MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Cash, Cash Equivalents, and Marketable Securities [Text Block]

3. MARKETABLE SECURITIES

Marketable securities are classified as available-for-sale securities and are recorded at fair market value. Unrealized gains and losses are recorded as other comprehensive income in shareholder’s equity, net of income tax effects.

For the period ended September 30, 2013 and 2014, marketable securities amounted respectively to $401,000 and $52,495,000.

As of September 30, 2014, the unrealized gains or losses amounted to $150,000.

	Comparison Sept 30, 2013 vs Sept 30, 2014
									Unrealized Gains
(in thousands of U.S dollars)	Fair value				Value at  cost				(Losses)
	2013		2014		2013		2014		2013		2014
Credit Agricole securities		401		14,017		401		14,017		-		-
Morgan Stanley securities		-		38,478		-		38,328		-		(150)
Total		401		52,495		401		52,345		-		(150)