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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  savonarola: As expected after the Galicia announcement the FRN 07 is very strong. I am hearing it traded at 89.

04-23-04  leo: Carib,this article says it allllll!!!!!!!!!!!!! http://www.diariolibre.com/(on3wjc5...

04-23-04  carib: Ladron eats ladron? : <Elisa Carrió, advirtió hoy que la pelea verbal entre el presidente Néstor Kirchner y su antecesor, Eduardo Duhalde, "es por un problema de sobrevivencia" en el régimen político que caracterizó a los últimos años, y atribuyó la defensa que el bonaerense hizo de Carlos Menem a que "se mira" en su mismo "espejo" y advierte que "su patrimonio podría ser investigado" por enriquecimiento ilícito.>

04-23-04  carib: Manya, Rogue: <real> DR 06 levels?

04-23-04  leo: UBS wich is usually quite right on 06 is 84.5 88.5....

04-23-04  carib: Amigo: CESP 05...I guess you have to hunt for it. on wednesday I saw a bid @96 and offers 98

04-23-04  carib: Leo: JPM always odd on Meija: 81-83 for 06.. :-(

04-23-04  amigo latino: Carib and others: price of Cesp 05, please.

04-23-04  leo: Meja's 06 84.5\88.5 after coupon payment news...

04-23-04  Fogg: Any news on RCN?. Price?. Thanks.

04-23-04  Chuy: Does anyone know the way into reuters EM listings?

04-23-04  Alexander: <<<<was this polite enough?

*BURP!* >>>>

polite Ozy style !


04-23-04  carib: Speculation grew today that the devastating North Korean rail disaster, which could have killed as many as 3,000 people, may have been caused by terrorists after "gunpowder and dynamite" were blamed for the blast.

04-23-04  amigo latino: <The French government is facing fresh embarrassment after Prime Minister Jean-Pierre Raffarin's senior aide was caught with a 17-year-old prostitute. Dominique Ambiel, Raffarin's chief communications adviser, resigned on Friday but protested his innocence over his arrest in Paris with the under-aged Romanian prostitute in his car. The 49-year-old former teacher is due in court June 7 on charges of "soliciting, accepting or obtaining... sexual relations with a minor who is engaged in prostitution," court officials told Reuters. Under French law a minor is anyone under age 18…..> http://edition.cnn.com/2004/WORLD/e...

04-23-04  carib: Por la mañana, Krueger volvió a exigir que la Argentina reestructure su deuda en default como paso previo indispensable para mantener la economía en la senda del crecimiento. “Hacer que el crecimiento económico vuelva a un marco sostenible es un objetivo que requiere, por un lado, abordar el tema de la deuda, y por otro lado permitir el alivio de la pobreza”, dijo una de las autoridades que representa el ala más dura del organismo hacia la Argentina.

“Creo que obtener una resolución de la deuda será crítico, porque la Argentina necesitará aumentar la inversión si piensa mantener su tasa de crecimiento actual”, agregó la funcionaria.

Krueger señaló además que “dejar atrás el problema de la deuda y obtener un superávit primario más fuerte dará más garantías sobre la sustentabilidad del crecimiento” y puso como ejemplo a Turquía que, a su criterio, “ha tenido una crisis tan severa como la argentina, pero optaron por mantener el servicio de la deuda y, al hacerlo, han mantenido un superávit fiscal primario de 6,5% del PBI, mientras obtienen un crecimiento en torno del 8% y han bajado mucho la inflación”.


04-23-04  carib: Amigo: 1) good news, but not unexpected. 2) more rule of law needed, but habit of paying utility bill or getting disconnected would help... 3) otherwise more <apagones> which should help Meija losing

04-23-04  wally: Bond Price Change Yield Change

10 yr 96 13/32 -17/32 <4.45> 0.070 30 yr 101 24/32 -25/32 <5.25> 0.060

last update: 10:44 EDT


04-23-04  amigo latino: DR news:

1)< El gobierno decidió ayer efectuar el pago de 23 millones de dólares correspondientes a los intereses de la primera emisión de bonos soberanos de 500 millones de dólares..> Hoy

2)What happened to the US$100 milliones given by BID for social spending ? …Absent rule of law

<El Consejo Consultivo de la Sociedad Civil consideró ayer que en materia de lucha contra la pobreza el gobierno de Hipólito Mejía se ha quedado en "declaraciones de intenciones", mientras el país "sigue encaminándose hacia un empobrecimiento mucho más generalizado". Advirtió que el incremento "incesante" de la deuda externa, está conduciendo a una situación en que los ingresos del país de los próximos años estarían destinados casi exclusivamente al pago de servicios de deuda externa e interna y nómina pública. Asimismo, la entidad demandó que el Estado ofrezca informaciones oportunas sobre los US$100 millones recibidos por el gobierno en calidad de préstamo del Banco Interamericano para el Desarrollo (BID) y que estaban destinados a políticas sociales. ..............El Consejo de Consultivo de la Sociedad Civil está integrada por entidades no gubernamentales y designada por decreto como asesor del Gabinete Social en materia de lucha contra la pobreza..> HOY

3) <Los Apagones se alargan..> Hoy

What happened to the ¡US$100 milliones given by WB for electricity supply?….Absent rule of law.


04-23-04  optimist: Platts: TOTAL BRINGS PHASE 1 OF VENEZUELAN YUCAL GAS PROJECT ONSTREAM

TOTAL <TOTF.PA> SAYS FIRST PHASE OF YUCAL PLACER GAS PROJECT BEGINS PRODUCTION


04-23-04  ozymiani: fact is, <wally>, that you can't stand any criticism, no matter how polite [I am comically abrasive, but MP was never less that charming], of your fanatic bromides.

The fact that you are surrounded by a devout pack of ideological collegues, makes you even more rabid when cornered.

Which demostrates that your imbecilities are supported not by self-assurance, but by pack instinct.

You are the best and more authentic ambassador of your murderous and psychotic beliefs, val-allah.

once again, good riddance, cannibal.


04-23-04  Merlino: Sold my BFR at break even, looks to me EM bonds/stocks must correct some more

04-23-04  ozymiani: <wally>:<i have never insulted anybody in my life without being adressed in an impolite way or insulted before>: liar. Pompous liar.

04-23-04  optimist: russia's gazprom places 30-yr $1.2 bln eurobond at 8.625 pct -- moscow traders

04-23-04  wally: <pseudo_jew> i have never insulted anybody in my life without being adressed in an impolite way or insulted before. you little pisser can't insult me anyway as you are below human level. animals -by definition- can't insult a human being.

04-23-04  ozymiani: <alexander>:

1) no;

2) let me put this politely, urbanely and in a language suited for the long-honored tradition of bradynet politesse: why not just minding your precious and honorable own business for once?

3) just for your clarification "good riddance" has a funerary undertone, not a neighborly one.

was this polite enough?

*BURP!*


04-23-04  Alexander: <<<<OZY:<<<are you asking if it's me who has been f---ing his wife over the past years?>>>>>>

No, asking you if you live(d) nearby Wally


04-23-04  ozymiani: <spurs><Dude, there is such a thing as good taste. there is no need to be so rude>:

thank you. this is wally's posting to which I was answering:

<wally><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?>

let me know what your definition of "good taste" is, in this context.


04-23-04  Fox: An article in the Cronista this morning is mentioning above 97% yesterday.

<Aprobaron la ampliación de capital del Grupo Galicia EL CRONISTA Buenos AiresLa Comisión Nacional de Valores (CNV) autorizó ayer las condiciones de emisión de acciones "preferidas" de Grupo Financiero Galicia por hasta 149 millones de pesos, a colocar por suscripción con prima de 0,49 dólar.

Para acceder a dicha suscripción se deberán presentar 7,13 cupones de acciones ordinarias, más el monto de la prima. En un año, estas acciones se convertirán automáticamente en acciones de tipo ordinarias ‘Clase B’.

Los títulos cotizarán en las Bolsas de Buenos Aires y Córdoba.

La CNV condicionó la autorización a la aprobación del canje de la deuda del Banco Galicia, que asciende a unos

u$s 1.320 millones. Tras la emisión, el capital ascenderá a $ 1.241,4 millones. l banco ya ha obtenido manifestaciones de interés por entrar al canje de deuda por <<más del 97%>> de los inversores.A su vez, pese a que estas acciones son calificadas "preferidas" por el Galicia, la CNV las considera "ordinarias". Puntualmente, el organismo destaca que "más allá de la denominación (...) el prospecto informativo no oculta que, actualmente, las que la asamblea diera en llamar ‘acciones preferidas’, reconocen cercana afinidad con las ordinarias, máxime cuando potencialmente gozarán, al igual que éstas, de liquidez mediante su cotización en entidades autorreguladas". Por eso, la CNV resolvió, en su artículo 3º, que las acciones preferidas "deberán ser consideradas como ordinarias" a los efectos de la suscripción.

Por un lado la ley 24.241 descalifica a la Administradoras de Fondos de Jubilaciones y Pensiones (AFJP) para suscribir acciones preferidas. Sin embargo, esta resolución de la CNV deja la puerta abierta a que la Superintendencia de AFJP permita a las entidades suscribir a las nuevas acciones.

Al 15 de abril, las AFJP tenían en su poder más de $ 262 millones en acciones del Galicia, lo que representa cerca del 7% de su capital.

Los analistas difieren respecto al impacto que pueda tener esta operación hoy sobre la acción. Por un lado, hay quienes señalan que el efecto de esta emisión sería negativo para la evolución del papel pese a que la conversión en acciones ordinarias se realice en un año. Otros creen que esto no tendría impacto sobre la acción porque aún resta un año para que se concrete la conversión y en ese lapso la situación de la compañía podría ser diferente.>


04-23-04  savonarola: nauti.. apparently until Monday. Participation above 90%.

04-23-04  Primo: wally <top secret> - i was just thinking about FDIs in Russia, trade balance and ruble appreciation. need to know your plans as my <Salaer> is in $ and i dont like the idea that you <have just paid an amount which is equivalent to your (îzys) income of two years just for packing and shipping> and may settle in Kaliningrad (as you planned)given huge ozys two years income and my miserable ruble spending.

04-23-04  wally: <primo <ist deines Umzug im gewissen Grad verbunden?:)>> top secret! :~)))

04-23-04  Primo: "Streit um Kaliningrad beigelegt

Russland und die EU-Kommission haben die letzten strittigen Fragen vor der kommenden EU-Erweiterung geklärt. Das sagte der russische Wirtschaftsminister German Graf nach Gesprächen in Moskau. Auch das Problem des Warentransits zwischen Russland und der Exklave Kaliningrad (Königsberg) durch Litauen sei gelöst".

<Wally> ist deines Umzug im gewissen Grad verbunden?:)


04-23-04  spurs: <are you asking if it's me who has been f---ing his wife over the past years? No, it's Tonio, his mafioso gardener. While he spent his days in front of a two-wide-screen TV: watching al-jazeera on one screen, and palestinian-children porn on the other. and wanking on both >

Dude, there is such a thing as good taste. I know you dont really care about it, but there is no need to be so rude, and neither is there much point. Get a life.


04-23-04  nautilus: Hearing Galicia restructuring closing date postponed again for some days. Nothing to worry, participation very high, preferred shares issue well under way.

IMHO shortly we see interestiing new bonds with enough liquidity in our business. Subordinated BGAL 19 with interesting terms, profile ahead.


04-23-04  Cciano: this poor soul is the most disgusting character i've seen in all these years reading color.

04-23-04  ozymiani: <Alexander>:<WHY, DO YOU RESIDE NEARBY?>: are you asking if it's me who has been f---ing his wife over the past years? No, it's Tonio, his mafioso gardener. While he spent his days in front of a two-wide-screen TV: watching al-jazeera on one screen, and palestinian-children porn on the other.

and wanking on both


04-23-04  Alexander: <<<<good riddance. >>>>

WHY, DO YOU RESIDE NEARBY ?


04-23-04  ozymiani: <wally>:>< I have just packed and shipped the contents of my home out of the blessed GNoE™>: good riddance.

04-23-04  ozymiani: <wally>:<capisci cornuto?>: hey, the Mafiosi friends of your drug-smuggling arab brothers are finally teaching you something useful.

They can't teach you to respect women, but at least they acn't teach you what the <corna> are.

A consequence of the above, you cuckoo!


04-23-04  amigo latino: <A master politician?

President Hipolito Mejia, campaigning on distributing state assets or at least promises of something for everyone, has gained popularity with the Dominican Republic’s poor, according to a comparison made in the most recent Gallup poll. Mejia has been delivering state land, promises of motorcycles and more. Some times these promises are conditioned to his being reelected, other times the goods are delivered to commit influential persons and their families to vote for him in the May election – and the Gallup poll shows that people have been buying in. s reported in Diario Libre, the DL-Gallup poll shows that since February, Mejia has gained considerably. April’s Gallup poll shows his support rising from 14.9% in February to 28.5% among the poorest segments. Mejia has also gained popularity with the middle class, advancing from 12.6% in February to 21.6% support in April. The wealthy are not buying his promises, however, with whom he has increased his support by a meager 1.7%. …….>


04-23-04  amigo latino: Addition to my earlier posting:

DR- the state (including the judiciary) is too weak to <really> pursue Ramon Baez. The only authority who can bring Baez to justice is US .


04-23-04  wally: pssst... <dooper>.. i think they are all asleep now and i can confess that i am planning to speak (between german and marathi) for a couple of days some arabic. not with "princelings" but most probably with some "amirlings" in... you know where.... no? i'll give you a hint... the location has become famous in connection with Lavagna and Nielsen and.... Ladrones and has nice hotels and shopping malls.

but please tell nobody! especially not <ozy> and <MP> as they may chide me for my intentions :~)))



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