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Posted by BradyNet ( Friday, June 11, '04 )

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GLOBAL MARKET HIGHLIGHTS

Suit Targets Shell Gas over Sulfur Contamination 06-11-04 (Yahoo) Sulfur has contaminated gasoline pumped at filling stations in many states, causing a range of problems in cars, including broken gas gauges.

Banter hides depth of Bush-Chirac rift 06-11-04 (Financial Times) The inevitable impression was that the two men were grasping for something to agree on.

G-8 isnt enough 06-11-04 (Yahoo) THE leaders of the eight industrial pow ers of the world meet this week on an island off the coast of Georgia to discuss global economics.

Bush Asks G8 Allies for Help in Iraq 06-11-04 (Yahoo) President Bush makes another appeal to U.S. allies for assistance in helping Iraq's transitional government establish a democratic society.

G8 extends debt relief programme 06-11-04 (BBC) Africa is the only part of the developing world no better off than 25 years ago. On the last day of their summit, G8 leaders have agreed to extend a debt relief scheme for the world's poorest countries by two years.

Reagans Policies Transformed Economic Debate 06-11-04 (Yahoo) Fifteen years after former President Ronald Reagan left office, his policies and ideas still define much of America's economic debate.

Leaders take Africas case to G8 06-10-04 (BBC) Six African leaders are joining the G8 summit on Sea Island in the US as its agenda turns to issues affecting the African continent such as debt relief.

LATIN AMERICA

Chavez Recall Promoter Investigated for Conspiracy 06-11-04 (Yahoo) A leading campaigner for a vote to oust Venezuelan President Hugo Chavez said on Thursday she is being investigated for conspiracy because her group received U.S. funding, and her supporters said the case was politically motivated.

US lauds Venezuela on Chavez referendum date 06-10-04 (Yahoo) The United States praised Venezuelan electoral authorities' decision to set an August 15 date for a referendum that could oust President Hugo Chavez, a State Department spokesman said.

Brazilian Economy Growing After Recession 06-10-04 (Yahoo) Brazilian industrial output rose sharply in April, the government announced Wednesday, further underscoring recent evidence that the economy is growing rapidly after its worst recession in a decade last year.

AFRICA

OIL PRICES

Energy Watchdog Forecasts More Oil Demand 06-11-04 (Yahoo) Global demand for oil will grow this year at its fastest rate since 1980, but the producer group OPEC's pledge to pump more crude should help ease the pressure on prices, the International Energy Agency said Thursday.

Saboteurs Blow Up Key Iraqi Oil Pipeline 06-10-04 (Yahoo) Saboteurs blew up a key northern oil pipeline Wednesday, forcing a 10 percent cut on the national power grid as demand for electricity rises with the advent of Iraq's broiling summer heat.

Crude oil prices show uptick 06-10-04 (Yahoo) Crude oil futures rebounded slightly after sharp declines over the past week as traders shrugged off a report showing strong US inventories and fretted over global security issues.

OPEC Oil Output Up as Saudi Opens Taps 06-10-04 (Yahoo) The OPEC oil cartel lifted production in May as Saudi Arabia and the United Arab Emirates began to boost crude exports in a bid to rein in runaway prices,

Newest messages appear on top.

06-11-04 Alexander: <<<<Spurs:Hilarious story...

This is what they do to their untried, unable to access lawyers, suspension of Habeus Corpus, prisoners.

Lucky for us, these Yankee soldiers dont make mistakes, speak fluent Arabic, and know the difference between Sikhs and Muslims. Cos if they pick you up, even if its a mistake, you aint getting out anytime soon. >>>>

this is why I was entirely against dismantling the Saddam Army, Police and Secret Police....

and where is Chemical Ali when we need him ??

06-11-04 Alexander: <<<And if they are, what status should the Palestian Christian and Muslim population have as residents? >>>

there are no pal xians or muslims living in any israeli town in yesha !

06-11-04 Amateur: Mon: Look in the British Airways Holydays site. They have very good pxes for good hotels. Limited number of rooms @ those rates, better to book in advance.

06-11-04 ozymiani: < spurs: I dont think I said within a settlement.. That wouldnt make a lot of sense would it?>

incompetent liar.

A settlement has <NO OTHER MEANING> than being an <enclave>. Otherwise they wouldn't exist. Be they a religious issue, a strategic one, or whatever, a settlement has NO meaning if not for the fact that it is a coherent unit.

Otherwise they would be TOWNS, and in that case there would be no problem.

My opinion is: what chance are there that, once a Palestinian State is created, settlement lower their barriers and become TOWNS, without their citizen being slaughtered or apartheied for being jews?

Will mixed populations be allowed to exist in Jericho?

I don't support settlements, I never did. But THAT'S the question.

If the answer was YES, settlements would be completely absurd. Zealots from Brooklyn should just buy a house in Jenin and live in peace. If their Muslim neighbour bothers them, they'd call the police. And vice versa. Would you trust PA police to protect you or your relatives?

Would a Jew be allowed to buy a house in jenin, just like an Arab is allowed to buy a house in Tefen?

The QUESTION: "how could an Arab live in a Settlement" IS absurd, because it doesn't relate to PRESENT real conditions, and it is not coherent with ANY possible future condition.

06-11-04 spurs: Come on Ozy. Just say if you dont have an opinion? You dont need to be ashamed.

Well ok, maybe you do. Just scratch that last statement.

But really, what do you think?

06-11-04 spurs: <WITHIN>? I dont think I said within a settlement.. That wouldnt make a lot of sense would it?

My uncle lives in Tel Aviv and my cousins in Ariel. But I dont see it as relevant

I guess you dont have an oppinion on this one then. Ok. How about European interest rates?

06-11-04 ozymiani: <They grabbed my arms, my legs, twisted me up and unfortunately one of the individuals got up on my back from behind and put pressure down on me while I was face down. Then he � the same individual � reached around and began to choke me and press my head down against the steel floor. After several seconds, 20 to 30 seconds, it seemed like an eternity because I couldn't breathe. That individual slammed my head against the floor and continued to choke me>

now that I think of it, it sounds very much like the treatment <spurs> promised to impart to <me>.

oh, well... nothing wrong with some S&M imagination to spice up the weekend

06-11-04 ozymiani: <06-11-04 spurs: Ozy, a question.The settlements outside of 1967 Israel. Are they an integral part of Israel? And if they are, what status should the Palestian Christian and Muslim population have as residents? Citizens, resident aliens or something else? >

ask your <relatives who live in Israel>, if they exist.

You pretended to be so <well informed>, and now you ask me what I think of <palestinian Christians> living <WITHIN> settlements?!?

What about buying <Palestine Cliff Notes> before making a fool of yourself? Any PA office will be happy to sell you one.

06-11-04 spurs: Ozy, a question. (sorry, I consider it a Ronald Reagan weekend right now now)

The settlements outside of 1967 Israel. Are they an integral part of Israel? And if they are, what status should the Palestian Christian and Muslim population have as residents? Citizens, resident aliens or something else?

06-11-04 Vatche: Paris Hote. Try the pavillon de paris hotel (www.pavillondeparis.com). Great boutique hotel 4* in 9th, it is a new hotel and you should be able to get it for that price.

06-11-04 spurs: <They grabbed my arms, my legs, twisted me up and unfortunately one of the individuals got up on my back from behind and put pressure down on me while I was face down. Then he � the same individual � reached around and began to choke me and press my head down against the steel floor. After several seconds, 20 to 30 seconds, it seemed like an eternity because I couldn't breathe. That individual slammed my head against the floor and continued to choke me>

Hilarious story...

This is what they do to their untried, unable to access lawyers, suspension of Habeus Corpus, prisoners.

06-11-04 leo: Same old story glutt.....paris club agreement and still no hints on the 100 mio extra they have to refinance.......but here's the new thing:meja says 100 mio will come from debt that expires this year......and no eurobond expire this year..

06-11-04 Glutt: Novotel (actually Accor Hotel chain also including Mercure) is not as good as Holiday Inn IMHO. I had to use them couple of times in same place (so no country differences) and I was not pleased with quality and service. Even Sofitel I used then was much better for me. Besides looking at PT link I was surprised that Novotel prices are damn close to Holiday Inn which IMHO is a better choice.

If and when you book Holiday Inn ask for promotion packages, sometimes they offer very good rates so you may get better for cheaper, not otherwise as could be with Novotel IMHO.

06-11-04 Glutt: Mon, prices for hotels in Europe are outrageous against not so good quality unless you book a 5 star renown brand. What I suggest if I am not mistaken there are plenty of Holiday Inn Hotels and they are rather reasonable price-quality wise while they are suited a bit away from the centre but good reach with public transport. They have all facilities and service will be better than at any cheaper priced local hotel where you can forget about hospitality. In big chains what is good is that hospitality level maintained no matter local arrogance and disgust so even proud frog eaters serving there will behave.

Check their link, prices should range 120 � 200� a night for a room for two and it may be better than booking some domestic low profile gutter at a slight discount where you would have on comfort forget service. http://www.ichotelsgroup.com/h/d/hi... There seem plenty of Holiday Inn in Paris.

As I know Holiday Inn also offers free of charge parking to guests, so if you rent a car you need not public transport and park at no fee at the hotel.

06-11-04 Glutt: leo, would you tell in brief what this Mejia news was, I know no Spanish so my translation with babelfish may be inaccurate.

THIS is what they do in Guantanamo to the 9-11 killers and to their henchmen?

GOOD.

06-11-04 spurs: <Will share with you my Grenada war stories on weekend... >

Cool, I look forward to it.

06-11-04 leo: Meja....
http://www.hoy.com.do/(10qwsb55dxxp...

06-11-04 leo: Carib cash in uk sterling yields the same as a good quality ten year zeulo bond........

06-11-04 Alexander: hi Mon, check

http://www.novotel.com/novotel/rese...

06-11-04 wally: regards from CDG. departing to DXB in one hour.

06-11-04 Patient-Trader: Carib, some bonds like Guano, Brasil do trade on exchanges e.g. Berlin http://www.berlinerboerse.de . But the liquidity is still not there.

06-11-04 Glutt: carib: <Discount rate now 4,5% in UK. Did RE market collapse?> not yet. But no one said RE has to collapse immediately. Besides UK is hardly so leveraged like US; this is good point about Europe vs. US again IMHO. I am RE moron who thinks about buying smth this year with fixed rate.

06-11-04 panasonic: Hi <mon> yep, its not easy to find something nice in Paris for that price these days.

Best Western St. Germain has great location, and price within yr budget:

http://book.bestwestern.com/bestwes...

One site you may find useful:

http://www.paris-france-hotels.net/...

06-11-04 Patient-Trader: Mon, sent you something by email. In any case: French hotels leave a lot to be desired unless one spends a fortune. It's usually not worth paying a lot because they are crappy anyway.

06-10-04 Mon: I need help my fellow colores. I am planning a trip to Europe next month with my wife and need recommendations on a decent hotel in Paris. My budget is US$150-200/night. Checked the web and almost collapsed looking at the prices! TIA.

06-10-04 carib: Rogue.
Misunderstandig.
what I mean is the following.
One can trade shares on-line or via human broker...but at any moment in time you can see where the market is, and spread between bid-offer is minimal. Unfortunately, a similar system for our bonds does not exist (as far as I know) If I want to buy shares of Diamondworks, I can see live prices in Toronto, and make the right bid for the right size when I want. That is a share that capitalizes, say, 200 million. I can do if with stocks with even smaller market cap. For a large Brasil global, that capitalizes several times more...there is no place that I know of where a private investors can directly buy or sell at a price which is made on screen by the meeting of bids and offers, and can be seen at every moment by everyone. I whish that place existed, but it does not yet. It happened for stocks, I do not see why it could not happen, in theory, for bonds. In the meantime, that is true, the sellers and buyers are the brokers that keep a substantial books of the bonds, and the spread between bid and offer is substantial. I agree with you that it would be nice to cut the middlemen between the final customer and the broker who holds the bond for sale, but to do that, in my case, I guess you need to open offshore accounts...

06-10-04 roguetrader18: carib. it DOES exist for our bonds in the interdealer broker market. Usually those prices are very wide. Say 49-55 for durango 06. The "screens" act as a barrier point, reference etc, but most trades happen inside of these prices and sizes are much greater than the screen bid or offer. Us dealers have an advantage in being able to access the "screens" , that is why customers , banks, etc... anyone who is considered a "client" is prohibited to use 'em.

as far as lessening intermmediaries i need to make it clear that most paper in this market is sourced from us. Any other broker who acts as the execution/custody, shopper is the extra link. It is funny, and ironic to me that given the constraints of not being able to deal head to head with private clients we end up having to add another step and shooting ourselves in the foot. without our institutional flow, competitive pricing of these papers wouldn't be available. i'm not saying we are the SOLE providers of liquidity in this market; but most regional dealers and other brokers come to us. The most direct route to us, is what should be sought.

Ya'll have a good one. I'm going to enjoy the day off tomorrow. Need to go out for a jog or something. Too much time sitting on ones arse

06-10-04 carib: Discount rate now 4,5% in UK. Did RE market collapse?

06-10-04 carib: Rogue: I fully agree that good ideas and reliability are worth more than and eight of a point. :-)
However, here we usually discuss ideas academically first, and opinions are freely exchanged. If after discussion some decide to follow on the idea...then price becomes the point, and eliminating as many intermediaries as possible is the best way. Ideally, we should all have access to an electronic exchange where we can post bids and offers (as customers, not intermediaries) and get execution for a few dollars ... Unfortunately, this does not exist (yet) for our bonds....

06-10-04 roguetrader18: anyone following alestra 8's of 2010 bonds? down from mid 80's to mid 70's in short period of time....

06-10-04 roguetrader18: doesn't work, unless the commish is split in half and thus no added layer ;) its more about pursuing ideas, executing strategies, seeing them thru, and building a viable broker/advisor - customer relationship.

06-10-04 carib: A Los Angeles Times poll gave Democrat John Kerry a solid lead over Bush in presidential election in November, citing unease over Iraq policies, the direction of the country and the economy as factors. Kerry led Bush by 51 percent to 44 percent nationally.

06-10-04 carib: Mp: the average journalist, apparently, cannot count. :-(. If Argy had <offered to return holders 40 � per every $> I guess many would accept. Can someone excplain to <journalists> that this kind of calculation is basically meaningless?

06-10-04 carib: rogue. If you deliver via JB...you have to add two more layers of commissions. does not work.

06-10-04 roguetrader18: LAKE FOREST, Ill.--(BUSINESS WIRE)--June 10, 2004--Salton, Inc. (NYSE: SFP - News) announced today that it has entered into an amended forbearance agreement with its senior lenders. The senior lenders have agreed, subject to the Company's compliance with the terms and conditions of the amended agreement, to extend until September 30, 2004 the period during which they will forbear from exercising their remedies relating to Salton's failure to comply with certain financial covenants in its senior debt. The forbearance period is subject to several conditions, including a requirement that Salton: (a) deliver to the senior lenders by no later than June 25, 2004 a commitment letter for additional funding of at least $25 million on terms acceptable to the senior lenders; and (b) receive such additional funding by July 12, 2004. The Company is currently negotiating with several parties the terms of such additional funding and other financing alternatives. The investment banking firm of Houlihan Lokey Howard & Zukin Capital has been assisting the Company in connection with its examination of various capital raising opportunities. There is no assurance that the Company will receive a commitment letter for, or consummate any, financing.

The amended agreement permits the interest payment of approximately $6.7 million due on June 15, 2004 under Salton's outstanding 10-3/4% senior subordinated notes if Salton meets certain conditions, including that Salton's availability under its senior credit agreement is at least $10 million after such payment. There is no assurance that these conditions will be satisfied.

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