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.
Courtesy of David Rosenberg
Source: Lateral Thinking
Obama’s State of the Union 2011:
“Two years after the worst recession most of us have ever known, the stock market has come roaring back. Corporate profits are up. The economy is
Herbert Hoover, May 1st 1930, US Chamber of Commerce Meeting:
“While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover.”
Obama’s State of the Union 2011:
“Thanks to the tax cuts we passed, Americans’ paychecks are a little bigger today. Every business can write off the full cost of the new investments they make this year. These steps, taken by Democrats and Republicans, will grow the economy and add to the more than one million private sector jobs created last year.”
Herbert Hoover, October 22, 1932, campaign speech in Detroit:
“It can be demonstrated that the tide has turned and that the gigantic forces of depression are today in retreat. Our measures and policies have demonstrated their effectiveness. They have preserved the American people from certain chaos. They have preserved a final fortress of stability in the world.”
Currency dispute between the US and China has been raging, yet they are not enemies but frenemies. They depend on each other, but gotta fight for advantage over each other.
China exports go to the US, and US debt is invested most by China, that fact that make both the countries depend on each other. That’s why the video says they are not enemies but frenemies.
Bloomberg | November 04, 2010 | 6:08 AM EDT
Asia-Pacific officials are preparing for stronger currencies and asset-price inflation as they blamed the U.S. Federal Reserve’s expanded monetary stimulus for threatening to escalate an inflow of capital into the region.
Chinese central bank adviser Xia Bin said Fed quantitative easing is “uncontrolled” money printing, and Japan’s Prime Minister Naoto Kan cited the U.S. pursuing a “weak-dollar policy.” The Hong Kong Monetary Authority warned the city’s property prices could surge and Malaysia’s central bank chief said nations are prepared to act jointly on capital flows. “Extra liquidity due to quantitative easing will spill into Asian markets,” said Patrick Bennett, a Hong Kong-based strategist at Standard Bank Group Ltd. “It will put increased pressure on all currencies to appreciate, the yuan in particular has been appreciating at a slower rate than others.”
The International Monetary Fund last month urged Asia- Pacific nations to withdraw policy stimulus to head off asset- price pressures, as their world-leading economies draw capital because of low interest rates in the U.S. and other advanced countries. Today’s reactions of regional policy makers reflect the international ramifications of the Fed’s decision yesterday to inject $600 billion into the U.S. economy.
Most Asian currencies rose against the dollar after the Fed’s move, led by a 0.5 percent climb in the Taiwanese dollar and 0.2 percent gain in the South Korean won. New Zealand’s currency reached a 29-month high, and Australia’s dollar touched its strongest level since 1982. The MSCI Asia Pacific index of stocks advanced to the highest level since July 2008. People’s Bank of China adviser Xia said U.S. policy makers have a conflict between making policy for the domestic economy and accepting responsibilities that come with being the issuer of the international reserve currency, writing in the Finance News newspaper today.
Reuters | Oct 5, 2010 | 8:13pm IST
The government on Tuesday approved a 10 percent sale of its equity in state-run Shipping Corp of India Ltd and also allowed the firm to raise funds selling equal number of fresh shares. The government plans to raise roughly $8.5 billion from share sales in 2010/11, part of a divestment programme in 60 state-run firms over next few years, as it looks to cut a stubbornly high fiscal deficit and raise spending on social welfare.
The government expects to raise about 13 billion rupees ($291 million) from the 10 percent stake sale in the firm. It currently owns 80.12 percent of Shipping Corp and its holding would come down to 63.75 percent after the share sale.
Shipping Corp, the largest shipping company in the country, could launch the follow-on share sale before December, its managing director told Reuters last week. Shipping Corp, which has a market value of about $1.6 billion, has shortlisted SBI Capital, ICICI Securities and IDFC Capital as lead managers for the offer, three sources with direct knowledge of the situation said in August.
“Computers are incredibly fast, accurate and stupid; humans are incredibly slow, inaccurate and brilliant; together they are powerful beyond imagination.” — Albert Einstein