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Friday, March 12, '04
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 | Argentina to Pay IMF - Source 03-12-04 (Yahoo) Argentina is going to make a $3.15 billion payment to the International Monetary Fund (news - web sites) on Tuesday and avert a new debt default on the lender, a government source said.
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| Argentina plays chicken with IMF 03-12-04 (BBC) A key date in Argentina's sometimes tense relationship with the International Monetary Fund is 9 March.
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| Argentina set for fresh IMF cash 03-12-04 (BBC) Argentina has received the green light from the International Monetary Fund for fresh funding of $3.1bn (£1.7bn).
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| G10 Central Bankers to Examine Recovery 03-12-04 (Yahoo) Top central bankers will put the global economic recovery under a microscope on Monday amid some concerns that risk-hungry investors were driving markets higher than fundamentals might justify.
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| No More Excuses on Jobs 03-12-04 (NY Times) ARTICLE TOOLS E-Mail This Article Printer-Friendly Format Most E-Mailed Articles Columnist Page: Paul Krugman Forum: Discuss This Column E-mail: krugman@nytimes.com READERS' OPINIONS Forum: Join a Discussion on Op-Ed Contributors TIMES NEWS TRACKER Topics Alerts Economic Conditions and Trends Unemployment Recession and Depression As job growth continues to elude the U.S. economy, we're hearing two main excuses from the Bush administration and its supporters:
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| Greenspan Warns Against Trade Limits 03-12-04 (Yahoo) Federal Reserve (news - web sites) Chairman Alan Greenspan (news - web sites) said on Thursday that U.S. hiring should soon pick up,
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| Greenspan sees US creating more jobs "before long" 03-12-04 (Yahoo) US job growth should pick up before long as the economic recovery gains momentum, Federal Reserve (news - web sites) Chairman Alan Greenspan (news - web sites) said as he repeated his warning about protectionism.
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| After Haiti, Venezuela is wary of US interference 03-12-04 (Yahoo) Whether Washington is a hero or hangman of democracy in Latin America may be a matter of political perspective.
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| Venezuela to File Complaint Against U.S. 03-12-04 (Yahoo) The government of President Hugo Chavez said Wednesday it will file a complaint with the Organization of American States, accusing the United States of meddling in Venezuela's domestic affairs.
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| Venezuela Leader Defends Election Process 03-12-04 (Yahoo) President Hugo Chavez defended Venezuela's elections process Friday as hundreds of his opponents marched in Caracas to protest widespread arrests during anti-government demonstrations.
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| Agrarian Reform in Brazil 03-12-04 (Yahoo) The main leader of the Landless Workers Movement (MST), economist João Pedro Stedile, remains hopeful that President Luis Inácio Lula da Silva will fulfill his promise, spelled out in the National Plan for Agrarian Reform,
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| Brazil makes progress on debt 03-12-04 (Yahoo) Barely a year and a half ago, Brazil was on the edge of disaster. Its debt burden seemed to be lurching out of control, default and an Argentina-style economic meltdown seemed imminent.
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| Global Markets: Euro Shares Remain High 03-12-04 (Yahoo) European shares hit 20-month highs in Europe on Monday, following falls on most Asian bourses, while the dollar was nursing heavy losses against the euro after Friday's weak U.S. jobs data.
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| Gasoline Prices: a Case of Cheating, Not Competing 03-12-04 (Yahoo) If the recent sticker shock at the gasoline pump feels familiar, that's because it is the same old story that led California's electricity market to become the embarrassment of the nation.
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| Drivers Face Higher Prices at the Pump 03-12-04 (Yahoo) Gas prices are surging once again, and this year they may climb higher than ever. NPR's Tony Cox talks with Doug MacIntyre of the Energy Information Administration about what motorists can expect.
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| Abramovich in talks on oil sale 03-12-04 (BBC) Mr Abramovich has been steadily withdrawing from Russia Russian tycoon Roman Abramovich is in talks with Western petroleum firms over the sale of his Sibneft oil company, the Financial Times has reported.
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| Gas prices approach record high; experts say rise to continue 03-12-04 (Yahoo) Low supply, high demand, market speculation and new environmental regulations combined to make Americans pay an average of just under $1.74 a gallon this week for regular unleaded gasoline.
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| US energy boss to visit Libya 03-12-04 (BBC) US oil firms may regain their pre-sanctions status in Libya, and a major American mission is planned soon, a senior Tripoli official has said.
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Newest messages appear on top.
03-12-04
drjbg:
CARIB: <<"illegal copies" (not-great)... medical research can cost billions, and if Farma-corps are not allowed to keep patents for reasonable time, research would stop...>Most U.S. importation is from Canada--not from India or such places.
Canadian drugs are typically made in the U.S., Carib! Most European countries make perfectly good pharmaceuticals which could be imported.
Your argument re: paying for research is stronger IMO. But the REAL question is--should U.S. elderly and chronically ill pay for the rest of the world? Should U.S. taxpayers pay drug-development costs for Scandanavia, Germany, France, Britain, Italy, Spain, Greece, Japan, etc?
We need to put the responsibility for drug-development costs where it belongs--on other governments and the pharmaceutical companies NOT on the elderly and chronically ill in the U.S. It's simply not our responsibility to solve the problem.
Finally, have you ever taken a look at drug company profits over time? They are among the most reliable and highest among large multinational corporations.
03-12-04
amigo latino:
<carib:…..if Farma-corps are not allowed to keep patents for reasonable time, research would stop.>How long is reasonable? If the patent protection time is lowered gradually, research would not stop possibly!. Drug firms may find a way of lowering research costs—ex: by outsourcing reasearch in parts or whole.
03-12-04
spurs:
But Carib, thats what the pharma companies say.. And while it may be right how can we believe anything they say... Supernormal profits, but costs subsidised by the education system of all the Western countries...
03-12-04
carib:
drg: I have always been in favor of the "generic drugs" being used for medicare etc. However, one thing is using the cheaper version (great)...the other is to use "illegal copies" (not-great): medical research can cost billions, and if Farma-corps are not allowed to keep patents for reasonable time, research would stop.
03-12-04
drjbg:
It's not the weekend but I can't resist a comment on local politics: The new head of the U.S. Food and Drug Admin (regulates prescription drugs) testified that it would cost a "few hundred million" to guarantee the safety of imported drugs to the U.S. (These cost half as much). So, instead of legalizing drug importation, Bush is spending $539 BILLION for a prescription drug program which actually provides slightly higher prices, to only a part of the U.S. population (Elderly).
That's the math: $539 billion versus "several hundred million". A gigantic windfall to pharma companies and insurance companies, paid for on the backs of taxpayers and the most vulnerable.
03-12-04
wally:
<carib: Victorn: as things stand, it looks like GW is going to lose the presidency> insha'allah!
03-12-04
victorn:
carib, i agree. actually, my interests almost always agree with you. :-) but my heart tells me that both sides have approx equal responsiblity (and blame) for what is happening.
03-12-04
drjbg:
Vic: <<as a ncal liberal...>> You forgot tree-hugging Unitarian :))
03-12-04
drjbg:
spurs: <<Should any of us accept this? Let alone Americans?>>No, you should not. It's an outrage.
03-12-04
carib:
Victorn: as things stand, it looks like GW is going to lose the presidency. A democratic president with a republican congress should produce a more balanced political equilibrium...but it's early to jump to conclusions: look what happened in Madrid 3 days before an election that appeared predictable!
03-12-04
wally:
<Glutt <Let me know if we can meet and I may extend my stay a bit in this case>> i'd be delighted! however i am booked back and will arrive april 19th evening coming from Asia.
03-12-04
optimist:
on Global Crossing.. From renowned sourse - the street com:<Ah, yes. We remember back to those prebankruptcy days, before we discovered that the whole telecom industry was one massive bubble inflated by suspect round-trip deals. You remember those deals, don't you? Telecom Company A would sell a few million dollars of capacity to Telecom Company B, while Telecom Company B would sell the same million dollars of capacity B. Once you netted everything out, not much money changed hands. But the telcos got to record the money anyway. Which reminds us: Only two months ago, the no-longer bankrupt Global Crossing issued a press release in which it proudly announced two different deals with another telecom company, XO Communications. In one deal, Global Crossing was selling at least $50 million of "voice termination and private line termination services" to XO. In the other deal, Global Crossing was purchasing at least $70 million in services from XO Communications.
We're glad to see that Global Crossing is back to business as usual. >
03-12-04
carib:
Glutt: I will keep that in mind in case I pass by Florida in mid-april (my dates are not yet set).
03-12-04
victorn:
danni :-)
03-12-04
carib:
Glutt: If I was sure how prices will move...I would speculate on that!
03-12-04
danni:
VICTOR we dont smoke we dont drink but we play poker ? that is veryvery bad man .
03-12-04
Glutt:
Wally, I most likely will be in Florida between 19 and 22 April. Let me know if we can meet and I may extend my stay a bit in this case.Torgay, message for you, it is a pity but I will not be able to join your minicolores event. I nevertheless, if you do not mind, will reserve an opportunity to meet you and cbanker in person later may be around May.
03-12-04
victorn:
apagón <<this proves the futility of playing with Pinky rules> True.> which brings me back to my original point. then why did you sit down and agree to play this game? personally i think that the opposition has been very naive. i view the veni situation as playing poker with a rigged deck of cards. if i invite you to play poker with my deck, and you know that i have a rigged deck, and you sit down and agree to play it is pointless for you to complain that i have a rigged deck after i have taken all your money. you should've complained about my deck before sitting down at the table.
03-12-04
Glutt:
Carib, interesting which direction Argentina bonds will go when Ladrones will meet creditors, any guess? Mine is <down>
03-12-04
Glutt:
ok, seems we having weekend already.opti, i could not understand what is crange, sorry but can you decode from your language to readable one?
03-12-04
wally:
<Should any of us accept this?> there's nothing we can do <spurs>!
03-12-04
victorn:
drj <they> i meant the u.s. and how they justify pursuing their interests with terms like "freedom fighters" and so forth. the double standards involved, as a ncal liberal you know what i am talking about. :-) on your wish (moving towards the political center), i would also hope that it comes true.
03-12-04
carib:
March 12 (Bloomberg) -- Argentina's most-widely traded defaulted bond climbed for a fifth day to its highest level since September after the government pledged to meet creditors and reschedule payments on $99.4 billion in debt.The Argentine 7 percent bond due 2008 gained 1.25 cents on the dollar to 30.25, according to J.P. Morgan Chase & Co. at 10:30 a.m. in New York. The bond is at its highest level since September and has climbed from 27.25 at the end of last week.
03-12-04
carib:
Permanent week-end?
03-12-04
spurs:
drjbg
Good point. Tough to argue with. But i offer the following counter. You judge a country by its actions. The US has of late
1) invaded two countries.
2) held foreign nationals without trial, in poor conditions, and without access to legal advice or representation.
3) US soldiers are to be found in well over 100 countries.
4) dramatically increased their spending on weapons.
5) Paid Federal funds to religious groups "faith based initiatives", breaking the seperation of church and state.
You judge a country by its actions. Whether Bush is representative of the US is an excellent question. However it is academic for the 20,000 Afghans who are now dead, or for that matter the 600 american soldiers who are also dead.
What does matter is that he is the president, and very few protest his actions in Guantanamo. That is left to foreigners. America now does not give foreigners the benefit of the rule of law.
Should any of us accept this? Let alone Americans?
03-12-04
manya:
TRKY: SOUND BOMB CAUSES NO CASUALTIES low trade on 34s was 103 5/8, mkt on the follow: 103 3/4-104 1/4 TRL unch 1321/25
03-12-04
apagonazo:
<panasonic: buenos dias, <cheetah> not a bad day for RIO!> Don't look at today. Look at the week. I hold RIO and continue to like it.
03-12-04
carib:
Loaded some GRIC, crossing fingers.
03-12-04
optimist:
Global Crossing crange goes on.. how low can it go??
03-12-04
apagonazo:
<carib: Apagon: this proves the futility of playing with Pinky rules> True.
03-12-04
panasonic:
buenos dias, <cheetah> not a bad day for RIO!
03-12-04
drjbg:
vic: << I'm sure if the u.s. had economic interests that would justify another iraq-iran war, THEY would gladly go for it and, if necessary, kill a few hundred thousand people in the process.>>Not sure who you mean by "they". You seem to have quite a black-and-white view of the U.S. my friend. I prefer the color gray.
In fact, there are lots of different, competing political forces at work in this country, many different power centers. The balance at any particular time is changing--sometimes towards a liberal balance and sometimes the other direction. Right now the balance is indeed toward the fascist end, but (I believe) is shifting now towards a more rationale center. Both the media and majority of people have become much more cynical about the current regime IMO. Time will tell how far this goes (the next election is important. In any case, best not to demonize other people, other countries. That's Bush-speak.
03-12-04
carib:
Apagon: this proves the futility of <playing with Pinky rules>, IMHO.
03-12-04
manya:
hearing an explosion in turkey ankara no more news as yet...
03-12-04
apagonazo:
EL UNIVERSAL
El presidente del Tribunal Supremo (TSJ), Iván Rincón, y los magistrados Jesús Eduardo Cabrera (ponente) y José Delgado Ocando, decidieron ordenarle a la Sala Electoral que se inhiba de tomar decisiones en los casos relacionados con el referendo revocatorio hasta tanto la Sala Constitucional, a la que ellos pertenecen, se pronuncie sobre si procede o no el avocamiento que solicitaron los representantes del Comando Ayacucho.
La medida fue tomada sin consultar a los magistrados Antonio García García y Pedro Rondón Haaz, último que ni siquiera se encontraba en la sede del máximo juzgado el jueves, según confirmaron altas fuentes del TSJ.
En este sentido cabe recordar que el quórum necesario para proceder a analizar los asuntos de la Sala Constitucional y aprobar los proyectos de decisión es de cuatro magistrados como mínimo.
Por esta razón, personas cercanas a los jueces García y Rondón consideraron inexplicable lo sucedido.
Es pertinente referir, igualmente, que la ponencia relacionada con este caso aún no ha sido discutida en reunión de Sala y, por tanto, todavía no existe un fallo formal.
De hecho la copia del borrador de dictamen fue entregada en el despacho de García García el mismo día jueves.
Directorio al tanto
Mientras que dos de los integrantes de la Sala Constitucional se declararon sorprendidos con la orden que dictaron sus tres compañeros de sala, los miembros del directorio del Consejo Nacional Electoral (CNE) fueron notificados vía telefónica de la orden emitida.
Durante la conversación, uno de los magistrados les garantizó que la Sala Electoral quedó inhabilitada para actuar y, por tanto, no puede ordenarles validar las "planillas planas" u obligarlos a convocar el referendo revocatorio.
La llamada fue efectuada por la preocupación manifestada por los integrantes del CNE ante la posibilidad de que la Sala Electoral, instancia cuya mayoría se inclina a favor de la oposición por dos votos, emitiera una decisión parcializada que afectara al presidente Chávez.
Reuniones y más reuniones
Desde que los casos sobre el referendo revocatorio están pendientes, comenzaron a desfilar por los pasillos del Tribunal Supremo los representantes del oficialismo. El jueves le correspondió el turno a la procuradora general, Marisol Plaza, quien se reunió con Iván Rincón. Esta fue vista en los ascensores internos del TSJ que utilizan los magistrados, según indicaron fuentes vinculadas al alto juzgado.
El diputado Omar Mezza (MVR) acudió, a su vez, a la Sala Electoral, y fue recibido por los magistrados Luis Martínez Hernández y Levis Ignacio Zerpa. Cabe recordar que Martínez es vicepresidente de la Sala Electoral, instancia que está analizando al menos cinco de los recursos interpuestos contra las decisiones del CNE sobre las firmas necesarias para el revocatorio.
03-12-04
savonarola:
apagon..thanks... very thorough explanation.I gues we will have to stick with Pinky for the forseable future.
03-12-04
carib:
Manya: details of 2013 repurchase offer?
03-12-04
apagonazo:
<Savo>Had a social get together with individuals involved with making the decision of revalidating signatures and their position is that they will not accept the government’s terms of validation and would press for terms which they (Cordinadora) consider just. The Government, on the other hand refuses to accept these terms. Cordinadora had limited hopes placed on obtaining a favorable decision from the Supreme Court which would have pressured the Government into accepting the requested terms. That hope has been negated by a Supreme Court statement (not decision). The Venezuelan Supreme Court is made up of (Salas). Perhaps, Carib could help me with the English term for “Salas”. Two of these are the Constitutional and the Electoral. Supposedly, all are autonomous and handle those cases related to their respective jurisdictions. Now, the Sala Constitucional, dominated by Chavez claims to be above all others, as Constitutional rights are the basis for determining all other rights. In the last few days, a petition was introduced before the Sala Electoral seeking clarification on the interpretation of signatures rejected by the CNE. A ruling was expected today. Yesterday afternoon, the Sala Constitucional, emitted a statement telling the Sala Electoral that they should desist from formulating decisions regarding the Referendum. In effect, they are prohibiting the the Sala Electoral from emitting a decision. If the Sala Constitucional were to be above the other Salas, they should at least hear the decision made and then over rule it but in no way prohibit the opinion. There will be no Referendum because Chavez, who controls all important institutions will not allow it and the reason he will not allow it is because he knows that he would lose a Referendum at this moment.
03-12-04
Glutt:
thanks manya
03-12-04
manya:
NEW YORK (Dow Jones)--The Venezuelan government announced Friday a two-week
extension of its pending offer to swap up to $1.56 billion in bonds.
In a press release, the government said the deadline had been pushed back to
March 25 at 5 p.m. EST (2200 GMT), from March 11. The transaction involves
repurchasing the country's outstanding 10.75% bonds due in 2013.
Deutsche Bank Trust Company Americas is acting as the exchange and
information agent for the offer.
03-12-04
Glutt:
Financial Tables
Pax, for you as their core investor here are the number to conference call replay, use it if you want to hear first hand info.Conference Call
The company has scheduled a conference call for Wednesday, March 10, 2004 at 9:15 a.m. EST to discuss its results. The call may be accessed at +1-212-271-4578 15 minutes prior to the 9:15 a.m. start time.
A replay of the call will be available on Wednesday, March 10, 2004 beginning at 11:30 am EST and will be accessible until Wednesday, March 17, 2004 at 11:30 am EST. The replay call-in number is +1-402-977-9140. The access number is 21186476.
03-12-04
Glutt:
also worth reading on GX <The principal factors impacting the comparability of pre-emergence results with post-emergence results are as follows: Elimination of $8 billion in liabilities as a result of the reorganization;
Recapitalization of the business, which included the elimination of $16 billion in common and preferred equity, and $25 billion in accumulated losses as of the emergence date;
Elimination of the majority of the $1.4 billion liability representing deferred revenue from prior period Indefeasible Rights of Use (IRU) sales. While a non-cash event, this will reduce future revenue and EBITDA by about $20 million per quarter starting in the first quarter of 2004;
Substantial completion of the company's restructuring resulting in elimination of most associated costs. Pre-emergence, significant restructuring costs were recorded as reorganization costs, where they did not impact EBITDA;
One-time rebate on UK property taxes of $13 million recorded in the fourth quarter of 2003; and
Accrual of normal operating expenses such as incentive cash compensation, which was recorded as reorganization costs prior to emergence and are expected to be in the range of $8-12 million per quarter in 2004.>
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