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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Douglas V. Fant who wrote (31587)	11/8/1998 8:02:00 AM
From: Captain James T. Kirk	Respond to of 95453

U.N. Recalls 15 Arms Inspectors From Iraq By Eileen Alt Powell Associated Press Sunday, November 8, 1998; Page A38 BAGHDAD, Iraq, Nov. 7—The United Nations pulled 15 weapons inspectors out of Iraq today, the first in a series of planned staff pullbacks in the face of the Baghdad regime's decision to halt cooperation. The departure of the U.N. arms inspectors comes amid increased fear of a military strike by the United States and Britain in response to Iraq's blocking the inspectors from working. The U.N. experts -- including a team of missile inspectors -- took a U.N. flight to nearby Bahrain. They said nothing to the media on their arrival in the capital, Manama. On Friday, Defense Secretary William S. Cohen wrapped up a tour of Arab nations and Turkey, saying he was satisfied the United States would have adequate support for an attack from its Arab allies. "Force is not the preferred option. It's not the best option but it has to be an option because in many ways that is the only thing Saddam recognizes," British Defense Secretary George Robertson said in London. A spokeswoman for the U.N. Special Commission in Baghdad, Caroline Cross, said more staffers will leave Iraq on Monday and Wednesday. The special commission is responsible for overseeing the elimination of Iraq's weapons of mass destruction. Iraq began curtailing the activities of the weapons teams on Aug. 5 when it banned spot inspections, which are unannounced visits to suspected weapons sites. On Oct. 31 it went further, barring U.N. teams from sites designated for long-term monitoring. The special commission said in New York Friday it will withdraw 26 staffers in all -- about 20 percent of its roughly 130-member permanent staff in Iraq -- because the experts were sitting idle. Iraq says it will not resume cooperation until the U.N. Security Council takes action to lift punishing trade sanctions imposed after Iraq's 1990 invasion of Kuwait. The council has said the sanctions, which restrict the sale of oil, will not be lifted until U.N. inspectors certify Iraq has disarmed. Trade Minister Mohammed Mehdi Saleh told reporters today that "our position still stands." He was the first Iraqi cabinet minister to comment publicly since a Security Council resolution Thursday called the Iraqi position a "flagrant violation" of U.N. resolutions and urged Iraq to resume cooperation. © Copyright 1998 The Associated Press

To: Douglas V. Fant who wrote (31587)	11/8/1998 8:03:00 AM
From: Captain James T. Kirk	Read Replies (2) \| Respond to of 95453

Clinton Aides Meet On Iraq Options By John Mintz Washington Post Staff Writer Sunday, November 8, 1998; Page A38 President Clinton is set to huddle with his top national security team at Camp David today to discuss options -- including possible military strikes -- for ending Iraqi President Saddam Hussein's defiance of United Nations weapons inspections. Defense Secretary William S. Cohen is scheduled to attend the meeting following consultations in recent days with U.S. allies in Europe and the Persian Gulf, and national security adviser Samuel R. "Sandy" Berger concluded talks yesterday with British and French leaders in Paris. "They have been discussing with our allies Iraq's intransigence and the best way to respond to it," said David C. Leavy, the National Security Council's spokesman. "All options are on the table and will be reviewed by the president." Besides Cohen and Berger, others expected to brief Clinton at his wooded Maryland retreat are Secretary of State Madeleine K. Albright, CIA Director George J. Tenet and White House Chief of Staff John D. Podesta. "We're avoiding talking about a timetable" for any possible American action, Leavy said. "This will not be a decision meeting. It's designed to review the situation on the ground." Administration sources have said privately that Clinton may well decide, and soon, to launch more Tomahawk cruise missile attacks on Iraq, as the United States has several times in recent years because of Saddam Hussein's belligerence or failure to honor his promises to allow U.N. weapons inspections. Saddam Hussein sparked the latest crisis by announcing he would no longer let U.N. officials inspect sites where they suspect weapons of mass destruction are being researched, manufactured or stored. On Thursday the 15-nation U.N. Security Council formally condemned Iraq for halting the inspections and warned that economic sanctions against the nation will not be lifted unless it reverses the action "immediately and unconditionally." The panel's unanimous resolution did not authorize military action, but Clinton and British Prime Minister Tony Blair have hinted they will launch strikes to punish Iraq. Iraqi officials have remained firm, insisting the United Nations must review the sanctions put in place after Iraq's 1990 invasion of Kuwait. U.N. Secretary General Kofi Annan averted American airstrikes in February by persuading Saddam Hussein to promise complete cooperation with U.N. inspectors, but the Iraqi leader has violated that promise, U.S. officials said. © Copyright 1998 The Washington Post Company

To: Douglas V. Fant who wrote (31587)	11/8/1998 10:27:00 AM
From: ldo79	Read Replies (2) \| Respond to of 95453

Doug, my thoughts also. I picked up a few shares months back in the 9 - 10 range and took a small hit. Re-entered @ 6 after watching news releases. Another point of interest is the speculation out that a number of nuc. power plants in the NE and Great Lakes area will be de-activated in the near future (?). Both Great Lakes Gas Trans. Co. and Trans Canada are looking at major gas pipelines to cross the lakes into Mich. and Penn/NY as CY2000 projects. HOFF mentioned Trans Canada project in their conf. call as they have pipelaying barge that can clear the locks into the Great Lakes. Regards.

To: Douglas V. Fant who wrote (31587)	11/8/1998 12:16:00 PM
From: Jamey	Read Replies (3) \| Respond to of 95453

Doug, I found very positive news concerning the Oil Service Sector from Briefing.com. Looks like a good day for us tomorrow. ") OILFIELD EQUIP & Services.........2..........10/23.............(+) Comment: Briefing is impressed with the recent performance of the oil services stocks, especially given that group's earnings results haven't been very good. When stocks rally on bad news it typically marks the beginning of a sustainable upmove. Note group begin sharp descent prior to earnings slump. In fact, year-to-date, the industry is one of the worst performers in the S&P universe, down nearly 30%. However, the forces which pressured the group lower - declining oil prices, excess supply, Asian/Russian financial crisis, OPEC production increase - have, or are, abating. US reserves have declined steadily in recent months; OPEC scaled back production; Asian markets rebounding amid expectation that worst is behind the region; crude has held above the $13 bbl for several weeks (not great but better). In addition, current forecasts call for a colder than normal winter, the reverse of last year. Combine the improved fundamentals with the group's discounted valuations and the ingredients are in place for continued gains. That said, the risks remain greater than normal as worldwide economic picture is clouded. Too early to tell whether recent attempts at reversing slowdown (global move to lower rates, IMF funding, Japanese bank reform) will have desired effect. Nevertheless, we contend that the risk/reward ratio favors the upside and as such up our rating from 4/2 to 2. Stocks: Baker Hughes (BHI), R&B Falcon (FLC), Global Marine (GLM), Halliburton (HAL), McDermott International (MDR), Schlumberger (SLB), Smith International (SII), Tidewater (TDW), Transocean Offshore (RIG) and Unifab (UFAB). What do you think? Santiago