World Bank Financial Products and Services



Financial Products and Services

The Banking and Debt Management Group in the World Bank
Treasury assures high-quality delivery to Bank clients of the
IBRD's financial product menu - which includes lending and
hedging products - by way of providing a wide range of client
services, namely:

Offering general IBRD financial product information/training
programs, through the preferred client media. Training can
be classroom-based, distance learning or multi-media.

Supporting the customized application of the flexibility of
IBRD financial terms (currency, interest rate basis,
repayment terms) to meet client's project or sovereign risk
management needs. This support can be provided during IBRD
project/loan preparation or in connection with the client's
overall IBRD financing program.

Enabling the access of IBRD borrowers to the Bank's hedging
products. As part of the process of negotiating a Master
Derivatives Agreement (MDA) between a client and the IBRD,
BCFBD offers workshops and other activities aimed at
building client-country capacity to use derivative products
in general and IBRD hedging products in particular.

Providing training workshops on the use of analytical tools
such as the Financial Product Workbooks, the Principal
Amortization Generator, the Swap Calculator and the
Cap/Floor Calculator. These tools were designed by IBRD to
support informed borrower decision making with respect to
IBRD loan and hedging products.

For more information please contact us at:
Banking and Debt Management Group
The World Bank
1818 H Street, NW
Washington, DC 20433

Telephone: 202-458-1122
Fax: 202-522-2102
Email: fps@worldbank.org

NASDAQ

NASDAQ Announces the Annual Re-ranking of the
NASDAQ-100 Index

New York, N.Y. � The Nasdaq Stock Market, Inc.
(NASDAQ; OTCBB:NDAQ) announced today the annual
re-ranking of the NASDAQ-100 Index�, effective
with the market open on Monday, December 20,
2004.
�The NASDAQ-100 Index is a transparent and
objective index whose members are ultimately
decided by investors and not by a committee,�
said John L. Jacobs, chief executive officer of
Nasdaq Financial Products Services, Inc. This
re-ranking will ensure that one of the world�s
most widely followed barometers of market
activity will continue to be comprised of
companies that represent a diverse range of
industries.�
The following 8 issues will be added to the
NASDAQ-100 Index: XM Satellite Radio Holdings
Inc. (NASDAQ:XMSR), Autodesk, Inc.
(NASDAQ:ADSK), Liberty Media International, Inc.
(NASDAQ:LBTYA), NTL Incorporated (NASDAQ:NTLI),
MCI, Inc. (NASDAQ:MCIP), Wynn Resorts, Limited
(NASDAQ:WYNN), LM Ericsson Telephone Company
(NASDAQ: ERICY), and Sirius Satellite Radio Inc.
(NASDAQ:SIRI).
The NASDAQ-100 Index is composed of the 100
largest non-financial stocks on the NASDAQ Stock
Market� and dates to January 1985 when it was
launched along with the NASDAQ Financial-100
Index�, which is comprised of the 100 largest
financial stocks on NASDAQ�. These indices were
originally designed to segment NASDAQ into two
major industry groups to support media coverage
and to act as benchmarks for financial products
such as options, futures, and funds. The
NASDAQ-100 is re-ranked each year in December,
timed to coincide with the quadruple witch
expiration Friday of the quarter.
On a cumulative basis, the NASDAQ-100 Index has
risen over 1157% since inception, and it has
outperformed several major domestic and
international stock indices for the ten-year
period ended November 30, 2004 , although past
performance is not indicative of future
performance. For the most recent one and five -
year period s ended November 30, 2004, the Index
cumulative return was 10% and -47% respectively
.
Shares of each company in the Index are included
in the NASDAQ-100 Index Tracking StockSM (QQQ� )
(NASDAQ:QQQQ), which is an exchange-traded fund
(ETF) that trades like a stock. It is the
world�s most actively traded ETF. It is also the
most actively traded listed equity security in
the U.S. QQQ represents ownership in the
NASDAQ-100 Trust SM. The Trust holds a portfolio
of equity securities that comprise the
NASDAQ-100 Index and aims to provide investment
results that, before expenses, generally
correspond with the NASDAQ-100 Index
performance. Since its inception in March 1999,
the Trust�s total assets have grown to over $23
billion.
The NASDAQ-100 European Tracker FundSM (EQQQSM)
is listed on Borsa Italiana and SWX Swiss
Exchange and is designed to closely follow the
NASDAQ-100 Index. EQQQ provides European
investors with low cost access to the entire
range of companies in the NASDAQ-100 Index in
European hours, on European markets. Since its
inception in November 2002, the Fund�s total
assets have grown to over $ 142 million. EQQQ is
not available to U.S. investors.
There are also 21 domestic mutual funds and 8
international funds linked to the NASDAQ-100
Index. For more information about the NASDAQ-100
Index, including eligibility criteria, visit
www.nasdaq-100.com.
As a result of the re-ranking of the NASDAQ-100
Index, the following 8 companies will be
removed: Cephalon, Inc. (NASDAQ:CEPH), Compuware
Corporation (NASDAQ:CPWR), First Health Group
Corp. (NASDAQ: FHCC), Gentex Corporation
(NASDAQ: GNTX), Henry Schein, Inc.
(NASDAQ:HSIC), NVIDIA Corporation (NASDAQ:
NVDA), Patterson-UTI Energy, Inc. (NASDAQ:PTEN)
and, Ryanair Holdings plc (NASDAQ:RYAAY).
NASDAQ is the largest U.S. electronic stock
market. With approximately 3,300 companies, it
lists more companies and, on average, trades
more shares per day than any other U.S. market.
It is home to companies that are leaders across
all areas of business including technology,
retail, communications, financial services,
transportation, media and biotechnology. NASDAQ
is the primary market for trading NASDAQ-listed
stocks. For more information about NASDAQ, visit
the NASDAQ Web site at http://www.nasdaq.com or
the NASDAQ Newsroom at
http://www.nasdaq.com/newsroom/.
To learn more about the criteria for inclusion
to the NASDAQ-100, visit
http://dynamic.nasdaq.com/dynamic/nasdaq100_activity.stm
Notes to editors:
The Trustee for the NASDAQ-100 Trust is required
to adjust the composition of the Trust within
three business days of the effective date of a
change to the composition of the NASDAQ-100
Index.
The NASDAQ-100 Index Tracking Stock is subject
to risks similar to those of stocks, including
those regarding short selling and margin account
maintenance. An investor cannot invest directly
in the Index. Index performance does not reflect
the fees and expenses associated with investing
in the NASDAQ-100 Index Tracking Stock.
An investor should carefully consider investment
objectives, risks charges and expenses before
investing. For this and more complete informati
on about NASDAQ-100 Index Tracking StockSM, a
unit investment trust, obtain a prospectus from
your broker, or call (888) 627-3837 or visit our
Web site at www.nasdaq-100.com . Read it
carefully before you invest.
While there is no assurance that the performance
of the NASDAQ-100 Index can be fully matched,
the NASDAQ-100 Index Tracking Stock is designed
to provide investment results that generally
correspond to the performance of the NASDAQ-100
Index before fees, expenses, and taxes. Past
performance is not indicative of future
performance.
ALPS Distributors, Inc., a registered
broker-dealer, is distributor for the Trust.
The sponsor of the NASDAQ-100 Trust, a unit
investment trust, is NASDAQ Financial Products
Services, Inc. (�NFPS�), a wholly owned
subsidiary of The Nasdaq Stock Market, Inc.
(�NASDAQ,� and collectively with its affiliates
except NFPS, the �Corporations�). Investment
returns and principal value will fluctuate so
that an investor�s shares, when redeemed or
sold, may be worth more or less than the
original cost.
�NASDAQ� and related marks are trademarks or
service marks of NASDAQ and have been licensed
for use for certain purposes by NFPS. The
NASDAQ-100 Index is comprised and calculated by
NASDAQ without regard to the NASDAQ-100 Index
Tracking Stock. The Corporations make no
warranty, express or implied, and bear no
liability with respect to NASDAQ-100 Index
Tracking Stock. The Corporations and NFPS make
no warranty, express or implied, and bear no
liability with respect to the NASDAQ-100 Index,
its use or any data included therein. The
Corporations do not guarantee the accuracy or
the completeness of the Index, or any data used
to calculate the index, or determine the index
components.
Company briefs:
The following are brief descriptions (source:
Bloomberg) of the 8 companies added to the
NASDAQ-100 Index in descending order based on
market capitalization as calculated in the
NASDAQ-100 Index annual re- ranking review.
Securities listed on the NASDAQ Stock Market
that meet the eligibility criteria were ranked
by market capitalization using closing prices as
of the end of October and publicly available
total shares outstanding as of the end of
November :
XM Satellite Radio Holdings Inc. provides audio
entertainment, information programming, and data
services. The Company transmits its XM Radio
service from its satellites to vehicle, home,
and portable radios. XM Satellite Radio offers,
as well as develops, more than 130 channels of
news, talk, sports, traffic, weather, children's
programming, and commercial-free music. The
Washington, DC, company had a market
capitalization of $6.6 billion at the time of
ranking.
Autodesk, Inc. provides software and services to
six million users in the building,
manufacturing, infrastructure, digital media,
and wireless data services fields that help
customers create, manage, and share their data
and digital assets more effectively. The San
Rafael, California, company had a market
capitalization of $6.1 billion at the time of
ranking.
Liberty Media International, Inc. is a holding
company that owns interests in broadband
distribution and content companies principally
in Europe, Asia, and Latin America. The
Englewood, Colorado, company had a market
capitalization of $6.1 billion at the time of
ranking.
NTL Incorporated provides communications
services to residential, business, and wholesale
customers. The Company offers residential
telephony, cable television, and Internet access
services. NTL also provides national and
international carrier telecommunications,
satellite, and radio communications, as well as
digital and analog television and radio
broadcast transmission services. The New York,
New York, company had a market capitalization of
$5.8 billion at the time of ranking.
MCI Inc. provides business and residential
communications services. The Company owns and
operates network facilities throughout North
America, Latin America, Europe, Africa, and the
Asia-Pacific region. The Ashburn, Virginia,
company had a market capitalization of $5.5
billion at the time of ranking.
Wynn Resorts, Limited is constructing and will
own and operate Le Reve, a
luxury hotel and destination casino resort in
Las Vegas, Nevada. The Company is seeking to
attract a range of customers, including middle
market customers and high roller and premium
gaming patrons. The Las Vegas, Nevada, company
had a market capitalization of $5.3 billion at
the time of ranking.
LM Ericsson Telephone Company is an end-to-end
provider of mobile and fixed-line
telecommunications equipment and services to
operators worldwide. The company provides
equipment in each of the major technology
standards, as well as solutions for enterprise,
mobile platforms, microwave, radar systems,
cables and modems. The company also develops and
manufactures mobile phones through its Sony
Ericsson Mobile Communications joint venture.
The Stockholm, Sweden, company had a market
capitalization of $5 billion at the time of
ranking.
Sirius Satellite Radio Inc., from its orbiting
satellites, directly broadcasts more than 120
channels of music, news, entertainment and
sports in digital-quality audio. The Company
provides its services throughout the continental
United States for a monthly subscription fee.
The Company provides 65 commercial-free music
channels in every genre, as well as 55 channels
of news, traffic, weather, original talk
programming and sports. The New York, New York,
company had a market capitalization of $4.9
billion at the time of ranking.

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World Health

HEALTH CARE NEEDS HAVE CHANGED/ Worldwide pressures for increased spending stem from technological and demographic changes, such as an aging population, changing disease patterns and an increase of immigration in most developed countries. At the same time, the need for health services has increased in recent years and is expected to continue to do so in the future. In most under developed and some developed countries access to such health care services and facilities is limited at best. Demand for state of the art medical facilities and services continue to rise, however many Governments and state run hospitals and clinics worldwide often lack the ability to provide certain capital-intensive medical services. The role of private foreign capital in developing countries has increased sharply in the past twenty years, because of higher returns, risk diversification, financial deregulation, advances in technology, availability of diverse financial instruments, and globalization of financial markets. Yet access to basic health services has remained stagnate in the same amount of years. Private participation with government incentive's in health infrastructure must increase. If we are to stop the suffering and needless deaths that occur because the lack of or limited access to health care services. It is my opinion that governments in both the developed and developing world work together. Health care is a global issue not a regional issue. No one government can do it alone private provision, particularly for health services must be fully utilized and explored. Moreover public policy and funding functions are separable from the provision of services. Governments thus have the option to tap private initiative, while providing funding to deal with affordable concerns. Private provision is thus one of the tools for governments in their effort to build out social service systems that provide universal access to all.