All GLG News Analyses Filed Under: Regulation & Administrative Law

Skepticism about Gazprom

November 6, 2007

Analysis by: GLG Expert Contributor

Analysis of:GAZPROM AND STATOILHYDRO SIGN AGREEMENT ON MAIN CONDITIONS FOR COOPERATION IN PHASE 1 SHTOKMAN FIELD DEVELOPMENT, International Herald Tribune | www.gazprom.com

I remain skeptical about  GAzprom using this model to make deals wiht Europe. the Shtokman deal seems like a one-off event and has always been manipualted for political purposes, in this case to  give opportunities for influencing Russo-French relations.  There are no other signs of Russian interest in inviting equity investment in its oil or gas fields in any form where the foreign investor would have any real influence.  Indeed, the current political trens and pending legislation on subsoil and mineral rights point in the other direction.  We must remember that the notion of sanctity of contract and of property rights does not in fact exist in Rusia, formal legislation to the contrary notwithstanding.  The two experiences of BP and of ocmpnies like MItsui and Shell in Rusian oil fields should  be a strong barrier to any hope of equitable tratment of foreign energy companies by the Kremlin.

Jack LiftonManaging DirectorJack Lifton, LLC

Doesn't BHP Billiton Benefit More From its Proposed Pricing Index Than Either CVRD or Rio Tinto?

November 2, 2007

Analysis of:BHP Billiton Faces China's Anger on Index | www.ft.com

BHP Billiton is geographically the closest supplier to China of iron ore. BHP wants the 2008 price for its iron ore to be indexed to the Cinese spot market. Who would benefit most from this "first step,' perhaps, towards an exchange traded iron ore contract? I think not.

Martin AlpertVice President, Environmental ClaimsHINZ CLAIM MANAGEMENT INC

Subprime issues will bring many more financial consultants within cross hairs!.

November 2, 2007

Analysis of:Merrill hit with shareholder lawsuit over subprime | www.washingtonpost.com

The experts will always be a likely target when the wind shifts unfavorably on financial guidance. The precedent being set up under these Subprime issues may open up the flood gates to very vocal opinions marching up court house steps. 

China Will Strongly Fight the "Indexing of Iron Ore Prices", One Way or Other

November 2, 2007

Analysis by: GLG Expert Contributor

Analysis of:BHP Billiton Faces China's Anger on Index | www.ft.com

The problem stems from the two contradictory statements: "...China's strong iron ore demand is behind BHP Billiton's ( Australia ) intention to nearly double its iron ore capacity from a predicted 155 million tonnes in 2010 to 300 million tonnes in 2015..", Ben Williams, vice president of BHP Billiton China, said. Consequently, BHP Billiton announced today that it is considering setting up an iron ore price index in order to improve the industry's pricing mechanism. As an iron ore price index will put iron ore consumers in a more passive position, as it will make the annually contracted pricing mechanism more accurately reflect cash prices, the announcement prompted a China Iron and Steel Association (CISA) official, Chen Xianwen, the head of the CISA's market research department, to comment that "..both iron ore miners and steel mills should stick to the existing and well-received pricing mechanism, which better guards the common interests of both parties...."

EC Finally Started the "Post Microsoft" Rally; However, Too Little and Too Late

October 29, 2007

Analysis by: GLG Expert Contributor

Analysis of:EU decision sees narrower window for Microsoft | www.ft.com

Here's the background. The EU opened up a series of anti-monopoly investigations against Microsoft starting in 1999. The EU found that  Mocrosoft abused his dominance of the operating systems market both by tying WMO ( Window Media Player ) to Windows and by failing to release  information about Windows to competitors in the server market. After long talks with Microsoft, the EU gave up its trying to get Microsoft be cooperative and slapped the company with a 497 million euro fine in March 2004. On Monday ( October 22, 2007 ) Microsoft finally agreed to drop its appeals of the European Commission's 2004 anti-trust rulings and to make certain technical information available to competitors working to make their products interoperable with Microsoft's. The general opinion is that it is too little too late.

Analysis of India's new offshore derivative instrument policy - Somasekhar Sundaresan, J. Sagar Associates, attorneys

October 26, 2007

Analysis by: GLG Expert Contributor

Analysis of:Revision of India's foreign derivatives policy | www.business-standard.com

This article analyses the implications of India's new law on overseas derivative instruments through which hedge funds and other investors take exposure to Indian securities. The new policy is a significant step in the roadmap to India's future treatment of institutional investors. This development could mark a watershed in involvement of foreign institutional investors in Indian capital markets.

Google's Boo-Boo in Australia

October 22, 2007

Analysis by: GLG Expert Contributor

Analysis of:ACCC to target only parent firm Google | www.ft.com

In July 2007, the Australian Competition and Consumer Commission ( ACCC ) filed a world-first action alleging that Google Inc. and the Trading Post contravened the Trade Practices Act in 2005 when the classified business used the names of the car dealerships unrelated to the firm in paid, or sponsored, advertisements. The text links in those advertisements directed people searching for the car dealerships Kloster Ford and Charlestown Toyota to the Trading Post, which competed with them for business, rather than to dealerships.

Mexican airports, a Corvette pulling an 18 wheeler

October 15, 2007

Analysis by: GLG Expert Contributor

Analysis of:Mexico should sell airports, cut fees, agency says | www.bloomberg.com

The fallacy of airport regulations is hindering development. There are perverse effects in all the economy.

Jose TrevinoPrincipalAmeriCompass

Will Mexico’s New Plans for Airport Competition fly?

October 3, 2007

Analysis of:Mexico should sell airports, cut fees, agency says | www.bloomberg.com

See details of the proposal issued on October 1 by the Mexican antitrust commission to improve competitivenes in the Mexico City and four surrounding cities' airports, including the sale of government holdings. 

AUDIT COMMITTEES IN NIGERIAN PUBLIC COMPANIES

October 1, 2007

Analysis by: GLG Expert Contributor

Analysis of:Sarbanes-Oxley Costs Drive Companies Away From Being Public | www.informationweek.com

Audit Committees provide a safeguard against the excesses of the Board Board room politics, and can paralyse the audit committee

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