(Click on the link to view the PDF file)
(Click on the link to view the PDF file)
About 2,000 villagers protested against POSCO‘s planned $12 billion steel plant on Saturday. Women and children formed a human ring around the site. Local opposition has long delayed the South Korean company building its 4 million tonnes plant. It is considered India’s biggest foreign investment project, in Orissa.
POSCO signed the agreement for the mill in 2005 and it was scheduled to begin production by the end of 2011. Protests, environmental concerns and government inquiries into alleged illegalities at a related mining concession have delayed it.
Environment Minister Jairam Ramesh gave the plant clearance in January on certain conditions, including ensuring that tribal rights and forest protection laws are observed. He said while giving permission he was against regularization of illegalities but had to. In fact tribal rights protected by Forest Rights Act, and environment concerns are utterly ignored and violated.
Orissa’s government started acquiring land for the world’s No. 3 steel company after the environment ministry’s January approval. POSCO needs 4,000 acres (1,600 hectares) of land. Local officials tried to persuade the villagers to back away and not use women and children as human shields, media said. About 500 policemen were deployed to try to control the protesters, roughly half them women and children.
French Finance Minister and IMF candidate Christine Lagarde said on Saturday tackling sovereign debt troubles would be a priority of the International Monetary Fund if she led the Washington-based rescue lender. Lagarde, competing with Mexican central bank chief Agustin Carstens, was in Saudi Arabia as part of a world tour where she needs to drum up support among emerging market economies for her IMF candidacy.
South Africa’s Trevor Manuel ruled himself out of the race for the IMF’s top job on Friday, making Lagarde an even firmer favourite, although she remains under threat of a judicial inquiry in her home country. Lagarde is backed by the European Union and a handful of smaller countries from Georgia to Mauritius. Paris is hopeful that Washington and Beijing will also stand behind her.
Brazil, Latin America’s biggest economy is leaning towards supporting Lagarde but has not yet made up its mind, officials said on Friday. Lagarde said that the IMF should also support countries affected by the pro-democracy protest movement sweeping North Africa and the Middle East.
Lateral Thinking | 05/04/2011
The BOJ ( Central Bank of Japan ) answered the question that nobody does. What is causing the rally in Commodities :
“While the strong increase in commodity prices has been driven by global economic growth propelled by emerging economies, speculative investment flows into commodity markets have amplified the intensity of the price surge. The dynamics of global commodity prices has been changing as well, in accordance with the growing presence of financial investors in commodity markets. The entry of new financial investors has paved the way for the “financialization of commodities”. Consequently, global commodity markets have become more sensitive to portfolio rebalancing by financial investors, which has made commodity markets more correlated with other asset markets, including major equity markets. Furthermore, globally accommodative monetary conditions have played an important role in the surge in commodity prices, both by stimulating physical demand for commodities and driving more investment flows into financialized commodity markets.”
So thank you Mr. Bernanke for such a wonderful job !!!
Lateral Thinking | 22 Feb 2011 02:03 PM PST
According to Reuters : “Time magazine’s intelligence columnist reported on Tuesday that Libyan leader Muammar Gaddafi has ordered his security forces to sabotage the country’s oil facilities, citing a source close to the government.”
In a column posted on Time’s website, Robert Baer said the sabotage would begin by blowing up pipelines to the Mediterranean.
Should the dictator indeed proceed and destroy the country’s oil infrastructure, which as we noted earlier exports over 1.5 million barrels of crude a day, mostly to Italy, WTI COULD skyrocket!!!
RISK OFF STRATEGIES ARE BACK…
Democracy now | 28/02/2011
Here is a transcript from democracynow.org website whose correspondent, Anjali Kamat has spent in liberated zones in the Eastern Libya for five days and returned to Egypt to report for a prestigious non-profit news channel in America. She has personally spoken several Libyans who took part in the uprising against their autocratic ruler Co. Moummar Gaddafi. Amy Goodman is one of presenters of the news channel.
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AMY GOODMAN: As the uprising continues in Libya, more areas have fallen into the hands of pro-democracy protesters, but Colonel Muammar Gaddafi retains control of the capital Tripoli. On Sunday, protesters had taken control of Zawiyah, a city 30 miles from Tripoli, but pro-Gaddafi forces are surrounding the area.
On Saturday, the U.N. Security Council unanimously imposed sanctions in the form of travel bans and asset freezes on Gaddafi and his family. The U.N. resolution also called for referring Gaddafi to the International Criminal Court for crimes against humanity.
In a telephone conversation with the German Chancellor, Angela Merkel, President Barack Obama said Gaddafi should leave.
AMBASSADOR SUSAN RICE: Resolution 1970 is a strong resolution. It includes a travel ban and an assets freeze for key Libyan leaders. It imposes a complete arms embargo on Libya. It takes new steps against the use of mercenaries by the Libyan government to attack its own people. And for the first time ever, the Security Council has unanimously referred an egregious human rights situation to the International Criminal Court. As President Obama said today, when a leader’s only means of staying in power is to use mass of violence against his own people, he has lost the legitimacy to rule and needs to do what is right for his country by leaving now.
AMY GOODMAN: That was Susan Rice, the U.S. ambassador to the United Nations. In an interview with Serbian television Sunday, a defiant Gaddafi repeated his message that he will stay in Libya. Speaking via telephone from his Tripoli office, he again blamed foreigners and al-Qaeda for the uprising that’s threatening his 41-year rule. He also condemned the United Nations Security Council for imposing sanctions on him and launching a war crimes inquiry.