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USA Bankruptcy Law

Title 11- Bankruptcy Contains:

Chapter 1 – General Provisions.

Chapter 3- Case Administration.

Chapter 5 – Creditors, the Debtor, and the Estate.

Chapter 7 – Liquidation.

Chapter 9 – Adjustment of Debts of a Municipality.

Chapter 11 – Reorganization.

Chapter 12- Adjustment of Debts of Family Farmer or Fisherman with

Regular Annual Income.

Chapter 13 - Adjustment of Debts of an Individual with Regular Income.

Chapter 15 - Ancillary and Other Cross – Border Cases.

United States Bankruptcy Court

The Document's of Cases

World Legal News 2009

International Legal Case

Chinese court turns down first anti-monopoly case

The No. 1 Intermediate People's Court of Beijing on Thursday rejected an anti-monopoly case considered the first of its kind in China, the Beijing Times reported.

In a first-instance trial ruling, the court cited a factor that the plaintiffs filed litigation after its validity period expired as the reason for turning down the case, the newspaper quoted Zhou Ze, the attorney on the case, as saying.

It went further to defend its decision by citing Article 58 of the Administrative Procedure Law and the first item of Article 41 of the Interpretation Regarding Issues Related to Implementation of the Administrative Procedure Law.

In accordance with both legal documents, administrative organs lay out certain administrative actions. If they fail to inform citizens and legal representatives or fail to give other organizations the right of litigation or the terms of the litigation, the starting time for the period of the litigation or the term of the litigation should be counted from the day the litigants presumably should have known. This period of being informed shouldn't have exceeded two years at most.

The plaintiffs were four anti-counterfeiting ventures based in the Chinese capital led by Beijing Zhaoxin Information Technology Co., Ltd..

They insisted the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ), an industry regulator, violated two Chinese laws including the anti-monopoly law in the latter's efforts to popularize an online network known as Product Identification Authentication and Tracking System (PIATS). They also raised a legal case with the Beijing court to sue the latter for administrative monopoly on Aug. 1, which coincided with the date when the country's first anti-monopoly law took effect.

PIATS is an online tracking platform said to be launched by China Credit Information Technology Co., Ltd. in April 2005. This organization was jointly set up by three investors -- CITIC 21CN Company Limited, a Hong Kong-registered business and the AQSIQ information center, among them.

The original four plaintiffs were later joined by four other anti-counterfeiting Chinese companies from across the country also in August.

The expanded team of plaintiffs clarified their demands in the litigation of AQSIQ's business to popularize PIATS; its administrative act of asking all enterprises to pay fees before getting codes for products with PIATS were acts of violating regulations and laws, and AQSIQ be told to stop such violations and take measures in order to eradicate the negative impact caused by AQSIQ violations on the plaintiffs.

Attorney Zhou, who said he received the court's letter of decision on Thursday, didn't agree with the court's ruling.

"I don't think the term of my customers' litigation expires, as AQSIQ's efforts to spread PIATS among producers have been going on and on," he said, vowing to appeal the case.

The International Financial Crisis & Export News 2009

The U.S. Bureau of Economic Analysis (BEA)

GROSS DOMESTIC PRODUCT: FOURTH QUARTER 2008 (Final)
Corporate Profits, Fourth quarter 2008.

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 6.3 percent in the fourth quarter of 2008,(that is, from the third quarter to the fourth quarter), according to final estimates released by the Bureau of Economic Analysis. In the third quarter, real GDP decreased 0.5 percent.

The GDP estimates released today are based on more complete source data than were available for the preliminary estimates issued last month. in the preliminary estimates, the decrease in real GDP was 6.2 percent .the decrease in real GDP in the fourth quarter primarily reflected negative contributions from exports, personal consumption expenditures, equipment and software, and residential fixed investment that were partly offset by a positive contribution from federal government spending. Imports, which are a subtraction in the calculation of GDP, decreased.

Most of the major components contributed to the much larger decrease in real GDP in the fourth quarter than in the third. the largest contributors were a downturn in exports and a much larger decrease in equipment and software. the most notable offset was a much larger decrease in imports.

The final estimate of the fourth-quarter change in real GDP is 0.1 percentage point, or $2.9 billion, lower than the preliminary estimate issued last month.the downward revision to the percent change in real GDP primarily reflected downward revisions to private inventory investment, to exports of services,and to nonresidential structures that were partly offset by a downward revision to imports of services and an upward revision to exports of goods.

U.S. economist sees no proof of U.S. economic recovery in two years

There is no real proof that the U.S. economy will recover in two years, prominent U.S. economist Martin Feldstein said here on Monday. "It's very hard to predict when the U.S. economy will come out of the current downturn," Feldstein, a Harvard professor, told Xinhua on the sidelines of the China Development Forum 2009.

Feldstein, who was the former head of the National Bureau of Economic Research, is one of the members of the Economic Recovery Advisory Board, a team named by U.S. President Barack Obama last month to help lift the economy out of the ongoing recession. Feldstein said the stimulus package adopted by the U.S. government was not enough to avert the sliding trend of the U.S. economy. As to the European economies, Feldstein said they were probably weaker than the U.S. economy.

"But the European governments are not actively dealing with the downturn. Specially, Italy and France are resisting large fiscal stimulus. So I'm worried that they too will have a hard time coming out of this downturn," he said.

As to China's economy, Feldstein said: "My impression is that China has a quite substantial stimulus package that is going to be successful in bringing China's economic activity back up to substantial growth rate by some time next year."

"I don't know whether China will reach this goal of 8 percent for 2009. But I think, by 2010 China will be growing at numbers like 8 percent," he added

The International Financial Crisis & China's Export

Foreign trade of China's capital shrank 37.2 percent year-on-year in the first two months of 2009 to 24.85 billion U.S. dollars as the world economy slowed, the local customs house said Saturday. Exports were 7.28 billion U.S. dollars, down 6.9 percent, and imports were 17.57 billion U.S. dollars, down 44.6 percent. Exports of machines, electronics and new- and high-tech products slid but heavy industrial product exports rose.

During the two-month period, Beijing exported 4.44 billion U.S. dollars worth of machines and electronics, down 4.7 percent, and 2.29 billion dollars worth of new- and high-tech products, down 17.3 percent.

But exports of rolled steel rose 31.6 percent to 500,000 tonnes and those of oil products increased 33.3 percent to 622,000 tonnes. The European Union, the United States and Japan remained the top three trade partners of Beijing.

Japan’s economic crisis

Japan′s exports suffer record plunge

Japan's exports fell by nearly half in February from a year earlier, a record monthly drop, the government said Wednesday, as the relentless slump in overseas demand deepened its grip on the world's second-largest economy.

Exports tumbled 49.4 percent from the previous year, the sharpest decline since the Ministry of Finance began compiling comparable data in 1980. Demand plunged in all regions of the world, particularly North America, Europe and Russia.

Japan, which had relied foreign sales of its cars and gadgets to drive economic growth, now finds itself mired in its deepest recession since the end of World War II as consumers and companies around the world slash spending.theInternational Monetary Fund expects the Japanese economy to contract 5.8 percent for the 2009 calendar year, though many economists predict it could be far worse. the slowdown in the domestic economy has also sapped imports, which fell 43 percent in February from a year earlier.

As a result, Japan posted its first trade surplus in five months, breaking a run of four straight months in the red. In January, the country posted a record trade deficit of 952.6 billion yen ($9.7 billion).

Global exports of motor vehicles plummeted 64 percent in February, with those to the US down 71 percent. Overall exports to the US fell 58 percent.Japan's automakers have been among the hardest hit by the global downturn, and the latest ouput figures released Tuesday reflect impact of the ongoing slump.

Toyota Motor Corp., which is forecasting its first annual net loss since 1950, said its global production plunged by nearly half in February from a year earlier. Honda Motor Corp. reported a 43 percent drop in global output, while Nissan Motor Co. said its worldwide production declined 51 percent.

WTO foresees 9-percent global trade decline in 2009

Global trade will decline by some 9 percent in volume terms this year, the biggest such contraction since the Second World War, the World Trade Organization (WTO) said in a report on Monday.

The contraction in developed countries will be particularly severe with exports falling by 10 percent this year, according to the annual global trade assessment report.

In developing countries, which are far more dependent on trade for growth, exports will shrink by some 2-3 percent in 2009, WTO economists said in the report.

According to the report, signs of the sharp deterioration in trade were evident in the latter part of 2008 as demand sagged and production slowed.

Although world trade grew by 2 percent in volume terms for the whole of 2008, it tapered off in the last six months and was well down on the 6-percent volume increase posted in 2007. "Trade can be a potent tool in lifting the world from these economic doldrums," WTO Director-general Pascal Lamy said in a statement.

"In London G20 leaders will have a unique opportunity to unite in moving from pledges to action and refrain from any further protectionist measure which will render global recovery efforts less effective," Lamy said, referring to the upcoming Group of 20 summit scheduled for early April.

Shipping News 2009

Sources BRS Dry Bulk Newsletter

Bulk Carriers

Dry bulk cargo is simply cargo that is transported unpacked in large quantities. Easily identified by the large hatches on the decks that cover the cargo holds, bulk carriers carry a huge range of raw materials and manufactured products from coal and iron ore to scrap metal, fertilizer, cement, livestock feed, gravel , peanuts, sugar and seeds.

The bulk market saw more declines this week, with only the Panama sector managing to hold onto earlier levels. Ore activity between Australia and China keep the market going, however, and the Pacific routes lost less ground than the Cape four time charter average.

It was reported during the week that China’s steel mills had struck a soft agreement ahead of the final ore negotiations to buy shipments at a 40% discount to 2008’s price.

Participants in the talks were quick to confirm talks would continue for another month, but the rate gives some indication of where the negotiations are pitched. Rio Tinto’s proposed sale of a major stake to Chinalco cleared a key hurdle, with Australia’s Competition and Consumer Commission ruling that the tie -up was unlikely to influence global prices, or favour Chinese steel makers. Finally, confirming just what an incredible year it has been for the dry bulk market, this week also saw the launch of the former Exxon Valdez in its new incarnation as a Capesize bulker following conversion at Guangzhou Wenchong. Who would have predicted such a thing 20 years ago when the vessel first made headlines?

Capesize:

The fall in the Cape market slowed this week and the BCI fell just 5% week-on week.A similar decline was evident in the four time charter average, which slipped to US$18,464. However while the Atlantic trade was slow, the Pacific showed a steady turnover of activity and there was more rate resistance.

Rates in the paper market suggest there could be some further deterioration in the second quarter, but conditions could improve after that.

Despite this, there was no period activity during the week. The BCI fell another 14 points on Monday, though the market seemed steady in the short term.

Panamax:

Last week’s trading in the Panamax sector was unspectacular, with little positive fluctuation in physical spot values.Overall, the Pacific rose a total US$408 per day and the Atlantic lost US$161 perday and there was very little period interest. There were still charterers to take ECSA loaders for fronthaul grain business, which continued to entice ballasters from the east.

However in the north of the Atlantic there was a marked lack of fresh mineral enquiry.

In the Pacific, spot ships were starting to build up and the rates came under pressure by the close of the week. the paper market clearly suffered from the lack of direction, with a very low number of trades transacting. the list of ships coming open in the next few weeks in both basins is rising and the downward trend is set to continue.

Supra/Handy:

The Handy market started to feel the pressure, with enough ships to oversupply the orders, and rates consequently drifted downwards last week. The Cont/Black Sea regions maintained their levels well with a healthy flow of orders, whereas the south Atlantic drifted down more significantly.

For Supramaxes and Handysizes, the TARV is worth US$13- 14,000/day and about US$11,000/day respectively.

The market remained quiet in India as some iron ore exports proved difficult to realise. Nevertheless, Supramaxes were still able to achieve US$13-14000 dop West Coast India for a trip to China. Nopac rounds were fixed between US$8,000 and US$9,000 for Far East delivery for Supras, and about US$8,000 for Handysizes. Backhauls went up on the back of weaker prospects in the Atlantic, while front hauls drifted down to reach the mid/high US$20,000s for Supramaxes, and low/mid US$20,000s for Handysizes.

On the period front the market was relatively quiet with only a few short period fixtures, including for instance the 57,000 dwt ‘Qatar Spirit' (built 2009) was fixed at US$11,500/day delivery ex-yard Shanghai spot for 4/7 months,redelivery worldwide.

Chinese stocks climb to four-month high

China's stocks climbed to a four-month high, led by China Cosco Holdings Co after the Baltic Dry Index advanced for a 14th straight day. Beijing Capital Development Co gained after home sales at China Vanke Co rose.

China Cosco, the world's largest operator of dry-bulk ships, rose the 10 percent limit as the Baltic Dry Index, a gauge of commodity shipping costs, advanced a 14th day, boosting prospects for rates generally. Beijing Capital, owned by the municipal government, added 5.8 percent after Vanke, the nation's biggest developer, posted its first gain in home sales in eight months.

The benchmark Shanghai Composite Index rose 43.48, or 2 percent, to 2,224.71, the highest close since Sept 26. The CSI 300 Index, which measures shares on both of China's exchanges, advanced 2.7 percent to 2,296.67.

The rebound in shipping rates is "one of the indicators" that the economy is stabilizing, said Michelle Qi, a portfolio manager at Bank of Communications Schroder Fund Management, which oversees about $790 million. the Shanghai Composite has gained 22 percent this year, making it the best-performing stock gauge in the world, after the government announced on Nov 9 a 4 trillion yuan spending plan to boost the world's third-largest economy. The central bank has also cut the key lending rate five times since September to support industries and stem job losses.

China Cosco surged by the 10 percent limit to 10.74 yuan, taking the stock to the highest since Oct 9. Cosco Shipping Co added 6.8 percent to 10.16 yuan. China Shipping Development Co, the nation's biggest oil carrier, advanced 5.1 percent to 12.11 Yuan. the Baltic Dry Index rose 9.6 percent to 1,642 points on Feb 6, according to the Baltic Exchange, on the expectation iron ore demand will rebound.

HSI up 0.8%

Hong Kong shares rose 0.8 percent yesterday in their longest winning streak in more than two-months, helped by a sustained rally on the mainland bourse.the benchmark Hang Seng Index HSI ended 114.02 points higher at 13,769.06.the main index has climbed nearly 1,000 points in the four-day rally. the China Enterprises Index HSCE of top mainland firms rose 0.7 percent to 7,754.57 as the Shanghai Composite Index marched toward an eight-month high.

ECSEI Report's WORLD AIR CARGO FORECAST 2009

ECSEI COURSE OUTLINE

The following transactions will be analyzed:

International sale of goods (including transportation, insurance and instruments of payment)international sales through foreign intermediaries (i.e. sales agents and independent distributors) and international licensing of intellectual property (i.e. patent, trademark, copyright).

The course will also deal with export and import controls, customs and export insurance.