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Posted by BradyNet ( Friday, April 23, '04 )
 
*NEW* Stay on top of important market events with the IdeaGlobal/BradyNet Economic Calendar

 GLOBAL MARKET HIGHLIGHTS
*A Changing IMF Becomes More Self-Critical 04-23-04 (Yahoo) For years, critics have accused the International Monetary Fund (news - web sites) of being a secretive institution that imposes overly austere policies on developing countries and refuses to admit mistakes.
*IMF: Terror, Oil Prices Threaten Economy 04-23-04 (Yahoo) The International Monetary Fund (news - web sites) is warning that its projections of stronger growth for the global economy could change if there are new terrorist attacks or a spike in oil prices.
*IMF upgrades speed of world economy, warns on rates 04-22-04 (Yahoo) The world economy will snap out of a three-year slump with unexpected vigor in 2004 and 2005, but rising interest rates could pose risks, the International Monetary Fund (news - web sites) said.
*Outsourcing to help South Asian economies, World Bank says 04-22-04 (Yahoo) South Asian economic growth will peak in 2004 and sustain a rapid pace next year, helped by outsourcing of work from industrial powers, the World Bank (news - web sites) predicted.
*Economy hot. Will rate hikes follow? 04-22-04 (Yahoo) The Federal Reserve must consider whether it's time to raise interest rates, and what the effect could be on the job market.
*Greenspan: U.S. Pricing Power Returning 04-22-04 (Yahoo) Alan Greenspan (news - web sites) said on Tuesday that U.S. companies were regaining the power to raise prices and that a long period of worry about the potential for deflation was over.

 LATIN AMERICA
*US shows concern at energy crisis in Argentina 04-23-04 (Financial Times) The Bush administration on Wednesday expressed concern over Argentina's energy crisis and urged the government to reach agreement with its private creditors to restructure $100bn of defaulted debt.
*Possible date for Venezuela vote 04-22-04 (BBC) Electoral authorities in Venezuela say they will announce on 4 June whether the country will hold a referendum on Hugo Chavez's presidency.

 ASIA
*Calpers Flips and Flops in Philippines -- Again 04-22-04 (Yahoo) California's state workers might not even notice if out of $100 of their pension savings, 4 cents just disappeared.
*Japan urges neighbours to boost oil reserves 04-22-04 (Financial Times) Japan is urging China and other east Asian nations to build up their scanty oil reserves so that the region is less vulnerable to disruptions in supplies from the Middle East, a senior Japanese energy official said on Wednesday.

 OIL PRICES
*Oil-for-fraud 04-23-04 (Yahoo) A scandal surrounding the UN’s former oil-for-food programme in Iraq has begun to heat up, just as the Bush administration is approaching the UN to take a greater role in the country
*EPA Confirms Wont Change Gasoline Sulfur Rules 04-23-04 (Yahoo) The U.S. Environmental Protection Agency (news - web sites) said it dropped a proposal to temporarily ease rules on gasoline sulfur content after meeting with industry officials on Thursday.
*Saudi Ambassador Denies Oil-Election Link 04-22-04 (Yahoo) The Saudi ambassador to the United States on Wednesday denied any linkage between the U.S. presidential election campaign and a Saudi pledge to the Bush administration to push for lower oil prices.
 
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04-23-04  amigo latino: maybe listin should send the guy the address of Baninter boss Roman Baes mantion in Gables Estates miami for sale over $8 mill ! not bad wonder where the money will go ? wonder if DR authorities are on it

04-22-04  wally: <dooper> my schedule is starting mid/end of May with some french, then a wee bit of german, then marathi and then for an unspecified time <konkani> interrupted by a week or so of tagalog.

04-22-04  dooper: < wally: <carib:> for the time being the destination port is unknown >

I thought that you were studying Konkani and heading east....


04-22-04  wally: clarin:

<Lavagna le dijo a los acreedores <<<que no se ilusionen>>> con el superávit.

Afirmó que el excedente fiscal se destinará a reducir impuestos distorsivos como el que se aplica a los cheques y las retenciones. También explicó que el crecimiento no obedece al milagro de la soja.

Roberto Lavagna salió al cruce de los reclamos del FMI, el gobierno de Estados Unidos y los bancos extranjeros para que la Argentina destine el superávit fiscal récord a mejorar su oferta a los acreedores. "Tenemos decidido un uso muy preciso para este superávit: reducir los impuestos distorsivos", aclaró ayer el ministro en Nueva York ante un centenar de banqueros que se reunió para escucharlo hablar en el selecto Council on Foreign Relations, donde actuó como presentador el ex jefe de la Reserva Federal, Paul Volcker.

El comentario de Lavagna llegó como respuesta a la pregunta de un banquero, que quería saber qué piensa hacer el Gobierno argentino con un superávit fiscal que se proyecta este año muy por encima de los 3 puntos del PBI prometidos al FMI. Lo primero que hizo el ministro fue aclararle que no debían entusiasmarse pensando en que se pagaría más deuda externa.

Esto ocurrió ayer al caer la noche sobre Manhattan. Unas horas antes, el FMI había difundido en Washington un documento reclamando mayor superávit para los próximos años. Y lo mismo hizo el subsecretario del Tesoro de EE.UU., John Taylor, al finalizar su visita a Buenos Aires.

Lavagna, metido de lleno en una estrategia para "ablandar" la voracidad de los acreedores, explicó que la prioridad frente al inédito excedente de ingresos del país es empezar a bajar el impuesto al cheque y las retenciones a las exportaciones. Además, dijo, seguirá reduciendo el IVA para alentar las inversiones.

"La Argentina no crece por el milagro de la soja", precisó en otro momento. Dijo que el crecimiento tiene un sustento en las exportaciones, la sustitución de importaciones y la mejora del consumo interno.

El jefe del Palacio de Hacienda llegó ayer a EE.UU. Su primera escala fue Nueva York, donde antes de hablar en el Council almorzó con las cabezas de la Reserva Federal, Timothy Geithner y Terence Cheky, además de representantes de bancos como Citibank, Credit Suisse, Goldman Sachs, Bank of America, entre otros. Durante dos horas explicó los criterios con los que encara la negociación con los acreedores que tienen parte de los US$ 81.200 millones en default.

Este fue el primer paso del intento por demostrar que la Argentina está negociando con "buena fe", tal como reclaman el FMI y el grupo de los 7 países más ricos. En esa línea, Lavagna dijo en los dos escenarios neoyorquinos que la nueva oferta técnica estará lista en la segunda mitad de mayo o la primera semana de junio próximo. Pero aclaró que la propuesta "sigue los lineamientos de la oferta de Dubai", esto es una quita de 75% sobre el valor nominal de la deuda, alargamiento de plazos y rebaja en los intereses. Y ratificó que el único instrumento previsto (al menos por ahora) para mejorar la renta de los acreedores es el bono asociado al crecimiento de la economía. Lavagna vendrá hoy en tren hasta Washington para participar de la asamblea de primavera del FMI, donde tendrá como tarea central seguir dando muestras de "buena fe".>


04-22-04  carib: WASHINGTON (Reuters) - President Bush and Democratic challenger John Kerry have given worried voters little to choose from on Iraq, adopting similar "stay-the-course" approaches to securing the peace and stabilizing the country.

"On actual policy, you need a microscope to identify the differences between them," said Amatzia Baram, a senior fellow at the U.S. Institute of Peace.


04-22-04  ruspan: Cheetah:<ruspan which Cheetah are you ref. to ? ozy, victorn, orig ?> Me refiero al mal educado :-) Tienes un serio problema de identidades, eh ? :-) A veces es dificil ser uno mismo.

04-22-04  ruspan: Very interesting, non buisness again :-) http://www.thememoryhole.org/edu/sc...

04-22-04  carib: <Grand Mufti Abdul-Aziz al-Sheik, the (Saudi) kingdom's highest religious authority, on Thursday condemned the attack carried out by Muslims against fellow Muslims "as one of the greatest sins." . "God revealed the criminality of this wayward group, which harms Islam and the nation," al-Sheik said in a statement carried by SPA. . "Whoever kills a believer on purpose will be punished by being burned in hell, punished by God's anger, and will be cursed and suffer great pain.">

That is a good statement. If the Mufti was kind enough to add that anybody who kills an innocent person of purpose <burns in hell>, it would be a very big step forward.

After all, only <God> knows who is a believer and who is not. When you blow yourself up in a crowded place, you must suppose you will kill people, but you cannot know what the victims <believe>,

Just thinking logically would be a step forward, IMHO.


04-22-04  Cheetah: ruspan which Cheetah are you ref. to ? ozy, victorn, orig ?

04-22-04  ruspan: Cheetah, you have uncovered yourself: now we all know you spend your life dreaming about abandoning the place, you're envious! :-)

04-22-04  Cheetah: amigo latino: <Un embargo conservatorio fue realizado ayer en la residencia del vicepresidente del Banco Nacional de Crédito (Bancrédito), por un ahorrante afectado con más de 100 mil dólares, que según él, fueron distraídos por los ejecutivos de esa entidad bancaria..............> Listin

maybe listin should send the guy the address of Baninter boss Roman Baes mantion in Gables Estates miami for sale over $8 mill ! not bad wonder where the money will go ? wonder if DR authorities are on it


04-22-04  ruspan: PT, from your document:<Fourth, the issuing of vouchers by Saddam's regime may have served two primary purposes:

A: Payments in the form of bribes to individuals and organizations for their support of the regime.

<B: Vouchers may have been issued to pay for goods and services that fell under U.N. Security Council sanctions and could not be financed under the "Oil for Food" program. Goods may have included military equipment or military parts, luxury automobiles that Saddam distributed as gifts inside and outside Iraq, and general luxury goods for the benefit of high-ranking officials in the Ba'ath party and government. >

So it looks like it was used for bribes as well as for circumventing those criminal sanctions, buying necesary stuff ? As literally everything was prohibited to import, why not buy what you wish cheating the sanctions? <including military equipment> - if he did it, he was right, after all ;-)


04-22-04  Cheetah: wally: <oozy> your problem (i am sympathetic with you) is that you are aware that i have just paid an amount which is equivalent to your income of two years just for packing and shipping the contents of my home out of the blessed GNoE™ to some part of the world which is less hypocritical (insha'allah).

wally you are an idiot, an old man stuck in your teenage years with your mind transformed by all the heroin hashish and alcohol mixed in your warped brain, and at the end it has had an effect on your need for double dosses of viagra


04-22-04  amigo latino: PT, Check this inf:

<Documents from Saddam’s oil ministry linked the programme’s director, Benon Sevan, to a payoff scheme that allowed some 270 foreign officials to deal in Iraqi oil at dramatically reduced prices, ABC news said. A letter to former Iraqi oil minister Amer Mohammed Rasheed — which UN officials have not yet seen — said that Sevan indicated which company should handle his own oil deal valued at up to 3.5 million dollars.………..>

http://www.dailytimes.com.pk/defaul...


04-22-04  wally: <carib: That appears to suggest packing was expensive> that's a relative term. the most expensive part is the wooden crating and seaworthy packing of our antique furniture, sculptures and paintings. and (surprise!), just the insurance premium is much more than the actual shipping of two 40' containers by seafreight to any destination. for the time being the destination port is unknown but there is hardly any difference in pure freight rates to any part in the world be it Europe, South America, Asia or Australia.

i also found it to be cheaper shipping two 40' containers than three 20footers. although it would need a special heavy duty helicopter to lift a 40footer to our land in Itaipava :~))

http://www.discount-shipping.net/co...


04-22-04  Patient-Trader: Moneypenny, <The Love of The Iraqi Children enabled some UN bureaucrats and their 270 friends around the world to do quite well for themselves>

Here is the list of 270 persons:
http://memri.org/bin/articles.cgi?P...

Where are any UN bureaucrats on this list ?

First of all, I posted about this ages ago here in the Color - at that time no one wanted to hear about it because everyone loved Iraq to be under sanctions. Now apparently the UN is a convenient scapegoat.

What sticks out on this list are the Russians. According to what I know this list looks plausible. What you are telling here is however complete bullshit. The UN itself didn't have the idea for the oil-for-food scheme nor did any of it's bureaucrats benefit - simply because they had no power under the scheme.

The scheme was invented by the UN security council members including GNoE and Britain. They tried to uphold the sanctions while getting the oil exported, allowing the Iraqis to use the proceeds for civil purposes.

To see the spirit behind this, one only has to look at the UN security council resolutions stipulating explicitly that ALL investments in Iraq were forbidden - apart from oil investments.

Each and every toothpick, pencil or screw had to be imported. The Iraqi institution who wanted to purchase had to get their purchase items on a list drafted by the Iraqi government. This list was reviewed and then approved by the UN sanctions committee. After this foreign exporters could close deals with the Iraqis. The deal had to be submitted via the home country of the exporter who reviewed it and submitted it to the sanctions committee which then after approval issued a letter of credit to the exporter. The sanctions comittee consisted of the permanent UN security council members plus other rotating UN members.

To understand why this scheme was so corruptive one has to realise that ALL Iraqi foreign trade was put into the hands of the Iraqi government because only they were authorised under the scheme to close contracts.

And sure as hell these Iraqi guys wanted kick-backs or they handed out favours to foreign governments or politicians.

The Russian politicians used this extensively in their favour - promising Iraq international political support to get discounted oil or selling them overpriced products.

Since all contracts under the oil-for-food program had to be submitted by the respective home country of the company dealing with Iraq to the UN sanctions comittee the Russian government could as well influence which of the Russian political parties got these Iraq profits.

Overall this has nothing to do with the UN. The responsibility for this lies solely on the shoulders of the security council members who by implementing the oil-for-food program gave all the power to the Iraqi government. Surely the security council members knew for years that this corruption scheme was happening because all communication to Iraq was controlled by the NSA. All the Iraqis had their bank accounts conveniently across the border in Jordan, which happens to be big GNoE friend.

The irony is that the Russians could even publicly ask for the sanctions to be lifted although that was against their interest because they knew very well that GNoE and Britain would never do so.

.. hope this helped...


04-22-04  amigo latino: <SANTIAGO -- Ecuador has promised crude oil to Chile to compensate for that country's shortage of natural gas from Argentina……"We think it doesn't help integration that some countries establish a prohibition of exporting some of their products to another country in the region. But that's a sovereign decision of every country," said Chilean President Ricardo Lagos following a meeting with Gutierrez.

Gutierrez also said he wanted a free-trade deal with Chile, while Lagos said he supported Ecuadorean efforts to join the Asia-Pacific Economic Cooperation, which Chile presides this year.To stimulate oil imports from Ecuador and help reduce that country's trade deficit with Chile, Chile agreed to eliminate the 6% duty on Ecuadorean crude……>

http://online.wsj.com/article/0,,BT...


04-22-04  carib: prince·ling
: a petty or insignificant prince
I guess this is not supposed to include HRHs...

04-22-04  carib: That appears to suggest packing was expensive, Wally, even if I have no idea about Ozy's actual income (annually or bi-annually)... I hope containers to Brasil remain cheap, in the near future...

04-22-04  wally: oops! <as far as insulting a lady is concerned> i forgot something <oozy>. i don't accept orders from little doggy-styled <pseudo_jews> who would like to go and piss with the big dogs but suddenly realize that they can't lift a hind leg and that the pee runs down their legs.

capisci cornuto?

:~))


04-22-04  carib: Question: out of curiosity, who was the hacker who had fun pretending being Cheetah and others and using bad language against MP and others? Usually, a good argument does not improve by adding insults, and a bad argument does not become good either, I am afraid...

04-22-04  wally: <oozy> your problem (i am sympathetic with you) is that you are aware that i have just paid an amount which is equivalent to your income of two years just for packing and shipping the contents of my home out of the blessed GNoE™ to some part of the world which is less hypocritical (insha'allah).

and that is driving you nuts poor boy, isn't it?

:~))


04-22-04  wally: <carib> when people with some insight into K.S.A. talk (no matter where) about <princes> NOT <princelings> then they mean "real" <princes> which are referred to as "H.R.H." and not just "H.H.". the <H.R.H.s'> last official names are different from the <H.H.s'>. this is irrespective what you and me think about <princes> and/or <princelings> and their "royal" pedigree.

there is a huge big difference between the existing "H.R.H.s" and the "H.H.s".

in other words, people who have no f@cking idea what they are talking about should either shut their big mouths or do their homework and the necessary research before they open it.

the last remark was not directed to you <carib> but i think you know that :~))


04-22-04  ozymiani: <wally><why not learning arabic and gobble up some 20 hours a day of al jazeera?>

this line of thought reminds me of a guy, at school, when I was a teenager.

He was a junkie, a drunkard, and more or less wasted before he was 17.

And his mantra was: "you cannot tell me that drug is bad or will destroy me, before you try it. You can't understand how good it is, until you try it".

Of course he never recovered.

well, <wally> is repeating to boredom the mantra that you can't understand what Muslims are up to, if you don't spend 40 years with them.

no thanks, a few years near them were quite enough for me to understand all I needed: that I am something else, and I like it.

keep you heroin and your al-jazeera, <val-allah>

and stop insulting moneypenny.

she's a lady: don't they teach anything about that, in your full immersion courses in Arabia?


04-22-04  ruspan: EUR Silver down 30 % from top two weeks ago..

04-22-04  Alexander: <<<what about learning arabic, ordering DishNetwork and pay 9.95 a month for al-Jazeera?>>>

Jazeera, Oman, Sudan, Manar, Libya, Kuwait etcetc

ich hab die ganzen Kanakkersender auf HOTBIRD für € 0,00


04-22-04  carib: Apparently some bottom fishing on Veny yesterday turned out to be a good idea...so far.

04-22-04  carib: Wally: I know no Saudi <princelings> personally...but I know there must be more than 5000 of them, and most of them must be bored, because they have money but little to do. Statistically, in such a large number, one is likely to find political persuasions of various kinds...and a taste for plotting, I guess. I remember an hereditary member of the house of Lords who was a real Communist, and another one who liked...knitting (was not female, at least officially).. :-)


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