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The Taipan Group�s 247profits e-Dispatch Baltimore, New York, Chicago, Berlin, Bonn, London and Paris September 20-21, 2004
***The Docugate affair� election tipping� CBS retraction� and more to follow� ***More bad news for the EU� yet the sky-high rate of the euro against the dollar remains.
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�I find we have been misled on the key question of how our source for the documents came into possession of these papers. That, combined with some of the questions that have been raised in public and in the press, leads me to a point where - if I knew then what I know now - I would not have gone ahead with the story as it was aired, and I certainly would not have used the documents in question. [�] We made a mistake in judgment, and for that I am sorry. It was an error that was made, however, in good faith and in the spirit of trying to carry on a CBS News tradition of investigative reporting without fear or favoritism.� That�s a 180-degree turn from the �vast right-wing conspiracy� that Rather blamed for his discomfiture just a week ago. Which now opens another mess of questions. Like: Who could possibly have a vested interest in feeding an overeager newsman a story that could have tipped a presidential election in someone�s favor? I have a feeling this is only the beginning of a far bigger story� a story whose climax may take place right before November 2. (While in Germany, I made an interesting discovery: The German media, which like to giggle like elementary school teacher�s pets whenever President Bush mispronounces or leaves out a word, has been absolutely silent about Docugate. I wonder what these journalistic �gate keepers� are up to?)
One would think that the slew of bad news would have an effect on the sky-high rate of the euro against the dollar. As it seems, however, current exchange rates operate far outside the realm of linear logic: implied volatilities on euro/dollar options today fell to around 8.2/8.5%, the lowest levels since December 2002. Accordingly, chances that spot exchange rates might be breaking out of their current range are diminishing.
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Today�s tradesports.com standings for the 2004 Presidential Election are: PRESIDENT.GWBUSH2004: 69.3/69.8
Autozone Inc., Christopher & Banks Corp., General Mills, GTECH Holdings Corp., Jabil Circuit Inc., Lehman Brothers Holdings Inc., Scholastic Corp., and Stride Rite Corp. are some of the companies releasing earnings.
�As
to Sudan, Mr. Bush should call upon the U.N. to take up the challenge without
more delay. The U.N. should not be debating yet another ineffectual sanctions
regime. It should be calling upon its 190 other members to mount an intervention,
and military mission unlimited by time, to remove the Sudanese regime and
protect the people of Darfur. The U.N. should - as I�ve written before - resolve
not only to intervene quickly in Sudan, but also to end the Sudanese membership
in the U.N. until a new legitimate government is installed there. And it should
do so without American participation.�
***Hong Kong�s Hang Seng index ended the day at 13,221.33, down 3.60 points (0.03%) after trading in very narrow tracks between13,173.52 and 13,284.01. While oil and energy values point upward, our indicators point at a general downward trend for tomorrow, which may express itself in a loss of around 0.5%.
This just in from Taipan�s resident Editor-at-Large, Martin Denholm: Hmm� so much for that beating the Red Sox were supposed to lay on the Yankees! A great start on Friday got rubbed out as arms went dead and bats went into the deep freeze for the rest of the weekend. Damn Yankees! Hopefully, the Beantown Nine will fatten up on Baltimore's hapless Orioles this week instead.
Starting tomorrow, the company announced that it will be forced to suspend its shipments to China National Petroleum Corp. - that country's largest oil firm - totaling 95,000 barrels per day. That's because, while still able to actually produce the oil, with its bank accounts frozen by the bailiff Yukos cannot afford to pay transportation costs. Although 95,000 barrels isn't an enormous amount, this will affect China if shipments are suspended over a long period of time. China is already gobbling up oil at a frenetic pace, so a sustained loss of this much oil per day could force it to rely more on oil imports from the volatile Middle East.
Take August's jobs figures, for example - a report that economists expected to show a gain of 20,000 new hires. No, sir. The economy actually shed 7,000. So you might be wondering why Governor David Dodge at the Bank of Canada keeps a brave face on the situation. Well, once again, the economy did show some steel, adding 15,400 jobs, while the bulk of the 22,400 losses came from part-time positions. Following a record 559,600 new jobs in 2002 and 270,800 last year, the news means the economy has added just 112,500 through August. In fact, Dodge puts more than a brave face on - he's positively delighted by the economy. In a memo to his finance chief Ralph Goodale, obtained by Bloomberg, Dodge declared: "The prospect of sustained expansion and job creation and of a rising standard of living for Canadians is better than it has been for some time." This goes against comments Dodge has made in public, where he is naturally much more restrained about the economy's prospects. According to a Statistics Canada economic indicator, growth came in at just 0.5% in August - the smallest this year. That after exports sank 1.2% in July (the first decline this year) and the surplus shrank to C$6.2 billion. Cheerio.
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Title: The Docugate affair
