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Gold/Mining/Energy : Bombardier, maker of planes and trains and other things -- Ignore unavailable to you. Want to Upgrade?

To: csm who wrote (685)	11/23/1999 7:17:00 PM
From: Jay Anderson	Read Replies (1) \| Respond to of 1177

Canadian Company Press Release BBD.A 1999-11-23 (provided courtesy of Canadian Corporate News.) register to receive future releases by email from CCN BOMBARDIER SUPPORTS THE GOVERNMENT OF CANADA IN ITS EFFORTS TO BRING BRAZIL'S PROEX PROGRAM INTO COMPLIANCE WITH THE WTO RULING MONTREAL, QUEBEC--Bombardier fully supports the decision of the Government of Canada to submit a formal request to the World Trade Organisation (WTO) Dispute Settlement Body for the creation of a compliance panel to review the Brazilian proposal to comply with the decision of the WTO Appelate Body. Bombardier hopes that this procedure will clarify how Brazil intends to comply with WTO ruling on ProEx. Bombardier remains confident that at the end, the WTO will confirm that Canada is in compliance and that Brazil, in order to fully comply with the Appelate Body decision, has to withdraw ProEx payments on all aircraft to be delivered after Nov. 18, 1999. "Brazilian compliance must be transparent and measurable; net cost of financing of Embraer aircraft should not be below market rates and methods of calculation must be clear, credible and verifiable", said Dr. Yvan Allaire, executive vice president of Bombardier. "The compliance panel review should be completed within 60 days; it should be noted that, should the panel agree with Canada's position, the date by which Brazil must stop its illegal subsidies would remain Nov. 18, 1999 and the WTO's decision still would apply to all Embraer's undelivered aircraft", insisted Dr. Allaire. At this time, Brazil has been unwilling to clarify precisely how its implementation measures will work. It has also refused to recognize that it must withdraw $3.7 billion in illegal subsidies, committed in the past three years, in support of the sale of 890 still undelivered aircraft. Since 1996, as a result of this abuse of ProEx, Bombardier has lost orders of several hundreds of aircraft which has caused extensive damage to the Canadian aerospace industry and substantially reduced the number of job opportunities not only at Bombardier but at all its suppliers mainly in Quebec, Ontario and Bristish Columbia. Bombardier Inc. is a Canadian corporation active in the fields of aerospace, rail transportation equipment, recreational products and financial services. It operates plants in 12 countries in North America, Europe and Asia, and more than 90 % of its revenues are generated outside Canada. Bombardier's revenues for its fiscal year ended January 31, 1999 totalled $11.5 billion.