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To: Jim Willie CB who wrote (45999)	1/8/2002 5:12:58 PM
From: Sully-	Read Replies (3) \| Respond to of 65232

16:44 ET Intel (INTC) 34.57 -0.70 (-2.0%): -- Update -- SG Cowen after the close raises FY01 ests to $0.51 from $0.48 and FY02 to $0.64 from $0.58; sees upside mostly in Q4 and Q1. Firm attributes the est hikes to seasonal strength spurred by aggressive P4 pricing, but refers to stock as "strangely overpriced" at 55x 2002 earnings.

To: Jim Willie CB who wrote (45999)	1/8/2002 6:40:58 PM
From: stockman_scott	Respond to of 65232

China fixes Pakistani air imbalance with India KARACHI: In a historic, but, unannounced development, the Peoples Republic of China sharply reduced a marked imbalance between the Indian and Pakistan Air Force by sending five ships -- in a space of only 10 days late last month -- loaded with cargo ranging from cartons of unassembled brand new combat aircraft and a variety of air force-related weapons and equipment to the port in Karachi, senior Pakistani officials confirmed. Separately the Chinese government made a speedy delivery of spares and related equipment for Pakistan's strategic assets through Korakram highway, a little before the snow created major obstacles on this crucial communication line between Pakistan and China before Christmas. Pakistan's extensive missile defence system has been raised with an active support of the Chinese government. The senior officials said that in an unprecedented gesture of friendship to Pakistan, the Chinese government had sent the ships sailing for Karachi before President General Pervez Musharraf met Chinese President Jiang Zemin for a crucial dialogue that coincided with the peak of border tension between Pakistan and India on December 21. On more than one occasion during President Pervez Musharraf's visit to China in December, the Chinese leadership reiterated that China's friendship with Pakistan "was deeper than the oceans and higher than the mountains." This timely assistance from China that instantly enhanced the combat capability of Pakistan Air Force (PAF) by "several squadrons of brand new Super-7 and F-7 fighter aircraft" also narrowed a dangerous 1:2 ratio of air force planes between India and Pakistan. Before the Chinese assistance reached Pakistan last week, the Indian Air Force had 730 aircraft as compared to PAF's 340. Because of the military security reasons, Pakistani officials are withholding the exact number of fighter aircraft added to the PAF with Chinese assistance in the last few weeks. For the last several years, the Aviation Industry of China and the Aviation Integrated Company of Pakistan had been working on a joint plan to build a light-weight multipurpose fighter aircraft. The project was completed late last year with production ready in time for shipment to Pakistan. Pakistani military officials consider the proposed S-7 fighter aircraft as a variant of China's F-7 fighter plane family, but with an increased manoeuvrability, an engine with increased thrust, advanced avionics equipment and modern cockpit configuration. These officials said the S-7 has night combat capability. The integrated close range combat effectiveness of the S-7 is 90 per cent higher than that of the original F-7 family. Before the arrival of PAF cargo from China late last month, the air force had arrangements ready to shift the unassembled aircraft from the Karachi port to various PAF facilities where Pakistani and Chinese officials worked together to assemble and deploy them in a record time. The Pakistani officials noted that since coming to power, President General Pervez Musharraf has developed extremely close personal ties with Chinese President Jiag Zemin and Premier Zhu Rongji. Because of the Indian ban on Pakistan to use its air space, the officials said, Premier Rongji had personally desired that President Musharraf should take the trip after an overnight stopover in Beijing on board a Chinese government aircraft as Chinese pilots were better trained to fly in that difficult airspace and weather. Before leaving for the SAARC summit, President Musharraf had taken a special meeting on the PAF preparedness in the wake of the Chinese assistance. According to the Pakistani officials, after the recent induction, the PAF has developed increased capacity in the event of war to interdict Indian naval and cargo vessels in the Indian ocean, besides devoting more resources to strike Indian military targets in its key cities and cantonments. hipakistan.com

To: Jim Willie CB who wrote (45999)	1/8/2002 9:04:31 PM
From: stockman_scott	Respond to of 65232

Someone Tell the Kids By THOMAS L. FRIEDMAN January 6, 2002 The New York Times President Bush has warned us that the war on terrorism will be a long struggle. But how will we know when we've won even round one? Simple. We will have won round one once we've killed Osama bin Laden and his allies and once the leaders of the Arab-Muslim world have killed his ideas. That's the division of labor: we have to eliminate the killers and they have to delegitimate his ideas. I fear, though, that we'll do our part, but Arab-Muslim leaders won't do theirs. And if that's how round one ends, then on your next flight keep an eye on the tennis shoes of the guy next to you. Bin Laden and his key cohorts Ayman al-Zawahiri, Muhammad Atef and Taliban leader Mullah Muhammad Omar must all be eliminated for a very important reason — beyond sheer justice. Because the four of them have made a career of sending young Muslim men to commit suicide, while they sit back, relishing the fallout on their home-made videos. We need to send the message that anyone who orders suicide bombings against Americans, or protects those who do, commits suicide himself. And U.S. marines will search every cave in Afghanistan to make that principle stick. You order, you die — absolutely, positively, you die. Yet round one cannot end with the leaders of Al Qaeda eliminated but their ideas still intact. One would think that killing these ideas would be easy. The most striking thing about bin Laden's tapes is how little the man has to say. There is no program for Arab- Muslim development, just venom built on the mantras of "jihad," "infidels" and "Allah." Yet, to this day, the only two leaders to directly take on bin Laden and his warped view of Islam have been George W. Bush and Tony Blair. Why? One reason is that the Mideast leaders have no tradition of talking frankly to their people, particularly about religion. In times of trouble, their instinct is to button up the tent and let the sandstorm blow over. Some leaders are also afraid of directly challenging bin Laden for fear of becoming his main target. After all, this man has taken on two superpowers. But the biggest reason is this: Give bin Laden his due; he is an authentic person, who gave up a life of riches in Saudi Arabia to go live in a cave and fight the Soviets and Americans. To counter his authentic message of hate, you need an authentic messenger of progress, tolerance and modernism. But there are very few such messages or messengers in the Arab-Muslim world today. To begin with, it's hard to develop an authentic voice in authoritarian societies where thought- leaders — imams, academics, politicians or columnists — are either owned by the regime or jailed by the regime. Moreover, the natural answer to bin Laden's religious totalitarianism is an ideology that's also grounded in Islamic tradition and values, but is progressive and forward-looking — and no Arab-Muslim leader today has articulated such a vision. To the contrary, bin Laden is just an extreme form of the same austere religious ideology many of these Arab regimes have used to legitimate themselves. It was Israel that executed Nazi leader Adolf Eichmann. But it was modern Germany that executed Nazism, by writing one of the world's most democratic constitutions and living up to it. In so doing, Germans transformed Germany from a destructive to a constructive force for themselves, Europe and the world. Bin Ladenism has to be fought the same way. There are some faint signs of hope. The Arab world has gone through three phases since Sept. 11: shock that Arab Muslims could have done this, then denial — blaming Israel or the C.I.A. — and now, finally, the first stirrings of introspection. Saudi Arabia's Crown Prince Abdullah told a meeting of gulf leaders last week: "Catastrophes are in fact opportunities that make it incumbent upon us to conduct self-scrutiny, review our attitudes and repair errors. . . . The real and deadly risk is to face crises with hands folded and blame others instead of confronting the crises and taking responsibility for our role." This is healthy talk and needs to be encouraged. Up to now, the Bush team has let our key Arab-Muslim allies cooperate with us secretly, while never calling on them to answer bin Laden or to tell their own people that his view of America was a sick perversion. In effect, we let these leaders carry on an illicit relationship with us, while always making sure that no one ever told their kids. We can't afford that anymore. Someone needs to tell the kids. nytimes.com

To: Jim Willie CB who wrote (45999)	1/8/2002 9:59:28 PM
From: stockman_scott	Respond to of 65232

Musharraf's announcement could transform Indo-Pak relations `Musharraf address will clear the cloud' By B. Muralidhar Reddy ISLAMABAD, JAN. 8. The senior U.S. Senator, Joseph Lieberman, said here tonight that the new policy by the Pakistan President, Gen. Pervez Musharraf, on tackling militancy would transform Indo-Pak. relations. Mr. Lieberman, who is part of the nine-member U.S. Senate delegation touring the region, told presspersons that a policy address by Gen. Musharraf later this week ``will transform the relationship with India and will defuse the current crisis. He is reaching for a speech to the Pakistani people that will change the history of this country.'' After an interaction with Gen. Musharraf, the U.S. Senator said, ``He is searching for a fresh initiative that will begin a whole new chapter in the Kashmir dispute.'' At a news conference on Monday with the British Prime Minister, Tony Blair, the Pakistan President had said that he intended to address the people in the next few days to unveil a ``complete plan'' for tackling the menace of religious extremism and sectarianism. The U.S. team, led by the Republican Senator, John McCain, held talks with Gen. Musharraf over the simmering Indo-Pak. tensions and the situation on the Pakistan borders facing Afghanistan. Mr. McCain said, ``Both India and Pakistan are our friends and we are particularly hopeful that troops would move away from both sides of the borders.'' ``After meeting Gen. Musharraf, we are convinced that he is committed to eliminating terrorism and establishing a tolerant and moderate society in Pakistan.'' Mr. Lieberman said Gen. Musharraf had taken steps to combat terrorism and he was hopeful that further measures to be announced by him would help in the long term. ``The steps will help in defusing the situation prevailing in the region besides eliminating terrorism.'' About efforts at various levels to resolve differences between India and Pakistan, he said, ``The potential and resolution present at the moment requires representatives of the world to exploit it.'' Asked about India's decision not to hold talks with Pakistan in the immediate future, Mr. McCain said, ``I hope the Indian leadership will listen carefully to the words of President Musharraf and find something, sit down and start negotiations with Pakistan.'' Gen. Musharraf told the U.S. delegation that neither Osama bin Laden nor Mullah Mohammad Omar had sneaked into Pakistan and that the Government was guarding the borders facing Afghanistan with all resources at its command.

To: Jim Willie CB who wrote (45999)	1/8/2002 11:00:30 PM
From: Mannie	Read Replies (1) \| Respond to of 65232

<Noncash charge of $40-60 billion>...with a B. wow. Not So Swell for AOL Shares of AOL Time Warner (NYSE: AOL) fell 2% today after the company unveiled a gloomy forecast after the bell yesterday. The media and Internet giant told investors it would fall short of already lowered targets for the fourth quarter of 2001, and lowered expectations for 2002. In addition, it said it would take a noncash charge of $40 billion to $60 billion for the first quarter of 2002, related primarily to the decline of AOL's stock price since it announced the merger with Time Warner, as well as a change in accounting rules pertaining to goodwill on the balance sheet. That charge will be one of the largest in history, but it means nothing to the company's actual cash position. The situation is similar to JDS Uniphase's (Nasdaq: JDSU) $44.8 billion goodwill write-down several months ago, which was explained well by Bill Mann. In predicting 2002 revenue growth of 5%-8%, CEO Jerry Levin said his company "assumes no recovery in the economy." That's interesting, particularly in light of renewed economic optimism across most sectors, but we applaud Levin's cautious approach and his unwillingness to pump expectations for short-term gain.