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Posted by BradyNet ( Friday, October 31, '03 )

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GLOBAL MARKET HIGHLIGHTS

World Bank to approve $4bn central Asian pipeline 10-31-03 (Yahoo) The World Bank plans to recommend support for a $4bn (Ł2.4bn) pipeline through central Asia, according to a leaked internal report.

Hey world, can we still play? 10-31-03 (Yahoo) Canada has lost influence, identity and the capacity to act on global issues. Let's identify the problem and devote resources to solving it, says political scientist DENIS STAIRS

Suddenly, economy shows real verve 10-31-03 (Yahoo) Consumer spending propels biggest GDP jump in 20 years, signaling a more robust recovery.

A boost for Bush, if new jobs follow 10-31-03 (Yahoo) WASHINGTON – The new gross domestic product figures are out, and here's the political bottom line: President Bush's prospects for reelection appear to be rising.

The Bush Boomlet 10-31-03 (Yahoo) When the Department of Commerce releases third-quarter gross domestic product figures Thursday morning, it will kick off one of the best days of the Bush presidency.

GDP data have limited effect on Wall St stocks 10-31-03 (Yahoo) Wall Street advanced modestly by mid-afternoon in a muted response to data showing the US economy grew in the third quarter at its fastest quarterly rate since 1984.

U.S. Says China Not Manipulating Currency 10-31-03 (Yahoo) WASHINGTON (Reuters) - The Bush administration angered lawmakers on Thursday by giving China and other trading partners a pass on whether they were manipulating currencies to gain an unfair advantage over U.S. manufacturers.

LATIN AMERICA

Damage Estimate in Ecuador Lawsuit Mounts to $6 Billion 10-31-03 (Yahoo) BOGOTA, Colombia — Lawyers for about 30,000 Ecuadoreans suing ChevronTexaco Corp. unveiled a new report Wednesday that dramatically upped the total bill for alleged environmental damage as a result of drilling operations to more than $6 billion.

Mexico Official Urges Economic Balance 10-30-03 (Yahoo) MORELIA, Mexico - The global economy is too dependent on growth from the United States, Mexico's treasury secretary said Sunday, calling on finance officials from 20 rich and poor nations to look for a "more balanced and sustainable growth path."

Chiles Poor Are Invisible Losers in a Star Economy 10-30-03 (Yahoo) SANTIAGO, Chile (Reuters) - Meulen Huencho, 33, did not share in Chile's economic boom of the 1990s, when millions of middle-class Chileans took out mortgages for the first time,

Some Argentines Who Fled Crisis Make Their Way Home 10-30-03 (Yahoo) BUENOS AIRES, Argentina (Reuters) - On Spain's beaches, he played soccer and swapped stories with fellow Argentines over herbal tea. He worked steadily as a pianist and even played in Paris on New Year's Eve.

U.S. Ambassador to Brazil Optimistic on Trade Pact 10-30-03 (Yahoo) BRASILIA, Brazil (Reuters) - The U.S. ambassador to Brazil is confident the two countries will agree on an Americas-wide trade pact at a meeting in Miami next month.

RUSSIA

Russia Seizes 61 Pct of Shares in YUKOS 10-31-03 (Yahoo) MOSCOW (Reuters) - Russian authorities Thursday seized shares in the oil company YUKOS belonging to its arrested chief executive Mikhail Khodorkovsky and his allies in a dramatic escalation of an investigation into the company's affairs.

ASIA

China Rejects U.S. Trade Criticism 10-31-03 (Yahoo) BEIJING (Reuters) - China defended itself on Thursday against U.S. criticism it had failed to live up to its World Trade Organization (news - web sites) (WTO) commitments, saying American lawmakers should recognize the efforts it has made.

Kidnappers execute resort staff 10-30-03 (Yahoo) Five workers from a Malaysian holiday resort have been killed in the Philippines by suspected Islamist extremists who kidnapped them earlier this month, a survivor said yesterday.

OIL PRICES

Shell Surrenders Oil Industry Leadership to BP 10-30-03 (Yahoo) Oct. 29 (Bloomberg) -- Some industry positions appear set in stone, unaffected by the passing of the years.

Newest messages appear on top.

10-31-03 PILLZ: Bankrupt WorldCom Inc. will find out Friday whether a New York judge will confirm its reorganization plan through a cramdown. Judge Arthur Gonzalez of the U.S. Bankruptcy Court for the Southern District of New York said at a hearing Thursday, Oct. 30, that he still had to review some objections to the plan and would likely rule Friday morning.

Gonzalez is expected to approve it, since even WorldCom's recent cramdown threat drew nary a protest.

"This was not your typical cramdown, where there is vocal opposition," said WorldCom's attorney, Marcia Goldstein of Weil, Gotshal & Manges LLP, at Thursday's hearing.

Ashburn, Va.-based WorldCom has spent more than 16 months in Chapter 11 since filing on June 21, 2002. The past two of those months have been spent trying to get its plan confirmed.

Thursday's hearing was a continuation of an Oct. 21 proceeding in which WorldCom, which will emerge from bankruptcy with MCI as its corporate name, decided to get its plan confirmed through a cramdown.

A cramdown, in which a debtor tries to get a plan confirmed without the consent of every creditor class, is often viewed as a controversial tool.

But WorldCom's situation has been different.

All creditor classes had previously approved the reorganization plan, but Gonzalez expressed concern on Oct. 20 that combining all unsecured creditors was problematic because they all were scheduled to receive different recoveries under the plan.

WorldCom attorneys reclassified the unsecureds into three creditor classes but didn't alter the compensation they were set to receive.

So rather than resolicit votes, WorldCom decided to push for a cramdown, knowing full well that at least two of the creditor classes scheduled to get recoveries of 35.9% and 60% would reject the plan.

Gonzalez has already removed one potential hurdle to confirmation, deciding Thursday not to hear an objection lodged by distressed-debt buyer Liquidity Solutions because it was submitted after the deadline. (Liquidity wanted more time to review the reclassification of creditors.)

Once the plan is confirmed, MatlinPatterson Global Opportunities Partners LP is earmarked to receive a significant stake in MCI, which will start its new life with roughly $5.5 billion in debt and $1 billion in cash.

10-31-03 amigo latino: <Ecuador president wants to prolong debt payments

QUITO, Ecuador, Oct 30 (Reuters) - Ecuador's President Lucio Gutierrez on Thursday said he wanted to hold bilateral talks with creditors to find ways to reduce the country's debt payments in the short term but ruled out a default.

"We ratify that we are going to fulfill our accords and commitments. This must be a process, a bilateral negotiation," Gutierrez told reporters after arriving in Quito from a visit to Miami. "We want to prolong our foreign debt payments so that we can lower the percentage these represent in the budget."…... "One option is that we could set aside a percentage for debt payments based on the country's economic growth. Another could be in relation to our exports," he said.

SHARED RESPONSIBILITY

Gutierrez criticized multilateral lenders for letting poverty-stricken Ecuador run up so much debt. He spoke of "shared responsibility" for the nation's economic problems. "It may be true that our government took on debt irresponsibly and aggressively, but it's also true that international financial organizations gave us those resources without much control," he said. > http://biz.yahoo.com/rf/031030/econ...

10-31-03 Glutt: serjezno primo, znaesh kakovo sideti v uslovjah informacionnogo goloda na zapade? tolko svjazi & spasajut... a vot ti, net chtob nam chego ljubopitnogo povedati tolko voprosi podkidivaesh... vi tam blizko ko vsemu etomu tak chto vozmite & raskazhite chto ni budi chego gazeti ne napechatajut, ah?

10-31-03 Glutt: as regards reading Vedomosti, what i told was two days old from my talk on Tuesday...draw conclusions...

10-31-03 Glutt: btw, in Rosneft+Gasprom vs. Exxon you better replace Rosneft+Gasprom with Putin... so it might be Putin vs Exxon in this case (of which i am not certain)... meanwhile the head of Rosneft Mr Bogdanchikov is UTMOST bustard one can only imagine...

10-31-03 Glutt: Primo, either you say openly your thought or i have no interest in guessing, meanwhile read this from Vedomosti where they say about such possibility i cited of yesterday… look where they quote Dashevski & after cite experts opinion of who will surface as main shareholder in case of impounded shares… i would really appreciate if you like a person being there may be know more and can share your thoughts and rumors… otherwise what you say about Rosneft & Gasprom sounds rubbish and this was rumor of two or three days ago… you probably have red this on yellow press web sites as far as i know and have red them also…

http://www.vedomosti.ru/stories/200...

10-31-03 Glutt: Primo, chego eto ti govorish... ok you right... ja tut sizhu na chizhbine & zavishu ot informaciji kotoruju proverit ne mogu. tak chto esli ti chego interesnoe znaesh togda rasjazhi, a ne umnichiaj... ok?

10-31-03 Glutt: PT, conditions in most Russian prisons are so bad that I would say it is better to get a bullet in the head than to be imprisoned for long time. However it was always a tradition in some prisons like ‘’Mattrosskaja Tishina’’ they have special cells with much better conditions and even single inmate cells for such detainees like Khodor. You saw reports probably that Khodor was transferred to the special zone in Mattroska where they have ‘’comfort’’ cells in which some leaders of Russian coups of 1991 and 1993 used to be held after failures of them. Anyway, do not worry, Khodor will not be held or let suffer like ordinary inmates.

10-31-03 Primo: Do your sources read vedomosti, glut?:-)) ok, ok you're right ...

10-31-03 Primo: Gluton it's a question of Rosneft-Gazprom vs Exxon etc.

10-31-03 Glutt: Btw, Primo, Voloshin resignation announced, so i am proud of my sources… though i did not believe them on last Sunday…

10-31-03 Patient-Trader: Russian prisons are infamous for overcrowding and rampant tuberculosis, but what is life behind bars like for the country's richest man? http://www.moscowtimes.ru/stories/2...

10-31-03 Glutt: Primon, i meant your questions as regards who can become Yukos main shareholder after Khodor is driven out... or has not you asked this? do not worry, FSB lacks trained resources to read the color, all capable guys from former KGB left long ago with CPSU money or along with such like Khodor into business. if you rememeber Yukos before loans for shares had former mid ranking former KGB people in its management... this is probably why Putin and prosecution may know much more about Yukos than about any other company. Russia never can have clean business... it will be as dirty as sin... or like USA big cos...

10-31-03 Primo: PT <Yukos managers can theoretically asset-strip the company> well, well,well - it all depends on who is the buyer. As top-mangers are generally shareholders with big stakes their motivation to strip or not to strip may differ depending on stake price.

If Yukos will be thrown to Gazprom-Rosneft -you're right its value is strictly zero. But think i'm not "too" but just "reasanobly" optimistic about the outcome of the whole story now. Let's see, he-he.

Glut, i'm not asking questions since wednesday - what do you mean amigo?

10-31-03 Glutt: one thing in Yukos affair is very clear: with the arrest of Khodorkovski and impound of his shares it becomes clear that Putin is firmly committed to driving him out of Yukos seat… to this end Khodorkovski is finished in any respect and no matter various scenarios IMHO ... forget about Khodorkovski ... think about Yukos

10-31-03 Glutt: PT, your have a nice viewpoint as well, the question if Putin 1) wants bad publicity for Russia and himself in the West 2) you are not about right with Yukos shares, shareholders of Yukos have the first right of resignation before stocks offered outside (as per the law) and Sibneft people are not Menatep associated but are rather independent to Khodor… HOWEVER you damn right about the main aim to slaughter Khodorkovski and his people so to this end any means will suffice IMHO

Primo, the posting to your question waits for you if you scroll back to read it from yesterday evening.

10-31-03 Patient-Trader: Primo, < IMO Yukos property will stay intact, the question (I repeat) is who will be the buyer.>

I think you are very optimistic.

1. The Yukos stake can only be sold with Menatepgroups' and the prosecutors consent. It is unlikely that both will quickly agree to that. If Menatepgroup would be allowed to sell then Khodo would walk away with a few billions - who would want that ?

2. From the prosecutors perspective the arrest of Menatepgroups' Yukos shares achieves nothing because Yukos managers can theoretically asset-strip the company and move all assets into friendly hands - as they did when 30% of shares fell into the hand of western banks after menatep banks default.

Further, Yukos biggest creditor is the Russian state due to owed and deferred taxes of 2bn$.

Therefore at the very least the Yukos management has to be replaced with Kremlin friendly people. If that happens then lot of ugly things can happen to Yukos assets.

I personally would value Yukos at zero now.

10-31-03 Advice55: Brazil Market
Nearing Completion is the last hexagram of the I Ching. It suggests that the ever-spinning wheel of life never reaches an absolute conclusion. <Just as a hidden sadness resides in the heart of true euphoria>, just as the seeds of great achievement often sprout first in a caldron of adversity, so too no end is ever really complete without a new beginning stirring inside it. Though we divide life into categories in order to understand and master it, experience itself is seamless. With this reading, the 64-spoked, the timeless wheel of change is ready to spin onward, ever evolving, ever staying the same.

The situation represented by this reading can be compared to that of taking a lengthy trek over a high mountain. <At some point before reaching the peak, you can see in detail exactly how much farther you must travel.> You will have a good idea what it will take to reach the top, because of the climbing experience you've accumulated thus far. However, <when you do reach the peak, which has been in sight for quite a long period of sustained effort, you will have done only that.> You will have reached the top - achieving your initial goal - <but now you must still descend the other side.> This last critical segment is what remains before completion.

<You may have little information and no experience of what it's like descending the other side of the mountain. All your attention may have been focused on the route up.> The coming situation may seem very strange to you, unlike anything that you have experienced before. For the back side of the mountain is where all of the true mysteries reside. Proceed carefully, cautiously, alertly - and you will reach your goal.

10-30-03 Advice55: <ADVICE brl 6 months will be @ 2.25/2.40>

you are dreaming Danni, cause even 1.90 (Dec 2001) plus 30% past inflation is 2.60 and at 2.60 Brazil will have a trade surplus like it had with FHC = 5/6 bi year.... Impossible right now... You can dream, but it will not pay your bills...

10-30-03 victorn: amateur, żque pasó con la ley de punto final?

Ex represor militar no asumirá alcaldía por causa de violación a DDHH

San Miguel de Tucumán.- El ex represor Antonio Bussi no pudo asumir hoy la alcaldía de la capital de la provincia argentina de Tucumán porque la Justicia le dictó anoche prisión preventiva por la causa que investiga la desaparición de un senador provincial peronista durante la dictadura militar, informó DPA.

10-30-03 victorn: A pocas semanas de la visita de delegaciones de varios países para conocer el estado de las negociaciones que han quedado pendientes para recibir orimulsión, el presidente de Pdvsa, Alí Rodríguez, recalcó a su salida de la Comisión de Finanzas de la Asamblea Nacional que "la decisión que se tomó, junto al Ministerio de Energía y Minas, fue no continuar desarrollando proyectos de orimulsión".

Luego de explicar que el precio de venta del barril de orimulsión es bastante inferior al de mezclas de crudo e incluso al de los crudos mejorados de la Faja del Orinoco, el presidente del holding estatal sostuvo que los contratos que no han sido firmados definitivamente (incluyendo a las empresas que sólo tienen en sus manos memoranda de entendimiento, como Italia y Canadá) no continuarán su curso.

10-30-03 victorn: danni <if you will ask CHEECHEE> please show more respect for Dr. Guru, as he is the creator of the best Mojitos recipe. :-)

10-30-03 danni: HLSH sctooks time to buy @ 2.8$ . posteddd.

10-30-03 danni: victorn: danny, the only argument i could make is that opec is saying....VIC if you will ask CHEECHEE he will say there is to much dimonds in the market.

10-30-03 carib: Danni: my lulabonds are doing fine.

10-30-03 victorn: danny, the only argument i could make is that opec is saying that in 2004 there will be too much oil in the market.

10-30-03 danni: CARIB how is your lulabond doing ?

10-30-03 victorn: carib <Pet<roven>ezuela (PDVSA)> :-)

10-30-03 carib: Ok, maybe <roven> is secret for goy. imagine I thought it was short for Pet<roven>ezuela (PDVSA)...;-))

10-30-03 danni: victorn: danni, if i could answer those questions.....VIC that is my point.

10-30-03 danni: 10-30-03 carib: What or who is <roven>?.... only PILLY can say who is roven like I can say who is sharet.

10-30-03 danni: 10-30-03 savonarola: advice..what are you talking about???.....SAVO WE mast ad ADVICE to our ANLS(((MONKIES})) list i did.

10-30-03 victorn: what would be the implications for markets if hedge funds are (finally) regulated by u.s. authorities?

10-30-03 carib: What or who is <roven>?

10-30-03 victorn: danni, if i could answer those questions correctly, i would probably be shorting oil futures right now in my commodities acct. but i am not. :-(

10-30-03 danni: 10-30-03 victorn: danni <roven 11% will be next for your beloved. > unless oil continues dropping...VIC when,how,way???

10-30-03 danni: 10-30-03 Advice55: Today is last day of october, market hanging on the clif for one more day to close the month on the blue....is there DR in colors??? DR WALLY give advice to ADVICE he drive me mad

10-30-03 victorn: danni <roven 11% will be next for your beloved. > unless oil continues dropping...

10-30-03 danni: PILLZ: even my beloved Guano 30 go down below 14% YTM, diff. times....roven 11% will be next for your beloved.

10-30-03 danni: Advice55: Carib BRL 6 months from now? 3.10! ....ADVICE brl 6 months will be @ 2.25/2.40. to me its look like that you lost your thuch abut lulaland or that your were short the all time .

10-30-03 victorn: Hidrógeno moverá automóviles Mercedes Benz

Singapur probará el hidrógeno como combustible pero lo hará solo con carros de alta gama, todos serán Mercedes Benz.

Singapur será uno de los cuatro países en los que se probarán los únicos automóviles de lujo del mundo alimentados por hidrógeno líquido.

Siguiendo el programa piloto desarrollado en Alemania, Estados Unidos y Japón, Singapur pondrá en circulación en abril del próximo ańo siete de estos autos, unos nuevos Mercedes A-class, que serán alquilados a organizaciones y agencias gubernamentales para ser puestos a prueba.

La compańía pretende poner a la venta el nuevo coche para el ańo 2010 a un precio similar al de los modelos convencionales.

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