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Thursday, March 25, '04
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 | The cost of fuel is going sky high 03-25-04 (Yahoo) The retail price of gasoline nationally hit an all-time high yesterday -- nearly $1.74 per gallon
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| Lulas challenge 03-25-04 (Financial Times) Stability restored and controversial but much needed social security reforms implemented:
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| Economy Grew at 4.1 Pct. Rate in 4th Qtr. 03-25-04 (Yahoo) The U.S. economy's growth rate slowed in the final three months of 2003, the government said on Thursday in its final look at fourth-quarter gross domestic product,
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| US durable goods orders jump 2.5 per cent 03-25-04 (Financial Times) Durable goods orders rose faster than expected last month, up 2.5 per cent, boosted by strong vehicle and aircraft sales. January's figures, however, were revised down still lower,
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| Group says U.S. overreacting to offshoring 03-25-04 (Yahoo) The American Electronics Association, the nation's largest technology trade group, is urging the government not to enact protectionist measures to stop the flow of white-collar jobs overseas.
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| One Giant Global Labor Pool? 03-24-04 (Yahoo) Below the boiling political rhetoric, a real threat America's workers face is the potential for U.S. wages to sink to overseas levels
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| What the jobless statistics dont reveal 03-24-04 (Yahoo) ASSUMING THEY have time for anything besides responding to each other's attacks, President Bush and Senator John Kerry will be spending a lot of time talking about the economy and jobs.
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| The Philippines -- Going From Bad to Worse? 03-25-04 (Yahoo) Philippine actor-turned-presidential candidate Fernando Poe Jr. has a knack for charming the masses. Few audiences, it seems, can resist the charismatic 64-year-old screen idol.
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Newest messages appear on top.
03-25-04
alois25:
carib <Spanish is odd> 'course it's odd. And canarian spanish is simply childish. Have you ever heard of a "guagua"?
03-25-04
alois25:
carib <Rat comes from the latin Rattus. Beats me why in Spanish Rattus became Rata.> Simple reason: Roman mercenary armies conquering foreign territories did not speak proper latin. "Quod erat demonstrandum." :~)
03-25-04
carib:
Alois: in italian too, if you use the suffix "on"..it means big, not small. Spanish is odd :-)
03-25-04
carib:
Dooper: <Tortured>...no, but they had to pay about 3500 Bolos for every dollar, instead than the 1920 they could pay when buying dollar denominated Pinky bonds. That explains the "spontaneous masochism". In plain English, it's called theft. In Spanish, if I am not mistaken, Robo. That word actually explains the origin of the word "robolucion".
03-25-04
alois25:
victorn <i think italian is odd.> In this case spanish is odd. In spanish the ending "on" currently describes something big - like in the words "chuleta - chuletón". But with "ratón" and "rata" it's just the other way 'round. Bear in mind that spaniards buy a "bitek de cerdo" at the butchers shop - which literally means "beefsteak of pork." Now what is "kosher" about that in linguistic terms? ;~)
03-25-04
carib:
Rat comes from the latin Rattus. Beats me why in Spanish Rattus became Rata. In Italian it became Ratto. In English and French Rat. in Portuguese Rato.
In Spain...it became minister of Finance, maybe?
03-25-04
carib:
Victorn: Ratto is also the large one. The small one is topo
03-25-04
victorn:
alois, i think italian is odd. in english, rat is also the large one, rata.
03-25-04
carib:
RCN below 50, as far as I know.
03-25-04
carib:
Ladrones busy at their craft...apparently working on a Peso denominated bond, but backed by certain tax revenues, to restructure bonds held by local institutionals. Apparently those will get a better deal than foreign creditors...hence ladrones trying to work their ways around the accusation of "discriminatory offering"...
03-25-04
dooper:
Venezuela sells $1.5 bln in 2nd hybrid bonds issue< CARACAS, Venezuela, March 25 (Reuters) - Venezuela sold $1.5 billion of mixed dollar- and bolivar-denominated bonds, its second issue this month, as it continued a program to refinance its public debt, the Finance Ministry said on Thursday.Domestic demand for the issue, priced at 106 percent of face value and packaged in so-called "investment units", far outstripped the original minimum offer of $375 million. The units combine six-month dollar notes with bolivar bonds maturing in 2009 and 2010.<<.>>>
http://biz.yahoo.com/rf/040325/econ...
Wealthy individuals who did not subscribe to the issue were said to be < tortured >.
03-25-04
alois25:
I stand corrected <"bookwurm"> should read "bookworm".
03-25-04
alois25:
carib <I stand corrected. In italian, a "rattone" would be a large "ratto". In spanish...the opposite.> The real opposite in spanish would be a small "ratoncito". Let's all agree that it makes no difference in reading habits. "la rata de biblioteca" = "el ratón de biblioteca" = "bookwurm" = "Leseratte".
03-25-04
Glutt:
good night
03-25-04
panasonic:
<carib> do you have prices of RCN bonds?
03-25-04
Glutt:
wally: <<gaucho <He is left wondering why Turkey trades 250bps tighter to Brazil>> the simple answer is "faith can move mountains (and bond prices)".> Turkey is very different to Brazil and has important role in global politics, while Brazil does not. And as we saw politics matter often more than economies if we compare Turkey crisis and Argentina. Guess the lesson was learnt. As regards fundamentals they are all dependent variables and can deteriorate under some bad conditions. What matters in this case is what would be debt payment capacity of Brazil and Turkey under stress and what would be their willingness to pay. For me the answer on capacity is relatively same or slightly better for Turkey as their external debt is not an issue, while concerning willingness to pay my vote is clearly with Turks. Speaking frankly I am not tempted with either today but Brazil as short term trade looks better in this market IMHO.
03-25-04
Glutt:
Carib <Bring along rat poison, just in case...> not good idea as they can confuse me for a terrorist and you then will see pictures of me handcuffed on front pages of US newspapers… also a risk to irritate Greenpeace too big. But alternative tools may work better, one may just not bath for a week or two and no rat would be able to stand the smell :)))
03-25-04
carib:
Glutt: check mail
03-25-04
panasonic:
<apagon> lunch is on me, but leaving next week for family trip and coming back mid-april, here is Euro Calpine quote :-)http://quotes.ubs.com/quotes/X0=16/...
03-25-04
Glutt:
wally, check mail
03-25-04
apagonazo:
<panasonic: Hola apagonazo:I still dont hold Calpine, but at 67% seems good schweinkram, just will wait some days to avoid being charged the fat coupon> The last price I have on Calpine canada 8.5% 2008 is 78.1172% and not 67%. If it is down to 67% you invite lunch or no deal.
03-25-04
apagonazo:
<carib: Apagon: thanks. Sbac used to be @103...maybe it's a buy again.> I had lowerd my position and am contemplating increasing at this level.
03-25-04
apagonazo:
<panasonic: Hola apagonazo:just will wait some days to avoid being charged the fat coupon.> Smart and even better i will invite you for lunch with my coupon.
03-25-04
panasonic:
<SBAC> agree carib, >10% yield seems pretty sexy for co. that is buying back their debt...
03-25-04
panasonic:
Hola <apagonazo: I have CALPINE CANADA 2008 and not worried!! But then how could a venezuelan be worried about such nonsence in this our stesssed out world.> I still dont hold Calpine, but at 67% seems good schweinkram, just will wait some days to avoid being charged the fat coupon.
03-25-04
carib:
Apagon: thanks. Sbac used to be @103...maybe it's a buy again...
03-25-04
apagonazo:
<Cheetah> Agree on RIO which I hold.
03-25-04
apagonazo:
<carib: Recent SBAC bond levels, anyone?> SBA COMMUNICATIONS CORPORATION 10.250000 02/01/2009 98.50
03-25-04
carib:
Victorn: I stand corrected. In italian, a "rattone" would be a large "ratto".
In spanish...the opposite.
Such is linguistic life...
03-25-04
victorn:
glut, that town reminds me of mickey mouse. :-)carib, <Raton= rat> no. rata = rat. ratón = mouse. a rat is not a <big mouse>, as their genus is different.
03-25-04
Pelegrino-spo:
<03-25-04 Cheetah: hey pelegrino-spa...seems like this week may have been a good time to put some cash back to work...> Chee-Chee, i agree with you. I put some cash to work today into a long call spread in Telemar options... but just for 2 to 3 days at work than back to cash and short. iBovespa ended the day flat just like Telemar. I think they will go for a huge bounce in the next few days. But then, back to Titanic, and it also aply to US stocks, mon cher!
03-25-04
apagonazo:
<Pana> I have CALPINE CANADA 2008 and not worried!! But then how could a venezuelan be worried about such nonsence in this our stesssed out world.
03-25-04
carib:
Glutt: Raton= rat, big mouse.
Boca= mouth.
Maybe the area where Boca Raton was developed looks like a rat mouth...
Bring along rat poison, just in case...
03-25-04
carib:
Japanese public debt now above 6 trillion US$...or 180% of GDP.
Maybe the Ladrones should ask to be allowed to swap their defaulted bonds for japanese government bonds...and promise to pay 1% interest on them!...it would be a blip for Japan debt figures... :-)
03-25-04
dooper:
< Turkey-- surrounded by beligerant neighbours and unlikely (in his view) to be admitted into the EU.>I think that everyone would agree that Brazil's numbers/ratios are better than Turkey. Consensus, however, is that the Turks will do everything needed to qualify for EU entry since this has broad appeal amongst voters. As for the belligerent neighbours, this only serves to enhance their strategic importance...
Having said all that Turkey is no longer my single largest soverign holding (now it's Vene), and it will continue to drop as the upside is very limited.
03-25-04
Glutt:
Carib <Spal is in NY> I hoped he is still in relocation mode, bad luck for me, anyway if choosing between returning via Miami or NY I would prefer Miami. So such is fate to go alone.vic, funny... mouse mouth, what that?
03-25-04
Patient-Trader:
Gaucho, perhaps the Brazilians love it this way. The Brazilian institutions seem to do quite nicely during each crisis. I suspect that the majority of Brazilian banks couldn't survive a low yield environment.
03-25-04
wally:
<gaucho <He is left wondering why Turkey trades 250bps tighter to Brazil>> the simple answer is "faith can move mountains (and bond prices)".
03-25-04
carib:
Quito.
El Sistema de Oleoducto Transecuatoriano (Sote), que sufrió graves daños a causa de un derrumbe de tierra hace 14 días, fue reparado y reinició hoy el bombeo de petróleo desde los yacimientos amazónicos, informó un vocero de la estatal Petroecuador en Quito.
I also guess that with 4 working days left to the deadline, and Ec 12 offered @102,75...
market concluded bond will not be called before next november, at least.
03-25-04
Fox:
<Brazil> Everyone got depressed with GDP growth numbers of 1Q04, the political crisis is a non-issue!!!Im starting to think that the it is worthwhile to go back to the market, if the 1Q04 is a pause instead of reversal in growth then Brazil will start running.
Still have to figure out which asset & it would be nice to see Anals downgrade Brazil but dont think there is a chance of that happening.
03-25-04
carib:
Recent SBAC bond levels, anyone?
03-25-04
carib:
Gaucho: so do I...and I own no Turkey, but still plenty Brasil...
03-25-04
Gaucho1:
Just talked to a Turkish investor, visiting Brazil. He notes Brazil's macro indicators are much better than Turkey's on every count. He looks at Brazilian politics and sees a Sea of Tranquility, with ripples every now and then which he sees as buying opportunities. He sees no geopolitical risk in Brazil, unlike Turkey-- surrounded by beligerant neighbours and unlikely (in his view) to be admitted into the EU. He is left wondering why Turkey trades 250bps tighter to Brazil.
03-25-04
Fox:
<VIP+11%./..> With a volume of 1.200.000 !!
03-25-04
PaxWax:
<Tell me about it greed let me out of VIP :-(( > Tell ME about; if I had kept my options, I'd be sitting on 300,000 smackers or more.
03-25-04
carib:
VIP+11%./..I saw that, Fox...
03-25-04
Fox:
<...seems like this week may have been a good time to put some cash back to work...>
Tell me about it greed let me out of VIP :-((
03-25-04
Cheetah:
hey pelegrino-spa...seems like this week may have been a good time to put some cash back to work...mua mua
03-25-04
carib:
BTW: Meija 13: 76-78
03-25-04
carib:
Leo: Pilly has the details on Calpine Canada, but he is off for a few days.
03-25-04
panasonic:
<Carib: calpine coupon> bcz I dont like to buy just days before coupon payment, it hurts when dont get paid 15 days later :-(
03-25-04
leo:
the same guarantees( rate)
03-25-04
leo:
Carib I've done some homework on CPN and don't think one should be worried about the coupon.....does the canadian branch of calpine have the same rate of the us company??Wich is the rating on ze eulo bond??
03-25-04
Merlino:
Nice bounce for stock markets today. Yesterday pm I was of the idea that the correction was near ending but not already exhausted. I can't believe this bull is so strong that the best we can get is a 6.5 % correction in DIA & SPY after a whole year of continuous run up. Therefore, I still believe that the correction is not totally over and we will see lower lows before higher highs. Should I be mistaken on this and the market just runs up I at least have the consolation that I am already 25 % invested at break even and all in all a few % points ahead of the virtual position of just holding through last couple of months (I have sold around year end and reentered recently) not to mention that I have saved myself the pain to endure the decline of last few weeks.
03-25-04
victorn:
glutt, <Rat mouth> no, mouse mouth. :-)
03-25-04
davidetre:
<Carib> Thanks
03-25-04
carib:
Davide: type CPN on Yahoo finance or WSJ...and you get the Calpine financials.
I do not understand why Panas is so worried about the coupon...
03-25-04
carib:
Glutt: I think SPAL is in NY...
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