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Posted by
BradyNet
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Tuesday, December 21, '04
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2005 will be the year of the GOLD.
and bye bye long bonds in USD....will come back after the bloody bath !
HAPPY & HEALTHY HOLIDAYS AND PROSPEROUS 2005
Sovereign Downgrade Alert: Default Risk and Interest Seizure by U.S. Creditors Holding Defaulted PRC Sovereign Bonds
(AFN) -- Investors in sovereign bonds sold by the People's Republic of China in 2003 and again in 2004 may now be subject to litigation exposure and interest attachment risk. Discriminatory settlements of a previous series of PRC defaulted sovereign bonds increases the risk of interest payments seizure of newly-issued PRC bonds by defaulted creditors.
The Global Association of Risk Professionals recently reported that Sovereign Advisers has issued a downgrade for the long-term credit of the People's Republic of China to sub-investment grade status. The justification for the downgrade of the PRC's credit rating is predicated upon the continuing evasion of payment on a series of defaulted full faith and credit sovereign bonds of the Chinese Government. The article may be viewed online at either of the following links:
http://www.garp.com/risknews/newsfe...
Fitch Ratings News:
http://www.fitchrisk.com/frm/includ...
An abstract of the downgrade analysis has been posted online and may be viewed at the following website:
The sovereign downgrade research bulletin describes a set of revised risk metrics associated with investment in both outstanding as well as newly-issued PRC government bonds:
Judicial risk (i.e., risk of interest attachment / coupon seizure by defaulted creditors);
Legislative risk (i.e., risk of U.S. trade sanctions);
Liquidity risk (i.e., risk of regulatory agency sanctions imposed on dealers and ban on quotation pursuant to the U.S. Johnson Debt Default Act);
Repayment risk accruing from the "willingness to pay" metric (i.e., reassessment of the PRC's willingness to honor outstanding obligations in the event of future adverse economic conditions); and
International setoff risk (i.e., vulnerability to international setoff, adversely affecting the PRC's balance of payments position and impairing the PRC's ability to maintain current level of external debt).
Asian Finance News.
serves them as###es³ well
Dr. Gad Riesenfeld, the company's president and chief operating officer, may have hoped to alleviate investors' pain by pointing out that: "Granted, we f---ed up big way - but then again, ten years in my job as CEO fed my family, my car dealer and my yacht crew comfortably - thank you very nicely. I am now taking a sabbatical to dream up the next big one."
It was do or die yesterday for drug developer Pharmos Corporation. Sadly, its dream drug for traumatic brain injury patients turned into an investor's nightmare, as the company admitted that cannabis dexanabinol proved a flop in treating traumatic brain injury in third stage testing.
Dexanabinol "did not demonstrate efficacy," the company admitted, gravely disappointing its faithful employees and investors, too.
The market had entertained high hopes that Pharmos would be submitting its flagship drug to the United States Food and Drug Administration for approval in six months. Now it won't be submitting it at all.
In fact the company admits it won't be pursuing development of the drug at all, at least not for brain injury. It still has hopes of dexanabinol to treat memory impairment following heart surgery.
The news sent shares sinking nearly 70 percent upon Nasdaq opening yesterday, hovering just above $1 throughout most of the day after having closed at $3.50 on Friday.
Hopes had been mounting sky-high after Pharmos revealed the results of its Phase II trials for dexanabinol a month ago, in contrast to other companies who had all failed with similar drugs in earlier stages.
But that hadn't been for patients with traumatic brain injury, or TBI, of which there are 300,000 annually in the U.S. alone: it had been for heart surgery patients. Dexanabinol's effect on post-surgical cognitive impairment had not been clear-cut, and had lent themselves to a range of interpretation by analysts.
Thousands of private and more than a few institutional investors have been biting their nails over the past few day waiting for the promised stage III results, only to be severely disappointed along with analysts and the Israeli biotechnology industry.
Thus the news foreshadowed the swift collapse of company shares when just a couple of days ago everyone was talking about a billion dollar market at Pharmos' doorstep.
As it turned out, Pharmos had conducted the TBI test as a double-blind, randomized, placebo-controlled trial in 86 trauma centers in 15 countries, including Israel and the United States. Its tests covered 861 patients, of whom 428 were given dexanabinol and the rest a placebo.
The company admitted yesterday that it could observe no significant difference among patients who received the drug or the placebo. It added that no difference was observed in mortality either.
"We are very disappointed with the results," said Pharmos CEO Haim Aviv. "We received the results the other morning and very clearly saw that the drug simply wasn't effective, and therefore it is unlikely that we will continue developing it," he explained.
After pursuing the drug's development for a decade and a half, during which the company lost some $125 million, Aviv sounded down but resolved: "When I received the results I was sad, and I did not want to talk to anyone. We were aware of the risks in the trial, but we expected good results. I have experienced many crises over the years, and I must go on. This is not the time to sit in mourning," he said.
Pharmos had become a favorite among investors who are not averse to risk. Its market cap had risen to $330 million on positive expectations of dexanabinol. Market sources had been darkly recounting a rumor that began making the rounds in the middle of last week, that the trials were a flop. On Friday, Pharmos shares dropped 7 percent to $3.50 per share, on relatively high turnover of 1.8 million shares.
Over 80 million shares exchanged hands by the end of yesterday, quite an amount considering that only about 93 million shares were floating in the market. CEO Aviv reportedly holds some 1.6 million shares.
Commenting on the brouhaha surrounding the share, CIBC's Israel traderoom branch manager Harel Gilaon said, "True, the vast majority of institutional investors were involved in the stock over the years, and some of them still hold shares. However, these holdings were marginal."
He added, "There's a lot of drama here, and many small investors bought on tips, but it's not a dramatic blow to the market like the fall of Scitex in the 1990s or even the collapse of Commtouch in 2000." He predicted that the fall of Pharmos would "hurt some private investors, but I doubt anyone built their portfolio around Pharmos."
Though the dream for brain trauma treatment is dead, Pharmos will continue to develop dexanabinol as a treatment for cognitive impairment following cardiac surgery, Aviv said.
Dr. Gad Riesenfeld, the company's president and chief operating officer, may have hoped to alleviate investors' pain by pointing out that Pharmos would continue to develop its analgesic drug. "This compound and others in the preclinical pipeline have demonstrated very positive results in a range of pain and autoimmune disease animal models," he said in the company's statement.
The company also expects to receive $10 million from Bausch and Lomb. The money is for U.S. Food and Drug Administration approval of Zylet, which Bausch & Lomb received based on a Pharmos concept. Zylet combines anti-inflammatory with antibiotic treatment for the eye.
Still, yesterday's bleak news leaves the company with 60 employees, two other drugs in more premature test stages, and cash and future royalties worth $65 million, and a tremendous void.
Pharmos closed at $1.18, down 66.29 percent.
/hasen/objects/pages/PrintArticleEn.jhtml?itemNo=517089
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Global Crossing plans to issue a 2-part 10-year bond with a dollar-denominated tranche yielding around 11 percent and a sterling-denominated tranche yielding 100 basis points more, or around 12 percent
CARIB:what do you think about it....,
http://www.argetra.de/immoscout24.h...
viel Erfolg !!!!!!!!!
im Internet, durch verschiedene Makler und durch ZV
totally divorced with my ecuador 2030,no tengo miedo del ecuador,solo de los tasas de interes y del usd.....
Du hast vor ein paar Tagen gepostet, dss Du ganz billig Immobilien in Ostdeutschland geschossen hast. Kannst Du mir sagen wie und wo man solche Immobilien erwerben kann?
California's action hero governor is so busy applying his no-nonsense tactics to matters of state - and indulging those who say that he should run for president - that it seems some smaller issues on the home front may have slipped his mind.
Arnold Schwarzenegger, is facing claims from a high-flying trial lawyer that he sold her an $8 million (£4.2 million) ''dream home'' that turned out to have mouldy walls and a damaged tennis court and swimming pool.
Arnold Schwarzenegger
The Humidifier: Arnie's old house had damp
Susan Loggans, 54, who bought the six-bedroom property in September, is demanding compensation from Mr Schwarzenegger and his wife, Maria Shriver, for "construction defects" they allegedly failed to tell her about before the sale went through. Only after Miss Loggans and her husband, Denis Watson, had bought the house, on two acres of wooded land on a private road in Pacific Palisades, did they discover the faults, she claims.
Mr Watson, 49, a professional golfer, said that the damage to the white, villa-style house would cost $150,000 to repair. "This is our dream property, but it has become a nightmare," he said. "The whole thing has been very unpleasant."
In a Los Angeles Superior Court filing against the Golden State's first couple, Miss Loggans complains of serious faults in the pool's underground plumbing system, 22 holes in the tennis court and mould in the projection room.
She is seeking an order that would refer the dispute to an arbitrator, and demanding compensation to cover the cost of the repairs and legal fees.
Martin Singer, a lawyer for the Schwarzeneggers, denied that the couple had failed to disclose the precise condition of the property. "My client had representatives involved in this transaction and whatever information was known was disclosed," he said. "Nothing was done wrong.
"The buyer, a litigation lawyer from Chicago, has admitted that she was told there were problems. They were told there were major problems with the pool and the tennis court. This is a relatively minor dispute and the amount [being sought] is not significant. We think this will be resolved in arbitration or beforehand."
Under California law, vendors must draw up a transfer disclosure statement (a TDS) with details of a property's condition and give it to a prospective buyer as soon as practicable before the transfer of the title. The Loggans claim that the Schwarzeneggers' TDS was misleading in parts, allegations that the governor denies.
The house was the Schwarzeneggers' main Los Angeles residence before they moved, Mr Singer said, and had been empty for some time before the sale. The couple, who have four children, also spend time in Sacramento, where the governor has a hotel suite opposite the Capitol Building.
A clause inserted into the property contract by the super-rich Schwarzeneggers - the governor does not draw his $175,000 salary but is worth an estimated $100 million - barred disclosure of the sale price. The legal papers, filed on December 10, claim that the Schwarzeneggers failed to provide information on the defects in "a complete and forthright manner" and made "vague and incomplete references to serious and hidden defects" in order to "disguise" the problems.
They also allege that knowledge of the faults could have reduced the sale price or even led to the deal's collapse.
A disclosure statement, designed to give buyers information, did not "accurately set forth information regarding defects, including structural problems with the pool and tennis court, as well as mould damage".
The filing claims that the couple said in the disclosure statement that the pool "may need major repair" and continues "the reality is that the pool was actually in need of extensive repair but the nature and extent of those repairs could not be discerned by a visible inspection. The Schwarzeneggers knew that major repairs to the pool were necessary but hidden," the papers state, adding that the couple allegedly knew that the underground plumbing system was damaged but did not disclose this.
Miss Loggans, whose legal practice, Susan E Loggans, is based in Chicago, is well known for her television talk show, The Susan Loggans Show, and appearances on Fox News and The Oprah Winfrey Show.
According to the legal documents, before she and Mr Watson, her third husband, moved into the property with their five children, the couple were told about mouldy patches in a gym. But when they completed the deal, they say, they discovered additional mould problems in the kitchen and in the projection room.
They also established that there was only one pump working in the swimming pool, which needs to be stripped for new pipes. Workmen were last week digging up the pool to install these pipes, a job that could take up to three months.
Mr Watson, who with his wife previously owned a $7 million ocean-front home along the coast in Malibu, said that they simply wanted Mr Schwarzenegger to sort out the problems that were allegedly not mentioned before the sale went through.
"Governor Schwarzenegger is a very informed and powerful person and we expected him to act in a decent way. He has not done so. We have given him every opportunity to resolve this with us but we feel that his lawyers have just been playing around.
"But California law is pretty clear about disclosure. If you know something about your property you have to disclose it, simple as that.
"That was our expectation. The Governor has acted in an appalling way towards my family."
© Copyright of Telegraph Group Limited 2004
© 2004 WorldNetDaily.com
Cuba's Fidel Castro welcomed Venezuela's Hugo Chavez to the Karl Marx Theater in Havana and signed an agreement of unity that is designed to be an alternative to the North American Free Trade Agreement.
Two documents were signed that the leaders say constitute the highest expression of unity and the will of both governments to increase the range of cooperation and bilateral relations in general -- a joint declaration and a agreement for the application of the Bolivarian Alternative for the Americas, or ALBA.
"ALBA is the antithesis of the annexationist Free Trade Agreement of the Americas that the United States is attempting to impose," said a semi-official report from the Cuban government.
Chavez received the Carlos Manuel de Céspedes Order, by agreement of the Council of State. Castro quoted de Céspedes, known as the father of the nation who, in reference to the great country of Bolívar remarked: "Venezuela, which opened the way of independence to Spanish America and traveled it gloriously until Ayacucho, is our illustrious teacher of freedom."
Chavez praised Castro, Che Guevara and Salvador Allende, the deposed leader of Chile.
"We are in full battle, and this will be long, hard, and difficult," added Chávez, who confirmed that only the fortitude of the Venezuelan people had made it possible to undertake the Bolivarian Revolution.
da is schöner
(only for people interested in india-tourism / in german)
Calpine C$ offered 1MM 8 3/4 2007 at 83.50
how can I contact you.....???
Grüße
http://www.nordseepassage.de/home/i...
http://www.celona-gastro-gmbh.de/in...
shit cheap....
like 130m² fpr € 12.000.-- but Wilhelmshaven is a dead town
like in DEAD !!
WO??? im Tschungel?
thanks for info.
UFG is just lauching an offshore fund on Russian domestic corporate short duration ruble bonds.
Alex, what I wrote about UA RE is no joke... you get deals with prices barely above 1k $$$ for 1 sq.m. ... but you might have no taste for UA RE in general I assume.
:~))))
I haven't talked to you in one year, and you still stalk me. Get a job, a hobby, a life, whatever
Artikel drucken
URL:http://focus.msn.de/hps/fol/newsaus...
Druckversion
Service auf Russisch
Bakschisch frei Haus
| 12.12.04 |
Wie Blumen und Pralinen können Russen jetzt auch Bestechungsgelder per Lieferservice versenden lassen. Von Boris Reitschuster, Moskau.
Die Werbung kommt diskret per SPAM, und zur Kontaktaufnahme ist nur eine Handy-Nummer angegeben. So viel Geheimnistuerei tut auch Not: Es sind ungewöhnliche Dienste, die eine anonyme Moskauer „Firma“ da unter der Hand anbietet: „Anonyme Lieferung von Bestechungsgeldern“, so die Eigenreklame.
Von einer Aufenthaltsgenehmigung bis hin zu Gesundheitszeugnissen und Waffenscheinen reicht der Service, für den 50 Prozent der Bakschisch-Summe zu entrichten sind. Ganz offiziell wird ein Vertrag abgeschlossen, in dem neutral von „Kurierdienst“ die Rede ist.
Dollarscheine im Blumenstrauß
Die „Firma“ garantiert Diskretion: Das Geld, meistens Dollar, wird den Apparatschiks unter keinen Umständen ins Büro geliefert: Dort wäre die Entdeckungs-Gefahr zu groß. Damit sich der „Korruptionär“ sicher fühlen kann, bekommt er sein Bakschisch Zuhause, in der Sauna oder im Restaurant; Beamtinnen dürfen die Dollarscheine schon mal stilsicher in einem Blumenstrauß entgegennehmen.
Als Boten sind Kinder unter 14 Jahren im Einsatz – sie sind noch nicht strafmündig und damit nicht vor Gericht zu bringen. Zwar gibt es in Russland kaum etwas, was nicht gegen Bakschisch zu haben ist: Oft ist es aber ein Problem für potenzielle Bestecher, den passenden Beamten zu finden – der ein gutes Preis-Leistungs-Verhältnis bietet und den „Kunden“ nach Bezahlung nicht einfach sitzen lässt – oder gar einsitzen.
Der Albtraum aller Russen
Denn genau das ist seit ein paar Wochen der Albtraum vieler Russen: Der Fall des Autofahrers Ildar Bitscharow sorgte für riesiges Aufsehen. Der Unglücksrabe war im August in Moskau über eine durchgezogene Linie gefahren; prompt nahmen ihn zwei Verkehrspolizisten ins Gebet.
Bitscharow tat das, was fast jeder Russe in dieser Situation tun würde: Um nicht seinen Führerschein beschlagnahmen zu lassen und dann tagelang in Warteschlangen auf die Rückgabe des Papiers zu warten, bot er den beiden Ordnungshütern (im Volksmund „Wegelagerer“ genannt) an, das Delikt gegen Bezahlung einer kleinen Bakschisch-Summe von 930 Rubeln (zirka 25 Euro) zu vergessen.
Bestochen wird bis zur Beerdigung
Das Schmieren von Verkehrspolizisten gehört in Russland genauso selbstverständlich zum Autofahren wie das Tanken. „Bakschisch ist der Zement, der unser System zusammenhält“, sagt der Moskauer Soziologie-Papst Jurij Lewada.
Von der Geburt – bei der Einweisung in ein Krankenhaus – über den Platz in der Schule und der Universität, den Job und den Arztbesuch bis hin zur Beerdigung: Es gibt kaum einen Moment im Leben, in dem der gewöhnliche Russe nicht irgend jemanden bestechen müsste.
Eintritt ins Schwimmbad kostet
Jeder Verwaltungsakt hat seinen Schwarzmarktpreis: Von der Gesundheitsbescheinigung, die für jeden Eintritt in ein Schwimmbad notwendig ist (ab zehn Dollar), über die TÜV-Plakette (ab 100 Dollar) bis hin zur Untauglichkeits-Bescheinigung der Musterungs-Kommission (3000 Dollar, bei wirklich vorhandener Krankheit Rabatt).
Nach Schätzungen des Moskauer Soziologie-Institutes Indem zahlen die Russen jedes Jahr mehr als 30 Milliarden Dollar Bakschisch, knapp die Hälfte des gesamten Staatshaushaltes; seit Putins Amtsantritt hat die Korruption demzufolge leicht zugenommen.
Ein Hinterhalt namens Tonband
Umso größer war das Entsetzen des Autofahrers Bitscharow, als ihm die beiden Polizisten plötzlich eröffneten, dass sie seinen Bestechungsversuch auf Tonband aufgenommen haben und er nun vor Gericht müsse.
Als der Staatsanwalt acht Jahre Haft androhte und die Richter zwei Jahre auf Bewährung verhängten, brach für Russlands Autofahrer eine Welt zusammen: Würde man alle Russen, die Bestechungsgelder geben oder nehmen, einsperren, bliebe wohl kaum noch jemand auf freiem Fuß, um den Gefängniswärter zu geben, sagen Spötter.
Bloß nicht bockig geben
Ob es im Schauprozess gegen den Unglücksraben Bitscharow wirklich um den Kampf gegen Bestechung ging, ist fraglich; eher könnte es darum gegangen sein, letzte Stolpersteine aus dem Bakschisch-Weg zu räumen: In Wladimir Putins Diktatur der Bürokraten kommt es immer noch vor, dass sich Bürger erdreisten, kein Bestechungsgeld zu bezahlen.
Als ein Verkehrspolizist kürzlich einer jungen Moskauerin einfach den Geldbeutel aus der Hand nahm, den gesamten Inhalt – zirka 30 Euro – in seine eigene Tasche beförderte und meinte, sie könne nun weiterfahren, gab die sich bockig und drohte mit einer Beschwerde beim Polizei-Präsidium.
Prompt schrieb der Beamte aus Rache ins Protokoll, die Frau selbst habe versucht, ihn zu bestechen. Nach dem Urteil gegen Bitscharow wird es sich nun jeder Russe dreimal überlegen, ob er sich mit Beamten angelegen wird.
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