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Petraeus: Baghdad crackdown must succeed
New commander says 'mission doable' but Iraq will be 'doomed' if it fails
BAGHDAD - The new U.S. military commander in Iraq said on Saturday the country was doomed to continuing sectarian strife if a U.S.-Iraqi offensive under way in Baghdad failed to curb the violence.
“The mission is doable...The prospects for success are good. Failing that, Iraq will be doomed to continuing violence and civil strife and surely that is a prospect all must strive to avoid,” General David Petraeus said.
“The stakes are very high,” he said, speaking at a ceremony at a U.S. base near Baghdad airport where his predecessor General George Casey formally handed over command of 130,000 U.S. troops.
Petraeus takes charges at a critical time, having been appointed to oversee President George W. Bush’s new strategy in Iraq. The plan is designed to reverse U.S. fortunes in a war in which more than 3,000 U.S. soldiers and tens of thousands of Iraqis have been killed.
Bush has promised to send 21,500 more troops, most to Baghdad, to help the Shiite-led government of Prime Minister Nuri al-Maliki pacify the capital and the volatile western province of Anbar, heartland of the Sunni insurgency.
Both Bush and Maliki are under growing pressure from war-weary public opinion to halt Iraq’s descent into chaos.
Americans and Iraqis want results, where similar offensive in the past failed.
Thousands of U.S. and Iraqi forces have launched a crackdown in Baghdad, seen as the last chance to halt the slide towards all-out civil war between majority Shiites and minority Sunnis. The capital is the epicenter of the violence.
'Dire', but not hopeless
Petraeus, a veteran of two Iraq tours and a counter-insurgency expert, told U.S. senators in January that the situation in Iraq was “dire” but not hopeless.
He has urged that the extra American troops being sent to Iraq for the campaign to be deployed as quickly as possible. Casey had been skeptical of troop increases.
The offensive is expected to build up gradually over the coming weeks and months. Tens of thousands of Iraqi and U.S. soldiers are expected to take part.
U.S. commanders have called for patience, saying that it will be several months before the plan will deliver results.
“It’s very early in the operation. We’re just in the opening days,” Lieutenant-General Douglas Lute, director of operations at the U.S. Joint Chiefs of Staff, told reporters in Washington on Friday.
Lute said “fully-fledged” clearing operations in Baghdad neighborhoods had not yet started.
Petraeus is seen across the U.S. political spectrum as the man best qualified to try to reverse American fortunes in Iraq.
He led the U.S. Army’s 101st Airborne Division in the 2003 U.S.-led invasion and won plaudits for working closely with local leaders to stabilize the northern city of Mosul, getting involved in everything from privatization to local elections.
Petraeus also oversaw a new U.S. military manual on fighting insurgencies that stresses understanding politics, ethics and local culture.
Iraq Oil, Gas & Petrochemical Summit
17-18 April , Amman, Jordan
In collaboration with the Iraqi Government, the Iraq Development Program (IDP) is proud to announce the official Iraq Oil, Gas & Petrochemical Summit. For the most important sectors of the Iraqi economy, this historic landmark event will be the first of its kind since the formation of the new Unity Government.
^click on image to view larger map^
Iraq has the world’s second largest proven oil reserves and the Government is now finalising its new hydrocarbon laws, following the declaration of the investment laws for the extractive industries. The timing of this Summit could not be better.
The key decision makers from the Iraqi Government will be participating with the full intent of establishing relationships and entering into contractual negotiations with all international operators wishing to be part of both the upstream and downstream sectors.
This Summit represents an unmissable opportunity to sit face-to-face with the key ministerial decision makers all under one roof at the same time. They will include:
Ministry of Oil
State operating companies: Oil Projects Company, Oil Exploration Company, North Oil Company, South Oil Company, Pipelines Company, North Midland & South Refining Companies, North & South Gas Companies, Iraq Drilling Co.
Ministry of Industry & Minerals
State Company for Petrochemicals
Ministry of Electricity
Iraq Energy Council
Prime Ministers Office
Investment Promotion Agency
Kurdistan Regional Government
Ministry for Natural Resources, Office of the President
Government representation will include the Ministers, Deputy Ministers and Director Generals.
Each Ministry will also be represented by the respective head of the Iraq Reconstruction Management Office (IRMO).
Other leading international bodies will be in attendance, such as UNIDO and the World Bank. The Iraqi Government will also be making direct personal invitations to GCC and international energy and oil ministers.
Key Content
Each Iraqi Government Ministry will be presenting details of their key projects, contracts and areas of investment.
Oil & Gas
• Full details of new hydrocarbon laws
• Announcement of most up-to-date geological and seismic studies
• Special announcement on Iraqi gas reserves and concession opportunities
• Drilling and exploration rights
• Refineries, oil depots, pipelines and storage tanks
• Crude oil marketing to the international community
• Details of Northern oil operations, including Kirkuk, Nineveh, Erbil and Diyalla
• Management of the 29 central and southern oil fields
• Oil refinery operations and new contract and investment opportunities
• Pumping stations and pipeline distribution
• Technological innovations for the future of Iraq’s hydrocarbon industry
Petrochemicals
• Refinery and petrochemical integration
• Feedstocks flexibility and availability for petrochemical production
• New world scale petrochemical project
• Petrochemical complex #1 Basra
• Petrochemical complex #2 (refinery-integrated) Mussayab
• South Fertiliser – Basra
• North Fertiliser – Baji
• Sawary Resins Company – Baghdad
Electricity
• Refinery and electricity integration
• Petrochemical and electricity integration
• Annual protective maintenance for generation units
• Investment in new power production facilities
• Rehabilitation of older generation units
• Stability of the power and transmission systems
• Construction of new transforming stations and power lines
Special Security Briefing
Iraq’s oil and electricity security is of paramount importance to its political and economic stability, with huge resources in place to ensure that these most vital industries are protected to the highest possible standards.
Insurgent and terrorist attacks are a daily threat to oil pipelines, refineries, petrochemical and fertiliser plants, oil tankers, storage facilities, electricity generation plants, transforming units and power lines.
The Iraq Oil, Gas & Petrochemical Summit will run a parallel briefing led by the security heads for the oil, petrochemical and electricity sectors. This will enable private security companies and defence contractors along with suppliers to present the best in breed products and services to these key decision makers.
Registering for the summit
To register for the Iraq OGP Summit, please select from the list of options below, or request a call back from the IDP team, who'll be happy to help work out the best option for you.
Tonight. Was just late posting them.
Interesting Article..
This tells me Iraq has do do something.
Sierra Leone: The Revaluation of the Country's Currency
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Concord Times (Freetown)
OPINION
January 30, 2007
Posted to the web January 31, 2007
Mohamed A. Jalloh and Jonathan M. Rose
Freetown
Recently, the British government's international development agency, DFID, invited Sierra Leoneans resident abroad to comment on its proposed strategy for our country's development for the next five years.
The following article is based on the response of two Sierra Leonean professionals based in the USA. It is part of a comprehensive proposal urging a change in the strategy underlying foreign aid policies by Britain and other members of the international community that will be jointly submitted to DFID by the following Sierra Leonean groups based in the USA: The Sierra Leone Network, Youths for Sierra Leone Improvement, Young Leaders -- Sierra Leone, and the premier S/Leonean discussion forum on the Internet, SALONE Discussion Group.
Why a Change in Strategy is Needed in Foreign Aid to Sierra Leone
The best guarantee against pervasive poverty in Sierra Leone (SL) is a sound economy. Foreign aid is beneficial to Sierra Leoneans only if it can advance the goal of achieving a sound economy. We suggest a fundamental change in the strategy underlying foreign aid efforts as a way to overcome the past difficulties in achieving that goal.
The Case for Revaluation of the Sierra Leonean Currency
As the example of pre-World War II Germany attests, it is a truism that a country with a worthless currency will become, sooner or later, a country with a worthless economy. With a currency that has depreciated by more than 375,000 % since it was first devalued in 1979, and a people frequently ranked as the poorest in the world, SL's economy is in dire crisis.
We believe that the single greatest contributor to SL's economic crisis is the same one as that identified by one of the greatest economists of the 20th century, Lord John Maynard Keynes of Great Britain. In his seminal 1919 treatise, "The Economic Consequences of the Peace," Lord Keynes accurately predicted that the destruction of the value of the German currency would precipitate a second world war, because, as he put it: "There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." For largely similar reasons, we believe SL's economic crisis to be rooted in the debauchery of the country's currency. Accordingly, we propose a never-before-tried measure in SL -- the revaluation of Sierra Leone's currency -- as the cornerstone of an economic recovery program for our country. This proposal is aimed at reversing the unprecedented inflation and other distortions in SL's economy in the wake of the 1979 devaluation and subsequent depreciation of the Leone that have made it virtually impossible to sustain economic growth or alleviate poverty.
Whereas devaluation is a potent cure for balance of trade problems in industrialized countries, in Sierra Leone it has spawned perverse consequences. In particular, devaluation has induced a condition of fundamental disequilibrium by creating a self-perpetuating vicious cycle of poverty - low incomes leading to low demand that leads to low production which leads to lower incomes.
Infrastructure has been depleted and the ability to maintain viability as a sovereign nation has rapidly decreased. The interruption of this cycle requires either massive external intervention, in general, or a controlled reversal of the currency devaluation, in particular. Our proposal to revalue the Leone is specifically intended to break that vicious cycle of poverty in which millions of Sierra Leoneans have long been trapped by reversing the currency devaluation.
How to Implement a Revaluation of the Sierra Leonean Currency The revaluation of the Leone requires meticulous and diligent planning for it to succeed. At a minimum, the process should be transparent and equitable enough to afford each and every Sierra Leonean a reasonable opportunity to adjust their business, educational, social and/or bureaucratic activities to the expected realities prescribed by the intended new exchange rate.
It can be done by a SL government decree to re-establish a par value for the currency against a major world currency such as the US dollar or the British pound. While government intervention is critical, simply decreeing the par value of the currency is not sufficient. Issues such as the use of old currency and corruption of the re-evaluation process could derail the effort. It also could potentially create a greatly destabilizing situation.
Alternatively, value in the Leone can be re-established through open market interventions, including, but not limited to, actions by the Sierra Leone government and private Sierra Leoneans pursuing their legitimate business and other interests, in buying and selling foreign currency. While this would require far more time than a decree, it would inspire greater market confidence, create lesser disturbance of social strata, and distribute the wealth being injected into the country more evenly than by simple government fiat.
The Critical Role of Foreign Aid Whichever mechanism is chosen, the infusion of foreign exchange into the banking system at levels sufficient to sustain the exchange rate of the Leone at par with the benchmark foreign currency will be critical to the success of the revaluation. This is where foreign aid can play a critical role -- by providing the foreign exchange required to sustain the exchange rate through the transition period until market stability is achieved without the need for such support.
The benefits will be significant: The harmful parallel market for foreign currency would disappear, thereby restoring all foreign exchange transactions within the official banking system. This will decrease the need for foreign exchange support by aid donors. The removal of the distortions in SL's economy would engender growth by removing the purchasing power disadvantage imposed upon indigenous Sierra Leoneans.
Relevant Links
West Africa
Sierra Leone
Sustainable Development
Europe and Africa
Currencies
At that point, the remaining focus of efforts to alleviate poverty would be SL government action to correct income disparities that would otherwise prevent the widespread dispersal of the benefits of the economic growth resulting from the revaluation of the currency.
About the Authors Mohamed Jalloh is the founding Managing Director of a financial services company based in suburban Washington, D.C., USA, that manages investments for corporations, partnerships and high net worth individuals. His internationally published writings on the effects of foreign aid and devaluation on Sierra Leone's development span the last twenty-eight years.
Jonathan Rose is a research and development engineer and organizational management specialist based in Saint Paul, Minnesota, USA. He has been studying currency economics for the past twenty years.
Minister of Planning: optimistic about the investment allocations
Translated by IRAQdirectory.com - [09/02/2007]
The Minister of Planning and Development Cooperation, Dr. Ali Baban, expressed his optimism about the investment allocations within the budget of 2007, pointing out that the achievements of the budget for the past year were modest.
He said in press statements that the resources of the 2007 budget have relied mainly on Iraq’s oil revenues and slightly on the contributions of donor countries.
Baban also confirmed that the investment allocations in the 2007 budget exceeded $ 10 billion which will be spent on various projects, starting from the sector of oil and electricity, and then the rest of the productive sectors. We hope such projects will develop the Iraqi economy, improve the living standard of Iraqis and reduction unemployment.
He added that there are a lot of promises, including the project of Iraq’s Era, which we studied and came out with its basic documents with our partners and friends in the world in general. At the present time there are no specific commitments so far, but we hope that the promises of the donor countries will come true. As for the achievement percentages of last year budget, they were modest in general; sometimes they amounted to 10 % in some ministries. There are ministries achieved 60% and the others 70%, and there are circumstances leading to this modest results like delaying the Iraqi ministries’ formation till the middle of last year.
Dr. Baban reiterated that the funds financing those projects are mainly from the Iraqi budget, while donors provided negligible amounts, including the ones provided by the International Bank and other international institutions, noting that Iraq relied on proper and specific mechanisms in the financial dealings with the donors, but the because of the phenomenon of corruption emerged many cases of delay. On the other hand, Iraqi economy is witnessing a real transition and most of the countries that experienced such transition had similar corruption cases. The minister added that Iraqi economy moved from the comprehensive planning stage to the open market under exceptional political, economic and security conditions.
Kuwaiti Commerce Chamber is trying to overcome the obstacles facing trade with Iraq
Kuwaiti Commerce Chamber is trying to overcome the obstacles facing trade with Iraq
Translated by IRAQdirectory.com - [09/02/2007]
Kuwaiti Commerce Chamber and Industry, confirmed that it is trying its best to overcome the obstacles that stand before the trade exchange with Iraq.
Issam Al-Bahr, member of the Governing Council in the Chamber, confirmed during a meeting with an Iraqi trade delegation that all governmental and non-governmental organizations will seek to overcome all the obstacles facing trade exchange between the two countries.
On his part, the director general of the Chamber, Ahmed Alharoon, said that the Kuwaiti Chamber of Trade and Industry took it upon themselves to achieve this goal in cooperation with the responsible bodies in the State, and that each of the Chamber of Commerce, the Ministry of Internal and the General Administration of Customs were commissioned to organize the transition of goods and individuals between the two sides as a temporary procedure till the bodies responsible for the boundary on the Iraqi side begins work.
Alharoon added: “We believe that these bodies have returned to work now, pointing out that the Chamber is ready to receive any offers from Iraqi exporters and propagate them through various media to Kuwaiti businessmen”.
The Director of Land Customs, Mohammed Al-Sulaiti, said that there has been a political decision taken by the Kuwaiti Cabinet following Saddam's brutal invasion and the liberation of Kuwait preventing the import of foodstuffs from Iraq in order to preserve the Iraqi wealth at a time when the previous regime had no control on the borders or the import and export operations.
Al-Sulaiti pointed out that this resolution protected the Iraqi wealth from consumption over the past years and still continues even today, adding that the Cabinet may reconsider it again if the Chamber pressured in that direction.
A number of Kuwaiti businessmen confirmed the importance of the Iraqi side having a mechanism assures that the imported foodstuffs are free from any radiation might be caused by the successive wars in Iraq.
On the other hand, the Iraqi side confirmed its readiness to provide maximum assurance to the Kuwaiti side, and that local or international laboratories can be selected to issue certificates confirming that the food products exported to Kuwait are free from any radiation.
Members of the Iraqi delegation called on to further cooperation between the two fraternal countries.
Awarded $2.9 Million Additional Work in Iraq
Awarded $2.9 Million Additional Work in Iraq
Business Wire - [07/02/2007]
VERSAR, Inc. (Amex:VSR) announced today that the Company has been awarded a Task Order Notification extending its Quality Assurance and Construction Management operations in Iraq in support of the Air Force Center of Environmental Excellence's reconstruction mission. The Task Order Modification was for $2.9 million and will fund operations through March 15, 2007. The total Versar-Air Force Iraq Program has now grown to $25.4 million since it began in October 2004. Versar now has over 240 personnel providing quality assurance for the Iraq Reconstruction and expects that number to continue to grow over the next three months.
Dr. Ted Prociv, President and CEO of Versar, said, “We continue to grow market share in the quality assurance and construction management markets in Iraq. The US Air Force has incorporated Versar as part of their reconstruction team in the Middle East, and together we are able to insure that the projects are of high quality and reflect positively on the US efforts to rebuild the region. Strategically, the above award also adds to our expanding international capability, an important aspect of our ongoing business transformation.“
Iraq cannot circumvent UN resolutions on compensations to Kuwait
Iraq cannot circumvent UN resolutions on compensations to Kuwait
Kuna - [07/02/2007]
Iraqi Finance Minister Baqer Al-Zubaidi said on Tuesday that his country is committed to pay compensations due to the invasion of the State of Kuwait by the defunct regime of Saddam Hussain.
He told KUNA that the debts due from Iraq in favor of Kuwait are two pronged, compensations entailing from threats and intimidations by the defunct regime to invade Kuwait and its people and the debt due to Kuwait.
The Iraqi official said that the compensations' order is regulated by the UN resolutions and Iraq cannot turn around any UN resolution but it would be possible "to work with Kuwait and the big powers either to cut down this discounted rate similar to such cases in the past or agree on any other solution approved by the Security Council." He underlined that his country has no other option but to stick to the UN resolutions or to the Iraqi constitution's stipulations.
On other issues, he talked about the debts due from Iraq noting "As an Arab and Muslim I hope that the Arab and Islamic states would have the precedence in cutting or writing off these debts." In a nutshell he said "we have cut Iraq's debts due to 54 world states by 100 percent or 80 percent, in other words USD 80 billion were written off, only dues to some trade creditors are still outstanding." Iraq, he concluded, has to comply with the International Monetary Fund (IMF) and the Paris Club resolutions or the Paris Club's SBA agreement.
Iraqi army busts 20 oil smugglers
Iraqi army busts 20 oil smugglers
Earth Times - [08/02/2007]
Iraqi security officials inspecting pipelines in the north arrested 20 alleged oil smugglers -- an expensive problem for the oil-rich country.
The Voices of Iraq news agency reports Iraqi army forces tasked with protecting Iraq's important and vulnerable oil infrastructure also took control of 10 oil tanks ready to be smuggled from Kirkuk.
The smugglers were arrested by a force from the 1st division entrusted with protecting oil facilities, a source who requested anonymity told VOI. The force was inspecting pipelines near the al-Riad district, 44 miles southwest of Kirkuk, which sits atop 11 billion barrels of oil reserves.
Iraq has 115 billion barrels of oil reserves though production is around 2 million barrels a day, a half million less than pre-war levels and far below what experts say the country could produce.
Nearly its entire federal budget is funded by oil sales, so the growing smuggling racket is a real threat.
The Iraq Oil Ministry estimated last year that $700 million a month due to state coffers was being routed by smugglers. Estimates have now reached 200,000 barrels a day, though the country doesn't have the technology to exactly track overall productions, let alone smuggled crude.
The money is thought to be used for, among other things, funding the growing militia and insurgency.
Reload.
04 10 21 29 30 42 44
08 10 17 18 36 42 43
02 05 09 14 18 26 45
02 06 09 18 34 37 45
13 19 22 25 28 32 38
04 06 09 16 19 21 36
22 28 36 69
w0n 10 Bucks on last draw.
01 04 14 16 26 27 34
09 10 12 14 32 41 42
04 11 18 26 30 31 39
03 07 08 09 11 13 16
01 05 08 16 32 34 41
18 26 29 31 32 34 39
17 44 88 91
04 07 15 27 28 34 37
05 10 14 20 22 35 39
02 09 12 26 30 42 44
06 07 10 18 23 26 40
01 02 09 18 20 21 25
04 16 17 18 22 25 37
01 51 69 77
Iraq reclaims its overdue debts on Yemen and other countries
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07 February 2007 (Iraq Directory)
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The Iraqi government revealed today its constant work for collecting Iraqi money owed to it by Yemen other countries of the world.
A brief statement by government said that "the Iraqi Ministry of Finance continues its work to get Iraq's dues from Yemen, Bangladesh and Mozambique”.
The statement added: "The Ministry of Finance is making actual moves on these borrowers, through the Iraqi External Development Fund, to collect Iraq’s dues from them".
Also, the Ministry is participating in the membership of the operations room associated to the Committee of Restoring Iraqi funds abroad within its attempts in this context.
The government did not reveal the size of the funds owed to Iraq In these countries, or the nature and history of lending.
Officials hope Kuwait waives billions in debt
By Basil Adas
--------------------------------------------------------------------------------
Baghdad, 09 February 2007 (Gulf News)
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Iraqi officials are making an intensive effort to cancel the compensation that Iraq is expected to pay to those who suffered from the 1990 invasion of Kuwait and to write off billions of dollars of Iraqi debt to Kuwait.
"Kuwaitis promised us to write-off 80 per cent of the $10 billion (the total value of its debts on Iraq)," Ayad Al-Samarra'ai, Chairman of the Finance Committee in the Iraqi Parliament told Gulf News.
He added, "Iraqi political activities towards Kuwait aim to cancel or to convince Kuwait to waive the compensation from the second Gulf War and to reduce its debts on Iraq."
Al Samarra'ai continued to say, "Kuwaiti officials expressed the possibility of responding positively to Iraqi demands. However, before the Kuwaitis take any political decision, they want to be reassured on the political and economic situation in Iraq, and that the circumstances will allow Kuwaiti investements to enter Iraqi markets."
Ammira Al-Bldawi, an Economist and a member of the Economic Committee in the Iraqi Parliament told Gulf News, "about 100 Iraqi members of parliament signed a petition to submit to the Kuwaiti national assembly asking it to write off Kuwait's debts."
"Iraq pays 5 per cent of its oil revenues as compensation to Kuwait. In 2006 Iraq paid 21 billion Iraqi dinars (Dh59.89 million), while in 2007 the payment decreased to 19 billion Iraqi dinars (Dh54.19 million). This certainly will have a negative impact on the Iraqi government's general budget, and it will affect providing services to Iraqi citizens," she added.
For Iraq to continue paying compensation for the 1990-1991 Gulf War is "unacceptable because the new political situation cannot endure the burdens of the former regime, and Kuwait, which stood by the political change in Iraq, should take practical steps for the cancellation of debts and compensations."
She called both governments to start political negotiations to achieve this.
By JOHN KING
Observer Reporter
Feb 04 2007
When a group of men showed up at her door to talk about giving up her 728 hectares of land to a coal mine, Lenore Yorston said she made the men breakfast and tried to reason with them.
The owner of Australian Ranch, Yorston was suspicious of them from the beginning and started looking into the company they worked for – West Hawk Development. The mining outfit was in the planning stages and, at the time, was talking with farmers such as Yorston to bring them on side.
That was two years ago.
Now, after the coal mine fell through, Yorston continues to speak out against the way B.C. Liberals do business.
Yorston, with 10 other landowners from the region, gathered at Quesnel’s provincial government building Wednesday to hand in a notice of appeal to the B.C. Liberals – the party responsible for several changes to the Mineral Tenure Act in 2002. Changes they said will help open B.C. up for business.
“We’re here to get mining off private property,” she said.
As it stands, any miner or mineral explorer can stake a mineral claim on private land because what they’re staking, whether it’s gold or copper, is underground.
Property owners don’t own the ground beneath their feet – only the ground they stand on.
“All you’re doing now when buying property is buying the right to pay taxes,” Yorston said.
The appeal asks the provincial government to assess private land at a tax rate of $4.16 for every .5 ha of land. It’s the same price a miner pays to stake out the same amount of private land.
Yorston said industry and government keep telling her regulatory policies make miners clean up after themselves and put back the land the way they found it – but Yorston doesn’t buy into all the promises.
“They say they’ll reclaim the land so I can farm again, but that’s not much good 30 years from now,” she said.
Trudy Wootten, also a landowner, piped up.
“They can’t put the land back the way it was,” she said, adding the government and industry are always telling people that.
Others gathered with Yorston said if they buy land, then it’s their land – not a mining company’s.
“The government can sell the ground under your feet six times,” landowner Margaret Moffat said.
“There’s six different minerals that can be mined I guess.”
Before walking down the hall to hand over their appeal to government agents, Yorston said she’ll continue fighting until no miner can stake a claim on private property.
“We haven’t any rights, the government says there’s a process to appeal a mining development but they always sides with the miners,” she said.
Because Yorston’s property – along with 19 others – remains staked even though West Hawk looks stone cold in the water, she said entertaining the thought of selling her land is a waste of time.
“Who’s going to buy land someone’s going to come and destroy one day,” she said.
Al-Qaida-Tied Insurgents Release Video
By ROBERT H. REID, Associated Press Writer
1 hour ago
BAGHDAD, Iraq - An insurgent group linked to al-Qaida posted a Web video Friday showing what it said was the downing of a U.S. military helicopter this week. Seven Americans were killed in the crash.
The U.S. military has said it did not believe the CH-46 Sea Knight helicopter was shot down in the crash Wednesday northwest of Baghdad.
But a U.S. official, who was not authorized to address the topic publicly and spoke on condition of anonymity, said "the video appears to be legitimate" _ meaning that it shows a Sea Knight crashing.
The two-minute video _ which says it shows the "downing of U.S. aircraft on Feb. 7" _ shows a helicopter that appears to be a Sea Knight flying. An object trailing smoke is seen in the sky nearby, and then the craft bursts into orange and red flames, with a spray of debris emerging from it.
It is not clear whether the object is a rocket, and it cannot be clearly seen connecting with the craft. In the footage, the helicopter heads downward, but appears to be at least partially in control, though smoke and bright flames are trailing from it. The helicopter then disappears behind a line of trees as it hits the ground.
The video was issued by the Islamic State in Iraq, an umbrella group of Iraqi insurgent groups that includes al-Qaida in Iraq. The group on Wednesday issued a written claim of responsibility for the craft's downing and had promised a video would follow.
The video, titled "the Hell of Christians and Apostates in Iraq," was posted on a Web forum where the group and other Islamic militants often post messages.
The Islamic State in Iraq has also claimed responsibility for downing two other U.S. helicopters _ a Black Hawk which crashed northeast of Baghdad on Jan. 20, killing 12 Americans, and an Apache shot down Feb. 12, in which two U.S. soldiers died.
At least six U.S. helicopters have crashed or been forced down under hostile fire since Jan. 20. In the wake of the recent crashes, U.S. officials have said they were reviewing flight operations and tactics but maintain there is no evidence of sophisticated new weapons used in any of the latest attacks.
The authenticity of Friday's claim could not be independently confirmed.
U.S. Lt. Gen. Douglas E. Lute, chief operations officer for the Joint Staff, suggested the claim may not be authentic.
"This enemy is very astute in the use of the media. He has in the past had a pattern of posting things on the Web sites and claiming responsibility for attacks that did or did not occur," Lute said at a Pentagon news conference. "I'd be very cautious about drawing conclusions from things that are posted on the Internet."
As to what caused the crash, Lute said "there are some eyewitness accounts that cause professional aviation officers to believe it was most likely ... mechanical."
___
Ear on the Street
AutoCanada Income Fund (ACQ.UN : TSX : $10.50)
Opening of two dealerships outside of the fund
Raymond James maintains "strong buy", 6-12 month target price is $12.00
Algoma Steel (AGA : TSX : $36.70)
Q4 misses
Scotia Capital Markets maintains "sector outperform", 12-month target price is $45.75
Angiotech Pharmaceuticals (ANP : TSX : $8.58 | ANPI : NASDAQ : US$7.27)
A teach-in session on Quills SRS
Blackmont Capital maintains "hold", 12-month target price is US$9.00
TD Newcrest maintains "hold", 12-month target price is US$7.50
Aspreva Pharmaceuticals (ASV : TSX : $24.55 | ASPV : NASDAQ : US$20.62)
2007 revenue guidance in line
Raymond James maintains "outperform", 6-12 month target price is $30.00
Abitibi-Consolidated (A : TSX : $3.79 | ABY : NYSE : US$3.21)
In-line Q4
Raymond James upgrades to "market perform", 6-12 month target price is $3.75
RBC Capital Markets maintains "sector perform", 12-month target price is not given
Scotia Capital Markets maintains "sector perform", 12-month target price is $4.25
TD Newcrest maintains "hold", 12-month target price is $4.50
BCE Inc. (BCE : TSX : $30.25)
Q4 in line
CIBC World Markets maintains "sector outperform", 12-month target price is $34.00
Credit Suisse maintains "neutral", 12-month target price is $33.00
GMP Securities maintains "buy", 12-month target price is $33.00
Haywood Securities maintains "sector underperform", 12-month target price is cut to $31.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.00
Boston Pizza Royalties (BPF.UN : TSX : $15.86)
Q4 in line, distribution increased by 1.8%
Scotia Capital Markets maintains "sector perform", 12-month target price is $15.50
Mahalo Energy (CBM : TSX : $3.75)
Better well rates than Barnett
GMP Securities maintains "buy", 12-month target price is $7.00
Cameco Corp. (CCO : TSX : $44.04 | CCJ : NYSE : US$37.20)
2007 deliveries deferred
TD Newcrest maintains "hold", 12-month target price is cut to $50.00
Centerra Gold Inc. (CG : TSX : $13.78)
Q4 ahead of expectations
Canaccord Adams maintains "hold", 12-month target price is cut to $15.85
CIBC World Markets maintains "sector outperform", 12-month target price is $17.00
Cineplex Galaxy Inc Fund (CGX.UN : TSX : $14.10)
Strong Q4 and brighter 2007 outlook
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $14.25
Raymond James maintains "outperform", 6-12 month target price is $14.50
Scotia Capital Markets maintains "sector outperform", 12-month target price is $15.50
TD Newcrest upgrades to "buy", 12-month target price is raised to $15.00
CanWest MediaWorks (CWM.UN : TSX : $8.22)
Formed a special committee to consider privatization
Scotia Capital Markets maintains "sector perform", 12-month target price is $7.90
Eveready Income Fund (EIS.UN : TSX : $5.84)
Acquires camp and lodging business
Blackmont Capital maintains "buy", 12-month target price is cut to $7.75
CHC Helicopter (FLY.A : TSX : $24.54 | FLI : NYSE : US$20.80)
Wins European contracts
Scotia Capital Markets maintains "sector outperform", 12-month target price is $29.00
Fraser Papers (FPS : TSX : $5.98)
Weak Q4
RBC Capital Markets maintains "underperform", 12-month target price is $4.50
TD Newcrest downgrades to "reduce", 12-month target price is cut to $5.00
Grande Cache Coal (GCE : TSX : $0.73)
Q3 lower than expected
Canaccord Adams downgrades to "sell", 12-month target price is $0.60
CGI Group (GIB.A : TSX : $9.43 | GIB : NYSE : US$7.98)
Caritor to acquire Keane Inc.
Scotia Capital Markets maintains "sector outperform", 12-month target price is $10.50
Great Lakes Hydro Inc. Fd. (GLH.UN : TSX : $18.86)
Strong Q4
Canaccord Adams maintains "hold", 12-month target price is $19.50
RBC Capital Markets maintains "sector perform", 12-month target price is $20.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $18.00
TD Newcrest maintains "hold", 12-month target price is $19.25
Groupe Laperriere & Verreault (GLV.A : TSX : $33.50)
To report Q3 next Monday
Blackmont Capital maintains "buy", 12-month target price is $39.00
Gerdau AmeriSteel (GNA : TSX : $11.78 | NYSE : US$9.96)
Disappointing Q4
RBC Capital Markets maintains "outperform", 12-month target price is US$12.00
Golden Star Resources (GSC : TSX : $4.35)
Q4 production as expected
Blackmont Capital maintains "buy", 12-month target price is $6.25
Gaz Metro LP (GZM.UN : TSX : $16.71)
Q1 earnings in line
CIBC World Markets maintains "sector perform", 12-month target price is $16.00
RBC Capital Markets maintains "underperform", 12-month target price is $14.75
Scotia Capital Markets maintains "sector perform", 12-month target price is $16.50
Industrial Alliance Ins & Fin (IAG : TSX : $36.61)
Good Q4
Credit Suisse maintains "outperform", 12-month target price is $41.00
GMP Securities maintains "hold", 12-month target price is $38.50
Scotia Capital Markets maintains "sector underperform", 12-month target price is $38.00
TD Newcrest maintains "hold", 12-month target price is $38.00
Jazz Air Income Fund (JAZ.UN : TSX : $8.63)
Distribution raised to $1.00 per unit
TD Newcrest maintains "action list buy", 12-month target price is $10.00
Kimber Resources (KBR : TSX : $2.04)
Carotare and El Orito disappoint
Blackmont Capital maintains "speculative buy", 12-month target price is cut to $4.00
Labrador Iron Ore Royalty (LIF.UN : TSX : $26.76)
Tax exempt or not?
RBC Capital Markets maintains "underperform", 12-month target price is $23.50
Liquor Stores Income Fund (LIQ.UN : TSX : $18.90)
Distribution increased
Raymond James maintains "market perform", 12-month target price is $18.00
Lundin Mining (LUN : TSX : $12.60)
Lower grade ore, longer mine life
GMP Securities maintains "buy", 12-month target price is $17.35
Manitoba Telecom Services (MBT : TSX : $47.80)
Could reduce dividend
Canaccord Capital rates "sell", 12-month target price is $35.00
Mainstreet Equity (MEQ : TSX : $15.00)
Strong market fundamentals in Alberta
Blackmont Capital reiterates "buy", 12-month target price is $16.75
Nortel Networks Corp. (NT : TSX : $34.59 | NYSE : US$29.24)
Cutting 2,900 positions
RBC Capital Markets maintains "sector perform", 12-month target price is US$28.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $40.00
TD Newcrest maintains "hold", 12-month target price is US$25.00
Pembina Pipeline Income Fund (PIF.UN : TSX : $16.03)
Q4 results in-line with expectations
Canaccord Capital maintains "buy", 12-month target price is $16.25
CIBC World Markets maintains "sector perform", 12-month target price is $15.00
RBC Capital Markets maintains "sector perform", 12-month target price is $14.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $15.50
Platinum Group Metals (PTM : TSX : $2.72)
Global resources total 3.8 million ounces
Raymond James maintains "strong buy", 12-month target price is $3.20
Purepoint Uranium Group (PTU : TSX-V : $1.92)
Athabasca Basin property
Blackmont Capital maintains "hold", 12-month target price is $1.60
Rockwater Capital (RCC : TSX : $7.25)
On the block
TD Newcrest maintains "reduce", 12-month target price is raised to $7.00
RioCan Real Estate Investment (REI.UN : TSX : $26.00)
Q4 DIPU bump
Canaccord Capital rates "hold", 12-month target price is $27.00
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $27.80
RBC Capital Markets maintains "sector perform", 12-month target price is $27.50
Scotia Capital Markets maintains "sector perform", 12-month target price is $26.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $26.00
TD Newcrest maintains "buy", 12-month target price is $28.00
RONA Inc. (RON : TSX : $24.16)
To Acquire Noble trade
Blackmont Capital maintains "buy", 12-month target price is raised to $27.50
RBC Capital Markets maintains "outperform", 12-month target price is $28.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $28.50
Stelco Inc. (STE : TSX : $20.01)
Earnings warning
Scotia Capital Markets maintains "sector underperform", 12-month target price is $9.50
Sandvine Corp. (SVC : TSX : $2.83)
New Street coverage
CIBC World Markets initiates coverage with a "sector outperform", 12-month target price is $4.00
sxr Uranium One (SXR : TSX : $15.68)
South African uranium project
Raymond James maintains "market perform", 12-month target price is $15.00
Tim Hortons (THI : TSX : $36.96 | NYSE : US$31.19)
Q4 in line
Blackmont Capital rates "buy", 12-month target price is $43.00
RBC Capital Markets maintains "outperform, 12-month target price is $41.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $42.00
TD Newcrest maintains "hold", 12-month target price is raised to $39.00
Grande Cache Coal (GCE : TSX : $0.73)
Q3 lower than expected
Canaccord Adams downgrades to "sell", 12-month target price is $0.60
Thirsty?
Penn West Energy To Buy Oil, Gas-Producing Properties
17:44 EST Friday, February 09, 2007
DOW JONES NEWSWIRES
Penn West Energy Trust (PWT.UN.T) will acquire conventional oil and natural gas assets located in Alberta, currently producing about 3,200 barrels of light oil a day and 10.2 million cubic feet a day of natural gas, or about 4,900 barrels of oil equivalent a day.
The transaction is expected to close in March.
The purchase price of the asset package, prior to any reductions due to ROFRs, totals about C$339 million before closing adjustments of an estimated C$12 million, which will reduce the cash outlays on closing.
In addition to the acquisition, Penn West also plans a 2007 Peace River capital program of C$100 million that includes the drilling of 60 to 65 net wells and associated production infrastructure expenditures.
Penn West, Calgary, is a senior oil and natural gas energy trust.
-Wendy Tsau; 416-306-2100; AskNewswires@dowjones.com
(END) Dow Jones Newswires
02-09-07 1744ET
Copyright (c) 2007 Dow Jones & Company, Inc.
Western Oil Sands' stock rises on reserves, possible sale
Friday, February 09, 2007
CALGARY — Shares in Western Oil Sands jumped up 6.8 per cent Friday, a day after the firm reported sharply higher reserves and said it's exploring a possible sale or merger.
The company, which has a 20 per cent stake in the Athabasca Oil Sands Project, reported late Thursday its proved and probable crude oil reserves increased year-over-year by 86 per cent to 577 million barrels, as of Dec. 31.
It also released, for the first time, its estimate of contingent resources at 891 million barrels.
Western said it is exploring alternatives “that will realize the full value of our assets and future growth potential. This may result in an acquisition or sale of assets, merger or other corporate transaction.”
Western Oil Sands and Chevron Canada each hold a 20 per cent interest in Shell's Athabasca project. Both have the option to join Shell's Jackpine and Pierre River developments.
Western's year-end reserves are based on an independent reserve evaluation by GLJ Petroleum Consultants Ltd.
The report indicates increases to Western's reserves resulting from the 2006 regulatory approval of the Muskeg River Mine Expansion Application, together with reserves associated with the sanctioning of Expansion 1 of the Athabasca Oil Sands Project.
On Nov. 29, Western issued a statement denying it had received a takeover bid.
Western's shares were up $1.97, or 6 per cent, to $34.02, on a volume of 2 million shares Friday in early-afternoon trading on the TSX.
Report: U.S. Airstrike Kills 8 Kurds
By LAUREN FRAYER, Associated Press Writer
18 minutes ago
BAGHDAD, Iraq - A U.S. airstrike hit a Kurdish position in northern Iraq, killing at least eight Kurdish troops and wounding six, Iraqi officials said Friday. The U.S. military said it was looking into the report.
The strike hit just before midnight Thursday in Mosul, according to officials with the Patriotic Union of Kurdistan, the party headed by Iraqi President Jalal Talabani, a staunch supporter of U.S. efforts in Iraq.
Sheik Kabir Goran, deputy in charge of the party's branch in Mosul, said U.S. warplanes hit a guard post that was protecting the PUK branch in eastern Mosul, 225 miles northwest of Baghdad. He said eight Kurdish guards were killed and six were wounded in the strike.
Goran identified those killed as peshmerga, members of the Kurdish militia that fought Saddam Hussein's regime for decades. Many peshmerga fighters have been incorporated into the Iraqi military since the U.S.-led invasion.
Maj. Gen. Wathiq Mohammed Abdul-Qadir, the commander of the provincial police, confirmed the airstrike and gave the same casualty toll.
Goran said U.S. forces went to the post after the airstrike and provided care to the wounded before returning them to the PUK branch. He said the Americans promised to return later Friday to explain what happened.
Lt. Col. Christopher Garver, a U.S. military spokesman in Baghdad, said the reports were being investigated.
Prominent Kurdish lawmaker Mahmoud Othman, who is not a PUK member but has strong ties to the community, expressed anger over the attack.
"This is not a good sign for the new security plan that they (U.S. forces) have started by attacking the people who support them," he told The Associated Press.
A separate U.S. airstrike killed eight suspected terrorists and destroyed a building south of Baghdad, the U.S. military said Friday.
The attack occurred Thursday night in Arab Jabour, a mostly Sunni Muslim suburb south of Baghdad.
American troops came under "heavy enemy fire during a raid targeting al-Qaida in Iraq terrorists and foreign fighter facilitators," the U.S. military said in a statement.
Coalition aircraft swooped in, dropping precision bombs on a building where eight suspects had barricaded themselves, the statement said.
All eight were killed. No U.S. forces or Iraqi civilians were injured in the attack, the military said.
An Iraqi army officer, who asked for anonymity because he was not authorized to talk to media, confirmed the raid and number of people killed. He added that Iraqi soldiers did not take part in the clashes.
Elsewhere, gunmen dressed in Iraqi army uniforms swept into a village south of Baghdad, kidnapping 13 civilians and killing at least 11 of them, police said.
The attack occurred around 5 a.m. local time in Imam village, a predominantly Shiite town about 50 miles south of the Iraqi capital.
About two hours after the abduction, police found eleven bodies with gunshot wounds to the head and chest, and they were believed to be those who had been kidnapped, police and the Iraqi army said.
An Iraqi army spokesman acknowledged that the gunmen wore Iraqi army uniforms and drove military vehicles, but said they were not government soldiers.
"We did not have any duties in that area, and those vehicles do not belong to us," said 1st Lt. Murad al-Maamouri. "They are terrorists of course."
Al-Maamouri said Iraqi soldiers were patrolling the area on foot, searching for the other two captives.
The U.S. military said Friday that three U.S. soldiers were killed in fighting in Iraq's western Anbar province.
The soldiers, who were assigned to Multi-National Force _ West, died Thursday from wounds sustained while conducting combat operations in the insurgent stronghold west of Baghdad, the military said in a statement.
Their names were withheld pending notification of relatives.
The deaths raised to at least 3,117 members of the U.S. military who have died since the Iraq war started in March 2003, according to an Associated Press count
8 Killed in U.S. Airstrike Near Baghdad
By Associated Press
49 minutes ago
BAGHDAD, Iraq - A U.S. airstrike killed eight suspected terrorists and destroyed a building south of Baghdad, the U.S. military said Friday.
The attack occurred Thursday night in Arab Jabour, a mostly Sunni Muslim suburb south of Baghdad.
American troops came under "heavy enemy fire during a raid targeting al-Qaida in Iraq terrorists and foreign fighter facilitators," the U.S. military said in a statement.
Coalition aircraft swooped in, dropping precision bombs on a building where eight suspects had barricaded themselves, the statement said.
All eight were killed. No U.S. forces or Iraqi civilians were injured in the attack, the military said.
An Iraqi army officer, who asked for anonymity because he was not authorized to talk to media, confirmed the raid and number of people killed. He added that Iraqi soldiers did not take part in the clashes.
Absolute Software (ABT : TSX : $11.14)
Blow-away Q2
GMP Securities upgrades to "buy", 12-month target price is raised to $16.00
TD Newcrest upgrades to "buy", 12-month target price is raised to $14.00
Air Canada (AC.B : TSX : $19.10)
January traffic up 3.9%
CIBC World Markets maintains "sector outperform", 12-month target price is $24.00
Antrim Energy (AEN : TSX : $4.69)
New Street coverage
GMP Securities initiates coverage with a "buy", 12-month target price is $6.50
Abitibi-Consolidated (A : TSX : $3.82 | ABY : NYSE : US$3.23)
To report Q4 today
RBC Capital Markets maintains "sector perform", 12-month target price is $4.00
ATS Automation Tooling Systems (ATA : TSX : $12.60)
Amended Photowatt prospectus
Blackmont Capital maintains "buy", 12-month target price is $13.70
Scotia Capital Markets maintains "sector outperform", 12-month target price is $15.50
A&W Revenue Royalties (AW.UN : TSX : $14.35)
Q4 sales growth better than expected
RBC Capital Markets maintains "sector perform", 12-month target price is $14.50
Axcan Pharma (AXP : TSX : $18.00 | AXCA : NASDAQ : US$15.20)
Q1 sales expected to be solid
RBC Capital Markets maintains "sector perform", 12-month target price is US$16.50
Bell Aliant (BA.UN : TSX : $28.60)
Clarifies competitive footprint calculation
GMP Securities maintains "hold", 12-month target price is $27.50
Berkana Energy (BEC : TSX-V : $1.70)
New Street coverage
Blackmont Capital initiates coverage with a "buy", 12-month target price is $2.50
Bonterra Energy Income Trust (BNE.UN : TSX : $24.75)
Upgrade on valuation
CIBC World Markets upgrades to "sector outperform", 12-month target price is $28.00
CAE Inc. (CAE : TSX : $11.48)
To report Q3 tomorrow
Canaccord Adams maintains "sell", 12-month target price is $8.00
CAP REIT (CAR.UN : TSX : $19.35)
Acquisition of luxury suites in Quebec
Scotia Capital Markets maintains "sector outperform", 12-month target price is $19.50
Calpine Power Income Fund (CF.UN : TSX : $13.07)
Competing bid from Khanjee Holding
Canaccord Adams maintains "hold", 12-month target price is raised to $13.50
TD Newcrest maintains "hold", 12-month target price is raised to $13.00
Chariot Resources (CHD : TSX : $0.80)
Update on Marcona
Haywood Securities maintains "sector outperform", 12-month target price is $1.10
Cumberland Resources (CLG : TSX : $7.07)
Target price reached
Canaccord Adams maintains "hold", 12-month target price is $7.25
Churchill Corporation (CUQ : TSX : $6.15)
Positive outlook
Blackmont Capital maintains "buy", 12-month target price is $8.00
Draxis Health (DAX : TSX : $6.17 | DRAX : NASDAQ : US$5.20)
Q4 preview
TD Newcrest maintains "action list buy", 12-month target price is US$6.50
Domtar Inc. (DTC : TSX : $9.19 | NYSE : US$7.76)
Q4 dragged by seasonality
CIBC World Markets maintains "sector perform", 12-month target price is $9.00
Desjardins Securities maintains "hold", 12-month target price is $9.50
Raymond James maintains "outperform", 6-12 month target price is $11.50
Scotia Capital Markets maintains "sector outperform", 12-month target price is US$9.15
TD Newcrest maintains "hold", 12-month target price is $10.50
Enbridge (ENB : TSX : $37.82 | NYSE : US$31.94)
Q4 in line
Scotia Capital Markets maintains "sector outperform", 12-month target price is $44.00
Fraser Papers (FPS : TSX : $5.96)
Q4 below expectations
RBC Capital Markets maintains "underperform", 12-month target price is $4.50
Scotia Capital Markets maintains "sector underperform", 12-month target price is $5.75
Great Lakes Hydro Inc. Fd. (GLH.UN : TSX : $18.91)
Q4 in line
RBC Capital Markets maintains "outperform", 12-month target price is $20.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $18.00
Groupe Laperriere & Verreault (GLV.A : TSX : $33.55)
Management changes
Blackmont Capital maintains "buy", 12-month target price is $39.00
Raymond James maintains "strong buy", 6-12 month target price is $36.50
Grand Petroleum (GPP : TSX-V : $3.55)
Diversified asset base
Blackmont Capital initiates coverage with a "buy", 12-month target price is $4.75
HudBay Minerals (HBM : TSX : $21.82)
Reseve increase at four producing minesites
Desjardins Securities maintains "top pick", 12-month target price is $27.30
Highpine Oil & Gas (HPX : TSX : $15.79)
New Street coverage
Blackmont Capital initiates coverage with a "buy", 12-month target price is $21.50
Husky Energy (HSE : TSX : $75.77)
Q4 production in line
CIBC World Markets maintains "sector perform", 12-month target price is raised to $85.00
RBC Capital Markets maintains "outperform", 12-month target price is $82.00
Quebecor World (IQW : TSX : $16.80 | NYSE : US$14.18)
Q4 preview
TD Newcrest maintains "reduce", 12-month target price is raised to $13.50
The Keg Royalties Income Fd (KEG.UN : TSX : $13.55)
Strong Q4
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $14.00
RBC Capital Markets maintains "outperform", 12-month target price is $13.50
Canadian Hydro Developers (KHD : TSX : $6.28)
More details of GW Power acquisition
Scotia Capital Markets maintains "sector outperform", 12-month target price is $7.75
Kinross Gold (K : TSX : $15.34)
Bema deal not closed yet
RBC Capital Markets rates "sector perform", 12-month target price is $16.00
Migenix Inc. (MGI : TSX : $0.70)
Some clinical samples from Celgosivir Phase II study require retesting
Canaccord Adams maintains "buy", 12-month target price is $1.50
Melcor Developments (MRD : TSX : $22.50)
Record setting housing market in Alberta
Desjardins Securities maintains "top pick", 12-month target price is $33.15
Nortel Networks Corp. (NT : TSX : $32.20 | NYSE : US$27.19)
Searching for new CFO
RBC Capital Markets maintains "sector perform", 12-month target price is US$28.00
NuVista Energy Ltd (NVA : TSX : $13.40)
New Street coverage
Blackmont Capital initiates coverage with a "buy", 12-month target price is $16.00
Open Text (OTC : TSX : $23.13)
Hummingbird acquisition
CIBC World Markets maintains "sector perform", 12-month target price is US$20.00
Jean Coutu Group (PJC) (PJC.A : TSX : $15.87)
Strong sales performance
Desjardins Securities downgrade to "hold", 12-month target price is raised to $17.00
RBC Capital Markets rates "sector perform", 12-month target price is $16.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $15.25
Potash Corp. of Saskatchewan (POT : TSX : $179.37 | NYSE : US$151.39)
Russia selling cheap potash
RBC Capital Markets rates "outperform", 12-month target price is $165.00
Scotia Capital Markets rates "sector outperform", 12-month target price is $200.00
Purepoint Uranium Group (PTU : TSX-V : $1.77)
Encouraging uranium levels
Blackmont Capital maintains "hold", 12-month target price is $1.60
Saputo Inc. (SAP : TSX : $39.12)
Produces higher value cheese
CIBC World Markets maintains "sector performer", 12-month target price is raised to $41.00
TD Newcrest maintains "buy", 12-month target price is $42.00
Taylor NGL LP (TAY.UN : TSX : $8.70)
Reported Q4 results
RBC Capital Markets rate "sector perform", 12-month target price is $8.50
TECSYS Inc. (TCS : TSX : $1.50)
Big contract landed
GMP Securities maintains "buy", 12-month target price is $2.00
Teranet Income Fund (TF.UN : TSX : $9.70)
Housing rebound in Ontario
Desjardins Securities maintains "buy", 12-month target price is $11.00
Trafalgar Energy (TFL : TSX : $3.89)
New Street coverage
Blackmont Capital initiates coverage with a "buy", 12-month target price is $5.00
Toromont Industries (TIH : TSX : $25.17)
Rally still has legs
Blackmont Capital maintains "buy", 12-month target price is $28.50
BMO Nesbitt Burns maintains "outperform", 12-month target price is $28.00
Scotia Capital Markets rate "sector outperform", 12-month target price is $52.00
TEAL Exploration & Mining (TL : TSX : $3.90)
Zambian copper belt
Haywood Securities rates "sector outperform", 12-month target price is $7.00
Thomson Corporation (TOC : TSX : $50.60 | NYSE : US$42.72)
Looking for dividend hike
CIBC World Markets maintains "sector perform", 12-month target price is US$45.00
Verenex Energy (VNX : TSX : $8.70)
Exploration activity in Libya
Canaccord Capital rate "hold", 12-month target price is $8.30
Breaker Energy Ltd. (WAV.A : TSX : $6.20)
Reserve report as expected
Blackmont Capital maintains "buy", 12-month target price is $7.00
WestJet Airlines (WJA : TSX : $15.07)
Will report on Feb 14
Scotia Capital Markets rates "sector perform", 12-month target price is $17.25
West Energy Ltd. (WTL : TSX : $4.80)
Operational momentum
Blackmont Capital initiates coverage with a "buy", 12-month target price is $7.50
Yamana Gold Inc. (YRI : TSX : $15.69 | AUY : NYSE : US$13.24)
Mildly positive results
Raymond James rates "strong buy", 12-month target price is raised to $17.75
Syria: Won't Force Iraqis to Return
By BASSEM MROUE, Associated Press Writer
3 hours ago
DAMASCUS, Syria - Syria will not force any Iraqi refugees to return to their homeland despite the exchange of harsh words between the two countries, the U.N. refugee chief said Thursday.
The United Nations High Commissioner for Refugees Antonio Guterres thanked Syria for absorbing a large number of Iraqis who fled the violence in their war-torn country.
Guterres spoke during a visit to a public clinic in Damascus' al-Sayda Zeinab suburb, where many Iraqi refugees live. Earlier in the day, he discussed the status of refugees with Syria's vice president, interior minister and deputy foreign minister.
Iraqis in Syria say they now get a 15-day permit to stay, after which they have to apply for a three-month permit that can be renewed once. After six months, if an Iraqi is not a student or does not have a business or a job, he or she has to leave the country for at least 30 days before being allowed back in again.
In the past, Iraqis needed only an exit stamp in their passports, and many drove to the border and re-entered the same day. No Syrian official has confirmed the measure pertaining to the 30-day stay outside Syria.
But Interior Minister Bassam Abdul-Majid said Iraqis would henceforth have to apply for an official resident permit after 15 days of entering Syria, the Syrian Arab News Agency reported Thursday.
The measure is meant to bring order to issuing residential permits for Iraqis, and help create an accurate count of refugees, Abdul-Majid said.
No Iraqis have been deported so far, he said.
Guterres described talks with Syrian leaders as "very open and frank."
They "were clearly saying that they consider these Iraqis as sisters and brothers and they will not be pushed or forced to go to Iraq. I think that is a very important statement," Guterres said.
Last week, Iraqi government spokesman Ali al-Dabbagh accused Syria of putting thousands of Iraqis in difficult conditions. He also said half the foreign insurgents in Iraq enter the country from Syria.
Guterres has also visited Saudi Arabia, Kuwait and Jordan on a tour to push for assistance for the refugees.
Syria, with a population of 18 million, has some 800,000 Iraqi refugees and 500,000 Palestinians. The country also received about 1 million Lebanese refugees in the summer war between Israel and the Islamic militant Hezbollah last year.
Iraqi Official Tied to Militia Jailed
By KIM GAMEL, Associated Press Writer
19 minutes ago
A man stands amid scattered furniture and papers inside ...
BAGHDAD, Iraq - U.S.-backed Iraqi forces stormed the Health Ministry and arrested the No. 2 official Thursday, accusing him of diverting millions of dollars to the biggest Shiite militia and allowing death squads use of ambulances and government hospitals to carry out kidnappings and killings.
Shiite politicians allied with anti-American cleric Muqtada al-Sadr denounced the arrest of Deputy Health Minister Hakim al-Zamili as a violation of Iraqi sovereignty and demanded that the prime minister intervene to win his release.
But Prime Minister Nouri al-Maliki and his senior advisers remained silent. Al-Maliki, a Shiite, is under strong U.S. pressure to crack down on Shiite militias and has pledged not to interfere in the security operation to rid Baghdad's streets of gunmen from both Islamic sects.
The arrest took place at 9 a.m., an hour after Iraqi government offices generally open. Iraqi troops pushed through the iron gates of the Health Ministry building in northern Baghdad, ordered people to drop to the ground and rushed to al-Zamili's ground-floor office, witnesses said.
One of al-Zamili's bodyguards said American soldiers accompanying the force asked everyone to step aside and approached the deputy minister, who introduced himself. A U.S. soldier handcuffed al-Zamili and led him away, the guard said on condition of anonymity because he feared reprisal.
AP Television News footage of al-Zamili's office showed overturned chairs and smashed computers along with scattered files and telephones on the floor. Dusty, white boot prints marked the door, apparently because the troops had kicked it in.
A U.S. military statement did not mention al-Zamili by name but said Iraqi special troops captured a "senior official" suspected of alleged corruption and links to al-Sadr's Mahdi Army militia. The Health Ministry is among six Cabinet posts controlled by al-Sadr, an ally of the prime minister.
The statement also alleged the senior official played a role in the deaths of several ministry officials, including the Sunni director of health in Diyala province. The director, Ali al-Mahdawi, vanished last June after coming to Baghdad for a meeting at the ministry.
According to the statement, the official was believed to have siphoned millions of dollars from the ministry to the Mahdi Army "to support sectarian attacks and violence targeting Iraqi citizens."
U.S. military spokesman Lt. Col. Christopher Garver said militiamen were also allowed to use government hospitals and clinics to gather information on Iraqis seeking treatment and "those Iraqis that were discovered to be Sunnis would later be targeted for attacks."
American officials had long complained that al-Sadr's followers were transforming hospitals into bases for the Mahdi militia and were diverting medicine from state clinics to health care facilities run by the cleric's movement.
The clinics helped al-Sadr build a powerful nationwide political movement modeled in part on the Shiite Hezbollah militia in Lebanon.
The arrest is likely to add new strains to al-Maliki's fragile coalition as it embarks on a high-risk campaign to curb violence in Baghdad. Shiite politicians persuaded al-Sadr to pull his militiamen back from the streets in the run-up to the security campaign.
But a series of bombings and suicide attacks on Shiite civilians in Baghdad and the southern city of Hillah has led many Shiites to complain that U.S. and Iraqi forces have not launched the security campaign fast enough to protect them against Sunni extremists.
Nasr al-Rubaie, leader of the Sadrist bloc in parliament, called al-Zamili's arrest a "kidnapping."
Health Minister Ali al-Shemari also denounced the raid.
"This is a violation of Iraq's sovereignty," he said. "They should have a court order to carry out a raid like this."
U.S. officials have insisted that al-Maliki rein in al-Sadr's forces, and the prime minister told the cleric last month that he could no longer provide him with political protection in the face of U.S. pressure, according to al-Maliki's aides.
Curbing the militias is considered key to halting the wave of Sunni-Shiite reprisal killings that surged after last year's bombing of a Shiite shrine in the mostly Sunni city of Samarra.
Despite recent efforts, the violence showed little signs of receding.
At least 104 people were killed or found dead Thursday in Iraq, including at least 10 Sunni men gunned down in the village of Rufayaat, just east of Balad. Balad is a majority Shiite town 50 miles northeast of the Iraqi capital, but it is surrounded by territory that is mainly populated by Sunnis.
In the day's deadliest attack, a parked car bomb exploded at a food market in the predominantly Shiite town of Aziziyah, 35 miles southeast of Baghdad, killing 20 people and wounding 45, police said.
Another parked car bomb tore through a minibus in the mainly Shiite Amin neighborhood of southeastern Baghdad, killing seven passengers and wounding 10, police said.
In Anbar province west of Baghdad, a U.S. airstrike killed 13 insurgents in a raid on two safe houses where intelligence showed foreign fighters were assembled near Amiriyah, the military said. Five militants were detained and a weapons cache was found in an initial raid on a target near the safe houses.
Police and hospital officials in the area offered a conflicting account, saying the airstrike hit the village of Zaidan south of Abu Ghraib and flattened four houses, killing 45 people, including women, children and old people.
An Associated Press photo showed the body of a boy in the back of a pickup truck at the nearby Fallujah hospital and people there said he was a victim of the Zaydan airstrike. Other photos showed several wounded children being treated in the hospital.
Also Thursday, the U.S. announced that four U.S. Marines were killed the day before in fighting in Anbar, an insurgent stronghold. At least 3,114 members of the U.S. military have died since the Iraq war started in March 2003, according to an AP count.
The U.S. Embassy in Baghdad, meanwhile, said U.S. officials were investigating a Jan. 31 incident involving a civilian helicopter after The New York Times reported that insurgents had brought the chopper down with ground fire during a flight between Hillah and Baghdad in support of State Department operations.
A Pentagon official, speaking on condition of anonymity because he was not authorized to disclose the information, said the helicopter belonged to the private security firm Blackwater USA. The official said the aircraft did not crash but rather landed and that the people aboard were safely evacuated.
If confirmed, it would be the second Blackwater helicopter and at least the sixth overall to go down in Iraq since Jan. 20, prompting the U.S. military to review flight operations. The most recent crash occurred Wednesday when a CH-46 Sea Knight went down northwest of Baghdad, killing seven people.
Can't see the pic Ed.
TORONTO, Feb 7 (Reuters) - Coffee and doughnut chain Tim Hortons Inc. (THI.TO: Quote, Profile , Research) (THI.N: Quote, Profile , Research) said on Wednesday its fourth-quarter profit jumped compared with a year earlier, when its earnings were eroded by a writedown in goodwill and asset impairment.
Tim Hortons, spun off by U.S.-based fast-food chain Wendy's International (WEN.N: Quote, Profile , Research) last year, said it earned C$68 million ($58 million), or 35 Canadian cents a share, compared with a profit of C$16 million, or 10 Canadian cents, in the corresponding quarter a year earlier.
Ear on the Street
Aeroplan Income Fund (AER.UN : TSX : $19.70)
Air Mile business reports strong Q4
Blackmont Capital maintains "sell", 12-month target price is $12.50
Alamos Gold Inc. (AGI : TSX : $8.32)
Escondida resource upgrade in line
RBC Capital Markets maintains "sector perform", 12-month target price is $11.00
Agrium (AGU : TSX : $42.04 | NYSE : US$35.45)
Q4 slightly lower than expected
RBC Capital Markets maintains "sector perform", 12-month target price is US$37.00
Angiotech Pharmaceuticals (ANP : TSX : $8.84 | ANPI : NASDAQ : US$7.45)
Q4 slightly misses and 2007 guidance significantly reduced
Blackmont Capital downgrades to "hold", 12-month target price is cut to US$9.00
CIBC World Markets maintains "sector outperform", 12-month target price is cut to US$11.50
Desjardins Securities maintains "hold", 12-month target price is cut to US$10.00
RBC Capital Markets maintains "outperform", 12-month target price is US$13.00
TD Newcrest maintains "hold", 12-month target price is cut to US$7.50
ATS Automation Tooling Systems (ATA : TSX : $12.53)
May face profit taking in the near term
CIBC World Markets maintains "sector outperform", 12-month target price is cut to $16.50
Bell Aliant (BA.UN : TSX : $29.35)
Q4 in line and dividend hiked by 3%
RBC Capital Markets maintains "sector perform", 12-month target price is $29.00
Brookfield Properties (BPO : TSX : $55.81 | NYSE : US$47.09)
Downgrade on valuation
TD Newcrest downgrades to "hold", 12-month target price is raised to US$46.00
Bow Valley Energy (BVX : TSX : $6.55)
Acquires more working interests in the U.K. North Sea
Blackmont Capital maintains "buy", 12-month target price is $7.50
Calian Technologies (CTY : TSX : $13.47)
Q1 essentially in line
Desjardins Securities maintains "hold", 12-month target price is $14.50
Eldorado Gold (ELD : TSX : $6.89)
No suprises in Q4 production
Blackmont Capital maintains "hold", 12-month target price is $7.00
Great-West Lifeco (GWO : TSX : $34.96)
Acquires Putnam Investments
Credit Suisse maintains "neutral", 12-month target price is $35.00
Desjardins Securities maintains "buy", 12-month target price is $36.00
GMP Securities maintains "buy", 12-month target price is $41.00
TD Newcrest upgrades to "hold", 12-month target price is raised to $36.00
Imperial Oil (IMO : TSX : $42.09)
Mackenzie pipeline hearings continue
CIBC World Markets maintains "sector performer", 12-month target price is raised to $45.00
Credit Suisse First Boston rates "underperform", 12-month target price is $44.00
RBC Capital Markets rate "sector perform", 12-month target price is $40.00
TD Newcrest maintains "action list buy", 12-month target price is $48.00
Loblaw Companies (L : TSX : $51.79)
Restructuring plan expected
TD Newcrest maintains "reduce", 12-month target price is $48.00
Lundin Mining (LUN : TSX : $12.99)
Prices reflect 3-for-1 split
CIBC World Markets maintains "sector outperformer", 12-month target price is $17.00
Miramar Mining (MAE : TSX : $5.23)
Owns Hope Bay gold
RBC Capital Markets initiates coverage with "sector perform", 12-month target price is $6.00
Manitoba Telecom Services (MBT : TSX : $47.61)
Takeover target
RBC Capital Markets rate "outperform", 12-month target price is $54.00
Melcor Developments (MRD : TSX : $19.70)
Soaring Alberta property values
Desjardins Securities maintains "top pick", 12-month target price is increased to $33.15
Norbord Inc. (NBD : TSX : $9.63)
Q4/06 results reported
Desjardins Securities maintains "hold", 12-month target price is increased to $9.25
RBC Capital Markets maintains "sector perform", 12-month target price is $9.50
TD Newcrest maintains "buy", 12-month target price is $11.00
Neurochem (NRM : TSX : $20.02)
Phase III trial completed
RBC Capital Markets rates "underperform", 12-month target price is $13.00
Jean Coutu Group (PJC) (PJC.A : TSX : $15.42)
Quebec government announces preliminary changes to drug reimbursement program
RBC Capital Markets maintains a "sector perform", target price is $16.00
Potash Corp. of Saskatchewan (POT : TSX : $186.27 | NYSE : US$156.97)
Rumours coming out concerning Chinese potash negotiations
RBC Capital Markets maintains a "outperform", target price is US$165.00
Rothmans Inc. (ROC : TSX : $21.12)
Q3 in line
Blackmont Capital maintains "hold", 12-month target price is $21.00
Saputo Inc. (SAP : TSX : $38.03)
Q3 results coming tomorrow
CIBC World Markets maintains a "sector perform", target price is $37.00
Sears Canada (SCC : TSX : $27.28)
Fourth quarter miss due to unseasonable weather
CIBC World Markets maintains "sector underperformer", 12-month target price is raised to $24.00
RBC Capital Markets maintains a "underperform", target price is $22.00
Tembec Inc. (TBC : TSX : $2.81)
First quarter results below expectations
CIBC World Markets maintains a "sector underperform", target price is $0.75
Desjardins Securities maintains a "sell", target price is $1.25
RBC Capital Markets maintains a "underperform", target price is $0.00
TD Newcrest maintains a "reduce", 12-month target price is $1.25
TIO Networks (TNC : TSX-V : $0.95)
Major expansion of ExxonMobil's eWiz program expected in 2007
GMP Securities maintains "buy", 12-month target price is $1.70
Transition Therapeutics Inc (TTH : TSX : $1.80)
Phase II diabetes results expected this month
GMP Securities reiterates "buy", target price is $2.85
Tundra Semiconductor (TUN : TSX : $9.76)
Sale of RioLabs
Blackmont Capital maintains "hold", 12-month target price is $13.00
Ear on the Street
Alamos Gold Inc. (AGI : TSX : $8.50)
Escondida results released
Haywood Securities rates "sector outperform", 12-month target price is reduced to $10.25
Raymond James rates "outperform", 12-month target price is raised to $11.75
TD Newcrest maintains "hold", 12-month target price is reduced to $9.00
Aecon Group (ARE : TSX : $8.20)
Aquires the Karson group
GMP Securities maintains "buy", 12-month target price is raised to $12.00
Bell Aliant (BA.UN : TSX : $29.40)
Dividend looks secure
Desjardins Securities maintains "buy", 12-month target price is $31.00
GMP Securities maintains "hold" 12-month target price is raised to $27.50
National Bank Financial maintains "sector perform", 12-month target price is raised to $30.00
RBC Capital Markets rates "sector perform", 12-month target price is $29.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $25.00
Cott Corp. (BCB : TSX : $17.03 | COT : NYSE : US$14.41)
Expansion in China
Blackmont Capital maintains "buy", 12-month target price is US$18.00
National Bank Financial maintains "underperform", 12-month target price is US$13.00
BFI Canada Income Fund (BFC.UN : TSX : $27.05)
Industry positives
Blackmont Capital maintains "buy" 12-month target price is $29.50
Cogeco Cable (CCA : TSX : $40.18)
Back from Portugal
CIBC World Markets resumes coverage "buy", 12-month target price is raised to $46.00
Haywood Securities rates "sector outperform", 12-month target price is raised to $50.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is raised to $55.00
COGECO Inc. (CGO : TSX : $36.00)
Positive assessment of Portuguese assets
CIBC World Markets upgrade to "sector performer", 12-month target price is raised to $44.00
Haywood Securities rates "sector outperform", 12-month target price is raised to $45.50
Cumberland Resources (CLG : TSX : $7.00)
New road under construction
Raymond James rates "strong buy", 12-month target price is raised to $8.50
Connacher Oil and Gas (CLL : TSX : $3.93)
Great Divide drilling on track
GMP Securities maintains "buy", 12-month target price is $6.00
Domtar Inc. (DTC : TSX : $9.56 | NYSE : US$8.09)
Weyerhaeuser split off
Scotia Capital Markets maintains "sector outperform", 12-month target price is $9.70
Enbridge (ENB : TSX : $38.00)
Publishing restriction over
CIBC World Markets resumes coverage with "sector outperform", 12-month target price is $41.00
RBC Capital Markets resumes coverage with "sector perform", 12-month target price is $42.00
Equitable Group Inc. (ETC : TSX : $33.80)
Announces new CEO
Blackmont Capital maintains "buy", 12-month target price is $36.00
Gabriel Resources (GBU : TSX : $5.40)
Downgrade based on valuation
RBC Capital Markets maintains "sector perform", 12-month target price is $6.00
Great Plains Explorations (GPX : TSX : $1.19)
Early drilling success at Randell
GMP Securities maintains "buy", 12-month target price is $1.75
Gluskin Sheff + Associates (GS : TSX : $16.40)
To report Q2 tomorrow
RBC Capital Markets maintains "outperform", 12-month target price is $21.00
Harvest Energy Trust (HTE.UN : TSX : $26.28)
$330 million financing closed
National Bank Financial maintains "sector perform", 12-month target price is cut to $25.00
TD Newcrest maintains "buy", 12-month target price is $28.00
IPSCO Inc. (IPS : TSX : $120.62 | NYSE : US$102.17)
Weak Q1 guidance
Scotia Capital Markets maintains "sector outperform", 12-month target price is $165.00
Canadian Hydro Developers (KHD : TSX : $6.44)
New assets blow in
GMP Securities maintains "buy", 12-month target price is raised to $7.00
RBC Capital Markets rates "outperform", 12-month target price is raised to $7.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $7.75
Lake Shore Gold (LSG : TSX : $1.75)
Purchases Bell Creek Mine and Mill from Goldcorp
Raymond James maintains "strong buy", 6-12 month target price is $3.75
Petrobank Energy and Resources (PBG : TSX : $21.80)
Whitesands facility is fully operational
Haywood Securities maintains "sector outperform", 12-month target price is raised to $32.00
Petrolifera Petroleum (PDP : TSX : $17.75)
2007 drilling program to begin this month
GMP Securities maintains "buy", 12-month target price is $24.00
Peer 1 Network Enterprises (PIX : TSX-V : $0.84)
Solid demand
Haywood Securities maintains "sector outperform", 12-month target price is raised to $1.05
Rothmans Inc. (ROC : TSX : $21.20)
Q3 EPS in line
Blackmont Capital maintains "hold", 12-month target price is $21.00
Saputo Inc. (SAP : TSX : $37.66)
To report Q1 today
RBC Capital Markets maintains "sector perform", 12-month target price is $39.00
TD Newcrest maintains "buy", 12-month target price is $42.00
Sears Canada (SCC : TSX : $27.94)
Additional cash expected
Desjardins Securities upgrade to "buy", 12-month target price is $31.00
Trican Well Service (TCW : TSX : $21.45)
Acquires Liberty Pressure Pumping LP
Canaccord Adams maintains "buy", 12-month target price is raised to $27.50
National Bank Financial maintains "outperform", 12-month target price is raised to $33.00
Raymond James maintains "outperform", 6-12 month target price is raised to $28.00
TD Newcrest maintains "buy", 12-month target price is raised to $28.00
Tim Hortons (THI : TSX : $36.96 | NYSE : US$31.25)
To report Q4 tomorrow
Blackmont Capital maintains "buy", 12-month target price is $44.00
National Bank Financial maintains "outperform", 12-month target price is raised to $44.00
RBC Capital Markets maintains "outperform", 12-month target price is $41.00
Transalta Power Lp (TPW.UN : TSX : $7.73)
Downgrade based on valuation
Canaccord Adams maintains "hold", 12-month target price is $7.00
CIBC World Markets downgrades to "sector perform", 12-month target price is $8.00
RBC Capital Markets maintains "sector perform", 12-month target price is cut to $7.25
Yep.
Can't believe the lineups.
I vote for these two.
MPs Vote on 2007 Budget
--------------------------------------------------------------------------------
04 February 2007 (Al-Sabaah)
Print article Send to friend
MPs believes that their council would vote today on lowering the social benefits amounts for the presidential and ministries departments up to fifty after they reached to an agreement yesterday while the argument continue about the phrase of the province guards (Beshmarga) which didn't end till yesterday.
Mean while, Deputy Khalid al-Atteya announced that they would vote on the 2007 budget after they end their discussions on the issue.
On his part, al-Attaya expressed his desire reaching of an agreement among the members to end their disagreements about the budget points
I guess it will keep the trees under control too!. LOL
Niether have I.
Was quite popular in its day.
Can you imagine what would happen if those trees mixed with the wild ones?
We'd have to get Paul Bunyan out of retirement! :)
Evenin' Larry.
Animotion-Obsession
Bette Davis Eyes
I don't think that will ever happen.
Meilan also is attempting to find ways to produce trees that are reproductively sterile so they are unable to transfer introduced traits to wild trees.
STOCKS TO WATCH: Stocks In Focus For Monday
20:35 EST Sunday, February 04, 2007
SAN FRANCISCO (Dow Jones) -- Among the companies whose shares are expected to see active trade in Monday's session are Anadarko Petroleum Corp., Herbalife Ltd. and Hewitt Associates Inc.
Anadarko (APC) is expected to report earnings per share of $1.26 for the fourth quarter, according to analysts polled by Thomson Financial.
Cognizant Technology Solutions (CTSH) is expected to post fourth-quarter per- share earnings of 43 cents.
Hewitt Associates (HEW) is expected to report first-quarter earnings of 24 cents per share.
Humana Inc. (HUM) is expected to report earnings of 88 cents per share for the fourth quarter.
KLA-Tencor Corp. (KLAC) is expected to post fourth-quarter per-share income of 61 cents.
Overstock.com Inc. (OSTK) is expected to report a per-share loss of 85 cents for the fourth quarter.
Pitney Bowes Inc. (PBI) is expected to post fourth-quarter earnings of 77 cents per share.
Principal Financial Group Inc. (PFG) is expected to report income of 88 cents per share for the fourth quarter.
Rent-A-Center Inc. (RCII) is expected to report fourth-quarter earnings of 50 cents per share.
Royal Caribbean Cruises Ltd. (RCL) is expected to post income per share of 20 cents for the fourth quarter.
After Friday's closing bell, Herbalife (HLF) said it has received an acquisition offer of $38 a share from Whitney V L.P. and its affiliates. The offer represents a 14.8% premium to the Herbalife's closing share price Friday of $33.10.
Watch list
Bisys Group Inc. (BSG) filed its Form 10-Q for the period ended Sept. 30, 2006, and reported net income of $14 million, compared with $13.4 million during the year-ago period. Revenue for the first fiscal quarter of 2007 was $211.5 million vs. $205.7 million.
E.On AG (EON) raised its offer for Spanish Endesa S.A. to 38.75 euros a share ($50.22) from 34.5 euros a share. The final bid values all of Endesa's shares at 41 billion euros.
Hewlett-Packard Co. (HPQ) said it plans to withdraw the listing of its stock from the Nasdaq Global Select Market to reduce costs of exchange listing fees and administrative burdens related to being listed in two exchanges.
Majesco Entertainment Co. (COOL) said its financial statements for the fiscal year ended Oct. 31, 2006 contain a going concern modification. According to a Jan. 29 filing, the company's auditors have issued an opinion indicating that there is substantial doubt about the company's ability to continue as a going concern because Majesco has incurred net losses for the years ended Oct. 31, 2005 and 2006.
Mediacom Communications Corp. (MCCC) said it has reached a retransmission consent agreement with Sinclair Broadcast Group Inc. (SBGI) . Mediacom added that stations will be immediately restored on the Mediacom cable systems in 12 states.
Overstock.com Inc. (OSTK) said it has filed a lawsuit in the Superior Court of California, County of San Francisco seeking damages of $3.48 billion against a group of companies it says control over 80% of the prime brokerage market.
Unitrin Inc. (UTR) reported fourth-quarter net earnings of $61.6 million, or 91 cents a share, down 29% from $86.7 million, or $1.26 a share, in the year-ago period. Revenue at the Chicago-based financial services company rose to $763.9 million from $755.9 million.
(END) Dow Jones Newswires
02-04-07 2035ET
Copyright (c) 2007 Dow Jones & Company, Inc.
Investors: Read with caution
ROB CARRICK
Saturday, February 03, 2007
Note to people looking for investing help: Stock-picking newsletters can be a great investment as long as you understand their limitations.
That's the lesson of the Portfolio Strategy column's second annual snapshot review of six newsletters aimed at mainstream investors. Over all, the six newsletters did good work in generating competitive returns for investors. But several ran into difficulties when they ventured beyond Canadian blue-chip stocks.
Several newsletters were conspicuously unsuccessful in the U.S. market, for example. Others had a hit-or-miss experience with small-capitalization or penny stocks. For readers, the lesson is to understand a newsletter's core strength and be wary of picks outside that area.
The six newsletters were evaluated by monitoring the performance of the "buy" recommendations they offered either in January, 2006, or in their annual forecast edition. An imaginary $100 was invested in each recommended stock at the start of the year, or on the specific dates the newsletter issued its picks. Stocks were held for the entire year, unless a specific "sell" recommendation was issued.
Final results, which include dividends, were tabulated using the portfolio tracker on GlobeinvestorGold. Additionally, each newsletter was assigned a "success ratio," which shows the percentage of total picks that made money.
Now to the results.
First place: Stock Pickers Digest
Number of picks: 14
Return: 26.1%
Best pick: Yamana Gold, up 89.9%
Worst pick: Tahera Diamond, down 66.2%
Total winners: 11
Total losers: 3
Success ratio: 78.5
Overview: A super performance by this newsletter for speculative investors who are willing to invest in companies of all types and sizes. Whereas other newsletters may stumble when delving beyond tried and true blue chips, Stock Pickers Digest seems right at home.
Hits: The publisher of this monthly, Patrick McKeough, showed a deft touch in combining big scores on large-cap U.S. names like Wendy's International and Avaya with mid-size Canadian stocks like Metro and junior resource plays like Gabriel Resources
Misses: One flameout, Tahera, isn't too bad for a newsletter that walks on the wild side.
Over all: This newsletter's picks made 40.9 per cent in last year's survey, so there's certainly some expertise at work here.
Cost: $168 a year
Info: 416-756-0888 or 1-888-292-0296
Second place: The Investment Reporter
Number of picks: 25
Return: 15.8%
Best Pick: Aur Resources, up 109%
Worst pick: PFB, down 27.2%
Total winners: 21
Total losers: 4
Success ratio: 84
Overview: At the end of 2005, this venerable 65-year-old weekly newsletter from MPL Communications issued a list of 25 "market-beating" stocks for the year ahead. The Investment Reporter can be said to have delivered for its readers.
Hits: Aur was huge, but there were lots of blue chips like Canadian Imperial Bank of Commerce, Finning International, Fortis and Manulife Financial that delivered gains of 15 to 30%
Misses: Here's an example of a newsletter that is less useful when it strays from its specialty in conservative, blue-chip investing. Five U.S. stocks were recommended and the average gain was just 5.3%.
Over all: The Investment Reporter did what it does best in 2006 -- provide solid guidance to investors who want help in choosing blue-chip stocks.
Cost: $327 a year
Info: 1-800-804-8846C outside Toronto; 416-869-1177 in Toronto
Third place: The Successful Investor
Number of picks: 13
Return: 11.4%
Best pick: CIBC, up 29.9%
Worst pick: Nova Chemicals, down 14%
Total winners: 11
Total losers: 2
Success ratio: 85
Overview: This monthly newsletter is part of the same family as Stock Pickers Digest, but it focuses more on mainstream, buy-and-hold investing. .
Hits: Several blue chips with gains of 20%or more were recommended by this newsletter, including Alcan.
Misses: Torstar was the only money loser besides Nova Chemical.
Over all: Another good choice for investors who want help choosing basic blue chips.
Cost: $139 a year.
Info: 416-756-0888 or 1-888-292-0296
Fourth place: NA Marketletter
Number of picks: 13
Return: 10.8%
Best pick: Solitario Resources, up 70%
Worst pick: Mines Management, down 20.5%
Total winners: 5
Total losers: 8
Success ratio: 38.5
Overview: Middling returns and a comparatively low batting average from this newsletter, which issues periodic e-mails with "buy" and "sell" recommendations based on technical analysis (interpretation of a stock's price and volume moves).
Hits: Solitario, a Colorado-based mineral exploration company, was a big home run, but Inco and Orbital Sciences, an aerospace company, also did well.
Misses: No disastrously bad picks, just some mild missteps.
Over all: Users of this newsletter need to be nimble traders who understand that some picks won't pan out.
Cost: $19.95 (U.S.) a month
Info: na-marketletter.com
Fifth place: The MoneyLetter
Number of picks: 12
Return: 10.4%
Best pick: AlarmForce Industries, up 23.8%
Worst pick: CHC Helicopter, down 10.7%
Total winners: 11
Total losers: 1
Success ratio: 92
Overview: In last year's newsletter scorecard, The MoneyLetter came in first with a 42.4-per-cent return that was built on some clever picks focusing on energy, gold and China's economic boom. This year's choices were more mundane, and so were the returns.
Hits: The MoneyLetter's January, 2006, picks were heavily weighted toward blue chips, but its excursion into the small-cap realm with AlarmForce yielded excellent results.
Misses: Other than CHC, the worst you can say about the MoneyLetter's picks was that a few were lacklustre.
Over all: Historically, a 10.4% return looks good. It looks even better when you consider that only one stock pick lost money.
Cost: $157 a year
Info: 1-800-804-8846 outside Toronto; 416-869-1177 in Toronto
Sixth place: Internet Wealth Builder
Number of picks: 8
Return: 2.1%
Best pick: Fortis, up 25.1 per cent
Worst pick: Handleman, down 45.6%
Total winners: 5
Total losers: 3
Success ratio: 62.5
Overview: Judge this weekly newsletter from investing expert Gordon Pape by its Canadian picks and you end up with a market-beating return of 17.6%, which would have placed it second among the six newsletters. Where IWB ran into problems was in three money-losing picks in the U.S. market.
Hits: Four Canadian stocks -- Canadian Utilities, Enbridge, Fortis and Goldcorp -- that did no worse than 12.7%
Misses: Four U.S. stocks - Handleman, Kinder Morgan, Rocky Mountain Chocolate Factory and UnitedHealth -- that together lost 11.9%.
Over all: Don't be put off by the lousy U.S. results -- this newsletter offers informed, easily understood commentary to regular investors.
Cost: $139.95 a year
Info: buildingwealth.ca or 1-888-287-8229