Oldtent Archives 2007 - 2008

….that went over my head the first time

THE AMERICAS

~ ~ Brazil’s Bovespa rises to record, real gains 1 pct ~ ~

SAO PAULO, May 12 (Reuters) - Brazil’s stock market rose to a record on Monday led by shares of mining company Vale as prices of copper and industrial metals gained, while the national currency rallied more than 1 percent on dollar inflows.

The benchmark Bovespa index .BVSP of the Sao Paulo stock exchange rose 1.11 percent to 70,415.81 points, passing a previous closing record of 70,195 points on May 6. Pulp producer Aracruz surged nearly 6 percent on expectations over a change in its ownership structure.

Local stocks also benefited from a rally in U.S. equities that increased investors’ appetite for emerging market securities. The Dow Jones industrial average rose about 1 percent and the Nasdaq Composite Index gained 1.76 percent.

“Brazil’s stock market is among the most favored by foreign investors every time the outlook abroad improves, and this time it was no different,” said Luiz Gustavo Medina, a partner at M2 Investimentos.

The real BRBY strengthened 1.26 percent to 1.665 per U.S. dollar, gaining for the second straight session on expectations of increased dollar inflows following the recent decision by Standard & Poor’s to grant Brazil a long-sought investment-grade credit rating.

With the real already trading near its strongest level in nine years, the market has been rife with speculation that the government might raise the so-called IOF financial transactions tax on foreign investment to curb the currency’s gains.

Those concerns have eased in recent days as government officials have distanced themselves from the proposal, helping to prop up the real.

“That period of strong declines in the currency is gone,” said Marcos Forgione, an analyst at the Hencorp Commcor brokerage. “We are having foreign inflows and the Bovespa is rising.”

Investors were also encouraged by media reports over the weekend that Brazil’s government is considering raising its primary budget surplus target to 5 percent of gross domestic product from 3.8 percent.

The change could help ease inflationary pressures, limit future interest rate increases and raise money for a sovereign wealth fund that the government is preparing to launch, Folha de S.Paulo newspaper reported on Saturday.

Interest-rate futures on the BM&F commodities and futures exchange in Sao Paulo fell across the board, reflecting the improved market sentiment.

At the Sao Paulo stock exchange, mining company Vale rose 1.43 percent to 55.2 reais, benefiting from higher industrial metals prices.

Pulp producer Aracruz jumped 5.96 percent to 14.41 reais. The company said on Monday the agreement between its four main stakeholders has expired, raising speculation one of them may want to raise its stake, said Agora brokerage analyst Luiz Otavio Broad.

Airplane maker Embraer rose 0.93 percent to 17.28 reais. Ecuador will pay about $280 million for 24 warplanes made by Embraer, Deputy Defense Minister Miguel Carvajal said on Monday, as the country seeks to protect its porous border with Colombia.

Shares of airline TAM Linhas Aereas dropped 0.97 percent to 36.85 reais on concerns about soaring jet fuel costs. The company is set to release its first quarter results on Monday night.

Petrobras, Brazil’s state-run energy company and the top-weighted stock in the Bovespa index, firmed 0.18 percent at 45.75 reais. The company reported after the close of the markets its first-quarter net income surged 68 percent from a year ago to 6.9 billion reais.

~ ~ ~ ~

Trading in THE AMERICAS today……..

finance.yahoo.com/intlindices?e=americas

JBI

“California law used to say property was unclaimed if the rightful owner had had no contact with the business for 15 years.”

 Sounds like “paying the rent” on your safe deposit box was not considered “contact with the business.”  Now, that is bizarre.

a close under the low of today is a rpw sell signal.

rno

MBIA posts huge loss on credit derivatives  

NEW YORK (Reuters) - MBIA Inc (MBI.N) said on Monday unrealized losses on insured derivatives skyrocketed in the first quarter, pushing the world’s largest bond insurer into a sharp quarterly loss.

The company posted a loss of $2.41 billion, or $13.03 per share, versus a profit of $199 million, or $1.46 per share, in the year-earlier quarter.

The 2008 figure included unrealized losses on insured derivatives, such as credit default swaps, of $3.58 billion. Factoring in the unrealized losses, MBIA reported negative revenue of $2.95 billion, versus revenue of $729.9 million a year before.

Analysts polled by Reuters Estimates had expected a quarterly loss of 11 cents per share, according to Reuters Estimates. Excluding unrealized losses, Reuters Estimates said MBIA earned 16 cents per share, but it was not immediately clear how closely that figure matched up with analysts’ forecast.

In February, MBIA warned investors it could face write-downs on its credit derivative positions.

It recorded $3.7 billion of losses from the change in credit derivatives’ value in all of 2007, which resulted in net losses for the year of $1.9 billion.

MBIA has raised more then $2.5 billion of capital from investors to help offset those losses and has taken other measures to boost capital, such as eliminating its dividend.

Earlier this month, MBIA Chairman and Chief Executive Jay Brown wrote to investors that he saw no need to “raise dilutive equity capital to support our existing business plans.”

Lipstick on a PIG 

MBIA Rises After Loss Is Narrower Than Some Estimates (Update2) MBIA Inc., the ailing bond insurer, rose in New York Stock Exchange trading after saying it will pump $900 million into its insurance unit and reporting a first- quarter loss that was narrower than some analysts’ estimates.

Unfreakin believable.

Someone needs to be
drawn and quartered
but
only after the tar and
feather party ..

And who are you votin for ???
Hilbillery or Osamabamma
or,, the almost dead
Mc, hicup

Is just as bad in Kanada
McHarper ..

Ohhhhhhh

For a Philosopher King ..

abtd

…..Many Attendees are commuting from the greater Toronto Area…..maybe if you would like you could stay with one of them….of course if someone would offer…

….or….this place is OK…and near the Best Western….so you could hitch a ride to Tottsville…

www.thehillsofheadwaters.com/orangevillemotel/mem-welcome.php

…..Airport Limo to Orangeville is about $90….

….keep us posted if we can help….

thanks for link

went to unclaimed property … ment has 50 buck dividend check sent to wrong address..

went through identification process in about 30 seconds .. will send check in 10 working days ..

cha ching .. to claim finders fee.. buy a taco , latte, send bill to unclaimed property division.. lol

www.chrismartenson.com/three_beliefs

Saturday was spent cruising the backroads of NW Connecticut, eventually ending up in Sinclair’s neighborhood at sunset. Took a lot of photos on this beautiful Spring day which can be seen here. All of them and many more were taken on that one day, except for five which were taken yesterday and today. Sunday was spent doing some more cruisin’ with mom, but it wasn’t appropriate to be stopping every 10 seconds to take photos.

Is anyone else arriving at the Toronto/Pearson airport around 11AM Friday? I’m looking to share a rental car and also to share a room. Contact me at billarras@hotmail.com or at 541-350-7843 if interested.

FGC and Grin, you guys have mail.

“Lawyer for the Bureau of Unclaimed Property argued against expanding programs to notify rightful owners.
He wrote, “It could well result in additional claims of monies that would otherwise flow into the general fund.”
—————————————————————————————-
Not-So-Safe-Deposit Boxes: States Seize Citizens’ Property to Balance Their Budgets

Resources to Search for Unclaimed Property in Your Name
By ELISABETH LEAMY

May 12, 2008 -

The 50 U.S. states are holding more than $32 billion worth of unclaimed property that they’re supposed to safeguard for their citizens. But a “Good Morning America” investigation found some states aggressively seize property that isn’t really unclaimed and then use the money — your money — to balance their budgets.
Not-So-Safe-Deposit Boxes

San Francisco resident Carla Ruff’s safe-deposit box was drilled, seized, and turned over to the state of California, marked “owner unknown.”

“I was appalled,” Ruff said. “I felt violated.”

Unknown? Carla’s name was right on documents in the box at the Noe Valley Bank of America location. So was her address — a house about six blocks from the bank. Carla had a checking account at the bank, too — still does — and receives regular statements. Plus, she has receipts showing she’s the kind of person who paid her box rental fee. And yet, she says nobody ever notified her.

“They are zealously uncovering accounts that are not unclaimed,” Ruff said.

To make matters worse, Ruff discovered the loss when she went to her box to retrieve important paperwork she needed because her husband was dying. Those papers had been shredded.

And that’s not all. Her great-grandmother’s precious natural pearls and other jewelry had been auctioned off. They were sold for just $1,800, even though they were appraised for $82,500.

“These things were things that she gave to me,” Ruff said. “I valued them because I loved her.”

California’s Class Action Lawsuit
Ruff is not alone. Attorney Bill Palmer represents her and countless other citizens in a class action lawsuit against the state of California.

“They figured the safety-deposit box was safer than keeping it under the mattress,” Palmer said. “In the case of a lot of citizens, they were wrong, weren’t they?”

California law used to say property was unclaimed if the rightful owner had had no contact with the business for 15 years. But during various state budget crises, the waiting period was reduced to seven years, and then five, and then three. Legislators even tried for one year. Why? Because the state wanted to use that free money.
California became so addicted to spending people’s money, that, for years, it simply stopped sending notices to the rightful owners. ABC News obtained a 1996 internal memo in which the lawyer for the Bureau of Unclaimed Property argued against expanding programs to notify rightful owners. He wrote, “It could well result in additional claims of monies that would otherwise flow into the general fund.”

Continued URL: peakoilpetroleumandpreciousmetals.yuku.com/topic/3430/master/1/

Metallica Resources to merge with New Gold, Peak Gold

Metallica Resources Inc (C:MR)
Shares Issued 95,701,378
Last Close 5/9/2008 $7.59
Monday May 12 2008 - News Release

Also New Gold Inc (C:NGD) News Release
Also Peak Gold Ltd (C:PIK) News Release

Ms. Rhonda Bennetto of Metallica reports

METALLICA RESOURCES, NEW GOLD AND PEAK GOLD ANNOUNCE SIGNING OF DEFINITIVE AGREEMENT FOR US$1.6 BILLION BUSINESS COMBINATION

Metallica Resources Inc., New Gold Inc. and Peak Gold Ltd. have signed a definitive agreement in connection with the previously announced business combination.

Each of Metallica Resources, New Gold and Peak Gold have scheduled shareholder meetings to be held on June 17, 2008, at which they will seek their respective shareholder approvals required in connection with the transaction. It is anticipated that materials for such meetings will be mailed to shareholders on or about May 26, 2008. The transaction is expected to close on or about June 30, 2008

….when do we go 100% Physical ?

…I have contemplated that lately…but I am sticking with the game plan…for better or worse..
…holding positions in about 60 stocks 80% what you’d call juniors…
…when even one goes 10 bagger….as gold goes over 1000….That will be time to cash in ..More Gold for your Bucks….

….We have all been waiting since may 06….2 years is enough …

…..wasnt that HIGH around todays date….i Remember Tottsville II….May 5 o6…we were at a euphoric high….and it went higher for about a week….?

….God…I Love that Man……he has been all but forgotten here….but He WILL make a Splash before its said and done….He will e perfect for Prez….in 2012…..we are gonna really need him by then eh?

..saved the link under Ron Paul