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CANADA’S NUCLEAR-INDUSTRY SEES DEALS WORTH BILLIONS WITH INDIA

Posted by Gilmour Poincaree on January 24, 2009

24 Jan 2009, 1330 hrs IST

IANS

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

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PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in CANADA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, NUCLEAR ENERGY, RECESSION, THE FLOW OF INVESTMENTS | 1 Comment »

TOSHIBA SET TO WIN TEXAS NUCLEAR DEAL

Posted by Gilmour Poincaree on January 20, 2009

Jan. 20, 2009

The Yomiuri Shimbun

PUBLISHED BY ‘THE YOMIURI SHIMBUN’ (Japan)

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PUBLISHED BY ‘THE YOMIURI SHIMBUN’ (Japan)

Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, JAPAN, NUCLEAR ENERGY, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, USA | Leave a Comment »

RICE WITH ABDULLAH BIN ZAYED AL-NAYHAN – US SIGNS CIVIL NUCLEAR DEAL WITH UAE – US SECRETARY OF STATE, UAE COUNTERPART SIGN DOCUMENT LAYING ‘LEGAL FRAMEWORK’ FOR CIVIL NUCLEAR COOPERATION

Posted by Gilmour Poincaree on January 16, 2009

2009-01-16

Middle East Online

PUBLISHED BY ‘THE MIDDLE EAST ONLINE’

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PUBLISHED BY ‘THE MIDDLE EAST ONLINE’

Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY INDUSTRIES, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, NUCLEAR ENERGY, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, UNITED ARAB EMIRATES, USA | Leave a Comment »

BRASIL INICIA EM FEVEREIRO PRODUÇÃO DE URÂNIO ENRIQUECIDO EM ESCALA INDUSTRIAL

Posted by Gilmour Poincaree on January 14, 2009

13 de Janeiro de 2009 – 19h43

por Gilberto Costa – Repórter da Agência Brasil

PUBLISHED BY ‘AGÊNCIA BRASIL’

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PUBLISHED BY ‘AGÊNCIA BRASIL’

Posted in A QUESTÃO ENERGÉTICA, AS INDÚSTRIAS DE MINERAÇÃO, BRASIL, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, EXPANSÃO ECONÔMICA, EXPANSÃO INDUSTRIAL, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FLUXO DE CAPITAIS, INDÚSTRIAS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, NUCLEAR ENERGY, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

PROGRESS ENERGY TO BUILD 2 REACTORS IN FLA. (USA)

Posted by Gilmour Poincaree on January 7, 2009

Tue, Jan. 06, 2009 – 12:30AM

by John Murawski – Staff Writer

PUBLISHED BY ‘THE NEWS OBSERVER’ (USA)

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PUBLISHED BY ‘THE NEWS OBSERVER’ (USA)

Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, NUCLEAR ENERGY, RECESSION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

GAZPROM, ROSATOM INK 6-YEAR COOPERATION DEAL (Russia)

Posted by Gilmour Poincaree on December 17, 2008

16.12.2008, Moscow 16:27:24

RosBussinessConsultingPUBLISHED BY ‘RosBussinessConsulting’

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PUBLISHED BY ‘RosBussinessConsulting’

Posted in CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, NUCLEAR ENERGY, PETROL, RECESSION, RUSSIA | 1 Comment »

UAE AND US COMPLETE NEGOTIATIONS ON PEACEFUL NUCLEAR ENERGY AGREEMENT

Posted by Gilmour Poincaree on December 16, 2008

December 15, 2008, 12:53

WAM

PUBLISHED BY ‘THE GULF NEWS’ (Dubai)

Washington: The UAE and the United States have completed negotiations on the proposed text for a bilateral cooperation agreement on the peaceful use of nuclear energy, a UAE Foreign Ministry source said.

This “123 Agreement” would allow the transfer of nuclear-related components and materials between the two countries.

“As is normal in these matters, representatives of the US administration and the UAE Government are working closely with members of the Congress to inform them about the agreement and seek their views,” said Yousuf Al Otaiba, UAE ambassador to the US.

“We are confident that the agreement highlights the transparency of the civilian nuclear energy programme the UAE is embarking on and should be lauded as the gold standard of nuclear cooperation agreements,” he said.

“It is the view of the UAE government that the proposed UAE 123 Agreement sets a new standard in ensuring the highest standards of safety, security and non-proliferation within the UAE programme,” he said.

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PUBLISHED BY ‘THE GULF NEWS’ (Dubai)

Posted in BANKING SYSTEMS, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES - USA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, MACROECONOMY, NUCLEAR ENERGY, RECESSION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

IRAN OIL OUTPUT OVER 4 MLN BPD

Posted by Gilmour Poincaree on December 10, 2008

Monday, December 6th, 2008

by Michel Rocard

PUBLISHED BY ‘THE ARAB TIMES’ (Kuwait)

TEHRAN, Dec 6, (RTRS): Iran is producing over 4 million barrels of crude per day (bpd), the head of the state oil firm was quoted as saying on Saturday, roughly 250,000 bpd more than an estimate provided by the country’s Opec governor. Iran’s representative to the Organisation of the Petroleum Exporting Countries, Mohammad Ali Khatibi, said on Thursday the Islamic Republic was pumping at around 3.8 million bpd and was complying fully with its share of the cartel’s oil supply cuts. But Seifollah Jashnsaz, managing director of the National Iranian Oil Company (NIOC), said in comments carried by the official IRNA news agency on Saturday: “In view of Opec’s production cut that went into effect at the beginning of November, Iran’s current crude oil production stands between 4,050,000-4,080,000 barrels per day.”

A Reuters survey earlier this week put Iran’s output in November at 3.9 million bpd, a higher figure than the one given by Khatibi but lower than the output cited by Jashnsaz. The reason for the different figures for the crude output of Iran, Opec’s second-largest producer, was not clear and officials were not immediately available for comment. In his Dec. 4 comments to Reuters, Khatibi said Iran had cut 199,000 bpd as required under Opec’s October agreement to reduce supply by 1.5 million bpd. He said Iran was pumping at around 4 million bpd before the October cut.

Khatibi’s comments on compliance were at odds with industry estimates that Iran has met little of its pledge to reduce supply. Opec, source of more than a third of the world’s oil, meets in Algeria later this month to discuss how to halt oil’s fall of more than $100 from its July peak of over $147 a barrel as a global financial crisis hit energy demand in consumer nations. Iran’s Oil Minister Gholamhossein Nozari said last Sunday that the oil market was oversupplied by around 2 million bpd. Opec ministers meeting in Cairo on Nov. 29 deferred a decision on a new oil supply cut amid signs that Saudi Arabia and its Gulf allies were demanding tighter adherence with previous restraints.

Flagged

Delegates in Cairo flagged Iran and Venezuela, who have both urged deeper Opec cuts, as sources of concern on quota compliance.

In Saturday’s IRNA report, Jashnsaz did not mention any figures about Iranian output cuts, but said Iran’s oil production capacity had reached 4.23 million bpd and expressed hope it would rise to 4.3 million by March next year.

Iran’s crude oil export revenue so far in the 2008-09 Iranian year stood at $61 billion, he said, adding its average exports during the year amounted to 2.35 million bpd.

He said output from the Darkhovin oil field, in Iran’s south-west, would increase by 60,000 bpd to 160,000 bpd by the end of the Iranian year that runs to March.

Echoing comments by another NIOC official this week, Jashnsaz said Iran would need around $160 billion for development projects within its oil and gas sector, saying it would have to rely on both domestic and foreign investment.

NIOC’s director of planning, Abdolmohammad Delparish, told a seminar on Thursday that Iran needs investment of that magnitude in the next five years in its oil and gas industry.

Iran is the world’s fourth largest oil producer, but despite sitting on the world’s second biggest gas reserves has yet to become a major gas exporter. Jashnsaz said gas output had risen this year by around 70 million cubic metres to 580 million.

Also:

KUALA LUMPUR: Malaysia’s state-owned oil company Petronas is not a partner in multi-billion dollar gas deals signed this week between a Malaysian company and the Iranian government, a top company official said on Wednesday.

“We are not aware of what it is all about; all I know is what I read in the media. I can confirm that it has nothing to do with Petronas,” Petronas chief executive officer Hassan Marican told reporters.

Iran’s state television reported on Tuesday that the country had signed gas deals worth $14 billion with Malaysia.

The deals involved a project to produce liquefied natural gas (LNG) and the development of two gas fields, state television said.

The ISNA news agency said the deals were signed on Monday with Malaysia’s SKS group, a private entity linked to Malaysian billionaire Syed Mokhtar Al-Bukhary.

It was not clear if the deals were related to an agreement signed in 2007, the news agency said.

SKS in December last year struck a $16 billion gas development contract with Iran, which boasts the world’s second largest gas reserves after Russia.

Under the 2007 deal, SKS will team up with the National Iranian Oil Company (NIOC) to develop the southern Golshan and Ferdows gas fields and build plants to produce LNG.

Separately, Hassan said Petronas has not yet finalised its investment in a LNG project in Iran.

“We have not finalised that, there is no further update on the LNG project,” said Hassan.

In July, Petronas said it could not come to a final decision on its investment in Iran’s Pars LNG project due to rising costs and because it had not finalised its discussion with the Iranians.

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PUBLISHED BY ‘THE ARAB TIMES’ (Kuwait)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, MALAYSIA, NUCLEAR ENERGY, OPEC, PETROL, RECESSION, RUSSIA, THE FLOW OF INVESTMENTS | Leave a Comment »

INDIA-RUSSIA NUCLEAR DEAL SIGNED

Posted by Gilmour Poincaree on December 8, 2008

Friday, 5 December 2008, 11:35 GMT

FOLHA ONLINE

PUBLISHED BY ‘BBC NEWS’ (UK)

Visiting Russian President Dmitry Medvedev has signed a key deal to build four nuclear power plants in India.

President Medvedev signed the accord in the Indian capital, Delhi, with Prime Minister Manmohan Singh.

The deal follows the landmark civilian nuclear accord between India and United States earlier this year.

In September, the Nuclear Suppliers Group lifted a ban that had stopped India from getting access to the global nuclear market.

The Russian agreement is part of a series of deals, including ones on space and defence sales.

Third country

Russia will now build four nuclear energy reactors at Kudankulam in the southern Indian state of Tamil Nadu.

Russia is already building two other reactors at the Kudankulam site.

Russia becomes the third country to sign a nuclear deal with India after the signing of the India-US agreement which allows India access to civilian nuclear technology and fuel.

France has also signed a co-operation pact with Delhi.

Moscow and Delhi also signed a deal under which Russia will assist India in its space programme, including sending Indian astronauts into space.

And India will buy 80 military helicopters from Russia, cementing a relationship that dates back to the Cold War.

President Medvedev also pledged to support India’s fight against terrorism following last week’s Mumbai attacks.

The Russian president is on a three-day visit. On his arrival in Delhi, he was welcomed with a full military salute at the presidential palace.

Later, he visited the memorial to Mahatma Gandhi, the father of the Indian nation.

India and Russia have been traditional allies and around 70% of India’s military hardware comes from Russia.

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PUBLISHED BY ‘BBC NEWS’ (UK)

Posted in COMMODITIES MARKET, CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MILITARY CONTRACTS, NUCLEAR ENERGY, RUSSIA, THE ARMS INDUSTRY, THE FLOW OF INVESTMENTS, USA | 1 Comment »

AUTO-BLUES

Posted by Gilmour Poincaree on November 18, 2008

November 18, 2008 at 10:40 am

I want to begin with this quote I pulled from Newyorktimes … quoting ROBERT JOHNSONfrom a long time ago.

So how did the famous 1953 quotation from the former General Motors president Charles E. Wilson — that what was good for our country was good for G.M., and vice versa — become a dated notion to so many people?

How true is that… I often do today’s companies abuse this government and walk on it’s people. Instead of helping the economy, so many giants have fallen and as they topple they wish to be propped up by the government… and in all seriousness… in turn propped up by us, the American people.

Now onto the next reasoning behind my theory in American Auto-Maker failing.

3. Tying up the new ways of fuel in lawsuits and legal battle’.

Both fuel makers and car manufactures were trying to tie up the development of alternative non-”gas” car types and energies. Other’s just refuse to take part. Such as Exxon… (link provided)

Last year, Exxon, which is based in Irving, Texas, celebrated its 125th anniversary, marking a straight line that connects it to John Rockefeller’s original Standard Oil Trust before the government broke up the enterprise. While other oil companies try to paint themselves greener, Exxon’s executives believe their venerable model has been battle-tested. The company’s mantra is unwavering: brutal honesty about the need for oil and gas to power economies for decades to come.

And to be honest, brutal prices are also well within many of these fuels companies and car companies mantras. Another great point is some of the great in’s and outs of legal/political things some of the automakers delve into… lobbying.

So far this year, G.M. has spent $10 million on lobbying, out of $95 million in the past 10 years,placing it at No. 16 on the site’s “top spenders” list.

Ford, which ranks No. 19 on the list, has spent $5.7 million this year, out of $80.6 million the last decade.

And the next great fail of both gas/car companies are their will to not change. The strangle hold on oil and the strict standard for car makers all are there to drive out competition and keep prices high. Although this is mainly targeted at auto makers… fuel and the automobile go hand in hand… and often think the same.

(Link)

Oil is not safe, and oil companies do not follow proper precautions. One of our worst ecological disasters ever, the Exxon Valdez oil spill, recently had its punitive damages reduced from what once totaled $5 billion to $500 million. And such pandering to an industry that can afford to pay for the damage they have done, even over a twenty-year span, if not within a year, should have to do so, as this would deter future careless hiring practices and other precautions not taken, both of which contributed to this disaster. And don’t forget Grist’s note, above, of the hundreds of instances of damage from hurricanes (which come by every year, by the way). The oil industry is more confident that they can get off easily when they make mistakes, and are therefore less likely to take necessary precautions.

Both industries see the government as a scape goat. The car makers of America probably feel as though they can just receive help and get off easy when it comes to repaying its debt of following its protocols. As

Barack Obama has said the auto industry should get assistance, “I think that it can’t be a blank check,” he said Sunday on “60 Minutes.”

Maybe, some of this money should have been spent in developing… or investing… or research? Maybe? The same companies that tried to lock up the production and research of Hydrogen fueled cars, by stating that people would be unsafe… that in effect they would be driving hydrogen bombs. Long story short.. the ruling went against them after many years stating that… in order to have a Hydrogen bomb you need uranium… of which a Hydrogen cars don’t have.

In any even, these companies should spend less money and time on stopping new technology and research and more time figuring out a way to secure a future. A lot of problems could be solved from these companies if less time was spent tying up other companies and events and focus on a good business model… one that focuses less others and more on the industry itself.

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PUBLISHED BY ‘A SILENT RAGE’ (EUA)

Posted in AUTOMOTIVE INDUSTRY, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENVIRONMENT, FINANCIAL CRISIS - USA - 2008/2009, FUELS, GASOLINE, HYDROGEN - FUEL CELLS, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, NUCLEAR ENERGY, PETROL, RECESSION, REFINERIES - PETROL/BIOFUELS, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, THE WORK MARKET, USA | Leave a Comment »

SPEAKING FREELY – FORGET BUSH’S WARS AND WORK WITH ASIA

Posted by Gilmour Poincaree on October 29, 2008

Oct 24, 2008

by Zhiqun Zhu

John Hay, the 37th United States secretary of state, said in 1889, “The Mediterranean is the ocean of the past, the Atlantic, the ocean of the present, and the Pacific, the ocean of the future.”

The future is now. The “Asia-Pacific century” is not a prediction any more; it’s reality. Based on purchasing power parity, three of the four largest economies in the world are in Asia – China, Japan and India. And if the United States is included, then all the top four economies are in the Asia-Pacific region.

The United States has longstanding interests in Asia. Two of the world’s potentially most explosive places are located in East Asia: the Korean Peninsula and the Taiwan Strait, where the United States has significant economic, geopolitical and strategic interests. Since the end of World War II, the US has had extensive economic interactions with Asian nations. It played an instrumental role in Japan’s post-war recovery and the economic takeoff of the four Asian “tigers” – South Korea, Hong Kong, Singapore, and Taiwan. Since the early 1980s, China has also benefited enormously from America’s huge investment and its insatiable consumer market. It is not an exaggeration that East Asia is of critical importance to America’s future.

One wonders whether the fact that Asia has not been a major foreign policy issue in the 2008 US presidential election is good news or bad news. The new US president must move beyond President George W Bush’s preoccupation with the “war on terror” and pay more attention to Asia.

Mixed legacy

On the positive side, US alliances with Japan, South Korea and Australia remain strong. In the past eight years, Japan, South Korea and Australia all had leadership changes, and in Japan’s case there have been four different prime ministers. All these Asian leaders have firmly supported America’s “war on terror”. They have all visited Washington to show solidarity with Bush.

One of the rare bright spots in Bush’s foreign policy is China. A stable and strong relationship between the United States and China is probably Bush’s greatest foreign policy achievement. Bush and his family are now considered “friends” by the Chinese government and Bush’s decision to attend the Summer Olympic Games in Beijing, though controversial at home, was welcomed by China where members of the Bush family were warmly received.

Prodded by the United States, the new Kuomintang (KMT) government in Taiwan headed by Ma Ying-jeou has abandoned the pro-independence policies of his predecessor Chen Shui-bian and has endeavored to improve cross-strait relations. As a result, military conflict in the Taiwan Strait is becoming much less likely now.

However, Bush has also failed miserably in East Asia overall, most notably with regard to the unresolved issue of North Korea’s nuclear program. Opportunities to denuclearize North Korea have come and gone during the eight years of the Bush administration.

An agreed framework was reached between the US and North Korea in 1994. Denuclearization of the Korean Peninsula seemed to be within reach. President Bill Clinton sent his secretary of state Madeline Albright to North Korea in October 2000 to talk to North Korean leader Kim Jong-il directly. Clinton was even prepared to visit North Korea himself to improve relations.

After Bush came to office in January 2001, he refused to honor the 1994 agreement and rejected direct talks with North Korea directly. After the September 11, 2001, bombings he labeled North Korea as part of the “axis of evil”. North Korea was outraged and felt cornered; it hardened its position on the nuclear issue and decided to proceed with nuclear technology. Even many South Koreans felt offended: North Korea is poor, but it is not evil.

Eventually China launched the six-party talks in 2003. The US accepted this multilateral forum for discussion but still refused to deal with North Korea directly. After tough negotiations, North Korea finally agreed, in February 2007, to shut down its main nuclear reactor in exchange for food and aid from the other five parties.

In June 2008, North Korea blew up the cooling tower of its Yongbyon nuclear reactor and handed over to the US a declaration of its nuclear activities. However, by August, the US had not removed North Korea from the state sponsors of terrorism list, as it had promised earlier, while insisting that it wanted independent verification of North Korea’s nuclear disarmament. Accusing the US of breaking its promise, North Korea then announced it had suspended disabling its nuclear facilities.

In a dramatic development, on October 11, Bush decided to remove North Korea from the list of states that sponsor terrorism. This was an encouraging step, but it may have come too late.

As a result of Bush’s policies, the new US president will face several serious challenges in East Asia.

The immediate security challenge is a nuclear-capable North Korea. Recent reports about Kim Jong-il’s poor health added complexity and uncertainty to the nuclear issue and security in East Asia.

For Washington, the shortest diplomatic route to Pyongyang is through Beijing. China has a strong interest in preventing the nuclearization of the Korean Peninsula, in part because it does not want to give Japan an excuse to go nuclear.

North Korea has not accounted for dozens of Japanese citizens abducted by North Korean agents in the 1970s and 1980s, and the new US president needs to explain to Tokyo that as important as the matter is, it should not be linked to North Korea’s denuclearization. Japan can seek to resolve the abduction issue through other channels, preferably by engaging with North Korea directly. The United States must coordinate its policy closely with China and other nations in the region in order to break North Korea’s nuclear stalemate.

Asia also poses tough economic challenges to the new president. The US must become actively involved in economic integration with Asian nations, otherwise it risks being marginalized in Asia. It cannot afford to continue to stand on the sidelines as the 10-member Association of Southeast Asian Nations and northeast Asian nations discus a regional free-trade zone.

The United States had been the dominant economic power in Asia, but now China has become the largest trading partner of almost every country in Asia. Economically, the US is already playing second fiddle. Asian economies are some of the biggest holders of US Treasury bonds with Japan and China together holding about half of all Treasury bonds sold abroad.

China has become America’s third-largest export market after Canada and Mexico, and its foreign exchange reserve is quickly approaching US$2 trillion. The recent financial crisis in the US makes it imperative for the new president to work more closely with East Asian nations. Shortly after the US Congress passed the $700 billion financial rescue package in September, the People’s Bank of China (central bank) reportedly expressed interest in purchasing $200 billion worth of US Treasury bonds. Undoubtedly, East Asia will be part of the solution to the current financial problems in America.

The biggest challenge for the US and its new president is China. The challenge from the re-emerging power of the Middle Kingdom is on all fronts. China’s economy continues to gallop forward, despite the impact of the financial crisis in the West. For many developing countries, China’s development model, the so-called “Beijing Consensus” of economic liberalization under tight political control, offers an attractive alternative to the “Washington Consensus” of the US.

After Beijing passed the Olympic test with flying colors, and after Chinese astronauts successfully conducted their first space walk, the Chinese people have every reason to celebrate. As a result, nationalism has grown even stronger in China. Dealing with this increasingly powerful and proud nation of over 1.3 billion people is no easy task – and China-US relations have become increasingly complex.

From issues ranging from trade imbalances to independence protests in Tibet, the two countries have many differences. The recent US sale of $6.5 billion worth of weapons to Taiwan certainly does not bode well for bilateral ties. The rise of China – a nation that does not share core values with the United States – will be the most pressing foreign policy challenge for the next American president.

Bush has preferred unilateralism in foreign policy, and in Asia he has preferred strong bilateral alliances built upon historical ties with key allies. But this bilateral alliance structure is rooted in Cold War ideology and is outdated today. The new American president must go beyond unilateralism and bilateralism and move towards multilateralism on a wide range of issues.

In Asia, the new American president must be a uniter, not a divider. In addition to resolving North Korea’s nuclear dilemma, fighting infectious diseases, piracy on the high seas, global warming, and financial crises all require multilateral cooperation between the United States and the nations of Asia and the world.

Zhiqun Zhu, PhD, is MacArthur Chair in East Asian Politics and associate professor of political science and international relations at Bucknell University in Pennsylvania. He can be reached at zhiqun.zhu@bucknell.edu

(Copyright 2008 Zhiqun Zhu.)

Speaking Freely is an Asia Times Online feature that allows guest writers to have their say.

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PUBLISHED BY ‘ASIA TIMES’ (INDIA)

Posted in ASIA, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ELECTIONS 2008 - USA, ENERGY, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INTERNATIONAL, JAPAN, NORTH KOREA, NUCLEAR ENERGY, THE ARMS INDUSTRY, THE OCCUPATION WAR IN IRAQ, USA, WARS AND ARMED CONFLICTS | 1 Comment »