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Posted by BradyNet ( Friday, November 19, '04 )
 
*NEW* Stay on top of important market events with the IdeaGlobal/BradyNet Economic Calendar

 GLOBAL MARKET HIGHLIGHTS
*The strong dollar heads south again 11-19-04 (Financial Times) Remember when a strong dollar policy meant a strong dollar? Yesterday the greenback fell to a record low against the euro while John Snow repeated the now-empty refrain. Lest anyone should mistake the Bush administration's true sentiments, the Treasury secretary poured cold water on the idea of co-ordinated intervention to stop the euro appreciating still further.
*The U.S. Never Had a `Strong Dollar Policy 11-19-04 (Yahoo) Nov. 18 (Bloomberg) -- When Treasury Secretary John Snow yesterday once again indicated the U.S. wouldn't attempt to stem the dollar's slide against the euro, the U.S. currency fell another notch. Analysts and European politicians complained about U.S. indifference to its responsibilities.
*Inflation surge: Is it here to stay? 11-19-04 (Yahoo) The consumer price index hit a six-month high in October, seen in the cost of items from bell peppers to FedEx packages.
*Dollar continues record declines 11-19-04 (BBC) The dollar has continued its record-breaking slide against many of the world's major currencies, with analysts predicting it could fall further.
*U.S. Accused of Changing Drilling Rule 11-19-04 (Yahoo) WASHINGTON - The Sierra Club (news - web sites) alleges in a lawsuit that the Bush administration changed a rule so oil and gas producers could more easily drill under national parks from outside their boundaries. The environmental group alleges in the suit filed Wednesday that the change affects 14 national parks that have privately owned minerals beneath them.
*Snow: Market Will Find Value for Dollar 11-18-04 (Yahoo) LONDON - The United States remains committed to letting the market find the value for the ailing dollar, U.S. Treasury Secretary John Snow said Wednesday as the euro hit an all-time high against the dollar.
*US consumer prices rise by 0.6 per cent 11-18-04 (Yahoo) US consumer prices rose by 0.6 per cent in October, against a 0.2 per cent rise in September, fuelled mainly by higher energy costs, the Bureau of Labor Statistics of the US Department of Labor reported on Wednesday.

 RUSSIA
*Russian authorities pile up yet more pressure on Yukos 11-19-04 (Yahoo) MOSCOW (AFP) - Russian authorities piled up yet more pressure on the embattled Yukos oil giant, issuing a warrant against its chief lawyer and promising to increase its multi-billion-dollar tax bill.

 OIL PRICES
*OPEC Projects Big Winter Oil Stockbuild 11-19-04 (Yahoo) LONDON (Reuters) - The OPEC (news - web sites) cartel on Thursday revised down its expectations of oil demand growth for next year and projected a rare big winter stockbuild if the group keeps producing at current levels.
*Oil Loses Ground Ahead of U.S. Stock Data 11-18-04 (Yahoo) LONDON (Reuters) - Oil prices extended recent heavy losses on Wednesday ahead of weekly U.S. data expected to show fuel stocks rising in time for peak winter demand.
*Oil, Food Spur 1.7% PPI Rise, A 14-Year High 11-18-04 (Yahoo) Producer prices jumped 1.7% in October, the Labor Department (news - web sites) said, fueled by swelling oil prices and hurricane-inflated food prices.
 
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11-18-04  SANTIA: UPSS l3 = L3=level 3

11-18-04  SANTIA: l3 time to add more 0% 2010 12.875% .......imho

11-18-04  Alexander: thanks/rgds

11-18-04  SANTIA: following notes issued by Calpine Generating Company, LLC and CalGen Finance Corp.:

-- $235,000,000 of First Priority Secured Floating Rate Notes due 2009 (CUSIP 13135BAA4 and U1305QAA7); -- $640,000,000 of Second Priority Secured Floating Rate Notes due 2010 (CUSIP 13135BAB2 and U1305QAB5); -- $680,000,000 of Third Priority Secured Floating Rate Notes due 2011 (CUSIP 13135BAC0 and U1305QAB5); and -- $150,000,000 of 111/2% Third Priority Secured Notes due 2011 (CUSIP 13135BAD8 and U1305QAD1).


11-18-04  SANTIA: exchange which Notes into what ?
thanks/rgds
Calpine Generating Company, LLC is offering to exchange $1,705,000,000 in aggregate principal amount of new notes for $1,705,000,000 in aggregate principal amount of the outstanding unregistered notes. The terms of the exchange notes will be identical to the respective terms of the original notes of the corresponding series except that the exchange notes will be registered under the Securities Act of 1933.

The exchange offer relates to the following notes issued by Calpine Generating Company, LLC and CalGen Finance Corp.:


11-18-04  Patient-Trader: Fallujah in Pictures
http://fallujapictures.blogspot.com/

I guess Ozy will love especially the 4-year-old terrorists who forgot to get out of the way ...


11-18-04  Alexander: exchange which Notes into what ?

thanks/rgds


11-18-04  SANTIA: MORE...Calpine

Calpine Generating Company, LLC, a wholly owned subsidiary of Calpine Corporation , today announced that it has extended the exchange offer for certain of its outstanding notes . The exchange offer, which commenced on October 19, 2004, was originally set to expire on November 17, 2004, will now expire at 5:00 p.m., New York City time, on December 1, 2004


11-18-04  Alexander: Company News

RPT-Alstom H1 loss narrows to 315 mln euros, orders rise Thu Nov 18, 2004 05:16 AM ET
(Repeats story following corrected alert on operating margin)

PARIS, Nov 18 (Reuters) - French heavy engineering firm Alstom (ALSO.PA: Quote, Profile, Research) posted narrower first-half losses on Thursday, exceeding market expectations, and said it had seen a rebound in orders over the period.

Alstom said it made a net loss of 315 million euros ($410.6 million) in the six months to Sept. 30, an improvement on its loss of 624 million euros a year earlier. A Reuters poll of nine analysts had forecast a net loss of 360 million euros.

The maker of high-speed trains, gas turbines and cruise ship said it made a first-half operating profit of 233 million euros, up from 132 million in 2003, on sales down 12 percent on a comparable basis at 6.4 billion euros.

New orders rose to 8.4 billion euros from 7.439 billion in the year-ago period, and Alstom said it expected full-year orders to exceed 2003/04's total, with sales down 5 percent in the full-year period.

The firm's negative free cash flow stood at 294 million euros, up from the 674 million euros cash hole reported in the first-half of 2003/04.

© Reuters 2004. All Rights Reserved.


11-18-04  SANTIA: FOR L3 LOVER..S
Level 3 Communications, Inc. (Nasdaq: LVLT - News) today announced that it has agreed to sell $320 million aggregate principal amount of a new series of its 5.25% Convertible Senior Notes due 2011 (the "Notes") in a private offering to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933. The Notes will be convertible into the company's common stock at a conversion price of $3.984 per share. Level 3 has granted the initial purchasers a 30-day option to purchase up to $25 million aggregate principal amount of additional Notes. The offering is expected to be completed (subject to customary closing conditions) on December 2, 2004, the currently scheduled settlement date for Level 3's pending debt tender offers

11-18-04  Alexander: I was a little astonished ;-)))))

11-18-04  SANTIA: 11-18-04 Alexander: $0 for all the Bonds ?

EQUITES ONLY...NOT BLONDS


11-18-04  Alexander: unless they have to RESTRUCTURE

11-18-04  SANTIA: Calpine €uro 8 3/8% 15-oct-2008 indicated at 64 yields 24.04%

11-18-04  Alexander: $0 for all the Bonds ?

11-18-04  SANTIA: 11-18-04 Alexander: Calpine....

if they go CH11, what might be the value ??

$0


11-18-04  SANTIA: 11-17-04 Alexander: <<<Target estimate..opinion please thanks. >>> $890/$910
?????????..)

11-18-04  Alexander: Calpine....

if they go CH11, what might be the value ??


11-18-04  Alexander: all Bonds are rather high, and we have 4%-5% REAL inflation, where's the beef ??

11-18-04  kuda: bonjour alexandre....

i made nice € with alstom bonds....then with rhodia bonds 9,25 2011

too much shares for alstom....day trader job (not mine)

still looking for the equivalent os GBS linked to silver.

Try to load with an incredible discount calpine GPB and € in London ,but prices seems more indicative than accurate.

passe une bonne journée....

for GOLD it is not a joke!!!!!


11-18-04  Alexander: Bonjour Kuda

ALSO.PA ALSTOM 0.57 Up 0.05 (9.62%)

in 2006 €4

you heared it here first !!!


11-18-04  Alexander: hi Bond, I don't Fiji, never liked that country

11-18-04  kuda: that is the price for GOLD for next years,it will be still harder to dig for GOLD than to print bills!

Where is the monney for oil going?


11-17-04  Bond.com: Alex <<<<Target estimate..opinion please thanks. >>> $890/$910 >

Delta flight to Fiji = $998/$1098.

Anything else I can help with?


11-17-04  Alexander: <<<<The bad news: In her four years as national security adviser, Rice has displayed no imagination as a foreign-policy thinker. She was terrible—one of the worst national security advisers ever—as a coordinator of policy advice.>>>>

hasdehaltpechgehabt


11-17-04  Alexander: <<<Target estimate..opinion please thanks. >>>

$890/$910


11-17-04  SANTIA: DELTA AIR LINES
Nov 16 @ 7.26

Target estimate..opinion please thanks.


11-17-04  SANTIA: Charter Communications 0% 01/15/12- @ 60 Charter Communications to issue $750 mln in notes Wed Nov 17, 2004 02:17 AM ET
NEW YORK, Nov 17 (Reuters) - Charter Communications Inc. (CHTR.O: Quote, Profile, Research) has agreed to sell $750 million of convertible senior notes, the broadband communications company said on Wednesday.

11-17-04  SANTIA: Board of Flight Attendants' Union Authorizes National Strike; President Blasts Airline Industry

PITTSBURGH (AP) -- The board of the country's largest flight attendants union authorized a national strike Tuesday after its president said the airline industry is using the bankruptcy process to threaten workers' livelihoods. http://biz.yahoo.com/ap/041116/flig...


11-17-04  dooper: < HELLO COLORES !! >

Let's see what's happened since i last checked in ??

1. Thug27 is trading at 103++++

2. Ablaxas is being called at 98++++

3. Need i go further ????

This is cause for MAJOR celebration !!

< Wally, PILLZ, et al: see you at the CENTRE NEXT WEEK <>>>>


11-17-04  Cheetah: The bad news: In her four years as national security adviser, Rice has displayed no imagination as a foreign-policy thinker. She was terrible—one of the worst national security advisers ever—as a coordinator of policy advice.

The bad news: In her four years as national security adviser, Rice has displayed no imagination as a foreign-policy thinker. She was terrible—one of the worst national security advisers ever—as a coordinator of policy advice.

The bad news: In her four years as national security adviser, Rice has displayed no imagination as a foreign-policy thinker. She was terrible—one of the worst national security advisers ever—as a coordinator of policy advice.

The bad news: In her four years as national security adviser, Rice has displayed no imagination as a foreign-policy thinker. She was terrible—one of the worst national security advisers ever—as a coordinator of policy advice.

The bad news: In her four years as national security adviser, Rice has displayed no imagination as a foreign-policy thinker. She was terrible—one of the worst national security advisers ever—as a coordinator of policy advice.

The bad news: In her four years as national security adviser, Rice has displayed no imagination as a foreign-policy thinker. She was terrible—one of the worst national security advisers ever—as a coordinator of policy advice.

The bad news: In her four years as national security adviser, Rice has displayed no imagination as a foreign-policy thinker. She was terrible—one of the worst national security advisers ever—as a coordinator of policy advice.


11-17-04  Cheetah: <<the GNOE is shit>, full stop> RIGHT YOU ARE OZ !!!

11-16-04  Alexander: <<< the rabid mob of this latrine would go on insulting her>>>

to my modest knowledge a rabid mob has more than one perticipant, but I might be mistaken


11-16-04  banko: I am here, pls don't give too much trouble to poor oz until next w.e.

11-16-04  ozymiani: < Alexander: Condi is much more capable than Collins >

nobody here cares if she is good, better, best or she is the devil.

She could discover a cure for cancer, and the rabid mob of this latrine would go on insulting her as <that negro monkey lisking her masters' asses>.

The only accepted information on this latrine-website is: <the GNOE is shit>, full stop. Everything else is <annoying>.

Oh, OOPS!

Did I say "is".

Make that <"was">, since this latrine is DEAD.


11-16-04  Alexander: Condi is much more capable than Collins

11-16-04  SANTIA: Delta Air Lines (DAL:NYSE - commentary - research) appears to have given up on part of a debt exchange that is part of its restructuring plan.

In its quarterly filing with Securities and Exchange Commission, the struggling airline said it has received so few tenders for the intermediate and long-term parts of the exchange that it expects those swaps will be unsuccessful. Delta had been hoping to exchange $2.32 billion worth of notes in those maturities for smaller amounts of new secured notes. The airline will now seek to use collateral it had reserved for those securities to secure other financing. The exchange is due to end Thursday.

The company previously had hinted that the intermediate and long-term portions of the exchange weren't going well, but had not stated so explicitly. The airline's short-term debt exchange is faring better, with $252 million tendered so far -- enough to meet exchange conditions.

The nation's third-largest airline has struggled as sky-high fuel prices have driven up expenses, and as a glut of capacity and tough price competition have made it tough to raise fares. Delta is scrambling to put into place various pieces of a restructuring program designed to stave off a Chapter 11 bankruptcy filing.


11-16-04  SANTIA: CALL OPTIONS DELTA AIR LINES.
Strike Last
2.50 4.40
time to sell calls...??

DELTA AIR LINES 7.50

Target estimate..(opinion please) thanks.


11-16-04  Cheetah: Why Powell Had To Go

And how will Condi fare as his successor?

And so the other shoe has dropped on the sad career of Colin Powell. Here is a man who enjoyed the most appealing life story in American politics. The son of Jamaican immigrants who pulled up his own boot straps in the Bronx; a Vietnam vet who rose through the Army's ranks to general, national security adviser, chairman of the Joint Chiefs of Staff, and secretary of state; a proud black man who could have made a serious run for president under either party's banner—chewed up and spit out on the shard-strewn sidewalk of Losers' Boulevard.

Powell's "resignation" this morning was one of the surest bets of a second Bush term. He had long endured a string of humiliating defeats at the hand of his Pentagon rival Donald Rumsfeld. For well over a year now, he's been out of the loop on every high-profile issue of foreign policy—Iraq, Iran, North Korea, nuclear arms control, Middle East peace talks.

In recent months, he's been hammering his own coffin, making little effort to hide his displeasure while serving a president who famously demands loyalty. On the record, Powell has told reporters that the insurgency in Iraq has grown stronger and that he might not have supported the war if he'd known Saddam had no weapons of mass destruction. On background, he and his closest aides have vented their frustrations and criticisms more harshly, most notably (but by no means exclusively) in his old friend Bob Woodward's latest book.

At the same time, Powell associated himself with Bush's policies just enough to incur the wrath of Democrats. The key incident was his Feb. 5, 2003, briefing before the U.N. Security Council, where he made a strong case for the existence of Iraqi WMD—and thus for war. It was a war that, many knew, Powell privately opposed; it was a briefing that, later evidence revealed, was almost entirely false. The upshot was the wreckage of Powell's reputation. The Democrats could no longer trust him; the administration rewarded him, for his troubles, with nothing but further disdain.

Many Bush critics had hoped that Powell might get fed up enough to quit, but this was sheer fantasy. First, he is, as they say, a "good soldier." A soldier's chief obligation is to his commander in chief, and, from all indications, Powell took this duty seriously. Second, the American political system has no use for officials who resign in protest; they're shunned as loose cannons by both parties, unworthy of trust to hold executive branch positions again. (Ask Cyrus Vance or Daniel Ellsberg.)

Bush didn't fire Powell because, as long as Powell was in the tent, Bush knew he would cause only so much trouble. But once out of the tent, once he no longer served the commander in chief, Powell might have felt free to criticize policies openly. Polls had shown Powell to be more popular than Bush. A Powell-launched fusillade might have damaged Bush's re-election campaign.

Even if George W. Bush were an unusually forgiving president, and even if he wants to give diplomacy a more vigorous whirl in his second term, he would not—and should not—have granted Powell an extension. The entire world knows that Powell is out of favor. Any deal he might have negotiated, any assurances he might have given, any declaration of policy he might have uttered would have been subject to doubt. Last year, when Bush wanted to send a message to various Middle Eastern leaders, he sent his national security adviser, Condoleezza Rice. When he wanted Western European leaders to forgive Iraqi debt, he sent his father's secretary of state, James Baker. A secretary of state who is not seen as the driving force of U.S. foreign policy—or at least as its chief courier—is doomed to a milquetoast's fate.

Flash! This just in: Sources say Powell's replacement is Condoleezza Rice. What does this mean?

The good news: Rice is among Bush's closest advisers, so foreign leaders will at least know that her words reflect the views of the president. Her appointment may also provide, at least in the short term, a morale boost among foreign service officers—a note of compensation for the departure of their cherished Powell that the State Department is now run by someone who has the president's ear and trust.

The bad news: In her four years as national security adviser, Rice has displayed no imagination as a foreign-policy thinker. She was terrible—one of the worst national security advisers ever—as a coordinator of policy advice. And to the extent she found herself engaged in bureaucratic warfare, she was almost always outgunned by Vice President Dick Cheney or Rumsfeld. Last year, for instance, the White House issued a directive putting her in charge of policy on Iraqi reconstruction; the directive was ignored. If Rumsfeld and his E-Ring gang survive the Cabinet shake-up, Rice may wind up every bit as flummoxed as her predecessor.



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