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jdaasoc

08/27/03 9:48 PM

#145465 RE: Zeev Hed #145458

I keep checking on Pakistan because they are getting mucho military aid from us on war on terror and they got bunch of Taleban types in the assembly that Musharraf would love to be disqualified because they just graduates of fundumentalist Madrassa not colleges.

How destablising can the$1 B in radar equipment that Israel just sold India. There are so many people on both sides that would love to go around round of war on Kasmir.




Speaker withholds MMA MPs references
From Javed Rana
ISLAMABAD – Speaker National Assembly on Wednesday did not forward references to the Chief Election Commissioner seeking disqualification of 28 MNAs of Muttahidda Majlis-e-Amal (MMA), which, according to the legal experts, is a violation of his own ruling to “constitutionalise” General Pervez Musharraf’s last 31 amendments as part of the Constitution.
Under these amendments also known as Legal Framework Order (LFO), the NA Secretariat, acting as a post office, is bound to forward disqualification references against MNAs to the Chief Elections Commissioner. On June 17, Maulvi Iqbal Haider had filed references with NA Speaker and Chairman Senate seeking disqualification of 35 MPs (28 NA members and 7 Senators of MMA) arguing that the status of their Madrassa degrees was below the level of BA.
Other than the legality issue, the withholding of references against the MMA legislators by the NA Speaker and Senate Chairman, has given strength to reports that a behind-the-scene understanding is being worked out between the government and the religio-political alliance. The MMA faces threat of losing power in Balochistan and NWFP after their Madrassa degrees were challenged in the apex court.
“We’ve received no reference either from Speaker National Assembly or Chairman Senate,” confirmed Hasan Muhammad Secretary to the Election Commission to The Nation on Wednesday.
Under 1973 Constitution, Speaker National Assembly and Chairman Senate can withhold disqualification references as long as they wish, but under the LFO they have to forward within 30 days. This deadline was ended on July 16.
“By opting not to forward references to Chief Election Commissioner, the NA Speaker has reverted his allegiance to the relevant provision of 1973 Constitution,” a constitutional expert said.
The legal experts, however, believe that the references were not withheld to ensure the supremacy of the 1973 Constitution but the political expediency played the vital role.
The opposition parties had accused the Speaker National Assembly that he had given the ruling to “constitutionalise” LFO under pressure from General Pervez Musharraf to give him semblance of legitimacy just before his visit to the US.
Following is the relevant provision of LFO which the NA Speaker and the Chairman Senate defied: “If any question arises whether a member of Majlis-e-Shoora (Parliament) has become disqualified from being a member, the Speaker or, as the case may be, the Chairman shall, within 30 days from raising of such question , refer the question to the Chief Election Commissioner.”
The NA Speaker and Senate Chairman, however, followed the original 1973 Constitution which does not specify time framework as the Article 63 says: “If any question arises whether a member of the Majlis-e-Shoora (Parliament) has become disqualified from being a member, the Speaker or, as the case may be, the Chairman shall refer the question to the Chief Election Commissioner and if the Chief Election Commissioner is of the opinion that member has become disqualified, he shall cease to be a member and his seat shall become vacant.”
“The speaker and Senate Chairman have defied the Constitution (LFO as part of it)” said Maulvi Iqbal Haider, the petitioner. He vowed to move superior courts to invoke Article 6 of the Constitution to try both NA Speaker and the Senate Chairman on high treason charges.
The Supreme Court has already admitted constitutional petitions against MMA’s 65 MPs and has announced to take up these pleas for regular hearing by mid-September this year. Had Speaker and Chairman Senate forwarded references, Chief Election Commissioner would have been bound to decide the matter within 90 days (mid-October) under the LFO.
If court decides against 65 MPs of MMA for possessing seminaries degree being below graduation, the MMA government in North Western Frontier Province and Balochistan could collapse.
On the other hand, the MMA has switched off from its previous stand of protesting against the “extra-constitutionality” of the present bench of the apex court following relief given to one of its MPs by the apex court and the Prime Minister’s offer to resume talks to settle the controversy over the LFO. The MMA member was disqualified by the Election Tribunal for possessing seminary degree.
Independent constitutional experts say the LFO is de facto part of the Constitution and lack de jure status until formally ratified by the Parliament with two-thirds majority vote as General Ziaul Haq had to do in 1985 despite an authority given to him by Supreme Court to amend the Constitution.
Despite several attempts the NA Speaker could not be contacted for comments

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goodluck

08/27/03 9:49 PM

#145466 RE: Zeev Hed #145458

Zeev,
Have you been following the WDC-RDRT marriage? WDC said in a CC today that the merger will be accretive in the Dec Q, 9 months ahead of schedule. Also says that they are tracking to the high end of their guidance from their previous CC.

Was RDRT that badly managed that WDC could turn it around so quickly?! Who is buying heads from WDC? Can they actually manage RDRT's operations as a captive source for their own heads and not have to sell any on the merchant market in order to make the heads economically efficient?

here is the Dow Jones story on today's CC. Looks like the stock is up in after hours trading.

Western Digital's Sept Qtr Tracking To High End Of Rev, Volume Guidance; Read-Rite Acquisition Now Expected To Be Accretive In WDC
Wednesday August 27, 8:04 pm ET


LAKE FOREST, Calif. (Dow Jones)--Western Digital Corp. forecast results at the high end of a range offered last month for its first quarter ending Sept. 26.
In a press release Wednesday, the company said it expects to break even on a net basis for the period, on revenue of $690 million to $700 million. Results are to include charges of $50 million relating mostly to an acquisition.

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The company's earlier forecast called for earnings of 22 cents to 24 cents a share, excluding acquisition charges, on revenue of $680 million to $700 million.

A per-share figure for the charges outlined Wednesday isn't available, a spokesman said, adding that the company is now calling for results at the high end of its previous forecast.

Analysts expect first-quarter earnings of 22 cents a share excluding items, according to Thomson First Call (News - Websites).

Western Digital Corp. (NYSE:WDC - News), which acquired Read-Rite Corp. July 31, now expects the transaction to add to earnings in the quarter ending December 2003, nine months earlier than its previous forecast.

Cost of the transaction is now estimated at $170 million to $180 million, including $95 million in cash, $60 million in assumed debt of Read-Rite's Thailand operation and $15 million to $25 million in direct costs and miscellaneous assumed obligations.

The transaction was funded with working capital. Existing bank obligations relating to the Thailand operations will be refinanced with a new term loan of $ 50 million.

Along with its new earnings forecast, the company offered what it called new guidelines for its long-term business model, in which it expects to be operating in the second half of its fiscal 2004.

Gross margins under the new model will average 18% to 22% compared with 14% to 18% under the previous model. Operating margins will average 7% to 11%, compared with 4% to 8% under the previous model.

The company will continue to generate significant operating cash flow; capital spending, averaged over several years, will increase by $70 million to $90 million to support new operations. The company's fiscal 2004 investment plan will allow it to produce up to 30 million heads per quarter at June 2004.

-John Seward; Dow Jones Newswires; 201-938-5400




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Fletch

08/27/03 10:07 PM

#145473 RE: Zeev Hed #145458

Zeev,
What are your thoughts on AGM? Forming a cup now?
VBG,
Fletch

LEXR strong and WHT earnings!
What are the chances of very little market pullback? 1700 for a low, going into fall?