BRAZIL, ARGENTINA ABANDON U.S. DOLLAR

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Brazil, Argentina abandon US dollar
http://aotearoaawiderperspective.wordpress.com/ 2008/ 10/ 09/ brazil-argentina-aband...

Brazil and Argentina have launched a new payment system in their bilateral trade, doing away with the US dollar as a medium of exchange. The two Latin American nations started the Payment System on Local Currency (SML) on Monday following a last month agreement inked by their presidents to use local currencies in a bid to end transaction in dollars. On Thursday, Argentine Central Bank President Martin Redrado and his Brazilian counterpart Henrique de Campos Meirelles signed the enforcement of the agreement for the SML, under which exports and imports between the two countries will take place with the Brazilian real (BRL) and the Argentine peso (ARS).

NOTE: BRAZIL AND ARGENTINA ARE LATIN AMERICAN NATIONS.

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COCA COLA BEARISH ENGULFING PUT OPTIONS OPPORTUNITY

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Coca Cola Bearish Engulfing Put Options Opportunity
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On Friday, October 3 2008, as the Dow Jones erased all 300 point advance it recorded just as the House vote got underway shortly after the midpoint of the trading session moments following the vote in the House of Representatives to pass the credit market bailout. Coca Cola (KO) was spotted a bearish engulfing candlestick formation after Friday's close. The long tail characteristic of the candlestick couple with strong resistance at 55 levels, further strengthen the possible bearish reversal. With most of the analysts still recommending a strong buy; it leaves plenty of room for a downgrade.

NOTE: COCA COLA IS A WELL RESPECTED COMPANY IN THE BEVERAGE INDUSTRY.

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DOW JONES DOWN, NASDAQ IN RED, GLOBAL LOSSES CONTINUE

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Dow Jones down, NASDAQ in red, global losses continue

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TimePublished on Thu, Oct 09, 2008 at 09:13 in Business section

TagsTags: US Economic Crisis, Sub-prime Loans , New Delhi
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US, EU markets have been facing the heat of the global meltdown

US, EU markets have been facing the heat of the global meltdown

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* Bush defends AIG bailout, US markets climb
* US, EU markets tumble: Bailout to 'take a while'
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Keywords: Bailout, Ftse

New Delhi: The American and European markets are still taking a beating, though slashed interest rates did stem the damage a little.

As stock markets are traumatized by cascading losses and the collapse of some of the oldest names in banking, markets across the world took only mild comfort.

NOTE: AIG WAS RECENTLY REPORTED WHO HAD A MAJOR LOSS WHICH AFFECTED MANY.

Investors and the common man alike, want to know what more policy-makers can do and whether more cuts will follow from each country's central banks.

Even as the group of seven finance ministers and central bankers are meeting in Washington to stem the worst credit crisis since the Great Depression, markets have shown little recovery.

Dow Jones is still below 10,000, down by two per cent. It had lost 800 points on Tuesday, going below 10,000 for the first time in four years.

The Standard & Poor's 500 Index was down by 1.13 per cent, extending the worst weekly slump since 2001. This has come as a setback, right after the indices had touched a five year low..

The NASDAQ too ended in the red at just over 1,740 points. Wall Street's drop was part of a breakneck global sell-off that witnessed stocks plunging and led to trading being halted in Russia, Brazil and Peru.

European markets also saw a major selling spree. London's FTSE 100 was down 5.18 per cent, with banking and commodity stocks taking a battering.

CNN correspondent in New York, Carter Evans has been closely watching the movements in the market indices. He spoke about the co-coordinated effort of Central Banks cutting rates. Analysts have been hoping that this will bring the much needed relief or is the financial crisis which has now been spreading almost like a Tsunami.

"There is a huge amount of concern and people do not know what to expect. Lot of investor confidence is lost and a lot of people were happy that the stocks had gone up. Then just before the markets opened, they went down. Within 10 minutes they rallied again and went down again, showing how volatile the situation can be," said Evans.

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HARD MENTALITY, SHORT TERM VISION GRIP OUR STOCK MARKET

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Herd mentality, short-term vision grip our stock market

Vincent Lingga, The Jakarta Post, Jakarta

The capital market management and regulator made the right decision Wednesday to halt share trading here after the benchmark index plunged by another 10 percent to close at 1,451 points, because that development was indeed rooted in an irrational market mechanism.

Letting the stock market (IDX) continue operating in such a chaotic situation would be like allowing a few rice sellers to freely set the price of the staple amid a massive, nationwide famine.

Stocks in such blue-chip companies as telecommunications firm Indosat, coal producer Adaro and automobile and plantations group Astra International should not have plunged between 19 and 23 percent Wednesday, had it not been for a herd mentality on the part of domestic retail and institutional investors.

NOTE: PLUNG IN THE STOCKMARKET TO TO ECONOMIC PLUNGE.

The long-term outlook for telecommunications and our natural-resource-based companies remains bright and promising. Even though the prices of most primary commodities such as coal, palm oil and rubber have of late fallen steeply, they remain way above their 2006 levels.

The recent downward trend was even good for long-term stability, because the skyrocketing prices during the first semester were partly fueled by speculative sentiment. These prices are now seeking a new equilibrium.

Our domestic investor base should have been broad and diverse enough to shield the IDX from the abrupt changes in international investor sentiment.

The growing role of domestic institutional investors such as pensions funds, mutual funds and insurance companies should have contributed to broadening and diversifying the pool of investment in equities.

The long-term horizon of these institutional investors should have played a stabilizing role in our stock market. Basically, a diverse investor base, in relation to investment horizons and risk appetite, can contribute to financial stability by spreading risks more widely.

But as Wednesday's irrational market development showed, most domestic investor behavior was still controlled by a herd mentality, toeing the move of foreign portfolio investors.

What are the main determinants of share prices?

One of them is global factors, such as international liquidity and credit and market risk premiums. True, these factors are now all negative, as the impact of the financial crisis and panic in the United States and Europe sets in.

However, the strongest determinants of our equity prices -- the domestic or fundamental factors such as economic growth, the differential between domestic and global interest rates, the expected forward exchange rate, the inflation differentials -- remain fairly positive.

In fact, after Bank Indonesia's move on Tuesday to raise its benchmark interest rate by another 25 basis points to 9.50 percent, our interest rate differential with the U.S. Fed funds became 8 percentage points.

NOTE: BANK OF INDONESIA IS ONE OF THE TOP BANKS IN ASIA.

I don't think the amount of foreign portfolio money still playing in our stock market remained at such a level because it was still able to heavily influence the market trend.

Most of this hot money had flown out a few weeks ago as these skittish investors became highly risk-averse and tended to generalize things.

The steep fall in our stock market Wednesday was therefore exacerbated by the herd mentality and short-term-oriented stance not only of our individual (retail) but also institutional investors.

Hence, as BI Governor Boediono and chief economics minister Sri Mulyani Indrawati said Sunday, if we really care about protecting our own house from the fallout of the international financial crisis, then we all, in our respective roles, should help contribute to maintain calm.

This calls for domestic retail and institutional investors to get rid of their herd mentality and adopt a more long-term view in order to contribute to building up a financially stable base for our equity market.

The writer can be reached at v_lingga@yahoo.com.

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Exchange trade currency futures by month end
Economy Bureau
Posted online: Wednesday, August 06, 2008 at 22:17 hrs
Updated On: Wednesday, August 06, 2008 at 22:17 hrs


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The Securities & Exchange Board of India (Sebi) will launch a pilot alternative payment system for public issues by August-end, which would allow investors to keep the application money in their bank accounts till they are allotted shares.

"Hopefully by August end, we will start the pilot project," Sebi chairman CB Bhave told reporters at a seminar organised by the Financial Planning Standards Board India.

NOTE: BHAVE IS A RESPECTED PERSONALITY IN SEBI.

Further, the markets regulator is expected to launch the exchange trade currency futures by this month-end. So far three entities—NSE, MCX-promoter Financial Technologies and a consortium of HDFC, Kotak and SBI —have evinced interest in starting these products.

The pilot payment system would enable investors to earn interest income on their application money till the time of allotment, while sparing them from the hassles of getting refunds in case they are not allotted shares.

Bhave said the current system of payment through cheques and the alternate system would co-exist. Commenting on the pilot system, he said, "We really don't know how the system works. We need to get used to it. We have to sort out glitches if there are any in the beginning."

The alternate payment system, called additional mode of payment through applications supported by blocked amount, will exempt retail investors from making full advance fees. Instead, it would let them retain the in bank accounts till the completion of allotment. The system is dependent on 'Self Certified Syndicate Banks' (SCSB) that would accept the application of retail investors. Banks that wish to offer the ASBA facility must submit a certificate to Sebi for inclusion of its name in the SCSB list. Under the scheme, the SCSBs will block funds to the extent of the bid amount, upload the details in the electronic bidding system and then unblock funds of finalisation of allotment.

This mode of payment will apply only to public issues offered under the book building route and only those retail investors would be part of this payment process who bid at the cut-off price as the single option and agree not to revise their bids.

On exchange traded currency futures, Sebi chairman said that three entities have applied for launching these products. When asked about the specific timeframe for the launch of currency futures, Bhave said this was not in the regulator's hands as the three entities are in various stages of preparing software and setting up hardware for the...
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» Exchage traded Currency
Posted by Shyam.P.Kunte on 2008-08-06 09:26:54.130376+05:30
Another exchange is getting born here for speculators mostly of FIIs/Foreign Banks/Corporates to defraud gullible small investors.How come SEBI has forgotten the current MTM losses fiasco and really it is surprising.In a Trade deficit country like ours and with huge unwanted Forex reserves it will spell disaster in long term.May god save our Nation from those tricky financial gambling products.JaiHind

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Disclosure of Shareholdings in Accordance with Stock Market Rules


Last update: 12:16 p.m. EDT Aug. 7, 2008
GENEVA, SWITZERLAND, Aug 07, 2008 (MARKET WIRE via COMTEX) -- Addex Pharmaceuticals (SWISS: ADXN) announced today that on August 6, 2008, Varuma AG, Aeschenvorstadt 55, 4051 Basel, Switzerland, has informed of exceeding the threshold of 3% in the shareholding of Addex Pharmaceuticals Ltd., holding a total of 231,425 registered shares, corresponding to 3.95% of the voting rights. The beneficiary of the shareholdings of Varuma AG is Mr. Rudolf Maag, at Neuhofweg 11, 4102 Binningen, Switzerland.

NOTE: ADDEX IS A WELL KNOWN PHARMACEUTICAL COMPANY.
About Addex
Addex Pharmaceuticals discovers and develops allosteric modulators for human health. Allosteric modulators are an emerging class of orally available small molecule therapeutic agents that we believe will offer patients better results than classical drugs. Most marketed drugs bind receptors where the body's own natural molecular activators (i.e. endogenous ligands) bind, specifically to a key part of each receptor's anatomy called the "active site". In short, most drugs must out-compete endogenous ligands for the active site. By contrast, allosteric modulators are non-competitive because they bind receptors and modify their function even if the endogenous ligand also is binding it. In addition, because of this, allosteric modulators aren't limited to simply turning a receptor on or off, the way most drugs are. Instead, they act more like a dimmer switch, offering control over the degree of activation or deactivation, while offering the body the ability to maintain control over initiating receptor activation. Furthermore, the allosteric approach generally affords freedom to operate - even on well-known, clinically validated targets - because the intellectual property surrounding allosteric chemistry and the allosteric sites on receptors is most often un-exploited.
ADX10059, our most advanced product, is an mGluR5 NAM (metabotropic glutamate receptor 5 negative allosteric modulator). It has demonstrated clinically and statistically significant efficacy in separate Phase IIa clinical trials in gastroesophageal reflux disease (GERD) patients and migraine headache patients and has potential in additional indications.
The Addex allosteric modulation discovery and development platform have been additionally validated through three seperatate product license or collaboration agreements with Merck & Co., Inc. and Johnson & Johnson as well as investments by Roche Ventures and SR One, the venture investment arm of GlaxoSmithKline. Contacts
Disclaimer
The foregoing release contains forward-looking statements that can be identified by terminology such as "not approvable", "continue", "believes", "believe", "will", "remained open to exploring", "would", "could", or similar expressions, or by express or implied discussions regarding Addex Pharmaceuticals Ltd, its business, the potential approval of its products by regulatory authorities, or regarding potential future revenues from such products. Such forward- looking statements reflect the current views of Addex Pharmaceuticals Ltd regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results with allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that allosteric modulators of mGluR4, mGluR2 or mGluR5 will be approved for sale in any market or by any regulatory authority. Nor can there be any guarantee that allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets will achieve any particular levels of revenue (if any) in the future. In particular, management's expectations regarding allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets could be affected by, among other things, unexpected actions by our partners, unexpected regulatory actions or delays or government regulation generally; unexpected clinical trial results, including unexpected new clinical data and unexpected additional analysis of existing clinical data; competition in general; government, industry and general public pricing pressures; the company's ability to obtain or maintain patent or other proprietary intellectual property protection. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Addex Pharmaceuticals is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
Copyright Copyright Hugin AS 2008. All rights reserved.
Chris Maggos
Head of IR & Communications
Addex Pharmaceuticals
+41 22 884 15 11
Email Contact



SOURCE: Addex Pharmaceuticals
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