Commodities Highlights: CSR: FY Outlook "Quite Positive"
Dow Jones Commodities Service, 07/19/01
INDIA PRESS: Dabhol Challenges Commission's Jurisdiction
Dow Jones Asian Equities Report, 07/19/01
Buy & Sell
Looking for an S&P revival: Elliott & Page manager focuses on earnings growth
National Post, 07/19/01
INDIA PRESS:AES CEO Bakke To Meet Power Minister Thursday
Dow Jones Asian Equities Report,0 7/19/01
ASIA-PACIFIC - Enron writ highlights India contract concerns.
Financial Times, 07/19/01
The State Aides Told to Sell Stock Ethics: Consultants hired for power crisis must dispose of shares in generating firms.
Los Angeles Times, 07/19/01
Companies: European Companies
The Wall Street Journal Europe, 07/19/01
Accounting Office Demands Energy Task Force Records
New York Times, 07/19/01
California Power Consultants Must Sell Stocks, L.A. Times Says
Bloomberg, 07/19/01

Commodities Highlights: CSR: FY Outlook "Quite Positive"

07/19/2001
Dow Jones Commodities Service 
(Copyright (c) 2001, Dow Jones & Company, Inc.) 

Top Of The Day 
Australia's CSR: Outlook For Full Year "Quite Positive">A.CSR 

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NZ Enza: Regulator Complicates Forex-Losses Situation>N/FRU 
Cda Customs Confirms Dumping Of Hot-Rolled Steel Products>N/STC 
HK iSteelAsia Buys 0.23% Of AcrossAsia For HK$22.55M>H.ISA 
Australian Agricultural Co IPO To Close Early, Strong Interest>A.FCL 
Australia's Anaconda Nickel Eyes Centaur Nickel Proj>A.ANL 
Argentina Inks Competition Accord With Rice Farmers>N/RCE 
Enron Shuts Singapore Metals Unit;Japan,UK To Cover Trade>ENE 
NZ Govt To Place Permanent Ban On European Beef Products>N/CTL 
NZ's Wrightson Welcomes New Owner; Eyes Dairy Alliance>A.WRT 
Malaysia PNB Chmn: Palmco Acquisition Important For Sime>P.PAL 

Special Reports 
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Tire Crisis, Lower Sales Spark 'Ugly' Ford 2Q Loss>F 
China's Tax Overhaul For Farmers Has Stalled>N/AGR 
Commodities Review: Crude Hits 14-Mo Low On Inventories>N/CMD 
Malayasia's Sime Makes Counterbid For Palmco Control>P.PAL

INDIA PRESS: Dabhol Challenges Commission's Jurisdiction

07/19/2001
Dow Jones Asian Equities Report 
(Copyright (c) 2001, Dow Jones & Company, Inc.) 

NEW DELHI -(Dow Jones)- Dabhol Power Co. Wednesday appealed to the Supreme Court to challenge the jurisdiction of Maharashtra State Electricity Regulatory Commission, reports the Business Standard. 
Dabhol, the Indian unit of U.S. energy major Enron Corp. (ENE), is challenging the Commission's decisions on Dabhol's disputes with its sole buyer the Maharashtra State Electricity Board.
The newspaper report quoted a Dabhol spokesman as saying the issue will come up for a hearing in several days. 
Dabhol's global lenders have also decided to appeal to the Supreme Court within a week over the same issue, the report added. 
Dabhol is the single largest foreign investment in India, worth $2.9 billion. Its power plant in the western Indian state of Maharashtra has a capacity to generate 740 megawatts. The plant has stopped operations since May 29 after MSEB stopped drawing power from Dabhol saying its tariffs were "unaffordable." 
Newspaper Web site: www.business-standard.com 
-By Himendra Kumar, Dow Jones Newswires; 91-11-461-9426; himendra.kumar@dowjones.com -0- 19/07/01 04-31G

Financial Post Investing
Buy & Sell
Looking for an S&P revival: Elliott & Page manager focuses on earnings growth
Sonita Horvitch
Financial Post

07/19/2001
National Post 
National
D03
(c) National Post 2001. All Rights Reserved. 

Toronto-based Mark Schmeer, managing director of equities at money manager Elliott & Page, says the Standard & Poor's 500 index could generate a double-digit total return over the next 12 months as the U.S. economy grows about 2% to 3%. 
If this forecast is correct -- "by various measures the U.S. economy has bottomed" -- then this augurs well for growth stocks such as those in the technology sector, he says. "Growth stocks do well in a climate of accelerating economic growth and a rising stock market." This suggests, he says, that investors should consider revisiting the battered tech sector, "but not indiscriminately."
While he is bullish on the outlook for the equity market over the next 12 months, Schmeer warns that there will continue to be volatility. 
Schmeer and his team have assembled a comprehensive corporate data base that is updated regularly. 
In stock selection, the Elliott & Page team uses both traditional fundamental analysis and proprietary models. These rank companies on their earnings growth momentum and their ability to generate positive earnings surprises and upwards earnings revisions by financial analysts. 
For the column, Schmeer is selecting stocks from a number of sectors. His tech pick: 
- BEA Systems Inc. (BEAS/NASDAQ), which closed recently at US$24.52 and trades in a 52-week range of US$89.50 to US$20.19. 
The stock is substantially off its 52-week high and has declined more than the average tech stock, he notes, yet the company continues to deliver on earnings. BEA is provides application and Web application servers for electronic commerce. Major products include BEA WebLogic, a software platform for e-commerce applications. 
Unlike many other tech companies, BEA has been keeping up its earnings growth rate and reporting earnings in line with expectations and should continue to do so, Schmeer says. Earnings per share estimates are US42 cents for the fiscal year to January, 2002, and US64 cents for the fiscal year to January, 2003. This makes for an earnings growth rate of around 50%. The stock trades at a multiple of close to 60 times forward earnings. 
A specialist stock in the energy sector he likes is: 
- Enron Corp. (ENE/NYSE) US$49.85 (US$90.56- US$42.35). Based in Houston, this company is a leader in the field of energy wholesaling. It procures energy and sells to major U.S. corporations such as Eli Lilly and Quaker Oats under long-term agreements. 
Enron has expanded into the electricity market as deregulation created price uncertainty for users, says Schmeer. The company has produced six consecutive quarters of positive earnings surprises and analysts have been revising their earnings estimates upward, he notes. 
Earnings per share estimates are US$1.86 for 2001 and US$2.25 for 2002. The stock trades at a P/E multiple close to this earnings growth outlook, which is desirable as many stocks in the S&P 500 index are trading well above their prospective growth rates, says Schmeer. 
He is generally cautious about energy producers and traditional energy services companies such as drillers. 
"Historically, these stocks mainly outperform when the market is going down and they are less likely to beat the market in a climate of economic acceleration." 
He has sold major U.S. energy services company, Schlumberger Ltd. (SLB/NYSE) US$49.85 (US$88.87-US$48.05). Its earnings growth rate has been rapidly declining and the company may not meet consensus estimates for the third and fourth quarter this year, he says. 
Schmeer's picks in the consumer products sector include: 
- Johnson & Johnson (JNJ/NYSE) US$54.91 (US$54.98- US$40.25). This health care products company has been reporting positive earnings surprises, he notes. "This is not a cheap stock, but you are paying for the consistency in earnings growth; the company should continue to deliver on its earnings." 
J and J recently purchased ALZA Corp., a drug delivery company based in California, for US$10.5-billion in stock, which might lead to a modest EPS dilution for 2001 of an estimated US10 cents per share, while 2002 should not be affected, he says. Earnings per share estimates are US$1.94 for 2001 and US$2.20 for 2002. The stock trades at roughly two times its estimated earnings growth rate. 
Finally, this manager is choosing a rapidly expanding savings and loan company, Washington Mutual Inc. (WM/NYSE) US$41.38 (US$41.60-US$19.83). 
Based in Seattle, this company has expanded from the Pacific Northwest across the United States, mainly via acquisitions. 
It recently purchased Dime Bancorp, the holding company for Dime Savings Bank of New York. 
The company has been able to exceed analysts estimates over the past three quarters and should continue to do so. Earnings are being revised upwards. 
Washington Mutual is able to grow EPS at a rate of about 11% per year over the long haul. The stock trades at a P/E multiple of about 11, which is cheaper than its peers, Schmeer says.

Color Photo: Kevin Van Paassen, National Post / E&P SAYS INVESTORS SHOULD LOOK TO U.S. MARKET: Mark Schmeer, managing director of equities at money manager Elliott & Page, says the S&P 500 index could generate a total return in the double digits during the next 12 months. This bodes well for growth stocks such as technology, he says.: (Photo ran on pg. D1.); Chart/Graph: FP DataGroup / ENRON: ENE/NYSE: July 18: US$48.97 -US88 cents, Vol.: 3,104,500: (See print copy for complete chart/graph.) 

INDIA PRESS:AES CEO Bakke To Meet Power Minister Thursday

07/19/2001
Dow Jones Asian Equities Report 
(Copyright (c) 2001, Dow Jones & Company, Inc.) 

NEW DELHI -(Dow Jones)- U.S.-based power company AES Corp.'s (AES) President and Chief Executive Dennis Bakke will meet India's federal Power Minister Suresh Prabhu Thursday, reports the Business Standard. 
The newspaper report says Bakke is likely to discuss AES plans to take over Enron Corp.'s (ENE) Dabhol power project in the western Indian state of Maharashtra, and the payment problems faced by AES in relation to its power project in the eastern state of Orissa. Bakke is also likely to meet the Indian Finance Minister Yashwant Sinha in this regard, said the report.
AES holds a 49% stake in Orissa Power Generation Co. 
Web site: www.business-standard.com 
-By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; himendra.kumar@dowjones.com

ASIA-PACIFIC - Enron writ highlights India contract concerns.
By JULIE EARLE.

07/19/2001
Financial Times 
(c) 2001 Financial Times Limited . All Rights Reserved 

Enron's Indian arm, the Dabhol Power Company (DPC), yesterday issued a writ in the Bombay Supreme Court in a move highlighting concerns over the validity of contracts for foreign companies operating in India. 
Enron, the US energy giant that owns 65 per cent of DPC, is locked in a bitter dispute with its sole Indian client, the Maharashtra State Electricity Board (MSEB) over $45m in unpaid bills.
The writ issued yesterday challenges the jurisdiction of Maharashtra's electricity industry regulator, the Maharashtra Electricity Regulatory Commission.Enron is appealing a high court decision to allow the regulator to determine jurisdiction over issues in the power purchase agreement between DPC and MSEB. 
In June, the regulator issued an interim order that stopped DPC from pursuing arbitration proceedings in London, as provided for under the purchase power agreement. 
A senior official at Enron yesterday said the company believed that a regulatory body created after the agreement with the electricity board "should not be in a position of potentially disrupting a contract through regulatory mechanisms". 
The electricity board had asked the regulator to intervene. Enron said in May it would pull out of the project. 
The board, which says Enron's tariffs are too expensive, has since late May refused to draw power from the plant and rescinded its power-purchasing contract - a move Enron says is invalid. 
Enron insists that the tariff, which is about three times higher than that levied by Indian power producers, is due to high capital and fuel costs incurred since the contract was signed in 1995. 
(c) Copyright Financial Times Ltd. All rights reserved. 
http://www.ft.com.

California; Metro Desk
The State Aides Told to Sell Stock Ethics: Consultants hired for power crisis must dispose of shares in generating firms.
ERIC BAILEY; JEFFREY L. RABIN
TIMES STAFF WRITERS

07/19/2001
Los Angeles Times 
Home Edition
B-10
Copyright 2001 / The Times Mirror Company 

SACRAMENTO -- Facing criticism over possible conflicts of interest, Davis administration officials on Wednesday ordered consultants steering California through the energy crisis to sell off stock they own in power firms--or lose their jobs. 
A top legal aide to Gov. Gray Davis said private consultants who were hanging on to power company stock had failed to uphold the state's highest ethical standards.
Nine consultants under contract with the state have reported holding stock in power companies, including Calpine and Enron, that have reaped huge profits during California's energy crunch. 
Political foes of the governor, most notably Secretary of State Bill Jones, have raised questions in recent weeks about potential conflicts involving the consultants, who helped buy power and negotiate long-term contracts that critics say will saddle consumers with artificially high electricity costs for years to come. 
The administration's tough stance Thursday with the consultants punctuates a startling change of tactics. 
For months, Davis' aides had not required the consultants to file financial disclosure forms to report their personal stock holdings. By law, the disclosure documents must be filed within 30 days of going on the state payroll. The reports were filed after Jones began putting pressure on the governor last week. 
Barry Goode, the governor's legal affairs secretary, dispatched a letter early Wednesday demanding that the consultants sell the stock by noon that day or face termination of their state contracts. 
"It is imperative that you give this instruction, immediately, to each of the consultants," Goode said in his letter to the state Department of Water Resources, which has taken over from California's beleaguered private utilities the job of buying power. 
"We expect, and have always expected, the state's consultants to uphold the highest ethical standards," Goode wrote. "That standard is not met by those who hold a financial interest in one or more energy companies while trading on behalf of the state on energy related matters." 
Goode's admonishment was conveyed by Tom Hannigan, water resources director, to 34 consultants who are on contract with the department, among them the nine contract employees who reported holding shares in generating firms. 
Steve Maviglio, the governor's spokesman, said all the consultants holding stock had agreed to sell it by the noon deadline. 
But the stock sales did not satisfy Jones, who plans to challenge Davis in next year's election. 
He characterized the administration's action Wednesday as "way too little and too late." 
Although the energy crisis and the hiring of numerous consultants on short notice represents an unusual situation, the governor's staff should have been aware of the conflict-of-interest issue, said Bob Stern, president of the Center for Government Studies in Los Angeles and an author of the state's Political Reform Act. 
"Somebody," he said, "was asleep at the switch in the governor's office." 
"We are talking here about major amounts of money," Stern said. "You don't get involved with decisions that affect your financial interest." 
Of the consultants who filed disclosure reports last week, six reported that they own stock in Calpine Corp. One reported holding stock in Enron Corp. One of those seven resigned her state consultant's job a few days ago. 
The latest conflict-of-interest statements, filed earlier this week, reveal that three other consultants own energy company stock. 
Mark Skowronski, who works for the Electric Power group, owned $10,000 to $100,000 in stock in power producer Reliant Energy Inc. when he went to work for the state. 
In a note attached to his disclosure form, Skowronski said he sold his shares in Reliant on March 20 after he was given the assignment as the lead state negotiator with the company. He continues to own four blocks of Edison stock, each valued at $10,000 to $100,000, which he bought in January and February. "I have had no dealings with Edison and have not had a conflict of interest," Skowronski said in his attached note. 
Ronald O. Nichols, another consultant, reported that in April that he bought $10,000 to $100,000 worth of stock in Enron and General Electric. 
In a statement filed Monday, consultant Sumner W. White reported that he owns $2,000 to $10,000 in stock in TXU Corp., a Dallas-based energy holding company. 
White also reported that he had income of $10,000 to $100,000 as a part-owner, executive vice president and director of SRW Group, a Texas independent power developer.

Companies: European Companies

07/19/2001
The Wall Street Journal Europe 
5
(Copyright (c) 2001, Dow Jones & Company, Inc.) 

Enel Narrows the Field 
To 3 Bidders for Elettrogen
ROME -- Italian utility Enel SpA said that after a first round of offers there were three groups left in the race for its electricity-generating company Elettrogen, which experts say is valued at least 5.5 trillion lire (2.84 billion euros). 
The bidders left in the contest are Edison-Sondel, units of agro-energy conglomerate Montedison SpA; Italpower, a consortium of Swiss-based ATEL AG, the municipal utilities of Milan, Turin and Rome, steel group Carlo Tassara SpA and Banca di Roma SpA; and a consortium led by Spain's Endesa SA that includes Asm Brescia and Spanish bank Banco Santander Central Hispano SA. 
Sinergia, a consortium including Austria's Oesterreichische Elektrizitaetswirtschafts AG Verbundgesellschaft, Italian holding company CIR and U.S. company Mirant Corp., was excluded from the race. 
"On the basis of the offers received (Wednesday), Enel has selected the three potential buyers who have put forward the highest bids," Enel said, adding that the next round of offers is expected Friday. 
Enel didn't say how much the bids were, but Italian news agency ANSA said people close to the deal said the highest price offered Wednesday was equal to 5.044 trillion lire. Enel wouldn't comment on the numbers. 
People close to the deal said the next round of bids would start from the highest price offered Wednesday plus an extra 15 million euros. (Dow Jones) 
--- 
Exxon Is Interested in Dolphin 
DUBAI -- Exxon Mobil Corp. is interested in participating in the $4 billion (4.66 billion euro) Dolphin Gas project, a plan between the UAE Offsets Group and Qatar Petroleum to transport natural gas from Qatar to Abu Dhabi and Dubai, the official Emirates News Agency, or WAM, reported. An Exxon Mobil official and the United Arab Emirates' foreign minister discussed the issue Wednesday, WAM said. The Dolphin project aims to transport two billion cubic feet a day of natural gas from Qatar's offshore North Field to the U.A.E. In May, Enron Corp. sold its 24.5% stake in Dolphin back to Offsets, freeing up its share for another potential strategic partner. TotalFinaElf SA is Offsets' other strategic partner, holding a 24.5% stake in the project. (Dow Jones) 
--- 
Nokia to Supply Omnitel 
HELSINKI -- Nokia Corp., the world's largest cellphone maker, will provide network equipment for Italian operator Omnitel Vodafone in a contract valued at 150 million euros, the company said. The three-year deal includes delivering third-generation mobile-phone network infrastructure equipment and services, Nokia said. Deliveries will begin immediately and services will be launched for commercial use during the second half of 2002. As part of the agreement, Nokia and Omnitel plan to establish a center in Milan to develop 3G applications and a technology testing center. Omnitel Vodafone is a wireless operator with more than 16 million customers. Omnitel became part of the Vodafone group last year. (AP) 
--- 
KPNQwest Has Collection Woes 
AMSTERDAM -- KPNQwest NV confirmed Wednesday that a second client may be having payment problems. Canada's 360networks isn't likely to be paying the full amount of a 160 million euro order for fiber from KPNQwest in Europe, or even very much of it, because the company recently filed for protection from creditors in Canada and for Chapter 11 bankruptcy protection in the U.S. "We're not holding our breath (on receiving more money from 360networks); let's put it that way," said KPNQwest's head of investor relations, Jerry Yohananov. 360networks couldn't immediately be reached for comment. (Dow Jones)


National Desk; Section A
Accounting Office Demands Energy Task Force Records
By JEFF GERTH

07/19/2001
The New York Times 
Page 20, Column 1
c. 2001 New York Times Company 

WASHINGTON, July 18 -- After two months of unsuccessful requests, the General Accounting Office demanded today that Vice President Dick Cheney turn over records relating to how his energy task force developed its policies. 
The demand letter, by the Congressional auditing office acting at the request of two ranking Democratic House members, increases the possibility of a legal and constitutional clash between Congress and the Bush administration.
A White House spokeswoman, Anne Womack, said the letter was ''under review, and we're going to continue to work with the G.A.O. to try and resolve this issue appropriately.'' 
Last month Mr. Cheney's counsel told the office that it lacked jurisdiction over the task force because the panel acted only as an adviser to the president, a function protected by the Constitution. 
The White House has 20 days to respond to the letter. The accounting office could then go to federal court to try to enforce the demand letter, one of 32 issued by the G.A.O. since 1980 to various federal departments. This is the first time a demand letter has been sent to a vice president, accounting office officials said. 
The letter seeks information about people with whom Mr. Cheney and other task force members met while developing the group's policies, but not information about ''the deliberative process.'' Mr. Cheney has said that the task force's report in May, which contained more than 100 recommendations involving energy production, infrastructure, conservation and the environment, was based on sound public policy considerations. 
In an interview tonight on ''The NewsHour with Jim Lehrer,'' broadcast on PBS, Mr. Cheney said the task force realized at the outset that it had to have an ''adequate concern for the environment in this report, or we're not going to have a credible report.'' 
But some Democrats and other critics say energy industry executives and their lobbyists had too much influence over Mr. Cheney's plan, while environmental and consumer groups were ignored or treated perfunctorily. And the vice president's refusal to release the names of people who contacted the task force led two of his chief critics, Representatives Henry A. Waxman of California and John D. Dingell of Michigan, both Democrats, to bring in the accounting office for a closer look. 
Mr. Cheney has acknowledged meeting with energy executives, including Kenneth L. Lay, the chairman of the Enron Corporation, but denies that they exercised any undue influence on the deliberations. 
''The idea that somehow only the energy industry has access just simply isn't true,'' Mr. Cheney said in an interview last spring. ''We'll make decisions on what we think makes sound public policy.'' 
Juleanna Glover Weiss, Mr. Cheney's spokeswoman, declined to discuss any specific meetings involving the task force or the vice president. 
''We don't release the vice president's schedule,'' Ms. Weiss said. 
More broadly, however, she said Mr. Cheney's task force -- the National Energy Policy Development Group, composed of cabinet officers and other government officials -- met with many elected officials, organizations and outside interests. The group's report was released on May 17, and many of its recommendations require further action by Congress and government agencies. 
Mr. Cheney's counselor, Mary Matalin, said Democrats should now look to the aftermath of the report instead of the group's deliberations. 
''If they want to know what happened in the meetings, look at what it spawned in legislation that is on the Hill,'' Ms. Matalin said. 
And since the report's release, Mr. Cheney has met with some environmentalists, his spokeswoman said. 
Some environmental groups said today that this was too little and too late. 
''Industry has had direct access to key decision makers while representatives of the public interest and environmental communities are left to the sidelines,'' said Alyssondra Campaigne, the legislative director for the Natural Resources Defense Council, which has been unsuccessful in seeking task force records under the Freedom of Information Act. 
The accounting office's letter demands five sets of records: names and attendees at meetings of the energy group; information about the group's six professional staff members; details of meetings between the staff and others, including lobbyists; details of Mr. Cheney's meetings with others and cost accounting records for the group, for which Mr. Cheney's office has already turned over 77 pages. 
The accounting office claims broad authority to examine government programs under the Budget and Accounting Act of 1921. 
The request by Mr. Waxman and Mr. Dingell led the G.A.O. to approach Mr. Cheney's office first on May 8. Mr. Cheney's counsel, David S. Addington, later questioned the appropriateness of the request and sent a letter challenging the accounting office's legal authority. 
Mr. Addington's letter of June 7 suggested a constitutional privilege. It said the policy group was acting in a constitutional capacity as adviser to the president so it was not a government program subject to Congressional oversight. The group's senior staff members are actually paid through the Department of Energy, White House officials said. 
Last week, lawyers from the White House and the Justice Department discussed the request with officials from the accounting office, but the matter remained unresolved. 
Today's demand letter, signed by Anthony Gamboa, the agency's general counsel, is a formal enforcement mechanism. While it may resemble a subpoena in some respects, agency officials said it had a unique standing by statute that ultimately resided in federal court. 
The accounting office infrequently uses demand letters. 
''We worked very hard not to get to this point,'' said Bob Robinson, managing director for natural resources and environment at the office. 
Mr. Robinson said other parts of the executive branch involved in the task force, including the Departments of Interior and Energy and the Environmental Protection Agency, had begun providing information, though only at the last minute.


Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. 	


California Power Consultants Must Sell Stocks, L.A. Times Says
2001-07-19 08:20 (New York)

     Washington, July 19 (Bloomberg) -- California Governor Gray
Davis's administration ordered consultants handling the management
of California's energy crisis to sell their stock in power
companies, the Los Angeles Times reported.
     Political foes of the governor, including Secretary of State
Bill Jones, raised questions about potential conflicts of interest
involving the consultants, who helped the state negotiate long-
term contracts with power companies, the paper said.
     A letter early yesterday was sent by the governor's legal
affairs secretary, Barry Goode, demanding that the 34 consultants
under contract with the state sell their stock by noon yesterday
or face termination of their contracts, the paper said.
     Nine consultants under contract with the state have reported
owning stock in power companies such as Enron Corp. and Calpine
Corp., which have made large profits during the state's energy
crisis, the paper said.

(LATM 7/19 A8)
For the Web site of the Los Angeles Times, click {LATM <GO>}.

--Bill Murray in Washington (202) 624-1963 or
wmurray1@bloomberg.net /jo