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don't know how old this is.
The rise in the value of the dinar
.The high price of the new currency has revived hopes prosperous economic future.
دWritten by : * Aqil Jabbar Baghdad
.Despite the emergence of the pictures of car bombs and shootings and angry demonstrators in Iraq through Arab television screens every night, remains businessmen in the region, betting on the future economic prosperity of the country, which has been ravaged by war.
.That at least, is the word one of the Iraqis, who stated that the rush to buy the new Iraqi dinar, lies in the high value from 1,650 to the highest value of one thousand per dollar within two days only.
."He hailed Abbas, the director of the Gulf banking company in Baghdad, "The Jordanian businessmen were selling large amounts of dollars to buy new Iraqi money."
.And the same thing is happening in Basra, except that the Kuwaitis are buying. As the morning assurances of the banking company in the southern port.
.As stated in the report issued by the Egyptian government newspaper Al-Ahram had the businessmen to buy dinars, with the exception that Iraq's oil wealth in the end is the reason for the high value of the currency.
.The rocket rise of the value of the Iraqi currency impact of the new expiry of the circulation of the old dinars, which bore the face of Saddam Hussein in the 15 / January, which paved the way for the new securities issued last October.
."He said Mohaned Rahim, Director of Auto Fair opened, "we used to use the dollar to buy cars from Jordan and the UAE, and now after printing the new currency, and the companies agreed to export cars to Iraq for the Iraqi money."
.The rise also came with the beginning of the pilgrimage season, which is traditionally a very bleak time for the Arab currencies, as pilgrims heading saying goodbye for the last time to change the dollar to be spent in Saudi Arabia.
.But this year, the new Iraqi dinar currency of choice for the pilgrims.
"Mustafa said Abdul Razak Mihdawi, director of a company specialized in Mecca pilgrimage trips, "I have agreed to do the Saudi government trade exchange with the Iraqis in Iraqi currency. "
.Currently used by the dinar and the dollar in the stores Iraq, and this change from the recent past, where the American currency typically used to buy expensive imported goods such as electronics.
."He said Ali Osman Alvtlaoui, an employee in the company grains in the public sector "that the decline in the dollar benefit each citizen receives his salary in Iraqi currency, as this will allow him to buy anything sold the largest dollar value." The Alvtlaoui "was a video CDs sold at a price previously (60) thousand Iraqi dinars, while today is not equivalent to more than (46) thousand dinars."
."However, Seif Motaz who works as an interpreter with the American army, complained that the interview of (450) net worth had declined to slightly more than half of the previous value. He said, "if the dollar continued to fall I will have to look for other work dinars."
.However, the last time people looked at things Bqiasathm, Vitzkron last days before inflation in the Penal Code, when the dinar is equal to more than three dollars.
."He said Rasul Al-Hammadi of age (65) years, "I hope that the value of the dinar itself, which was in the 1960s and 1970s. Each time high dinar, good things happen to Iraq and the Iraqi economy. "
* Aqil Jabbar trainee journalist at the press of war and peace Baghdad
http://translate.google.com/translate?hl=en&sl=ar&u=http://iwpr.net/%3Fapc_state%3Dheniicr20....
Not my words but a good read.
Why Did They Need To Do This ?
FACT: Under Saddams Husseins regime there were never any accurate banking audits, since the Iran/Iraq war1980-1988. No One knew the true wealth of Iraq.
FACT: As of2001 Iraq’s world debt exceeded $200 billion U.S. dollars ( Because of United Nation sanctions, there was NO free trade with Iraq since 1991, although Iraq’s oil was traded on the “black market”, heavy borrowing was necessary to maintain Iraq.
FACT: Saddam Hussein printed the old Iraqi currency (a.k.a “Saddam Dinar”) of his “freewill” whenever he needed financing for his last three wars or his foreign personal accounts.
FACT: Completion of the International Monetary Funds *Article VIII, Sections 2, 3, and 4 of the IMF's Articles of Agreement (scheduled to be completed by mid2006) is a requirement and the primary goal of Sinan Al-Shibibi, the Chairman of The Central Bank of Iraqis to recognize the Iraqi Dinar as a world convertible currency in 2006.
*Scheduled to be Completed Mid 2006 - RTGS ( Real Time Gross Settlement ) with individual interbank payment obligations being settled across Exchange Settlement accounts held by each bank at the Reserve Bank.
**Scheduled to be Completed Mid 2006 - ACH (Automatic Clearing House) Commencement of payments clearing system between the headquarters of commercial banks and the CBI through the Automatic Clearing House (ACH).
***Already in Its 2nd Quarter Phase - Elimination of Government Oil Subsidies.
(QUOTE U.S. Senate Foreign Relations Committee Chairman Dick Lugar “Reducing the fuel subsidy will begin in later this month (December2005) when the price of gasoline will go from 5 cents to 13 cents a gallon and is supposed to increase to normal market price around $1.82 in2006”. source Richard G. Lugar, United States Senator for Indiana - Elevating the Iraq Debate and INDEX
NOTE* - Keep in mind that the Iraqi economy has been devastated to 1/485th of it pre war value. Yet the basic necessity that drives, production, manufacturing and delivery of goods for any nations economy (namely oil and gas) will increase 3600 percent in Iraq for 2006. ( from .05cents to $1.82 in one year)
2)Mid Term Range - Gulf Cooperation Council (GCC). Founded on May 26th 1981 consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates have initiated membership for Iraq’s induction into the GCC.
What does this mean for the Iraqi Investor? (please read a,b,cbelow)
a) MANAMA, Sept 14 (KUNA) -- The Committee of Governors of Central Banks of GCC Countries, which met at the Bahraini capital Wednesday, approved the steps that were taken by members of the Gulf Cooperation Council in their effort to adopt a single currency by
b) BAHRAIN, (GULF DAILY NEWS) The GCC may have a common currency much earlier than the 2010 deadline, according to predictions by a top bank. Calyon Corporate and Investment Bank, part of the Credit Agricole Group, believes the GCC central banks have all the tools in place to let the project move ahead sooner than initially anticipated. "We believe that the GCC currency will be launched sooner than initially planned and that the Saudi Arabian Monetary Agency will take the lead because it is the best equipped bank to do so. It has all the supervisory tools in place," he said.
c) The Average currency value for these six GCC countries is $1.59 cents per unit of each countries currency. When a common currency is adopted for the GCC region, Iraq will have to be valued in this average, with plans to implement the GCC unified currency as early as 2007. But before this will happen Iraq must show the GCC that they can support its own currency value, thus revaluing their Iraqi Dinar is a mandatory pre-requisite.
The New Iraqi Dinar consists of 7 new denomination notes, the 50, 250, 500, 1000, 5000, 10000,25000, leaving room for the pre war ¼ dinar,½ dinar, 1, 5, 10 & 25 dinar notes which have yet to be circulated because they would currently have ZERO value. This currency is 100% legal to own, sell, trade and is encouraged by the Central Bank or Iraq.
Why are there large denominations ?
Oil rich countries in the past were common to have large denominational notes. For Iraq there is more prevalent reason. Since the 1990 U.N sanctions, Iraq has been a cash based economy. With the vast amount of reconstruction finances immediately needed to rebuild Iraq’s infrastructure, their largest currency note being the 25,000 dinar necessitates a significant revaluation to be needed from its present approximate dollar value of $20.00.In simpler terms, even to make a large purchase such as a car for example an Iraqi would need 2000 of the largest denominational notes. In time, after the IQD’s convertibility the larger dinar notes will be drawn out of circulation at a point when they are returned to the Central Bank of Iraq, which then, will be intended for interbank transactions, much like the history of the USA $500, $1,000, $5,000 & $10,000 that were also eventually removed from circulation.
You’ve seen and will see me mention the word revalue or revaluation several times in this letter. I’m implying to the future value of the Iraqi currency that was de-valued prior to the 2001conflict. I’d like to point out, that before 2001 many Iraqi professionals such as doctors, lawyers, teachers & business professionals alike, who were earning 300,000 Iraqi dinar, held a U.S. dollar equivalent worth of $93,000. Not much by today’s standards, but just imagine, that almost overnight in 2001, their 300,000 dinar was worth $239.00. A revaluation from the artificially imposed IMF rate of 1460:1 has already increased with the limited central banks instruments at their disposal and is an inevitable fact that the dinar will substantially increase when traded in a global economy.
Kuwait
20 Dinar was $2.00 USD 20 Dinar is NOW $68.00 USD
Oman
50 Dinar was $82.00 USD 50 Dinar is NOW $130.0 USD
Bahrain
20 Dinar was $27.00 USD 20 Dinar is NOW $54.00 USD
Jordan
50 Dinar was $55.00 USD 50 Dinar is NOW $70.00 USD
Iraq
50 Dinar was $161.0 USD 50 Dinar is NOW $00.04 USD
And yet it’s true that these countries are based on a 1,000 unit system, meaning the USA has 100 pennies to the dollar, mid east currencies are based on 1,000 fils (coins) equivalent to ONE dinar. All mid east countries have the ¼dinar, ½ dinar, 1,5, 10 & 25. (coins & notes) Iraq also used fil coins before the war, but for Iraq to have these lower denominations NOW serves NO feasible economic purpose but will allow Iraq to fill the “currency void” when the dinar is revalued.
Interesting enough?
Post-Conflict Currency Reform
Currency reform is often a major challenge for countries recovering from violent conflict. Post-conflict economies have undertaken a variety of different currency reforms. When Somaliland broke away from Somalia, reformers introduced an entirely new currency as a symbol of new statehood. In Rwanda, the old national currency was replaced by a new national currency. By contrast, some post-conflict countries choose to adopt a foreign currency as legal tender. For example, in Montenegro the Deutsche mark was circulated as legal tender along with the Yugoslav dinar, and in East Timor the U.S. dollar became the only legal tender because most international payments in East Timor were denominated in U.S. dollars and in the absence of an East Timorese central bank, it was administratively convenient to dollarize.
Many post-conflict economies lack policy credibility. By dollarizing or euroizing, post-conflict economies may improve their credibility. As an alternative to outright adoption of a foreign currency, currency boards allow for a post-conflict country to circulate a national currency while simultaneously improving policy credibility because a currency board pegs the national currency to the exchange rate of the euro, the dollar or some basket of international currencies. A currency board may be superior to dollarization because currency board countries still benefit from seigniorage revenue and enjoy greater policy flexibility than they would under outright dollarization.57
57 Tony Addison, Alemayehu Geda, Philippe Le Billon and S. Mansoob Murshed, Financial Reconstruction in Conflict and Post-Conflict Economies, UNU/WIDER Policy Paper (September 2001).
18
Nonetheless currency boards restrict policy choice. For example, central banks under currency board regimes may not act as lenders of last resort because the money supply is restricted by the level of foreign exchange reserves. Therefore adoption of a currency board regime may expose the banking sector to greater risk of crisis. Bosnia-Herzegovina’s currency board regime may have contributed to its recent banking crisis.58 The policy limitations of currency board and dollarization regimes are particularly dangerous for post-conflict economies because their public resources are typically strained by reconstruction expenditures, making it difficult for the government to provide failing banks with aid.
In summary, the literature on post-conflict currency reform suggests three important policy considerations. First, a currency may carry important symbolic value for a new state or a new regime emerging from conflict. Second, a post-conflict country may use currency reform to gain badly-needed policy credibility by dollarizing or pegging its national currency to a currency with greater credibility such as the euro or the dollar through a currency board. Finally, experience teaches the desirability of retaining some policy flexibility to ward off banking crises because crises may be especially devastating in post-conflict economies where public resources are already strained.
http://www.law.harvard.edu/programs/pifs/pdfs/kirsten_malm.pdf
Maliki hails crackdown in Baghdad
An Iraqi soldiers mans a checkpoint in Baghdad on 24 February 2007
Iraqi and US troops have set up additional checkpoints in Baghdad
The Iraqi prime minister says there has been a reduction in sectarian killings and kidnappings since a Baghdad security plan was launched 10 days ago.
Nouri Maliki says 426 suspected militants have been held and almost the same number killed since 14 February.
On Saturday, at least seven people were killed and more than 30 injured in a series of attacks in the Iraqi capital.
Separately, the Iraqi interior ministry said Iraqi and US troops killed dozens of Sunni militants north of Baghdad.
'Willing co-operation'
After visiting the command centre co-ordinating the joint Iraqi-US security operation in Baghdad, Mr Maliki said 426 militants had been detained and "around that number" had been killed.
Iraqi Prime Minister Nouri al-Maliki. File photo
Mr Maliki vowed deal even-handedly with both Shia and Sunni rebels
He said many more militants had left the capital and vowed to bring them to justice.
Mr Maliki stressed that the new plan - which had seen thousands of extra US and Iraqi troops sent to Baghdad - also depended on the co-operation of the people.
He said the indications were that Iraqis were willingly co-operating.
US military commanders have also spoken positively about the operation.
But they have said that the rebels are currently laying now, warning that higher levels of violence to will probably return.
Despite Mr Maliki's optimistic words, at least seven people were killed in Baghdad in a number of bombings and mortar attacks, the BBC's Jane Peel says.
http://news.bbc.co.uk/1/hi/world/mi...ast/6393127.stm
HiEnergy Technologies, Inc. ("we", "us" or the "Company") files this report on Form 8-K to report the following:
Item 1.01 Entry into a Material Definitive Agreement
On February 5, 2007, the Company executed Amendment 1 to the Confidential Settlement Agreement and Mutual Release (the "Amendment") dated January 30, 2007, between the Company, a former consultant, Yeffet Security Consultants, Inc., ("YSCI"), and YSCI's beneficial owner, Isaac Yeffet. (Collectively, YSCI and Mr. Yeffet are referred to as the "Claimants").
As reported in our Current Report on Form 8-K filed with the SEC on June 15, 2006, the Confidential Settlement Agreement and Mutual Release (the "Original Agreement") was executed by the Company and the Claimants on June 9, 2006 to provide for a mutual reconciliation of disputes between the parties which were in binding arbitration proceedings. Pursuant to the agreement, the Claimants released the Company from all claims to recover the $449,540,91, which YSCI was seeking for allegedly breaching a consulting agreement and YSCI forfeited its options to purchase up to 1,000,000 shares of Company common stock.
Under the Original Agreement, the Company was to have paid the Claimants the remaining balance owed under the agreement of $189,540,91 plus accrued interest by approximately December 6, 2006. The Amendment provides an extension for the payment of this balance and for the balance to be paid in installments over a six month period. The Company agreed to pay $100,000 to the Claimants in five equal monthly installments of $20,000 each (the "Installments") with the first payment due immediately after the execution of the Amendment and the remaining four installments due one or before the last business day of January, February, March and April 2007 respectively. The Company has already paid the first two installments to YSFI as required by the Amendment.
Payment of the Installments was personally guaranteed by William A. Nitze, our Acting CEO and our Chairman of the Board, by an Unconditional Guaranty executed by Mr. Nitze dated January 30, 2007.
In addition to the five installment payments of $20,000 each, on or before June 30, 2007, the Company is required to pay the Claimants $89,540.91 plus all accrued interest (including interest earned on the $100,000 subject to the Installment Payments). The Original Agreement provides that these amounts carry simple interest of 8% per annum commencing on June 9, 2006.
Pursuant to the Original Agreement, the Company issued 775,000 shares (the "Settlement Shares") of its common stock to Isaac Yeffet. The Settlement Shares have "piggyback registration rights" obligating the Company to include the shares on the next qualifying registration statement filed by the Company with the SEC. The Original Agreement provided that beginning on November 1, 2006, during each month that Mr. Yeffet is unable to sell his shares pursuant to an effective registration statement or pursuant to Rule 144, Mr. Yeffet could require the Company to repurchase up to $20,000 in Settlement Shares per month at a price per share of $0.33 (the "Repurchase Rights"). The Amendment provides that the Repurchase Rights shall commence on July 1, 2007 and shall not terminate until Mr. Yeffet has had the same number of day as he would have been entitled to take advantage of the Repurchase Rights as he would have been entitled if the Rights Obligations commenced on November 1, 2006.
3
--------------------------------------------------------------------------------
As consideration for entering into the Amendment and extending the settlement payment period set forth by the Original Agreement, the Company granted to Claimants an option to purchase 775,000 shares of Company common stock at an exercise price of $0.20 for a term of five years (the "Option") and are exercisable either by cash payment of the exercise price or by a "cashless exercise" through surrender to the Company of a number of shares equal to the exercise price. The shares underlying the Option have the same "piggyback registration rights" as the Settlement Shares, but are not subject to the Repurchase Rights.
The Company believes that the granting of the Option is exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended and/or Regulation D as Mr. Yeffet is an accredited investor.
Copies of the Amendment and the Unconditional Guaranty are respectively filed as Exhibits 10.162 and 10.163 to this Current Report.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The discussion under Item 1.01 of this Current Report is hereby incorporated into this Item 2.03.
Item 3.02 Unregistered Sales of Equity Securities
The discussion under Item 1.01 of this Current Report is hereby incorporated into this Item 3.01.
Item 9.01 Financial Statements and Exhibits.
10.162 Amendment No. 1 to the Confidential Settlement Agreement and Mutual
Release, dated January 30, 2007
10.163 Unconditional Guaranty, dated January 30, 2007.
In my opinion It is going to be a while, if ever before this company pulls its act together.
HiEnergy Technologies, Inc. ("we", "us" or the "Company") files this report on Form 8-K to report the following:
Item 8.01 Other Events
CANCELLATION OF PURCHASE ORDER
On December 10, 2006 we received a purchase order in the amount of $325,000 for one SIEGMA(tm) 3M3 Atometer(tm) suitcase-borne explosives detection system. This purchase order, made on behalf of a Middle Eastern government's security agency, provided for the system to be delivered within sixty days and was received through Applied Tactical Technologies, Inc. of New York, working in conjunction with Taylor Jordan and Associates, an authorized sales agent for HiEnergy Technologies.
As we noted in our press release announcing the purchase order, our ability to fulfill the order was dependent, in part, on raising additional funds to cover our manufacturing costs and we could provide no assurances that such funds would be available to us. We were not able raise sufficient funds to manufacture the system within the sixty days provided by the purchase order and Applied Tactical Technologies, Inc. has subsequently cancelled the order.
On February 13, 2007 we received a copy of a press release issued by Applied Tactical Technologies, Inc. stating that they had withdrawn and cancelled the purchase order. The press release quoted J. Parmerton, Applied Tactical Technologies' President, as stating, "Due to time constraints placed upon us to have a system up and running within the prescribed time frame dictated in our contract-to-provide, we have canceled our pending order with HiEnergy. We do however plan to revisit the program at a later date. We were very excited to offer to our client the SIEGMA(TM) system but the implementation window closed before we could take delivery of the product."
If the Iraqi Gov't is on holidays .......
What is with this????
Iraqi Cabinet Delays Approval Of Hydrocarbon Law - Sources
By Hassan Hafidh, Of Dow Jones Newswires
The Iraqi cabinet failed to ratify a proposed hydrocarbon law during a session held Thursday, signaling a lack of agreement between the central government in Baghdad and the Kurdish authority in the north over who should sign oil contracts with international companies, Iraqi oil industry sources said Friday.
"The cabinet met with the committee entrusted with drafting the oil and gas law but they haven't reached a consensus yet," one Iraqi oil official told Dow Jones Newswires.
The cabinet was supposed to ratify the controversial law Thursday before submitting it to the parliament for final approval.
Sources close to the cabinet session held Thursday said that the Kurds still insist that they should negotiate and sign contracts with international oil companies to develop oil fields in their own territory.
A recent copy of the draft law, seen by Dow Jones Newswires, states that a representative from the federal government in Baghdad should take part in these negotiations and that a federal oil and gas council should approve any contract signed by the Kurds.
The committee drafting the law has been meeting over the last five months without reaching a consensus. Negotiations have snagged because of the insistence by the Kurds that they maintain a degree of autonomy in managing their northern fields, the sources said.
The law still faces strong opposition from members of the Iraqi government and prominent Iraqi oil technocrats and ex-officials.
The head of the Iraqi oil trade union Hassan Jumaa described the law as " unbalanced and incoherent with the hopes of those who work in the oil industry."
In Amman, prominent former Iraqi oil officials called on the Iraqi government to postpone issuing the measure until the security situation improves.
They urged the Iraqi government not to sign production-sharing agreements, or PSAs, with foreign companies until security prevails in the country.
They have also voiced opposition to a number of articles in the controversial draft.
-By Hassan Hafidh; Dow Jones Newswires; + 962 777 612 111; hafidh8@hotmail.com
The Iraqi cabinet failed to ratify a proposed hydrocarbon law during a session held Thursday, signaling a lack of agreement between the central government in Baghdad and the Kurdish authority in the north over who should sign oil contracts with international companies, Iraqi oil industry sources said Saturday.
("Iraqi Cabinet Delays Approval Of Hydrocarbon Law - Sources" at 8:09 a.m. EST, incorrectly reported that the sources spoke on Friday)
(END) Dow Jones Newswires
02-24-070824ET
Copyright (c) 2007 Dow Jones & Company, Inc.
Attached is the most recent press release for Destiny Media Technologies.
Recent press releases on Destiny can be found at http://www.dsny.com/investor/
Ear on the Street
ATCO Ltd. (ACO.X : TSX : $46.39)
Q4 in line
RBC Capital Markets maintains "sector perform", 12-month target price is $48.00
Agnico-Eagle Mines (AEM : TSX : $47.25 | NYSE : US$40.76)
Strong Q4 and reserves up 19.3%
Blackmont Capital maintains "hold", 12-month target price is $48.00
Canaccord Adams upgrades to "buy", 12-month target price is raised to US$50.00
Desjardins Securities maintains "buy", 12-month target price is $62.75
Raymond James maintains "outperform", 6-12 month target price is $54.00
RBC Capital Markets maintains "sector perform", 12-month target price is not given
AGF Management (AGF.B : TSX : $30.73)
Margin expansion
CIBC World Markets upgrades to "sector outperform", 12-month target price is raised to $34.00
Credit Suisse maintains "outperform", 12-month target price is raised to $36.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is raised to $40.00
TD Newcrest maintains "hold", 12-month target price is raised to $32.00
Bow Valley Energy (BVX : TSX : $6.27)
Selling Canadian assets?
Scotia Capital Markets maintains "sector outperform", 12-month target price is $9.00
CAP REIT (CAR.UN : TSX : $20.80)
Flat 2006 FFO
Raymond James maintains "market perform", 6-12 month target price is $21.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is raised to $21.00
TD Newcrest maintains "hold", 12-month target price is raised to $19.50
Cascades Inc. (CAS : TSX : $13.90)
Q4 reported today
RBC Capital Markets maintains "sector perform", 12-month target price is $14.00
Canfor Corporation (CFP : TSX : $11.90)
Q4 preview
RBC Capital Markets maintains "sector perform", 12-month target price is $11.00
Certicom Corp. (CIC : TSX : $5.81)
To report Q3 on February 28
Canaccord Adams maintains "hold", 12-month target price is $6.00
Corus Entertainment (CJR.B : TSX : $47.00)
Downgrade based on price appreciation
TD Newcrest downgrades to "hold", 12-month target price is $52.00
Cinch Energy (CNH : TSX : $0.95)
Closing of flow-through financing
Canaccord Adams maintains "buy", 12-month target price is $2.00
Le Chateau (CTU.A : TSX : $58.97)
Strong Canadian retail sales (Dec) number bodes well for company
GMP Securities maintains a "buy", target price is $72.50
Canadian Utilities (CU : TSX : $43.28)
Q4 meets expectations
Canaccord Adams maintains "hold", 12-month target price is $42.00
RBC Capital Markets maintains "outperform", 12-month target price is $49.00
CV Technologies (CVQ : TSX : $2.61)
Alleged lobbying without being registered
RBC Capital Markets maintains "sector perform", 12-month target price is $3.00
Consumers Waterheater Fund (CWI.UN : TSX : $15.05)
Increase distribution by 4.9%
Scotia Capital Markets maintains "sector outperform", 12-month target price is $14.50
Defiant Resources (DFR : TSX : $1.51)
Lower than expected reserves
Raymond James maintains a "strong buy", 6-12 month target price cut to $3.00
Movie Distribution Income Fund (FLM.UN : TSX : $8.41)
Fourth quarter results come in above expectations
Raymond James maintains a "market perform", 6-12 month target price is $10.00
TD Newcrest maintains a "speculative buy", 12-month target price is $9.00
First Quantum Minerals (FM : TSX : $70.09)
Recent price appreciation behind downgrade
Haywood Securities downgrades to "sector perform", target price is $70.00
FNX Mining Company (FNX : TSX : $21.10)
New discovery at Levack Mine
GMP Securities maintains a "buy", target price is $30.00
RBC Capital Markets maintains a "outperform", target price is $24.00
Scotia Capital Markets maintains "sector perform", 12-month target price is raised to $18.50
Gammon Lake Resources (GAM : TSX : $21.68)
January has been the best month to date
Scotia Capital Markets maintains "sector outperform", 12-month target price is $24.00
Glencairn Gold (GGG : TSX : $0.63)
Announces plans to convert Libertad to a conventional milling operation
Blackmont Capital maintains a "buy", 12-month target price is cut to $0.90
Iamgold Corp. (IMG : TSX : $10.69 | IAG : NYSE : US$9.22)
Recent increases in reserves offsets news of higher costs in 2007
Blackmont Capital maintains a "buy", 12-month target price is cut to $13.50
TD Newcrest maintains a "action list buy", 12-month target price is cut to US$15.00
International Minerals (IMZ : TSX : $5.65)
Company provides project updates
TD Newcrest maintains a "hold", 12-month target price is $6.50
Kinross Gold (K : TSX : $15.93 | KGC : NYSE : US$13.71)
Earnings and outlook meet expectations
Blackmont Capital maintains a "buy", 12-month target price is $19.00
RBC Capital Markets maintains a "sector perform", target price is US$16.00
TD Newcrest maintains a "hold", 12-month target price is US$15.00
Loblaw Companies (L : TSX : $47.44)
Held much anticipated Investor Day Wednesday
Credit Suisse reiterates "outperform", target price is $53.00
Desjardins Securities maintains a "hold", target price is $50.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $43.50
TD Newcrest maintains a "reduce", 12-month target price is $46.00
March Networks (MN : TSX : $11.20)
Q3 preview: Awaiting clarity on product roadmap and cost structure
Canaccord Adams maintains a "sell", target price is $10.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $11.00
Macquarie Power & Infrastruct. (MPT.UN : TSX : $11.69)
Posts solid fourth quarter
TD Newcrest maintains a "action list buy", 12-month target price is raised to $12.00
Newport Partners Income Fund (NPF.UN : TSX : $6.90)
Recent share price appreciation offers attractive exit point
Blackmont Capital maintains a "sell", 12-month target price is $5.50
Osprey Media Income Fund (OSP.UN : TSX : $5.84)
Seasonally strong quarter comes in below expectations
CIBC World Markets maintains a "sector perform", target price is $6.00
Orezone Resources (OZN : TSX : $1.91 | AMEX : US$1.65)
Releases positive results from Kossa project
Canaccord Adams maintains a "speculative buy", target price is $2.45
Pan American Silver (PAA : TSX : $33.94)
Reserves Grew by 20% over 2005
RBC Capital Markets rates "outperform", no target price reported
PrimeWest Energy Trust (PWI.UN : TSX : $23.09)
Q4 in line
Scotia Capital Markets maintains "sector outperform", 12-month target price is $28.50
Ritchie Bros Auctioneers Inc. (RBA : TSX : $67.41 | NYSE : US$58.08)
Gross auction sales up 25% over last year
Blackmont Capital maintains "buy", 12-month target price is US$69.00
RONA Inc. (RON : TSX : $24.25)
Aggressive growth aspirations
Blackmont Capital maintains "buy", 12-month target price is $27.50
Canaccord Capital maintains "buy", 12-month target price is $30.00
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $27.00
Desjardins Securities rates "buy", 12-month target price is $26.00
RBC Capital Markets rates "outperform", 12-month target price is $31.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $28.50
Saputo Inc. (SAP : TSX : $42.70)
Buy Land O'Lakes cheese
CIBC World Markets maintains "sector perform", 12-month target price is raised to $42.00
Desjardins Securities maintains "buy", 12-month target price is $50.00
TD Newcrest maintains "buy", 12-month target price is raised to $49.00
Somerset Entertainment (SOM.UN : TSX : $2.83)
Going private potential has created overvaluation
Raymond James maintains a "underperform", 6-12 month target price is $1.75
Tiberon Minerals Ltd (TBR : TSX : $3.63)
Taken out by Vietnamese investment bank
Haywood Securities drops coverage
Transcontinental Inc. (TCL.A : TSX : $21.96)
Newspaper outsourcing
Desjardins Securities maintains "hold", 12-month target price is $22.00
Trafalgar Energy (TFL : TSX : $4.17)
Operational update in line
Blackmont Capital maintains "buy", 12-month target price is $5.00
Tim Hortons (THI : TSX : $35.96)
Breakfast sandwich success
Blackmont Capital maintains "buy", 12-month target price is $43.00
RBC Capital Markets rates "outperform", 12-month target price is $41.00
Taseko Mines (TKO : TSX : $3.20)
Looking for undervalued opportunities
Raymond James maintains "outperform", 12-month target price is $5.00
TransCanada Corp. (TRP : TSX : $38.09 | NYSE : US$32.85)
Increases ownership in TC Pipelines
RBC Capital Markets rates "outperform", 12-month target price is $46.00
Torstar Corp. (TS.B : TSX : $18.00)
Free papers in Alberta
CIBC World Markets rates "sector underperform", 12-month target price is $19.00
UraMin Inc. (UMN : TSX : $5.68)
Uranium in Namibia
Canaccord Capital upgrades to "buy", 12-month target price is $6.58
Virginia Mines (VGQ : TSX : $6.08)
2007 exploration budget to exceed $16 million
Canaccord Capital maintains "speculative buy", 12-month target price is $7.25
Zargon Energy Trust (ZAR.UN : TSX : $25.45)
Future remains bright
CIBC World Markets maintains a "sector outperform", target price is $29.50
Vancouver, B.C., Canada, February 23, 2007
Hathor Exploration Ltd. (HAT: TSX-V) is pleased to announce that, Kinetex Inc., a subsidiary of FirstGrowth Capital Inc. (FGC: TSX-V), has completed the acquisition of field data for the first true 3D seismic survey ever performed in the Athabasca Basin of northern Saskatchewan.
Over the past 3 months, despite challenging weather conditions consisting of long periods of less than -40° C temperatures, a Kinetex crew of up to 55 people undertook this state-of-the-art survey on Hathor’s 90%-owned, 502 hectare Midwest NE uranium property. Using radio telemetry-based Input/Output, advanced VectorSeis® technology, more than 20 million high-frequency, “Digital 3-Component Full Wave” seismic traces were acquired from approximately 249 line kilometres of survey. This considerable seismic imaging effort exceeds most typical surveys performed over township-size (36 sq. mile or 9,324 hectare) projects in the oil and gas industry. The Midwest NE survey's intensity was designed to guide the future framework of multi-disciplinary exploration efforts, especially the selection of diamond drill targets.
Since 2003, through its wholly-owned subsidiary Roughrider Uranium Corp., Hathor has become the leader in the implementation of innovative, high-resolution seismic methods for uranium exploration in the Athabasca Basin . In addition to determining the depth and characteristics of the basin/basement unconformity, the principle objectives of its seismic surveys are to provide a definitive map of basement and basin structural features and to enhance correlation efforts of these fault zones with previously identified electromagnetic conductors, gravity and magnetic features. All of this information allows for the better definition of prospective structural targets for diamond drilling and this in turn enables significant cost savings and the acceleration of future drill programs.
Kinetex started the delivery of the high-density Midwest NE field data set to the University of Saskatchewan Seismological Laboratory for analyses and interpretation in early January. Current field observations and the preliminary extraction of regional 2D profiles show promising results including strong imaging of the basement unconformity. These results will assist in determining the final vectors for initial diamond drilling which is expected to commence shortly. Further extensive 3D processing is scheduled over the next several months and additional interpretation using the Saskatchewan Research Council’s new 3D Virtual Reality Centre will be of significant importance in further refining drill targets.
The Midwest NE property is located to the immediate northeast of the Midwest property of AREVA Resources Canada Inc., Denison Mines Corp. and OURD Canada Co. Ltd., where mining of a shallow (about 200m depth), open-pit orebody that grades 5.47% U3O8, 4.37% nickel and 0.33% cobalt is slated to start in 2008. Saskatchewan Provincial Highway 914, which provides year-around access to the regional service centre at Points North Landing is about 5 km southwest of Hathor’s property. AREVA’s McClean Lake uranium mill facilities (that were projected to produce 18 million lbs U3O8 annually from Cigar Lake mine ores) is located approximately 10 km to the east of the Midwest NE property.
In addition to their Midwest deposit uranium resources, 2005 exploration drilling by AREVA resulted in the discovery of the Mae Zone , approximately three kilometers northeast of the Midwest deposit and about 900 metres from Hathor’s Midwest NE property boundary. At the Mae Zone , drill results grading as high as 12.5 metres of 15.30% U3O8 have been reported.
The geological setting of the eastern Athabasca Basin region of northern Saskatchewan accounts for approximately 28% of the world’s annual mine production of uranium. All of this production comes from unconformity-style uranium ore deposits - the richest uranium ore deposits in the world. For more information on Hathor, its subsidiary Roughrider Uranium Corp. and their projects located in this region, please visit the company's website: www.hathor.ca
Hathor Exploration Limited
Stephen G. Stanley , Director
Undervalued Stock #1 ========== ------------ Xcel Energy, Inc. (NYSE: XEL) ------------ Insider Name: Fredric W. CorriganInsider Position: DirectorInsider Action: 10,000 shrs on 2/20/2007Insider Total Holding: 10,000 shrs -------------------------------------------------------Undervaluation Merits... P/E Ratio = 18.2 (Industry Average 22.8)P/S Ratio = 1.0 (Industry Average 1.67)P/CF Ratio = 7.10 (Industry Average 11.6) Industry: Electric Utilities -------------------------------------------------------Other Merits... Dividend Yield = 3.7% ------------ Xcel Energy, Inc. (NYSE: XEL)
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Almost forgot.
CANBERRA, Australia (Reuters) -- Australia ruled out withdrawing troops from Iraq on Wednesday despite growing calls for Prime Minister John Howard to follow the lead of Britain's Prime Minister Tony Blair by setting a timetable for a pullout.
Australia, a staunch U.S. ally, was one of the first nations alongside Britain to commit forces to the U.S.-led war in Iraq, and still has about 1,400 military personnel in and around Iraq with up to 70 more military trainers to be deployed soon.
Media reports say Blair plans to withdraw up to 3,000 of his country's 7,100 troops from southern Iraq by Christmas.
Howard said he had no plans to cut the 550-strong Australian battle group providing security in neighboring areas.
"I don't think it follows from that that there should be a reduction in our 550. I mean you have got to maintain a critical mass and to do the job according to our defence advice, you need that," Howard told reporters in Perth.
Howard's comments will be welcomed by U.S. Vice President Dick Cheney, due to visit Australia this week to thank Australia for its support in Iraq and Afghanistan.
Australia's handling of Iraq is a growing problem for Howard's conservative government, which is struggling in the polls with national elections due in the second half of 2007.
Australia's center-left Labor opposition leader Kevin Rudd has taken an 8-point lead in the polls on the back of a promise to withdraw Australian combat forces from Iraq if he wins power.
A poll published on Tuesday found 67 percent of Australians either want Howard to set a withdrawal date from Iraq or pull Australian forces out immediately.
Labor and the Senate's minority parties, the Greens and Australian Democrats, said Blair's move leaves Howard out of step on Iraq.
"The Howard government is clearly confused about its Iraq policy, which is based on what the U.S. wants, not what is in Australia's interests," Greens leader Bob Brown said.
Underscoring the growing opposition to Australia's involvement in Iraq, protest groups said they planned demonstrations when Cheney arrived and newspaper editorials urged Howard to reexamine his Iraq commitment during Cheney's visit.
"We think it is time for Mr Howard to say enough's enough to the man who more than anyone is responsible for creating the Iraq disaster on the basis of distorted intelligence and inflated dreams of remaking the Middle East," the Sydney Morning Herald said in an editorial.
Insurgent Bomb Factory Found in Baghdad
By KIM GAMEL, Associated Press Writer
1 hour ago
BAGHDAD, Iraq - The U.S. military warned Thursday that insurgents are adopting new tactics in a campaign to spread panic after troops uncovered a car bomb factory with propane tanks and chlorine cylinders _ possible ingredients for more chemical attacks following three explosions involving chlorine.
Those blasts and a recent spate of attacks against helicopters have raised fears that insurgents are trying to develop new ways to confront U.S. and Iraqi forces. Any increase in chemical bombings could complicate the Baghdad security crackdown, now in its second week.
Lt. Gen. Ray Odierno, the No. 2 American commander in Iraq, said he did not think the attacks signaled a more capable insurgency. Instead, he said they were merely an attempt to provoke fear.
"What they're trying to do is ... adapt in such ways where they can continue to create instability," Odierno said.
The general also said at least two suspects have been arrested in the downing of eight helicopters since Jan. 20, but he gave no further details.
The raid on the car bomb factory occurred late Tuesday in the volatile western province of Anbar, U.S. authorities said. U.S. troops discovered a pickup truck and three other vehicles that were being prepared as car bombs, as well as detonation material in five buildings.
"We also found ingredients to be used to devise or enhance explosives, such as fertilizer and chlorine cylinders," Odierno told Pentagon reporters by video-link.
Insurgents have detonated three trucks carrying chlorine canisters since late January. The most recent attack occurred Wednesday in Baghdad, killing five people and sending more than 55 to hospitals.
On Tuesday, a bomb planted on a chlorine tanker left more than 150 villagers stricken north of the capital. More than 60 were still under medical care Wednesday.
A suicide bomber driving a dump truck filled with explosives and a chlorine tank also struck a quick reaction force and Iraqi police in the Sunni city of Ramadi on Jan. 28, killing 16 people.
Jeremy Binnie, an analyst with Jane's Terrorism and Insurgency Center, noted that it is unclear how many in the attacks died from the explosions and how many were victims of the chlorine itself.
U.S. and Iraqi officials pledged to adapt to fight the evolving insurgent tactics.
"What is obvious to us is that the terrorists are adopting new tactics to cause panic and as many casualties as they can among civilians," Iraqi military spokesman, Brig. Gen. Qassim Moussawi, told reporters. "But our plans also are always changeable and flexible to face the enemies' new tactics."
Although relatively few people have been killed or seriously injured in the chlorine blasts, such attacks are unnerving and can cause panic among a people suffering severe psychological strains after nearly four years of war.
With low levels of exposure, chlorine, which was used as a weapon in World War I, can cause breathing problems and irritate the skin. At high levels, it is fatal.
Experts say chlorine is used as a disinfectant and is widely available in Iraq, which the U.N. long suspected of trying to build a chemical weapons arsenal.
But former U.N. weapons inspector David Kay said U.N. experts paid little attention to "garden variety" industrial-grade chemicals such as fertilizers and chlorine unless they were found in large quantities or near weapons plants. Major cities such as Baghdad stocked chlorine for water treatment.
The discovery of the car bomb factory Tuesday took place in the town of Karmah, 50 miles west of the capital.
Elsewhere in Anbar province, Sunni insurgents armed with rocket-propelled grenades attacked U.S. troops in the volatile city of Ramadi, setting off a six-hour firefight that killed at least 12 people, the U.S. military said Thursday. Iraqi authorities said the dead included women and children.
The battle broke out Wednesday evening when insurgents opened fire on a U.S. patrol from nearby buildings. The Americans responded with "precision guided munitions" that damaged several buildings and ended the fight, Marine spokesman 1st Lt. Shawn Mercer said.
There were no U.S. casualties, but 12 insurgents were killed and three were wounded, Mercer said. He said no civilian casualties were reported.
However, Dr. Hafidh Ibrahim of the Ramadi Hospital said the bodies of 26 people, including four women and children, were pulled from the rubble of three houses damaged in the fighting.
Photographs made available to The Associated Press showed the bodies of two small boys wrapped in one blanket. Other photos showed four or five bodies covered by blankets, and several men clearing rubble.
Firefights are not unusual in Ramadi, the Anbar provincial capital 75 miles west of Baghdad. The clashes underscore the challenges posed by Sunni insurgents in the area even as the U.S. seeks to quell Sunni-Shiite violence in the capital.
President Bush is sending 21,500 more soldiers to Iraq _ 4,000 of them to Anbar and the rest to Baghdad for the security plan.
One U.S. soldier was killed and three others were wounded in a roadside bombing Thursday near the Shiite city of Diwaniyah, the U.S. command said.
Nationwide, at least 19 people were killed or found dead Thursday, including 14 bullet-riddled bodies showing signs of torture that were found in Baghdad and two in the southeastern city of Kut. Three others were shot to death in the northern city of Mosul.
Also Thursday, an Iraqi official said four Iraqi soldiers were accused of raping a 50-year-old Sunni woman and the attempted rape of her two daughters _ the second allegation of sexual assault leveled against Iraqi forces this week.
Brig. Gen. Nijm Abdullah said the alleged attack took place about 10 days ago in the northern city of Tal Afar during a search for weapons and insurgents.
A lieutenant and three enlisted men denied the charge but later confessed after they were confronted by the woman, a Turkoman, Abdullah said. He said a fifth soldier suspected something was wrong, burst into the house and forced the others at gunpoint to stop the assault.
A second rape allegation within a single week is likely to undermine further the reputation of Iraq's security services, which the U.S. hopes can take over from coalition troops so the Americans and their allies can go home.
The al-Qaida in Iraq leader, Abu Hamza al-Muhajir, also known as Abu Ayyub al-Masri, purportedly called on his followers to step up attacks on Iraqi security forces to avenge the alleged rapes.
He also claimed in an audio tape that 300 followers have volunteered for suicide missions within hours of hearing news of the alleged rape in Baghdad, which the woman said took place in a police garrison.
Of the volunteers, 50 are members of her tribe and 20 expressed a willingness to marry her, he said.
"Go ahead with Allah's blessing and engulf their checkpoints in fire, destroy their homes, and spill their blood to flow as streams," the terror leader said.
The authenticity of the tape could not be immediately verified, but the voice sounded like al-Masri's and it appeared on Web sites commonly used by the militant groups.
Ear on the Street
Air Canada (AC.B : TSX : $19.20)
Significant discount to other mainline airlines
CIBC World Markets maintains "sector outperform", 12-month target price is $24.00
Alexis Nihon REIT (AN.UN : TSX : $18.57)
Homburg will acquire Alexis Nihon for $18.60
RBC Capital Markets maintains "sector perform", 12-month target price is cut to $18.60
Scotia Capital Markets maintains "tender", 12-month target price is cut to $18.60
Aur Resources (AUR : TSX : $20.88)
Underperformance underserved
CIBC World Markets maintains "sector outperform", 12-month target price is $32.00
Bell Aliant (BA.UN : TSX : $29.66)
2007 guidance in line
BMO Capital Markets maintains "outperform", 12-month target price is $31.00
Desjardins Securities maintains "buy", 12-month target price is $31.00
GMP Securities maintains "hold", 12-month target price is $27.50
TD Newcrest maintains "hold", 12-month target price is cut to $30.00
Bear Ridge Resources (BER : TSX : $1.85)
Initiatives to reduce debt level
BMO Capital Markets maintains "outperform", 12-month target price is cut to $2.75
Bow Valley Energy (BVX : TSX : $6.02)
2006 U.K. reserve higher than expected
Blackmont Capital maintains "buy", 12-month target price is $7.50
Raymond James maintains "outperform", 6-12 month target price is cut to $8.25
CAP REIT (CAR.UN : TSX : $20.20)
Q4 meets expectations
Blackmont Capital maintains "hold", 12-month target price is $19.75
Cominar REIT (CUF.UN : TSX : $24.87)
Backed away from the agreement to acquire Alexis Nihon
Raymond James maintains "strong buy", 6-12 month target price is $27.00
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $26.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is raised to $24.10
Canadian Royalties Inc (CZZ : TSX : $3.20)
40% increase in mill throughput
Blackmont Capital maintains "buy", 12-month target price is $3.20
Emergis (EME : TSX : $5.25)
Q4 preview
RBC Capital Markets maintains "outperform", 12-month target price is $6.00
Fraser Papers (FPS : TSX : $6.01)
Q4 miss expectations
BMO Capital Markets maintains "underperform", 12-month target price is $5.00
Forsys Metals (FSY : TSX : $8.45)
Prospecting in Namibia
Blackmont Capital maintains "hold", 12-month target price is $8.00
Gerdau AmeriSteel (GNA : TSX : $13.19)
Downgrade driven by price appreciation
Desjardins Securities downgrades to "hold", target price is $14.80
Leon's Furniture (LNF : TSX : $49.91)
Fourth quarter results slightly above expectations; ups dividend by 12%
BMO Nesbitt Burns maintains a "market perform", target price is $51.00
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $55.00
MAG Silver Corp. (MAG : TSX-V : $8.36)
Optimistic after site visit
Raymond James maintains a "strong buy", 6-12 month target price is $10.00
MacDonald Dettwiler & Assoc. (MDA : TSX : $48.27)
Q4 to be lifted by strong U.K. housing market
Scotia Capital Markets maintains a "sector underperform", 1-year target price is $46.00
March Networks (MN : TSX : $11.22)
Q3/07 earnings expected to be released Wednesday February 28
BMO Nesbitt Burns maintains a "market perform", target price is $10.98
Medicure (MPH : TSX : $1.18)
Aggrastat salesforce deployed in U.S.
GMP Securities maintains a "buy", target price is $2.75
Macquarie Power & Infrastruct. (MPT.UN : TSX : $11.75)
Fourth quarter results slightly below estimates
RBC Capital Markets continues to rate "sector perform", target price is $10.00
Miranda Technologies (MT : TSX : $14.52)
Better than expected fourth quarter results
CIBC World Markets maintains a "sector perform", target price raised to $15.00
Raymond James maintains a "outperform", 6-12 month target price raised to $17.00
TD Newcrest maintains a "hold", 12-month target price is raised to $16.00
Open Text (OTC : TSX : $26.51 | OTEX : NASDAQ : US$22.86)
Diminished growth prospects and overvalued price
Canaccord Adams downgrades to "sell", target price is US$20.00
Polaris Minerals (PLS : TSX : $9.29)
Production starts at Orca quarry
GMP Securities maintains a "buy", target price raised to $12.00
Quebecor Inc. (QBR.B : TSX : $40.00)
Videotron posts another strong quarter
CIBC World Markets maintains a "sector perform", target price raised to $48.00
Scotia Capital Markets maintains a "sector outperform", 1-year target price raised to $46.25
BMO Nesbitt Burns maintains "market perform", 12-month target price is $45.00
Credit Suisse First Boston rates "neutral", 12-month target price is raised to $35.00
Desjardins Securities maintains "hold", 12-month target price is $40.00
RBC Capital Markets maintains "outperform", 12-month target price is $45.00
Research In Motion (RIM : TSX : $162.78 | RIMM : NASDAQ : US$140.27)
Popular pearl
Canaccord Capital rates "buy", 12-month target price is US$180.00
RONA Inc. (RON : TSX : $24.02)
On track for $7 billion in retail sales
Blackmont Capital rates "buy", 12-month target price is $27.50.
Rider Resources Ltd. (RRZ : TSX : $8.38)
Drilling aggressively this summer
Scotia Capital Markets maintains "sector perform", 12-month target price is $10.50
Strateco Resources (RSC : TSX-V : $3.41)
Good in-fill drill results
Blackmont Capital maintains "hold", 12-month target price is $3.70
Russel Metals (RUS : TSX : $28.00)
End market fundamentals favorable
BMO Nesbitt Burns rates "market perform", 12-month target price is $32.00
CIBC World Markets rate "sector outperform", 12-month target price is $31.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $30.50
Silver Wheaton (SLW : TSX : $12.63 | NYSE : US$10.86)
Slightly above consensus
RBC Capital Markets maintains "sector perform", 12-month target price is $13.00
Southwestern Resources (SWG : TSX : $7.97)
Expect drilling approval
Raymond James maintains "strong buy", 12-month target price is $20.00
sxr Uranium One (SXR : TSX : $17.05)
Ur-Asia acquisition
Raymond James upgrade to "strong buy", 12-month target price is $20.00
TD Bank (TD : TSX : $70.20)
Expect dividend increase
CIBC World Markets rates "sector outperform", 12-month target price is $77.00
True Energy Trust (TUI.UN : TSX : $5.31)
Reasonable valuation
CIBC World Markets maintains "performer", 12-month target price is $7.25
Tundra Semiconductor (TUN : TSX : $10.19)
Potential adoption of RapidIO
Blackmont Capital upgrades to "buy", 12-month target price is $13.00
Van Houtte (VH : TSX : $24.45)
Takeout valuation estimate
GMP Securities Securities maintains "buy", 12-month target price is $30.00
Implementing service projects alongside the security plan
Translated by IRAQdirectory.com - [22/02/2007]
The Director of the National Coordination Team in the American embassy said that his government has allocated amounts of money to implement service projects in Baghdad as part of the first phase of the security plan implemented by the Iraqi government.
Eric Olson said in a press conference inside the Green Zone in Baghdad: "There are ten transitional teams from the American national Team in Baghdad and eight others in the provinces participating within the reconstruction transitional teams in building Iraqi institutions, the rule of law, police operations, establishing law institutions and infrastructure projects".
He added: "The team is building (150) service projects and supporting infrastructure projects by defining the needs of construction, project management and quality control".
He said: "We will support the available teams by bring (350) experts and specialists from civilians after the vacuum was filled by the American Ministry of Defense. The teams will arrive in stages in the months of March, August and at the end of this year".
Olsen said: “six other teams from the National Team in Baghdad will work with the military teams which are carrying out their military duties and a seventh team will be north of Babylon working with the military forces there. The team will be subject to the Executive Committee which has representatives, to implement service tasks, from six committees of the members of the Security Group including two military leaders, one from Iraq and the other from America, to implement service projects in electricity, water and sewage in addition to the Data Committee whose mission is to provide all information about the districts’ needs of services; there will also be a public support Committee in the provinces to improve the security situation".
Olsen confirmed: “we will announce, during the coming days, the American budget for 2007 and the amounts of money allocated to support projects in Iraq. There is also one billion dollars of Iraqi funds that has not been spent yet, so the Iraqi Ministry of Finance has decided to include it within the current year’s budget to be spent on services, in addition to other allocations set for services within budget".
He explained: "We asked for $ 200 million to be allocated for the financial support of Iraqi provinces, in addition to $100 million for projects in Baghdad, and $40 million for Basrah, as well as $400 million for the leaders of provinces to implement other projects".
Britain's Prince Harry to serve in Iraq 26 minutes ago
LONDON (AFP) - Britain's Prince Harry is to serve in Iraq with his regiment the Blues and Royals, the Ministry of Defence said Thursday.
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Harry -- a second lieutenant who is known in the army as Cornet Wales -- has made no secret of his desire not to be treated differently from other soldiers if his unit is sent to the front-line.
The last royal to serve in a warzone was his uncle, Prince Andrew, who flew helicopters in the Falklands War in 1982.
Blair on Wednesday announced that British troop numbers in southern Iraq would be cut by 1,600 in the coming months, the first large-scale troop withdrawal since the onset of the Iraq war.
3m at 180 g/t GOLD (6ozs) within 24m at
33.7 g/t GOLD in TRENCH at MT. PENCK
February 21, 2007 - Vancouver, BC - Vangold Resources Ltd. ("Vangold")
(TSX: VAN) announces that its joint venture partner, New Guinea Gold Corporation ("NGG"), manager of the projects owned by Kanon Resources Ltd. ("Kanon") in Papua New Guinea, has provided an update on the Mt. Penck project (EL 1322) (West New Britain, PNG). Kanon is owned 50% Vangold and 50% NGG. The Mt Penck property is beneficially owned 40% by Vangold and 60% by NGG.
Recent trenching at the Mt Penck Project in Papua New Guinea has confirmed two significant new gold mineralised zones at Upper Peni Creek and Kavola South. Upper Peni Creek is 300m west of Kavola East, where most of the 2006 drilling was concentrated, and Kavola South is 100m south of Kavola East. The trenches are hand dug trenches and were dug to gain some idea of the lateral extent of gold grades along strike. The trenches were dug approximately parallel to the strike of the high grade "core" of both zones.
Upper Peni Creek Zone
Separate trench intersections above 0.5g/t gold cutoff include:
24m at 33.7g/t gold, including 12m at 62.93g/t gold, including 3m at 180g/t gold; 12m at 4.07g/t gold;
33m at 1.73g/t gold;
18m at 1.82g/t gold; and
12m at 0.88g/t gold.
Ear on the Street
Amtelecom Income Fund (AMT.UN : TSX : $13.35)
Bell Aliant makes hostile bid
BMO Capital Markets maintains "market perform", 12-month target price is raised to $13.00
Alimentation Couche-Tard (ATD.B : TSX : $25.20)
New Street coverage
Canaccord Adams initiates coverage with a "buy", 12-month target price is $30.00
Advantage Energy Income Fund (AVN.UN : TSX : $12.35 | AAV : NYSE : US$10.72)
Recent equity issue of 7.8 million trust units
RBC Capital Markets maintains "sector perform", 12-month target price is $10.25
Bell Aliant (BA.UN : TSX : $29.26)
Bids for Amtelecom
RBC Capital Markets maintains "sector perform", 12-month target price is $29.00
Boardwalk REIT (BEI.UN : TSX : $47.70)
Strong Q4
Blackmont Capital maintains "sell", 12-month target price is raised to $43.40
Canaccord Adams maintains "hold", 12-month target price is raised to $45.00
Desjardins Securities maintains "top pick", 12-month target price is raised to $53.85
RBC Capital Markets maintains "sector perform", 12-month target price is $50.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $44.50
BFI Canada Income Fund (BFC.UN : TSX : $26.23)
Positive industry trend confirmed by Waste Connections
Blackmont Capital maintains "buy", 12-month target price is $29.50
Bank of Nova Scotia (BNS : TSX : $51.34)
To acquire 10% of First Bancorp, Puerto Rico's second-largest bank
CIBC World Markets maintains a "sector outperform", target price is $58.00
Canfor Pulp Income Fund (CFX.UN : TSX : $14.63)
Solid Q4
Desjardins Securities maintains "hold", 12-month target price is $13.25
Raymond James maintains "strong buy", 6-12 month target price is raised to $16.50
RBC Capital Markets maintains "outperform", 12-month target price is $14.50
Scotia Capital Markets maintains "sector perform", 12-month target price is $13.00
Chemtrade Logistics Inc Fd (CHE.UN : TSX : $8.25)
Q4 in line
BMO Capital Markets upgrades to "outperform", 12-month target price is raised to $9.30
Scotia Capital Markets maintains "sector perform", 12-month target price is $8.25
Labopharm Inc. (DDS : TSX : $6.99 | DDSS : NASDAQ : US$5.98)
European launches progressing as expected; financial results in line
Blackmont Capital maintains a "buy", 12-month target price is raised to $10.00
Canaccord Adams maintains a "buy", target price is $10.30
Scotia Capital Markets maintains a "sector perform", 1-year target price cut to $7.25
Eastern Platinum (ELR : TSX : $1.89)
Crocodile River operation may exceed expectations
Canaccord Adams maintains "buy", 12-month target price is $2.00
Emera Inc. (EMA : TSX : $21.33)
Q4 slightly misses
BMO Capital Markets maintains "market perform", 12-month target price is $22.00
Canaccord Adams maintains "buy", 12-month target price is $25.00
CIBC World Markets maintains "sector underperform", 12-month target price is $21.00
RBC Capital Markets maintains "sector perform", 12-month target price is $22.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $22.00
Enbridge (ENB : TSX : $38.33)
Solid 2006 operating results
Desjardins Securities maintains "buy", 12-month target price is $41.00
Goldcorp Inc. (G : TSX : $32.79)
Announces sale of Peak and Amapari mines
Blackmont Capital maintains a "buy", 12-month target price is $39.00
HudBay Minerals (HBM : TSX : $23.77)
Next couple weeks to be interesting in the zinc market
Desjardins Securities reiterates "top pick", target price is $27.30
Harvest Energy Trust (HTE.UN : TSX : $26.52 | HTE : NYSE : US$23.00)
Re-valuation of refinery model
RBC Capital Markets upgrades to "outperform", target price raised to $28.00
IGM Financial (IGM : TSX : $50.39)
Increases dividend on heels of solid fourth quarter results
BMO Nesbitt Burns maintains a "outperform", target price raised to $57.00
CIBC World Markets maintains "sector perform", 12-month target price is $56.00
Scotia Capital Markets maintains a "sector perform", 12-month target price is $58.00
Kereco Energy (KCO : TSX : $6.48)
Bought deal closed
BMO Nesbitt Burns maintains a "market perform", target price is $8.00
Canadian Hydro Developers (KHD : TSX : $6.30)
Q4 a little bit soft
BMO Capital Markets maintains "market perform", 12-month target price is raised to $6.25
Scotia Capital Markets maintains "sector outperform", 12-month target price is $7.75
MEGA Brands (MB : TSX : $25.65)
Positive impressions from 2007 American International Toy Fair in New York City
CIBC World Markets maintains a "sector outperform", target price is $32.00
Desjardins Securities maintains a "buy", target price is $30.00
RBC Capital Markets maintains a "outperform", target price not provided
Miranda Technologies (MT : TSX : $13.36)
2007 to be challenging
CIBC World Markets maintains a "sector perform", target price is $13.00
Nova Chemicals Corp (NCX : TSX : $37.89 | NYSE : US$33.12)
Protracted CN Rail strike could significantly impact earnings
Canaccord Adams maintains a "buy", target price is US$40.00
Northland Power Income Fd (NPI.UN : TSX : $12.77)
No surprises in the fourth quarter
BMO Nesbitt Burns maintains a "market perform", target price is $13.00
Canaccord Adams maintains a "hold", target price is $12.00
CIBC World Markets reiterates a "sector outperform", target price is $14.50
Pan American Silver (PAA : TSX : $33.10)
Announces 20% increase in year-end reserves
Blackmont Capital maintains a "buy", 12-month target price is $44.00
QLT Inc. (QLT : TSX : $11.02 | QLTI : NASDAQ : US$9.83)
Cautious heading into fourth quarter results
BMO Nesbitt Burns downgrades to "market perform", target price raised to US$10.85
Cdn. Real Estate Investment (REF.UN : TSX : $32.23)
Q4 in line
BMO Capital Markets maintains "market perform", 12-month target price is $33.00
Canaccord Adams maintains "buy", 12-month target price is raised to $34.75
RBC Capital Markets maintains "sector perform", 12-month target price is $33.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $31.00
RONA Inc. (RON : TSX : $24.24)
Looking for moderate growth from fourth quarter results, expected tomorrow
RBC Capital Markets maintains a "outperform", target price is $28.00
Stratos Global (SGB : TSX : $5.30)
Fourth quarter EBITDA beat expectations; 2007 guidance in line
Desjardins Securities reiterates "buy", target price is $7.00
SNC-Lavalin Group (SNC : TSX : $36.51)
Fourth quarter results expected this Friday
RBC Capital Markets maintains a "outperform", target price is $42.00
Student Transport of America (STB.UN : TSX : $11.75)
Q2/07 results come in just short of expectations
BMO Nesbitt Burns maintains a "market perform", target price is $12.00
TransCanada Corp. (TRP : TSX : $38.18 | NYSE : US$32.69)
Receives important approval for proposed Keystone oil pipeline
RBC Capital Markets maintains a "outperform", target price is $46.00
TELUS (T : TSX : $57.93 | TU : NYSE : US$49.05)
Posts in line Q4/06 results
BMO Nesbitt Burns maintains a "market perform", target price raised to $63.00
Desjardins Securities downgrades to "hold", target price is $63.00
RBC Capital Markets maintains a "outperform", target price raised to $66.00
Scotia Capital Markets maintains a "sector perform", 1-year target price raised to $64.00
Vecima Networks (VCM : TSX : $10.60)
To acquire Spectrum Signal Processing
Raymond James maintains "outperform", 6-12 month target price is $12.50
West Fraser Timber Co. (WFT : TSX : $45.00)
Depressed lumber prices impact fourth quarter results
BMO Nesbitt Burns maintains a "market perform", target price is $50.00
CIBC World Markets maintains a "sector perform", target price cut to $43.00
RBC Capital Markets maintains a "outperform", target price is $47.00
Whiterock REIT (WRK.UN : TSX : $14.55)
Selling its share of three Quebec City properties
Blackmont Capital maintains a "buy", 12-month target price is $15.50
Kylie Minogue The Locomotion VTM in Belgium 1989
Steppenwolf-Born To Be Wild
ROUGH TRADE - High School Confidential
Iraqi Insurgents Use 2nd 'Dirty' Attack
By BRIAN MURPHY, Associated Press Writer
58 minutes ago
BAGHDAD, Iraq - Insurgents exploded a truck carrying chlorine gas canisters Wednesday _ the second such "dirty" chemical attack in two days _ while a U.S. official said ground fire apparently forced the downing of a Black Hawk helicopter. All nine aboard the aircraft were rescued.
The attacks offer a sweeping narrative on evolving tactics by Sunni insurgents who have proved remarkably adaptable.
Military officials worry extremists may have recently gained more access to firepower such as shoulder-fired anti-aircraft rockets and heavy machine guns _ and more expertise to use them. The Black Hawk would be at least the eighth U.S. helicopter to crash or be taken down by hostile fire in the past month.
The gas cloud in Baghdad, meanwhile, suggests possible new and coordinated strategies by bombers trying to unleash toxic _ and potentially deadly _ materials. "Terrorists are using dirty means," said Brig. Gen. Qassim Moussawi, an Iraqi military spokesman.
Lt. Col. Christopher Garver, a U.S. military spokesman, said initial reports indicated the chopper was brought down by "small arms fire and rocket-propelled grenades" north of Baghdad, but gave no further details. All nine aboard were taken away on a rescue helicopter, he said.
In Baghdad, a pickup truck carrying chlorine gas cylinders was blown apart, killing at least five people and sending more than 55 to hospitals gasping for breath and rubbing stinging eyes, police said.
On Tuesday, a bomb planted on a chlorine tanker left more than 150 villagers stricken north of the capital. More than 60 were still under medical care on Wednesday. Chlorine causes respiratory trouble and skin irritation in low levels and possible death with heavy exposure.
In Washington, two Pentagon officials said the tactic has been used at least three times since Jan. 28, when a truck carrying explosives and a chlorine tank blew up in Anbar province. More than a dozen people were reported killed.
A third Pentagon official said the United States has been concerned about Iraqi militants' ability to get weapons like chlorine bombs and use them effectively. But the official cautioned that chlorine bombs are just one threat on a long list of possible attacks that Iraqi fighters may try to carry out.
It was unclear whether the confluence of new insurgent tactics _ attacking isolated combat posts, targeting helicopters more intensely and using chlorine bombs _ was coincidental or in response to the U.S. troop increase.
W. Patrick Lang, a former official at the Defense Intelligence Agency, said the insurgents are always "seeking to achieve higher levels of effectiveness" and these new tactics are part of the normal "evolution of sophistication."
Lang said trucks filled with chlorine gas are "really quite deadly" because the gas is potent and spreads easily.
Some authorities believe militants could be trying to maximize the panic from their attacks by adding chlorine or other noxious substances.
"It is an indication of maliciousness, a desire to injure and kill innocent people in the vicinity," said Garver, who also predicted militants may begin to launch similar attacks because of the widespread mayhem caused by this week's chlorine clouds.
"If there is a particular success, we'll see copycats. ... They certainly pay attention to what they think is successful," he said.
In Najaf, meanwhile, a suicide car bomber killed at least 13 at a police checkpoint. The attack fit a pattern that's believed to drive much of Iraq's recent violence: Sunni militants seeking to provoke majority Shiites into a full-blown sectarian conflict that would leave Washington's plans in ruins.
It was the first major bombing in more than six months in Najaf, an important Shiite pilgrimage site 100 miles south of Baghdad and also the headquarters of radical Shiite cleric Muqtada al-Sadr, head of the Mahdi Army militia.
The Najaf blast hit while streets were filled with morning shoppers. At least seven of the victims were police and the rest civilians near a checkpoint _ part of the city's security cordon that includes Mahdi Army militiamen, who battled U.S. forces in the area in 2004.
More than 40 people were wounded in the blast, which sent body parts and blood over a wide boulevard. Crews stuffed limbs and bits of flesh into cardboard boxes.
In Baghdad, another Mahdi Army center was hit. A car bombing in the teeming Sadr City district killed at least three.
More than 10 people died in blasts across Baghdad _ adding to the more than 100 victims of bombings in attacks in and around the capital since Sunday. The toll cast a long shadow over authorities marking the first week of the U.S.-Iraqi security sweeps.
Moussawi, the Iraqi military spokesman, said the campaign to reclaim control of the city "has achieved very important goals despite the expected criminal reactions."
"God willing, the plan will continue to uproot terrorists and outlaws across Baghdad and other areas," he told a news conference. He added that 42 "terrorists" have been killed in the sweeps and more than 250 suspected militants arrested, but gave further details.
An American military spokesman, Maj. Gen. William Caldwell, told a news conference that U.S. and Iraqi forces were focusing on "belts" of extremist activity in Baghdad and suggested talks are ongoing over when and how to move into Sadr City.
It is believed that al-Sadr has ordered his forces not to challenge the security operation up to this point.
"Anytime you can find a political solution instead of a military one it is better," Caldwell said.
Meanwhile, the U.S.-led coalition in Iraq may soon be shrinking.
British Prime Minister Tony Blair said about 1,600 troops will leave Iraq in the coming months if Iraqi forces can secure the southern part of the country. Currently, Britain has about 7,100 soldiers in Iraq. Denmark also announced it would withdraw its 460-member contingent from southern Iraq by August, and Lithuania is "seriously considering" bring home its 53 troops.
The British decision, however, is not likely to seriously shift the power balance in Iraq. The British are stations in the mostly Shiite south and are not directly involved in the sectarian struggles in Baghdad and other parts of Iraq.
A U.S. Marine was killed in fighting in the volatile Anbar province and a soldier was killed by gunfire in a neighborhood of Baghdad, the military said Wednesday.
The Marine was killed Tuesday during combat operations in the insurgent stronghold. The soldier was hit by small arms fire in a northern district of Baghdad on Tuesday, a statement said without giving further details.
At least 3,149 members of the U.S. military have died since the Iraq war started in March 2003, according to an Associated Press count
Is it time to buy again?
What is a hectolitres?
Status of Coalition Forces in Iraq
By The Associated Press
Wed Feb 21, 10:51 AM
A look at the U.S.-led coalition in Iraq:
ALBANIA: 120 non-combat troops, mainly patrolling airport in Mosul; no plans to withdraw.
ARMENIA: 46 soldiers, serving as medics, engineers and transport drivers, serving under Polish command; mission extended to end of 2007.
AUSTRALIA: 550 troops helping to train security forces in two southern Iraqi provinces.
AZERBAIJAN: 150 troops, mostly serving as sentries, on patrols and protecting dam near city of Hadid; no plans to withdraw.
BOSNIA-HERZEGOVINA: Bosnia has 36 soldiers _ including three teams of 10 officers and a command team of six _ in Iraq.
BRITAIN: 7,100 troops in southern Iraq; Prime Minister Tony Blair announced plans to reduce force by 1,600 in the coming months.
BULGARIA: 155 in total, including 120 non-combat troops guarding refugee camp north of Baghdad and 35 support personnel.
CZECH REPUBLIC: 99 troops.
DENMARK: 460 troops patrolling Basra; to be withdrawn by August.
EL SALVADOR: 380 soldiers doing peacekeeping and humanitarian work in southern city of Kut; no immediate plans to withdraw.
ESTONIA: 35 troops serving under U.S. command in the Baghdad area.
GEORGIA: About 900 combat forces, medics and support personnel serving under U.S. command in Baqouba; no plans to withdraw or reduce contingent.
KAZAKHSTAN: 27 military engineers; no plans to withdraw.
LATVIA: 125 troops are serving under Polish command in Diwaniyah.
LITHUANIA: 53 troops are part of a Danish battalion near Basra. A government spokeswoman said it is "seriously considering" not replacing the contingent when its mission ends in August.
MACEDONIA: 40 troops in Taji, north of Baghdad.
MOLDOVA: 11 bomb-defusing experts returned home at end of January; parliament has not yet decided on sending a new mission.
MONGOLIA: 160 troops; no plans to withdraw.
NETHERLANDS: 15 soldiers as part of NATO mission training police, army officers; no plans to withdraw.
POLAND: 900 non-combat troops; commands multinational force south of Baghdad; mission extended to end of 2007.
ROMANIA: About 600 troops, most serving in the south under British command, with the rest _ a few dozen military intelligence officers _ serving north of Baghdad; Prime Minister Calin Popescu Tariceanu wants them withdrawn.
SLOVENIA: Four instructors training Iraqi security forces.
SOUTH KOREA: 2,300 troops in the northern Iraqi city of Irbil; plans to bring home 1,100 by April and parliament insists on a plan for a complete withdrawal by end of 2007.
UNITED STATES: Approximately 140,000 troops.
I guess not!
Savanna Energy acquires well servicing and rental businessesadvertisement
CALGARY, Feb. 19 /CNW/ - Savanna Energy Services Corp. ("Savanna") (TSX: SVY) is pleased to announce the acquisition of the assets of a privately-held well servicing company, and the shares of a related well servicing and rental business for aggregate proceeds of $67.8 Million, consisting of $50.8 Million in cash and $17 million of Savanna common shares. The Savanna common shares issued pursuant to the transaction will be placed in escrow and released over a 3-year period.
The combined acquisitions include 20 service rigs plus associated field locations, boilers and support equipment, as well as 1 additional service rig under construction. The acquisition increases Savanna's current well servicing fleet by 83% to 44 rigs.
The operational focus for the purchased equipment is primarily in east central Alberta and west central Saskatchewan, areas in which Savanna does not currently operate. The majority of the fleet of service rigs was built in the last 4 years, and the purchase includes a manufacturing, maintenance and repair facility and personnel that will be used to support the entire go-forward Savanna well-servicing fleet.
All of the principles have agreed to remain with Savanna in their present roles, and all have executed independent three year employment and non-competition agreements.
Based on normalized 2006 estimated results, the acquisition is valued at less than 4 times earnings before interest, income taxes, depreciation and amortization ("EBITDA").
Post this transaction, Savanna's well servicing fleet will consist of 44 rigs, with 8 rigs scheduled for manufacture and delivery in 2007.
This transaction reinforces Savanna's growing position in the well servicing market in a production-oriented area of the basin, and adds significant additional scale to the core well servicing business to complement Savanna's strong existing drilling presence.
Savanna Energy Services Corp. is a leading North American contract drilling and oilfield services company providing a broad range of drilling, well servicing and related services with a focus on fit for purpose technologies for the North American market and industry-leading aboriginal relationships. Post this transaction Savanna will operate 87 drilling rigs, 44 well servicing rigs and 8 coil service units in Canada and the United States.
This Report contains forward looking statements which reflect management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as "believe", "expect" and similar expressions have been used to identify these forward looking statements. The statements reflect management's current beliefs and are based on information currently available to management. Forward looking statements involve significant risk, uncertainties and assumptions. A number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward looking statements. Although the forward looking statements contained in this Report are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date hereof and the Company assumes no obligation to update or revise them to reflect new events or circumstances.
© 2007 The Canadian Press - Stockgroup
Savanna Energy Services (SVY : TSX : $19.07)
Makes $68 million service rig purchase
RBC Capital Markets maintains a "top pick", target price raised to $28.00
TD Newcrest maintains a "hold", 12-month target price is $21.00
Ear on the Street
Alberta Clipper Energy (ACN : TSX : $4.95)
Bought deal financing closed
BMO Capital Markets maintains "outperform", 12-month target price is cut to $6.75
Amtelecom Income Fund (AMT.UN : TSX : $13.45)
Bell Aliant bids for $13.00/unit
Canaccord Adams maintains "buy", 12-month target price is raised to $14.00
Aur Resources (AUR : TSX : $20.89)
Q4 fell short of consensus
Raymond James maintains "market perform", 6-12 month target price is $27.00
Bell Aliant (BA.UN : TSX : $29.40)
Sale of directory business for $330 million
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $30.00
Bombardier Inc. (BBD.B : TSX : $4.74)
Launched the CRJ1000 regional jet
BMO Capital Markets maintains "underperform", 12-month target price is $3.20
Credit Suisse maintains "underperform", 12-month target price is $2.65
Desjardins Securities maintains "buy", 12-month target price is $4.80
GMP Securities maintains "reduce", 12-month target price is $3.35
TD Newcrest maintains "reduce", 12-month target price is $4.00
Bird Construction Income Fund (BDT.UN : TSX : $14.45)
Wins marquee project
Blackmont Capital maintains "buy", 12-month target price is raised to $19.00
BlackWatch Energy Services (BWT.UN : TSX : $2.20)
Suspension of distributions
Blackmont Capital downgrades to "sell", 12-month target price is cut to $2.25
Cameco Corp. (CCO : TSX : $42.16)
New Street coverage
CIBC World Markets initiates coverage with a "sector outperform", 12-month target price is $51.00
Canfor Pulp Income Fund (CFX.UN : TSX : $15.03)
Strong Q4
BMO Capital Markets maintains "outperform", 12-month target price is raised to $15.00
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $16.50
Chemtrade Logistics Inc Fd (CHE.UN : TSX : $8.33)
Limited downside risk
Blackmont Capital upgrades to "hold", 12-month target price is raised to $8.00
Cangene Corp. (CNJ : TSX : $8.60)
A strong contender for BioShield contracts
GMP Securities maintains "buy", 12-month target price is $13.50
Cardiome Pharma (COM : TSX : $14.04 | CRME : NASDAQ : US$12.01)
FDA accepts NDA for Vernakalant IV
Raymond James maintains "strong buy", 6-12 month target price is $19.00
RBC Capital Markets maintains "outperform", 12-month target price is $15.00
Cordero Energy (COR : TSX : $5.02)
Lower 2007 guidance
BMO Capital Markets maintains "outperform", 12-month target price is cut to $6.50
Canadian Utilities (CU : TSX : $43.49)
ATCO Electric files 2007/08 GTA
BMO Capital Markets maintains "market perform", 12-month target price is $42.50
Domtar Inc. (DTC : TSX : $11.00 | NYSE : US$9.40)
Better than expected performance by the Weyerhaeusre Paper Division
BMO Capital Markets maintains "outperform", 12-month target price is raised to $13.50
Great Lakes Carbon Inc. Fd (GLC.UN : TSX : $11.95)
Rain's bid insufficient
RBC Capital Markets upgrades to "outperform", 12-month target price is raised to $14.25
GobiMin (GMN : TSX-V : $2.35)
New copper joint venture in China
Desjardins Securities maintains "buy", 12-month target price is $3.90
Goldcorp Inc. (G : TSX : $32.12 | GG : NYSE : US$27.36)
Announces sale of Peak, Amapari
CIBC World Markets maintains "sector outperform", 12-month target price is cut to US$39.00
Raymond James maintains "outperform", 12-month target price is $37.00
Great-West Lifeco (GWO : TSX : $36.67)
To purchase Putnam
BMO Capital Markets maintains "outperform", 12-month target price is $40.00
Iamgold Corp. (IMG : TSX : $10.43)
Increase in reserves at Rosebel
Blackmont Capital maintains "buy", 12-month target price is $14.00
Inmet Mining (IMN : TSX : $60.85)
Less metal expected from Ok Tedi and Cayeli
Raymond James rates "outperform", 12-month target price is $62.38
Isotechnika Inc (ISA : TSX : $1.62)
Raised $40.4 million in bought deal
RBC Capital Markets rates "outperform", 12-month target price is $4.50
KCP Income Fund (KCP.UN : TSX : $8.34)
Takeover speculation
BMO Nesbitt Burns maintains "market perform" 12-month target price is $9.25
Loblaw Companies (L : TSX : $47.78)
Annual investor day Wednesday Feb 21
Desjardins Securities rates "hold", 12-month target price is $50.00
Miranda Technologies (MT : TSX : $14.45)
Results better that consensus
BMO Nesbitt Burns maintains "outperform", 12-month target price is raised to $18.00
Noranda Income Fund (NIF.UN : TSX : $9.98)
Weaker zinc sales
BMO Nesbitt Burns maintains "outperform", 12-month target price is $12.50
RBC Capital Markets rates "sector perform", 12-month target price is $10.50
TD Newcrest maintains "hold", 12-month target price is cut to $10.00
Q9 Networks Inc. (Q : TSX : $14.19)
Leading provider of outsourced IT
GMP Securities initiates coverage with "buy", 12-month target price is $17.00
Ritchie Bros Auctioneers Inc. (RBA : TSX : $71.85 | NYSE : US$61.47)
Solid start
Raymond James maintains "market perform", 12-month target price is $62.50
Rogers Communications (RCI.B : TSX : $39.50)
Wireless competitors could increase
Canaccord Capital rates "sell", 12-month target price is raised to $32.00
Cdn. Real Estate Investment (REF.UN : TSX : $32.56)
Sells 1/2 interest in Toronto office building
Desjardins Securities maintains "hold", 12-month target price is raised to $34.00
Research In Motion (RIM : TSX : $165.48 | RIMM : NASDAQ : US$141.25)
Blackberry 8800 impressive
RBC Capital Markets maintains "sector perform", 12-month target price is US$145.00
TD Newcrest maintains "action list buy", 12-month target price is raised to US$175.00
RONA Inc. (RON : TSX : $24.09)
Q4 results coming today
Blackmont Capital maintains a "buy", 12-month target price is $27.50
Canaccord Capital maintains "buy", 12-month target price is $25.00
SFK Pulp Fund (SFK.UN : TSX : $5.47)
Distribution increased, as expected
Raymond James maintains a "outperform", 6-12 month target price raised to $5.75
TD Newcrest maintains a "buy", 12-month target price is raised to $5.75
Silver Wheaton (SLW : TSX : $12.33 | NYSE : US$10.53)
Posts in line results
Blackmont Capital maintains a "buy", 12-month target price is raised to $16.00
RBC Capital Markets maintains a "sector perform", target price not provided
Sound Energy Trust (SND.UN : TSX : $4.65)
Drops the monthly DPU; updates guidance
TD Newcrest maintains a "hold", 12-month target price is $4.75
Savanna Energy Services (SVY : TSX : $19.07)
Makes $68 million service rig purchase
RBC Capital Markets maintains a "top pick", target price raised to $28.00
TD Newcrest maintains a "hold", 12-month target price is $21.00
Stornoway Diamond (SWY : TSX : $1.13)
Renard project should add value
GMP Securities initiates coverage with a "buy", 12-month target price is $1.80
TELUS (T : TSX : $58.30 | TU : NYSE : US$48.53)
Fourth quarter results slightly ahead of expectations
Credit Suisse maintains a "outperform", target price raised to $65.00
Vecima Networks (VCM : TSX : $10.55)
Acquiring Spectrum Signal Processing
CIBC World Markets maintains a "sector outperform", target price is $14.00
West Fraser Timber Co. (WFT : TSX : $44.15)
Fourth quarter meets expectations
RBC Capital Markets maintains a "sector perform", target price is $47.00
Wolfden Resources Inc (WLF : TSX : $3.70)
Receives conditional takeover offer from Zinifex
Desjardins Securities reiterates "hold", target price raised to $4.25
Canadian Satellite Radio (XSR : TSX : $7.40)
XM Satellite Radio and Sirius Satellite Radio announce merger plans
Desjardins Securities maintains "hold", 12-month target price is $10.00
GMP Securities maintains "buy", 12-month target price is $9.50
RBC Capital Markets maintains "sector perform", 12-month target price is $8.50
Yellow Pages Income Fund (YLO.UN : TSX : $13.24)
Acquiring Bell Aliant's Directory Services
Blackmont Capital upgrades to "buy", 12-month target price is raised to $14.00
BMO Nesbitt Burns maintains a "market perform", target price is $13.50
CIBC World Markets maintains a "sector perform", target price raised to $13.75
Desjardins Securities reiterates "top pick", target price is $15.00
TD Newcrest maintains a "action list buy", 12-month target price is raised to $15.00
Al-Arabiya analysts puzzle over Iraqi cleric Al-Sadr's hideout
--------------------------------------------------------------------------------
21 February 2007 (BBC Monitoring)
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[Dubai Al-Arbaiyah in Arabic at 1910 gmt on 19 February carries live in another episode of "From Iraq" in its "Panorama" feature a live 50-minute panel discussion on the Baghdad security plan and then on Muqtada al-Sadr's whereabouts. The programme is presented by Muntaha al-Ramhi who moderates the discussion.
Al-Ramhi begins by saying that six days have passed since the Iraqi government launched its new security plan in Baghdad to contain the violence which is continuing in the city to this day. She says a US Army spokesman has said the plan "has succeeded so far in reducing violence, although he was anxious not to raise expectations that the plan will achieve a fast magic solution."
A 3-minute report by Najah Muhammad Ali follows in which he reports on the latest bombings, and with a Google map of Baghdad explains that the plan divides Baghdad into 10 districts. Ali says: "The plan divides Baghdad into ten districts and one of its most important aims is to curb the influence of militias accused of carrying out sectarian cleansing and to stop the violence in Baghdad. One of these districts is Al-Rasafah Side, which now has a Shi'i majority. It includes the neighbourhoods of Al-Sadr, Al-Talibiyah, Al-Sha'b, Ur, Al-Ubaydi, and Baghdad al-Jadidah, in addition to neighbourhoods west of Qanat al-Jaysh, including Al-A'zamiyah neighbourhood, which is inhabited by a Sunni majority. The plan also includes mixed Sunni-Shi'i areas in which the Sunnis used to constitute 30-40 per cent of its population, including Al-Sulaykh, Tunis neighbourhood, Al-Karradah, Al-Jadiriyah, and Palestine Street. The neighbourhoods whose inhabitants have been displaced include Al-Saydiyah, Al-Muwasalat, Al-Amil, and Al-Bayya in southwestern Baghdad on the Al-Karkh Side. The plan is concerned with other Shi'i neighbourhoods, including Al-Hurriyah, Al-Shu'lah, Al-Tubji, in addition to Al-Kazimiyah.The security plan also focuses on the Al-Karkh Side, which has a Sunni majority. It includes the neighbourhoods of Al-Adl, Al-Mansur, Al-Ghazaliyah, Al-Amiriyah, and Al-Dawrah. Baghdad neighbourhoods with a Sunni majority, such as Abu Ghurayb, Al-Khadra, Al-Amiriyah, Al-A'zamiyah, and Al-Dawrah witnessed displacement and the security plan seeks the return of the displaced persons to their areas. The plan tries to preserve those neighbourhoods that remained a symbol of Sunni-Shi'i coexistence, including Al-Bayya, Al-Dawrah, Abu Dishir, and Al-Za'faraniyah south of the capital, and those neighbourhoods with mixed population, including Al-Talibiyah and Al-Bunuk in northeastern Baghdad, in addition to Baghdad al-Jadidah east of the capital." A video of soldiers searching apparently empty buildings and masked soldiers arresting blindfolded suspects is shown.
Al-Ramhi says that Iyad Allawi "has prepared an alternative political programme...if the security plan should fail."
Al-Ramhi introduces the first batch of guests on the programme. They are Iraqi Planning Minister Ali Baban, via satellite from Baghdad, and Walid al-Zubaydi, a political analyst, via satellite from Damascus. Asked if the 18 February bombings were a "deadly blow" to the plan, Baban says it was not expected the plan can be implemented without difficulties.
Baban says it's still early to pass judgments on the plan and it is the results that are important. He says there is no choice other than to fight "a battle of destiny with terror which threatens our lives and the destiny of our country." He notes that the Iraqi armed forces are shouldering the greater part of the burden in the plan "and not the US forces as it is rumoured among some people."
Asked about information regarding the number of the US forces deployed by the plan in Baghdad, Baban says he has no information but the US forces have been "partially reinforced" in Baghdad. He adds the "Iraqis are happy to see their Iraqi army return to the streets and rise to their help and to safeguard their security" and the image of military personnel in Iraq is always associated with patriotism, loyalty and professionalism.
Turning to Al-Zubaydi in Damascus, Al-Ramhi asks him his view of the security plan and he says: "It is the first time the US Administration talks about a plan and acknowledges that it may fail" and expects it to fail in advance. He says he believes rosy dreams and optimism are of no use in connection with Iraq's reality. He cites as evidence what happened to the Iraqi girl Sabrin al-Janabi when 'peacekeeping forces' -which belong to Iraqi forces of which this or that side are proud -raided her home and took her to their headquarters where she was raped in turn by soldiers. He adds that two days ago the occupying forces raided the village of Al-Dab near Al-Rutbah late at night and used bayonets in killing four youths and cutting them up without using weapons. Describing their bodies, one of their relatives says "it is as though they were eaten by wolves."
Told that the Iraqi government always refers to "Saddamists and takfiris [those who hold others to be unbelievers"] and asked if there are other quarters which could seek to foil the security plan, Al-Zubaydi says: The security plan seeks to implement what the occupying forces want, and as analysts know the sole aim of the occupying forces since mid-2004 has been to destroy the resistance. He asserts that both the political process and the military efforts aim to destroy the resistance, but "everyone knows" that the US forces are becoming desperate because daily their morale is falling while the Iraqi resistance "is becoming stronger, more organized, and better armed." He adds that the Americans are trying to employ Iraqis to destroy the resistance.
Asked if the plan should fail are there other options or is the option Allawi's proposal, Baban says no one is saying the security plan is all what we have and that it is the security solution that will end Iraq's problems. He says all realize that it is more a political issue than a security issue, but the security issue has to be resolved. He asks Al-Zubaydi what kind of resistance is that which target innocent people, adding: "Perhaps my stand is not far removed form his regarding the resistance directed at the foreign occupation, but I do not justify the perpetration of crimes against civilians."
Asked to respond, Al-Zubaydi says anyone who kills an innocent Iraqi is a criminal and cannot be part of the resistance. He recalls the early period of the occupation when the resistance was operating on a wide scale and asks why it did not target citizens, and adds: The fact is that those who bomb markets, kill civilians, and innocent Iraqis are part of the US plan to create chaos and fear and to attempt to distort the resistance's image.
After a 2-minute break Al-Ramhi, quoting Sami al-Askari, adviser to the Iraqi prime minister, says the "United States has fabricated Muqtada al-Sadr's disappearance. Al-Askari had said Al-Sadr had visited Iran and the Americans depicted the issue as "an escape and connected it with the security plan," while Iran said Al-Sadr is not in the country, and his supporters said he did not go to Iran in the first place. This part of the programme is headlined "Where did he disappear?"
In a three-minute report on video showing Al-Sadr and his supporters, Al-Arabiya correspondent Diyar al-Umari, refers to conflicting information "first initiated by the Americans who said that he is in Iran with some Al-Mahdi Army commanders." Al-Umari says that perhaps by flying a test balloon the Americans wanted to know where Al-Mahdi has gone and to make him show himself. Al-Sadr's office said he is in a "safe and secret place" which should not be divulged because Al-Sadr "could be targeted by the US forces." Al-Umari refers to press reports that Al-Sadr went to Iran secretly and is at the home of his cousin, Ja'far al-Sadr, in Qom, together with his aide, Riyad al-Nuri. Al-Umari asks why this insistence by the Americans on raising the issue when Al-Sadr is not wanted by the judicial authorities?
To discuss this issue, Al-Ramhi hosts -in addition to Baban -Adam Earley, "senior adviser" in the US State Department, via satellite from London, and Salam al-Maliki, former Iraqi transport minister, via satellite from Basra.
Asked why this US insistence to know Al-Mahdi's whereabouts, Earley -speaking in English with an Arabic translation superimposed on his voice - says Al-Sadr's whereabouts "aren't that important. What is important to us is what he did." He says Al-Sadr can support the political process and national reconciliation from wherever he may be, be it Baghdad or Tehran. He adds: "We ask him to tell the Al-Mahdi Army not to kill Iraqis but to strengthen the spirit of national reconciliation."
Asked if there is a connection in the talk about Al-Sadr and the security plan, Earley says he cannot say, but the security plan aims to identify the elements that launch attacks on Iraqi civilians, and those involved in terrorist activity must be punished. He says as a leader of a political and religious movement Al-Sadr must act within the confines of the law, "but clearly he did not do so, and that has caused some worry to the Iraqi government and its friends."
Turning to Salam al-Maliki in Basra, Al-Ramhi refers to reports that perhaps Al-Mahdi has gone to Iran or perhaps his location will not be announced because of fears he will be pursued by the US forces. Al-Maliki says Al-Sadr's whereabouts is not the affair of the US forces or the affair of any quarter or government. He says Al-Sadr is not a terrorist for the US forces to pursue him" adding the prime minister said the government does not plan to take action against the Al-Sadrist movement.
Asked about Iran's denial of Sami al-Askari's assertion that Al-Sadr is in Iran, Al-Maliki says: The big media campaign launched by the US Administration to justify its failure in Iraq or to hold some political figures responsible for what is happening in Iraq had many consequences. Some politicians made irresponsible and inaccurate statements. Where did the information that he is in Iran or has left Iraq come from? Iran denies, and we say Moqtada al-Sadr is in Iraq and is in some place. However, two months ago we received information that Al-Sadr is being targeted, and we asked him to change his location and to take security measures. However, I ask the US spokesman: The United States has appointed itself a judge and a police overseeing the peoples of the world, but who will call America to account for its crimes in all world countries, and specifically in Iraq?
He says the US Administration is responsible for all the disasters and destruction in Iraq because of its occupation and because it gave the terrorists the opportunity to enter Iraq. He adds: "The militias of US Ambassador Zalmay Khalilzad are killing the Iraqi people, but who will call Zalmay and the US Administration to account for what they have done?"
Asked if it is possible that Al-Sadr and some of his supporters have left Iraq for President Talabani had said Al-Sadr asked his supporters to leave Iraq to ensure the security plan's success, Baban says he agrees with those who say that the matter does not warrant all this discussion, and perhaps the coming few days will clear the ambiguity in this affair.
Asked how was it possible to leak reports on the security plan whereby one side sends its militias abroad or hides them until the implementation of the security plan is completed, as though the security plan is directed at one particular faction, Baban says the security plan is not a surprise or a sudden development, for the United States and the Iraqi government had talked about it and it became known to all Iraqis and not just to the Al-Sadrist movement. He adds there have been no leaks regarding the plan's details.
Asked how should the Iraqi president's statement that Al-Sadr's militias should leave Iraq to ensure the plan's success be construed, Baban says perhaps it can be understood to mean that there are some internal political or perhaps "regional" understandings and arrangements on this matter because the security plan was expected.
Al-Ramhi then asks her guest in Tehran, Hasan Hashemian, a political analyst, via satellite, if Iran's denial that Al-Sadr is in the country is for the media, or is it a political denial, Hashemian says it is a genuine denial because Al-Sadr does not need to hide in Iran, and as the Americans say, he has 60,000 fighters in Iraq, and he has support among the tribes and in the cities of southern Iraq.
Asked about Sami al-Askari's statement, Hashemian says the assumption closer to the truth is that Moqtada al-Sadr is in Iraq. He says the United States provoked the issue because following the uproar over the death squads it wanted to appear to be pursuing Al-Sadr, "but in fact the Americans do not want a confrontation with Moqtada al-Sadr. They just declare they are pursuing him as something to offer the Sunni side."
Asked about an alternative to the security plan if it fails, Earley says more time is needed to judge the plan, and it's too early to talk about alternatives.
Told that Condoleezza Rice welcomed an alternative plan drawn up by Allawi -that provides for inclusion of Arab and Muslim forces and a change of government - if present measures do not succeed, Earley says this is new to him, and as far as he knows Rice did not say anything about this matter.
Asked about the alternative plan, Al-Maliki says time is needed to create security services capable of controlling the hotbeds of tension, and the problem is that the Iraqi army and security forces are not capable, and that is a problem caused by the US forces which do not equip and support the Iraqi army. He says that is deliberate in order to keep Iraq in a state of tension and instability.
Asked if the US conditions to provide further support for the Iraqi security forces include the need for the Iraqi government "to cleanse" its security forces, Baban says these are not US conditions but Iraqi conditions. He says "it is a national Iraqi demand that the security forces represent all Iraqis and to be removed from sectarian and party influences." He says he agrees that rebuilding the Iraqi armed forces is the beginning of the solution to the Iraqi crisis.
Told there are many Iraqi complaints that the US forces are negligent in equipping the Iraqi forces, Earley says so far "we have trained more than 100,000 Iraqi soldiers and we equip them. The question is how much equipment do the Iraqi forces need to use productively?" He adds that is not the problem, for the problem lies in "coordination, organization, and determination and that is why the security plan has been designed."
Source: Al-Arabiya TV, Dubai
WASHINGTON & HOUSTON, February 21 /CNW/ - Calibre Energy, Inc.,
(OTCBB:CBRE), ("Calibre") announced that the Bina-Bawi 1 exploration well was
at a depth of 3,355 meters (11,007 feet) and has completed logging the lower
part of the hole. Earlier in the drilling of the Bina-Bawi 1, oil was
recovered from the drill string during a fishing operation from intervals in
the Upper Cretaceous at the depths of 550 to 750 meters. The Joint Venture has
agreed to commence testing to determine the productive and commercial
potential of at least three zones intersected by the well. Furthermore, the
Joint Venture anticipates drilling the Bina-Bawi 2 appraisal well upon the
completion of the Bina-Bawi 1 in order to evaluate and test the prospective
intervals in the Upper Cretaceous.
Interior supports provinces security plans
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Baghdad, 21 February 2007 (Al-Sabaah)
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Interior Ministry revealed firing more than 8 thousands of its employees described as corrupters and not honoring while works to support security forces in provinces to success Baghdad security plan, Brigadiers Abdulkareem Khalaf director of national command center said.
He added that Babil, Anbar, Mosul, Salahdeen, Diala and Kirkuk provinces execute security plans dissolved terror nets and organizations and arrested its members among them important targets which means prevent terror at all Iraq's reas.
Shi'i Iraqi MP expects arrests of known figures; defends Al-Sadr
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21 February 2007 (BBC Monitoring)
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[Interview with Dr Haydar al-Abadi, member of the Political Bureau of Al-Da'wah Party and member of the Iraqi National Assembly, by Mina al-Uraybi, "during his visit to London;" date not given: "Al-Da'wah Party's Political Bureau Member Haydar al-Abadi Tells Al-Sharq al-Awsat: The Security Plan Is Not the Last Chance for the Iraqis, But Is Probably So for the Americans; Al-Sadr Feels He Is Pursued, and the Americans Want to Embarrass Him"]
[Al-Uraybi] Are you satisfied with the political experience in Iraq since the fall of the former regime?
[Al-Abadi] We have to look at the political experience from the realistic and methodological angles. When we look at the results from the realistic angle, the results, after four years, are certainly not satisfactory. This evokes sadness. The Iraqi situation now is not good. We have daily killing and bombing and a hateful sectarian strife, which has regrettably hit the country. From the methodological aspect, the work that we embarked on; that is, the political process, was the only choice for the Iraqi people on the national level. The country was afflicted with occupation. This occupation was not with the permission of the Iraqi people. There was a US strategy, part of it related to Iraq and another part was larger than Iraq. The Iraqis found that their country was not under their own administration. It became under a foreign administration. They had to take back administration to get rid of the occupation. The only method on which the Iraqi political forces agreed is for the Iraqi people to determine their own fate. This had to happen through elections. Today, we have a constitutional Council of Representatives and a constitutional national unity government. We had no other way. The other ways that claimed to be fighting the occupier drowned the country in a bloodbath and are destroying everything the Iraqis are building on the pretext of fighting the occupier. They are heading towards complete chaos. Today, we are closer to the departure of the occupier from our land than the situation was four years ago. This may have been delayed due to the ongoing violence in Iraq. After the success of the second elections, terrorism has reached a dead end. All their attempts to stop the political process have failed. Al-Qa'idah had no choice but to leave Iraq, and this was suggested in some documents that we obtained, or to make one last attempt, which was the criminal action in Samarra to strike the Iraqis in the heart. The bombing of the two shrines (of Imam Al-Hadi and Imam Al-Askari) caused a reaction, whose motives I can understand. Yet, it is not understandable for this reaction to be as destructive. Regrettably, the Samarra bombing made people lose their minds. On the other hand, we hold the US forces partially responsible because they did not do anything. They allowed things to deteriorate to the point of no return. When displacement first started, it was programmed and studied by groups that wanted to take control of certain Shi'i and Sunni areas. These groups used sectarianism in a hateful manner to advance certain political interests. I chaired a committee in the Iraqi parliament on the displaced, and we reached some key decisions to stop this process. We prepared a plan to enable their return, but regrettably the Iraqi and US security forces failed to deal with this file properly. What we have inherited now are years of killing and displacement.
Extremist elements pose a threat to Iraq. Extremism today is out to cancel the other. However, tomorrow, it will seek to cancel people from its own component. There is a vision now, which is one of the results of the political process, to eliminate the elements of this extremism. This does not mean killing people; it means changing them and preventing the daily killing and destruction. There should be a firm position. The Baghdad security plan is the key to this solution. It is not only a security plan. It is a political, economic, and development plan. Some political parties that did not get a share in the recent elections are taking part in the plan. Also, former Ba'thist sides, which turned against the Ba'th Party, are taking part in the plan. There is awareness that the plan is the key to Iraq's progress.
[Al-Uraybi] Can you explain to us how these parties, which are not part of the government, are taking part in the plan?
[Al-Abadi] The Baghdad security plan has several aspects. The security aspect is handled by the government forces. The economic aspect is a partnership between the government and the private sector. There is another aspect, which is the political/social aspect, in which government and other parties are involved. Here, it is difficult to distinguish between the political aspect and the social aspect. There are social and political activities. Take Al-Ghazaliyah, for example. Al-Ghazaliyah has parties, armed groups, and social components, some of which have loyalty to a certain party, while others do not have this loyalty. This led to the idea of involving these elements in the Baghdad security plan. I know some Ba'thist figures, who are not Saddamist. They believe in the principles of the Ba'th Party and argue that Saddam hijacked the Ba'th Party. We have no problem with the Ba'th as an ideology. We have a problem with the Ba'th that was led by Saddam to exclude others by means of physical liquidation.
[Al-Uraybi] There is a problem in Iraq, which is that authority in it is in the hand of those who take up arms, including the militias and armed men. How do we return to a political reality that is not based on weapons?
[Al-Abadi] This is a serious thing. Weapons should be for protecting the homeland and citizens. They should not be exploited for political goals or suppressing the other. We opposed Saddam because he did injustice to everybody. In the days of the opposition, we even used to say that Saddam was fair in his injustice, since he did injustice to everybody, including the sons of Al-Ramadi, Diyala, and Mosul, the Kurds, Sunnis, and Shi'is. He did injustice to every area in Iraq. He used to justify anything to stay in power. This approach constituted exclusion by force.
Iraq was not democratic before Saddam, but this level of suppression and violent exclusion did not exist in Iraq in the past. The armed groups that possess weapons in order to impose their viewpoint are as dangerous [as Saddam] and are headed in the same direction. These armed groups want to suppress the other by force and physical liquidation. We think that this is more dangerous to new Iraq, whether for the Kurds and the Arabs. This ideology was embodied, in its highest meaning, in the takfiris [those who hold other Muslims to be infidel], Al-Qa'idah, and the groups of the former regime, and so they became the number one enemies of Iraq. But those who believe in eliminating others by force also became number two enemies of Iraq, and so those who carry out actions and those who react to these actions became a danger to Iraq. Consequently, any person who possesses these weapons is a danger to Iraq. There is a consensus on this at the National Assembly and among the political parties. This was expressed by Prime Minister Nuri al-Maliki, who said that he will not look at the background of any person who takes up arms, but that he will only look at whether this person abides by the law or not.
We have a problem with the impression (in the Iraqi street). The Shi'is have the impression that the security agencies are infiltrated by the takfiris. They have evidence of this, represented in the daily car bombings in the Shi'i areas. The Sunnis have the impression that there are huge infiltrations of the security forces by the militias to kill Sunnis. We call this an impression. In the world of politics, an impression is sometimes more powerful than the truth. The government should change this impression and tell the citizen that it stands by him. It should also win the confidence of citizens and face all criminal elements.
This step will cause troubles for the government. We expect large-scale arrests of known figures from this or that party in the near future. This is a test to the government. I hope this plan [Baghdad security plan] will succeed. But this is not the last chance for the Iraqis. It might be the last chance for the Americans, but this is our homeland, and we will not escape from the homeland. If the security plan encounters problems in the beginning, we will learn from them; and if we fail in one of its stages, we will overcome the failure.
The second option is to leave the citizen at the mercy of the criminal elements, and this is unacceptable. This might be the last stage for the Americans who are alien to Iraq and who have their own strategy. We, the Iraqis, cannot leave our country to the elements that are hostile towards Iraq.
[Al-Uraybi] There are many reports about the involvement of Al-Mahdi Army in the killing in Iraq. How are you going to confront it?
[Al-Abadi] Al-Sadr Trend is a political movement. It started as a popular trend. By nature - because it started out as a popular movement - there is a kind of lack of discipline in it. Al-Sadr Trend is a new trend in Iraq that was not allowed by the former regime. Iraq is in a state of huge disorder and undisciplined democracy. We are still in the early stages of building democratic institutions. Faced with this situation, it is difficult for us to hold the trend accountable for violations in it. This trend was treated unjustly in the early stages of its establishment, and it was excluded from political/social circles. So far, respect has not been restored for elements in this trend, which suffers from poverty and which was excluded from the fields of study and work. Our mission, as Iraqis, is to try and save those people.
As for Al-Mahdi Army, it is a group that emerged in a confrontation with the US forces, and there was a bloody struggle between them. The US side was unreasonable. It probably helped draw the trend into fighting. The US view of the trend was that they [its members] are extremists who can be eliminated. They [the Americans] did not imagine that they [members of the trend] had a popular agenda. Its armed wing is also undisciplined. That is why it was infiltrated. The proof of this is that Al-Sayyid Muqtada [al-Sadr] has said clearly that he is not responsible for all actions of Al-Mahdi Army and that he condemns them [some members of Al-Mahdi Army] and is not satisfied with those who do not obey him. He has provided the government with a list of the names of persons who carry out actions that contravene conscience and shari'ah. He has lifted his protection on them. Today, Al-Sadr Trend says that if the government has evidence against any element, it can arrest him in accordance with the laws.
[Al-Uraybi] What is your information on the whereabouts of Al-Sayyid Muqtada al-Sadr. Has he really left Iraq?
[Al-Abadi] The Americans want to embarrass Al-Sayyid Muqtada and Al-Sadr Trend with this operation and to force him to appear and, consequently, expose himself to danger. Al-Sayyid Muqtada feels that he is probably pursued [by the US forces]. This feeling is justified. The US side has carried out such operations in the past, and not everybody on the US side is wise. The second point is that they want to bring him down. And if he does not appear, they want to tell his masses that this man fears for himself and has escaped. We do not have information whether he is in Iraq or not. We have not met with him and have not heard that anyone has met with him during the past three weeks. Whether this [escape] is true or not, there is no problem with his departure from Iraq, since he feels that his life is in danger. If he is outside Iraq, this does not mean that will not return to it. And if he is in Iraq, there is no problem with this because this is his country.
[Al-Uraybi] Is the strategic alliance between Al-Da'wah Party and Al-Sadr Trend still in place?
[Al-Abadi] We have strategic alliances with all the parties in Iraq, including the Unified Iraqi Coalition [UIC] and Al-Tawafuq [Front], especially the [Iraqi] Islamic Party [IIP]. We have an agreement on all details of the political plan and reconciliation. There might be disagreements on other details, and on the personal level between the prime minister and Vice President Tariq al-Hashimi. We regret the fact that the Iraqi political file should be captive to personal relations. We should avoid this. We have strategic alliances with the Kurds and secular blocs.
Concerning the strategic alliance with Al-Sadr Trend, yes [it exists] as a realistic thing. As a result of the first vote on the premiership, the UIC split into two groups. The first group voted for Adil Abd-al-Mahdi. The second group, including Al-Sadr Trend, voted for Ibrahim al-Ja'fari. However, this does not apply to Nuri al-Maliki, since everybody voted for him unanimously except for Al-Fadilah Party, which objected to quickly abandoning the nomination of Al-Ja'fari. This was not an objection to Al-Maliki, since Al-Sadr Trend did not decide to nominate Mr Al-Maliki.
[Al-Uraybi] Several weeks ago, we heard about a move by what was called then the "moderate forces" in Iraq to set up a new movement that groups the Supreme Council for Islamic Revolution [in Iraq, SCIRI], the Kurdistan Alliance, and the IIP, but Al-Da'wah Party refused to join this movement. What is the reason for this refusal?
[Al-Abadi] The main idea was that we have a Council of Representatives and a political process, and there is a majority that is convinced of the political process and a minority that is not convinced of it. The minority has perhaps joined the political process enthusiastically, but without an adequate vision. Some others have perhaps joined the political process with a view to obstructing it from within. Consequently, political blocs at the Council of Representatives have said "we should ensure the success of the work of the Council of Representatives," especially after Al-Sadr Trend suspended its work in the council, creating fears that other small trends would suspend their work. For this reason, an alliance was formed between the groups of the blocs that are convinced of the political process. Regrettably, some people have portrayed this as a political issue and they formed an alliance between political forces by the name of "moderate forces" to counter the extremist forces. We considered this a major flaw in the political process, because when the political forces are classified in this manner, what should we call the others? There are forces that cannot be classified as extremist. Why should the Iraqis be classified on a moderate basis? We viewed this as part of political ploys that pose a danger to the security of Iraq and that return us to square one. The idea of a five-way alliance is now over.
[Al-Uraybi] What is the latest on national reconciliation?
[Al-Abadi] Political reconciliation is a cornerstone of our policy in Iraq. Without it, violence cannot be eliminated. This is a fundamental thing, and we are eager to go ahead with it. But it is not up to the required level and it requires further efforts. The government is enthusiastic, but it [reconciliation] cannot succeed without the enthusiasm of all political sides. The prime minister has sent envoys to Cairo, Amman, the United Arab Emirates, and other countries that I do not want to mention. The envoys have met with Ba'thist groups and other groups that are far from the Ba'th. The only party they did not meet with is Al-Qa'idah. The common denominator is that all of them say that they want a role in the political process. But the problem is that we should determine who is behind the violence in Iraq and to absorb those people. We should determine who is responsible for the acts of violence. So far, this has not been determined. Some of them claim that they represent the armed groups, but they turn out to be small, non-influential groups. Another problem is that some of the groups make impossible requests, such as cancelling the political process so that we will go back to square one, and this is impossible.
[Al-Uraybi] What is the latest on amending the Iraqi constitution and when do you expect to finish this process?
[Al-Abadi] We are discussing changing the constitution. This is a constitutional matter, since the constitution includes a paragraph on amending the constitution. However, Al-Tawafuq Front has so far not presented a list of the required amendments and real ideas in order for us to move to the next stage. There are paragraphs that cannot be reversed, like federation, since federation is now a fait accompli. We have federation in Kurdistan, and it should be applied to the rest of the country. The second thing is that the identity of Iraq is a democratic identity and is for everybody. The rest of the paragraphs are subject to discussion, as part of national controls. We have held between 10-12 meetings to discuss amending the constitution. The United Nations is actively involved in this issue. We have sent a parliamentary delegation to Spain and Germany to examine the federal experience of the two countries. We have sent another delegation to India and Malaysia to examine their federal system. Therefore, it is possible to amend federation in Iraq. We expect a list of the proposed constitutional amendments to be presented to the National Assembly by May 2007.
[Al-Uraybi] Will there be ministerial changes in the near future?
[Al-Abadi] The prime minister is now ready for a cabinet change. He is waiting for the Council of Representatives to return from its annual recess to present the ministerial changes, which will not include broad changes. The problem faced by the prime minister is that he has not managed to reach an agreement on the changes with the political blocs. With the commencement of the Baghdad security plan, it is not possible to replace the ministers in charge of security files; that is, the ministers of defence, interior, and national security. When these ministers are not replaced, this cannot be considered a broad cabinet reshuffle. In view of the recent development, represented in the commencement of the Baghdad security plan, those ministers cannot be replaced, even if they made mistakes. This might be done next May. The current ministerial changes will include replacing the ministers of Al-Sadr Trend. Al-Sayyid Muqtada al-Sadr has presented [a list of] nominees to the prime minister. There are also changes of ministers of the Iraqi List, led by Dr Iyad Allawi. So far, there has not been another ministerial change in the UIC, since the Kurds have refused to change their ministers.
Regrettably, there is now early talk about the cabinet reshuffle. This is a flaw. The early talk about the reshuffle makes the government lose its credibility. It has caused an unnecessary clamour.
[Al-Uraybi] There seemed to be coolness between Prime Minister Al-Maliki and US President George Bush, especially with Al-Maliki's strong statements towards the US President. Are these disagreements over?
[Al-Abadi] There are internal Iraqi and American political considerations. We in Iraq are concerned with having good relations with all countries, especially the United States. We do not want to create a crisis without any reason. Before the last US [midterm] elections, the US President was convinced of the [political] process in Iraq. But after the recent elections and the victory of the Democrats, the internal US political considerations changed and the US President had to make statements to satisfy his domestic audience. We were caught in the middle, and this is something on which we cannot keep silent. The prime minister told the Americans: I also have internal considerations. There are big US mistakes in Iraq. We have criticized them because at a time when they send forces to Iraq, they disagree on them, and this affects us. The US army either withdraws its forces and ends the issue, or the Americans send the forces and end the issue. The Iraqi issue cannot be captive to the domestic US situation. The Americans know this now, but I think there is still a feeling of bitterness between the two sides. There are constant contacts between the Iraqi and US leaderships and there is a convergence of interests between the two sides. A safe Iraq is in Washington's interest. For us, the Iraqis, this is our country and its stability is in our interest.
Source: Al-Sharq al-Awsat website, London
Iraq: One-in-3 live in poverty
News24 - [19/02/2007]
One third of Iraq's population of 27 million live in poverty, according to a study released ON Sunday by Iraq's planning ministry and the United Nations development programme (UNDP).
"From a thriving middle income economy in the 70s and 80s, one third of today's Iraqi population lives in poverty with more than five percent living in extreme poverty," the study said.
The findings were based on a survey conducted in 2004 - a year after the launch of the US-led war on Iraq - which provided "long-term indicators that are not expected to change significantly in the short term of three years", organisers said.
"A country like Iraq which is blessed ... with the largest potential of natural resources (and) the highest quality of human resources, has been brought to its knees by human hands," said UNDP Iraq director Paolo Lembo.
The study sought "to address the notion of poverty, not only in terms of income or economic indicators, but in terms of access to various services" such as health, education and housing, Lembo said.
Poverty in Iraq means living on less than one dollar per day per person.
The study recommended that "sustained and major reconstruction efforts aimed at providing basic services to the populations ... should precede the transformation from a centralised state to an open market economy".
Iraq, S. Korea sign memorandum of Understanding
Al-Sabah - [20/02/2007]
Ministry of Housing and Reconstruction has signed a memorandum of understanding with South Korea, Housing Minister Bayan Dezei in a press conference.
The minister added that her ministry has managed to decrease80 per cent of its dept for the Korean company Honday.She affirmed that the memorandum included Korean companies participate in building residential compounds, highways and bridges.The minister concluded that Korean companies stressed keenness to inter Iraqi market and join construction projects.
Egyptian businessmen and the investment in Iraq
Translated by IRAQdirectory.com - [21/02/2007]
Minister of Trade, Dr. Abdul Falah Hassan Assdani, invited all Egyptian businessmen to invest in Iraq either individually or through economical groups, stressing that Iraq would give priority to Arab investors to enter the Iraqi market.
The spokesman pointed out that the minister’s invitation came during the meeting of the round table organized by the Egyptian businessmen with Dr. Assudani during his current visit to Cairo. The spokesman added that head of the Egyptian Businessmen Society, Adil Jazzareen, confirmed during the meeting the desire of the Egyptian businessmen to support Iraq and participate in the investment in all fields, valuing Iraq’s national stands towards its all brethren Arab States. He said that Egyptian traders and businessmen Introduced, during the meeting, their comments and suggestions to increase trade exchange with Iraq and how to handle the suspended financial issues over the past years.
Three trillion for oil and one for Electricity
Three trillion for oil and one for Electricity
Translated by IRAQdirectory.com - [21/02/2007]
Yunadim Kanna, member of the Investment and Construction Committee in the Parliament, said that the 2007 budget, which was approved by the Parliament last week, allocated three trillion dinars to the Ministry of Oil, while more than one trillion dinars were allocated to the Ministry of Electricity.
He added: "the budget allocated (2295) billion dinar to the Ministry of Education, (137) billion dinar to the Ministry of Agriculture, (466) to the Ministry of Works and Municipalities and (17) billion dinar to the Ministry of Environment".
The Parliament approved by majority the budget of 2007, last Thursday, before it adjourned its sessions for a month, concluding the works of the second legislative season.
Chairman of the Finance Committee in the Parliament, Dr. Ayad Assamurai, said earlier that "the Iraqi budget for the current year 2007 are estimated at (42) trillion dinars (42 A billion dinars), while the expenditures are (51.7) trillion with a deficit hit less than ten trillion dinars".
I'll be on top of that later on...
Or I may be on the bottom...
Or how about samwiched????
What is a hectolitres?
Some of his helpers.