investors at Stock Research

American motorcar giant Ford Motor Co. has informed today, that volume of manufacture in 4th quarter of 2006 in Northern America will decrease on 21% in comparison with this indication for the same period of the last year. Thus, last 3 months of current year the company will let out on realization on 168 thousand cars less, than year earlier. The volume of manufacture on results of 3rd quarter will decrease on 20 thousand cars in comparison with the same period of 2005. On results of 2006 the volume of manufacture of Ford will decrease on 9% in annual calculation, informs Associated Press.
“This is heavy decision which will affect our employees and suppliers negatively. On the other hand, it is unique a true step from the point of view of long-term prospects”, - the general director of concern Bill Ford has declared.
Earlier in some American mass-media there was information that on a background of chronic losses of Ford also has made a decision on the further reductions of the personnel: nearby 6 thousand persons, mainly management will lose the workplaces in the near future. It will allow Ford to cut down expenses on the salary to employees for 10-30%.
On July, 20th 2006 Ford Motor has unpleasantly surprised investors, having informed about quarter losses, that the majority of analysts predicted profit. And in 2 weeks the company has recognized, that the size of losses has appeared almost in 2 times more, than has been specified in the financial report - 254 million dollars, or 14 cents in recalculation one stock, instead of 123 million dollars, or 7 cents on the stock. Thus the sales volume was reduced to 7% in annual calculation, and proceeds - on 6%. Ford has explained revision of parameters by increase in annual charges on reduction of pensions: instead of the dollars planned 1 billion the corresponding program will cost the companies 1.2 billion dollars.
In the last half of a year Ford has closed 14 automobile factories and than 30 thousand employees has been dismissed in Northern America within the limits of the scale of plan of re-structuring which has been accepted in the end of 2005.

Two generations of the Soviet citizens did not know a word “stock exchange”. But all falls back into place. By 90-th years of XX century centralized national economy has deadlocked: commodity deficiency has swept away all from counters of shops, the hidden inflation and surplus of monetary weight have led to appearance of barter in the economy, to disorder of economic communications, recession of industrial production. It is the incomplete list of those problems that were preconditions for a new economic reform in Russia when in the beginning of 1990th years transition to market economy has begun. Then after sixty years’ of calm in Russia again there were stock exchanges which always were one of the major elements of the market. The stock exchange again became necessary.
These years in Russia the exchange boom begins. In the beginning of 1990 in Moscow there are first commodity exchanges - Russian commodity-raw (RCRE) and the Moscow commodity exchange (MCE) - the centers of marketing of those years on which then it was necessary up to half of all wholesale exchange turn of Russia. President of RCRE Konstantin Borovoj in the book “the Price of freedom” recollects, how then nobody trusted, that in Russia stock exchanges can revive. “One of my friends, - he writes, - which I torture most of all in occasion of an opportunity of opening of a stock exchange, has suggested to pay to me of ten thousand dollars that I have stopped these conversations and vanity…”. Really, all began with naked enthusiasm. Some person have simply gathered, risked to enclose in new business the of 30 thousand rubles.
In the beginning of 1990th years stock exchanges have arisen on all territory of the country. In a course there was a wood, sugar, electronics, a paper, building materials, bread, cars, computers and set of other goods. Soon Russia was beat out in world leaders by quantity of stock exchanges - them was totaled more than 1000. Certainly, the majority of them were not classical exchange structures. Many of stock exchanges as a matter of fact were simply fairs where traded in the real goods. But the role of a stimulator of trade and they have played wholly. People began to forget about so hated deficiency of the food and industrial goods.
These for the present not all clear quasi-exchange organizations – harbingers of something new - found to themselves a haven in any premises which could be rented for a while. To many budgetary organizations which are often not received the salary in time, it was necessary “to sin” with letting of rent of its space. Where only did not lodge new sprouts of market economy! Their neighbors were workers of research institutes, publishing houses, the ministries, factories; they removed premises on All-Union Exhibition of Achievements of National Economy (VDNKh), private apartments.

The first term transactions began to be made. On the Moscow commodity exchange (MCE) for the first time in the country transactions for the term with grain and a clap began to be spent. Hardly later to it the Moscow chamber of commerce (MCC) where the future for US dollar bargained joins.
Gradually this trade starts to get the organized character. Classical exchange platforms on which trade basically in financial actives (currency, securities, credits) crystallize. In due course in exchange movement all starts to sound a theme of the share market more clearly. By the end of 1992, according to the Ministry of Finance of the Russian Federation, the quantity of exchange share platforms has reached 22. On the largest commodity exchanges there are share departments. In 1992 the Moscow interbank currency stock exchange (MICSE) which all over again became the center of the organized trade in currency, and then was established by the main stock exchange of the country. 

With the beginning of process of privatization in 1993 in Moscow has opened Moscow international share (MISE) and Moscow central share stock exchanges (MCSSE). The Leningrad stock exchange is established. Trade in securities was started by the Siberian, Baltic and Nizhniy Novgorod stock exchanges. First time stock exchanges were often open for everything, with the right of paid participation of the visitors, not being members of a stock exchange. Usual auction sometimes practiced.
The classical share market that time yet was not. Stock exchanges should struggle for a survival. The majority of commodity exchanges began to trade in 1993 in nationally known vouchers (certificates on privatization), credits and monetary resources, broker places, securities for bearers, and also substitutes of securities. To such notorious tickets MMM, for example, concerned.
After more than semicentennial investment hibernation people again have become interested in securities. There was a hope to earn additionally: many have rushed to put the savings thawing from inflation in securities. It was necessary to something to prove nobody, all as though waited, when, at last, there will be such opportunity. But the market was young. It ill equipped participants was waited with “reefs” of share games: unscrupulous businessmen with financial “pyramids”, sharp loss of savings, it is frequent the last. As a result has come disappointment, and more likely, mistrust of the population to any securities.

 
The same years develops the exchange market for wholesale trade in currency. The center of interbank trade in a foreign currency became the Moscow Interbank Stock Exchange, founded by Bank of Russia and leading commercial banks. In 1992-1993 regional currency stock exchanges in the key economic centers of the country are created. Their network was stretched from St.-Petersburg up to Vladivostok. A creation of the national market on trade in currency and securities on a united technological basis was possible after their unification around of the Moscow Interbank Stock Exchange.
Having received the license of Bank of Russia for the organization of operations of sale and purchase of a foreign currency, these stock exchanges gradually became universal exchange structures which, leaning on local banks, carried out trading and settlement operations, and also carried out functions of storage and the account of the rights to securities for participants of currency, share and term segments of the financial market.
Trade in the state short-term bonds, the state currency and municipal bonds, has begun. In the market the corporate securities emitted by the first private enterprises have started to address.
Revival of exchange trade in Russia has coincided on time with mass introduction in the financial world of information technologies, distribution of the Internet. Though the largest stock exchanges of the West continued to trade in classical way - “by vote on pit”, on a number of the Russian stock exchanges the integrated electronic systems for the organization of the trades began to take root. For the Russia which have stretched on nine time zones, it also was complex, as well as it is necessary. The first large project in this area became creation in 1993 on the basis of the Moscow Interbank Stock Exchange electronic trading-depositary systems which served the market of the state securities (state credit obligations-federal loan bonds).
In May, 1993 the Moscow Interbank Stock Exchange has opened the exchange market state short-term zero-coupon bonds (state credit obligations). In the end of this year it has started the project of united electronic financial market “ETHER” - the inter-regional exchange trades in system of currency stock exchanges have begun. Since 1994 the Moscow Interbank Stock Exchange has entered new technical and trading-depository complex, and with July 1994 has begun distribution of the removed terminals connected to trading-depository system of the Moscow Interbank Stock Exchange.
Its beginning was such. As a result in Russia there was the exchange platform possessing modern electronic trading system, serious potential of development and supporting an increasing securities market - state credit obligations, federal loan bond, then corporate securities and term tools. Then the trades by currency also are translated in system of the electronic trades (SELT). Introduction of the removed terminals enabled to create a universal computer stock exchange where in a mode of real time worked not only the Moscow investors, but also participants from other regions of the country.
In 1994 the Central republican universal stock exchange (CRSE) in Moscow starts to work. It has been opened for fulfillment of transactions by general public, including private persons. On it traded approximately in 50 kinds of demand securities and substitutes which most part then has completely disappeared from the reference. The share market then experienced illness of growth - the reference of pseudo-actives - substitutes of securities. The most popular were tickets MMM by means of which notorious adventurer-mathematician Sergey Mavrodi has constructed a huge pyramid. During its promotion mass advertising promised incomes up to 1000% annual, to resist what the most proof investors could not even. In annual report CRSE for 1994 it is possible to read through the interesting lines describing tickets МММ: “Behind tickets МММ definition “polytrophic production МММ” has strongly affirmed. However during long time they were the most popular paper. Occurrence of tickets of different face values, constant change by management of МММ of appearance of tickets, frequent refusals to accept for payment own releases of tickets, feverish throws of a rate of their buying up-sale in items МММ - all this has resulted work in the market of tickets in the category of the most brave, but also… the most profitable operations. Tickets МММ were the largest component in turn CRSE and gave those years approximately 40-50% of a turn of all stock exchanges of Russia. But unjustified incomes and poor papers have a short life: in 1994 the pyramid has failed, having left millions investors without means and for a long time having scared away investors from the share market.
In 1995 there has begun the activity the Russian trading system (RTS) on which stocks of the first privatized Russian enterprises bargained. On a plan of its founders, it was anything other, as computer over-the-counter system. Similar RTS can be named American computer market NASDAQ. The basic participants of RTS became brokers - members of National association of participants of the share market (NAPSM). Activity of RTS which has been constructed in view of the international standards, has allowed returning trust to the organized securities market. However its weak places were absence of guarantees of execution of transactions, and also orientation to service of the large broker companies with foreign participation. Nevertheless till 1998 on RTS consist more than half of transactions with the Russian stocks.
One of the last in 1990th years had been created the Moscow stock exchange (MSE). In the beginning of 1997 several tens of banks and the broker-dealer companies, and also four stock exchanges have created MSE. However its activity was limited to trade in stocks of the gas giant - Russian Open Society “Gazprom” and the Moscow municipal loans. Attempts to expand a spectrum of operations due to introduction in a turn of other share values and currency have not gone right.
Thus, rough process of formation of exchange structure of the financial market in Russia, predictably, crystallized in several classical stock exchanges. The interesting certificate of the middle of 1993 the newspaper has left to us “Exchange sheets” in which president of MCSE V. Pankin wrote: “The main thing during the last period consists in that in any measure to adjust the destroyed intereconomic communications. There was a process of transformation of many stock exchanges in associations, trading houses, the investment companies and so forth Commodity and raw stock exchanges send to future contracts on that goods which all over the world are considered exchange. As to stock exchanges now there was ten and a half. In the long term them will be even less - two-rub Moscow besides it is probable, in St.-Petersburg, in Ural, the Siberian, Far East regions “.
Rough exchange decade has yielded the fruits. There was a precise exchange system across all Russia, in central and industrial regions of the state, helping to work to the domestic financial market.

Channel Islands Stock exchange (CISX/Exchange) has begun the activity in 1998 and renders services under the admission of securities to the trades (listing), and also on over-the-counter trading of securities. CISX/Exchange developed the accelerated rates, and for December, 31st, 2004 its market capitalization has made 28 billion US dollars.
For May, 31st, 2005 800 companies have passed procedure of listing. CISX/Exchange offers an individual approach and fast process of processing of applications on the admission of securities on the innovative and highly controllable market. CISX/Exchange specializes on following services:
- services of experts on carrying out of operations with securities (including the Eurobonds, the structured duty and guarantees);
- investment funds;
- primary and secondary listing of securities and the actions emitted by the companies of Channel Islands and the foreign companies;
- depositary receipts which are given out by Channel Islands.
CISX/Exchange has the site in the Internet where the detailed review of sponsors of listing and the securities quoted at a stock exchange is given. The market information and quotations of the prices, is published worldwide on the pages of agency Reuters devoted to the CISX/Exchange.
CISX/Exchange has a favorable mode of listing of those securities in which the limited number of the investors (well understanding questions of investments) trades.
With the introduction in July of the Instruction of EU on Market Frauds, heightened interest to the securities which are quoted on CISX/Exchange as Channel Islands are not a part of EU so, CISX/Exchange is not the market adjustable by the given Instruction is observed.
CISX/Exchange has competitive prices, an effective turn of documents with the purpose of consideration of applications within 48 hours, and also keeps work with emitters and sponsors of listing on a flexible and commercial basis. The similar attitude is reflected in all aspects of listing from requirements about disclosing the information before accommodation of methods of introduction of innovative structures.
Though CISX/Exchange is situated at the territory of the Europe, and time of carrying out of its trades coincides with London time, it is not adjusted EU.
CISX/Exchange has a plenty of official international recognitions, for example:
• It is adjusted by the Commission on granting Financial Services of Guernsey which is the participant of the International Organization of the Commissions under securities;
• Is the recognized stock exchange according to section 841 of the Law on the income and corporate tax of the United Kingdom from 1988, hence, the debt securities quoted on CISX/Exchange, can be considered as quoted Eurobonds for the purposes of the taxation in the United Kingdom, percent on which are paid up to a deduction of taxes;
• Management of Financial Services of the United Kingdom has approved activity CISX/Exchange as an investment stock exchange within the limits of the Law on Financial Services and the Markets from 2000;
• CISX/Exchange is a related member of the International Organization of the Commissions under securities;
• The stock exchange is recognized by the Commission under securities and stock exchanges of the USA as an offshore securities market according to the Rule 902 (c) of the Law on securities of 1933;
• It is officially recognized by the Australian Stock exchange;
• CISX/Exchange is registered in the World Federation on Stock exchanges as “the market which is meeting the requirements”;
• The stock exchange is a member of the European Forum on maintenance and financing of securities.
Applications on reception of the quotation on CISX/Exchange move through the sponsor who is the member of CISX. The given stock exchange provides accelerated “the equivalent approach” to process of applications on reception of the quotation of securities. It means that by consideration of the similar application documents on reception of the listing, prepared for jurisdiction or the stock exchange recognized CISX/Exchange provided that the information containing in documents of a similar sort, essentially did not change can be used. Process of applications on reception of the quotation has four stages.
1. The sponsor and the emitter prepare and hand over the initial application, including the project of the document on reception of the quotation. CISX/Exchange usually loyally approaches to consideration of documents if requirements about disclosing a special sort of the information are not observed owing to presence of circumstances from the emitter. For submission of applications on secondary listing already available documents on reception of the quotation in the primary market can be used. At the given stage all corresponding projects of powers of attorney on management of the property and other financial tools serving by maintenance of debt securities, or components of those also are a subject to check.
2. Check of applications (usually within 48 hours) is spent, and then the sponsor at the coordination with the emitter gives answers on emerged questions.
3. The sponsor submits a final variant of the application which considers Management of the Share Market.
4. After reception of approval of Management of the Share Market documents on reception of listing are registered, and securities are brought in the official list of quotations of a stock exchange. The official information of listing are published in the form of the official application, and process of fulfillment of the trades and commercial transactions begins.
To pass all four stages from the initial application before reception of listing it is possible for 10 days, though CISX/Exchange can accelerate this process, proceeding from commercial reasons.
The sponsor of listing promotes the emitter in preparation of all documents, submits them in CISX/Exchange and keeps in contact with CISX/Exchange concerning any inquiries which can act in connection with process of reception of the quotation.
A necessary condition for reception of listing is that the emitter carries out the obligations according to Rules of listing and other duties concerning given procedure. Besides observance of special Rules of listing, the emitter is obliged to inform the public, CISX/Exchange and holders of securities of the company on occurrence of any important data concerning the emitter, allowing the public and owners of securities correctly define a financial position of the emitter, to avoid creation of a false securities market, and also possible negative influence on activity of the market and cost of securities.
The further requirements include granting CISX/Exchange of spears of annual reports, audit or other financial reports of the emitter, and also disclosing CISX/Exchange of the information on any changes of the rights provided by debt securities of the emitter, quoted on a stock exchange. Emitters should hand over copies of the announcements containing the information on debt securities, included in listing, for check by Channel Islands Stock exchange before their publication.

Company Royal Philips Electronics undertakes to return to shareholders nearby 4 billion euro by the end of 2007 at sale of 80.1% of stocks of operation Philips Semiconductors which are letting out semiconductors. As it is marked in the message of the company, shareholders will receive money by means of payments of dividends and the return repayment of stocks, including already announced repayment of stocks on July, 17th 2006 for the sum of 1.5 billion euro.
As it was informed earlier, Royal Philips Electronics has agreed to sell 80.1% of stocks of the operation on manufacture of semiconductors to a consortium of private investors for 6.4 billion euro (8.2 billion dollars). The consortium included American joint-stock companies Kohlberg Kravis Roberts both Co. and Silver Lake Partners, and also Dutch AlpInvest Partners NV. According to conditions of the transaction, 19.9% of stocks of division will remain in property Philips.
As it is marked in press release of Philips, the company follows strategy on reinvestment of the capital for reception of additional profit, including through favorable purchases. For last 12 months Philips has declared 8 purchases in sphere of medical systems, illumination and public health services for which it has been spent 3.5 billion euro. The given investments have already been repaid at a rate of almost 1 billion euro. Philips also has confirmed intention to leave structure of concerns LG.Philips and TSMC. “With this transaction we have actually finished begun still in 2002 reorganization of the company with the purpose of creation of business steadier and bringing the stable income”, - was emphasized by the president of company Philips Gerard Kleisterlee. As he said, in this connection the name of the company will be changed on Royal Philips.
Gerard Kleisterlee has specified that resources Philips will be concentrated to public health services, needs in effective energy-saving decisions and increasing desire of consumers to improve style of a life. In opinion of the president of the company, all this will allow to redefine Philips in the company generating values, unlike historically developed image of the manufacturer of electronics.
Royal Philips Electronics of the Netherlands - one of the largest manufacturers of electronics in the world and the largest in the Europe. A sales volume in 2005 has made 30.4 billion euro. The basic line of activity of the company is care of health, style of a life and technology. The company is presented more than in 60 countries of the world and has 158 thousand of employees.

Group of investors buys the company on delivery of food stuffs Aramark Corp. for 6.3 billion dollars. There is a chairman of board of directors and executive director of Aramark Joseph Njubauer in charge of group of investors that buy Aramark. The group includes also private investment companies GS Capital Partners, CCMP Capital Advisors, JPMorgan Partners, Thomas H. Lee Partners and Warburg Pincus LLC. Investors will incur also obligations on payment of duty Aramark for the sum 2 billion dollars.
On conditions of the transaction, shareholders of Aramark will receive 33.80 dollars for each stock Aramark that on 2.3 % exceeds cost of stocks of the company on results of closing of the New York stock exchange on the eve. The transaction will be carried out in carry-over funds.
For financing purchase investors will apply for reception of the loan. Board of directors of Aramark has approved the transaction and is ready to recommend accepting to shareholders Aramark conditions of the agreement. In case of approval of the transaction by shareholders and adjusting bodies of the USA, the transaction will come to the end in the end of 2006, or in the beginning of 2007.
Aramark conducts the activity in 20 countries of the world. In the company work 240 thousand persons. Aramark carries out deliveries of food stuffs in hospitals, schools and on stadiums, informs Associated Press.

History of the Frankfurt stock exchange begins with the occurrence of medieval fairs. In the middle of 9 centuries king the Louis has given the preferable right to Frankfurt to spend annual autumn fairs. With 1330 when king the Louis IV Bavarian has expanded advantage and has resolved annual spring fairs, the city became the major center of trading and monetary operations.
Already in the beginning of 16 century, owing to the well-known fairs, Frankfurt becomes so prospering, that German monk Martin Luther names city “a silver and gold chink” of German empire.
As a result of flight to Frankfurt of Dutch and French dealers hided from prosecution because of their Protestant belief, in 16 century mass trade and bank sector are established in Frankfurt. Merchants from all parts of the Europe came to Frankfurt to borrow in trade.
Because of that neither in the Europe, nor in the German empire there was no uniform currency, the various countries have been shattered into numerous small economic regions, in each of which there was a monetary unit, realization of payments was the extremely difficult. Abundance of means of the payment, the unregulated exchange rate promoted development of swindle and usury. In 1585 the Frankfurt merchants have agreed about use of the fixed exchange rates of various monetary units. This date is considered the moment of a birth of the Frankfurt stock exchange. With 1585 during each fair the group of merchants periodically gathered for updating uniform and obligatory exchange rates of various monetary units. The first official list of exchange rates has appeared in 1625 the oldest list of exchange rates of the Frankfurt stock exchange, kept up to now, concerns to 1721.
First meetings of merchants were spent on the area in front of the Frankfurt town hall. And only in 1694/1695 there was a first building of a stock exchange in Frankfurt (Großer Braunfels) - the most significant and spacious building of city.
In 1682 have been put into operation the first necessary rules and norms of a stock exchange, the organizational structure of the Frankfurt stock exchange has been generated.
Down to the end of 18 centuries at a stock exchange traded exclusively in coins and bills. Only in the end 18 century begin periodic trade in bonds.
In 1707 at the next assembly the management of a stock exchange has officially approved trading agents - representatives of merchants. In 1808 the Chamber of commerce has been organized. The Frankfurt stock exchange created approximately 223 years ago as private association of businessmen, has turned to public establishment, already in first half of 19 centuries having passed in submission of the Chamber of commerce.
In the middle of 19 centuries the new prestigious building of a stock exchange under the project of the known architect in Frankfurt Friedrich Peiper, located near church St Paul’s Church has been constructed, it was opened in 1843.
Industrial revolution in Germany favored to development of financing of expensive projects through issue of stocks. The first quotation of the stocks is dated 1820 though as a whole the basic place of trade in 19 century was borrowed exclusively with bonds. In comparison with the largest European stock exchanges, the Frankfurt stock exchange treated coldly enough trade in stocks of numerous known corporations. In 1850 the Frankfurt stock exchange was generated as the center of trade mainly by the state bonds and the state interest bearing securities.
The new building of the Frankfurt stock exchange has been arisen in 1879. Construction has been carried out under projects of known architects of Frankfurt - Heinrich Burnitz and Oskar Sommer. Perhaps, this construction was the most successful - functionality of a stock exchange was perfectly combined with its prestige. Besides a new building of the Frankfurt stock exchange.
After unification of Germany in 1871 the Berlin stock exchange began to play the central role in the share market. It became the center of trade of the period when only in Prussia for the period with 1870 on 1974 there were 857 joint-stock companies. And by the end of a century in the country already 29 stock exchanges operated. Despite of it Frankfurt had an opportunity to defend the rights as the center of exchange trade.
In the end of 19 centuries for Frankfurt there was an absolute necessity of adaptation to a general economic situation in the country. With the purpose to keep the prestige of economic capital Frankfurt has changed the policy and has increased trade in stocks. This aspiration of Frankfurt to creation of the present stock exchange has collided with prevalence of the Berlin stock exchange.
The First World War and its consequences have delivered the hardest blow on the Frankfurt stock exchange. Foreign stocks and bonds were sold out to German investors because of fear of aggression from the oppositional states, free money resources were put only in the state bonds. By the end of war all foreign securities have disappeared from German quoted lists, as a result of it Frankfurt has lost the status of the international stock exchange. By the end of war all the international contacts of the Frankfurt stock exchange have been broken off and began to be restored only in 20th years. The short period of stability and well-being was replaced in 1929 by crisis. Economic crisis was and earlier. Same it has appeared unique on depth of falling of manufacture, on scales of scope of economic and on duration. The reason for that is in frustration of economic after the First World War. Fragile was a German economy. In 1931 German stock exchanges have been compelled to stop the functioning temporarily.
Fascist movement has arisen in Germany after the First World War. The German fascism differed extreme nationalism and racism. Fast growth of fascism fell to years of an economic crisis. The economy has been transformed. The state began to adjust it to accelerate an output from crisis and to create a powerful war industry. It has established the control over the prices, wages, has subordinated businessmen to the state bodies. Fascists aspired to establish the control over stock exchanges of some the states. The Frankfurt stock exchange in 1935 has merged with Mannheim Stock Exchange, then having absorbed Rhine - Main Stock Exchange. Frankfurt stock exchange, functioning as “an internal stock exchange”, in essence was not of great importance and did not carry out the major functions. The Nazi economic policy braked development of the free share market.
In 1944 has begun the final stage of the Second World War. The building of the Frankfurt stock exchange has been strongly damaged during an air strike. Meetings of stockbrokers now could be spent only in cellars of a building. After crash of a fascist mode in 1945 the Frankfurt stock exchange remained closed. However in September, 1945 the Frankfurt stock exchange, first of the German stock exchanges, has opened again.
As a result of currency reform 1948 and growing strengthening of the German economy the Frankfurt stock exchange gradually has found the former importance and played the leading part in Germany. After lead in 1992 the Frankfurt stock exchange became connected by reorganization directly not with Commercial and industrial chamber, and with joint-stock company the German stock exchange.
The German stock exchange represents joint-stock company, 81 % of actions belong to banks, 10 % - to regional stock exchanges, 9 % - to brokers. The German stock exchange runs the Frankfurt stock exchange and the German stock exchange of urgent contracts - Eurex. To this joint-stock company belong and are its branches the depositary-clearing system, information system and the Society of assistance to development of stock exchanges in Central and the East Europe.
In May 2000 there was a sensational merge of the London stock exchange to German stock exchange, to formation of a new interethnic stock exchange iX. A trading platform of a new stock exchange became German computer system XETRA. Incorporated stock exchange International Exchanges, or iX, becomes the largest share market in the Europe and serious counterbalance to Wall-Street.

The Largest Brazilian air company Varig which is on the verge of bankruptcy, today has been sold on auction to former subsidiary - VarigLog. How absurd! The sum of the deal has made 500 million dollars. VarigLog was the unique participant of auction, Associated Press informs.
Initially the group of its employees applied for purchase of the company - TGV. The sum of their offer was below (449 million dollars). However court on affairs of bankruptcies has cancelled already planned and coordinated sale as group TGV did not manage to make the first payment at a rate of 75 million dollars. Company VarigLog (the former branch Varig) engaged transportations of cargoes, has been bought in 2006. Company Volo do Brasil. However this deal still should receive approval by authorities, as foreign investors supervise Volo. Under the law, foreigners can own only 20 % of the Brazilian airlines.
The court has declared that will not undertake actions on liquidation of the company while company’s creditors will not apply with the request for it.
Airline Varig has financial problems within several last years. Its duty makes 8 billion real (3.5 billion dollars). In June 2005 Varig became the first Brazilian company which has got under action of the new law on bankruptcies. Varig remains the largest international air carrier of Brazil though in a home market has conceded to the competitors - TAM and Gol. This is small wonder after financial problems during several YEARS!

 As I have promised I tried to find as many as I can advices for those investors who only begin to trade. So herewith you can find several advices for keeping of profitable positions and output from them.
1. Do not fix small fast profit on transactions in directions of the main trends. In particular, if you are absolutely assured of the transaction, never fix profit in the first day.
2. Do not hasten to close a position after occurrence of break in your direction. Use break as an initial stop; then enter following stops.
3. Try to use following stops, placing them proceeding from development of a market situation instead of fixing profit at target levels. Use of the purposes often prevents to realize completely the opportunities given by the main trends. Remember, from time to time greater victories are necessary to you to block failures.
4. Despite of the previous rule, all the same it is useful to define the initial purpose during the moment of opening of the transaction that will allow to apply a following rule: if during a short time interval after the open position the most part of target profit (for example, 50-60 % for one week or 75-80 % for two or three weeks) it is necessary to fix profit parts is reached, meaning restoration of the liquidated contracts at correction of the market. The idea consists that would be correct to take fast significant profit. Though this rule can often lead to loss of the remained part of profit on the liquidated position, keeping of a position in a similar case can often conduct to feverish liquidation at the first sharp return of the prices.
5. If the purpose is reached, but the position still is pleasant to all of you, leave it, using a following stop. This rule is important from the point of view of opportunity to trade in a direction of the main trend. Remember, the patience is necessary not only during those moments, when you wait for good transactions but also to not close a position when it makes a profit. Inability to receive adequate profit on the correct transaction in a direction of a trend is the key factor limiting profitableness of trade.
6. One private exception of the previous rule is that if at you very much the greater position and cost of your actives grows on eyes it is necessary to consider an opportunity of partial fixing of profit. When all goes too well to be the truth, be on the alert! Probably, it is time to start to fix gradually profit and to place close following stops.
7. At fixing of profit have arrived in the transaction which, in your opinion, still has long-term potential (but, probably, it is vulnerable from the point of view of short-term correction), develop the plan of renewal of a position. If the market will not make the essential return, allowing to renew a position, watch occurrence of price models which can be used for a choice of the moment of a new input in the market. Be not afraid to open again a position even if the new point of an input in the market appears worse, than a point of an output if representations about long term of a trend and an estimation of a present situation assume renewal of a position. Inability to return to the market at the worst price can often conduct to loss of the basic part of greater trends.
8. When trade in several contracts, avoid an emotional trap which consists in desire to be right on 100 %. In other words, fix profit parts. Always try to keep, at least, a partial position in a direction of a trend - until the market will not generate convincing turning figure or will not reach the important protective stop.

Every day not only investors discuss the changes in prices of oil, that’s why I think this peace of news is noteworthy.
So, the prices for oil</a> futures on July, 18th have continued falling. It was the second from the beginning of week falling of the prices for oil. And it was approximately same essential, as well as on the eve. Once again the prices have fallen more than to 2 %, but this time they have already left a mark $75 for barrel.
The official prices for oil were established on July, 18th on the marks as much as possible close to the lowest prices under transactions. Thus the price of oil Brent has remained a little above $74 for barrel, while the price of oil WTI (Light Sweet) was established below this level. Results of the trades at stock exchanges contracts of the nearest month of delivery have made:
- in New York on New York Mercantile Exchange (NYMEX) the official price of future Light, Sweet Crude Oil (August) has fallen off on 1 dollars and 76 cents (-2.3 %) and was established on a mark $73.54 for barrel. (The lowest price of closing more than for two weeks) at the prices under transactions for session $73.50-76.50 for barrel;
- in London on InterContinental Exchange Futures (ICE Futures) the official price of future IPE e-Brent Crude Futures Electronic (September) has fallen to 1 dollars and 56 cents      (-2.1 %) and was established on a mark $74.36 for (the lowest price of closing for a week) at the prices under transactions for session $74.30-77.29 for barrel.
But why have prices began to fall? For first two days of this week oil has fallen in price more than on 4 %. Development of a situation in the oil market was once again defined with atmosphere in the Near East. Participants of the conflict have continued on July, 18th an exchange of rocket and artillery impacts. And the Air Forces of Israel have made a strike on military base in Lebanon that for a while promoted a rise in prices on oil futures.
Nevertheless, by the end of day the price for oil have gone down under pressure of confidence (that have became stronger) of market participants that the conflict will not extend to Syria and Iran. Decrease in interest to purchases of oil futures was promoted by the announcement of the Secretary of State of the USA Condoleezza Rice that the arrangement on cease-fire in Lebanon will be soon reached. Reduction of prices on oil products on July, 18th also has proceeded.
Additional technical pressure upon the oil market has rendered on July, 18th essential falling of the prices for gold. So, despite of preservation in the world of geopolitical instability, gold this day has fallen in the price for 3.4 %. Oil and gold already for a long time bargain in pair, is persistent following one after another. Simultaneous falling of the prices for oil and on gold testified that large investors gradually deduce their actives from the market of commodity futures, considering that fact that the US dollar has grown for a week concerning euro more than on 2 %.

Yesterday when I read the news-block I thought why I couldn’t discuss the current news in my blog. So I’ve tried to find the most interesting news for investors.
Wienerberger Brick
The European Reconstruction and Development Bank have allocated Austrian Wienerberger 13.3 million euros for building and construction of brick-making plant in the Russian Federation.
 About it is spoken in the message of bank. The European Reconstruction and Development Bank has purchased 18.1 % of stocks of limited liability company “Wienerberger Brick” (Russia) for 2.5 million euros and has granted a loan in 10,8 million euros on payment of debts. The rest of means in construction (which total cost is estimated in 38 million euros) will put Wienerberger AG.
The factory will make nearby 120 million facing bricks per year or 220 million hollow bricks. The given project - a part of the joint program of the European Reconstruction and Development Bank and Wienerberger under investments into manufacture of building materials into the countries where the bank works.
The Austrian group company Wienerberger was based in the Vein in 1819. And now it is the world leader on manufacture of a hollow and facing ceramic bricks. The group company has more than 230 factories in 24 countries of the world.

Sadia
Company Sadia S.A., one of leading manufacturers of meat products and semi-prepared foods in Brazil, has proposed purchase of 50 % of stocks of Perdigao S.A for 1,7 billion dollars. Such data are resulted in the press release of the company published today. Cost of the transaction is estimated in 3.7 billion real (1.7 billion dollars). According to conditions of the offer, Sadia it is ready to pay 27.88 real (12.58 dollars) for each current stock Perdigao. Offered to Sadia price exceeds on 35 % cost of stock Perdigao on results of closing of the share trades in the San Paulo Stock Exchange. Term of the offer expires on October, 24th 2006. As it is marked in press release of Sadia, as a result of merge in the international market of meat products and semi-prepared foods there will be a new leader. Net profit Sadia on results of 2005 has been 656.12 million Brazilian real (307.88 million dollars).

Wimm–Bill–Dann
Shareholders of public corporation “Wimm–Bill–Dann Food stuffs” (WBD) at extraordinary meeting will consider the problem on expulsion of Jamshid Jadegardzham from structure of board. As they say in message WBD, it is offered to shareholders to consider the given question under the recommendation of chairman of board of the company of Toni Mahera. Only those shareholders have the right to take part in assembly, who was registered artificially of July, 2006. The Date of ending of reception of bulletins for voting is September, 1st 2006. Also it is offered to shareholders to approve creation of branches “Wimm–Bill–Dann” in Samara, Tuimazy, Novosibirsk, Rubtsovsk, Krasnoyarsk, Irkutsk.
Ownership capital of WBD is 880 millions of rubles. In circulation there is 44 million ordinary stocks (face value 20 rubles). The principle shareholders of the company as of end of 1st quarter of 2006 are Gabriel Jushvaev - 17,13 %, Sergey Plastinin - 9,30 %, David Jakobashvili - 8,33 %, Michael Dubinin - 5,71 %, in nominal holding of shares at Deutsche Bank Trust Company Americas is 39,99 % of stocks of the company.
Public corporation “Wimm–Bill–Dann Food stuffs” was created in 1992. And now it is engaged in manufacture of juices and dairy products in Russia. Into the company enter 30 industrial enterprises which are being 21 regions of Russian Federation and the CIS. “Wimm–Bill–Dann” owns the portfolio of trade marks covering from above 1 thousand of 100 types of dairy products (”Domic v derevne”, “Milaya Mila”, Neo, Bio-max, etc.) and more than 150 types of juices, nectars and soft drinks under marks “J7″, “100 % Gold”, etc. Net profit of public corporation “Wimm–Bill–Dann” on US GAAP in 2005 has increased for 31.7 % - up to 30.3 million dollars.

GoAir
Indian airline GoAir and planemaker Airbus have signed the agreement on purchase of 10 planes A320, press-service Airbus informs. Moreover the contract gives GoAir an opportunity of purchase in the future ten similar planes. The financial component of the transaction and terms of deliveries of planes are not informed.

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