Month: December 2008

Malaysia Star, Malaysia
Dec 31 2008

Kerkorian sells off all of his Ford shares

DETROIT: Billionaire investor Kirk Kerkorian has sold off all of his
remaining shares of Ford Motor Co, completing a retreat from a high
profile stake in the No. 2 US automaker that cost him hundreds of
millions of dollars.

A spokeswoman for Kerkorian’s investment firm, Tracinda Corp, said
that the firm’s remaining Ford shares had been sold. A spokesman for
Ford had no comment on the development. Tracinda, which briefly ranked
as Ford’s largest outside investor, said in a regulatory filing in
October that it had begun working with bankers to sell the 133.5
million shares of Ford it still held at that time.

Kerkorian, 91, previously held a nearly 10% stake in General Motors
Corp and made a failed bid for Chrysler LC last year.

Since October, he has been cutting his losses on a US$1bil investment
in Ford that had lost most of its value. It was not immediately clear
when Tracinda had completed those remaining sales of Ford stock over
the past two months.

It was not immediately clear how deep Kerkorian’s losses on the Ford
investment were. But even if Tracinda sold all its remaining shares at
the recent high for Ford stock, the firm would have been facing a loss
of some US$475mil based on its average acquisition cost for the
shares. ` Reuters

Agence France Presse
Dec 30 2008

US billionaire investor Kerkorian dumps Ford stake: report

DETROIT (AFP) ‘ US billionaire investor Kirk Kerkorian, who had once
pledged his support and confidence in Ford Motor Co., has sold all of
his remaining shares in the automaker, Dow Jones Newswires reported
Monday.

Kerkorian’s holding group Tracinda Corp. no longer owns any shares in
Ford, a Tracinda spokesperson told the news agency Monday.

Tracinda was not immediately available to comment on the report.

Tracinda sold 7.3 million shares of Ford common stock in October for
an average price of 2.43 dollars per share — representing a huge loss
for Kerkorian — and said it was considering divesting its entire
stake through the end of the year.

Tracinda had about 133.5 million shares remaining, or a 6.09 percent
stake, in the loss-making automaker.

Ford shares on Monday plunged 5.2 percent to 2.17 dollars in late
afternoon Wall Street trade following the report. The share has lost
about two-thirds of its value in a year.

Kerkorian accumulated a 6.5 percent stake in the Dearborn,
Michigan-based Ford earlier this year and continued to boost his
stake. He announced in June that he would pay 8.50 dollars to buy an
additional 20 million shares.

The investor, who made a fortune from running and selling Las Vegas
casinos, bought the shares in Ford after referring at the time to
"meaningful traction in its turnaround efforts."

At the time, Ford managers said they were on track to deliver
profitability in 2009 — an objective that has now been shelved.

Since then, the cash-strapped Detroit giant has struggled with falling
auto sales amid a deepening US recession and tight credit conditions
blamed for exacerbating the downturn.

Ford said on December 19 that a comprehensive restructuring plan it
presented to Congress would allow it to return to profitability by
2011.

Middle Eastern restaurant seeks expansion

Raffi’s, which began as a take-out spot, has grown up and needs more room,
owner says.

By Jeremy Oberstein
Published: December 2008

DOWNTOWN – The city’s Redevelopment Agency is set to consider a more
than 5,200-square-foot renovation today for a storied Middle Eastern
restaurant that the owners say needs to expand to meet demand.

Raffi’s Place Restaurant, at 211 E. Broadway, is asking the agencyto
approve its plan to expand into 205 E. Broadway, which used to house
the law firm Ourfelian & Ourfelian and La Belle Cafe.

Restaurant officials are also seeking a 704-square-foot expansion for
the back of the eatery to allow the existing kitchen to grow with the
expected increase in customers. Of the 6,000 square feet proposed for
the revamped restaurant, more than half would be converted into an
indoor dining area on the bottom floor, while the second level would
be used exclusively for the restaurant’ s administrative operations.

`This is something that is very good for the city,’ said Herand Der
Sarkissian, the project’s lead architect and a former member of the
city’s Design Review Board. `It is a very prominent restaurant, one of
the most successful in Glendale, and they need to expand.’

Raffi’s Place has been a food destination in the heart of downtownfor
more than 25 years. The Middle Eastern restaurant has evolved from a
mostly take-out restaurant – offering service from a small storefront
– into one of the city’s most recognizable institutions catering to
lovers of pilaf and kebabs.

Officials said the eatery is operating at capacity, necessitating the
need to grow.

But there were significant challenges to growth, given the limited
available property downtown, leading restaurant owners to purchase the
cafe and adjoining law offices, both owned by Rafi Ourfelian, for an
undisclosed sum.

`I never intended to sell,’ Ourfelian said. `But [continuing to run
the businesses] became untenable.’

Notably, problems with the alley behind the establishments created
immense parking issues for the restaurant, cafe and law office in
which limited spaces decreased potential growth at each business.

`Both of our businesses were at stake,’ said Ourfelian, who said he
will move his law office to another location on Broadway.

According to officials close to the deal, the sale of the law office
and cafe is in escrow and should be finalized soon.

If Raffi’s converts the existing law office and cafe, officials plan
to stretch the facade around both buildings to `integrate the exciting
structures’ while maintaining its current design scheme, Der
Sarkissian said.

Though the top floor of the proposed 6,000-square-foot building would
be used for offices, officials said the entire site must be considered
a full-service restaurant, a designation that triggers a greater
number of mandated parking spaces.

As a result, the expansion will require 60 new available parking
spaces, though restaurant owners will receive a credit for 15 spaces
from the current office and retail use. Restaurant officials plan to
ask the agency for a 45-parking-space exemption for the rest of the
required spaces, citing theneed for just 27 spaces to satisfy customer
demand.

The alley behind the restaurant would also be revamped in the remodel.
Officials plan to close the small street to all vehicles, except
delivery trucks, and open up the stretch of pavement for pedestrians.

`It’s an exasperating parking situation in the back,’ Der Sarkissian
said. ` This is a solution that solves the issue of parking for the
restaurant and the city. It’s a win-win.’

The Redevelopment Agency is scheduled to meet at 2:30 p.m. today in
City Council Chambers, 613 E. Broadway, 2nd Floor.

JEREMY OBERSTEIN covers business, politics and the foothills. He may
be reached at (818) 637-3215 or by e-mail at
[email protected]

From: Emil Lazarian | Ararat NewsPress

Family Blames Insurance Company for Teen’s Death
Monday , December 29, 2008

LOS ANGELES – The family of a 17-year-old leukemia patient has sued health
insurance giant Cigna Corp. for her death in 2007 after the company initially
refused to pay for a liver transplant.
The lawsuit filed last week in Los Angeles County Superior Court by the
family’s attorney, Mark Geragos, alleges breach of contract, unfair business
practices and intentional infliction of emotional distress. The suit accuses
Cigna of delaying and rejecting valid claims, which resulted in the wrongful
death of Nataline Sarkisyan.
The Philadelphia-based insurer eventually approved the transplant after
Sarkisyan’s family held a rally outside Cigna’s suburban Los Angeles office.
Nataline, however, died hours after the approval was secured.
Chris Curran, a spokesman for Cigna, said the company empathizes with the
family but feels the lawsuit is without merit. Curran said Cigna volunteered to
pay for the procedure out of its own pocket and not the employer’s.
"This decision was made despite the fact that Cigna had no obligation to do
so and despite concluding, based on the information available, that the
treatment would be unproven and ineffective and therefore experimental and not
covered by the employer’s benefit plan," Curran said, reading from a statement.
But Charles Idelson, a spokesman for the California Nurses Association, said
insurance companies are "in business to provide profits for shareholders, not
to provide care."
"Nataline Sarkisyan’s case serves as a tragic poster child for everything
that’s wrong with our insurance based health care system," he said. "Why did it
take public humiliation for Cigna Corporation to approve a transplant?"
Nataline was diagnosed with leukemia at 14 and received a bone marrow
transplant from her brother the day before Thanksgiving 2007. A complication,
however, caused the teen’s liver to fail.
The family had asked Cigna to pay for a liver transplant but the insurer
refused, calling the procedure experimental.
In a subsequent letter to Cigna, four doctors from Mattel Children’s Hospital
at UCLA Medical Center appealed to the insurer to reconsider. They said
patients in similar situations who undergo transplants have a six-month survival
rate of about 65 percent.
The insurer eventually reversed the decision while about 150 nurses and
community members rallied outside its office in Glendale.
By this time, however, the teen had fallen into a vegetative state and was
taken off life support. She died within the hour.

PREMIER: COMMERCIAL BANKS OF ARMENIA ABLE TO MANAGE RISKS

ARKA
Dec 29, 2008

YEREVAN, December 29. /ARKA/. Armenian commercial banks know how
to manage risks, the country’s Premier Tigran Sargsyan said in his
interview to a number of news agencies.

When the risk background strengthens, negative expectations of real
sector enterprises make heads of commercial banks conduct more balanced
and cautious policy, the Premier said. This policy is justified: they
have no right to follow a risky policy in the world crisis conditions,
the Premier said in answering the question of ARKA agency on interest
rates of commercial banks.

The Premier stressed that a state following a competent macroeconomic
policy should manage the risks competently.

"This means that pro-active government policy will reduce the risks in
the country, and if we reduce the risks, commercial banks can reduce
interest rates," the head of the government said.

ALL PROCEDURES FINISH TO ADOPT AZERBAIJAN’S MILITARY DOCTRINE: MP

Trend News Agency
Dec 29 2008
Azerbaijan

Azerbaijan, Baku, Dec. 29 /TrendNews, K.Zarbaliyeva/ Azerbaijan’s
Military Doctrine is fully prepared and will be discussed at a spring
session of the parliament, MP Zahid Oruj, a member of the Azerbaijani
Parliamentary Permanent Commission on Security and Defense Affairs,
told TrendNews on Dec. 29.

"An international experience has been studied in this field, features
of the region have been examined and all procedure stages have been
finished on its base to adopt a perfect document providing military
security of Azerbaijan," the MP said.

Although it was expected to discuss Military Doctrine of Azerbaijan
at autumn session of the parliament, this issue has not been included
in agenda.

NATO positively assessed Military Doctrine, Oruj said. Besides Military
Doctrine, it is planned to adopt other documents of military character
at a spring session of the parliament.

"A document entitled Strategic Defense Review has been developed for
2009-2015. This document describes principles of Military Doctrine,
as well," the MP said.

Military Doctrine describes Armenia as an invader, danger and enemy
for Azerbaijan.

In accordance with Military Doctrine, military service on the base
of a contract will be applied in the Army. Moreover, the document
comprises all field of army establishment, including establishment of
military industry and international military cooperation," Oruj said.

The conflict between the two countries of the South Caucasus began in
1988 due to Armenian territorial claims against Azerbaijan. Azerbaijan
lost the Nagorno-Karabakh, except of Shusha and Khojali, in December
1991. In 1992-93, Armenian Armed Forces occupied Shusha, Khojali and
Nagorno-Karabakh’s seven surrounding regions. In 1994, Azerbaijan
and Armenia signed a ceasefire agreement at which time the active
hostilities ended. The countries keep on peace negotiating.

OSCE Minsk Group co-chaired by USA, Russia, and France is engaged in
peace settling of the conflict.

NKR LEADER PRAISES COMBAT READINESS OF KARABAKH ARMY

Mediamax
Dec 29 2008
Armenia

Yerevan, 29 December: President of the Nagornyy Karabakh Republic
(NKR) Bako Sahakyan stated that "the Defence Army not only surely
defends the borders of our republic, not in case of necessity may
also take the military actions into the depth of the country, which
starts the aggression, and force it to peace".

Mediamax reports that NKR President said this on December 27, speaking
at the session of the Military Council of NKR Defence Army.

Bako Sahakyan noted that in 2008 "we managed not only to protect,
but also to greater extent consolidate the borders of our country,
increase the combatant efficiency of the Defence Army, improve the
social-living conditions of the military, solve a number of issues
related to security".

"The aggressive and anti-Armenian policy by Azerbaijani
authorities, the excessive increase of military expenses, the
frequent ceasefire violations oblige us to be more cautious and
consistent in consolidating the defence capacity of the country,"
NKR President stressed.

"NKR Defence Army is strong, combat-ready and always ready to stop
any infringement of the enemy. The best evidence to this was the
neutralization of the enemy’s provocations in March and November of
2008 by our military," Bako Sahakyan stated.

NKR President noted that the successful conclusion of the latest
attack exercise showed that "the Defence Army not only surely protects
the borders of our republic, but in case of necessity may also take
the military actions into the depth of the country, which starts
aggression, and force it to peace".

"However, we should continue being watchful and should not allow
the enemy even thinking about taking the initiative into its hands
or dictating us its will. Everyone should once and for all understand
that the independence and the security of the Nagorno-Karabakh Republic
is not subject to speculations," Bako Sahakyan stated.
From: Baghdasarian

ARMENIA: SALES OF YEREVAN COGNAC PLANT INCREASE

Akcyz
December 29, 2008 Monday

Mr. Cedrik Retailleau, CEO of the Yerevan-based cognac plant, has
announced that the financial crisis will slightly affect the expensive
cognac market. The rise of the plant’s sales may slow down in 2008,
but it will not affect the company’s market share. According to
Mr. Retailleau, the increase will reach about 24% in 2008, against
25% in 2008. Russia is the main market of the enterprise. Sales in
Armenia rise as well. At present, they total 3.5mn absolute litres per
year. The company has good opportunities to rise in the niche of lux
products (cognac aged 20) and intends to develop this line. Novelties
are elaborated on the basis of very old alcohol (over 20 years).

France’s Pernod Ricard that has been owning the enterprise during
ten years, has invested around EUR 50mn (US$ 79.12mn) in its
development. It stimulates Armenian grape producers to grow kinds of
grape meant for cognac. Yerevan cognac plant has agreements about
supply with over 5,000 households. Investments in purchase of over
31,000 tons of grape will total EUR 10mn in 2008.

BAKO SAHAKIAN: NKR ARMY IS STRONG AND READY TO REBUFF ANY ENCROACHMENT OF ENEMY

Noyan Tapan

Dec 19, 2008

STEPANAKERT, DECEMBER 19, NOYAN TAPAN. On 27 December at the Officer’s
Palace of capital Stepanakert took place a meeting of the NKR Defence
Army’s Military Council convoked to sum-up the activities of the army
in 2008.

Accordng to the Central Information Department of the Office of the
NKR President, during the meeting President of the Nagorno Karabagh
Republic Bako Sahakyan delivered a comprehensive speech.

In his speech the head of state particularly said:

"During the current year we succeeded in defending and further
strengthening the borders of our country, raising fighting efficiency
of the Defence Army, ameliorating social conditions of the servicemen,
solving a number of security issues.

Aggressive and anti-Armenian policy waged by the authorities of
Azerbaijan, sharp drastic increases in military spendings, frequent
violations of the cease-fire regime require us to be more vigilant
and purposeful in strengthening defence potential of the country. The
issues related to state security, army building, combat readiness of
the servicemen represent call of the times for us.

As a supreme commander-in-chief today I can declare with great
satisfaction and pride that the Nagorno Karabagh Republic Defence Army
is strong and battle-worthy, it is ready to rebuff any encroachment
of the enemy. The neutralization of the enemy’s subversive actions
in this March and November by our soldiers is the best evidence of
that. The state has valued the bravery and heroism of the servicemen.

It is symbolic that servicemen representing different generations
fought together against the enemy. This is the embodiment of smooth
alternation of generations and a strong commitment to keep good
traditions. The very fact that every year the army is remaned by
servicemen with higher military education, their number, by the way,
has already surpassed 1000 people, indicates that special attention
is paid to the cadre issue. I have given appropriate instructions to
the government for employment assistance to officers demobilized from
the armed forces.

The results of current and general inspections, as well as military
maneuvers also show high level of combat readiness and fighting
strength. It is worth mentioning that successful completion of the
recent offensive war games has demonstrated that the Defense Army not
only effectively protects our borders but if necessary it is able to
transfer military operations deep into the territory of an aggressor
state and enforce it to accept peace.

However, we must keep being watchful not to allow the enemy even
to think about taking the initiative and dictating his will to
us. Everybody must realize that the independence and security of the
Nagorno Karabagh Republic are not matter of speculations once and
for all.

Activities directed to strengthening our borders make efficient
patrolling carried out in the positions.

I have given instructions and orders concerning army building, the
situation along the line of contact, amelioration of social conditions
of the servicemen and other related issues during consultations with
the supreme command staff of the army. The last such consultation
took place on 15 of December. I was reported that the discussed issues
have been brought to the notice of appropriate chains, so I will not
touch upon those questions.

However, I would like to underline once again the importance of
issues related to armaments, logistics, intelligence, air defense,
military discipline. Elaborating effective ways to find solutions
to these issues will have a palpable impact on strengthening the
country’s defense capacity and combat readiness.

I consider as positive the considerable reduction of the enemy’s
activities along the line of contact, which were the results of proper
exercise of intelligence activities and control of the situation.

I consider important maintaining proper discipline in military
units. Of course, in military units exercising combat duties along
the line of contact in a situation of constant tensions, extraordinary
cases cannot be excluded.

However, necessary steps should be taken to minimize cases of
deaths and injuries of servicemen that take place under other
circumstances. Special attention should be paid to the issue of
carrying out daily duties of the commanders and officers on the basis
of utmost responsibility, high discipline and self-conscience, maximal
attentiveness towards the subordinate. Any inappropriate casualty casts
a negative impact on the morale and fighting efficiency of the army,
on its image and on further strengthening the society-army ties.

The fighting efficiency of the army is directly connected with social
conditions of the servicemen and their families. For this very reason
the state keeps in the spotlight the progress of work related to
these issues.

The defender of the Fatherland should be as free of everyday
necessities of life as possible, so as to carry out his duties
adequately. Within this context I consider as positive the fact
that in 2008 around 130 servicemen were provided with comfortable
apartments. This practice will be of a continuing nature.

The authorities pay special attention to the needs of the families of
the perished, missing-in-action and wounded freedom fighters. Serious
work has been carried out to solve their social problems, including
those related to housing, life conditions, health and education. In
parallel with this I consider as important the assistance of the state
in full integration of the disabled into the society. The program of
providing hand operation cars to the first disability group freedom
fighters pursues this very purpose. I am confident that this policy
will have a positive impact on further strengthening of a healthy
moral and psychological atmosphere both in the armed forces and in
the society.

In different fields of activities in our country, in public life, in
ameliorating socioeconomic conditions of veterans and the disabled,
in patriotic upbringing of the younger generation the Union of Freedom
Fighters of Artsakh plays an important role. The authorities of the
Nagorno Karabagh Republic rate high active participation of freedom
fighters that contribute to the development and prosperity of the
Fatherland and will keep providing assistance to the activities of
the union in every possible way.

From: Emil Lazarian | Ararat NewsPress

ARMENIAN PRESIDENT VISITS YERABLUR MILITARY PANTHEON

Noyan Tapan

Dec 19, 2008

YEREVAN, DECEMBER 29, NOYAN TAPAN. The Armenian government members
headed by the president Serzh Sargsyan on December 27 went to Yerablur
military pantheon and paid a tribute of respect to the Armenians who
laid down their lives for freedom of their Fatherland.

According to the RA minister of defence Seyran Ohanian, it has become
a tradition to visit the graves of their friends on the eve of each
New Year.

"We go to the graves of our comrades-in-arms every year. By doing so,
we as if wish them a Happy New Year," S. Ohanian said.