Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Farm land prices in the Lower Mainland of BC Canada here are already infated blief.
http://www.bcfarmandranch.com/index.cfm?method=property.propertydrilldown&propertyid=ddde302a-93...
http://www.bcfarmandranch.com/index.cfm?method=property.propertydrilldown&propertyid=fc0fccd7-a9...
http://www.bcfarmandranch.com/index.cfm?method=property.propertydrilldown&propertyid=b0327e97-04...
The most revealing board now is Eds board.
I am finding this is the most relevant investment board going these days-and I read a ton of them.
SENATE GRIDLOCKS ON IRAQ WAR RESOLUTION
By DAVID ESPO, AP Special Correspondent
41 minutes ago
The Senate gridlocked on the Iraq war in a sharply worded showdown Saturday as Republicans foiled a Democratic bid to repudiate President Bush's deployment of 21,500 additional combat troops.
The 56-34 vote fell four short of the 60 needed to advance a nonbinding measure identical to one the House passed Friday. Seven GOP senators broke ranks, compared with only two during an earlier test on the issue.
Democrats swiftly claimed victory. "A majority of the United States Senate is against the escalation in Iraq," said Majority Leader Harry Reid (news, bio, voting record) of Nevada. "As for the Republicans who chose once again to block further debate and protect President Bush, the American people now know they support the escalation" in troops.
Republicans blasted the Democratic leadership for refusing to allow a vote on an alternative that ruled out any reduction in money for troops in the field.
"There is no place for chicanery at a time of war," said Senate GOP leader Mitch McConnell (news, bio, voting record) of Kentucky. "Even some of the president's most strident opponents know that. They know that the only vote that truly matters in a vote on whether to fund the troops."
The White House echoed his remarks, issuing a written statement that touched lightly on the votes in the House and Senate, and looked to the coming debate over Bush's request for an additional $93 billion for the military.
"This week's voting gave the world a glimpse of democracy's vigor. The next votes should provide unmistakable assurance of this nation's resolve in achieving success, supporting the cause of democracy and stopping terrorist forces in their ultimate aim of bringing their violence to our shores," said the statement, issued in the name of press secretary Tony Snow.
The day's events ended the initial phase of what looms as a yearlong confrontation between the new, Democratic-controlled Congress and the commander in chief.
Reid told reporters he would no longer attempt to win passage for nonbinding measures and would turn his attention to legislation designed to force Bush to change course. House Democratic leaders intend to do likewise.
Saturday's maneuvering occurred in an intensely political environment, both in and out of the Capitol.
The unusual weekend session sent presidential contenders in both parties scrambling to make the roll call.
One of them, Democratic Sen. Hillary Rodham Clinton of New York, squeezed in a morning appearance in New Hampshire, where she told one audience, "We have to end this war and we can't do it without Republican votes."
Nine Republicans skipped the Senate session, calculating that because they support Bush's policies, their votes would not affect the outcome of the vote.
Among them was Sen. John McCain (news, bio, voting record) of Arizona, a presidential hopeful who campaigned in Iowa. He called the Senate vote meaningless, and told one audience the symbolic measures are "insulting to the public and the soldiers."
At least two Republican lawmakers chose to leave on an official trip to Iraq rather than remain behind for the vote.
The nonbinding measure consisted of fewer than 100 words. It disapproved of Bush's decision to deploy more troops and pledged to support and protect the troops in the field.
Even before the House acted, Bush had made it clear that congressional opposition would not deter him from proceeding with the deployment of another 21,500 troops, designed primarily to quell sectarian violence in heavily populated Baghdad.
Already, troops of the Army's 82nd Airborne have arrived in Iraq. Another brigade is in Kuwait, in final training before going to Iraq. Three more brigades are ticketed for the Baghdad area, one each in March, April and May.
In addition, the Pentagon is sending two Marine battalions to Anbar province in the western part of the country, the heart of the Sunni insurgency.
Polls show strong public opposition to the war, which has killed more than 3,100 U.S. troops. Tens of thousands of Iraqis have died, the majority of them since Saddam Hussein was toppled from power in the U.S.-led invasion in March 2003.
Democrats seemed eager to force Republicans into votes that might prove politically troublesome.
"They are torn between their president's policy and the wishes of the constituents, but vote they must," said Sen. Charles Schumer (news, bio, voting record) of New York, head of the Senate Democrats' campaign committee.
But Sen. Lindsey Graham (news, bio, voting record), R-S.C., said Democrats, too, were caught in a political squeeze play. He said the alternative measure pledging not to cut off funds for the troops would have drawn as many as 75 votes, but accused Reid of blocking it to protect his rank and file.
"If you have this vote, the left, the radical Democratic left, would eat every Democratic presidential candidate alive," Graham said.
Democrats in both the House and Senate have said the nonbinding measures would be only the first attempt to force a shift in Bush's war policies.
In the Senate, Reid has told lawmakers he will turn anti-terrorism legislation into a forum for debate over the war. He has met privately in recent days with fellow Democrats as the leadership plans its next move.
"The Senate will keep fighting to force President Bush to change course," Reid said at a news conference after the vote.
In the House, Democrats have said they will attempt to place restrictions on Bush's request for an additional $93 billion for the military in an effort to make it impossible for him to deploy all 21,500 additional troops.
Rep. John Murtha (news, bio, voting record), D-Pa., has described a series of provisions that would require the Pentagon to meet certain standards for training and equipping the troops, and for making sure they have enough time at home between deployments.
Murtha and House Speaker Nancy Pelosi (news, bio, voting record), D-Calif., said these provisions were designed to protect the troops.
Republicans argued the effect would be to deny troops needed reinforcements and are expected to try to block the restrictions.
In the Senate, the seven Republicans who voted to advance the measure were Norm Coleman (news, bio, voting record) of Minnesota, Susan Collins (news, bio, voting record) of Maine, Chuck Hagel (news, bio, voting record) of Nebraska, Gordon Smith (news, bio, voting record) of Oregon, Olympia Snowe (news, bio, voting record) of Maine, Arlen Specter (news, bio, voting record) of Pennsylvania and John Warner (news, bio, voting record) of Virginia. All but Snowe and Specter could face the voters in 2008.
Sen. Joe Lieberman of Connecticut, an independent who caucuses with the Democrats, sided with Republicans on the vote.
The 4th International Rebuild Iraq Exhibition
7 - 10 May 2007
Amman, Jordan
REBUILD IRAQ 2007: The 4th International Rebuild Iraq Exhibition: Your Gateway to Construction Opportunity
Rebuild Iraq 2007 is going to be a high-profile event showcasing one of the most ambitious, investment-opportunity-laden reconstruction undertakings of your era. It's going to be the biggest, most comprehensive Iraq reconstruction event ever held. If you are a construction sector player eyeing the Iraq reconstruction market, looking for a well-timed point of entry, seeking to gain maximum exposure and brand consolidation for your projects, or simply looking for potentially-rewarding business contacts, then Rebuild Iraq 2007 is the show for you. And if you're already active in Iraq's thriving reconstruction market, then Rebuild Iraq 2007 is going to immeasurably polish your profile.
Rebuild Iraq 2007 will set a new gold standard for Middle East exhibitions, drawing on the success of past IFP Group-organized Rebuild Iraq conferences. The show will be jointly organized by IFP Group, its Jordanian arm IFP Jordan, and the Riyadh Exhibitions Company. Over 25 years, they have organized more than 320 internationally-accredited trade shows across the Middle East.
Massive Market Opportunities in Iraq and Jordan at Rebuild Iraq 2007
Seize Unique Investment Opportunities Offered by Iraq's $100 Billion Reconstruction Market, and Jordan's Development Boom
Iraq's reconstruction market is worth a stunning $100 billion - making it one of the biggest anywhere in the world - and is set to expand further, as yet more contracts are signed and projects drawn up. Frenzied construction activity surrounds hundreds of projects, worth billions of dollars, and spanning every single sector of Iraq's rebounding economy. Iraq's liberal, open markets - almost entirely free of restrictions - are helping fuel construction sector activity. Meanwhile, ever more leading manufacturers and suppliers from across the globe are seizing lucrative slices of Iraq's construction market, and in doing so are helping positively forge the future of the country. Benefits from Iraq's construction sector are set to increase further. The country's revenue generation potential - bolstered by abundant oil and other resources, as well as the long-term commitment of global donors to the reconstruction effort - is enormous. It can rival all other major regional economies.
Enjoy Access to Leading Middle East Construction Markets
Access Two Huge Construction Markets - Iraq and Jordan - at One Exhibition in the Bustling, Cosmopolitan Jordanian Capital Amman
There is no better venue for Rebuild Iraq 2007 than the buzzing Jordanian capital Amman. Because of its geographical proximity to Iraq, Jordan has longstanding, close trade ties with the country. Many Iraqi entrepreneurs either live in, or regularly commute to, the Jordanian capital. It's the perfect place for international suppliers to meet Iraqi construction sector players. The flow of Iraqi entrepreneurs in and out of Jordan is streamlined by the Kingdom's business-friendly customs and immigration regulations. Construction sector professionals in Amman for the Rebuild Iraq 2007 exhibition will enjoy exposure to two of the region's most exciting construction markets. It's not just Iraq that's booming. Amman is fast developing into one of the region's most vibrant business hubs, thanks in part to its modern infrastructure and wide array of first-class hotels. Billions of investment dollars are pouring in from around the world. Among Amman's flourishing construction sector gems is the $800 million Al-Abdali Urban Regeneration Project, set on 80 hectares and billed as Amman's revitalized new Downtown. Also causing a stir is the $1 billion Gulf Finance House-initiated Jordan Gate development scheme, a futuristic project comprising two high-rise towers connected to a shopping mall, with a total built-up-area of around 220,000mÇ. Meanwhile, the $362 million mega-tourism Saraya Aqaba project will expand the beachfront of Jordan's Aqaba Dead Sea resort.
http://www.rebuild-iraq-expo.com/index.asp
HOTDOG!!!!
The effects of raising interest rates on Iraqi dinar
The effects of raising interest rates on Iraqi dinar
Translated by IRAQdirectory.com - [16/02/2007]
A prominent Iraqi economic warned that “increasing the interest price decided by the Iraqi Central Bank, among other procedures to raise the purchasing power of the Iraqi dinar, would keep investment away”. Considering this procedure “a misguided policy because it is an economically sensitive method that might lead to the fall into the so-called liquidity trap”.
The economical academic, Ismail Ubeid Hammadi, explained that any definite form for establishing an economic system in Iraq “has not been shaped yet”, pointing out that “this is due to the absence of a clear vision about Iraq's political system”.
He described most of the procedures followed in this matter as “autocratic and partial, and do not achieve the desired objectives of the change”. He said: “We want a balanced change which does not harm the country’s interest and economy”. He pointed to the need to “a constitutional amendment, since can not build a developed economy without transparent and clear laws that determine the course of economic changes”.
As for the best way to deal with inflation, which hit record numbers in Iraq, Hammadi said: “we can not deal with inflation except by increasing the supply of produced goods in the market; as for using the liquidity trap, this will mean stopping the increase of production capacities and foreign investment which will also be affected”.
He pointed out that the Iraqi Central Bank “was taking recommendations of the International Monetary Fund which confirmed that the dinar is less in value than the dollar”, considering that “Nothing confirms this trend and the lesson is not in the formal strength of the Iraqi dinar but in its strength against other currencies”.
About the 2007 budget’s distributions, he said: “current expenditure forms the biggest part of it and this is not good, we need the investment side to restore the economy's recovery”.
Ear on the Street
AutoCanada Income Fund (ACQ.UN : TSX : $10.75)
Restructuring of Chrysler is positive for AutoCanada
Scotia Capital Markets maintains "sector outperform", 12-month target price is $12.50
Agnico-Eagle Mines (AEM : TSX : $47.10 | NYSE : US$40.53)
Friendly takeover bid for Cumber Resources
Blackmont Capital maintains "hold", 12-month target price is cut to $48.00
Desjardins Securities maintains "buy", 12-month target price is $62.75
Raymond James upgrades to "outperform", 6-12 month target price is raised to $54.00
RBC Capital Markets maintains "sector perform", 12-month target price is US$51.00
Algoma Steel (AGA : TSX : $51.44)
In talks with a potential buyer
BMO Capital Markets upgrades to "outperform", 12-month target price is raised to $60.00
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $50.00
GMP Securities maintains "buy", 12-month target price is raised to $57.50
RBC Capital Markets maintains "outperform", 12-month target price is raised to $77.00
Alexis Minerals Corporation (AMC : TSX-V : $1.20)
More gold assays from Lac Herbin
Canaccord Adams maintains "buy", 12-month target price is raised to $1.35
Alexis Nihon REIT (AN.UN : TSX : $19.00)
Homburg offers $18.50/unit for Alexis Nihon
Scotia Capital Markets maintains "sector perform", 12-month target price is $18.75
ATS Automation Tooling Systems (ATA : TSX : $11.05)
Disappointing Q3
Blackmont Capital downgrades to "hold", 12-month target price is cut to $10.50
Credit Suisse maintains "neutral", 12-month target price is $11.25
Raymond James downgrades to "market perform", 6-12 month target price is cut to $11.50
ATS Andlauer Income Fund (ATS.UN : TSX : $13.00)
Q4 better than expected
RBC Capital Markets maintains "outperform", 12-month target price is raised to $13.00
Advantage Energy Income Fund (AVN.UN : TSX : $12.38 | AAV : NYSE : US$10.67)
$100 million financing closed
BMO Capital Markets maintains "underperform", 12-month target price is $12.00
CIBC World Markets reinstates coverage with a "sector underperform", 12-month target price is raised to $11.25
Scotia Capital Markets reinstates coverage with a "sector underperform", 12-month target price is $11.50
BPO Properties (BPP : TSX : $66.00)
Q4 FFO above expectations
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $73.00
Chemtrade Logistics Inc Fd (CHE.UN : TSX : $8.12)
Conservative stance taken heading into fourth quarter earnings release
Blackmont Capital maintains a "sell", 12-month target price is $7.00
Cumberland Resources (CLG : TSX : $8.65)
Takeover bid from Agnico-Eagle
Raymond James downgrades to "market perform", 6-12 month target price is $8.50
Creststreet Power & Income (CRS.UN : TSX : $5.64)
Alberta windfarm transaction implies higher valuation metrics
Scotia Capital Markets maintains "sector perform", 12-month target price is raised to $5.25
Commercial Solutions (CSA : TSX : $6.28)
Weaker than expected Q1
GMP Securities maintains "buy", 12-month target price is $8.30
Raymond James downgrades to "market perform", 6-12 month target price is cut to $7.50
Chartwell Seniors Housing REIT (CSH.UN : TSX : $17.66)
Positive implication of higher bid for Sunrise
BMO Capital Markets maintains "market perform", 12-month target price is raised to $17.00
Catalyst Paper (CTL : TSX : $3.93)
Weak Q4
CIBC World Markets maintains "sector perform", 12-month target price is cut to $3.50
Raymond James maintains "underperform", 6-12 month target price is $3.25
RBC Capital Markets maintains "underperform", 12-month target price is $3.25
Labopharm Inc. (DDS : TSX : $6.99 | DDSS : NASDAQ : US$6.00)
Q4 and full-year results coming today
Canaccord Adams maintains a "buy", target price is $10.30
Empire Company (EMP.A : TSX : $41.86)
Future looking slightly better
Scotia Capital Markets upgrades to "sector perform", 1-year target price raised to $44.50
Extreme CCTV (EXC : TSX : $3.39)
Reports second quarter results
Canaccord Adams maintains a "speculative buy", target price raised to $3.90
HudBay Minerals (HBM : TSX : $23.08)
Production results from 2006 and guidance for 2007 meet expectations
RBC Capital Markets maintains a "outperform", target price is $29.00
Home Capital Group (HCG : TSX : $34.29)
Some concerns taken away from quarterly report
Blackmont Capital maintains a "hold", 12-month target price is $33.00
Cdn. Hotel Income Properties (HOT.UN : TSX : $16.71)
Reports in line Q4/06 results; ups distribution by 3.2%
BMO Nesbitt Burns maintains "outperform", target price raised to $17.00
Canaccord Adams maintains "buy", 12-month target price is raised to $17.00
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $17.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $16.40
TD Newcrest maintains a "buy", 12-month target price is raised to $17.00
Inmet Mining (IMN : TSX : $61.22)
Q4/06 results below expectations; 2007 production guidance short of estimates
Canaccord Adams reiterates "buy", target price is $70.00
CIBC World Markets maintains a "sector outperform", target price is $75.00
Credit Suisse maintains a "outperform", target price raised to $70.00
GMP Securities continues to rate "buy", target price is $72.00
TD Newcrest maintains a "buy", 12-month target price is raised to $70.00
IPL Inc. (IPI.A : TSX : $7.50)
Turnaround story showing momentum
GMP Securities upgrades to "buy", target price is $9.50
Canadian Hydro Developers (KHD : TSX : $6.30)
B.C. goes green
Scotia Capital Markets maintains "sector outperform", 12-month target price is $7.75
Mainstreet Equity (MEQ : TSX : $17.00)
Boosted by Alberta property values and rental conditions
Desjardins Securities maintains a "top pick", target price raised to $24.60
Melcor Developments (MRD : TSX : $24.00)
Potential highlighted by Brookfield's Alberta land operation
Desjardins Securities maintains a "top pick", target price is $33.15
Mavrix Fund Management (MVX : TSX : $1.90)
Reports fourth quarter and F06 results
GMP Securities reiterates "buy", 12-month target price is raised to $2.50
NUCRYST Pharmaceuticals (NCS : TSX : $4.88 | NCST : NASDAQ : US$4.22)
Sales of lead product slowing down
GMP Securities maintains a "buy", target price cut to US$8.00
Nortel Networks Corp. (NT : TSX : $36.09 | NYSE : US$31.06)
Slowly turning the corner
RBC Capital Markets maintains a "sector perform", target price raised to US$32.00
Onex Corporation (OCX : TSX : $29.55)
Reports Q4/06 and year-end results
BMO Nesbitt Burns maintains "outperform", 12-month target price is $33.00
GMP Securities rate "hold", 12-month target price is $28.55
Peyto Energy Trust (PEY.UN : TSX : $17.49)
2006 reserve report
BMO Nesbitt Burns maintains "market perform" 12-month target price is $18.00
ProEx Energy Ltd. (PXE : TSX : $13.36)
Pipeline bottlenecks hamper growth
Raymond James maintains "strong buy", 12-month target price is $22.00
Stylus Energy (STY : TSX : $2.70)
Oil and gas properties in Alberta
BMO Nesbitt Burns initiate coverage with "market perform", 12-month target price is $3.50
Sunrise Senior Living REIT (SZR.UN : TSX : $18.05)
New bid tops Ventas
BMO Nesbitt Burns rates "market perform", 12-month target price is raised to $18.00
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $18.00
Teck Cominco Ltd. (TCK.B : TSX : $87.39 | TCK : NYSE : US$75.18)
Soft quarter; outlook remains solid
BMO Nesbitt Burns maintains "market perform", 12-month target price is $86.00
CIBC World Markets maintains a "sector perform", target price is $100.00
Teknion Corporation (TKN : TSX : $4.25)
Continued FX pressure
BMO Nesbitt Burns upgrades to "market perform", 12-month target price is raised to $6.00
Scotia Capital Markets rates "sector underperform", 12-month target price is $4.40
TD Newcrest maintains "buy", 12-month target price is $5.50
TransCanada Corp. (TRP : TSX : $38.02 | NYSE : US$32.70)
$1.5 billion equity offering
CIBC World Markets maintains "sector outperform", 12-month target price is $43.00
Scotia Capital Markets rates "sector outperform", 12-month target price is reduced to $43.00
Workbrain Corp (WB : TSX : $9.69)
Weaker than expected results
CIBC World Markets maintains "sector perform", 12-month target price is $9.00
GMP Securities rate "buy", 12-month target price is $11.50
RBC Capital Markets downgrades to "sector perform", 12-month target price is $10.00
Scotia Capital Markets rates "sector underperform", 12-month target price is $8.50
WestJet Airlines (WJA : TSX : $15.72)
Q4 beats the expectations
BMO Nesbitt Burns maintains "market perform", 12-month target price is raised to $16.00
Canaccord Capital maintains "buy", 12-month target price is raised to $18.25
Credit Suisse maintains "outperform", 12-month target price is raised to $20.00
Desjardins Securities maintains "buy", 12-month target price is $17.50
Raymond James rates "outperform", 6-12 month target price is raised to $18.50
Scotia Capital Markets maintains "sector perform", 12-month target price is raised to $18.25
TD Newcrest maintains "buy", 12-month target price is raised to 19.00
George Weston Ltd. (WN : TSX : $72.00)
Bearish outlook at Loblaw dominates
CIBC World Markets maintains "sector underperform", 12-month target price is cut to $63.00
Credit Suisse maintains a "outperform", target price is $88.00
RBC Capital Markets maintains a "sector perform", target price is $75.00
Scotia Capital Markets downgrades to "sector underperform", 1-year target price cut to $71.50
TSX Group (X : TSX : $50.17)
New exchange in Calgary
CIBC World Markets maintains "sector outperform", 12-month target price is $60.00
Scotia Capital Markets rates "market perform", 12-month target price is $55.00
06 15 20 30 32 45 47
03 06 15 16 20 31 46
06 14 19 37 41 43 46
19 28 33 34 36 46 47
02 04 06 10 22 25 42
04 07 09 18 24 32 45
30 64 68 86
07 09 11 20 30 41 42
07 08 10 11 13 15 43
14 20 29 30 33 40 47
07 11 20 33 34 39 45
25 28 34 35 36 3739
05 06 13 15 20 34 35
21 48 55 74
07 12 13 27 32 34 47
03 14 30 31 33 36 42
02 05 14 15 17 29 43
05 07 25 28 31 44 47
03 10 33 35 39 41 46
01 06 12 13 15 36 38
21 26 62 86
Nothin' new here.
House Begins Vote on Iraq War Resolution
Feb 16, 3:16 PM (ET)
By DAVID ESPO
WASHINGTON (AP) - The Democratic-controlled House has started voting on a resolution opposing President Bush's troop increase in Iraq, opening an epic confrontation between Congress and commander in chief over an unpopular war that has taken the lives of more than 3,100 U.S. troops.
"The stakes in Iraq are too high to recycle proposals that have little prospect for success," said Speaker Nancy Pelosi, leader of Democrats who gained power last fall in elections framed by public opposition to the war.
"The passage of this legislation will signal a change in direction in Iraq that will end the fighting and bring our troops home," she vowed.
Bush's Republican allies said repeatedly the measure would lead to attempts to cut off funds for the troops. Outnumbered, they turned to Rep. Sam Johnson of Texas to close their case - and the former Vietnam prisoner of war stepped to the microphone as lawmakers in both parties rose to applaud his heroism.
"Now it's time to stand up for my friends who did not make it home, and for those who fought and died in Iraq already," he said. "We must not cut funding for our troops. We must stick by them," he added, snapping off a salute as he completed his remarks to yet another ovation.
Bush made no comment on the developments, and his spokesman said the commander in chief was too busy to watch the proceedings on television.
After a secure videoconference with Iraqi Prime Minister Nouri al-Maliki, Bush said the Iraqis were reporting progress: providing troops to fight alongside Americans, making sure that no ethnic or religious factions are ignored in the security operations, providing $10 billion toward reconstruction and working on an oil revenue-sharing law.
The developments in the House marked the first vote of the new Congress on the war. Roughly 400 of 434 lawmakers spoke during four days of a dignified debate - an unusual amount of time devoted to a single measure.
Moving quickly, Senate Majority Leader Harry Reid, D-Nev., has called a test vote for Saturday on an identical measure, and several presidential contenders in both parties rearranged their weekend campaign schedules to be present.
Republicans said in advance they would deny Democrats the 60 votes they need to advance the resolution, adding they would insist on equal treatment for a GOP-drafted alternative that opposes any reduction in funds for the troops.
The developments unfolded as a new poll showed more than half those surveyed view the war as a hopeless cause.
A sizeable majority, 63 percent, opposes the decision to dispatch more troops, although support for Bush's decision has risen in the past few weeks from 26 percent to 35 percent, according to the AP-Ipsos poll.
The House measure disapproves of Bush's decision to increase troop strength, and pledges that Congress will "support and protect" the troops.
Bush has already said passage of the measure will not deter him from proceeding with the deployment of another 21,500 troops, designed primarily to quell sectarian violence in heavily populated Baghdad.
Already, troops of the Army's 82nd Airborne have arrived in Iraq. Another brigade is in Kuwait, undergoing final training before proceeding to Iraq. Three more brigades are ticketed for the Baghdad area, one each in March, April and May.
In addition, the Pentagon is sending two Marine battalions to Anbar province in the western part of the country, the heart of the Sunni insurgency.
Bush and his allies in Congress calculated days ago that the House measure would pass, and increasingly have focused their energy on the next steps in the Democrats' attempt to end U.S. participation in the war.
"I'm going to make it very clear to the members of Congress, starting now, that they need to fund our troops," Bush said earlier this week, a reference to legislation that requests more than $93 billion for the wars in Afghanistan and Iraq.
As developments on Capitol Hill went forward, the White House sought to play down the impact of the debate and vote. The president himself made no comment on it - with his spokesman saying he was too busy to watch - and turned instead toward Iraq. He reported after a secure videoconference with Iraqi Prime Minister Nouri al-Maliki that progress is being made.
The president said that the Iraqi leader briefed him on several recent steps by his government: providing troops to fight alongside Americans, making sure that no ethnic or religious factions are ignored in the security operations, providing $10 billion toward reconstruction and working on an oil revenue-sharing law.
"I was pleased that he's meeting benchmarks that he has set for his government," Bush told reporters. "That's good news for the Iraqi people. And it should give people here in the United States confidence that his government knows its responsibilities and is following through on those responsibilities."
Democrats have made clear in recent days they will use Bush's spending request to impose certain standards of readiness, training and rest for the troops.
"That stops the surge (in troops) for all intents and purposes, because ... they cannot sustain the deployment," Rep. John Murtha, D-Pa., said recently.
Republicans pointed to his remarks repeatedly during the day as evidence that despite their claims to the contrary, Democrats intend to cut off funds for the troops.
"This is all part of their plan to eliminate funding for our troops that are in harm's way. And we stand here as Republicans...committed to making sure our troops in harm's way have all the funds and equipment they need to win this war in Iraq," said Rep. John Boehner of Ohio, the Republican leader.
Talabani calls for supporting investment and reconstruction in Iraq
He met with the ambassadors of France, Japan and Sweden
Translated by IRAQdirectory.com - [13/02/2007]
Iraqi President expressed the need to strengthen relations with Sweden in all fields to serve the interests of both friendly countries. This came during a meeting between President Talabani, in his headquarters in Baghdad yesterday, and the new Swedish ambassador, Nicholas Trovia, who delivered his credentials as an ambassador of his country in Iraq. Talabani, called on Swedish businessmen and companies to invest in Iraq, emphasizing that "the doors are open to everyone to invest and contribute in reconstructing the country "and hoped that" the current year would witness a better security status and stability in the country". The President also talked of the progress of the political process in the country and the efforts to achieve the national reconciliation, in addition to developments in the security situation and the security plan to be applied in Baghdad. At the end of the meeting, the President expressed his thanks and gratitude to the Kingdom of Sweden, king, government and people, for receiving the Iraqi refugees who left Iraq in the past to escape the injustice of the previous dictatorial system. On his turn, ambassador Trovia expressed the desire of his government in deepening relations with Iraq, pointing out that the Kingdom of Sweden will continue its support for the developing democratic process in the country. Talabani also met, last Wednesday, with the Japanese ambassador, Hissaw Yamakuchi, at the end of his functions as ambassador of his country in Iraq. The President wished the ambassador Yamakuchi good luck and success in his next work, and to Japan and all the progress and prosperity. During the meeting, Talabani expressed the need for Japan to contribute in reconstructing the country through encouraging its companies and businessmen to invest in Iraq, particularly in the safe governorates. On his turn, The Japanese ambassador confirmed his country's support for the Iraqi Government and people, expressing his hope that Iraqis would be able to eradicate terrorism and that peace and security would prevail in Iraq as soon as possible. President Talabani also met with the French ambassador to Iraq, Bernard Bajulie, who transferred his country’s interest in the developments of the situation in Iraq and the French government’s desire to develop relations in a way that serves the interests of both countries. During the meeting, the latest developments on the political field in the country were discussed; also, President Talabani pointed out to the deep historical relations between Iraq and France, and renewed his desire to develop and maintain them.
U.S.: Radical cleric al-Sadr in Iran
POSTED: 7:44 p.m. EST, February 13, 2007
Story Highlights• NEW: Administration officials say al-Sadr in Iran
• Iraq to close borders with Syria and Iran for 72 hours
• U.S. helicopter likely shot down, Marine Corps says
• Suicide truck bombing kills 16, wounds 40 in Baghdad
Adjust font size:
BAGHDAD, Iraq (CNN) -- Iraq plans to close its borders with Iran and Syria for 72 hours in an attempt to secure the capital, the Iraqi commander in charge of Baghdad's security plan announced Tuesday.
Lt. Gen. Abboud Qanbar, speaking on behalf of Prime Minister Nuri al-Maliki, spelled out the details of the security crackdown in a televised address Tuesday.
As details of the border closure with Syria became public, senior Bush administration officials were saying radical Shiite cleric Muqtada al-Sadr has been in Iran for the past two or three weeks.
Iraqi sources have not confirmed Sadr's departure, and a source close to the cleric told CNN that his presence in Iran is a "rumor."
As recently as Thursday, Sadr's office told CNN the cleric was in Najaf.
The U.S. officials said they did not know why Sadr had departed Iraq for Iran or how long he might stay. The officials suggested his departure was tied to the increase of American troops ordered by President Bush and that it could be a sign that he was in fear for his life.
Whatever the reason, it was not clear what effect Sadr's absence -- if he is, in fact, in Iran -- would have on his Mehdi Army.
As part of the security clampdown closing the Syrian border, the curfew in Baghdad will be extended and Iraqi forces plan to suspend civilian licenses for weapons and ammunition.
Qanbar's announcement warned citizens they will be subject to "interrogating, searching and detaining people when necessary and in accordance with the law."
The security plan covers 10 districts in Baghdad.
Some observers have predicted that followers of al-Sadr and his Mehdi Army militia -- which has been blamed for a large part of the sectarian violence in Baghdad and other parts of Iraq -- would be overlooked, because the al-Sadr movement has backed al-Maliki, who is also a Shiite.
Qanbar did not say when the borders would close, but a government official said it was expected within two days, The Associated Press reported.
During the closures, Iraqi officials will install improved security equipment at checkpoints, including upgraded bomb detection devices, an Iraqi official told CNN.
Helicopter likely shot down
The U.S. Marine Corps now believes an American helicopter that crashed in Iraq last week was most likely shot down by insurgents, a senior officer told CNN Tuesday.
The Marines had said that the CH-46 helicopter went down because of mechanical failure, but they changed their minds after reviewing a "very convincing" video posted on the Web by insurgents, the Marine officer said.
The 2 minute, 31 second video shows the twin-rotor helicopter being struck by a projectile. Smoke bursts from the helicopter, which then speeds out of control toward land. Eventually the image of the craft morphs into a smoke-filled streak and crashes. (Watch the helicopter spew smoke and flames )
The video was released by the Islamic State in Iraq, an umbrella militant group that includes al Qaeda in Iraq, and produced by Al Furqan Media, an insurgent operation.
The Marines are relying on the insurgent video because the wreckage of helicopter was damaged by a fire on the ground. Marines who came along shortly after the crash destroyed the rest of the chopper so insurgents would not be able to get their hands on it. At the time, the Marines believed mechanical failure was the cause.
All seven people on board were killed in the February 7 crash. The helicopter was carrying medical supplies.
Six helicopters -- four military and two operated by civilian contractors --have been involved in crashes in Iraq in the past three weeks. Five of six were the result of enemy fire, the U.S. military has concluded.
Suicide bomb kills 16
A suicide bomber detonated a powerful truck bomb outside a Ministry of Trade food warehouse in northwestern Baghdad on Tuesday, killing at least 16 people and wounding 40 others, an Interior Ministry official said.
The attack took place around 10 a.m. (2 a.m. ET) in the capital's Iskan district, a predominantly Shiite area of town.
Police also found a booby-trapped ambulance about 500 yards away, but they were able to defuse all of the explosives, the AP reported.
Another car bomb exploded outside a bakery in southeastern Baghdad hours later. Four people were killed and several others were wounded, a Baghdad police official said.
Tuesday's violence comes a day after five explosions ripped through central Baghdad, killing at least 90 people and wounding more than 190 others.
Iraq's Interior Ministry accused al Qaeda in Iraq of responsibility for the deadliest of Monday's attacks and detained three people, including two foreigners and an Iraqi.
Monday's deadly bombings exploded amid memorials marking last year's attack on a revered Shiite shrine in Samarra.
The February 22, 2006, bombing is blamed for sparking sectarian violence between Shiite and Sunni Muslims. It has been a year since the attack, according to the Islamic calendar.
The Central Bank is planning to reduce inflation
Iraqi Central Bank is planning to reduce inflation
Translated by IRAQdirectory.com - [13/02/2007]
A source at the Iraqi Central Bank said that the bank is preparing plans to reduce the rates of inflation which amounted to about 70% last year because of the oil derivatives prices which rose ten times.
Within last year's budget, the government anticipated the inflation would not exceed 20-25%; however, the consumer price index rose to 70% due to the rise in the prices of oil products and electricity rose it to 80%. If energy is excluded, the index would range between 30 and 35% only.
The fuel price, for example, increased from 50 dinars to 400 dinars after the removal of government subsidy on fuel gradually; most of the main petroleum products were subsidized by the government since the former regime.
Stopping the government subsidy was one of the recommendations of the IMF which requests the application of an economic reforms program by 2008 before approving to write off 80% of Iraq's debt to the creditor nations that are not members of the Paris Club.
Due to this escalation in prices, the Central Bank was compelled to increase the interest rate to 20 % after being 8% at the beginning of 2006, and the last intervention by the Central Bank was recorded in December of that year.
Ear on the Street
Aber Diamond Corp. (ABZ : TSX : $46.81 | ABER : NASDAQ : US$39.62)
Strong production outlook
RBC Capital Markets maintains "outperform", 12-month target price is raised to US$46.00
Agnico-Eagle Mines (AEM : TSX : $47.73 | NYSE : US$40.38)
Q4 preview
RBC Capital Markets maintains "sector perform", 12-month target price is US$53.00
Arctic Glacier Income Fund (AG.UN : TSX : $12.56)
Equity offering of $74.5 million
National Bank Financial maintains "outperform", 12-month target price is cut to $15.10
TD Newcrest maintains "buy", 12-month target price is raised to $13.50
Alamos Gold Inc. (AGI : TSX : $8.17)
Upgrade on share sell-off
BMO Capital Markets upgrades to "outperform", 12-month target price is cut to $11.00
BCE Inc. (BCE : TSX : $31.26)
Results reported on today
CIBC World Markets maintains "sector outperform", 12-month target price is $34.00
CAP REIT (CAR.UN : TSX : $19.25)
Announces $60 million acquisition
Blackmont Capital maintains "hold", 12-month target price is $19.75
Cogeco Cable (CCA : TSX : $40.20)
Closing of $192.5 million financing
GMP Securities maintains "buy", 12-month target price is $44.50
National Bank Financial maintains "outperform", 12-month target price is $49.00
Cineplex Galaxy Inc Fund (CGX.UN : TSX : $13.78)
Weak Q4 expected
Raymond James maintains "outperform", 6-12 month target price is $14.50
Chariot Resources (CHD : TSX : $0.81)
Metallurgy issues and project delay at Mina Justa
Raymond James maintains "strong buy", 6-12 month target price is $1.30
Celestica Inc. (CLS : TSX : $7.69 | NYSE : US$6.50)
Solid book value
BMO Capital Markets maintains "market perform", 12-month target price is $8.50
Canadian National Railway (CNR : TSX : $53.99 | CNI : NYSE : US$45.61)
Conductors vote to strike
RBC Capital Markets maintains "outperform", 12-month target price is $63.00
Chartwell Seniors Housing REIT (CSH.UN : TSX : $16.96)
Acquire four properties in Ontario
National Bank Financial maintains "outperform", 12-month target price is raised to $17.25
Canadian Tire Corporation (CTC.A : TSX : $70.32)
Q4 preview
RBC Capital Markets maintains "outperform", 12-month target price is $89.00
Coast Wholesale Appliances (CWA.UN : TSX : $8.75)
New Street coverage
CIBC World Markets initiates coverage with a "sector perform", 12-month target price is $9.50
bcMetals Corporation (C : TSX-V : $1.69)
Imperial Metals sets to win the bidding war
Haywood Securities maintains "tender", 12-month target price is raised to $1.70
CryoCath Technologies (CYT : TSX : $3.30)
Strong showing at STS conference
RBC Capital Markets maintains "outperform", 12-month target price is $7.00
Canadian Royalties Inc (CZZ : TSX : $3.12)
Indicated resource at Ivakkak increased by 117%
Blackmont maintains "buy", 12-month target price is $3.20
Raymond James maintains "strong buy", 6-12 month target price is $4.20
Draxis Health (DAX : TSX : $6.10 | DRAX : NASDAQ : US$5.16)
Q4 preview
Desjardins Securities maintains "hold", 12-month target price is raised to US$5.75
Duvernay Oil Corp (DDV : TSX : $32.60)
Year-end preview
Canaccord Adams maintains "buy", 12-month target price is $45.00
Denison Mines Corp. (DML : TSX : $11.37)
New Street coverage
GMP Securities initiates coverage with a "buy", 12-month target price is $15.00
Emera Inc. (EMA : TSX : $21.42)
Nova Scotia Power's 2007 rate settlement approved
RBC Capital Markets maintains "sector perform", 12-month target price is $22.00
EXFO Electro-Optical Engin. (EXF : TSX : $8.24 | EXFO : NASDAQ : US$6.98)
Strong growth ahead
Desjardins Securities re-initiates coverage with a "buy", 12-month target price is $10.25
Flint Energy Services Ltd. (FES : TSX : $28.00)
Contract Negotiation with Suncor
Blackmont Capital maintains "buy", 12-month target price is $40.50
RBC Capital Markets upgrades to "outperform", 12-month target price is raised to $37.00
TD Newcrest maintains "buy", 12-month target price is $36.00
First Quantum Minerals (FM : TSX : $61.48)
New Street coverage
Canaccord Adams initiates coverage with a "buy", 12-month target price is $70.00
Finning International (FTT : TSX : $50.23)
Downgrade based on valuation
Raymond James downgrades to "market perform", 6-12 month target price is $52.50
Great Lakes Carbon Inc. Fd (GLC.UN : TSX : $11.65)
Acquisition offer from Rain Commodities
RBC Capital Markets maintains "sector perform", 12-month target price is 11.50
Groupe Laperriere & Verreault (GLV.A : TSX : $33.70)
To report Q3 on February 12
BMO Capital Markets maintains "outperform", 12-month target price is $35.00
Galleon Energy (GO.A : TSX : $16.91)
Significant extension to the Puskwa oil pool
RBC Capital Markets maintains "outperform", 12-month target price is raised to $21.00
TD Newcrest maintains "buy", 12-month target price is raised to $22.00
Grey Wolf Exploration (GWE : TSX : $3.10)
Current production below estimate
BMO Capital Markets maintains "outperform", 12-month target price is $3.50
Garda World Security Corp (GW : TSX : $20.02)
Acquire U.K-based GSS Global
Desjardins Securities maintains "buy", 12-month target price is $28.00
GMP Securities maintains "buy", 12-month target price is $33.00
National Bank Financial maintains "outperform", 12-month target price is $25.50
Husky Energy (HSE : TSX : $76.41)
Q4 in line
Desjardins Securities maintains "buy", 12-month target price is $85.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $85.50
TD Newcrest maintains "reduce", 12-month target price is $74.00
Hostopia.com (H : TSX : $6.35)
New Street coverage
RBC Capital Markets maintains "outperform", 12-month target price is $8.00
Harvest Energy Trust (HTE.UN : TSX : $26.42)
Financing improves balance sheet
Canaccord Adams maintains "buy", 12-month target price is $29.00
IPSCO Inc. (IPS : TSX : $120.70 | NYSE : US$102.32)
Lower than expected Q4 results
CIBC World Markets maintains "sector outperform", 12-month target price is cut to $117.00
Desjardins Securities downgrades to "hold", 12-month target price is $130.00
GMP Securities maintains "buy", 12-month target price is raised to $112.00
RBC Capital Markets rates "top pick", 12-month target price is $116.00
Scotia Capital Markets rates "sector outperform", 12-month target price is cut to $140.00
TD Newcrest maintains "buy" 12-month target price is $120.00
Jaguar Mining Inc. (JAG : TSX : $6.37)
Early exercise of warrants offered
Blackmont Capital maintains "buy", 12-month target price is $9.25
Canadian Hydro Developers (KHD : TSX : $6.25)
Adding wind energy
BMO Nesbitt Burns maintains "market perform", 12-month target price is $6.00
Liquor Barn Income Fund (LBN.UN : TSX : $8.70)
Liquor sales up since hockey came back
Raymond James maintains "outperform", 12-month target price is $9.50
LionOre Mining International (LIM : TSX : $13.20)
Selkirk PFS results positive
GMP Securities maintains "buy", 12-month target price is raised to $19.00
Loblaw Companies (L : TSX : $51.31)
Results reported tomorrow
National Bank Financial maintains "sector perform", 12-month target price is $44.00
RBC Capital Markets rates "top pick", 12-month target price is $46.00
MacDonald Dettwiler & Assoc. (MDA : TSX : $49.54)
Home information Pack coming soon
Raymond James maintains "outperform", 12-month target price is raised to $54.00
Minefinders Corp. (MFL : TSX : $12.84)
Leach pad loading to begin this summer
BMO Nesbitt Burns maintains "outperform", 12-month target price is $20.00
Norbord Inc. (NBD : TSX : $9.57)
Possible price war in panels
BMO Nesbitt Burns rates "underperform", 12-month target price is $8.00
Northgate Minerals Corp. (NGX : TSX : $4.28 | NXG : AMEX : US$3.62)
Disappointing 2007 guidance
Canaccord Adams downgrades to "hold", 12-month target price is cut to US$4.00
Oilexco Inc. (OIL : TSX : $8.60)
Awarded six production licenses
Canaccord Adams maintains "buy", 12-month target price is $8.58
Open Text (OTC : TSX : $22.55)
First look at hummingbird
Raymond James rates "outperform", 12-month target price is $26.00
Potash Corp. of Saskatchewan (POT : TSX : $176.79 | NYSE : US$149.70)
Chinese negotiations over?
RBC Capital Markets rates "outperform", 12-month target price is $165.00
Purepoint Uranium Group (PTU : TSX-V : $2.22)
66% gain in last seven days
Blackmont downgrades to "hold" 12-month target price is $3.20
Q9 Networks Inc. (Q : TSX : $14.05)
Partnership with IBM
Haywood Securities rates "sector outperform", 12-month target price is raised to $17.00
Cdn. Real Estate Investment (REF.UN : TSX : $32.71)
Downgrade on valuation
BMO Capital Markets downgrades to "market perform", 12-month target price is raised to $33.00
RSX Energy (RSX : TSX-V : $3.80)
New pipeline operational
Haywood Securities rates "sector outperform", 12-month target price is $5.75
Raymond James maintains "outperform", 12-month target price is $5.00
Shoppers Drug Mart (SC : TSX : $50.48)
Dividend payout could be increased
RBC Capital Markets maintains "outperform", 12-month target price is $60.00
Scotia Capital Markets rates "sector outperform", 12-month target price is $59.00
SFK Pulp Fund (SFK.UN : TSX : $4.96)
Recent $82 million equity issue
TD Newcrest reinstates coverage "buy", 12-month target price is $5.25
Toromont Industries (TIH : TSX : $24.87)
Q4 results surprise
Blackmont Capital maintains "buy", 12-month target price is $28.50
CIBC World Markets rates "sector perform", 12-month target price is $28.00
Desjardins Securities maintains "buy", 12-month target price is increased to $28.50
Raymond James maintains "market perform", 12-month target price is $27.00
TD Newcrest maintains "hold", 12-month target price is $26.00
Talisman Energy (TLM : TSX : $20.63 | NYSE : US$17.45)
Relative valuation reduced
RBC Capital Markets downgrade to "sector perform", 12-month target price is $22.00
Transalta Power Lp (TPW.UN : TSX : $7.70)
Results lower than expected
BMO Nesbitt Burns rates "underperform", 12-month target price is $6.50
Scotia Capital Markets rates "underperform", 12-month target price is $7.00
TimberWest Forest Corp. (TWF.UN : TSX : $16.63)
Brookfield logical buyer
RBC Capital Markets rates "sector perform", 12-month target price is $14.50
Wireless Matrix (WRX : TSX : $0.91)
Expansion is warranted
GMP Securities maintains "buy" 12-month target price is increased to $1.15
Yamana Gold Inc. (YRI : TSX : $15.99)
Operating results encouraging
Blackmont Capital maintains "buy", 12-month target price is $20.00
VOLUME 276
Companies featured in the current edition of the newsletter: ACCP, ADSX, ARGA, AXMP, CYTR, EMIS, ENZ, GNBT, HSOA, HYTM, IMMG, IRBO, ISON, LANW, LNXGF, RTK, SCLL, SFP, SWTS, USAT
Stocks consolidated some of their recent gains last week, with each of the indexes retreating modestly on below average volume. With fewer companies reporting results in the coming weeks, investors began to once again focus on interest rates and energy prices. Comments by Fed officials on Friday stoked fears that the Fed may not be done raising interest rates yet, contributing to most of the weekly decline in the indexes. The Dow finished the week down 72 points, paring its year to date gain to 0.9%. The Nasdaq dipped 16 points, reducing its year to date gain to 1.8%. The S&P 500 dropped 10 points, and is up 1.4% for the year, while the Russell 2000 finished the week down 2 points, reducing its yearly gain to 2.5%.
Last week’s economic news was relatively light with only a few high-profile companies reporting results. With Fed officials hinting that rate increases are more likely than reductions, this week’s upcoming CPI data takes on added importance. Likewise, the focus has shifted back to the energy sector, as crude oil prices continued to rise last week, briefly jumped above $60 per barrel. Oil finally settled at $59.89 per barrel, but the price increase could stoke inflationary concerns.
What should investors look for in the upcoming week? Next week will not see the same level of earnings activity as over the past few weeks, but there will be a few companies reporting results with the ability to impact trading. Monday before the bell Loews Corporation (NYSE: LTR) reports results. YUM! Brands (NYSE: YUM) will announce earnings after the market close on Monday. The activity picks up Tuesday with pre-market announcements from Coca-Cola Enterprises (NYSE: CCE), KB Home (NYSE: KBH) and Marsh McLennan (NYSE: MMC). Expect to see announcements from Applied Materials (Nasdaq: AMAT) and MetLife (NYSE: MET) after the bell Tuesday. United Auto (NYSE: UAG), Progress Energy (NYSE: PGN), Office Depot (NYSE: ODP), MGM Mirage (NYSE: MGM), Deere (NYSE: DE) and Coca-Cola (NYSE: KO) will announce earnings before the market opens on Wednesday. Thursday morning announcements include Baker Hughes (NYSE: BHI), EnCana (NYSE: ECA), Molson Coors Brewing (NYSE: TAP), and Reliance Steel (NYSE: RS). Allied Waste (NYSE: AW) and Community Health (NYSE: CYH), will announce earnings after the market close Thursday. Friday’s announcements will include earnings reports from Campbell Soup (NYSE: CPB) and Goodyear Tire (NYSE: GT).
Next week’s economic reports will take on added significance. The January Treasury Budget will be announced late in the afternoon Monday and the December Trade Balance will be announced before the bell Tuesday. January Retail Sales will be announced before the open on Wednesday followed by mid-morning announcements of December Business Inventories and the Weekly Crude Inventories. January Import and Export Prices will be announced before the bell Thursday, as well as the Weekly Initial Unemployment Claims and the February NY Empire State Index. December Net Foreign Purchases and January Industrial Production and Capacity Utilization will be announced later Thursday morning. The February Philadelphia Fed Index will be announced mid-day Thursday. January Housing Starts and January Building Permits, as well as the January Core PPI, which could dramatically move markets, will be announced before the open on Friday. The February Michigan Sentiment Index will be announced later that morning. Investors will likely pay close attention to Fed Chairman Bernanke on Wednesday as he testifies at the Senate on policy. Financial futures and options pits will close at 1p.m. on Friday.
The conference schedule will be highly active again next week. The three-day Deutsche Bank Securities 2007 Small Cap Growth Conference begins Monday in Naples, Florida. The three-day Second Annual Stem Cell Summit begins Monday in San Diego, while the three-day UBS Annual Healthcare Services Conference in New York starts Monday as well. Hythiam, Inc. (NASDAQ: HYTM), will present there on Wednesday at 8:30 a.m. Eastern Time. Other conferences starting Monday include Citigroup hosting its three-day 2007 Retail Conference and Field trip in Orlando, the Goldman Sachs 2007 Housing Conference, and the three-day 9th Annual Bio CEO and Investor Conference in New York. CytRx Corporation (NASDAQ: CYTR) is scheduled to present at the 9th Annual Bio CEO and Investor Conference Wednesday at 3:00 p.m. Eastern Time. Emisphere Technologies, Inc. (NASDAQ: EMIS) will also present on Wednesday at 12:00 p.m. The CIBC Human Capital Management Software 1-on-1 Conference in New York and the First Albany Capital 2nd Annual Orthopedics Conference in San Diego will begin Tuesday. The three-day Merrill Lynch Insurance Investor Conference and the three-day Merrill Lynch Internet, Software & Services Conference begin Tuesday as well, and both conferences will be held in New York. Merriman Curhan Ford & Co. will hold a IP Video 2007 Conference in San Francisco on Tuesday. The three-day BB&T Capital Markets 22nd Annual Transportation Conference in Miami and the four-day Piper Jaffray 5th Annual Aircraft Summit in Vail, Colorado begin Wednesday. The two-day Credit Suisse Digital Media, Memory & Storage Conference in Boston also begins Wednesday. The two-day EnerCom Incorporated Oilservice Conference V in San Francisco begins Thursday.
Hythiam, Inc. (NASDAQ: HYTM), a healthcare services management company that licenses the PROMETA™ physiological protocols designed to treat substance dependence, announced last week that the company has launched a new nationwide team of field personnel with a focus on increasing the awareness of the PROMETA® protocols among allied health professionals and physicians specializing in the treatment substance dependency. This national field organization is made up of 36 individuals, 18 of which are PROMETA Clinical Consultants (PCC). The remaining half of the team is comprised of Site Managers. The Site Managers will service the company’s licensed locations as liaisons between Hythiam and its licensees. In addition to working closely with the Site Managers to execute strategies for increasing the visibility of licensed sites, the PCC’s will also service Hythiam’s existing 60 PROMETA licensed sites by communicating the scientific features, advantages and benefits of the treatment protocols to key thought leaders and decision makers. The company also said that its flagship PROMETA center, based in Los Angeles, achieved its highest monthly revenue since its inception a year ago. HYTM recently said that two additional Centers were recently opened in San Francisco and New Jersey. The stock ended the week at $8.56, down 13 cents.
Enzo Biochem, Inc. (NYSE: ENZ), developer of innovative health care products based on molecular biology and genetic engineering techniques, announced last week that the company had agreed to sell one million shares of the company’s common stock at $15 per share in a registered direct offering. While the shareholder was not disclosed, it must have been somebody who wanted to own the stock pretty badly, as the company completed the sale of 3.3 million shares at $14 less than six weeks earlier. Net proceeds totaling $14.2 million from the sale increase the company’s cash position to approximately $125 million. Enzo also said that its subsidiary, Enzo Life Sciences, Inc., had been granted two new patents by the U.S. Patent and Trademark Office. These new patents add to the competitive position of the company’s intellectual property portfolio and serves to strengthen Enzo’s existing proprietary labeling products for the genomics and diagnostics markets. U.S. Patent No 7,166,478, covers a wide range of applications in DNA labeling broadly used in such areas as nucleic acid arrays for gene expression and analysis of gene copy number in chromosomes. U.S. Patent No. 7,163,796, relates to the use of novel processes developed at Enzo for use in chemiluminescent assays. The patents highlight the company’s broad portfolio of intellectual property, which has sometimes caused it to protect its IP estate through litigation. One lawsuit, filed by ENZ against Applied Biosystems (ABI), may have merit, if one were to read a 10-Q filing by ABI, in which it acknowledged that the lawsuit by Enzo was one of the risk factors investors faced. The suit alleges that ABI infringed six patents due to the sale of sequencing reagent kits, TaqMan ® genotyping and gene expression assays, and the gene expression microarrays used with the Applied Biosystems group’s Expression Array System. On November 8, 2006, a patent interference proceeding was declared by the United States Patent and Trademark Office between Enzo Diagnostics, Inc. and the California Institute of Technology, concerning a patent application owned by Enzo and U.S. Patent No. 5,821,058, owned by Caltech. The ’058 patent is exclusively licensed to Applied Biosystems and claims methods for DNA sequencing. The possibility of Enzo prevailing in the interference potentially provides it with the ability to assert claims against ABI and possibly others. Enzo shares closed the week up $0.57 at $15.65.
Applied Digital (NASDAQ: ADSX), a leading provider of identification and security technology, finally completed the IPO of its Verichip Corporation subsidiary on Friday as the stock begin trading on the Nasdaq Global Market under the ticker symbol CHIP. VeriChip offered 3.1 shares of its common stock at $6.50 per share, before underwriting discounts and commissions. So where does that leave ADSX? Primarily as the majority owners of VeriChip and Digital Angel. While it will undoubtedly take some time for VeriChip to develop the market for the VeriMed Patient Identification System, the company is primarily being valued based upon revenue ($20.3 million for the first nine months of 2006) generated by RFID sales of infant protection and wander prevention systems. Essentially, it is trading at comparable multiples of revenue to other RFID publicly-traded companies, with investors attributing little value to VeriMed. Investors should focus on the number of new hospitals adopting the system, a key metric to value the company’s future progress in gaining traction. The stock ended the week down $0.12 at $1.90.
New 52-Week High: Shares of CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical company focused on developing products primarily in the area of small molecules and ribonucleic acid interference (RNAi), surged to yet another new high last week on heavy volume, as the company announced that it will proceed with its arimoclomol study. CYTR unveiled the company’s plans for completing its next step in the process of initiating the Phase IIb clinical trial for treatment of ALS, more commonly known as Lou Gherig’s disease, planned for commencement in the third quarter of 2007. The company plans to proceed with the maximum safe and well-tolerated dose during the Phase IIb efficacy trial of the orally-administered arimoclomol. At a European single-site, this double-blind, placebo-controlled multiple rising/ascending dose study is designed to test the safety, tolerability and pharmacokinetics of increasing dosages of arimoclomol in healthy volunteers over a seven-day period. Included in the plan will be 40 healthy volunteers in four groups consisting of ten individuals. CytRx believes that positive efficacy and safety results from the Phase IIb trial could be sufficient for arimoclomol product registration in the U.S. The stock ended the week up 36 cents at $3.25.
Generex Biotechnology Corporation (NASDAQ: GNBT), a leader in the area of buccal drug delivery, announced that the company has selected and finalized the preparations of 50 volunteers set to participate in clinical trials for a synthetic avian influenza vaccine under development by GNBT’s wholly-owned subsidiary, Antigen Express. The company previously announced that it entered into an agreement with Lebanese-Canadian Hospital in Beirut, Lebanon to conduct the Phase I trial. The hospital is currently screening an additional 70 potential volunteers. The study is expected to accrue160 total patients. Antigen Express’s development of a novel peptide vaccine technology houses certain advantages for utilization against the potentially pandemic H5N1 avian influenza virus. The peptide vaccine has the potential for more inexpensive and rapid mass production, whereas the potential of the traditional egg-based vaccine would allow for vaccination of only a fraction of the world population. The technology under current development by Antigen Express is designed to more potently stimulate CD4+T helper cells by modifying a specific protein from the H5N1 virus in order to protect against the lethality of the virus. In other company news, Frost & Sullivan selected Generex as the recipient of the 2006 Frost & Sullivan Award for Technology Innovation in the field of diabetic therapies. The company's Generex Oral-lyn™ oral insulin spray technology for the treatment of Type-1 and Type-2 diabetes provides an ideal and noninvasive path for insulin delivery. The technology is currently available in South America and Generex is preparing for a pivotal Phase III study in the USA and worldwide. The stock ended the week up 9 cents at $1.84.
Rentech Inc. (AMEX: RTK), a developer of alternative energy sources, announced last week results for its 2007 first fiscal quarter ended December 31, 2006. RTK reported significantly increased revenue as a result of sales of nitrogen products from its manufacturing plant in East Dubuque, Illinois, which was acquired in April, 2006. RTK reported revenues of $35.4 million versus $41,000 for the equivalent period in fiscal year 2006. The company reported a net loss applicable to common shareholders of $(8.7) million or $(0.06) per share, compared to a net loss applicable to common shareholders of $(5.7) million or $(0.05) per share during the three months ended December 31, 2005. The company had cash and cash equivalents of $53.8 million at December 31, 2006. Perhaps most significantly, the company said in its conference call that it planned to finance a significant portion of the conversion costs for its East Dubuque facility through project financing, which would reduce the amount of stock the company would need to issue. Shares ended the week up 29 cents at $3.88.
Earnings Preview: Small-appliance maker Salton, Inc. (NYSE: SFP) will report second quarter results on Tuesday before the market opens for the period ended December, 2006 but the results are likely to be overshadowed by an announcement last week where the company said it had entered into a definitive agreement to merge with Applica, in a move that came as little surprise to investors. Immediately following the merger, Applica will become a subsidiary of Salton and the existing stockholders of Applica will control approximately 83% percent of Salton’s outstanding common stock. The combination of Applica and Salton will result in the creation of one of the largest U.S. public companies centered on the household small-appliance industry and should drive substantial cost savings, likely well in excess of $50 million. The combination of the two companies will create a broad product portfolio of highly recognizable consumer product names. The companies intend to complete this transaction by the end of the second calendar quarter of 2007. Harbinger Capital Partners, which acquired Applica after a bidding war with NACCO Industries, will be the largest shareholder of the combined companies. The stock ended the week down 8 cents at $2.91.
Isonics Corporation (NASDAQ: ISON), the developer of innovative solutions for the homeland security and semiconductor markets, announced that the company has made the final principal payment to the holders of its 8% Convertible Debentures, which were issued in February 2005. The repayment of the Debentures simplifies the company’s capital structure and eliminates the need for the company to issue more shares to repay the debt. Shares ended the week down 3 cents at $0.52.
Home Solutions of America, Inc. (NASDAQ: HSOA), a provider of recovery, restoration and rebuilding/remodeling services, said last week that its subsidiary, Fireline Restoration, Inc., was an emergency first responder to the tornados that hit central Florida in early February. In the wake of the twisters, the company was on the ground to assist with immediate remediation and recovery efforts once the area was confirmed safe and emergency services had finished attending victims of the natural disaster. HSOA anticipates revenue of approximately $8 million from the storm and additional reconstruction work in the area. Despite the news, this heavily shorted stock (30% short interest) continues to struggle with its 200-day moving average $6.67, rising briefly over that level earlier in the week only to fail to hold that level, as it has since July. Shares ended the week down 21 cents at $6.43.
New 52-week High: Is Access Pharmaceuticals, Inc. (OTCBB: ACCP), an emerging biopharmaceutical company that develops and commercializes propriety products for the treatment and supportive care of cancer patients, close to inking a significant licensing agreement? While the company has said nothing about a deal for its MuGard™ product, used for the management of oral mucositis, a painful, inflammatory mouth condition affecting over 40% of cancer patients undergoing chemotherapy and radiation therapy, specialty pharmaceutical company BioProgress plc. said in a release disseminated in London but not picked up widely in the U.S. that it had entered into a term sheet to license the product for sale within the European, CIS and Middle East regions. As consideration for the exclusive rights, BioProgress will, upon signing the final licensing agreement, pay Access $1 million. Shares ended the week up $1.99 at $7.15.
Volume Alert: Shares of specialty pharmaceutical company Auriga Laboratories, Inc. (OTCBB: ARGA), jumped 55% last week on more than five times average volume, after the company announced preliminary results for the year ended December 31, 2006. For the twelve months ended December 31, 2006, ARGA had revenue of $7.4 million in its first full year of operations. Unaudited gross profit totaled nearly $4.1 million last year, up nearly 105% from the prior year. Auriga forecast $6.2 million in gross revenue for its first quarter ended March 31, 2006 and full-year revenue of $26 million. Auriga plans to launch Aquoral™, a prescription-only product designed to treat the widespread condition of Xerostomia, as well as its Zinx™ family of respiratory prescription and over-the-counter products during the first quarter 2007. Shares ended the week up 43 cents at $1.20.
Research and development biotechnology company ImmuneRegen BioSciences, Inc., a wholly owned subsidiary of IR BioSciences Holdings, Inc. (OTCBB: IRBO), announced that Viprovex™ has demonstrated the potential for treating potentially resurgent Spanish Flu, Avian Flu and other infectious diseases. The results were based upon studies the company conducted in animal models showing protection from infection by Bacillis anthracis and influenza A viruses. Studies aimed at potential mechanisms have examined cellular components of the host immune system and have found that in both animals and in cultured cells, Viprovex causes differential activation of components of the innate immune system. These results support the whole animal findings and suggest that Viprovex may be capable of preventing immune system over-stimulation that might motivate the severe lethality of both Spanish flu and avian influenza. Current studies are planned to confirm both anti-viral effectiveness as well as these specific mechanistic findings in animal models for avian and Spanish Flu. In addition, these studies will expand efficacy observations against Anthrax to viral diseases such as Hepatitis C and Dengue Fever. The stock ended the week up a penny at $0.14.
Joe Granville, a noted mining newsletter published who writes The Granville Letter, said last week in his publication that he thought the stock of junior mining company Linux Gold Corp. (OTCBB: LNXGF) could easily reach a $1 or more. While certainly a bold prediction, Granville has been uncannily accurate before, winning the top gold model for the second consecutive year in a competition to forecast the price of gold. Previously, he recommended Linux as a top stock, just weeks before the stock surged to a new 52-week high in May. Linux shares ended the week unchanged at $0.27.
Cell biology company Stem Cell Innovations (OTCBB: SCLL), said last week that the company had submitted its ACTIVTox® in vitro toxicology suite to ECVAM to seek validation as an alternative to animal testing in the European Union. The company’s proprietary, highly characterized human liver cell system is currently being used to accurately predict the response of the liver to a new drug compound and chemists can then eliminate potential toxicity before entering clinical trials. The use of ACTIVTox has the potential to reduce the need for animals in clinical testing, in turn saving pharmaceutical companies time and money. ACTIVTox also has broad application and can be used to examine toxicity in chemicals, nutraceuticals and cosmetics. Shares ended the week at $0.05, down $0.02.
Sweet Success Enterprises, Inc. (OTCBB: SWTS), which has re-launched a product line made popular by Nestlé’s to tap into the rapidly growing demand for convenient and nutritious beverages, announced the finalization of an agreement with Kerry Sainte-Claire for the production of the unique ChocKoala Immunity Jr.(TM) This agreement significantly broadens the company’s production potential to include the smaller “kid-friendly” products. The company will mass-produce the one of a kind ChocKoala Immunity Jr. in the 250mL Tetra Prisma packaging at KSC's 122,000SF state-of-the-art facility. Kerry Sainte-Claire, is a unit of the multinational conglomerate Kerry Group. Kerry Group is a leader in global food ingredients and flavors markets, and a leading branded consumer foods processing and marketing organization. The stock ended the week unchanged at $0.63.
USA Technologies, Inc. (OTCBB: USAT), a developer of cashless vending and energy management products, announced last week that all energy utilities offering EnergyMiser rebates had renewed their incentive programs for 2007. USAT also signed two additional utilities, increasing the total number of energy utilities offering EnergyMiser rebates to 26. The two new utilities joining the program are The United Illuminating Company, of Connecticut and the Western Massachusetts Electric Company. Shares ended the week down 8 cents at $6.72.
Language Access Network (OTC: LANW), a leader in video language interpretation services, announced last week that the company will provide services to Cypress Fairbanks Medical Center, in Houston, Texas. Cypress is part of the massive Tenet Healthcare System. Language access will provide interpretation service in over 150 languages, including American Sign Language, to the medical center's Emergency Department. The company’s Martti™ system will be available free to Cypress Fairbanks Medical Center patients 24 hours a day, year round. Texas ranks second in the nation, behind California, with 13% of its population speaking English less than very well. If the launch is successful, it could lead to widescale adoption among other hospitals in the Tenet chain. The stock ended the week down $0.15 at $2.80.
AXM Pharma Inc. (OTC: AXMP), a manufacturer of proprietary and generic pharmaceutical and nutraceutical products for the Chinese and other Asian markets, announced last week the acquisition of a leading Chinese research institute. The company’s wholly-owned subsidiary, AXM Shengyang entered into an Acquisition Restructure and Technology Transfer Agreement with Beijing Yuhuatang Biological Sci-Tech Development Co., Ltd. AXM will issue approximately 4.5 million shares of the company's common stock and RMB 1 million to Yuhuatang in exchange for all of Yuhuatang’s common stock and technology. Yuhuatang’s technology was granted innovative funds for Small and Medium Enterprises from State Science and Technology Ministry. Under the agreement, AXM will acquire a broad portfolio of products including products in the areas of testosterone and testosterone undecanoate, both of which contain Androstenedione. The demand for these products far exceeds the supply. The company expects that it can produce these products in a GMP-certified 60,000 square meter facility and expects to produce and launch these products during the fourth quarter of 2007. The products will be exported and will also be sold domestically. Construction funding will come from Chinese investors under financial terms currently under negotiation. AXM also announced that Brazil Wahsun Import & Export Ltd. has signed a ten-year agreement, under which AXM Pharma has been designated exclusive distributor for Sygen. Sygen, a product produced by TRB Pharma of Brazil, measures pathological changes in the central nervous system and Parkinson's disease. Shares ended the week up $0.05 at $0.30.
In an operational update released to company shareholders, IMPART Media Group, Inc. (OTCBB: IMMG), an innovator in the creation of out-of-home digital advertising content and information network management, provided information regarding the company’s business strategies. The company said its E&M business produced its best quarter in 20 years and surpassed 1,000 sold units for the Impart IQ™ platform by the year-end of 2006. The company also said the market acceptance of the Impart IQ mini™ increased. The company anticipates becoming cash flow positive in the second quarter of 2007. IMPART also announced its preliminary unaudited revenues for the fourth quarter 2006 was $2.34 million. The revenues total represents an increase of 42% over third quarter revenues. In additional company news, IMPART announced its expansion into Europe as a supplier to the Interpublic Group's Momentum Worldwide subsidiary. The company is providing an integrated, interactive merchandising shelf signage solution with 8.4" LCD touch screen, custom enclosure, Impart IQ mini™ player, dual solid state flash memory storage for both the media and Windows embedded operating system, plus USB future upgrade accommodations for Wi-Fi connectivity. The stock ended the week up $0.21 at $0.72.
On the Wires: Access Pharmaceuticals, Inc. appointed Esteban Cvitkovic, M.D. to its Board of Directors. Dr. Cvitkovic has also assumed the title of Vice Chairman (Europe). Dr. Cvitkovic is widely respected physician who played a crucial role in the registration of leading cancer drugs and with over thirty years of international experience in oncology therapeutics he will assist Access with the development of its existing portfolio. Dr. Cvitkovic is currently a Senior Medical Consultant to AAIOncology and maintains a part-time academic practice including teaching at the hospitals Beaujon and St. Louis in Paris. Language Access Network, a leader in video language interpretation services, recently announced the addition of Erika Shell Castro as Director of Interpreter Services. Castro was previously employed as the Manager of Interpretive Services at OhioHealth, where she was responsible for designing and implementing a full service Language Access Services program. She is a trained facilitator for the 40 hour spoken language medical interpreter training program, Bridging the Gap, and under an agreement with the Cross Cultural Health Care Program, Castro will provide this training to all of LANW’s spoken language interpreters. Sweet Success Enterprises, Inc. said last week that the company has appointed Robert D. Straus, Senior Vice President and Senior Analyst at Merriman Curhan, Ford & Co., to its Board of Directors. He joined the firm to cover specialty consumer and retail sectors. AXM Pharma Inc. appointed Elliot M. Maza to serve as a director on the Board and as Chairman of the Audit Committee. Maza is currently the Executive Vice President and Chief Financial Officer of Intellect Neurosciences, Inc.
Weekly Update February 11, 2007
--------------------------------------------------------------------------------
I presented Plug Power last week but we hit a glitch with the mail server and not everyone received the update. I am resending this week with updated information concerning Russian involvement and a target set by Citigroup.
That information is included at the bottom of this week's update. Citigroup placed an $8 target and billionaire shareholder, Mikhail Prokhorov, had the following comments following an important shuffling of assets.
"I am resolved to get seriously involved into this promising domain," Prokhorov said in a statement published on the Interros Web site. "I feel the hydrogen technology will help to establish an innovative economy in Russia."
Plug Power (PLUG/NASDAQ $3.72)
www.plugpower.com
Hydrogen Fuel Cells
Sept 30th - net cash approx. $270 million U.S. ($2.12/share)
shares fully diluted: 127 million
Revenue is marginal - near $6 million for 2006 (development stage)
It would be difficult to have missed all the media recently over Global Warming. The state of California has taken the most proactive approach this year by banning power companies from buying electricity from high-polluting sources, including most out-of-state coal-burning plants. In Bush's recent state-of-the- union address, he also approved billions in incentives to develop alternative energy sources. Thanks to Bush and the United Nations report on global warming, alternative energy is back in the limelight.
World Class Technology
Plug Power designs and develops on-site energy systems, based on proton exchange membrane (PEM) fuel cell technology, for energy consumers worldwide. Their technology platform includes proprietary PEM fuel cell and fuel processing technologies, from which multiple products are being offered or are under development.
They are currently offering for commercial sale thier GenCore® product, a backup power product for telecommunications, broadband, utility and industrial uninterruptible power supply (UPS) applications. The GenCore is fueled by hydrogen and does not require a fuel processor. They are also developing additional products, including a continuous power product, with optional combined heat and power capability for remote small commercial and remote residential applications.
PLUG is smallcap by U.S. standards but for us, it's abnormally large. However, I am presenting it for diversification now that the sector is back in vogue. The stock is trading at the low end of a three year chart and in theory, should have downside limited to the low three dollar range which was tested in January.
I typically have little interest in alternative energy companies but these guys are very well funded, have huge backers, and own some of the most advanced fuel cell technology in the world.
The U.S. and European governments have been supporters of the company through funding initiatives in late 2006. This has included;
* $4 million for development and demonstration of an ethanol-based, grid-connected system with the U.S. Army Engineer Research and Development Center's Construction Engineering Research Laboratory
* $3.6 million for the international development and demonstration of a high temperature combined heat and power proton exchange membrane (PEM) fuel cell system targeted for multi-family home applications.
* $1 million for the development of a new design for a prototype 1kW PEM fuel cell stack
* a grant from the European Commission for the development and demonstration of three high temperature combined heat and power proton exchange membrane (HT- PEM) fuel cell system prototypes (that could be used as heat and power sources for commercial and residential structures throught Europe)
Fascinating Russian Involvement
In the summer of 2006, Interros, a major Russian investment firm, and Norilsk Nickel, the world's largest producer of nickel and palladium, invested $217 million in exchange for shares of Class B Capital Stock that are convertible into 39.5 million shares of common stock (factored into the shares outstanding above). The purchase price per share of common stock in the transaction, on an as-converted basis, is $5.50 - on a converted basis, these two Russian companies own 35% of PLUG.
Two weeks ago it was announced that these major Russian investors were planning to "restructure" their business relationship, with shares in PLUG expected to change hands.
Russian billionaires Mikhail Prokhorov and Vladimir Potanin, who invested $217 million (£111 million) in Plug Power plan to change their business and investment structures.
Mr Potanin, who is chief executive of Interros Holding Company, will buy Russian mining company Norilsk Nickel from Mr Prokhorov, in exchange for Interros's power and energy assets. This, the St Petersburg Times is quoted as reporting, is likely to include a 35 per cent stake in Plug Power. The stake was bought through a joint venture between the two businessmen called Smart Hydrogen.
An article published recently by the St. Petersburg Times in Russia said that this would include Smart Hydrogen's 35 percent stake in Plug.
"I am resolved to get seriously involved into this promising domain," Prokhorov said in a statement published on the Interros Web site. "I feel the hydrogen technology will help to establish innovative economy in Russia." Plug will maintain a presence in Russia, where it will soon begin marketing its products.
$8 Target from Citigroup
Citigroup recently dropped coverage of PLUG because David Smith, an alternative-energy analyst, is leaving Citigroup. Before leaving, Smith had good things to say about the company. He gave it a buy recommendation with a 12 month target price of $8 This was before the Russian restructuring and all the media exposure with global warming so hopefully the next 12 months can see the company meet or exceed his expectations.
Danny Deadlock
Microcap.com
--------------------------------------------------------------------------------
email: microcap@telus.net
web: http://www.microcap.com
There was this little boy about 12 years old walking down the sidewalk dragging a flattened frog on a string behind him. He came up to the doorstep of a house of ill repute and knocked on the door. When the Madam answered it, she saw the little boy and asked what he wanted. He said, "I want to have sex with one of the women inside. I have the money to buy it, and I'm not leaving until I get it."
The Madam figured, why not, so she told him to come in. Once in, she told him to pick any of the girls he liked.
He asked, "Do any of the girls have any diseases?"
Of course the Madam said no.
He said, "I heard all the men talking about having to get shots after making love with Amber. THAT'S the girl I want."
Since the little boy was so adamant and had the money to pay for it, the Madam told him to go to the first room on the right.
He headed down the hall dragging the squashed frog behind him. Ten minutes later he came back, still dragging the frog, paid the Madam, and headed out the door. The Madam stopped him and asked, "Why did you pick the only girl in the place with a disease, instead of one of the others?"
He said, "Well, if you must know, tonight when I get home, my parents are going out to a restaurant for dinner, leaving me at home with a baby-sitter. After they leave, my baby-sitter will have sex with me because she just happens to be very fond of cute little boys. She will then get the disease that I just caught. When Mom and Dad get back, Dad will take the baby-sitter home. On the way, he'll jump the baby-sitter's bones, and he'll catch the disease. Then when Dad gets home from the baby-sitters, he and Mom will go to bed and have sex, and Mom will catch it. In the morning when Dad goes to work, the Milkman will deliver the milk, have a quickie with Mom and catch the disease, and HE'S the son-of-a-bitch who ran over my FROG!"
A woman was unhappy with the way her laundry was done at the local Chinese Laundry, so she wrote a note and put it in the bag with the next collection of soiled clothes :
"USE MORE SOAP ON PANTIES!"
She got the clean laundry back, and was still dissatisfied with the results, so the following week she enclosed another note:
"USE MORE SOAP ON PANTIES!"
The Chinese laundryman became very annoyed, and when her clean laundry was delivered, it contained a note from him:
"I USE PLENTY SOAP ON PANTIES!!!
USE MORE PAPER ON ASS!!"
Derelict Power Plant Symbol of Iraq Woes
By LAUREN FRAYER, Associated Press Writer
4 hours ago
YOUSSIFIYAH, Iraq - A giant smokestack looms over the green pastures and lazily flowing canals south of Baghdad. There is no smoke _ just the sense of lost economic potential and an uncertain future.
Saddam Hussein promised the Youssifiyah power plant would serve homes across a 330-square-mile stretch of Iraq. Instead, the derelict compound has served as an insurgent stronghold, and is now a makeshift base for 300 U.S. and Iraqi soldiers.
President Bush has proposed boosting U.S. economic aid to Iraq by $1.2 billion this year. But an assessment last year by U.S. engineers says reviving the Youssifiyah project _ still only 20 percent built _ may be beyond the capabilities of the fledgling Iraqi government.
Still, Army Col. John Valledor, who oversees the site, said the plant could bring safety and stability to this Sunni Muslim region and former pro-Saddam stronghold.
"I'd love to see this power plant revitalized, so that the local populace can be weaned off supporting the terrorists and get back into the business of building their future," said Valledor, 44, who commands the U.S. Army's 2nd Battalion, 14th Infantry Regiment, 2nd Brigade, 10th Mountain Division.
"Just cleaning up the site, I could employ hundreds of Iraqis for months," said Valledor, a Weehawken, N.J. native.
Iraqi unemployment is thought to be as high as 60 percent, and inflation above 50 percent. Reducing unemployment might help end the violence, but the violence cuts into any hope of getting the power plant rebuilt.
Mortars fired across the Euphrates river slam into the plant about twice daily, soldiers said. Last month a sniper killed a U.S. soldier. Days later a sniper's bullet tore through the helmet of a U.S. soldier on guard duty, grazing his head.
"Our vision is dictated by security. We can't pour money into anything we can't sustain," said Capt. Trevor Smith, 30, of Shelby Township, Mich., who is with the 413th civil affairs battalion.
The violence of the surrounding area was made famous on the Internet last summer. The Youssifiyah power plant is in the background of a Web video showing the torture of two American soldiers kidnapped at a checkpoint nearby. Their burned bodies, one decapitated, were dropped at the plant's front gates.
Valledor and his men seized the compound in a nighttime raid in October. In the early dawn light, they stumbled across cages they believe were used for torture by Abu Musab al-Zarqawi, leader of al-Qaida in Iraq until an American bomb killed him last June. Graffiti on the steel beams says "Long live Saddam!" and lists the names and dates of "martyrs" and their suicide missions.
"When insurgents ruled this 'castle,' as we call it, the message was nothing but evil," Valledor said. "Now the locals see U.S. and Iraqi forces here, and the message can be one of safety and prosperity."
The steel and cement structure stretches along about 1 1/2 miles of a fertile belt by the meandering Euphrates. It is the largest building in a 100-mile radius.
Construction began in August 2001, as a joint venture by Saddam's government and TechnoPromExport (TPE), a Russian company. Originally scheduled for completion last year, it would have produced 1,680 megawatts of electricity, according to an engineering assessment by the 4th Infantry Division in May 2006.
But work was halted for lack of money even before the U.S. invasion of 2003, the report said. Afterward the facility was looted and taken over by extremists.
Lt. Hani Raysan, 36, one of 70 Iraqi troops who live at the plant, said he has technology and engineering degrees and hopes to help revitalize the site.
"I wouldn't have come here if I didn't think so," he said. "But we can't do it without the U.S."
Since 2003, the U.S. government has spent $2.7 billion to add 2,093 megawatts of generating capacity in Iraq, the General Accountability Office reported last month.
But Iraq's Electricity Ministry estimates $27 billion more is needed, and meanwhile, Iraqis have power for only part of the day.
The American military spends more than $100 billion annually for the war, but new U.S. reconstruction aid has dwindled to $750 million in the current fiscal year. Bush's proposed addition is only about a quarter of the $5 billion recommended by former Secretary of State James A. Baker's Iraq Study Group.
The soldiers here are convinced money for Youssifiyah would be well spent.
If Iraqis get jobs here, "they won't take a one-time payment to plant a bomb. They'll opt for the long-term income instead," said 1st Lt. Christopher Russo, 24, from Clifton, Va. He is also part of the Army's 2nd Battalion, 14th Infantry Regiment, 2nd Brigade, 10th Mountain Division.
U.S. Military: Iran Arming Iraq Militias
By STEVEN R. HURST, Associated Press Writer
46 minutes ago
BAGHDAD, Iraq - U.S. military officials on Sunday accused the highest levels of the Iranian leadership of arming Shiite militants in Iraq with sophisticated armor-piercing roadside bombs that have killed more than 170 American forces.
The military command in Baghdad denied, however, that any newly smuggled Iranian weapons were behind the five U.S. military helicopter crashes since Jan. 20 _ four that were shot out of the sky by insurgent gunfire.
A fifth crash has tentatively been blamed on mechanical failure. In the same period, two private security company helicopters also have crashed but the cause was unclear.
The deadly and highly sophisticated weapons the U.S. military said it traced to Iran are known as "explosively formed penetrators," or EFPs.
The presentation was the result of weeks of preparation and revisions as U.S. officials put together a package of material to support the Bush administration's claims of Iranian intercession on behalf of militant Iraqis fighting American forces.
Senior U.S. military officials in Baghdad said the display was prompted by the military's concern for "force protection," which, they said, was guaranteed under the United Nations resolution that authorizes American soldiers to be in Iraq.
Three senior military officials who explained the display said the "machining process" used in the construction of the deadly bombs had been traced to Iran.
The experts, who spoke to a large gathering of reporters on condition that they not be further identified, said the supply trail began with Iran's Revolutionary Guards Quds Force, which also is accused of arming the Hezbollah guerrilla army in Lebanon. The officials said the EFP weapon was first tested there.
The officials said the Revolutionary Guard and its Quds force report directly to Iran's supreme leader, Ayatollah Ali Khamenei.
The briefing on Iran was revised heavily after officials decided it was not ready for release as planned last month.
Senior U.S. officials in Washington _ cautious after the drubbing the administration took for the faulty intelligence leading to the 2003 Iraq invasion _ had held back because they were unhappy with the original presentation.
The display appeared to be part of the White House drive that has empowered U.S. forces in Iraq to use all means to curb Iranian influence in the country, including killing Iranian agents.
It included a power-point slide program and a handful of mortar shells and rocket-propelled grenades which the military officials said were made in Iran.
The centerpiece of the display, however, was a gray metal pipe about 10 inches long and 6 inches in diameter, the exterior casing of what the military said was an EFP, the roadside bomb that shoots out fist-sized wads of nearly molten copper that can penetrate the armor on an Abrams tank.
"A normal roadside bomb is like a shortgun blast. But these are like a rifle. They're focused and they're aimed. ... It's going to take anything out in its way, go in one side and out the other," said 1st Lt. Zane Galvach, 25, of Dayton, Ohio, a soldier with the Army's 2nd Division, based in Baghdad.
Skeptical congressional Democrats said the Bush administration should move cautiously before accusing Iran of fomenting a campaign of violence against U.S. troops in Iraq.
Senate Intelligence Committee member Ron Wyden, D-Ore., said "the administration is engaged in a drumbeat with Iran that is much like the drumbeat that they did with Iraq. We're going to insist on accountability."
On the Republican side, Sen. Trent Lott of Mississippi said he did not think the United States was trying to make a case for attacking Iran. Lott said the U.S. should try to stop the flow of munitions through Iran to Iraq but that "you do that by interdiction ... you don't do it by invasion."
The EFPs, as well as Iranian-made mortar shells and rocket-propelled grenades, have been supplied to what the military officials termed "rogue elements" of the Mahdi Army militia of anti-American Shiite cleric Muqtada al-Sadr. He is a key backer of Shiite Prime Minister Nouri al-Maliki.
The U.S. officials glossed over armaments having reached the other major Shiite militia organization, the Badr Brigade. It is the military wing of Iraq's most powerful Shiite political organization, the Supreme Council for the Islamic Revolution in Iraq, whose leaders also have close ties to the U.S.
Many key government figures and members of the Shiite political establishment have deep ties to Iran, having spent decades there in exile during Saddam Hussein's rule. The Badr Brigade was formed and trained by Iran's Revolutionary Guard.
An intelligence analyst in the group said Iran was working through "multiple surrogates" _ mainly in the Mahdi Army _ to smuggle the EFPs into Iraq. He said most of the components are entering the country at crossing points near Amarah, the Iranian border city of Meran and the Basra area of southern Iraq.
The analyst said Iraq's Shiite-led government had been briefed on Iran's involvement and Iraqi officials had asked the Iranians to stop. Al-Maliki has said he told both the U.S. and Iran that he does not want his country turned into a proxy battlefield.
"We know more than we can show," said one of the senior officials, when pressed for tangible evidence that the EFPs were made in Iran.
U.S. officials have alleged for years that weapons were entering the country from Iran but had until Sunday stopped short of alleging involvement by top Iranian leaders.
During the briefing, a senior defense official said that one of the six Iranians detained in January in the northern city of Irbil was the operational commander of the Quds Force.
He was identified as Mohsin Chizari, who was apprehended after slipping back into Iraq after a 10-month absence, the officer said.
The Iranians were caught trying to flush documents down the toilet, he said. They had also tried to change their appearance by shaving their heads. Bags of their hair were found during the raid, he said.
The dates of manufacture on weapons found so far indicate they were made after fall of Saddam Hussein _ mostly in 2006, the officials said.
In a separate briefing, Maj. Gen. Jim Simmons, deputy commander of Multinational Corps-Iraq, said that since December 2004, U.S. helicopter pilots have been shot at on average about 100 times a month and been hit on an average of 17 times in the same period.
He disclosed a previously unknown shootdown, a Blackhawk helicopter hit by small arms fire near the western city of Hit. The craft crash-landed but there were no casualties. Simmons was on board.
The major general said Iraqi militants are known to have SA-7, SA-14 and SA-16 shoulder-fired anti-aircraft missiles but none of the most recent five military crashes were caused by those weapons. He said some previous crashes had been a result of such missiles but would not elaborate.
North of Baghdad, a suicide truck bomber crashed into a police station, killing at least 30 policemen. A total of 76 people were killed or found dead across Iraq. The U.S. military said Sunday a soldier was shot and killed the day before in volatile Diyala province northeast of the capital. A second soldier was reported killed Sunday in western Baghdad.
Iraq Currency Being Damaged
RICO Action Says Con Artists Affecting Value of Dinar
Posted 5 hr. 15 min. ago
Press Release:
TEMECULA, Calif., Feb. 10 /Christian Newswire/ -- The law firm of Ackerman, Cowles & Lindsley filed a civil Racketeering Influenced and Corrupt Organizations Act (RICO) case against what are alleged to be the perpetrators of a vast real estate and currency exchange scheme taking place in California, Arizona, Texas, Washington, Oregon, Arkansas and on federal military lands.
United States District Court Case No. ED CV 07-00167 (Anna Richter, Deborah Weber v. James B. Duncan, et. al.) was filed by two investors who claim to have suffered over $500,000.00 in damages on their cases alone. U.S. District Judge Virginia A. Philips has been assigned the case. The suit alleges that the defendants may have scammed more that 700 victims in several states and on military installations, including an air base in Tucson, Arizona. The total damages are alleged to exceed $1.2B in this suit and a related suit filed in state court last month (California Superior Court Case No. RIC463483).
The complaint, filed on February 8, 2007, alleges that four operators of Stonewood Consulting, Inc., Pacific Wealth Management LLC (Nevada), and Sunburst Financial Systems, Inc., engaged in an investment scheme involving perhaps thousands of wire and mail transactions in Arizona, California and Texas. The named individuals are James B. Duncan, Hendrix Montecastro, Maurice Mcleod and Charlie Choi, all residents of Southern California.
The alleged mastermind of the scam is one James B. Duncan, who was previously ordered by the states of Washington and Iowa to cease and desist in investment activities. According to the State of Washington, in Department of Financial Institutions Case No. S-02-259, Duncan was previously fired from Olde Discount brokers for misappropriation of corporate funds and unauthorized investment activities. The Department found that Duncan defrauded a female victim and was ordered to pay restitution. In Iowa, Duncan was alleged to have taken financial advantage of an elderly victim in Iowa Division of Insurance Case No. C02-07-017.
In California, Duncan's alleged company, Pacific Wealth Management (NV), and individual Maurice Mcleod were ordered to cease and desist in the improper use of investor advisor numbers belonging to a legitimate brokerage in California Superior Court Case No. RIC462505. California Superior Court Judge Dallas Holmes issued a related temporary restraining order in Case No. RIC463483 against Hendrix Montecastro, and Maurice McLeod.
In the present case, the defendants are alleged to have induced members of the general public. hundreds of military personnel, church-goers, and health care professionals to get involved in a real estate business whereby "investors" could each become the owners of multiple residential properties throughout Arizona and California. In fact, fraudulent loan applications and income information were submitted on behalf of investors without their knowledge according to the suits. Now hundreds of alleged victims face multiple foreclosures and renters are losing their homes.
In what the defendants called a "short-term" investment, military personnel and others were allegedly duped into investing in the Iraqi dinar. However, the suit alleges that, while millions were taken from investors, the foreign currency was never delivered or only a minute fraction would be delivered to "investors." None of the defendants appear to be licensed to offer securities or currency exchange services anywhere in the United States.
The suit alleges that the activities of the defendants are having a damaging impact on the Iraqi dinar, the United States real estate market, and on the credit worthiness of the hundreds of victims, many of whom can no longer pay for so much as basic necessities. Some of the victims are alleged to have lost nearly everything they own. Military victims face even more serious consequences for excessive indebtedness. Members can suffer a breaking of rank and other devastating administrative action by superior command.
In the coming weeks, plaintiffs will ask the United States District Court to completely shut down the activities of the defendants and to place their enterprises into receivership
http://www.iraqslogger.com/index.php/post/1325/Iraq_Currency_Being_Damaged
U.S., Iraqi Troops Find Weapons Caches
By Associated Press
4 hours ago
BAGHDAD, Iraq - U.S. and Iraqi troops found 14 weapons caches and detained 140 suspects in a week, focusing on mainly Shiite eastern Baghdad in the initial phase of a security sweep to end the violence in the capital, the military said Sunday.
More than 7,400 patrols and 34 operations were conducted in the week of Feb. 3-9, said U.S. Brig. Gen. John Campbell, the deputy commander of American forces in Baghdad.
He said he was encouraged by the early results.
"With the cache finds this week, the detentions we've made and creating a larger presence on Baghdad streets with the establishment of another combat outpost, we are making headway with the Baghdad security plan," Campbell said. "This is only the beginning."
The chief military spokesman, Maj. Gen. William B. Caldwell, said Wednesday that the much-anticipated Baghdad security operation was under way. His remarks came about a month after President Bush announced he was dispatching 21,500 more troops to curb sectarian bloodletting.
Under the plan, Baghdad is to be divided into nine zones, with Iraqi and American soldiers working side-by-side to clear each sector of Shiite militias and Sunni insurgents so that reconstruction programs can begin in safety.
Campbell stressed that about half of the patrols were conducted by Iraqi police, while 20 of the operations were joint and 14 were led by U.S. troops.
The U.S. military is eager to show Iraqi forces are taking the lead in the security plan since the Americans believe that is key to allowing them to leave.
Campbell said most military activity so far in the operation has been the eastern side of the Tigris River, which includes the Shiite militia stronghold of Sadr City.
"We're addressing that area with increased security forces and patrols," he said in a statement.
Units of the 82nd Airborne Division's 2nd Brigade Combat Team and Iraqi security forces also have established a combat outpost in Azamiyah, a predominantly Sunni area on the eastern side of the river. The outpost appears aimed preventing Shiite militias from staging attacks on Sunnis there.
Another post has been set up by the U.S. 2nd Division in Kazimiyah, a Shiite neighborhood across the river from Azamiyah.
The latest plan is the third effort to secure the capital since Prime Minister Nouri al-Maliki took office on May 20.
The military also stressed that humanitarian and economic efforts were ongoing, including a new business center opened at the Baghdad International Airport and the opening on Feb. 5 of a high school for girls in Taji, north of the capital.
Treasury support to exports to Iraq
The New Anatolian - [11/02/2007]
After the petroleum products crisis between Turkey and Iraq, the Treasury decided to support the companies exporting to Iraq. Until December 31, 2007, the companies exporting to Iraq will be allowed to bring in without declaration the foreign exchange earned via the sales to Iraq up to 100 thousand dollars.
The communiqué of the Turkish Treasury has been published in the Official Gazette. The communiqué, which makes some changes in the decision on The Maintenance of the Value of the Turkish Lira, announces that the companies exporting to Iraq will not have to declare the bringing in of the foreign exchange earned via the sales to Iraq up to 100 thousand dollars if it is in cash. The communiqué says that the companies that bring the foreign exchange to Turkey effectively will not make any declaration until December 2007.
The Treasury stated that some of the arrangements of the communiqué published in the Official Gazette are as follows:
-Taking into consideration the unrestraint of the other types of transfers and the complexity of the bureaucracy that the banks and companies face, importation committal accounts prosecutions are abolished.
-Regarding the loans taken from abroad, the loan agreement presentation appearing in the Capital Movements Notice of the Central Bank and the arrangements regarding the loans to be used without bringing to Turkey have been turned into communiqué decisions due to the arose of some problems in implementation.
-Arrangements on the prosecution of the companies with Turkish participation abroad have been made.
-Taking into consideration the developments in the banking sector, the regulation permitting the Turkish residents to set off the exportation compensation to the capital of the companies or offices that are to be established abroad, instead of transferring it as cash capital transfer to abroad has been cancelled.
-Personal capital movements are defined taking into consideration the OECD and EU codes.
-In the regulation regarding the Law on Foreign Direct Investments, no decision on the subject is mentioned due to the fact that the law encloses all companies including partnerships.
-In accordance with the regulations introduced by the decision, the practice which permits the resident people in Turkey (especially the banks) to make license and agency contracts with credit card institutions having foreign residency is amended.
-An article which authorizes the Treasury to gather information from the relevant private and public institutions and contribute to the information sharing and coordination among those institutions is added to the notification. The aim of the given article is to improve and support the overseas construction services for national benefits.
Iraq: Exchange Rate
as of December 31, 2006
The SDR is an international reserve asset created by the IMF in 1969 and serves as its unit of account. The currency value of the SDR is determined by summing the values in U.S. dollars of a basket of major currencies.
Download this file
TSV -- TSV tips
(in SDRs per Currency unit)
Date Exchange Rate
April 28, 2006 0.000460244
April 29, 2005 0.000451682
September 22, 2004 0.000466938
September 08, 2003 2.53758
April 30, 2002 2.53758
April 30, 2000 2.43852
April 30, 1999 2.38074
April 30, 1998 2.38881
April 30, 1997 2.3558
April 30, 1996 2.21848
April 30, 1995 2.04504
April 30, 1994 2.26323
April 30, 1993 2.26004
April 30, 1992 2.34852
April 30, 1991 2.39924
April 30, 1990 2.46985
April 28, 1989 2.48283
April 29, 1988 2.32407
April 30, 1987 2.46269
April 30, 1986 2.73556
April 30, 1985 3.24557
Al-Sadr looks to lie low, outlast U.S. By HAMZA HENDAWI, Associated Press Writer
Sat Feb 10, 2:44 PM ET
BAGHDAD, Iraq - Their rhetoric is still stridently anti-American, but Mahdi Army militiamen are tucking away their weapons and blending into civilian life. Their leaders are keeping out of sight.
ADVERTISEMENT
In the streets of Sadr City, the strategy of Muqtada al-Sadr, the Shiite militia leader, is clear: Lie low, avoid a showdown and hope to emerge even stronger after the Americans leave.
Gathered for prayers this week, at least 10,000 al-Sadr supporters raised clenched fists and chanted "No, No to America." Later, a black-turbaned cleric addressed them, dressed in a white shroud to signal readiness for martyrdom.
"They claim that the Mahdi Army is made up of terrorists," Mohanad al-Moussawi said mockingly before delivering a tirade against Sunni political groups he accused of sponsoring terrorism.
Religious ceremonies charged with fiery rhetoric are common among al-Sadr loyalists. But with a massive U.S.-Iraqi security operation getting under way to pacify Baghdad, the Mahdi Army and its political masters are sending out assurances that it has no wish to fight.
A ragtag but highly motivated militia that fought U.S. forces twice in 2004, the Mahdi Army is blamed for much of the sectarian strife shaking Iraq since a Shiite shrine was bombed by Sunni militants a year ago. U.S. officials have for months pressed Shiite Prime Minister Nouri al-Maliki to move against the militia, but he has so far done little to comply, largely because he does not want to lose al-Sadr's support.
Suggesting that al-Maliki's reluctance to act against Shiite militiamen endures, U.S. military officers told The Associated Press that their Iraqi counterparts were urging them to go after Sunni targets as the first focus of the military push to secure Baghdad.
They said the Iraqis, especially representatives of the Shiite-run Interior Ministry, played down the threat posed by the Mahdi Army, the biggest Shiite militia, blamed for much of the violence against Sunnis. The American officers spoke on condition of anonymity because the subject is sensitive.
Salam al-Zubaie, one of two al-Maliki deputies and a Sunni, told the U.S.-funded Alhurra television Saturday that he would prefer to see the military sweep in Baghdad simultaneously target Shiite and Sunni neighborhoods. "This will reinforce confidence in the government by all sects of the Iraqi people," he said.
Hundreds of Mahdi Army militiamen were killed in the 2004 fighting, but al-Sadr bounced back, joining the political process, rebuilding his militia but not softening his anti-American rhetoric.
With his militia now widely seen as the main threat to Iraq's unity and high on the list of targets for the Baghdad security operation, al-Sadr is likely to do all he can to dodge a crippling blow to his militia, analysts say.
Residents of Sadr City, a sprawling district of some 2 million Shiites in eastern Baghdad, say militiamen opting to remain in the area have moved in with relatives and friends to avoid arrest.
According to residents familiar with the militia's tactics, and speaking anonymously for fear of reprisals, weapons are hidden in places like grocery stores, ice cream and soda kiosks, or underground.
At Friday prayers, al-Sadr's aides in Sadr City were not in their usual front row spots, and the handful who came swapped their clerical robes and turbans for casual wear.
Mahdi Army militiamen dressed in civilian clothes were out in force, with hundreds searching cars and frisking worshippers headed to the prayers. None openly carried weapons. At checkpoints into the entrance of Sadr City, militiamen in track suits and running shoes stood shoulder to shoulder with police commandos.
Security around Sadr City has been tightened in recent days. Access to the district, once known as Saddam City, is now controlled by Iraqi Army checkpoints where soldiers randomly search cars and check the identity of drivers and passengers.
Much is at stake for al-Sadr and his militia in this third attempt by U.S. and Iraqi forces to calm the capital since al-Maliki came to office last May.
Al-Sadr loyalists occupy 30 of parliament's 275 seats and fill six Cabinet posts. Surviving the latest security sweep while it weakens Sunni rivals would enable al-Sadr to project his power more assertively in Baghdad.
"I expect it to be 12 months or less before the Americans withdraw from the cities and stay in bases outside," said Joost Hiltermann of the International Crisis Group, or ICG, a Brussels-based think tank. "Whoever survives this Baghdad security plan will have a better place in the vacuum that follows a reduced American presence."
Tribal chiefs from Sadr City known to be loyal to al-Sadr sought to assure U.S. and Iraqi army commanders in a meeting Thursday of their support for the Baghdad security plan. They argued that they too wanted rogue militiamen brought to justice, according Abdul-Hassan al-Kaabi, the head of the local Sadr City government who attended the meeting.
"We support the security plan," he said in an interview. "We told them that we will help them find them."
Nassar al-Rubaie, who leads the Al-Sadr loyalists in parliament, argued in an interview with Iraqiyah, an Iraqi TV station, that the militia is an ideological organization, and he sought to shift the blame for the sectarian violence to outside powers and Sunni rivals.
"Foreign hands are stoking sectarian strife," he said.
But the analysts say clashes are almost inevitable in an all-out military operation to detain or kill the Mahdi Army militiamen in Sadr City.
Those fighting back would be seeking martyrdom or provoked by perceived transgressions like raiding homes or humiliating men in front of their families, said Peter Harling, an Iraq expert based in neighboring Syria.
"But the overall strategy will be restraint," said Harling, also with ICG. "Mahdi Army fighters can redeploy in southern Iraq and return to Sadr City when it's all over to avoid arrest."
Sadr Takes Conciliatory Stance with U.S. Forces
Day to Day, February 7, 2007 · Radical Shiite cleric Moqtada al-Sadr now says he's willing to negotiate or compromise with the U.S. forces in Iraq. John Burns, Baghdad bureau chief for The New York Times, talks with Alex Chadwick.
http://www.npr.org/templates/story/story.php?storyId=7238036&ft=1&f=1010
A Forum in Amman to enhance economic partnership between Iraqis and their foreign counterparts
--------------------------------------------------------------------------------
06 February 2007 (Iraq Directory)
Print article Send to friend
On the 7th of next March in Amman events pw Tassadeh Iraqi and foreign partners to discuss ways of enhancing Shara Keh and reconstruction efforts in Iraq.
A statement by the organizers said that the forum organized by the Iraqi- American Trade and Industry Chamber, located in the Jordanian capital, over the three days will coincide with the Fourth International Exhibition for reconstructing Iraq 2007.
The statement said that the exhibition will be held in Amman with the participation of Iraqi economic sectors, companies and ministries interested in the reconstruction and infrastructure, in addition to ministries of the Kurdistan government as well as various international commercial affiliates, and Jordanian official quarters.
The organizers defined the objectives of the forum by raising the level of transactions between the members and foreign companies through creating opportunities for direct meeting between the two sides.
The statement said that the exhibition, organized by the International Company, the Near East Company and Arriyadh Group includes about one thousand foreign companies from 52 countries participating in it.
Jordan is one of the main gates through which passes investments and reconstruction requirements to Iraqi market and a passage for various Iraqi sectors to the world.
Iraq Summit offers crucial business opportunities for ICT & Education leaders
--------------------------------------------------------------------------------
06 February 2007 (Iraq Development Program)
Print article Send to friend
International companies looking to become involved in the lucrative and fast emerging ICT and education sectors in Iraq are invited to attend the forthcoming Iraq Information Communication Technology & Education Summit (ICTE) in Sharjah, UAE on 27-28 February 2007.
The summit is set to be hugely successful, with a strong ministerial delegation set to attend from the key sectors at minister, deputy minister and director general level. The delegation will be led by the Minister of Higher Education & Scientific Research HE Abed Theyab, Minister of Communications HE Mohammed Tawfiq Allawi and Minister of Science & Technology HE Raed Fahmi, all of whom have formally confirmed their attendance.
A central pillar of Iraqi Government strategy is to form and strengthen relationships with leading international operators who can bring best-in-breed technology, training and management skills to the country. Ministerial objectives include the establishment of computer and electronic communication standards, providing computer training for government employees and planning for Iraq's information technology programmes.
The attending ministers will be looking to work with public and private industry, governmental agencies and educational institutions to lead scientific and technological development for the purpose of fostering the restoration and improvement of Iraq's ICT and education infrastructure.
All Iraqi officials will be attending to speak about their ministries' requirements for their relevant sectors in front of an audience of senior corporate executives, before holding private consultations with some of the pre-eminent operators in the ICT and education sectors.
For more information on how to register for the summit please email info@developmentprogram.org or visit:
http://www.iraqdevelopmentprogram.org/idp/istc/index.htm
Oracle confirmed as key sponsor of Iraq ICT & Education Summit
--------------------------------------------------------------------------------
09 February 2007 (Iraq Development Program)
Print article Send to friend
Oracle Middle East has confirmed its keynote sponsorship of the forthcoming Iraq Information Communication Technology & Education Summit (ICTE) in Sharjah, UAE on 27-28 February 2007.
The summit, which is organised to facilitate the Government of Iraq’s strategy for forming and strengthening relationships with leading international operators to bring best-in-breed technology, training and management skills to the country, will welcome a delegation of senior level officials from the Iraqi Ministries of Communications, Science & Technology and Higher Education & Scientific Research.
The official Iraqi delegation will be led by Minister of Communications HE Mohammed Tawfiq Allawi, Minister of Science & Technology HE Raed Fahmi and Minister of Higher Education & Scientific Research HE Abed Theyab. It will also host a delegation from the Kurdistan Regional Government (KRG), to be led by HE Dr Idris Hadi Salih, Minister of Higher Education & Scientific Research.
Ministerial objectives include the establishment of computer and electronic communication standards, secure communications networks, developing mobile telecommunications infrastructure and equipment, modernisation of information technology infrastructure, IT procurement, provision of computer training for government employees and planning for Iraq's IT programmes.
Oracle is ideally suited to its role as a key sponsor of the summit. It is the world's largest enterprise software company and the only vendor to offer solutions for every tier of business-database, middleware, business intelligence, business applications and collaboration.
“Oracle is pleased to be associated with this event,” said Ali El Tahtawi, Communication Manager for Oracle MEA. “The new Iraq is demanding the best in IT infrastructure to support its growth. By our involvement, we have clearly demonstrated our commitment to support the growth of Iraq through technology.”
The summit will also be attended by relevant officials from the Iraq Reconstruction Management Office (IRMO), as well as a number of leading global education institutions.
All attending Iraqi Ministries will be looking to work with public and private industry, governmental agencies and educational institutions to lead scientific and technological development for the purpose of fostering the restoration and improvement of Iraq's infrastructure and industrial base.
All Iraqi officials will be attending to speak about their ministries' requirements for their relevant sectors in front of an audience of senior corporate executives, before holding private consultations with some of the pre-eminent operators in the ICT and education sectors.
Iraqi Government: Al Jazeera Channel Contributing to the Spread of Death
--------------------------------------------------------------------------------
Baghdad, 09 February 2007 (Asharq Alawsat)
Print article Send to friend
The Iraqi government has accused Al Jazeera satellite channel of “contributing to the spread of death and destruction” through its news coverage of the events in Iraq. This comes two years following the closure of the channel’s office in Baghdad.
In a statement, the Iraqi cabinet said that, “Al Jazeera channel continues to adopt a clear and blatant hostile position towards the Iraqi public, contributing to the spread of death and destruction on Iraq’s noble land through its adoption of an antagonistic project that is obviously against Iraq and its people.
Al Jazeera described the Iraqi cabinet’s statement as “without justification or basis.”
Ahmed al Sheikh, the editor-in-chief of Al Jazeera television said, “What have we done… Nothing.” He sees that, “the Iraqi government is searching for a scapegoat to justify its failure to achieve security and stability for the Iraqi people,” according to Reuters news agency. The Iraqi government had banned al Jazeera channel from operating in Iraq two years ago despite the fact that the English service of the channel has an office in Baghdad and continues to broadcast from the autonomous region of Kurdistan in northern Iraq.
The Iraqi government believes that, “Al Jazeera channel aired programs through which it tried to spread confusion and distort the facts, in addition to diverting international public opinion away from the catastrophic crimes committed by the death squads and the rampant destruction and organized terrorism on Iraqi land.” The ministerial statement added, “we invite the representatives of the Iraqi people in the House of Representatives to take a firm and clear stand against the channel, and to use legal ways to persecute and deter it away from its approach that is hostile to the aspirations and expectations of Iraq’s people and its national government.”
The Iraqi government did offer an explanation for this new criticism; however an official from the ruling Shiaa coalition said that a talk show, which was broadcast the day before last, criticized the government and the Shiaa parties.
An Iraqi media official had issued a request to the parliament to take a ‘clear and decisive’ stance towards the Qatari satellite channel, accusing Al Jazeera of airing “discrimination and outright animosity, also propagating confusion and distorting the facts.”
According to the head of the national media center of the cabinet’s secretariat, “Al Jazeera adopts a blatantly antagonistic position against Iraq’s people and is a tool for spreading discord among the sons of one nation. It is a means of [spreading] killing, death and destruction,” as related by Agence France-Press
Gen.: Iraqis, U.S. GIs Must Cooperate
By LAUREN FRAYER, Associated Press Writer
49 minutes ago
BAGHDAD, Iraq - The new U.S. commander in Iraq warned on Saturday that the country was "doomed to continued violence and civil strife" if American and Iraqi forces did not work together.
Gen. David Petraeus took command of the 135,000-strong U.S. force, declaring "we will have to share the burdens and move forward together. If we can do that and if we can help the people of Iraq, the prospects of success are good.
"Failing that, Iraq will be doomed to continued violence and civil strife."
Standing under a crystal chandelier that spanned 30 feet of the ceiling in one of Saddam Hussein's former palaces, Petraeus said the task before him was "exceedingly challenging."
"The stakes are very high. The way ahead will be hard, and there undoubtedly will be many tough days. But as I recently told members of the U.S. Senate, hard is not hopeless."
Petraeus, who has served two previous tours in Iraq, takes over from Gen. George Casey who becomes Army chief of staff.
In a letter to U.S. troops in Iraq, Petraeus said "in the end, Iraqis will decide the outcome of this struggle. Our task is to help them gain the time they need to save their country."
The change in command was part of President Bush's overhaul of Iraq policy that includes deployment, by the end of May, of 21,500 additional American forces in Iraq, most of them in Baghdad.
"Our job in the months ahead ... will be to improve security so that the Iraqi government can resolve the tough issues it faces, and so that the economy and basic services can be improved," Petraeus said. "These tasks are achievable. This mission is doable."
The U.S. military on Saturday announced three more American soldiers had died in an explosion in volatile Diyala province northeast of Baghdad. The blast occurred as Task Force Lightning soldiers searched for a weapons cache near Baqouba. U.S. and Iraqi forces have battled Sunni insurgents and Shiite militias in Diyala for months.
The deaths raised to 36 the number of Americans killed in Iraq so far this month. At least 3,120 members have died since the Iraq war started in March 2003, according to an Associated Press count.
Dozens of Shiites and a handful of Sunnis gathered Saturday for the reopening of a Sunni mosque in Baghdad's Shiite militia stronghold of Sadr City. Local officials said they hoped to encourage members of the displaced Sunni minority to return to the district as part of reconciliation efforts.
A Sunni cleric led a joint prayer under the mosque's blue mosaic dome and beige minaret. Interior Ministry commandos stood guard outside.
Sadr City is the headquarters of the Mahdi Army, the militia of radical Shiite cleric Muqtada al-Sadr. The fighters are blamed for much of the sectarian killing that has targeted minority Sunnis in a year of revenge killings after al-Qaida in Iraq bombers destroyed an important Shiite shrine north of Baghdad.
"The Sadr movement is working to consolidate national unity and today's handover is proof of our intentions," Sadrist lawmaker Nassar al-Rubaie said. "We will work to bring back the deported Sunnis families to the city and to return other Sunni mosques."
Militia members are keeping a low profile and trying to improve their image as U.S. and Iraqi forces launch a security sweep that the Shiite-led government has promised would not spare Shiite militiamen or Sunni insurgents.
At the ceremony marking the change of command, Petraeus sat alongside Casey and Army Gen. John Abizaid, the outgoing Central Command chief. A U.S. Army band of the 1st Cavalry Division from Fort Hood, Texas, played the U.S. and Iraqi national anthems before the presentation of the flags.
Also in attendance were U.S. Ambassador to Iraq Zalmay Khalilzad, Iraqi National Security Adviser Mowaffak al-Rubaie and Iraqi Lt. Gen. Aboud Gambar, commander of Iraqi troops in the Baghdad security operation.
Prime Minister Nouri al-Maliki was absent.
Iraqi President Jalal Talabani and his two deputies met Petraeus on Friday and discussed the security plan and "appropriate ways to reach security and stability and annihilate terrorism," a government statement said.
Before the change of command, outgoing Iraq commander Casey said he was confident Iraqis would be ready to take control of their own security by the end of this year, but acknowledged progress was slower in Baghdad than the rest of the country.
"It's no secret that sectarian violence ... has changed the dynamics of what Iraqis must face here on the ground. But when Iraqis want something to happen, it happens," he told reporters.
Casey said failure in Iraq would be tied to the people's inability to put the past behind them.
"We liberated them from 35 years of tyranny but we can't liberate them from the fears and the prejudices that grew in those 35 years," he said. "I think they'll get past it, but if they don't, it'll be difficult."
Casey said he felt "a little numb" about leaving Iraq after 2 1/2 years.
"But I go away with great feeling of pride because we've laid the foundation for Iraq's ultimate success.
"Everything's not as I would have expected it to be or wanted it to be on my way out, but that's kind of the way things are," the departing general said.
Casey said he was still too close to the situation to evaluate his tenure but said he had a sense of where criticism could arise.
"The main point people will debate is whether I relied too much on Iraqi forces to carry the security load and too little on coalition forces," he said. "But I'm certainly not ready to say that's a mistake. I'll let history judge that."
Bridges To Babylon: New Fund Focuses On Iraq
Fin Alternatives - [10/02/2007]
Foreign investors are not yet allowed to trade on the two-and-a-half-year-old Iraq Stock Exchange—“They have said, ‘within six months,’ for the last two-and-a-half-years,” Englund laments, though he adds optimistically, “there is a possibility it will happen by the end of the year, but nobody really knows”—so you need locals on the ground.
Englund’s colleagues in the war-torn country are directors Ismail al-Rashidi and Fouad Cheragwandi, the former an ex-vice chairman of the Iraqi Federation of Industries and one-time Iraqi delegate to the World Trade Organization. He’s also co-founded a number of banks in Iraq, including the Commercial Bank, Economic Bank of Iraq and Investment Bank of Iraq.
For now, trading on the Iraq Stock Exchange is a decidedly small-scale affair. Its total market capitalization is just US$2 billion—half the size of Jordan’s—and it trades for only two-and-a-half hours a day, twice a week, on Mondays and Wednesdays. During those sessions, Englund says, only about a quarter of the roughly 80 securities listed on the exchange trade, with a total turnover of between US$2 million and US$4 million, at best, which is less than half the size of the fund.
“One of my worries,” Englund admits, “is that we might end up a strategic player, and that’s not our intention.” So, to blunt the force of his fund on the market, only about a quarter of its assets will be invested on the ISX. Another quarter will be invested directly in Iraq through a combination of internationally-traded Iraqi bonds, dinar-denominated six month Iraqi Treasury bills and some private equity investments. The rest will be invested in foreign companies that do business with Iraq.
Englund suspects that once the foreign investment restrictions are lifted, the floodgates will open. “There is a lot of interest from foreigners to enter the Iraq Stock Market,” he says. “But now you have to get around [the restriction], and many people don’t want to take that risk.” There are also concerns about a lack of transparency, but Englund argues that such risks are the nature of the emerging market—without them, there wouldn’t be the fantastic returns that investors often see in developing economies.
“Many people complain that you cannot find the stock price on the Iraq Stock Exchange on the Internet. You cannot find the data,” he says. “But when you have that, the market has already risen 100% or 200%. There are a lot of unknowns here.”
Meters Cost Iraq Billions In Stolen Oil
KTVT Investigation: Lack Of Metering At Terminals Funnels Billions Into Hands Of Corrupt Officials And Insurgents
CBS News - [10/02/2007]
Atop Iraq's al Basrah Oil Terminal, heavily armed anti-terrorism forces stand guard — while the theft of the century may be occurring right under their noses. Tankers berthed at the sprawling platform, located off Iraq's southern coast in the Persian Gulf, take on the oil that is the lifeblood of Iraq's war-torn economy.
Millions of dollars' worth of oil is stolen daily in Iraq because of the absence of oil meters, a basic tool for preventing corruption, according to estimates by classified CIA and State Department reports, the Iraq Study Group Report , a former consultant to a U.S. oil company and a former State Department adviser to Iraq's Oil Ministry.
A six-month investigation by KTVT found the annual thefts run into the billions of dollars and help fuel insurgents, sectarian militias and corrupt officials — as well as deprive the Iraqis of much-needed money to run their struggling government.
"I would say probably between 200,000 and 500,000 barrels a day is probably unaccounted for in Iraq," says Mikel Morris, who worked for the State Department's Iraq Reconstruction Management Organization (IRMO) in Baghdad. Depending on fluctuations in the price of oil, the thefts could be worth $20 million to $30 million per day.
A Houston-area petroleum engineer, Morris says Iraq's oil industry is wide-open to corruption because there are no working meters anywhere in the system to keep count of how many millions of barrels of oil Iraq produces or exports. "It’s like a supermarket without a cashier. There is no metering. And there's no metering at the well heads either. There's no metering at any of the major pipeline junctions," he says.
KTVT obtained photographs taken last spring during an Iraqi inspection that picture rusted, broken meters on the al Basrah Oil Terminal, known as the ABOT.
The bulk of Iraq's crude oil exports, which provided 94 percent of Iraq's $28 billion budget last year, are pumped into tankers at the terminal. The ABOT's oil meters have been inoperable since the U.S. invasion nearly four years ago, according to the U.S. Army Corps of Engineers, a former senior oil consultant for IRMO, statements by Iraqi officials and reports by a United Nations monitoring group.
Morris and other sources familiar with operations at the ABOT suspect that the inoperable meters allow corrupt officials to overload tankers with oil that is then sold on the black market. Intelligence reports warn that the profits from smuggled oil and petroleum products help fuel the insurgency in Iraq, though estimates of the losses vary widely.
A recent report to the Congressional leadership by the Government Accountability Office (GAO) also attributed the losses of Iraqi petroleum products to insurgents and underscored the absence of working meters. "According to State Department officials and reports, about 10 percent to 30 percent of refined fuels is diverted to the black market or is smuggled out of Iraq and sold for a profit. According to U.S. Embassy documents, the insurgency has been partly funded by corrupt activities within Iraq and from skimming profits from black marketers. In addition, Iraq lacks fully functioning meters to measure oil production and exports."
In an interview with KTVT, Samir Sumaidaie, Iraq's ambassador to the United States, conceded that there has been a massive theft of oil. "I heard about this metering problem and I think it's scandalous that we have not been able to do that,” he said. When asked where the half-million barrels of oil estimated to be stolen daily is going, Sumaidaie confirmed it was reaching insurgents and corrupt government officials. "We are facing a coalition, if you like, of extremists, terrorists, organized crime, and corruption. We are aware that there is corruption going on. And we are committed to fight that. But we also are not naive enough to believe that overnight that we can simply eliminate it. It will take time."
The ABOT is under the control of Iraq's state-owned South Oil Company, which is now dominated by Shiites in southern Iraq, and the sales are managed by the State Oil Marketing Organization (SOMO). Morris says SOMO has refused to divulge its export contracts, records of sales — or even the names of buyers — in order for him to estimate how much oil is being stolen. "There's a certain secrecy behind that, so that if you don't know what's being moved in country, then you don't know what's being lost, and you don't know what's being sold," he says. "Also, you don't know what political motivations are behind what political party wants to control the oil sales. So they can take their share of the crude sales for their own political contributions or aspirations. So there's always that push to control SOMO and keep the oil sales secret."
Parsons Iraq Joint Venture, a U.S. contractor based in Houston, is scheduled to complete installation of new meters on the ABOT by May. The Special Inspector General for Iraq Reconstruction (SIGIR) reported to Congress in its Jan. 30 report that work at the ABOT, "has suffered chronic schedule slippages." Morris says powerful people inside Iraq's Oil Ministry repeatedly blocked installation of meters and fought against other measures that would help stop pervasive corruption. "There were those people inside the ministry that didn't want the sales to be known. They were the ones who probably had the most authority, (the) most power inside the ministry."
Morris says the honest Iraqi professionals in the Oil Ministry who pushed for metering and transparency put their lives at risk. "Anytime you gave the impression that you were working with the U.S. and trying to clean up the corruption problems and the word got out, there were going to be people there to make sure you didn't. One of your family members was going to disappear, or you would disappear."
Morris also became a target. He says Oil Ministry insiders tipped off insurgents about his visits to oil facilities as well as to the ministry's headquarters in Baghdad. In 2005, his Army convoys suffered deadly attacks by a suicide bomber and another by a roadside bomb. "You feel betrayed because someone inside the ministry has already helped get you attacked and tried to kill you. Our young soldiers there would ask me at the end of the mission, 'What did you get done today? Were the meetings good? Are you getting something accomplished?' I feel bad about the deaths we had from the U.S. Army soldiers that died protecting us. It still hurts me."
Iraq holds the world's second-largest proven oil reserves — approximately 100 billion barrels, with the potential of as high as 200 billion barrels. Control of that wealth is now up for grabs and is the major driving force behind the violence in Iraq, according to Amy Myers Jaffe, an energy adviser to the Iraq Study Group, which was co-chaired by former Secretary of State James Baker and former Congressman Lee Hamilton. "You really have to think about the oil as just being dollars buried under the ground or buried in a pipeline or coming out of a refinery," she says. "It's like printed money. Imagine if in the middle of the night that you could just grab some metal tool and poke it into a pipeline where there is no security, drain out oil, put it into a truck, drive it somewhere, and become a millionaire in one day. So the incentive to steal or smuggle this oil and have it be a regular business is huge in a society where there are not good controls or security."
Jaffe, who is now the Director of Energy Studies for the Baker Institute at Rice University in Houston, says political and sectarian leaders now run Iraq's oil industry without oversight because the hurriedly passed constitution did not clearly define how to fairly divide up the country's mineral resources.
As a result, corruption has become embedded in Iraq's political system to a worse extent than during Saddam Hussein's regime, according to Jaffe. "Without oil meters and control systems, there is built up a whole black market. There are different groups that can control that flow," she says. "They can pay off politicians. They can pay off government officials and government inspectors. There are people inside the system now who are making personal, individual money, or their insurgency group or their political party is making money from corruption, from smuggling, from black market activities. So they are against instituting the kinds of procedures it would take to close all this down."
The Iraq Study Group Report warned that corruption is debilitating in Iraq's oil sector and recommended putting oil meters at both ends of the supply line. It's a recommendation that has been stalled for the past three years. "Those people who are courageous and stand up and say, 'I am going to order these meters and I am going to oversee that they will be put in place' get up in the morning and their cousin is found on the street dead and assassinated or their life is threatened," Jaffe says. They were afraid to attend technical training in the United States or testify before the Iraq Study Group, "because you have this sort of layer of evil element of people who are willing to just shoot people to prevent these systems from going into place. It's very hard to implement."
Prior to the U.S. invasion, an elaborate system of corruption for stealing oil already existed in Iraq to funnel money directly to Saddam through corruption of the U.N Oil for Food program. Last May, the House Government Reform Subcommittee on National Security heard testimony that the lack of functioning oil meters at the ABOT, which had been known as the Mina al-Bakr port, enabled the Iraqi government to smuggle oil by inspectors and to top off tankers with undocumented oil. A year after the U.S. invasion, the GAO estimated that from 1997 to 2002, the former Iraqi regime had misused the Food for Oil program to attain $10.1 billion in illegal revenues through kickbacks from oil sales and smuggling oil out of Iraq .
Jaffe says a cottage industry exists for redocumenting stolen oil cargo with phony bills of loading so that it can be sold into the market through corrupt brokers. "Many of the oil trading entities that helped Saddam in the days of oil for food could be seen loading oil in Iraq after the war. So there's no question that an enterprising individual, if there were not good control systems, which of course there were not after the war, could get those same players that were fooling the U.N. to set up similar systems to fool whoever is now in the Iraqi government to continue this corruption."
Morris suspects the Iraqis are now running a new kickback scheme by paying from $6 to $9 a barrel discounts to compensate buyers for the risk of bringing tankers into the troubled waters around the ABOT. Morris recommended that Iraq could lease its own tankers and turn profits in the millions of dollars by not having to pay the discounts. But his suggestion met stiff opposition. "I thought the discounts could possibly be a kickback. But there's no proof of that. I couldn't get access to any of the contracts. It could have been a kickback, but there was no way to verify it.”
The United States is now spending more than $10 million to replace the inoperable meters on the al Basrah Oil Terminal. It's the last stage of a $57.8 million overhaul of the terminal.
Overall, the United States is pumping $38 billion into infrastructure projects across Iraq. That includes spending $1.7 billion on 182 reconstruction projects to help improve Iraq's oil production infrastructure, refinery and export capacity. Yet Iraq's reported oil production remains below prewar levels.
Despite the Iraq Study Group's recommendation to install meters throughout Iraq's oil infrastructure, there are no plans to put meters anywhere else, according to the U.S. Army Corps of Engineers.
Jaffe says U.S. troops should have cordoned off secure "green zones" around the giant oil fields in southern Iraq, where it would have been easier and less expensive to produce oil and account for the revenue. "We had this very haphazard plan where pipeline projects were picked inside the Sunni Triangle. Why would you build an oil pipeline which is long and easy to blow up in a place where you have major parts of the insurgency?"
For example, Morris says pipelines for Iraq's refinery in Baiji, which is located north of Tikrit outside the apex of the Sunni Triangle, would be regularly blown up and parts of the refinery sabotaged in concert with insurgents to create fuel shortages in Baghdad. The regular disruptions at the refinery, operated by the state-owned North Refining Company, were designed to drive up the price of fuel on the black market. "They constantly work with insurgents to keep the fuel lines blown up and work with insurgents to keep fuel shortages in Baghdad. They also threaten the lives and families of refinery workers and fuel tank drivers. This refinery was corrupt during the Saddam days and needs to be seized by the Coalition Forces."
Morris recalls receiving an urgent plea for security assistance from a director general in Iraq's Oil Ministry in December of 2005. The Iraqi official warned that tanker truck drivers leaving the refinery were being threatened by insurgents. Morris says State Department officials declined to provide guards and accused him of overreacting. A few days later, the ambushes of tanker trucks started and remain unabated. Morris says it became clear that intelligence about tanker truck schedules was being fed to insurgents from the Oil Ministry.
In mid-January 2007, Iraqi Deputy Prime Minister Barham Saleh told a budget session of Parliament that the country was losing $1.5 billion to fuel smuggling from the Baiji refinery every year. "Most of this money goes to the terrorists, who target us and target our security," he said.
Last March, Morris received what he believed to be was a forged U.S. Army document from an Iraqi director general that accused specific officials in the Oil Ministry of corruption. The document alleged that Iraqi officials were creating fake invoices for construction work and the sale of petroleum products to the U.S. Army. Morris suspected that the allegations were true and recommended that the Iraqis seize the records so that the U.S. State Department could open an investigation. The next day, Morris says a fire mysteriously broke out in the Oil Ministry’s financial documents office and destroyed all of the financial documents in question.
Morris says that the U.S. was overwhelmed by corruption in Iraq's state-owned oil industry. "I got the impression that it was such a problem like the insurgency that no one knew the extent of it. No one really had a plan to come up with procedures or processes that deal with the problem."
Iraq budget set at USD 41 bn budget, USD 1.5 mn for compensating Kuwait
Kuna - [10/02/2007]
The Iraqi parliament endorsed on Friday the country's largest budget ever of USD 41 billion, including USD 1.551 million for compensating Kuwait for the 1990 invasion, and incorporating a deficit of USD 7.14 billion.
The budget was endorsed with the majority vote of 157 MPs, thus paving the way for reconstruction and development projects that had been on hold for over a month while law makers resolved their disputes over the issue.
It allocated USD 1.551 million for compensating Kuwait for damages inflicted during the invasion of the country by the ousted regime of Saddam Hussein in 1990.
Iraqi Finance Minister Baqer Al-Zubaidi told Kuwait News Agency (KUNA), "I was optimistic the parliament would make its decision and allow the government to allocate budgets for its ministries and executive councils." He said one mega-project was the construction of a large oil refinery, alongside electricity projects and building ten hospitals around the country. Schools and factories would also be set up, as well as infrastructure work.
On deficit, the minister explained it was a "projected and not realistic, and we hope to cover it with finances returned to the treasury from previous budgets." Projected revenues stood at USD 33.3 billion, mostly from oil.
The budget, he said, was calculated on the basis of USD 50 per oil barrel and an average export of 1.7 million barrels per day from Iraq's southern port.
Trade Minister: Most Iraqi cities ready for investment
Translated by IRAQdirectory.com - [10/02/2007]
Iraqi Trade Minister, Abdul-falah Assudani, said: “Most areas of the country live a stable and secure environment and are ready to invest, so if companies thought of working in Iraq, they would gain preference”.
He added after his meeting with Chen Jank Yem, Head of the Korean Agency for international cooperation: “Iraqi government has a comprehensive and objective outlook for the bright future of the country, and the investment law granted it a great opportunity to benefit from foreign investments; this good opportunity should be exploited by major Korean companies known worldwide for their potentials and enormous capabilities“.
Assudani explained in a statement of the Ministry of Trade: “the important role of the Korean Agency, particularly in the area of providing technical assistance to Iraq in order to rebuild its institutions and economic infrastructure, as well as the possibility of continuing the training of Iraqi qualifications and benefit from the Korean expertise in different fields”.
On his part, Jank said that the Korean Agency will continue its support for Iraq and it is ready for expanding cooperation different fields.
He added: “Iraq is an economic heavyweight in the region with enormous economic potentials that makes it an essential player with the availability of security which is a major impediment to return to work in Iraq in different areas”. A ministerial delegation headed by Assudani and the membership of Minister of Housing and a number of ministries’ agents left to South Korea to activate the bilateral relations between the two countries.
The biggest center for businessmen opened in Baghdad Airport
Translated by IRAQdirectory.com - [10/02/2007]
The Iraqi-American Commerce and Industry Chamber opened its new branch “The Businessmen Center” at Baghdad International Airport. The Executive Director of the Chamber, Raad Omar, said the chamber is seeking to support Iraqi and foreign businessmen as well as Iraqi ministries through providing many services, in addition to its main objective in developing the business community.
He added: This center has advanced services that will contribute in attracting Iraqi and foreign investors, and provides them with the appropriate environment, pointing out that the chamber has sought to strengthen the work of businessmen and improving the Iraqi economy through services, economic forums, international exhibitions and training courses.
Omar also said: We seek to support investment programs and laws in Baghdad and Iraq as a whole through coordination and meetings between Iraqi and foreign companies in order to support the reconstruction of Iraq.
He said that the Center will supervise the management and the signing of contracts of transactions, the reconstruction of Iraq and propagating for investment in the airport area, announcing the intention of the Chamber to organize weekly lectures in the field of managerial development and the creation of successful managers.
Meanwhile, Director of the Businessmen Center, Magid Michael, confirmed that the goal behind this Center is to provide quick services for traveling businessmen and open the way for them to benefit from the services provided by the Center (such as the Internet, fax, international communications, hotel and flight reservations from Baghdad to anywhere in the world).
Bridges To Babylon: New Fund Focuses On Iraq
Fin Alternatives - [10/02/2007]
Foreign investors are not yet allowed to trade on the two-and-a-half-year-old Iraq Stock Exchange—“They have said, ‘within six months,’ for the last two-and-a-half-years,” Englund laments, though he adds optimistically, “there is a possibility it will happen by the end of the year, but nobody really knows”—so you need locals on the ground.
Englund’s colleagues in the war-torn country are directors Ismail al-Rashidi and Fouad Cheragwandi, the former an ex-vice chairman of the Iraqi Federation of Industries and one-time Iraqi delegate to the World Trade Organization. He’s also co-founded a number of banks in Iraq, including the Commercial Bank, Economic Bank of Iraq and Investment Bank of Iraq.
For now, trading on the Iraq Stock Exchange is a decidedly small-scale affair. Its total market capitalization is just US$2 billion—half the size of Jordan’s—and it trades for only two-and-a-half hours a day, twice a week, on Mondays and Wednesdays. During those sessions, Englund says, only about a quarter of the roughly 80 securities listed on the exchange trade, with a total turnover of between US$2 million and US$4 million, at best, which is less than half the size of the fund.
“One of my worries,” Englund admits, “is that we might end up a strategic player, and that’s not our intention.” So, to blunt the force of his fund on the market, only about a quarter of its assets will be invested on the ISX. Another quarter will be invested directly in Iraq through a combination of internationally-traded Iraqi bonds, dinar-denominated six month Iraqi Treasury bills and some private equity investments. The rest will be invested in foreign companies that do business with Iraq.
Englund suspects that once the foreign investment restrictions are lifted, the floodgates will open. “There is a lot of interest from foreigners to enter the Iraq Stock Market,” he says. “But now you have to get around [the restriction], and many people don’t want to take that risk.” There are also concerns about a lack of transparency, but Englund argues that such risks are the nature of the emerging market—without them, there wouldn’t be the fantastic returns that investors often see in developing economies.
“Many people complain that you cannot find the stock price on the Iraq Stock Exchange on the Internet. You cannot find the data,” he says. “But when you have that, the market has already risen 100% or 200%. There are a lot of unknowns here.”
'Billion-dollar' trade centre unveiled
Gulf Daily News - [10/02/2007]
An Iraqi consortium has completed the first stage of what was billed yesterday as the billion-dollar Nishan Trade Centre in Arbil, northern Iraq and is to boast three 25-storey office towers.
Nizar Hanna, chairman of the Nasri Consortium and head of the project, said eight per cent of the centre city project had been achieved since 2002, and gave 2010 as the final completion date. Investors include his consortium, the Iraqi Trade Bank and the Al Omar investment group, Hanna said.
"We got the land from the government of Kurdistan for a symbolic price meant to encourage investment," he added.
Kurdish Prime Minister Nechirvan Barzani called the centre an important project that would create jobs for Kurds and help local businesses.
"Iraqi Kurdistan's doors are always open to investors," Barzani said.
Parking for 5,000 vehicles is also in the works.
The centre's designers were identified as the Dubai-based Middle East Company for Reconstruction.
Iraq Is A Better Investment Than General Motors?!
Jalopnik - [10/02/2007]
Junk bonds are more about reading tea leaves than a science but sometimes, especially with extremely undervalued or overvalued entities, it goes from "tea leaves" to ludicrously silly. Like today. CNBC's reporting "bond gurus" as pricing GM bonds in such a way that Iraqi national bonds are rated higher. That means pricing's occurring on the belief that "Iraq has about the same chance of going bankrupt as General Motors." The mid-day show on the network most well known for letting me on to talk about the auto industry also had another Ray talking about what seems to be a very bubble-tastic bond market. This ray of light on the issue was Raymond Kennedy of PIMCO, who would "definitely take GM bonds over Iraq," mostly because...
..."GM's got some great new product lines that are starting to gain traction in the marketplace." We'd also have to believe that it's because insurgents aren't ringing GM assembly plants with IED's. But, hey union negotiations are coming up soon, so you never know. Of course, now that we think about it, that earnings restatement's kinda like losing that cargo plane of money everyone's talking about. Maybe there are some similarities here...nah, not really.