Genevie notes

French government bonds could come under pressure after Moody’s warned late on Monday it may place France’s top-notch rating on negative outlook in the next three months if the costs for helping to bail out banks and indebted euro zone states stretch its budget too much.German Bunds snapped three weeks of losses the previous session after German officials cautioned against hopes of a quick solution to the region’s two-year debt problems.”The nervousness is very high and negative comments will have a larger impact than positive comments. The balance of risk is we’re definitely going to see more positive performance in Bunds,” Nordea analyst Niels From said.The Bund future was last 28 ticks up at 134.90 compared with 134.62 at Monday’s settlement close. Cash 10-year Bunds yielded 2.07 percent, 2.3 basis points less than in late Monday trade, retreating from seven-week highs above 2.20 percent hit last week on market optimism was high that European summit next week would unveil a comprehensive solution to the debt crisis.

Chad “Corntassel” Smith wants an injunction to bar Bill John Baker, elected to replace him as chief, from being sworn in until a federal court determines if black members of the tribe known as “freedmen” are entitled to citizenship in the nation’s second largest Indian tribe.Smith, who lost the leadership poll by more than 1,500 votes, filed the appeal with the Cherokee Nation Supreme Court, whose judges he appointed during his 12-year administration.Baker, a longtime member of the tribal council, said he was disappointed by Smith’s move.”It’s time for him to abide by the will of the people,” he said.The Cherokee election has been unusual from the start. An initial election in June featured four recounts that yielded differing results. Charges of vote tampering were raised but never proven.The Cherokee Supreme Court then ordered a new election for September, but added fuel to the political fire with an August ruling that banished 2,800 black members from the tribe in a move seen as aiding Smith.The freedmen supported his challenger, Baker, because of Smith’s efforts to ban the descendants of slaves owned by tribe members in the pre-Civil War era from citizenship. They see Baker as less hostile to their membership.The freedmen, backed by the federal government, say they are guaranteed tribal citizenship by the Treaty of 1866 with the U.S. government, while Smith and some other Cherokee believe all members should have an ancestral Indian blood link.The freedmen eventually regained their voting rights with the help of the federal government, which withheld funds from the tribe to pressure it into an out-of-court settlement. But the status of the freedmen is expected to remain an issue in the courts.Smith said the agreement violates tribal law, while Baker said he would have won the election even if the freedmen had not been allowed to vote.

Oct 5 - Glori Energy Inc, which uses biotechnology to release oil trapped in reservoirs, filed with U.S. regulators on Wednesday to raise up to $115 million in an initial public offering of its common stock. The company said it planned to use the net proceeds from the offering for general corporate purposes, which may include the acquisition, restoration and operation of low-producing oil fields. The Houston-based company told the U.S Securities and Exchange Commission in a preliminary prospectus that Credit Suisse, UBS investment bank, Piper Jaffray and Robert Baird & Co were underwriting the IPO. Investment company GTI Group and Energy Technology Ventures — a joint venture of General Electric Co GE.N>, ConocoPhillips and NRG Energy Inc — are some of the biggest stakeholders of Glori. The company, which did not reveal how many shares it planned to sell or their expected price, intends to list its common stock on the Nasdaq under the symbol “GLRI”. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

“In continuation of the scheduled medical follow up of King Abdullah, the king will undergo an operation in the coming days in Riyadh,” news agency SPA reported, citing a statement from the royal court.Details of the planned operation were not disclosed.

The offer price of C$2.50 a share, which is at a premium of nearly 88 percent to the company’s close on Friday, is an “extremely low-ball bid”, Western Wind said in a statement.”A large U.S.-based corporation, with a substantial U.S. tax appetite, is the only entity that can offer the full value to the Western Wind shareholders,” the company said. “There is over $300 million of tax shield available to a large taxable, U.S. entity.”Western Wind, which signed a 20-year contract in December to supply electricity to Southern California Edison from its flagship Windstar project, is on the verge of going on-line with the project in three months, it said.The company expects returns from the project to be above Algonquin’s offer, it added.Algonquin could not be reached immediately for comments. The company owns and operates $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America, according to Algonquin’s website.Western Wind shares rose over 68 percent to trade at C$2.24 on Tuesday on the Toronto Venture Exchange.