NEW ZEALAND HOPES TO REAP ECONOMIC BENEFITS FROM CUP WIN

     By winning the America's Cup and earning the right to host
the next regatta in Auckland in late '99 or early 2000, New
Zealand hopes the race will "boost the national economy by
increasing investment and tourism," according to this morning's
WALL STREET JOURNAL.  Economists are busy "crunching numbers to
gauge the Cup's potential impact on what is currently the fastest
growing economy in the developed world."  Economist Robin
Clements says the event could bring as much as NZ$500M to the
economy.  Among those feeling an "immediate impact" will be
property around the Auckland waterfront, listed stocks such as
Ports of Auckland and Air New Zealand, and the sponsors of the
Black Magic boat, including Toyota and Lion Nathan, brewers of
Steinlager beer (Karene Witcher, WALL STREET JOURNAL, 5/15).  New
Zealand will also need to spend some money to host the Cup, with
cost estimates to update the Auckland waterfront hitting $50M
(Amanda Cropp, NEW YORK TIMES, 5/15).