 | <s>[INST] The group has been finding itself journeying down [/INST] a long and winding road lately as Asia's economic crisis has cut into music sales. </s> |
1,338 | <s>[INST] Deutsche Bank Eyes Cable Operation Germany's mighty Deutsche Bank added its name to [/INST] the list of companies interested in buying all or part of Deutsche Telekom's cable television operations, according to people close to the phone carrier. </s> |
1,339 | <s>[INST] The big question is whether the vast cable operations, which are strung [/INST] along the former monopoly's phone lines, will be sold off as one big business or divided into a half a dozen smaller companies. </s> |
1,340 | <s>[INST] Regardless, whoever does wind up with the operations in the end [/INST] will be hindered by Deutsche Telekom's older cable technology, which will need to be upgraded for Internet and pay-per-view service. </s> |
1,341 | <s>[INST] The company estimates that upgrade could [/INST] run as high as five billion marks ($2.89 billion). </s> |
1,342 | <s>[INST] BRIEFLY: -- The European Commission says it will support a U.S. proposal designed to [/INST] speedily resolve a banana trade dispute through the World Trade Organization if the U.S. lifts a related threat to impose sanctions against the European Union. </s> |
1,343 | <s>[INST] -- Europe's Socialist and Social Democratic finance ministers presented [/INST] a widely anticipated manifesto for growth-oriented economic policies to accompany the launch of the euro next year. </s> |
1,344 | <s>[INST] -- France Telecom is selling [/INST] a 13% stake in Greek mobile phone operator Panafon. </s> |
1,345 | <s>[INST] It expects the sale to [/INST] raise between $600 million and $695 million. </s> |
1,346 | <s>[INST] -- French industrial production fell 0.9% in [/INST] September from July/August levels, and was up 3.2% from September 1997. </s> |
1,347 | <s>[INST] --- ASIA/PACIFIC Big Shipping Lines In Japan Unveil [/INST] Plan to Merge Japan's Mitsui O.S.K. Lines and Navix Line plan to merge next spring. </s> |
1,348 | <s>[INST] The marriage will give birth to what [/INST] will be the world's biggest shipping concern in terms of loading capacity. </s> |
1,349 | <s>[INST] Mitsui O.S.K. is already a formidable player, with its vessels plying [/INST] the seas to ports in more than a hundred countries, and Navix is among the world's largest oil-tank operators. </s> |
1,350 | <s>[INST] But despite their prominent roles within the highly competitive industry, the two will be navigating into the deal [/INST] with a lot of baggage; both groups have for some time been carrying huge interest-bearing debts, and as one analyst points out, simply creating a bigger company doesn't mean the company will become stronger. </s> |
1,351 | <s>[INST] Moody's Investors Service apparently has its concerns as well; upon hearing [/INST] of the plan, it placed on review for possible downgrade the debt rating of Mitsui O.S.K. and its subsidiaries. </s> |
1,352 | <s>[INST] Meanwhile, there's yet another troubling aspect to all this; [/INST] the companies didn't announce any plans for a major restructuring of the newly created entity. </s> |
1,353 | <s>[INST] That's got analysts scratching their heads, considering that freight charges have been badly [/INST] hit by sagging demand as fewer autos and other exports have been loaded onto ships in Japan and elsewhere in the troubled region. </s> |
1,354 | <s>[INST] Hong Kong Property Sale Swamped In a sign of growing confidence in Hong [/INST] Kong's residential real-estate market, thousands of hungry buyers swamped a sale of apartments at a new development in the territory over the weekend. </s> |
1,355 | <s>[INST] The response to the offer by blue-chip property company Sino Land was viewed as the latest [/INST] indication that life may be returning to the city's moribund residential market, where prices have plunged by as much as 60% since hitting their high back in October 1997. </s> |
1,356 | <s>[INST] A steady drop in interest [/INST] rates is no doubt helping to fuel the rebound. </s> |
1,357 | <s>[INST] And in this case, the old adage location, location, location also applies; the site [/INST] is only a stone's throw from a new rail station -- a big selling point for harried commuters in one of the world's most densely populated cities. </s> |
1,358 | <s>[INST] Moody's Downgrades Taiwan Banks Moody's Investors Service lowered the ratings of several Taiwanese [/INST] banks, reflecting growing concerns over the structural weaknesses in the island's banking sector -- a weakness that is being magnified by the regional economic crisis. </s> |
1,359 | <s>[INST] The banks affected by the downgrade are: Chang Hwa Bank, Chinatrust Commercial Bank, Hua Nan [/INST] Commercial Bank, First Commercial Bank, Bank of Taiwan, Chiao Tung Bank, Bank Sinopac, United World Chinese Commercial Bank, International Commercial Bank of China and E. Sun Bank. </s> |
1,360 | <s>[INST] Meanwhile, Moody's said that although Taiwan has weathered the regional [/INST] turmoil better than many other economies in the region, strains may be emerging in the corporate sector as well. </s> |
1,361 | <s>[INST] BRIEFLY: -- Japan will sell up to one million shares of [/INST] Nippon Telegraph & Telephone in its fourth round of sales since NTT was first privatized more than a decade ago. </s> |
1,362 | <s>[INST] The decision on the offering price and [/INST] the number of shares to be sold will be made next month. </s> |
1,363 | <s>[INST] -- Just after announcing some of its largest-ever price cuts, Taiwan's biggest steelmaker, China Steel, said [/INST] it expects a gloomy outlook of slack prices and weak regional and local demand to plague the island's steel industry until at least the second quarter of next year. </s> |
1,364 | <s>[INST] -- Japan's Nikko Securities announced an extensive [/INST] restructuring in its domestic and overseas operations to make itself more competitive. </s> |
1,365 | <s>[INST] Its work force will be reduced by about [/INST] 2,000 through a cut back in hiring, attrition and the consolidation of overseas operations. </s> |
1,366 | <s>[INST] -- The re-emergence of good properties in Japan may spark [/INST] the return of international investors trolling for distressed properties in that real-estate market, according to Pricewaterhouse Coopers executives. </s> |
1,367 | <s>[INST] ___ Document 223 of 500 Brazil and Argentina, Long Rivals, Move Closer --- Economic Crisis [/INST] Could Spark An Eventual Monetary Union Author: By Matt Moffett and Craig Torres Publication info: Wall Street Journal , Eastern edition [New York, N.Y] 12 Nov 1998: A25. </s> |
1,368 | <s>[INST] accountid=28034 Abstract: SAO PAULO, Brazil -- The world is [/INST] watching Brazil's back-to-the-wall struggle to rescue its economy, but no country more fretfully than neighboring Argentina. </s> |
1,369 | <s>[INST] Long the fiercest of rivals, Argentina and Brazil cast aside their antagonisms to form [/INST] an economic union, Mercosur, that in just seven years has become the world's third-largest economic bloc after the North American Free Trade Agreement and the European Union. </s> |
1,370 | <s>[INST] Most economists on both sides [/INST] of the border initially scoffed at the notion. </s> |
1,371 | <s>[INST] But given Brazil's current difficulties, the debate over whether Brazil should [/INST] try piggybacking on its neighbor's monetary policy has picked up steam, becoming the topic of countless seminars and editorial-page articles. </s> |
1,372 | <s>[INST] That's especially true since Argentina has emerged, in the wake [/INST] of the Asian economic crisis, as the most stable economy in Latin America, eclipsing the continent's traditional star, Chile. </s> |
1,373 | <s>[INST] One reason: In 1991, Argentina made its peso [/INST] interchangeable with the dollar through the creation of what economists call a currency board. </s> |
1,374 | <s>[INST] By eliminating the government's leeway to [/INST] print money, that policy effectively halted inflationary government overspending. </s> |
1,375 | <s>[INST] Analysts such as Sebastian Edwards, a University of California at Los Angeles [/INST] economist, said a regional currency board might serve as the prod Brazil needs to impose fiscal and monetary discipline on its own economy. </s> |
1,376 | <s>[INST] "Give Brazil all the rest of the posts [/INST] for Mercosur: chief trade negotiator, tax collector and even head soccer coach," he said. </s> |
1,377 | <s>[INST] "But create a common currency [/INST] board and let the Argentines run it". </s> |
1,378 | <s>[INST] Full text: SAO PAULO, Brazil -- The world is [/INST] watching Brazil's back-to-the-wall struggle to rescue its economy, but no country more fretfully than neighboring Argentina. </s> |
1,379 | <s>[INST] Long the fiercest of rivals, Argentina and Brazil cast aside their antagonisms to form [/INST] an economic union, Mercosur, that in just seven years has become the world's third-largest economic bloc after the North American Free Trade Agreement and the European Union. </s> |
1,380 | <s>[INST] And while past economic emergencies have provoked frictions between the two countries, the [/INST] Brazilian crisis seems to be propelling them toward what could turn out to be the most ambitious integration policy yet: an eventual monetary union. </s> |
1,381 | <s>[INST] Argentine President Carlos Saul Menem first [/INST] floated the idea nearly a year and a half ago. </s> |
1,382 | <s>[INST] "Commerce between Argentina and Brazil has grown [/INST] from around $2.5 billion a year to nearly $18 billion," he said. </s> |
1,383 | <s>[INST] "Now we have to rapidly [/INST] begin the creation of a common currency". </s> |
1,384 | <s>[INST] Most economists on both sides [/INST] of the border initially scoffed at the notion. </s> |
1,385 | <s>[INST] But given Brazil's current difficulties, the debate over whether Brazil should [/INST] try piggybacking on its neighbor's monetary policy has picked up steam, becoming the topic of countless seminars and editorial-page articles. </s> |
1,386 | <s>[INST] That's especially true since Argentina has emerged, in the wake [/INST] of the Asian economic crisis, as the most stable economy in Latin America, eclipsing the continent's traditional star, Chile. </s> |
1,387 | <s>[INST] One reason: In 1991, Argentina made its peso [/INST] interchangeable with the dollar through the creation of what economists call a currency board. </s> |
1,388 | <s>[INST] By eliminating the government's leeway to [/INST] print money, that policy effectively halted inflationary government overspending. </s> |
1,389 | <s>[INST] Analysts such as Sebastian Edwards, a University of California at Los Angeles [/INST] economist, said a regional currency board might serve as the prod Brazil needs to impose fiscal and monetary discipline on its own economy. </s> |
1,390 | <s>[INST] "Give Brazil all the rest of the posts [/INST] for Mercosur: chief trade negotiator, tax collector and even head soccer coach," he said. </s> |
1,391 | <s>[INST] "But create a common currency [/INST] board and let the Argentines run it". </s> |
1,392 | <s>[INST] As a first step down that path, Juan Llach, Argentina's former vice minister of [/INST] economy who now runs an influential think tank, is pushing a proposal for Mercosur to negotiate an agreement similar to the European Community's Maastricht Treaty. </s> |
1,393 | <s>[INST] That accord laid out specific targets for public [/INST] debt and deficits, in order to nudge inflation and interest rates toward convergence. </s> |
1,394 | <s>[INST] "This is a fundamental first [/INST] step to start thinking about monetary union," he said. </s> |
1,395 | <s>[INST] Mr. Llach said that even though it [/INST] is a midterm project, some of the benefits would be immediate. </s> |
1,396 | <s>[INST] By merely stating its commitment to macroeconomic convergence, Mr. [/INST] Llach said, Brazilian policy makers could take an important step toward restoring confidence in their embattled economy. </s> |
1,397 | <s>[INST] Many Brazilians said such talk is [/INST] premature given the gravity of their country's immediate problems. </s> |
1,398 | <s>[INST] "It's impossible to talk about a common currency when Brazil has [/INST] so many domestic distortions, including a deficit of 8% of GDP," said Igor Cornelsen, a Sao Paulo investment banker. </s> |
1,399 | <s>[INST] Mr. Cornelsen, like many Brazilians, has another problem with the [/INST] idea: He tends to be more supportive of a flexible exchange rate rather than Argentina's fixed currency. </s> |
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