-DQXDU\
&DSLWDO3UHVVFRP 11
2UHJRQ¶VZLQHLQGXVWU\SDFNV 6RXWKHDVW$VLD
ZRUULHGDERXW
DVXUSULVLQJHFRQRPLFSXQFK
WRRPDQ\DSSOHV
By ERIC MORTENSON
&DSLWDO3UHVV
HDVW$VLDDQG&KLQDKDVORQJ
KDG D VWURQJ SUHVHQFH WKHUH
VKHVDLG
:(1$7&+(( :DVK ²
³, WKLQN ZH KDYH HQRXJK
5HWDLOHUV LQ 6RXWKHDVW $VLD OR\DOW\ZLWKRXULPSRUWHUVDQG
DUH FRQFHUQHG DERXW EHLQJ UHWDLOHUV WKDW WKH\ ZLOO VWD\
RYHUUXQ ZLWK DSSOHV
ZLWKXV´+XEHUVDLG³,
LI RU ZKHQ WKH ORQJ
WKLQNLW¶VPRUHGLIILFXOW
IRURWKHUVWRJDLQPDU
VKRUHPHQ¶V VORZGRZQ
NHWVKDUHWKDQIRUXVWR
DW :HVW &RDVW SRUWV
ORVH´
HQGVVD\VD:DVKLQJ
,PSRUWHUV DQG UH
WRQ$SSOH&RPPLVVLRQ
WDLOHUVOLNH:DVKLQJWRQ
VWDIIHU
YDULHWLHV TXDOLW\ DQG
'DQHOOH +XEHU LQ
+XEHU
SRLQW RI VDOH SURPR
WHUQDWLRQDO PDUNHWLQJ
VSHFLDOLVWIRUWKHFRPPLVVLRQ WLRQVVKHVDLG
,Q D VSHHFK WR JURZHUV DW
YLVLWHGFRPPLVVLRQWUDGHUHS
UHVHQWDWLYHVLPSRUWHUVDQGUH :DVKLQJWRQ 6WDWH 8QLYHU
WDLOHUV LQ 9LHWQDP 7KDLODQG VLW\¶V DQQXDO 1RUWK &HQWUDO
0DOD\VLD DQG ,QGRQHVLD -DQ :DVKLQJWRQ$SSOH 'D\ DW WKH
:HQDWFKHH &RQYHQWLRQ &HQ
³,Q HYHU\ FRXQWU\ WKH\ WHU-DQ+XEHUQRWHGZRUOG
ZDQWHG WR NQRZ DERXW WKH DSSOH SURGXFWLRQ LQFUHDVHG
SRUW VORZGRZQ´ VKH VDLG SHUFHQW EHWZHHQ DQG
³7KHUH¶V D ORW RI WKLQNLQJ WR &KLQD¶V SURGXFWLRQ LQ
FDQFHO VKLSPHQWV EHFDXVH FUHDVHGSHUFHQWLQWKDWWLPH
WKH\¶UH ZRUULHG DERXW EHLQJ IUDPH ZKLOH (XURSH GHFOLQHG
SHUFHQW(XURSH¶VSHUFDSL
RYHUVWRFNHG´
6RXWKHDVW $VLD W\SLFDOO\ WDDSSOHFRQVXPSWLRQGHFOLQHG
LPSRUWV D ORW RI IUXLW SULRU WR SHUFHQW EHWZHHQ DQG
WKH&KLQHVH1HZ<HDUZKLFK LQGLFDWLYH RI WKH IDFW
WKHLUWRSYDULHW\LV*ROGHQ'H
IDOOVRQ)HEWKLV\HDU
:KLOHVRPHIUXLWKDVEHHQ OLFLRXVVKHVDLG
86 DSSOH FRQVXPSWLRQ
PRYLQJ WKURXJK WKH VORZ
GRZQ 7RGG )U\KRYHU FRP KDV EHHQ VWD\LQJ IODW DW
PLVVLRQ SUHVLGHQW KDV VDLG SRXQGV SHU SHUVRQ EXW 1HZ
LW¶V DOUHDG\ WRR ODWH LI WKH <RUN DQG 0LFKLJDQ WKH QH[W
VORZGRZQ ZHUH WR HQG WR ODUJHVWDSSOHSURGXFLQJVWDWHV
ERRVWVDOHVEHIRUHWKH&KLQHVH DIWHU:DVKLQJWRQDUHH[SHFW
HG WR HDFK LQFUHDVH SURGXF
1HZ<HDU
6RXWKHDVW$VLDUHWDLOHUVDUH WLRQWRPLOOLRQER[HVLQWKH
FRQFHUQHG FRQVXPHUV ZRQ¶W QH[WILYH \HDUVVKHVDLG7KH\
EH HDJHU WR EX\ DSSOHV DIWHU FXUUHQWO\DUHDERXWPLOOLRQ
WKH KROLGD\ +XEHU VDLG 6KH HDFK
6KH WDONHG DERXW JURZWK
VDLG VKH EUDLQVWRUPHG ZLWK
WKHP DERXW H[SDQGLQJ URDG LQ*DOD+RQH\FULVS)XMLDQG
RWKHUYDULHWLHVLQUHFHQW\HDUV
VKRZSURPRWLRQV
+XEHUVDLGVKHGLGQRWVHH DQG DVNHG JURZHUV ZKHUH
DQ\3ROLVKDSSOHVRQKHUWULS WKH\ VWDQG LQ WKHLU YDULHWDO
3RODQG LV D ODUJH DSSOH SUR PL[ VLQFH :DVKLQJWRQ SUR
GXFHUDQGKDVDELJRYHUVXS GXFHV DERXW PLOOLRQ ER[
SO\JLYHQFORVXUHRIWKH5XV HV RI OHVV GHVLUDEOH YDULHWLHV
VLDQ PDUNHW )UDQFH LV EHLQJ YHUVXV PLOOLRQ ER[HV RI
³YHU\DJJUHVVLYH´LQWU\LQJWR YDULHWLHVJURZLQJLQFRQVXP
JDLQ PDUNHW VKDUH LQ 6RXWK HUGHPDQG
By DAN WHEAT
&DSLWDO3UHVV
7KH ILUVW FRPSUHKHQ
VLYH ORRN DW 2UHJRQ¶V ZLQH
LQGXVWU\ LQ IRXU \HDUV HVWL
PDWHV LW KDV JURZQ WR KDYH
DQ HFRQRPLF LPSDFW RI
ELOOLRQ FRXQWLQJ GL
UHFW DQG UHODWHG VDOHV MREV
VHUYLFHVDQGSURGXFWV
7KHUHSRUWE\)XOO*ODVV
5HVHDUFK GHVFULEHV DQ LQ
GXVWU\ RQ D SRVWUHFHVVLRQ
UROO ZLWK SODQWHG DFUHV LQ
FUHDVLQJE\SHUFHQWVLQFH
WKH QXPEHU RI ZLQHU
LHV XS SHUFHQW DQG D
SHUFHQWLQFUHDVHLQVDOHV
2UHJRQ JUDSH JURZHUV
DQG ZLQH PDNHUV KDYH VXF
FHVVIXOO\IRFXVHGRQPDNLQJ
KLJKHUSULFHG KLJKHUTXDOL
W\ ZLQH HVSHFLDOO\ WKH VLJ
QDWXUH 3LQRW QRLU ³WXUQLQJ
WKH VWDWH¶V ORZ \LHOGV DQG
WULFN\FOLPDWHLQWRDQDVVHW´
DFFRUGLQJWRWKHUHSRUW
³2UHJRQ JURZHUV FRQ
WLQXHWRDFKLHYHWKHKLJKHVW
DYHUDJH SULFH SHU WRQ ZKLOH
2UHJRQZLQHULHVUHDOL]HWKH
KLJKHVW DYHUDJH UHYHQXHV
SHU FDVH´ DFFRUGLQJ WR WKH
UHSRUW
:LQH JUDSHV DUHQ¶W HYHQ
LQ 2UHJRQ¶V WRS PRVW
YDOXDEOHFURSV7KH1DWLRQ
DO $JULFXOWXUDO 6WDWLVWLFV
6HUYLFH OLVW JUDSHV WK LQ
DW PLOOLRQ )XOO
*ODVV 5HVHDUFK OLVWV WKH
FURS YDOXH DW PLOOLRQ
%XWWKHUHSRUWGHWDLOVDQLQ
GXVWU\ WKDW ³SXQFKHV DERYH
LWV ZHLJKW´ DV D SXEOLFLVW
SXWLWDQGKDVHFRQRPLFULS
SOHV UDQJLQJ IURP WKH SUR
GXFWLRQ RI RDN EDUUHOV DQG
VWHHO WDQNV WR PRQH\ VSHQW
E\WRXULVWVLQWDVWLQJURRPV
$PRQJ WKH SRLQWV RI LQ
WHUHVWLQWKHUHSRUW
• 7KHUH DUH
³ZLQHUHODWHG´ MREV LQ 2U
HJRQ DQG WKH LQGXVWU\ SUR
(ULF0RUWHQVRQ&DSLWDO3UHVV
$QHZVWXG\HVWLPDWHV2UHJRQ¶VZLQHLQGXVWU\FDUULHVDELOOLRQHFRQRPLFLPSDFWZKHQFRXQWLQJ
GLUHFWDQGUHODWHGMREVVDOHVVHUYLFHVDQGSURGXFWV
GXFHG PLOOLRQ QLQHOLWHU
FDVHVLQ
• 'HVSLWH GUDPDWLF
JURZWK VPDOO WR PHGLXP
VL]H SURGXFHUV SUHYDLO LQ
2UHJRQ 7KH VWDWH¶V WKUHH
ODUJHVW SURGXFHUV ZRXOG
UDQNQGUGDQGWKLQ
&DOLIRUQLD
• 2UHJRQ FRQVXPHV
SHUFHQWRILWVRZQZLQHSUR
GXFWLRQDQGH[SRUWVWKHUHVW
$PRQJLQWHUQDWLRQDOH[SRUW
PDUNHWV&DQDGDWDNHVPRUH
WKDQRQHWKLUG-DSDQLVVHF
RQG ZLWK 0H[LFR +RQJ
.RQJ DQG 6FDQGLQDYLDQ
FRXQWULHV HPHUJLQJ DV WKH
IDVWHVWJURZLQJPDUNHWV
• $ :LQH 2SLQLRQV QD
WLRQDO FRQVXPHU SDQHO
VKRZHG UHJXODU SXUFKDVLQJ
RI 2UHJRQ ZLQHV DPRQJ
KLJK HQG FRQVXPHUV LQ
FUHDVHG IURP SHUFHQW LQ
WRSHUFHQWLQ
7KH ³URPDQFH DQG DSSHDO´
RI ZLQHULHV DQG ³XSVFDOH
GHPRJUDSKLFV´RIZLQHFRQ
VXPSWLRQ DVVXUH WKDW ZLQH
WRXULVWV VSHQG PRUH WKDQ
RWKHUYLVLWRUV
• ,Q 2UHJRQ ZLQ
HULHV VSHQW PLOOLRQ
RQ FRUNV DQG RWKHU ERWWOH
FORVXUHV PLOOLRQ RQ
JODVV DW OHDVW PLOOLRQ
RQ VWHHO WDQNV DQG PLO
OLRQ WR PLOOLRQ RQ EDU
UHOV 7KH\ DOVR VSHQW DERXW
PLOOLRQIRUPLOOLRQ
ODEHOV
• $QQXDO YLQH\DUG FRVWV
IRU FXOWLYDWLRQ SUXQLQJ
ZHHG FRQWURO DQG WUHOOLVLQJ
UDQJHIURPWR
SHUDFUH
• 7KH DYHUDJH SHU DFUH
FRVWRIGHYHORSLQJDYLQH\DUG
LV7KDWLQFOXGHVVRLO
SUHSOD\RXWSODQWLQJWUHOOLV
LQJ YLQHV URRWVWRFN LUULJD
WLRQ DQG RWKHU FRVWV EXW QRW
WKHSXUFKDVHSULFH
•&KDQJHPD\EHFRPLQJ
)URPWRIRXURI
WKHWRSODUJHVWZLQHFRP
SDQLHVLQWKH86LQFOXGLQJ
.HQGDOO -DFNVRQ DQG WKUHH
FRPSDQLHVIURPWKHIDPRXV
%XUJXQG\UHJLRQRI)UDQFH
SXUFKDVHG RU H[SDQGLQJ
KROGLQJVLQ2UHJRQ
:DWHUSDQHO
EHJLQVSURFHVV
RIFRQVLGHULQJ
ERQGSURMHFWV
By TIM HEARDEN
6$&5$0(172 ²$ VWDWH
SDQHOLVVWDUWLQJWKHOHQJWK\WDVN
RI GHFLGLQJ ZKLFK SURMHFWV JHW
IXQGHGE\VRPHRIWKHELO
OLRQLQZDWHUERQGVDSSURYHGE\
&DOLIRUQLDYRWHUVLQ1RYHPEHU
7KH &DOLIRUQLD :DWHU &RP
PLVVLRQ ZLOO FRQGXFW DQ RQOLQH
VXUYH\PHHWZLWKDIIHFWHGSDUWLHV
DQG WDNH FRPPHQWV DW LWV KHDU
LQJVRQKRZLWVKRXOGKDQGRXW
ELOOLRQVHWDVLGHLQWKHERQG
IRU LQFUHDVLQJ WKH VWDWH¶V ZDWHU
VWRUDJHFDSDFLW\
:LWKQRJUDQWVWREHKDQGHG
RXW XQWLO 'HFHPEHU DW WKH
HDUOLHVWWKHSDQHOKDVWLPHWRFRQ
VLGHUKRZLWVKRXOGHYDOXDWHDQG
FRPSDUHSURMHFWVKRZWRJDWKHU
LQIRUPDWLRQDQG³DOOWKHUXOHVRI
WKHJDPH´H[HFXWLYHRIILFHU 6XH
6LPVWROGWKH&DSLWDO3UHVV
&RPPLVVLRQ FKDLUPDQ -RH
%\UQHSURPLVHVWKDWWKHSURFHVV
ZLOOEHIDLU
³:HORRNIRUZDUGWRDWKRU
RXJKDQGWKRXJKWIXOSXEOLFSUR
FHVV ² JXLGHG E\ VLJQLILFDQ
VWDNHKROGHULQSXWDQGFROODERUD
WLRQ²WRGHWHUPLQHKRZWREHVW
LQYHVW LQ PXOWLSXUSRVH SURMHFWV
WKDW SURYLGH WKHVH FULWLFDO EHQH
ILWV´ KH VDLG GXULQJ WKH SDQHO¶V
-DQPHHWLQJKHUH
$ERXW WZRWKLUGV RI &DOLIRU
QLD YRWHUV DSSURYHG 3URSRVLWLRQ
ZKLFKDOVRLQFOXGHVELO
OLRQ IRU ZDWHU TXDOLW\ SURMHFWV
ELOOLRQ IRU ZDWHUVKHG SUR
WHFWLRQ PLOOLRQ IRU IORR
SURWHFWLRQDQGPRQH\IRUDKRVW
RIRWKHUSURMHFWV
7KH ERQG WDVNV WKH ZDWHU
FRPPLVVLRQ ZLWK IXQGLQJ WKH
SXEOLFEHQHILW SRUWLRQRIVWRUDJH
SURMHFWV ZKLFK FRXOG LQFOXGH
IORRG SURWHFWLRQ HFRV\VWHP
UHVWRUDWLRQ UHFUHDWLRQ RU ZDWHU
TXDOLW\EHQHILWV 6LPVVDLG/RFDO
DJHQFLHVWKDWZRXOGEHQHILW IURP
DGGLWLRQDO ZDWHU ZRXOG QHHG WR
VXEPLWSURSRVDOVDQGSDUWO\IXQG
SURMHFWV
Online
CWC water bond information:
KWWSVFZFFDJRY3DJHV
3XEOLF%HQHILWVDVS
5-2/#14
&DSLWDO3UHVV
