Here is an email: We reached a conceptual agreement with the government representatives on Sunday night. The main points are: 1. Rationing losses: Defined methodology giving distribution companies recovery over the next 36 months of rationing losses realised from June 01 until the end of rationing in 02. Recovery includes financial compensation. Immediate funding of 80% through BNDES, with Brazilian government funds. Loans liquidated over the 3 year period as tariff increases are realised. Funding scheduled by December 15th. Elektro Ebitda impact of approximately R$191million or US$ 73 million. 2. April/May MAE settlement : Market will settle under current rules due to pre-rationing conditions, confirming the procedures used on Elektro's books. Impact of approximately R$ 18 million or US$ 7 million. 3. Parcel "A" for the future: All non-controlable costs to which LDC's are subjected to including power purchases, sector charges, are passed through to final tariffs either using a tracking account mechanism or by aligning adjustment dates with the LDC tariff revision date. Tracking account will be subject to financial compensation from the date costs are incurred until the effective pass through and collection , eliminating a major risk for the distribution sector. Elektro Ebitda impact 2002 forward of R$ 60 million or US$ 19 million, as had been considered in the 2002 plan. This methodology represents major risk mitigation going forward, as the initial power supply contracts are renewed starting in 2003. 4. Parcel A from the past: Min Parente has agreed to the concept recovering non controllable that were not passed through to tariffs since late 1999 using the same methodology agreed to for future recoveries and has a dedicated team from the Federal Attorney General's office targeting a final solution in ten days. Elektro impact is R$145 million or US$ 55 million in 2001. The proposed mechanism for recovery is after the 36 months for the rationing losses. We are currently finalising a memo of understanding and the government team is winding up the settlement with the generators in order to finalize the terms of the overall agreement. Min Parente has committed to resolving the open issues affecting investors in the power sector. These agreements represent a major step forward, significantly improving the value of our businesses. By solving the pending issues for the rationing losses, thus eliminating the Annex 5 controversy the MAE should function normally, allowing us to operate Eletrobolt and settle against the pool. Total amounts for the sector represent about R$ 10 billion or US$3.8 billion at the current rates. Our team has led the sector negotiations for months since the rationing, and have been instrumental in convincing the government of the need for implementing these changes.
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A: ESA government negotiations
Here is an email: Hi Jeff, Today's most challenging business and technical problems require and generate mountains of data. Managing this data explosion has become an incredibly complex task. New implementations always require moving data from the legacy system into the new application. Products, components, customers, vendors and employee data - everything must be moved. And it doesn't always come from just one place. Sometimes data from multiple systems must be moved to one big 'integrated solution'. The issues involved in data cleansing, formatting, converting and preparing for upload are so time consuming and so exacting that it makes sense to outsource select components of the project to an established firm with extensive experience in data migration! How do you meet this challenge? Live TechSolutions Whether your need is for continuous sharing of information between single or multiple source and target entities, networks, applications or systems, or a one-time data conversion from your legacy system, our team has the experience and software utilities to convert and migrate data with incredible speed, precision and security. Strategy > Analyze > Design > Test > Implement > Maintain Live TechSolutions team minimizes the time, your valuable staff needs, to devote to solve application integration issues or to transfer critical data from existing software applications to new applications. Our disciplined approach and demonstrated success in meeting deadlines with sensitive data is reflected in our refined methodologies and "best of breed" tools. Our solutions seamlessly interface legacy systems to maintain "mission critical" functionality while integrating necessary information sharing. Live TechSolutions is an industry leader in data migration and transformation services. We have helped hundreds of companies transition from a legacy software system to a variety of ERP, HR, and Payroll systems. Jeff, Please let me know of a convenient time to contact you and schedule a more in depth conversation about our Data Migration Services. Regards
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A: Migrate to a more Scalable Database
Here is an email: Mark, you may recall my memo to you in April, 1999 which indicated that for netting purposes, the conditions included: 1. The transaction must be governed by a market standard master agreement or occur on a French regulated market 2. One of the parties must be (a) an "investment firm" within the meaning of the law of 2nd of July, 1996, (b) an instituion or firm benefitting from the provisions of article 25 of the Law or (c) a non-resident entity having a "comparable status" The term "investment firm" embodies financial type institutions which recieve and transmit order for financial instruments for third parties. There are 12 categories of article 25 firms (including Bank of France, insurance companies, broker types, etc.) .For example, one murky designation includes "persons who supply an investment service which is ancillary to their professional activity, provided the rules governing such activity do not prohibt the carrying on of investment services". Slaughter and May has advised that they could assist us in determining whether our French counterparty fit this category and it definitely needs to be discussed with the counterparty (and extract a rep from them as well). There are other categories as well. I have a copy of the law if you would like to review. The non-resident entity having "comparable status" is the category WE were trying for fit into without much success. Tana tells me that I have given you misinformation. Perhaps the law has changed and Justin has a recent update. ENA has a Soc Gen master, and we have recently sent a Deemed ISDA to a French corporate (one shot deal only).
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A:
Derivatives trading in France