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.
BAGHDAD (Reuters) - A U.S.-Iraqi campaign to stabilize Baghdad will begin soon and the offensive against militants will be on a scale never seen during four years of war, American officers said on Sunday.
ADVERTISEMENT
Briefing a small group of foreign reporters, three American colonels who are senior advisers to the Iraqi army and police in Baghdad said a command center overseeing the crackdown would be activated on Monday.
"The expectation is the plan will be implemented soon thereafter," Colonel Doug Heckman, senior adviser to the 9th Iraqi Army division, said at a U.S. military base in Baghdad.
"It's going to be an operation unlike anything this city has seen. It's a multiple order magnitude of difference, not just a 30 percent, I mean a couple hundred percent," he added, referring to previous offensives that failed to stem bloodshed.
The plan will involve U.S. and Iraqi forces sweeping the capital's neighborhoods for militants and illegal weapons and then holding cleared areas. But some analysts fear that as in previous crackdowns, militants will simply melt away and wait them out, or strike in areas where they are not deployed.
All three officers sought to talk up the ability of Iraq's forces to perform better than in previous crackdowns.
Their comments came a day after a suicide truck bomb killed 135 people in a mainly Shi'ite area of Baghdad, the single biggest bombing since the U.S.-led invasion in 2003.
The joint offensive is seen as a last-ditch effort to halt all-out civil war between minority Sunni Arabs and politically dominant majority Shi'ites.
President Bush is sending 21,500 reinforcements, most earmarked for the Baghdad offensive.
Critics of Shi'ite Prime Minister Nuri al-Maliki say an offensive last summer failed because the Iraqi army committed too few troops and because he was reluctant to confront the Mehdi Army of radical cleric Moqtada al-Sadr.
The firebrand cleric is a key political ally of Maliki.
NO BARRIERS
Asked if the Mehdi Army's stronghold in Sadr City would be cleaned out, Heckman acknowledged the political sensitivity but said all options were open.
"If we feel we need to clear Sadr City to bring stability, we will do that. Are there restrictions that will not allow us to do that? Right now there are not," Heckman said.
Maliki has vowed the crackdown will tackle militants across the sectarian divide. The Pentagon has said the Mehdi Army poses a greater threat to peace in Iraq than Sunni Islamist al-Qaeda.
The Baghdad command center that will begin operations on Monday will be headed by an Iraqi general. However, U.S. troops will not take orders from Iraqi officers.
Colonel Chip Lewis, senior adviser to a national police division in Baghdad, said the Iraqi security forces were more confident than they were before the last offensive. At that time, some Iraqi units did not show up.
Heckman said the offensive would gradually build up.
There was anecdotal evidence some militias had sought to melt away ahead of the campaign, the officers added.
"The end of the summer is when we should see some concrete results and be able to say is this working or not," Heckman said. That would be around September.
One problem that bedeviled last summer's offensive was the reluctance of Iraqi soldiers in the regionally recruited army to be deployed in the capital, far from their homes and families.
This time soldiers will get pay bonuses to come to Baghdad and will be given a finite tour of duty, so they know their deployment will not be open-ended, the American officers said.
Another difference would be the establishment of what the officers called joint security stations, which will be set up in nine Baghdad districts and where Iraqi and American troops will live and patrol side-by-side.
Weekly Update February 4, 2007
--------------------------------------------------------------------------------
Plug Power (PLUG/NASDAQ $3.73)
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 this past week over Global Warming. The state of California has taken the most proactive approach recently 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 funding 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. I am presenting it for diversification, long term investing, and possibly pension accounts. It is trading at the low end of their chart and I believe the downside risk is limited to low $3's which were tested a couple weeks ago. The recent media is contributing to a cleanup that started just over a week ago.
Potential for Buyout by Russia's Norilsk ?
This past summer, 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.
The fundamentals have continued to improve since this investment was made by the Russian investors, but the share price continued to drift lower. If it was to drop near $3, we could see the company as a takeover target because of its cash value, and significant value of the technology - almost $3/4 Billion has been invested in this company since startup.
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. As you'll see from two recent news releases, the U.S. and European governments are also prepared to back them.
Plug Power To Receive $8.6M in DOE Funding
LATHAM, N.Y., Oct. 31 /PRNewswire-FirstCall/ -- Plug Power Inc. , a leader in providing clean, reliable on- site energy products, has been selected by the U.S. Department of Energy (DOE) to receive three separate awards totaling $8.6 million for hydrogen fuel cell research, development and demonstration projects.
Specifically, Plug Power will receive:
* $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
European Commission Funding
LATHAM, N.Y., Dec. 14 /PRNewswire-FirstCall/ -- Plug Power Inc. and Vaillant Group of Germany have been selected by the European Commission to receive a grant for the international development and demonstration of three high temperature combined heat and power proton exchange membrane (HT- PEM) fuel cell system prototypes.
"This grant helps Plug Power and its partners accelerate the application of fuel cell systems as heat and power sources for commercial and residential structures," said Dr. Roger Saillant, Plug Power's CEO. "Moreover, the project sets an exciting precedent for the future of fuel cell development as a response to the increasing global demand for transformational clean energy products."
The European Commission will provide euro 2.5 million in funding for the project, which is estimated to have a total value of more than euro 11 million over a two- year period. In October, the U.S. Department of Energy awarded $3.6 million to support the international collaboration. This is the first cooperative program in fuel cell technology between the two government entities.
"Vaillant Group and Plug Power have successfully developed and tested three generations of micro combined heat and power fuel cells for more than six years. The project is a consequent further step in our partnership and offers a great potential to improve technology based on HT-PEM," said Dr. Michel Brosset, Vaillant Group's Managing Director. "We are looking forward to this very interesting international collaboration."
Danny Deadlock
Microcap.com
--------------------------------------------------------------------------------
email: microcap@telus.net
web: http://www.microcap.com
I just downloaded the Firefox.
It won't run the quote tracker in Webbroker.
Oh well. Thought I'd give it a try, But it is no good to me.
Iraq's oil revenue may provide every Iraqi with $3500 a year
--------------------------------------------------------------------------------
26 December 2006 (MENAFN)
Print article Send to friend
An American energy analyst that a plan gaining favor in Washington to distribute Iraq's oil revenue directly to its people could put $3,500 a year in the hands of every adult Iraqi citizen, AlArab Online reported.
The analyst said that his estimate was based on an oil price of $60 a barrel, $10 a barrel production costs, and the assumption that 10 million Iraqis would be old enough to qualify for a share of their country's oil wealth.
He said that the best way to administer the program may be to give the money to those who register to vote and maintain a bank account, thus promoting social involvement and stability.
However, opponents say distributing the money would be difficult due to logistical and corruption problems, but the idea has picked up advocates as the United States looks for ways to stop the chaos that has followed the 2003 invasion that toppled Iraqi leader Saddam Hussein.
Iraq produces 2.2 million barrels of oil a day and exports 1.5 million barrels, according to the Iraq Study Group Report issued earlier this month.
Estimates for current average annual income in Iraq vary widely, but top out at around $1,500 a year.
Head as hill the Kurdustani alliance in parliament: Equivalent delay statement of Iraq damages in the governmental performance and the development Baghdad - just beds of Al-Hayat - 04/02/07//
Head as hill confirmed the Kurdustani alliance in Iraqi council the deputies, impeccable heart to “Al-Hayat”, that he expects to the social uses and the allowances for the presidencies decide parliament the argument in matter the three (presidency of Al-Jomhuria and the ministers and parliament) in this week, to becomes afterwards to statement project of law equivalent for the year current, profound obstacle 42 of billion dollar
Masoum said that objection agglomerated him in the council on specified the social uses for the presidencies the three, Yanbu' from what considers him distinction the specialized realist in specification does not lean to, questioning: “why the concentration on specified presidency of Al-Jomhuria whereas ignoring specialized of presidency of the ministers was complete
Impeccable male that draft bill equivalent for the year current 120.92 billion Dinar specialized Iraqi for presidency Al-Jomhuria, whereas 762.82 billion Dinar specialized Iraqi for council the ministers on form social uses.
Masoum to necessity indicated the termination from any blocking of conversion without the new belief on the equilibrium. Then that any delay in the belief will follow big harms in the governmental performance and in projects of the state, what the equivalent acceleration in statement requires and terminating of any disagreements around her doors and size of the specifications
Parliament before beginning 2007. Impeccable turnip to that he project takes onThe equilibrium “moving away her about execution of the projects developmental in the amount who shelter aspires to him”, clarifying that preparation equivalent complete view for requirements of the reality requires economic, on towards the difficult reality be in agreement with with who his gathered living cutters of several blessing, especially that “Iraq suffers from inheritance last who the difficulties increase which faces her presently”.
Impeccable detection about abundant presence grown-up in equilibrators previous ministries of the state different in the years, 30 billion dollar increases on. The security reason at that the deterioration who many preservations reign and situation without execution of the projects following for the ministries. Added:“in the possibility the developmental use from this amounts for consolidation work of the meant ministries in execution of the projects which the living crises for the citizens treat”.
Law of the oil and the gas
In the ratio for law the oil and the gas who avowed him energy committee in Iraqi council the ministers, Masoum expressed about hopes him in to the final draft for the law to council promotes the deputies with the aim of his statement at the time subsequent from the month ravedThat the law avows that the resulting citations about sales of the oil and the gas will go to central box one and distribution on all Iraqi, reconciled to distribution in the regions and the preservations attributed theirJust as impeccable expectation to the law in activation succeeds work company of the national oil which duties development of the oil fields and increase in production will undertake in their distribution in and the export, in addition to that he the worldwide domain in front of the companies for the competition on the contracts will be easy which will propose her ministry of the oil on her, the qualifications reconciled for which owns her and the essential criteria the observance in her. In oil sector and the gas, on towards the coveted use for our realizes people in all His areas, assured lack of presence of any disagreements on him and that the all promises him national gains accustoms In the use on them
Masoum clarified that region of Kurdistan became active centers and whatever in domain of attraction The external investments attracted, then does in him more than 100 company American and Egyptian and Turkish and Iranian executes projects increases costed her on more than 3 billion dollar. That he the Iraqi preservations last hope from, especially that which the stability enjoys in The securities, to attempt of the region takes from example in activation of the connected efforts in the activity Developmental and execution of the projects is adequate attraction heads of the moneys and the investors and the hands The different laborer, indicative in this respect to presence ten the thousand hands working The skills from Iran and Turkish and Syrian and Egypt and Lebanon, in addition to Iraqi from Middle preservations does especially in the service cutters.
كتب: saleem في يوم الجمعة, 02 فبراير, 2007 - 09:41 PM BT
Iraq-WTO-Update 1
Iraq to discuss trade regulations with WTO soon
By Hadi al-Hadi
(Adds official's statement)
Amman, Feb 2, (VOI) –Iraq will start several preparatory meetings with the world Trade Organization (WTO) soon on the way for Iraq's joining of the WTO, an Iraqi foreign ministry official said on Friday.
"The Iraqi high committee will soon go to the WTO headquarters in Switzerland to discuss the trade regulations necessary for Iraq's joining of the WTO," Ambassador Surud Najuib told the independent news agency Voices of Iraq (VOI).
The talks would include proposed changes required within the Iraqi trade regulations to meet the standards set by the World Trade Organization to pave the way before Iraq to join the organization, Ambassador Najuib said.
Iraq has made every effort to meet the standards set by the World Trade Organization in an attempt to enjoy the organization membership.
On Thursday, a conference in the Jordanian capital Amman discussed Iraq's joining of the World Trade Organization (WTO).
Held by the U.S. Agency for International Development (USAID) in tandem with the Iraqi-U.S. Chamber of Commerce and Industry, under the aegis of Microsoft, the 1st preparatory conference on Iraq's accession to WTO focused on the issue of investment in Iraq, which was approved by the Iraqi parliament.
"The meeting reviewed new investment opportunities and Iraq's accession to the WTO as member, not as an observer as is the case now," Greg Howell, Global Development Alliance Advisor USAID/Iraq, told the independent news agency Voices of Iraq (VOI).
Howell said "by the end of February Iraq will attend its first session with the WTO," noting he had met several times with Iraqi officials and ministers concerned, which is part of the USAID's activities."
"We are now working with Iraqi banks to practice up-to-date banking as well as laying guarantees for loans," said the USAID official.
He pointed out that the USAID's objectives through working with the Iraqi government envisage increasing the number of investment companies, creating jobs for unemployed Iraqis, laying the foundations for an investment climate that would benefit the Iraqi government and making it easy for international companies to come to Iraq.
The meeting was attended by representatives from the Iraqi ministries of trade and foreign affairs as well as Iraqi companies and foreign investors
UK Arabic paper reports breakup of major Iraqi political blocs
--------------------------------------------------------------------------------
02 February 2007 (BBC Monitoring)
Print article Send to friend
[Report by Khulud Al-Amiri: "'Independent' Blocs Within Shi'i Unified Coalition and Sunni Al-Tawafuq Front"]
In an important indication that political blocs formed following the US occupation of Iraq are beginning to disintegrate, a number of Iraqi members of parliament have broken established alliances and formed smaller political groupings within the major blocs that had been formed on the basis of sectarian representation.
Taha Al-Luhaybi, secretary general of the Independent Iraqis Grouping, which stems from the Sunni Iraqi Al-Tawafuq Front [Jabhat al-Tawafuq al-Iraqi], told Al-Hayat that "this grouping was formed as a result of the feelings of marginalization among independent deputies, and their desire to express their political vision more freely, especially since there are major differences in the country over some basic issues, such as holding dialogue with the groups that still carry arms and refuse to engage in the political process, and listening to their demands." He added: "This is in addition to other reasons that have led to the formation of this grouping, foremost among which is the sectarian stamp of Al-Tawafuq Front, and the desire of independent deputies to stay away from the rising sectarian tide, which has brought affliction on this country."
Al-Luhaybi said that "the grouping includes 11 independent members of parliament from the Iraqi Al-Tawafuq Front, including Sa'dun Al-Juburi, Adnan Dhiyab Ghanim, and Abd Mutlak Al-Juburi, as well as deputies from the National Reconciliation and Liberation Bloc [Kutlat al-Musalahah al-Wataniyah Wa al-Tahrir], who joined the Al-Tawafuq Front after the former leader of their bloc Mish'an al-Juburi was stripped of his immunity." He added that "three other members of parliament representing the Iraqi Al-Tawafuq Front, including Shaykh Ahmad Rakan, a prominent Al-Tawafuq Front deputy, have agreed to join the new grouping."
The secretary general of the Independent Iraqis Grouping also said that "the grouping has submitted a request for recognition as an independent political party under the same name." He added that "the grouping will organize its political affairs in order to take part in the upcoming elections, now that the Iraqi Al-Tawafuq Front has recognized it."
Moreover, Al-Luhaybi said that "the Independent Iraqis Grouping has its own spokesperson, who voices the groupings' views on the important political issues inside and outside the Parliament." He pointed out that "the grouping will not allow the Al-Tawafuq Front to make any major decisions without consulting the grouping, and it will not allow any party other than its spokesperson to speak on its behalf."
In the meantime, Qasim Dawud, the head of the Solidarity Bloc formed by a number of independent members of parliament belonging to the Unified Iraqi Coalition, said that "the bloc will be announced within the upcoming week and will present a comprehensive national plan that offers solutions to the country's political crisis, including building the state's security and services institutions, reinforcing the rule of law, and imposing the authority of the government in the street." He added that "the new bloc comprises a large number of independent members of the Unified Iraqi Coalition, including Aydah Al-Ta'y, Hanin Qaddu, Muhammad Al-Haydari, Shatha Al-Musawi, and others."
Dawud also said that "the bloc's doors are open to all members of parliament from the Unified Iraqi Coalition who may wish to join." He added: "The narrow and odious sectarian atmosphere and the fact that sectarianism is a major crisis that has exceeded all bounds, has made many parliamentary figures leave the path of sectarian rallying, shift to the broad path of the national plan, and stand firm in the face of congestion, which has been a major cause of the domestic migration of 1.7 million Iraqis, and the immigration of one million others to other countries."
Member of Parliament Harith Al-Ubaydi, who belongs to the Iraqi Al-Tawafuq Front, said that "the emergence of these blocs is a healthy experience provided the maintenance of unity and coherence within the major blocs from which these blocs have emerged." He added that "national awareness exists inside the Parliament" and that "these personalities are seeking to avoid sectarian and ethnic rallying, now that they have realized that sectarian rallying has caused the country to slide into this serious situation."
Source: Al-Hayat website, London
Scrimping brings wealth and tax angst for couple
ANDREW ALLENTUCK
Saturday, February 03, 2007
In Toronto, a couple we'll call Harry, who is 57, and Gladys, who is 56, have built up nearly $1.8-million in financial assets. Self-employed, they have been winding down their consulting businesses, looking forward to making use of assets accumulated earlier in their lives when their combined incomes of $150,000 a year were three times their current level.
Harry and Gladys have a house with an estimated market value of $315,000 plus $23,000 in cash. Those items push their total assets up to about $2.15-million. They have $50,000 of permanent life insurance, which should be enough to pay taxes on the death of the second partner. They have, as well, put aside $100,000 for each of their two adult children. They have no debts, but when they retire and begin receiving income from their registered retirement savings plans, Canada Pension Plan and Old Age Security, they worry about what they expect will be a heavy tax load.
"Have we lived too much in the future and not enough for the present?" Harry asks. His question reflects the broader issue of the amount of retirement income he and Gladys can expect.
What our expert says
Facelift asked Derek Moran, a registered financial planner who heads Smarter Financial Planning Ltd. in Kelowna, B.C., to work with Harry and Gladys in order to devise a plan for managing future taxes and, as well, to ensure the security of their future retirement income.
"Harry is like a Depression baby," Mr. Moran explains. "I admire his disdain for waste of any kind. His possessions are partly made up of hand-me-ups, as he calls them, things his kids bought and don't use any more."
The problem that Harry and Gladys present is one of tax management and asset protection, Mr. Moran explains. The couple have followed the right principles of saving and investing, but they have failed to balance the distribution of those assets. Gladys's RRSP has a present value of $1,044,400, which is 74 per cent of their total RRSPs. Neither has a company pension, so the handling of the RRSPs will be vital to their future, he adds.
In planning that future, Harry has taken on the role of actuary. He assumes that Gladys will live to 105 and that he will die much earlier, perhaps from an accident. He has made no allowance for inflation in his projections. But he worries endlessly about taxes that will be payable on the substantial income that will be produced by his and Gladys's registered retirement income funds.
Harry has considered borrowing $500,000 for an investment within his RRSP and paying interest costs out of the cash flow within his plan. RRIF income tax would be reduced by interest costs.
That plan does not mesh with Harry's personality, however. He loathes debt and he would be troubled if the returns from the borrowed money were to be less than the interest cost. As well, he and Gladys have $385,450 in non-registered assets that produce reportable income.
The concept of borrowing to produce income and generate costs would work as long as stock markets remain bullish or at least reasonably steady. But if the markets in which he has invested turn bearish for a long time, he might lose his nerve. After all, at his age and with his pessimistic expectation of death by chance, it would be irrational to try to wait out a long bear market, the planner explains.
Tax planning is the core of the investment strategy, Mr. Moran says. If the government's pension-splitting proposals become law and are broad enough to include both government and private source pension flows, then the only major problem would arise if one spouse died much earlier than expected. The survivor would inherit the other's registered plans and non-registered assets. The survivor's income would then be higher and harder to manage.
Gladys can expect to live to age 87, which is another 31 years. She could begin RRSP withdrawals in 2007. If she did that and assuming 6-per-cent annual growth of assets and 3-per-cent average annual inflation, she could withdraw $50,698 a year until age 92. If her real return was to rise to 5 per cent, she would be able to withdraw $63,790 a year, the planner says. Each estimate assumes exhaustion of funds by age 92. All figures are in 2007 dollars.
Harry's RRSP has a present value of $369,270. His life expectancy of 82 gives him another 25 years to live. With a 3-per-cent real rate of return, he can withdraw $20,589 a year. If his returns were to rise to 5 per cent a year, he could withdraw $24,953 a year for the next 25 years on the same basis as Gladys, Mr. Moran notes.
Harry has earned 68.8 per cent of the maximum Canada Pension Plan credits, while Gladys has earned 47.6 per cent of the maximum. The current CPP maximum payout is $10,365 a year. At age 65, Harry would therefore receive $7,131 a year and Gladys would receive $4,934, Mr. Moran estimates. They could begin payouts before age 65, receiving sums reduced by 0.5 per cent a month for each month prior to age 65 that they begin their benefits. Tax considerations suggest that Harry and Gladys start taking money out of their RRSPs and defer CPP applications until each reaches age 65.
Harry and Gladys will each receive $5,903 of Old Age Security beginning when each reaches 65.
The couple's combined income, based on real returns in 2007 dollars, will therefore be not less than $61,535 for Gladys and $33,623 for Harry. On top of that, they will be able to use their non-registered portfolio, currently $365,450, plus $23,000 cash.
Setting aside the non-registered assets, these projections show total annual income of $95,158. If the pension income is indeed split to give each partner $47,570, then the OAS clawback, which now begins at $63,511, would have no effect, Mr. Moran says.
The only remaining issues concern life insurance. The whole life policy in place has a death benefit of $50,000.
Rather than continuing to pay premiums, they can put the policy on a premium holiday and allow annual costs to be paid from the capital within the policy, Mr. Moran says.
"This couple has achieved income security on their own resources," the planner says. "They worry needlessly about tax issues. The proposal of the government to split pension incomes for tax purposes relieves their concerns and compensates for the imbalance in their RRSPs. As long as they remain invested in conservative, diversified assets and keep management fees down, they should have a retirement without financial problems."
Interested in a free Financial Facelift? Then drop a line to the writer at 444 Front St. W., Toronto M5V 2S9 or andrewallentuck@mts.net
Client situation
Harry, 57, and Gladys, 56, live in Toronto.
Net monthly income: $4,500
Assets: Harry's RRSP $369,269; Harry's taxable investments $76,396; cash $11,500; Gladys's RRSP $1,044,397; Gladys's taxable investments $289,055; house $315,000; cars $35,000.
Total: $2,140,617
Monthly expenses: Property taxes $194; utilities and maintenance $579; phones $152; cable, Internet $97; food $487; dining out $150; entertainment $300; fitness club $60; clothing $130; car fuel, repairs $536; transit $45; education $100; vacations $535; car and home insurance $443; life insurance $300; medical insurance $50; charity and gifts $227; savings $115.
Total: $4,500
Liabilities: None.
Traffic out here comes almost to a stand still when the cops have someone stopped.
Vader on vacation.
Vol XXIX NO. 320 Saturday 3rd February 2007
Microsoft plans to train 30,000 teachers in Iraq
AMMAN: Microsoft has said it was launching a project to train 30,000 teachers in computer technology within a year in war-ravaged Iraq.
Nizar Zakka, the US-based company's representative in Iraq, said the programme, which began one month ago, had already trained 600 Iraqi teachers who will use their skills to 'transfer the knowledge to students of Iraq who deserve the best education they can get.' Despite security concerns, Microsoft has been working in several areas in Iraq including Basra and Baghdad, said Zakka in the Jordanian capital, Amman.
"Physical security is important but at the same time business security is as important, and you have to approach the two things at the same time," Zakka said. The Microsoft project is sponsored by a US Agency for International Development programme in Iraq, said Zakka, who declined to talk about the funding of the project, including how much it would cost.
The $1 billion USAID-Izdihar, which means prospering in Arabic, was launched in September 2004 in Iraq to help improve the private sector there. The programme has assisted the Iraqi government in drafting World Trade Organisation-compliant legislation on customs, intellectual property rights and technical barriers to trade, said Baljit Vohar, Izdihar's Baghdad chief.
Suicide Truck Bomber Kills 102 in Iraq
By Associated Press
22 minutes ago
BAGHDAD, Iraq - A suicide truck bomber struck a food market in a predominantly Shiite area of Baghdad on Saturday, killing at least 102 people and wounding more than 200, officials said, the biggest strike in the capital in more than two months.
The attacker was driving a truck carrying food when he detonated his explosives, destroying stores and stalls that had been set up in the busy outdoor Sadriyah market, police said. The blast occurred at 4:40 p.m. as the market was crowded with people buying food for their evening meal.
Officials said at least 102 people were killed and more than 200 wounded as nearby hospitals were flooded with victims from the blast. Many were driven to the hospitals in pickup trucks and lifted onto stretchers while several men helped overwhelmed medics by holding plastic drips.
"It was a strong blow. A car exploded. I fell on the ground. It was in Sadriyah," said one young man with a bandaged head, his face still streaked with blood.
It was the deadliest attack in the capital since Nov. 23, when suspected al-Qaida in Iraq fighters attacked the capital's Sadr City Shiite slum with a series of car bombs and mortars that struck in quick succession, killing at least 215 people.
A suicide bomber also crashed his car into the Bab al-Sharqi market, which is near Sadriyah, on Jan. 22, killing 88 people. The surge in violence comes as Sunni insurgents have stepped up attacks against Shiite targets in an apparent bid to maximize the number of people killed ahead of a planned U.S.-Iraqi security sweep.
Cleric Seeks End to Sectarian Violence
By BUSHRA JUHI, Associated Press Writer
4 hours ago
BAGHDAD, Iraq - Iraq's top Shiite cleric called Saturday for Muslim unity and an end to sectarian conflict, his first public statement in months on the worsening security crisis.
In statement issued by his office, Grand Ayatollah Ali al-Sistani noted that differences between Sunnis and Shiites have existed for centuries but should not be the cause for bloodshed.
"Everyone realizes the desperate need for unity and for renouncing divisions, avoiding sectarian fanaticism and avoiding arousing sectarian disputes," the statement said.
The Iranian-born cleric called on all Muslims to work to overcome sectarian differences and calm the passions, which serve only "those who want to dominate the Islamic country and control its resources to achieve their aims."
Al-Sistani, who is in his late 70s, has emerged as one of the most influential figures in Iraq since the U.S.-led invasion in 2003 because of his stature within the majority Shiite community.
But his calls for calm following the bombing of a Shiite shrine in Samarra last February proved ineffective in preventing a surge in Shiite-Sunni bloodletting. Since then he has largely refrained from public statements as the wave of sectarian killings has swept the country.
His last public statement was issued Oct. 20, in which he lauded efforts of Sunni and Shiite clerics to stop sectarian violence.
In the latest statement, al-Sistani accused some unspecified individuals and groups of working to widen the schism among Muslims and foment sectarian differences.
Al-Sistani was apparently referring to Abdullah bin Jabrain, a key member of Saudi Arabia's clerical establishment, who last month joined a chorus of other senior figures from the hardline Wahhabi school of Sunni Islam that considers Shiites as infidels.
Bin Jabrain described Shiites as "the most vicious enemy of Muslims."
"Regrettably, it has been noticed that some individuals and some groups are working totally contrary to (reconciliation) by strengthening the divisions and deepening the sectarian disputes among Muslims," The statement said.
"They have increased their efforts in recent days after the escalation of the political conflicts aimed at gaining more authorities in the region."
He said those groups had sought to tarnish "a specific sect and reduce the rights of its followers and making others afraid of it."
KRG supports oil and gas council
KRG supports Iraq oil and gas council
Earth Times - [03/02/2007]
The Kurdistan Regional Government supports a federal oil and gas council as a check on contracts and oil revenue distribution in Iraq.
Qubad Talabany, the KRG's representative to the United States, told UPI Friday the council it supports is an intergovernmental body that wouldn't have final say, but would serve as a mechanism of common cause for the rival factions in Iraq.
The Kurds and Shiites control the vast majority of Iraq's 115 billion barrels of proven reserves. Sunnis, in the minority though in control during Saddam Hussein's regime, fear unchecked regional control would deprive them of any of the oil revenue.
Kurds fear a strong central government, led by the majority Shiites, would do the same.
The council will be a fair body, Talabany said, without veto power but will recommend and comment on issues based on technical or economic reasons under a central framework that guarantees regions rights to revenues.The council would operate under the package of laws being referred to as the hydrocarbon law, which will set out rules for governance, control and revenue sharing of Iraq oil and natural gas development.
The council, made up of representatives of the regions and other key governmental posts from finance and trade, would oversee the mechanism for distributing the oil revenue. It would also be able to review contracts the region sign with oil companies.
Ear on the Street
Ag Growth Income Fund (AFN.UN : TSX : $16.75)
Downgrade based on price appreciation
Canaccord Adams downgrades to "hold", 12-month target price is $16.50
AGF Management (AGF.B : TSX : $27.76)
Q4 in line
CIBC World Markets maintains "sector perform", 12-month target price is raised to $30.00
Credit Suisse maintains "outperform", 12-month target price is raised to $31.00
GMP Securities maintains "buy", 12-month target price is raised to $35.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $35.00
TD Newcrest maintains "hold", 12-month target price is raised to $29.00
Alcan Inc. (AL : TSX : $61.37 | NYSE : US$52.17)
Light Q4 EPS
Credit Suisse maintains "neutral", 12-month target price is US$54.00
Desjardins Securities maintains "top pick", 12-month target price is US$75.00
RBC Capital Markets maintains "outperform", 12-month target price is US$63.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $60.00
TD Newcrest maintains "action list buy", 12-month target price is US$62.00
Angiotech Pharmaceuticals (ANP : TSX : $10.46 | ANPI : NASDAQ : US$8.88)
Q4 reported yesterday
RBC Capital Markets maintains "outperform", 12-month target price is US$13.00
Aurelian Resources (ARU : TSX-V : $26.60)
Drill results from six holes
Blackmont Capital maintains "buy", 12-month target price is $48.35
Canaccord Adams maintains "buy", 12-month target price is $50.50
Bell Aliant (BA.UN : TSX : $29.67)
Q4 preview
CIBC World Markets maintains "sector underperform", 12-month target price is $29.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $25.00
Bombardier Inc. (BBD.B : TSX : $4.44)
A further delay on Cseries
Desjardins Securities maintains "buy", 12-month target price is $4.80
TD Newcrest maintains "reduce", 12-month target price is raised to $4.00
Bear Creek Mining (BCM : TSX-V : $8.74)
Drilling at Corani returns positive silver results
Haywood Securities maintains "sector outperform", 12-month target price is $12.70
Bank of Montreal (BMO : TSX : $70.56)
$135 million restructuring charges
Blackmont Capital maintains "hold", 12-month target price is $72.00
CIBC World Markets maintains "sector perform", 12-month target price is $73.00
TD Newcrest maintains "hold", 12-month target price is raised to $73.00
Breakwater Resources (BWR : TSX : $1.75)
New Street coverage
Canaccord Adams initiates coverage with a "buy", 12-month target price is $2.75
Committee Bay Resources (CBR : TSX-V : $0.62)
More results from Redemption JV
Canaccord Adams maintains "buy", 12-month target price is $1.30
Constellation Copper (CCU : TSX : $1.58)
Continued slow ramp-up at Lisbon Valley
GMP Securities maintains "buy", 12-month target price is cut to $2.40
Canfor Pulp Income Fund (CFX.UN : TSX : $14.01)
Q4 preview
CIBC World Markets maintains "sector outperform", 12-month target price is cut to $16.00
Celestica Inc. (CLS : TSX : $7.19 | NYSE : US$6.11)
Q4 in line but Q1 guidance very disappointing
Blackmont Capital maintains "buy", 12-month target price is cut to $12.00
CIBC World Markets maintains "sector perform", 12-month target price is cut to US$7.00
GMP Securities maintains "buy", 12-month target price is cut to $8.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $7.50
TD Newcrest maintains "hold", 12-month target price is cut to US$7.00
Consumers Waterheater Fund (CWI.UN : TSX : $14.02)
Bought water heater rental business
CIBC World Markets maintains "sector performer", 12-month target price is raised to $13.75
Dalsa Corp. (DSA : TSX : $12.14)
Soft Q4 results and Q1 outlooks
Blackmont Capital maintains "buy", 12-month target price is cut to $17.00
CIBC World Markets maintains "sector outperform", 12-month target price is cut to $13.50
GMP Securities downgrades to "hold", 12-month target price is cut to $14.00
Raymond James maintains "market perform", 6-12 month target price is cut to $12.00
RBC Capital Markets maintains "sector perform", 12-month target price is cut to $14.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $15.00
Eastern Platinum (ELR : TSX : $1.57)
Attractive results from Spitzkop
Raymond James maintains "strong buy", 6-12 month target price is $2.75
Enbridge (ENB : TSX : $38.43)
No surprise in Q4
Canaccord Adams maintains "hold", 12-month target price is $42.00
Enbridge Income Fund (ENF.UN : TSX : $11.25)
Q4 distributable cash per unit in line
Canaccord Adams maintains "sell", 12-month target price is $10.00
TD Newcrest maintains "hold", 12-month target price is $11.00
Flagship Energy (FG.A : TSX-V : $1.15)
Disposition process is officially underway
GMP Securities maintains "buy", 12-month target price is $1.50
Fraser Papers (FPS : TSX : $6.00)
Reached agreement with Brookfield on Katahdin
TD Newcrest upgrades to "hold", 12-month target price is $6.00
Four Seasons Hotels (FSH : TSX : $97.90 | FS : NYSE : US$83.12)
Low probability of a higher bid
RBC Capital Markets maintains "sector perform", 12-month target price is US$82.00
Finning International (FTT : TSX : $49.13)
Announces UK equipment contract
RBC Capital Markets maintains "outperform", 12-month target price is $53.00
Gabriel Resources (GBU : TSX : $5.46)
Romanian question period
Raymond James downgrades to "market perform", 6-12 month target price is $5.60
TD Newcrest maintains "hold", 12-month target price is $6.00
Gildan Activewear (GIL : TSX : $60.20 | NYSE : US$51.06)
No surprises in Q1 results
Desjardins Securities maintains "buy", 12-month target price is $70.00
Raymond James maintains "strong buy", 6-12 month target price is US$60.00
RBC Capital Markets rates "outperform", no target price reported
Scotia Capital Markets maintain "sector outperform", 12-month target price is $70.00
Grey Wolf Exploration (GWE : TSX : $3.08)
Operational update released
GMP Securities maintains "hold", 12-month target price is $3.25
Husky Energy (HSE : TSX : $75.89)
Q4 results to be released Feb 5
Scotia Capital Markets maintain "sector outperform", 12-month target price is $85.50
Intrepid Mines (IAU : TSX : $0.58)
Upper ore zone undefined
Blackmont Capital maintains "buy", 12-month target price is reduced to $1.40
Indigo Books & Music (IDG : TSX : $15.25)
Waiting for Harry Potter
RBC Capital Markets rates "outperform", no target price reported
IPC US REIT (IUR.U : TSX : $12.46)
Takeover target
CIBC World Markets maintains "sector outperformer", 12-month target price is raised to US$13.70
Scotia Capital Markets rates "sector perform", 12-month target price is US$13.00
JDS Uniphase (JDU : TSX : $19.65)
Q2/F07 revenue and EPS above forecast
GMP Securities maintains "buy", 12-month target price is lowered to $21.00
Kinross Gold (K : TSX : $15.47 | KGC : NYSE : US$13.12)
Votes to buy Bema
TD Newcrest reduces to "hold", 12-month target price is cut to US$15.00
Loblaw Companies (L : TSX : $51.40)
Forecasting Q4 results
Scotia Capital Markets reiterates "sector underperform", 12-month target price is $46.00
Nova Chemicals Corp (NCX : TSX : $35.98 | NYSE : US$30.54)
Styrenix restructuring update
Canaccord Capital maintains "buy", 12-month target price is US$40.00
RBC Capital Markets rates "outperform", 12-month target price is reduced to US$35.00
Scotia Capital Markets rates "sector underperformer", 12-month target price is $38.00
Novadaq Technologies (NDQ : TSX : $7.94)
Independent study results announced
Blackmont Capital reiterates "buy", 12-month target price is $15.00
Northgate Minerals Corp. (NGX : TSX : $4.34 | NXG : AMEX : US$3.69)
Results in-line with expectations
TD Newcrest decreases to "hold", 12-month target price is US$4.00
North American Tungsten (NTC : TSX-V : $0.62)
Tungsten prices remain strong
Haywood Securities maintains "sector outperform", 12-month target price is $1.85
Nortel Networks Corp. (NT : TSX : $31.52 | NYSE : US$26.75)
Results next week
Scotia Capital Markets rates "sector perform", 12-month target price is $39.20
Polaris Minerals (PLS : TSX : $7.55)
Sixty-six percent gain since 2006 IPO
Canaccord Capital downgrades to "hold", 12-month target price is $7.00
Rogers Sugar Income Fund (RSI.UN : TSX : $4.07)
Higher than expected gross margins
Scotia Capital Markets maintain "sector perform", 12-month target price is $4.15
TD Newcrest upgrade to "buy", 12-month target price is $4.50
RSX Energy (RSX : TSX-V : $3.35)
Pipeline commissioned this Friday
Haywood Securities maintains "sector outperform", 12-month target price is $5.75
Strathmore Minerals (STM : TSX-V : $4.24)
To spin off its Canadian assets
Raymond James maintains "outperform", 6-12 month target price is $5.00
Sierra Wireless (SW : TSX : $17.59 | SWIR : NASDAQ : US$14.91)
Margin Concerns remain
GMP Securities maintains "hold", 12-month target price is US$14.25
Haywood Securities maintains "sector outperform", 12-month target price is US$20.00
RBC Capital Markets rates "sector perform", 12-month target price is US$16.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $26.00
Sylogist Ltd. (SYZ : TSX-V : $0.88)
Year-end results
Canaccord Capital rates "speculative buy", 12-month target price is $1.30
Tim Hortons (THI : TSX : $36.48 | NYSE : US$30.98)
Strong sales growth in Canada
Scotia Capital Markets rates "sector outperform", 12-month target price is $39.50
Vasogen Inc. (D) (VAS : TSX : $0.43)
$66.4 million loss in 2006
RBC Capital Markets maintains "underperform", 12-month target price is $0.15
TSX Group (X : TSX : $53.17)
Q4 results in-line
CIBC World Markets maintains "sector outperform", 12-month target price is $60.00
Scotia Capital Markets maintain "sector perform", 12-month target price is $55.00
TD Newcrest maintain "hold", 12-month target price is $52.00
Exco Technologies (XTC : TSX : $3.70)
Forecast cut significantly
Scotia Capital Markets rates "sector underperform" 12-month target price is cut to $3.50
Yamana Gold Inc. (YRI : TSX : $16.21 | AUY : NYSE : US$13.76)
New Street coverage
CIBC World Markets initiates coverage with a "sector outperform", 12-month target price is US$20.00
Toronto, Canada. February 2, 2007. Tiomin Resources Inc. ("Tiomin" orthe "Company") (TSX: TIO) announces it has been notified by ATW VentureCorporation ("ATW") that ATW will not execute the formal agreement toacquire an option to purchase up to a 50% interest in Tiomin's Kenyanmineral sand projects. Tiomin believes in the unrecognized value of the Kwale project and willcontinue to review its strategic options regarding the potential futuredevelopment of the project. For further information, please contact Tiomin at (416) 350-3776Jean-Charles Potvin, Chairman, ext. 227, or Laurie Gaborit, InvestorRelations, ext. 222 (lgaborit@tiomin.com). Visit the Company's websiteat www.tiomin.com. Certain of the information contained in this news release constitute"forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. Such forward-lookingstatements, including but not limited to those respect to the prices ofrutile, zircon, ilmenite, estimated future production, estimated costsof future production and the Company's sales policy, involve known andunknown risks, uncertainties and other factors which may cause theactual results, performance or achievements of the Company to bematerially different from any forecast results, performance orachievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual prices of rutile, zirconand ilmenite, the actual results of current exploration, developmentand mining activities, changes in project parameters as plans continueto be evaluated, as well as those factors disclosed in the Company'sdocuments filed from time to time with the Ontario SecuritiesCommission.
Undervalued Stock #2 ========== ---------- JP Morgan Chase & Co. (NYSE: JPM) ---------- Insider Name: Crandall C. BowlesInsider Position: DirectorInsider Action: 4,000 shrs on 2/1/2007Insider Total Holding: 7,523 shrs -------------------------------------------------------Undervaluation Merits... P/S Ratio = 3.0 (Industry Average 3.40)P/B Ratio = 1.56 (Industry Average 1.99)P/CF Ratio = 11.03 (Industry Average 12.24) Industry: Money Center Banks -------------------------------------------------------Other Merits... Dividend Yield = 2.70% ---------- JP Morgan Chase & Co. (NYSE: JPM)
Undervalued Stock #1 ========== ------ Enterprise Products Partners LP (NYSE: EPD) ------ Insider Name: Dan L. DuncanInsider Position: ChairmanInsider Action: 233,300 shrs on 1/29/2007 to 1/31/2007Insider Total Holding: 6,098,270 shrs -------------------------------------------------------Undervaluation Merits... P/S Ratio = 0.92 (Industry Average 2.92) Industry: Oil & Gas Operations -------------------------------------------------------Other Merits... Dividend Yield = 6.40% ------ Enterprise Products Partners LP (NYSE: EPD)
If that happens when I'm at work then I'd be history.
If it happens when I'm at home then I'd be OK.
Is that for the Island or the Main land?
Pretty vauge.
But thanks for the warning.
Where do I subscribe for the Newsletter?
I'll say...
Nortons and the Gov't are in cahoots....
Nothing but corruption.
Drilling Commenced at Kodiak's Caribou Nickel Prospect
Kodiak Exploration Ltd. reports that Phase II drilling is now underway at Kodiak's 100% controlled Caribou Lake nickel-copper-cobalt-PGE prospect located 90 kilometres southeast of Yellowknife, Northwest Territories. The drilling will test the economic potential for nickel, copper and cobalt sulphides along the base of the intrusion, where high-resolution geophysical imaging has identified a number of structural traps, any one of which is large enough to host a significant nickel ore body.
Many of the Phase II targets lie beneath areas where abundant nickel, copper and cobalt sulphides were intersected in shallow Phase I drill holes, and where analysis of geophysical data has indicated numerous EM conductors.
The present drill program will test multiple targets generated through compilation and analysis of geological, geochemical and geophysical data by Kodiak's geological and geophysical team. This Phase II drill program is being conducted under the direct supervision of independent nickel specialist Dr. Walter Peredery, P. Geo. Kodiak looks forward to the results with great optimism.
Further information, including maps, drill sections and photographs, is available on Kodiak's Web site at www.kodiakexp.com
The information contained in this document has been reviewed and approved by Dr. Walter Peredery, P. Geo., and Trevor Bremner, P. Geo., who are qualified persons for the Caribou Lake project under the definitions established by National Instrument 43-101. Dr. Peredery and Mr. Bremner are independent consultants to Kodiak.
Toronto, Canada. February 1, 2007. Tiomin Resources Inc. ("Tiomin" orthe "Company") (TSX: TIO) announces that it is continuing to negotiateand finalize the formal agreement with ATW Venture Corp. ("ATW")providing for the transaction announced on January 26, 2007. Tiominand ATW have agreed to extend the deadline for execution of a formalagreement and for ATW to make the initial US$2.5 million payment toTiomin from January 31 to February 2, 2007. On January 26, 2007, Tiomin entered into a letter of intent with ATWproviding for the grant to ATW of an option to acquire up to a 50%interest in Tiomin's Kenyan mineral sands projects (the "KenyaProjects"), including the Kwale project, for US$35 million. Inaddition, the letter of intent provides for ATW to have an option toacquire a 50% interest in Tiomin's Tanzanian exploration projects forUS$3 million. The letter of intent provides that ATW has the option toacquire a 10% interest in the Kenya Projects by paying US$2.5 millionon or before January 31, 2007 (now February 2, 2007), and an additionalUS$4.5 million (for a total of US$7 million) on or before February 28,2007. ATW would have the further option to increase its interest in theKenya Projects to 50% by paying an additional US$28.0 million on orbefore April 3, 2007. For further information, please contact Tiomin at (416) 350-3776Jean-Charles Potvin, Chairman, ext. 227, or Laurie Gaborit, InvestorRelations, ext. 222 (lgaborit@tiomin.com). Visit the Company's websiteat www.tiomin.com. Certain of the information contained in this news release constitute"forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. Such forward-lookingstatements, including but not limited to those respect to the prices ofrutile, zircon, ilmenite, estimated future production, estimated costsof future production and the Company's sales policy, involve known andunknown risks, uncertainties and other factors which may cause theactual results, performance or achievements of the Company to bematerially different from any forecast results, performance orachievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual prices of rutile, zirconand ilmenite, the actual results of current exploration, developmentand mining activities, changes in project parameters as plans continueto be evaluated, as well as those factors disclosed in the Company'sdocuments filed from time to time with the Ontario SecuritiesCommission. =======================================================================Copyright (c) 2007 TIOMIN RESOURCES INC. (TIO) All rights reserved. For more information visit our website at http://www.tiomin.com/ orsend mailto:news@tiomin.comMessage sent on Thu Feb 1, 2007 at 7:52:16 AM Pacific Time=======================================================================
This is a notice to all shareholders of IsoTis OrthoBiologics:
75% of IsoTis shares have now been tendered in the company's previously announced exchange offer, which has therefore been declared unconditional.
Trading on NASDAQ started on January 26, 2007. IsoTis Inc. intends to delist the IsoTis SA shares as soon as possible from the SWX Swiss Exchange, Euronext Amsterdam N.V. and the Toronto Stock Exchange.
For shareholders who have not yet accepted the exchange offer, the exchange period has been extended until Wednesday, February 7 at 4 pm CET.
The easiest way to proceed is to call your bank. For any additional information, visit the website www.isotis.com or call the toll free number 1-800-565-4535.
Pieter Wolters, President and CEO of IsoTis said: "We have always been clear on the logic to streamline our stock market listings and become a U.S. listed company: it is a natural next step after the streamlining of IsoTis organization, product offering and technology pipeline that we executed in the last years. We believe the benefits of a single listing are obvious and that our growth momentum 8 quarters of strong revenue growth and our cash position provide a sound basis for simplifying our capital structure. A more straightforward capital structure is an important condition to further accelerate our growth. With over 90% of our employees and over 75% of our revenues in the U.S., a NASDAQ listing alongside our peers provides a natural market for our shares."
IsoTis believes that becoming a U.S. company listed on NASDAQ is the next logical step in its continued progression and expects that this transaction will enable additional growth and should provide additional benefits to stockholders by:
Increasing visibility to institutional investors. IsoTis' peer companies trade on U.S. stock markets and not on any of the international exchanges where IsoTis shares currently trade. A NASDAQ listing among peer companies should assist investors in evaluating IsoTis by providing direct, easily accessible comparables. The improved visibility offered by a U.S. listing should help to increase U.S. analyst coverage, and thereby bring the Company's valuation more in line with that of its peers. IsoTis also believes that a listing on NASDAQ will lead to improved access to U.S. institutional investors focused on medical device and growth companies, who may be prohibited from investing in IsoTis as a non-U.S. listed stock.
A single U.S. exchange, more liquidity, less complexity. IsoTis' shares currently trade on SWX Swiss Exchange, Euronext Amsterdam and the Toronto Stock Exchange. IsoTis believes that a single listing will enable investors to obtain accurate and reliable information regarding company performance and relative valuation. Additionally, IsoTis believes that consolidating its existing listings onto a single exchange, in particular the NASDAQ Global Market, where numerous life sciences companies are listed, will increase the liquidity of IsoTis shares, which should be beneficial for IsoTis shareholders. Lastly, IsoTis believes that listing on a single stock exchange will reduce the complexity of the Company's current legal and securities compliance requirements and reduce its related expenses.
Facilitating access to capital markets. IsoTis believes that by establishing a presence on NASDAQ, increasing the Company's visibility to investors and analysts and increasing the liquidity of the Company's shares, the Company will be positioning itself to have better access to the global capital markets. Improved access to capital markets should, in turn, enable additional growth in the Company by facilitating the Company's ability to raise additional capital through the issuance of stock or the Company's ability to acquire or invest in complementary technologies or products using its stock.
Aligning stock exchange listing with primary market and primary location of operations. IsoTis believes that by becoming a U.S. company with a NASDAQ listing, it will demonstrate its commitment to the U.S. orthopedics market, the largest single orthopedic market in the world, its U.S. customers and its U.S. staff. At the same time IsoTis will continue to serve its fast growing contingent of international customers through its Swiss sales and marketing organization out of Lausanne and from its headquarters in Irvine, CA
More distribution cuts likely for energy trusts
VIRGINIA GALT
Thursday, February 01, 2007
January was a busy month for distribution cuts in the capital-intensive energy trust sector, and more are likely on the way, according to a research report issued Thursday by Canaccord Adams.
Lower commodity prices and federal government plans to end the tax advantage enjoyed by income trusts have forced several energy trusts to slash distributions to unit holders in recent weeks.
“We expect further distribution cuts to be announced through the upcoming financial reporting season,” the Canaccord Adams analysts said in a report to clients, as the federal finance committee continued its hearings into the proposed tax on income trusts.
“We continue to view Thunder and Pengrowth as possible contenders for distribution cuts, as well as Provident, given the recent weakening in oil price under NYMEX forward strip pricing for 2007.”
Natural gas prices also took a further dip Thursday, falling 4.1 per cent to $7.350 (U.S.) per 1,000 cubic feet in mid-day trading on the New York Mercantile Exchange because of larger-than-expected underground supplies.
With lower commodity prices and the need to spend on production, distribution cuts to unit-holders were inevitable, analysts say.
“Given that January has been a busy month for distribution cuts, we have updated our distribution scorecard,” Canaccord said in its research report. Those with the highest payout ratios are the most vulnerable, the firm said.
In the past month, distribution cuts have been announced by a number of trusts on Canaccord's coverage list: “Canetic (17 per cent cut), Daylight (23 per cent cut), Focus (12.5 per cent cut), Progress (29 per cent cut), Trilogy (35 per cent cut), and True (as part of their announced restructuring, True announced that it will pay a dividend of $0.02 per month, compared with $0.12 per unit currently),” the firm reported.
Distribution cuts have also been announced by BlackWatch Energy Services Trust, Terravest Income Fund, Precision Drilling Trust, Enterra Energy Trust, Advantage Energy Income Fund and Shingingbank Energy Income Fund.
Canaccord also expects to see consolidation in the sector this year.
“We view Thunder, True, and Vault . . .as consolidation targets as these names are trading at or below where we think property prices will be,” the Canaccord analysts wrote in a report to clients.
No taxes on the Lottery.
15 18 19 24 25 39 44
12 18 23 27 36 40 46
03 07 11 18 24 25 32
06 13 27 31 37 42 47
02 05 19 22 23 25 43
02 04 08 14 18 29 36
25 28 29 53
Huge Force Readying Crackdown in Baghdad
By STEVEN R. HURST, Associated Press Writer
5 hours ago
BAGHDAD, Iraq - U.S. Army engineers have torn down houses and surrounded the newly cleared space with razor wire atop concrete blast walls for neighborhood bases, the first outward signs of the coming Baghdad security crackdown.
American and Iraqi commanders are pulling together a force that numbers _ on paper at least _ about 90,000 troops for what many see as a last-chance drive to curb the debilitating violence that has turned Baghdad into a battleground and killed _ according to the United Nations _ more than 34,000 civilians last year alone.
"This will be a difficult mission and time is not on our side," Lt. Gen. David Petraeus, who will soon take over the U.S. command in Iraq, said in written testimony to the Senate Armed Services Committee last month.
In the past eight months, two U.S.-Iraqi security missions have failed to rout gunmen, bombers, suicide attackers and the death squads that haunt Baghdad's streets after dark. The U.S. military blamed Iraq's Shiite-dominated government for its inability to muster sufficient troops.
Of the 90,000-troop force now assembling for a new try at calming the capital, more than half were to be Iraqi soldiers and police, a large majority of whom are Shiite Muslims.
It remains an open question whether those forces will be any more inclined this time to battle heavily armed fellow Shiite militiamen or Sunni insurgents, including al-Qaida in Iraq and its suicide bombers.
This operation to sweep the capital of Sunni insurgents and Shiite militiamen was widely expected to begin early this month. But a senior Iraqi general told The Associated Press this week that "preparations are not complete."
The general refused to say how many of an expected influx of about 8,000 Iraqi forces had arrived _ as advertised _ from the Kurdish north, the Shiite south or Fallujah, in the insurgent stronghold of Anbar province west of Baghdad.
Local commanders, however, said only about 2,000 of the additional troops had reached Baghdad or were nearby. The general and the commanders all spoke on condition of anonymity because of security reasons.
The Baghdad security plan, announced Jan. 6 by Prime Minister Nouri al-Maliki and four days later by President Bush, includes an infusion of 21,500 additional American troops to Iraq, 17,500 of them to Baghdad.
The U.S. Congress, with a new Democratic majority, has been embroiled for weeks in debate about sending more Americans to a conflict that already has stretched to nearly four years and taken the lives of nearly 3,100 U.S. service members and hundreds more American contract workers.
And departing U.S. commander Gen. George Casey told a Senate panel Thursday he didn't think such a large additional force was necessary.
"I believe that the job in Baghdad, as it's designed now, can be done with less than that," Casey said. "But having the flexibility to have the other three brigades on a deployment cycle gives us and gives Gen. Petraeus great flexibility."
U.S. and Iraqi officials say the United States plans to have about 41,000 troops in Baghdad and the region when all additional 17,500 American forces arrive by late spring. There are currently about 15,000 in and around the capital and an estimated 8,500 were expected to arrive from other parts of the country.
The Iraqis say they have about 22,000 troops in the capital, more than half at the airport and in two nearby towns. There about 20,000 police and Interior Ministry troops and commandos also in the city, according the Defense and Interior ministries. The additional 8,000 scheduled to arrive from elsewhere would put the total Iraqi forces at about 50,000.
But the overall Iraq troop count is an extrapolation from the number of battalions deployed or on the way. Experience has shown far fewer troops show up.
"The Iraqi numbers are probably inflated. Battalions that should contain 800 men usually have no more than 200-300, if that," said retired Army Col. Douglas Macgregor, an adviser to former Defense Secretary Donald H. Rumsfeld in 2003.
An Iraqi army brigade from Irbil, about 3,000 men in principle, will have at most 1,500 men when it finally arrives in Baghdad. The commander says 95 percent of the men don't speak Arabic. A brigade from Sulaimaniyah, also in the Kurdish north, has reached the Muthana Airport in central Baghdad, but it is only 1,000-men strong, not the expected 3,000.
Three brigades each were expected from the 8th and 10th army divisions in the south of the country. Some of the troops have reached positions outside Baghdad, but their force-strength was not known.
U.S. military officials have said that about one-third of any Iraqi unit is missing at any given time because soldiers must return to their home towns and villages to deliver their paychecks to families. Iraq's banking system is too primitive to allow the electronic transfer of money.
And those absences do not include soldiers missing because they don't want to serve in a particular mission. There are no laws against failure to muster for the country's new, volunteer force.
But U.S. preparations were moving ahead in Baghdad.
In the tough Ghazaliyah neighborhood, a Sunni enclave in northwest Baghdad, Army engineers put up the concrete blast walls topped with razor wire to enclose a region where six homes were cleared. The area, including open space surrounding the structures, will house the 1st Cavalry Division's Company C, 2nd Battalion, 12th Cavalry Regiment.
"Command Outpost Wildcard is under construction to allow soldiers to quickly respond to violence and crime in the area. The former residents of the homes were paid to vacate the area homes and have relocated," the military said in a statement. It could not be learned what compensation was paid to those who surrendered their homes.
A brigade of the 82nd Airborne has arrived in Baghdad as part of the Bush-ordered infusion of troops. Four more brigades were to arrive between now and the end of May. The next arriving unit was to be the 4th Brigade, 1st Infantry Division, based at Ft. Riley, Kan., which will deploy in February.
The 3rd Brigade, 3rd Infantry Division, based at Ft. Benning, Ga., will deploy in March. The 4th Stryker Brigade, 2nd Infantry Division, based at Ft. Lewis, Wash., in April, and the 2nd Brigade, 3rd Infantry Division, based at Ft. Stewart, Ga., in May.
The Marine Corps will extend two reinforced infantry battalions for approximately 60 days. Additionally, the 15th Marine Expeditionary Unit (Special Operations Capable) will remain in Iraq for approximately 45 additional days. The 1st Brigade, 34th Infantry Division, Minnesota Army National Guard, will be extended in its current mission for up to 125 days and will redeploy not later than August.
Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Ear on the Street
AEterna Zentaris (AEZ : TSX : $4.80 | AEZS : NASDAQ : US$4.07)
Several clinical programs on track
GMP Securities maintains "buy", 12-month target price is US$9.00
Agrium (AGU : TSX : $40.43 | NYSE : US$34.25)
Delays part of Q4 financial
Scotia Capital Markets maintains "sector outperform", 12-month target price is $48.00
Angiotech Pharmaceuticals (ANP : TSX : $10.32 | ANPI : NASDAQ : US$8.75)
To report Q4 today
Scotia Capital Markets maintains "sector outperform", 12-month target price is $14.00
Anvil Mining Limited (AVM : TSX : $11.86)
2006 production better than expected
Haywood Securities maintains "sector outperform", 12-month target price is $17.00
Axmin Inc (AXM : TSX-V : $0.99)
Expanding the gold potential of the Komahun zone
Haywood Securities maintains "sector outperform", 12-month target price is $1.50
Birch Mountain Resources (BMD : TSX : $2.85 | AMEX : US$2.37)
Refiles 20-F to comply with U.S. GAAP
TD Newcrest maintains "reduce", 12-month target price is $2.25
Cameco Corp. (CCO : TSX : $44.83 | CCJ : NYSE : US$37.93)
Bruce Power shortfall
Canaccord Adams maintains "underperform", 12-month target price is $35.00
Calpine Power Income Fund (CF.UN : TSX : $13.00)
Judge approves Harbinger bid
Canaccord Adams maintains "tender", 12-month target price is cut to $13.00
Celestica Inc. (CLS : TSX : $7.06)
Disappointing Q1 guidance
Blackmont Capital places both rating and target price "under review"
Canadian Oil Sands Trust (COS.UN : TSX : $30.20)
Q4 in line
Scotia Capital Markets maintains "sector perform", 12-month target price is $34.00
Canadian Pacific Railway (CP : TSX : $64.02 | NYSE : US$53.99)
Q4 basically in line
Blackmont Capital maintains "buy", 12-month target price is $68.75
BMO Capital Markets maintains "outperform", 12-month target price is $69.00
Canaccord Adams maintains "buy", 12-month target price is $68.50
RBC Capital Markets maintains "outperform", 12-month target price is $77.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $76.00
TD Newcrest maintains "hold", 12-month target price is $68.00
Chartwell Technology Inc (CWH : TSX : $1.71)
Disappointing Q4
GMP Securities maintains "hold", 12-month target price is $1.80
bcMetals Corporation (C : TSX-V : $1.57)
Imperial Metals increased the bid to $1.50/share
Haywood Securities maintains "sector perform", 12-month target price is raised to $1.50
Crosshair Exploration & Mining (CXX : TSX-V : $2.81)
Positive drill results from C Zones at Moran Lake
Canaccord Adams maintains "buy", 12-month target price is $4.25
Coretec (CYY : TSX : $1.52)
Introduces new VP
GMP Securities maintains "buy", 12-month target price is $2.70
EastCoast Energy (ECE.B : TSX-V : $8.25)
Strong potential growth seen from new projects
Haywood Securities maintains a "sector outperform", target price raised to $12.00
Enbridge Income Fund (ENF.UN : TSX : $11.34)
Organic growth demonstrated in fourth quarter results
CIBC World Markets maintains a "sector perform", target price is $11.50
Scotia Capital Markets upgrades to "sector outperform", 12-month target price is cut to $11.50
Fraser Papers (FPS : TSX : $5.86)
Acquires Katahdin Paper
Scotia Capital Markets maintains "sector underperform", 12-month target price is $5.55
FirstService Corp. (FSV : TSX : $29.59 | FSRV : NASDAQ : US$25.10)
Increased outlook
RBC Capital Markets maintains a "outperform", target price is not given
TD Newcrest maintains a "action list buy", 12-month target price is raised to $35.00
CGI Group (GIB.A : TSX : $9.17 | GIB : NYSE : US$7.76)
First quarter results a mixed bag
BMO Capital Markets maintains "outperform", 12-month target price is $11.00
Canaccord Adams maintains "hold", 12-month target price is raised to $9.50
CIBC World Markets maintains a "sector perform", target price raised to $9.50
Scotia Capital Markets maintains "sector outperform", 12-month target price is $10.50
TD Newcrest maintains "hold", 12-month target price is raised to $9.00
Great Lakes Hydro Inc. Fd. (GLH.UN : TSX : $19.43)
Downgrade on valuation
Scotia Capital Markets downgrades to "sector underperform", 12-month target price is $18.00
Groupe Laperriere & Verreault (GLV.A : TSX : $32.76)
Implication of the merger between Abitibi and Bowater
Blackmont Capital maintains "buy", 12-month target price is $39.00
Iamgold Corp. (IMG : TSX : $10.34 | IAG : NYSE : US$8.76)
Q4 results in line with expectations
Blackmont Capital maintains a "buy", 12-month target price is $14.00
Desjardins Securities maintains a "buy", target price is $18.90
IPC US REIT (IUR.UN : TSX : $14.50 | IUR.U : TSX : US$12.25)
Announces sale process
Canaccord Adams maintains a "buy", target price raised to US$13.75
Desjardins Securities maintains a "top pick", target price raised to US$13.75
Kinross Gold (K : TSX : $15.55)
Poised for further acquisitions
Blackmont Capital maintains "buy", 12-month target price is $19.00
Manitoba Telecom Services (MBT : TSX : $47.60)
Cash burn still blazing
Canaccord Adams maintains a "sell", target price is $35.00
Methanex Corp. (MX : TSX : $31.38 | MEOH : NASDAQ : US$26.59)
Secures more New Zealand gas
Canaccord Adams maintains a "sell", target price is US$16.00
Novadaq Technologies (NDQ : TSX : $7.75)
News on multiple fronts
RBC Capital Markets maintains a "outperform", target price is $14.00
Northgate Minerals Corp. (NGX : TSX : $4.44)
Most recent quarter in line but costs higher than anticipated
Blackmont Capital maintains a "buy", 12-month target price is $5.75
Open Range Energy (ONR : TSX : $3.30)
Ten million in financing
RBC Capital Markets maintains "outperform", 12-month target price is $4.50
Rio Narcea Gold Mines (RNG : TSX : $3.40)
New records for nickel and copper
Haywood rates "sector outperform", 12-month target price is $4.25
Rothmans Inc. (ROC : TSX : $20.38)
Reports Q3/07 earnings on Friday
Blackmont Capital maintains "hold", 12-month target price is $21.00
Stratos Global (SGB : TSX : $5.45)
Xantic acquisition may start to pay off
Canaccord Capital maintains "buy", 12-month target price is $7.00
Suncor Energy (SU : TSX : $87.65)
Weakness in non-oil sands business
Canaccord Capital maintains "buy", 12-month target price is $98.00
TransCanada Corp. (TRP : TSX : $38.92 | NYSE : US$33.00)
Q4 results slightly above expectations
BMO Nesbitt Burns rates "market perform", 12-month target price is $40.50
Canaccord Capital maintains "buy", 12-month target price is $45.00
CIBC World Markets rates "sector outperformer", 12-month target price is $43.00
Credit Suisse First Boston maintains "outperform", 12-month target price is $45.00
Desjardins Securities maintains "buy", 12-month target price is $43.00
RBC Capital Markets maintains "outperform", 12-month target price is $46.00
TD Newcrest maintains "buy", 12-month target price is $44.00
YM BioSciences (YM : TSX : $2.02 | YMI : AMEX : US$1.72)
Drug trial fails
Desjardins Securities downgrades to "sell", 12-month target price is reduced to $2.25
Canadian Oil Sands Trust (COS.UN : TSX : $30.34)
Q4 funds from operation slightly more than consensus
Canaccord Adams maintains "buy", 12-month target price is $33.00
CIBC World Markets downgrades to "sector underperform", 12-month target price is $27.50
Raymond James maintains "outperform", 6-12 month target price is $34.00
RBC Capital Markets maintains "underperform", 12-month target price is $27.00
TD Newcrest maintains "hold", 12-month target price is $30.00
Ear on the Street
Air Canada (AC.B : TSX : $18.10)
Upside potential
CIBC World Markets maintains "sector outperform", 12-month target price is $24.00
ACE Aviation Holdings (ACE.B : TSX : $33.89)
Disclosure of more details related to Aeroplan distribution
CIBC World Markets maintains "sector perform", 12-month target price is raised to $38.50
Alberta Clipper Energy (ACN : TSX : $5.22)
New corporate presentation shows additional operational insights
GMP Securities maintains "buy", 12-month target price is $9.00
Addenda Capital (ADV : TSX : $26.50)
Q4 slightly lower than expected
CIBC World Markets downgrades to "sector perform", 12-month target price is raised to $30.00
Sprott Securities maintains "buy", 12-month target price is $29.50
AlarmForce Industries (AF : TSX : $5.33)
Q4 in line
Haywood Securities maintains "sector outperform", 12-month target price is raised to $6.65
Algoma Steel (AGA : TSX : $35.03)
New Street coverage
RBC Capital Markets initiates coverage with a "outperform", 12-month target price is $40.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $45.75
Abitibi-Consolidated (A : TSX : $3.87 | ABY : NYSE : US$3.28)
To merger with Bowater
Desjardins Securities maintains "hold", 12-month target price is raised to $3.75
Raymond James maintains "underperform", 6-12 month target price is raised to $3.75
RBC Capital Markets upgrades to "sector perform", 12-month target price is raised to $4.00
TD Newcrest maintains "hold", 12-month target price is raised to $4.50
A&W Revenue Royalties (AW.UN : TSX : $13.99)
Downgrade on price appreciation
Canaccord Adams downgrades to "hold", 12-month target price is $13.65
Bombardier Inc. (BBD.B : TSX : $4.43)
An update on Cseries expected
RBC Capital Markets maintains "underperform", 12-month target price is $3.50
Bulldog Resources (BD : TSX : $4.77)
Southeast Saskatchewan niche player
Canaccord Adams maintains "buy", 12-month target price is $6.75
BTB Real Estate Investment Tru (BTB.UN : TSX-V : $2.25)
Announces agreements to purchase two commercial properties in Quebec
Blackmont Capital maintains a "buy", 12-month target price is $2.60
Calpine Power Income Fund (CF.UN : TSX : $12.82)
Harbinger increased bid to $13.00/unit
Desjardins Securities maintains "hold", 12-month target price is cut to $13.00
Calfrac Well Services (CFW : TSX : $19.16)
The improvement of business model
Sprott Securities maintains "buy", 12-month target price is $30.00
ConjuChem Biotechnologies (CJB : TSX : $0.83)
F2006 loss driven by significant higher R&D expenses
RBC Capital Markets maintains "sector perform", 12-month target price is $1.00
Celestica Inc. (CLS : TSX : $9.00 | NYSE : US$7.62)
Q4 preview
Blackmont Capital maintains "buy", 12-month target price is $13.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $11.40
Canadian Natural Resources (CNQ : TSX : $58.96 | NYSE : US$50.01)
Upgrade on valuation
TD Newcrest upgrades to "hold", 12-month target price is $58.00
Canadian National Railway (CNR : TSX : $51.99 | CNI : NYSE : US$44.03)
The implication of Aitibi and Bowater merger
Canaccord Adams maintains "hold", 12-month target price is $56.00
Canadian Oil Sands Trust (COS.UN : TSX : $30.34)
Q4 funds from operation slightly more than consensus
Canaccord Adams maintains "buy", 12-month target price is $33.00
CIBC World Markets downgrades to "sector underperform", 12-month target price is $27.50
Raymond James maintains "outperform", 6-12 month target price is $34.00
RBC Capital Markets maintains "underperform", 12-month target price is $27.00
TD Newcrest maintains "hold", 12-month target price is $30.00
Canadian Pacific Railway (CP : TSX : $63.40)
Fertilizer and fuel surchanges
Canaccord Adams maintains "buy", 12-month target price is $68.50
Dalsa Corp. (DSA : TSX : $12.71)
Q4 preview
Blackmont Capital maintains "buy", 12-month target price is $20.70
Raymond James maintains "market perform", 6-12 month target price is $14.50
Energy Metals (EMC : TSX : $10.10)
Downgrade on price appreciation
Raymond James downgrades to "outperform", 6-12 month target price is $11.50
Enbridge Income Fund (ENF.UN : TSX : $11.23)
Fourth-quarter results
Canaccord Adams maintains a "sell", target price is $10.00
RBC Capital Markets maintains a "underperform", target price is $11.00
Global Railway Industries (GBI : TSX : $3.15)
Another solid year expected
Sprott Securities reiterates "buy", target price is $3.65
Groupe Laperriere & Verreault (GLV.A : TSX : $32.26)
Met with Krebs' senior management and visited operations
Blackmont Capital maintains a "buy", 12-month target price is raised to $39.00
Gerdau AmeriSteel (GNA : TSX : $11.56 | NYSE : US$9.83)
Strategic acquisitions fuels earnings
RBC Capital Markets initiates coverage with a "outperform", 1-year target price is $12.00
Galleon Energy (GO.A : TSX : $15.42)
2008 forecast looking strong
GMP Securities upgrades to "focus buy", target price raised to $25.00
HudBay Minerals (HBM : TSX : $21.27)
China continues to be net exporter of zinc in December
Desjardins Securities maintains a "top pick", target price is $27.30
IPSCO Inc. (IPS : TSX : $115.75 | NYSE : US$98.05)
New large diameter pipe and heat treat investment
RBC Capital Markets initiates coverage with a "top pick", 12-month target price is $116.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $165.00
The Keg Royalties Income Fd (KEG.UN : TSX : $13.14)
Price appreciation behind downgrade
Canaccord Adams downgrades to "hold", target price is $12.40
Killam Properties Inc (KMP : TSX : $2.39)
Annual dividend announced
Blackmont Capital maintains a "buy", 12-month target price is $3.15
MDS Inc. (MDS : TSX : $20.44 | MDZ : NYSE : US$17.32)
Buying Molecular Devices for US$615 million
Desjardins Securities maintains a "hold", target price is $22.50
Raymond James maintains "market perform", 6-12 month target price is $20.25
RBC Capital Markets maintains a "sector perform", target price is $23.00
Moto Goldmines (MGL : TSX : $7.05)
Moto fights back; OKIMO intends to list on AIM
Haywood Securities maintains a "sector outperform", 12-month target price is $8.65
Marsulex Inc. (MLX : TSX : $8.60)
Planning to refinance high-yield debt
Blackmont Capital maintains a "buy", 12-month target price is $9.75
Newalta Income Fund (NAL.UN : TSX : $24.80)
Q4 preview
CIBC World Markets maintains "sector outperform", 12-month target price is cut to $32.00
Novadaq Technologies (NDQ : TSX : $7.35)
New Microsurgery device
Blackmont maintains "buy", 12-month target price is $15.00
Novelis (NVL : TSX : $42.94 | NYSE : US$36.61)
A potential sale of the company
Scotia Capital Markets maintains "sector underperform", 12-month target price is $30.00
PDM Royalties Income Fund (PDM.UN : TSX : $10.03)
Hold on price appreciation
Canaccord Capital decreases to "hold", 12-month target price is $9.50
Pengrowth Energy Trust (PGF.UN : TSX : $20.13 | PGH : NYSE : US$17.06)
Provides 2007 guidance
Raymond James maintains "market perform", 12-month target price is $19.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $18.00
Pacific Stratus Energy (PSE : TSX-V : $7.75)
Drilling in Columbia
GMP Securities initiates coverage with a "buy", 12-month target price is $12.00
QLT Inc. (QLT : TSX : $10.72 | QLTI : NASDAQ : US$9.07)
Q4 preview
Raymond James maintains "market perform", 6-12 month target price is US$7.50
Scotia Capital Markets maintains "sector underperform", 12-month target price is US$5.50
Richelieu Hardware (RCH : TSX : $24.00)
Q4 in line
Scotia Capital Markets maintains "sector perform", 12-month target price is $27.50
Real Resources (RER : TSX : $14.89)
Reduced 2007 production forecast
Raymond James maintains "strong buy", 6-12 month target price is cut to $25.50
Rubicon Minerals (RMX : TSX : $0.74)
Spin-out of two new companies
Blackmont maintains "buy", 12-month target price is cut to $0.90
Second Cup Royalty (SCU.UN : TSX : $9.95)
Hold on price appreciation
Canaccord Capital decreases to "hold", 12-month target price is $9.75
Sure Energy (SHR : TSX : $0.90)
Micro-cap with a farm-in option on a huge land base
Canaccord Capital resumes coverage with a "hold", 12-month target price is $1.10
Stelco Inc. (STE : TSX : $21.10)
High operating and financial leverage
RBC Capital Markets initiates coverage with a "underperform", 12-month target price is $20.00
Silverwing Energy (SVW : TSX : $0.69)
Experienced team with big growth ambitions
Canaccord Capital initiates coverage with a "speculative buy", 12-month target price is $1.10
Sierra Wireless (SW : TSX : $17.43 | SWIR : NASDAQ : US$14.77)
Q4 preview
Raymond James maintains "outperform", 6-12 month target price is $16.50
Scotia Capital Markets maintains "sector outperform", 12-month target price is $21.50
TransAlta Corp. (TA : TSX : $25.27 | TAC : NYSE : US$21.39)
Downgrade on price appreciation
Scotia Capital Markets maintains "sector perform", 12-month target price is $28.00
Twin Butte Energy (TBE : TSX : $0.60)
Experienced team with tax advantage
Canaccord Capital resumes coverage with a "speculative buy", 12-month target price is $0.85
TECSYS Inc. (TCS : TSX : $1.45)
Return to profitability
GMP Securities upgrades to 'buy", 12-month target price is $2.00
Triton Energy Corp. (TEZ : TSX-V : $1.70)
Significant near term exploration optionality
Canaccord Capital resumes coverage with a "speculative buy", 12-month target price is $1.90
Trafalgar Energy (TFL : TSX : $3.73)
New gas focused explorer
Canaccord Capital resumes coverage with "speculative buy", 12-month target price is $5.00
Talisman Energy (TLM : TSX : $20.54)
Large exploration portfolio
TD Newcrest upgrades to "buy", 12-month target price is $26.00
Xantrex Technology Inc. (XTX : TSX : $10.10)
Acquisition of competitor
Sprott Securities rates "buy", 12-month target price is raised to $12.00
New Concession Optioned - Ashanti Gold Belt
January 31, 2007, Vancouver BC - PMI Gold Corporation (TSX/V:PMV) - Douglas MacQuarrie, President, announces that it has reached agreement with Goknet Mining Company Limited of Accra, Ghana to explore their recently acquired 101 square kilometre Bankame reconnaissance license.
The license adjoins to the north of our Ofoase concession, and is located on the Ashanti Gold Belt 20 kilometres northwest of Newmont's 8.5 million ounce Akyem gold project; 50 kilometres northeast of Anglo Gold Ashanti's 55 million ounce Obuasi Mine; 10 km south of the 1.2 million ounce Konongo Mine; and shares its western boundary with AMI Resources Praso concession.
Bankame is primarily underlain by granite of the Banso batholith, with minor Birimian and Tarkwaiian series meta-sedimentary rocks located around its western margin. The Banso granite has an anomalously high radiometric potassium signature and based on the contact metasomatism noted in the surrounding meta-sediments is interpreted to be post Tarkwaiian in age. The batholith is bisected by a late stage, north south trending dolerite dyke and northwest -- southeast trending faults.
Previous regional work conducted by the Ghana Geological Survey has noted a few gold anomalies in silt samples from streams draining the Bankame area. PMI Gold will commence exploration by completing regional silt sampling for gold and other anomalous minerals. In the past granitic terranes were purposely not explored for gold, however with Newmont's major success in the granites at their new Ahafo mine (10.6 million ounces) structurally prepared granitic terranes are now known to have significant potential.
PMI can earn up to an 80% direct interest in the concession from Goknet by undertaking all exploration, keeping the concession in good standing, making payments of US$5,000 per year and reserving a 2%NSR royalty on behalf of Goknet.
Ghana is Africa's second largest gold producer and has recently attracted US$1.5 billion in committed foreign investment due to its long mining history, prospective resource base, reasonable taxation and stable government. PMI Gold's properties now include the former Nkran, Adubiaso and Abore mines, which collectively produced 730,000 ounces of gold prior to their closing in 2003. The concessions cover 657 square kilometres on two of Ghana's major gold belts.
On behalf of the Board,
"Douglas R. MacQuarrie"
Douglas R. MacQuarrie
President & CEO
For further information please contact:
Douglas R. MacQuarrie, President & CEO
Malcolm Ashford, Vice President, Corporate Communications [mobile 604. 765-4775]
Telephone: 1 (604) 682-8089
Toll-Free: 1 (888) 682-8089
Facsimile: 1 (604) 682-8094
Or visit the PMI Gold Corporation website at www.pmigoldcorp.com
or in German: http://pmi.goldseiten.de
Jim Britton has an
86% success rate in drilling
Mr. Jim Britton has drilled 430 commercial oil and gas wells
As Pennant's Head of Exploration he has chosen our next well
Pennant will be drilling a deep offset well in 3 weeks time
3D seismic is done and offset property did 600 Barrels a day
Only 12.5 million shares outstanding
Pennant farmed out 50% to be carried to production
No Debt and stable cash flow from production
Closed at: $0.34 -- Jan 30, 2007
TSX Venture Symbol - PEN
NEW COT REPORT
The New Commitments of Traders with Options "Supplemental" Report
Commodity Index Traders
On January 10, 2007 the Commodity Futures Trading Commission, which produces the weekly Commitments of Traders reports, began releasing a new supplemental report that separates Commodity Index Traders from the other categories for 12 selected agricultural commodities. Up until the release of this report, the size of the positions held by commodity index funds had been obscured by the fact that some of them were categorized as "Commercials" in the COT reports, while others were put in the "Non-Commercial" category. While a large portion of the unprecedented growth seen in the commercial participation in wheat in 2005 and in corn in 2006 could have been attributable to commodity index funds, up until now there was no way of determining the extent of their participation. What the new report has shown was that pace of index fund growth was larger than most market observers had expected. It also showed that in several markets, those traders that would have been traditionally considered "Commercials" (before the advent of index funds), are currently holding what would appear to be record net short positions.
It is important to realize that the index funds are passively managed and that the price movement of an individual commodity may have little or no impact on the number of contracts that an index fund will purchase. Index fund managers buy and sell futures based on the number of shares they sell. Unlike traditional speculative funds, the do not "trade" futures by buying and selling based on technical or fundamental indicators. Certainly, rising commodity prices attract investors to a particular fund, but the connection between a particular commodity's performance and a fund's performance is blurred by the fact that several commodities make up a fund.
For example, a typical investor may transfer $5000 from a mutual fund that specializes in health care stocks to a mutual fund that tracks an index of commodity markets that includes a mix of wheat, crude oil and coffee, among others. If wheat prices fall $1.00 over the ensuing six months but crude oil rallies 20% and coffee doubles in value, the investor may actually see a positive return in his or her investment and may increase his or her position in that particular fund, which would require the purchase of more wheat despite a declining market. On the other hand, if grain markets rally sharply in the next 6 months but energy markets drop 50%, the investor may show a negative return and drop out of their commodity investment, requiring the index fund manager to sell wheat, despite an increasing market. It is important to realize that with a $9.00 break in crude oil since Christmas and a new high for the Dow, there could be plenty of investors who might shift assets away from stocks and into commodities.
The initial reaction to the new report has been mostly bearish, but this knee- jerk response does not seem to take into account the huge change in the "real" net position of the commercial trader in most of the agricultural markets. The following is an interpretation of the traditional Commitment of Traders reports with options, followed by a quick analysis of the new data which pulls out the index fund traders for most of the grain and livestock markets. In addition, we have enclosed charts which show some of the data on index funds going back one year.
Selected Commodity by Commodity Review (as of January 3, 2007)
Corn: The traditional Commitment of Traders report with options showed the market in a classic bullish setup with non-commercial traders net long 281,825 contracts and non-reportable traders net short 102,664. This would leave the market vulnerable to increased fund buying and increased small trader short covering if resistance levels are violated. If we take out commodity index fund traders, the new supplemental data shows that traditional trend following funds were net long 247,646 contracts, not the 281,825 posted. Index fund traders were net long 421,579 contracts. Keep in mind that commercial traders are holding a net short position of 566,561 contracts. While the trend following funds are close to holding a record net long, the commercial net short is far and away at an historical record, which has bullish implications if the trend turns up. (See chart.)
Wheat: The traditional Commitment of Traders report with options showed the market in a bullish setup, but the selling trend of the funds is a negative short term force. Non-commercial traders are still net long nearly 20,000 contracts after dumping about 8,600 for the week ending January 3rd. If we take out commodity index fund traders, the new supplemental data shows that traditional trend following funds were net short 1,094 contracts, not the 19,755 net long posted in the normal report. (See chart.) Index fund traders were net long 201,104 contracts. The shift from a net long to a net short position and the selling trend of traditional funds is a bearish short term factor. However, commercial traders are holding a net short position of 172,589 contracts, where in the past a net short position of more than 45,000 has been a rare occurrence.
Soybeans: The traditional Commitment of Traders report with options showed the market in a classic bullish setup with non-commercial traders net long (and buying more) and non-reportable traders net short. This would leave the market vulnerable to increased fund buying and increased small trader short covering if resistance levels are violated. If we take out commodity index fund traders, the new supplemental data shows that traditional trend following funds were net long 47,071 contracts, not the 59,579 net long posted in the traditional report. Index fund traders were net long 129,727 soybean contracts. On the other hand, commercial traders hold a net short position of 152,630 contracts. In the 1995 to 2003 time frame, a net short of 75,000 contracts was extreme.
Cattle: The traditional Commitment of Traders report with options showed the market in a classic bullish setup with non-commercial traders net long (and buying more) and non-reportable traders net short (and selling more). This would leave the market vulnerable to increased fund buying and increased small trader short covering if resistance levels are violated. If we take out commodity index fund traders, the new supplemental data shows that traditional trend following funds were net long near 27,834 contracts, not the 42,938 posted in the traditional report. This means the market is "less" overbought than expected. In addition, the commercial net short position is now 86,207 contracts. Prior to 2005, a net short position of 40,000 contracts was considered an extreme. (See chart.) As a result, the commercial net short is far and away at an historical record, which has bullish implications if the trend remains up.
Hogs: The traditional Commitment of Traders report with options showed the market in a bullish setup, but the selling trend of the funds was a negative short term force. Non-commercial traders were net long 8,383 contracts after dumping about 6,029 for the week ending January 3rd. If we take out commodity index fund traders, the new supplemental data shows that traditional trend following funds were actually net short 2,146 contracts. (See chart.) The traditional fund traders shifted from a net long to a net short position for the week ending January 3rd, which is a short term bearish force.
7 Technical Trades for 2007
Using some longer-term cycle and seasonal analysis along with traditional technical indicators and some Commitment-of-Traders analysis, we have worked up what we feel are the 7 best technical trades for 2007 along with some alternative option strategies.
1) Buy April hogs at 62.72 with an objective of 72.17. Risk the trade to 61.47. Options Alternative: Sell the April hog 58 put and buy the April hog 66 call for a net premium paid of 50 points. Risk 70 points and hold for a run to the 72.17 objective in April futures.
While the short term trend is down with the market in a tight downtrend channel, this is normally a continuation pattern of a longer-term bull market. A move through the high end of the channel (65.10 on Tuesday, January 16th) would trigger a resumption of the uptrend. A 50% retracement of the contract high to low range is at 62.75, and short-term technical indicators are in an oversold condition.
2) Buy April crude at 55.76 with an objective of 64.77. Risk the trade to 54.76. Options Alternative: Buy the May 62/67 bull call spread at 105 with an objective of 375. Risk 60 from entry.
While the short term trend is decisively down, a 0.618 retracement of 5-year bull market leaves 54.83 as a key support level. A 15-week cycle is due February 5th, and a 9-week cycle is due January 15th. The November lows on the weekly chart came in at exactly at 50% of the 3-year range. Relative strength readings are showing a loss of downside momentum, which suggest that the time is right to watch for a technical sign of a significant low into this timing window.
3) Buy May coffee at 123.60 with 147.10 objective. Risk to 119.80. Option alternative: Sell 1 May coffee 120 put near 660 and buy 4 May coffee 155 calls near 165 each. If the longer term objective of 157.05 is hit by March 15th, the 155 calls should be priced near 875 and the 120 puts near zero.
A 50% retracement of the contract range is 119.90. A 56-day cycle missed the December 15th highs by one day, with the next cycles due on March 9th and May 28th. The short term trend is down with the market operating under the negative influence of the December 15th reversal, but the longer term trend off of the weekly and monthly charts is still in a bullish setup. The fund net long position is well short of an overbought condition.
4) Buy April gold at 608.15 with an objective of 692.40. Risk to 592.90. Option Alternative: Buy 2 April gold 670 calls at 4.50, sell 1 on bounce to 9.00 and hold the other for a run to 692.40 in the April futures. If the 692.40 level is hit by early March, the 670 call should be near $24.50.
The 50% mark of the 2-year range at 569.00 managed to hold on washouts in June and October of 2006. The recent COT reports showed trend following funds net long around 68,000 contracts as compared with a record of 189,000. A weekly close over 664.00 would be considered a bullish development. For April gold, a 50% retracement of the July 2005 to May 2006 rally comes in at 607.80.
5) Buy May corn at 364 1/2 with an objective of 452 1/2. Risk the trade to a close under 355. Options alternative: Buy 2 May corn 420 calls at 7 each. Sell 1 at 14 and hold the other for run higher to 452 1/2 in the May futures.
The 364 1/2 level marks 50% of the July 1996 high to the August 2000 low. The longer term uptrend is still intact in spite of the break off of the late December highs. A consolidation or setback is needed to correct the overbought condition and the steepness of the rally for the weekly and monthly charts. If we assume that the September 21st gap of the downtrend channel is a breakaway gap and that the November 2nd gap is a measuring gap, traditional gap theory leaves 458 1/2 as the upside objective for May corn.
6) Buy July soybean oil at 28.64 with objectives of 33.10 and 41.42. Risk to 27.64. Options Alternative: Consider selling the December soybean oil 27.50 put near 120 and buy the December 32.00 call near 205.
A 50% correction of the October to November rally is 27.96 with a 0.618 retracement at 28.64. Watch these key support levels for signs of a reversal in the short term trend, especially into the next cycle timing windows. The 20-day cycle has worked well recently, with ones due January 30th and February 27th. Open interest setting back on the correction is a sign of short term weakness. Watch for a turn back up in the open interest trend for a short term buy signal. With the planted acreage situation, December oil is also appealing.
7) Sell March T-bonds at 113-14 with an objective of 106-23. Risk the trade to a close over 114-20. Options Alternative: Consider selling the June T-bond 116 call and buying the June T-bond 110 put at the same price. Or, consider buying 4 June T-bond 109 puts at 15 each and selling 1 on a rally to 60 to recoup expenses. Hold the other 3 for a futures break into May.
The market broke out to the downside of 6-month uptrend channel in late December and appears poised for a recovery bounce which looks to be a selling opportunity. If the other 6 strategies work out, commodity inflation may be an issue and short T-bonds should work well.
*Projected options values are based on options pricing models and are not guaranteed.
Until the beginning of January, the US and world equity markets seemed to be signaling ongoing growth for 2007. However, concerns toward the US housing sector, the US auto sector and global manufacturing have apparently prompted some caution and perhaps a bit of concern that current stock market valuations are too rich. In fact, the majority of the breakdown in equity prices in early 2007 seemed to take place without macroeconomic anxiety, and that leads us to conclude that the slide is merely a correction within an ongoing bull trend. In fact, given the potential stimulative benefit of the nearly $8 per barrel slide in oil prices from the January highs and the fact that crude oil prices have now declined by $26.24 per barrel from the 2006 highs, it is possible that the stock market has already become too negative toward 2007 prospects. From a commodity market perspective, the early January weakness in oil prices, base metals and grain prices has certainly rekindled ideas that the commodities boom is in question. However, as in our equity market analysis, we think that the sharp slide in oil prices and perhaps significantly fewer global interest rate hikes in 2007 will end up restarting the world economic engine, and that in turn will restart physical and investment demand for commodities. While the winter of 2007 has started off in an extremely mild pattern (in the eastern half of the US), a number of agencies are predicting 2007 to be the warmest year on record, and that could end up stimulating intense energy (cooling) consumption later this year, and it could also make it difficult to produce the record grain crops that the markets are now demanding! In our opinion, the current action in the commodity market is best described as an "intermission" and that Act II and Act III still lay ahead. It is also our opinion that soaring commodity prices in 2006 resulted in inventory building and in some cases hoarding and that the weakness of the last couple months has merely cleaned up the supply situation for what we think will be a repeat of 2006. If there were some disastrous geopolitical events hanging over the market or some other reason to fear sustained slowing, we would certainly temper our bullishness, but as it stands we would rather bet on progressively stronger growth in India, resurgent Chinese growth and gradually improving economic activity in the US and Euro zones in 2007. After some significant volatility in 2006, we would expect more of the same in 2007, with a number of exchange trading volume records shattered and some of the laggards of 2006 potentially becoming leaders in 2007.
January 30, 2007 Trading Symbol: TSX.V-HNC
Please visit our booth at the upcoming Global Chinese Financial Forum (GCFF) at the Hilton Vancouver Metrotown, Crystal Ballroom - 6083 McKay Avenue, Burnaby, BC this Saturday, February 3rd from 9:30 am to 5:00 pm.
Mark Jarvis, President of Hard Creek Nickel will be making a presentation to the Forum at 2 pm.
GCFF is the largest series of bilingual (Chinese/English) financial functions in North America ! GCFF conferences gather companies, financial institutions and investors all under one roof to explore new investment ideas and financial needs. GCFF also offers an opportunity for representatives of companies in China who wish to access the North American capital market to meet with financial professionals who are interested in prosperous China projects.
Admission is free.
For more information visit: http://gcff.chineseworldnet.com/visitor/en_default.asp