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Archive for the ‘METALS INDUSTRY’ Category

CORUS TO LAY OFF 3500 – BRITAIN TO TAKE BRUNT OF JOB CUTS BY STEELMAKER CORUS

Posted by Gilmour Poincaree on January 26, 2009

January 26, 2009

The Australian – With Agence France-Presse and Dow Jones Newswires

PUBLISHED BY ‘THE AUSTRALIAN’

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PUBLISHED BY ‘THE AUSTRALIAN’

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Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, STEEL, THE FLOW OF INVESTMENTS, THE WORK MARKET, UNEMPLOYMENT, UNITED KINGDOM | 1 Comment »

CHINA OFFICIALS ‘TOLD FIRM TO BUY RECALLED GYOZA’

Posted by Gilmour Poincaree on January 25, 2009

Jan. 26, 2009

Satoshi Saeki – Yomiuri Shimbun Correspondent

PUBLISHED BY ‘THE DAILY YOMIURI’ (Japan)

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PUBLISHED BY ‘THE DAILY YOMIURI’ (Japan)

Posted in CHINA, COMMERCE, COMMODITIES MARKET, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOOD PRODUCTION (human), FRAUD, HEALTH SAFETY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MILK, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS | Leave a Comment »

ALCOA WORKERS GIVE UP PAYRISE TO TRY AND SECURE JOBS (Australia)

Posted by Gilmour Poincaree on January 20, 2009

Tuesday, 20/01/2009

ABC – Rural

PUBLISHED BY ‘THE AUSTRALIAN BROADCASTING CORPORATION’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE AUSTRALIAN BROADCASTING CORPORATION’

Posted in ALUMINUM, AUSTRALIA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, EMPLOYMENT, FINANCIAL CRISIS 2008/2009, FOREIGN WORK FORCE - LEGAL, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS | Leave a Comment »

GLOBAL CRISIS HITS $1.7B MINING PROJECTS (Philippines)

Posted by Gilmour Poincaree on January 20, 2009

15:02:00 01/20/2009

by Judy Quiros – Mindanao Bureau

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

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PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

Posted in BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, COPPER, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, PHILIPPINES, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

FASTENAL COMPANY ANNOUNCES CASH DIVIDEND (USA)

Posted by Gilmour Poincaree on January 20, 2009

1/19/2009 5:21:00 PM

PRNewswire-FirstCall via COMTEX News Network

PUBLISHED BY ‘STOCKHOUSE’

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PUBLISHED BY ‘STOCKHOUSE’

Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, INTERNATIONAL, METALS, METALS INDUSTRY, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA | Leave a Comment »

CHALCO FIRST ON PRICE RISE (China)

Posted by Gilmour Poincaree on January 20, 2009

20/01/2009

The Finance Standard

PUBLISHED BY ‘THE STANDARD’ (China – Hong Kong)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STANDARD’ (China – Hong Kong)

Posted in ALUMINUM, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS INDUSTRY, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

HEDGE FUND STEEL PARTNERS SUED FOR FRAUD-DOCUMENTS

Posted by Gilmour Poincaree on January 15, 2009

Reporting by Svea Herbst-Bayliss – Reuters

PUBLISHED BY ‘THE AUSTRALIAN’

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PUBLISHED BY ‘THE GUARDIAN’ (UK)

Posted in BANKING SYSTEM - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FRAUD, INDUSTRIAL PRODUCTION, INDUSTRIES, METALS INDUSTRY, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, STEEL, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009 | Leave a Comment »

GERDAU ALTERA TURNOS EM CHARQUEADAS E DEMITE EM SAPUCAIA DO SUL – AJUSTES SÃO REALIZADOS DESDE DEZEMBRO PARA ADAPTAR A PRODUÇÃO AOS EFEITOS DA CRISE FINANCEIRA (Brazil)

Posted by Gilmour Poincaree on January 13, 2009

13/01/2009 – 00h07min

Zero Hora

PUBLISHED BY ‘ZERO HORA’ (Brazil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘ZERO HORA’ (Brazil)

Posted in BRASIL, CEMENT, COMÉRCIO - BRASIL, COMMERCE, COMMODITIES MARKET, CONSTRUCTION INDUSTRIES, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FLUXO DE CAPITAIS, INDÚSTRIA DA CONSTRUÇÃO CIVIL, INDÚSTRIA METALÚRGICA, INDÚSTRIAS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, O MERCADO DE TRABALHO - BRASIL, O MUNDO DO TRABALHO - BRASIL, OS TRABALHADORES, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, THE WORKING ENVIRONMENT, UNEMPLOYMENT | Leave a Comment »

ZINC MINERS TRIM AS DEMAND SLUMPS – THE ZINC PRICE, ALONG WITH THE PRICE OF ALL BASE METALS LINKED TO THE CONSTRUCTION INDUSTRY, CONTINUED TO HOVER AT LOW LEVELS IN 2008, LEADING TO A LIST OF MINE CLOSURES IN THAT SECTOR (Australia)

Posted by Gilmour Poincaree on January 10, 2009

January 10, 2009

by Sarah-Jane Tasker – The Australian

PUBLISHED BY ‘THE AUSTRALIAN’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE AUSTRALIAN’

Posted in AUSTRALIA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN WORK FORCE - LEGAL, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, UNEMPLOYMENT, ZINC | 1 Comment »

IRON ORE FALLS TO EARTH WITH CORRECT PRICE – IT’S PROBABLY A BIT EARLY TO CALL A RECOVERY BUT GLOBAL IRON ORE PRICES ARE SHOWING SIGNS OF LIFE

Posted by Gilmour Poincaree on January 10, 2009

January 09, 2009

by Andrew Main – The Australian

PUBLISHED BY ‘THE AUSTRALIAN’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE AUSTRALIAN’

Posted in AUSTRALIA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, IRON ORE, METALS, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

TECK COMINCO CUTS 1,400 JOBS, 13 PER CENT OF WORKFORCE, TO DEAL WITH FALLING PRICES

Posted by Gilmour Poincaree on January 9, 2009

1/8/2009 10:33:00

The Canadian Press

PUBLISHED BY ‘STOCKHOUSE’ (canada)

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PUBLISHED BY ‘STOCKHOUSE’ (canada)

Posted in CANADA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOOD INDUSTRIES, FOREIGN WORK FORCE - LEGAL, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, UNEMPLOYMENT | Leave a Comment »

LEAN TIMES AHEAD FOR AUSTRALIAN MINERS – MORE CUTBACKS, CONSOLIDATION AND STRATEGIC FOREIGN PARTNERSHIPS ARE EXPECTED IN THE JUNIOR MINING SECTOR IN THE FIRST HALF OF 2009

Posted by Gilmour Poincaree on January 8, 2009

January 08, 2009

by Sarah-Jane Tasker – The Australian

PUBLISHED BY ‘THE AUSTRALIAN’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE AUSTRALIAN’

Posted in AUSTRALIA, BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN WORK FORCE - LEGAL, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, UNEMPLOYMENT | Leave a Comment »

U.S. AND EUROPEAN DATA GRIM AS TOYOTA AND ALCOA TO CUT BACK

Posted by Gilmour Poincaree on January 7, 2009

January 6, 2009

by Matt Daily – Reuters

PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

Posted in ALUMINUM, AUTOMOTIVE INDUSTRY, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE WORK MARKET, THE WORKERS, UNEMPLOYMENT, USA | Leave a Comment »

ATLAS SHIPS FIRST COPPER TO CHINA (Philippines)

Posted by Gilmour Poincaree on January 7, 2009

17:44:00 01/06/2009

Reuters

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

Posted in CHINA, COMMERCE, COMMODITIES MARKET, COPPER, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, METALS INDUSTRY, MINING INDUSTRIES, PHILIPPINES, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

FTSE EDGES HIGHER ON MINERS AND RETAILERS (UK)

Posted by Gilmour Poincaree on January 6, 2009

January 6, 2009

Reuters – Additional reporting by Phakamisa Ndzamela – Editing by Hans Peters

PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

Posted in BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS, UNITED KINGDOM | Leave a Comment »

MINING FIRM TO SECURE CANADA-COMPLIANT RESERVE ESTIMATE FOR LEYTE, KALINGA PROJECTS (Philippines)

Posted by Gilmour Poincaree on January 3, 2009

Saturday, January 3, 2009

by Nick Zieminski – Editing by Gunna Dickson – Reuters

PUBLISHED BY ‘THE MANILA BULLETIN’ (Philippines)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE MANILA BULLETIN’ (Philippines)

Posted in CANADA, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, PHILIPPINES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

OZ MINERALS ON ROAD TO MARTABE SELL-OFF

Posted by Gilmour Poincaree on January 2, 2009

January 02, 2009

by Matt Chambers – The Australian

PUBLISHED BY ‘THE AUSTRALIAN’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE AUSTRALIAN’

Posted in AUSTRALIA, BANKING SYSTEMS, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDONESIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

FLORESTA NACIONAL DE CAÇADOR PODE PERDER STATUS DE RESERVA PROTEGIDA POR LEI – OUTRAS TRÊS ÁREAS EM SÃO PAULO, PARAÍBA E PARÁ ESTÃO NA MESMA SITUAÇÃO (Brazil)

Posted by Gilmour Poincaree on January 1, 2009

01/01/2009 – 11h10min

Agência Estado

PUBLISHED BY ‘A NOTÍCIA’ (Brazil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘A NOTÍCIA’ (Brazil)

Posted in A QUESTÃO AGRÁRIA, AS INDÚSTRIAS DE MINERAÇÃO, BRASIL, CIDADANIA, CIDADES, COMBATE À CORRUPÇÃO - BRASIL, COMMODITIES MARKET, CRIMES AMBIENTAIS - BRASIL, CRIMES EMPRESARIAIS, DEFESA DO MEIO AMBIENTE - BRASIL, DESENVOLVIMENTO SUSTENTÁVEL, ECONOMIC CONJUNCTURE, ECONOMY, ENVIRONMENT, EXPANSÃO ECONÔMICA, EXPANSÃO INDUSTRIAL, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FLUXO DE CAPITAIS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JUDICIARY SYSTEMS, METALS, METALS INDUSTRY, MINING INDUSTRIES, MINISTÉRIO DO MEIO AMBIENTE, O PODER EXECUTIVO FEDERAL, O PODER JUDICIÁRIO, PA, PB, POLÍTICA REGIONAL, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, SP, THE FLOW OF INVESTMENTS | Leave a Comment »

PROTEÇÃO A QUATRO FLORESTAS PODE SER SUSPENSA (Brazil)

Posted by Gilmour Poincaree on January 1, 2009

01/01/2009 – 09h51

O Estado de S. Paulo e UOL Notícias

PUBLISHED BY ‘BRASIL ON LINE’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BRASIL ON LINE’

Posted in A QUESTÃO AGRÁRIA, AS INDÚSTRIAS DE MINERAÇÃO, BRASIL, CIDADANIA, CIDADES, COMBATE À CORRUPÇÃO - BRASIL, COMBATE À DESIGUALDADE E À EXCLUSÃO - BRASIL, COMMODITIES MARKET, CRIMES AMBIENTAIS - BRASIL, DEFESA DO MEIO AMBIENTE - BRASIL, DESENVOLVIMENTO SUSTENTÁVEL, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, ENVIRONMENT, EXPANSÃO AGRÍCOLA, EXPANSÃO ECONÔMICA, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FLUXO DE CAPITAIS, INDÚSTRIA METALÚRGICA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, MINISTÉRIO DO MEIO AMBIENTE, O MOVIMENTO DOS SEM-TERRA (MST), O PODER EXECUTIVO FEDERAL, POLÍTICA REGIONAL, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS | Leave a Comment »

LARGEST U.S. ZINC PRODUCER SUED BY “GREEN” GROUP

Posted by Gilmour Poincaree on December 31, 2008

December 30, 2008

Associated Press

PUBLISHED BY ‘THE BOSTON GLOBE’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE BOSTON GLOBE’ (USA)

Posted in BANKRUPTCIES - USA, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENVIRONMENT, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, METALS, METALS INDUSTRY, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA, ZINC | Leave a Comment »

GOLDEN FDI FLOWS AMID THE GLOOM – VIETNAM’S AUTHORITIES ARE UPBEAT ABOUT THE NATION’S GROWING FOREIGN DIRECT INVESTMENT CAPITAL ATTRACTIVENESS IN A TOUGH 2009 DESPITE THE GLOBAL TURMOIL

Posted by Gilmour Poincaree on December 30, 2008

29-12-2008

by Hoang Mai – Vietnam Investment Review

PUBLISHED BY ‘THE VIETNAM INVESTMENT REVIEW’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE VIETNAM INVESTMENT REVIEW’

Posted in BANKING SYSTEMS, CEMENT, COMMERCE, COMMODITIES MARKET, CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JAPAN, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, PETROL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, STEEL, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE WORK MARKET, VIETNAM, WORLD TRADE ORGANIZATION | Leave a Comment »

ORE EXPORTS DOUBLE IN NOV ON CHINESE DEMAND (India)

Posted by Gilmour Poincaree on December 27, 2008

26 Dec 2008, 01:08 hrs IST

by Ruhi Kandhari – ET Bureau

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRON ORE, MACROECONOMY, METALS, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

TOUGH CLIMATE GOALS MAY BE EASIER THAN FEARED

Posted by Gilmour Poincaree on December 26, 2008

December 22, 2008

by Alister Doyle – Environment Correspondent – Reuters Environment

PUBLISHED BY ‘SCIENTIFIC AMERICAN’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

Posted in ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, ENVIRONMENT, EUROPE, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, GERMANY, GLOBAL WARMING, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, METALS INDUSTRY, MINING INDUSTRIES, NETHERLANDS, PAPER INDUSTRIES, RECESSION, REFINERIES - PETROL/BIOFUELS, THE FLOW OF INVESTMENTS | Leave a Comment »

POSCO EMITE BÔNUS PARA ASSEGURAR OPERAÇÃO EM MINA BRASILEIRA (Brazil)

Posted by Gilmour Poincaree on December 26, 2008

Quinta-feira 25 de dezembro de 2008 10:38

Agence France-Presse

PUBLISHED BY ‘PORTAL UAI – O ESTADO DE MINAS’ (Brazil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘PORTAL UAI – O ESTADO DE MINAS’ (Brazil)

Posted in AS INDÚSTRIAS DE MINERAÇÃO, BRASIL, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, EXPANSÃO INDUSTRIAL, FINANCIAL CRISIS 2008/2009, FLUXO DE CAPITAIS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JAPAN, METALS, METALS INDUSTRY, MINING INDUSTRIES, MINISTÉRIO DAS MINAS E ENERGIA, O PODER EXECUTIVO FEDERAL, RECESSION, RELAÇÕES COMERCIAIS INTERNACIONAIS - BRASIL, SOUTH KOREA, THE FLOW OF INVESTMENTS | Leave a Comment »

METALS TAKE A BEATING, BUT STAY IN SHAPE (India)

Posted by Gilmour Poincaree on December 24, 2008

24 Dec 2008, 00:59 hrs IST

by Nidhi Sharma – ET Bureau

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

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PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDIA, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, STOCK MARKETS | Leave a Comment »

ALCOA VOLTA A SER LÍDER MUNDIAL DO ALUMÍNIO

Posted by Gilmour Poincaree on December 23, 2008

22/12/2008 21:20

Da France Press

PUBLISHED BY ‘CORREIO BRAZILIENSE’ (Brasil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘CORREIO BRAZILIENSE’ (Brasil)

Posted in ALUMINUM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA | Leave a Comment »

GERDAU PAGA CERCA DE 200 MILHÕES DE EUROS E AMPLIA FATIA NA SIDENOR (Brazil)

Posted by Gilmour Poincaree on December 21, 2008

19/12/2008 20:11

Valor Online

PUBLISHED BY ‘VALOR ECONÔMICO’ (Brazil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘VALOR ECONÔMICO’ (Brazil)

Posted in A BOLSA DE VALORES, BRASIL, CONSTRUCTION INDUSTRIES, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, EXPANSÃO INDUSTRIAL, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FLUXO DE CAPITAIS, FUSÕES E/OU INCORPORAÇÕES EMPRESARIAIS, INDÚSTRIA DA CONSTRUÇÃO CIVIL, INDÚSTRIA METALÚRGICA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, RECESSION, STEEL, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

O que vale e o que não Vale! (Brazil)

Posted by Gilmour Poincaree on December 21, 2008

Edição no 270 19 a 25 de dezembro de 2008

por Valter Pomar – Secretário de Relações Internacionais do PT

PUBLISHED BY ‘VISÃO OESTE’ (Brazil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘VISÃO OESTE’ (Brazil)

Posted in AS INDÚSTRIAS DE MINERAÇÃO, AS RELAÇÕES DE TRABALHO E EMPREGO, BRASIL, CIDADANIA, CIDADES, COMBATE À DESIGUALDADE E À EXCLUSÃO - BRASIL, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDÚSTRIA METALÚRGICA, INDÚSTRIAS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, O MERCADO DE TRABALHO - BRASIL, O MUNDO DO TRABALHO - BRASIL, OS TRABALHADORES, PARTIDO DOS TRABALHADORES (PT), RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, SINDICATOS DAS CATEGORIAS PROFISSIONAIS, STEEL, THE WORK MARKET, THE WORKERS | Leave a Comment »

COOPER TIRE TO CLOSE ALBANY, GA., plant (USA)

Posted by Gilmour Poincaree on December 18, 2008

Dec. 17, 2008, 9:02AM

Associated Press

PUBLISHED BY ‘THE HOUSTON CHRONICLE’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE HOUSTON CHRONICLE’ (USA)

Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, METALS, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

PROPOSED ACQUISITION OF TEAL MINORITIES AND THE FORMATION OF A JOINT VENTURE WITH VALE

Posted by Gilmour Poincaree on December 18, 2008

December 15, 2008

CNW Group

PUBLISHED BY ‘CNW GROUP’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘CNW GROUP’

Posted in BRASIL, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, EXPANSÃO INDUSTRIAL, FINANCIAL CRISIS 2008/2009, FLUXO DE CAPITAIS, INDÚSTRIA METALÚRGICA, INDÚSTRIAS, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

RESOURCES, METAL STOCKS KEEP JSE FIRM

Posted by Gilmour Poincaree on December 18, 2008

17 December 2008

NZPA

PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, METALS, METALS INDUSTRY, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

STILL KEEN DEMAND FOR CUTTING AND WELDING (South Africa)

Posted by Gilmour Poincaree on December 17, 2008

15 Dec 2008

PUBLISHED BY ‘THE CAPE BUSINESS NEWS’ (South Africa)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE CAPE BUSINESS NEWS’ (South Africa)

Posted in ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS INDUSTRY, NATIONAL WORK FORCES, RECESSION, SOUTH AFRICA, THE WORK MARKET, THE WORKERS | Leave a Comment »

CHINA COPPER SMELTERS SEEK HIGHER SPOT, TERM FEES

Posted by Gilmour Poincaree on December 16, 2008

16 Dec 2008, 12:24 hrs IST

REUTERS

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in CHINA, COPPER, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, HONG KONG, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS INDUSTRY, RECESSION | Leave a Comment »

FORD, HONDA, WATERS, INSTEEL ARE BIG MOVERS

Posted by Gilmour Poincaree on December 15, 2008

12/12/2008, 5:15 p.m. EST

The Associated Press

PUBLISHED BY ‘SYRACUSE.COM’ (USA)

NEW YORK (AP) — Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and the Nasdaq Stock Market:

NYSE

HB Fuller Co., down 8 cents at $13.97

The paint and specialty chemicals maker said sales recently turned sharply lower, and it expects to report quarterly profit below estimates.

Kansas City Southern, down $1.35 at $17.58

The railroad operator cut its sales and profit estimates for the fourth quarter as the failing economy is cutting into shipping volumes.

Honda Motor Co., down $1.07 at $21.93

The Japanese automaker will again reduce vehicle production in North America amid waning demand, but won’t cut jobs.

Fairchild Semiconductor International Inc., up 47 cents at $4.11

Shares rose, even as the chipmaker cut its fiscal fourth-quarter sales forecast and will cut 1,100 jobs, or 12 percent of its work force.

Waters Corp., down $4.67 at $37.21

The maker of analytical instruments cut its fourth-quarter profit and sales forecasts due to a stronger dollar and the global economic slump.

Stanley Works, down 90 cents at $31.40

An analyst downgraded shares a day after the tool maker announced layoffs and cut its 2008 forecast below expectations.

Ford Motor Co., up 14 cents at $3.04

Though the Senate rejected a proposed $14 billion bailout for the auto industry, the White House said it might step in to help.

NASDAQ

Insteel Industries Inc., down 75 cents at $11.25

A drop in orders is expected to cause a fiscal fourth-quarter loss, the maker of steel wire reinforcing products said.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘SYRACUSE.COM’ (USA)

Posted in AUTOMOTIVE INDUSTRY, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, METALS INDUSTRY, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE WORK MARKET, USA | Leave a Comment »

INNOVATION IS KEY (Iceland)

Posted by Gilmour Poincaree on December 12, 2008

12/12/2008 – 11:00

ESA

PUBLISHED BY ‘ICELAND REVIEW’

Last week I wrote that if I were the boss of Iceland I would bet my money, or rather the nation’s money, on innovation rather than large-scale labor-intensive industries, such as aluminum smelting, which some people seem to think is the solution to all of our problems—never mind the fact that the world market price of aluminum is plummeting.

However, there are plenty of creative, ambitious and hard-working Icelanders out there who share my opinion that it would be a mistake to rely too heavily on only a few industries. They would rather see Iceland become a platform for a host of companies of different genres and they are working towards making that happen. Like me, they believe innovation is key to the reconstruction of Iceland’s economy.

Such companies are known as sprotafyrirtaeki in Icelandic, literally “sprout companies,” but more commonly referred to as start-ups or starters. The term is not new in Iceland and has become somewhat of a fad in recent years.

Business magazine Frjáls verslun published a list of 100 starters to watch right before the collapse of the economy, and shortly thereafter Björk stepped forward and presented innovative companies she had been working with.

So the problem is not that we don’t have innovation, the problem lies with the government, which doesn’t seem to realize the potential in start-ups. Instead of giving young and promising companies the support they need to thrive, which with time can become valuable sources of income for the economy as a whole, the government searches for easy short-term solutions. Or so it seems.

The Icelandic media is stepping up by reporting on initiatives aimed at encouraging innovation and there appears to be a lot going on in that field.

The Iceland Academy of the Arts, Reykjavík University and Bifröst University are cooperating on three projects aimed at encouraging innovation and education, among them an interactive online starter development center entitled “I Am Innovation” where people will be able to share their business ideas and seek partners.

There are also umbrella organizations for innovation, such as Klak Innovation Center, whose purpose it is to enhance the growth of start-up IT companies.

I wanted to find out if and to what extent the government is supporting Klak’s important initiative and asked the innovation center’s CEO Eythór Ívar Jónsson, who is also an associate professor in entrepreneurship at Copenhagen Business School.

Jónsson said the government’s support to Klak has not been at all sufficient. He explained that although Klak and the companies supported by the center operate within the private sector, it is important to receive funding from the government for the first three years of their existence, often referred to as “death valley.”

During the first three years companies are spending but not earning money and during that period investors avoid them like the plague. During that period many promising companies give up, in many cases because of lack of funds. Therefore the government should step in.

Such support is not thought of as charity. Jónsson explained that the government has to adopt a different attitude towards innovation and realize that investing in starters is beneficial for the national economy.

Many of these companies (it is too optimistic to believe that every company will survive) will flourish and deliver profits for the state treasury. It will take time, though, five to ten years, and the government wants to see money flowing in right now.

For this reason the government was reluctant to support innovation before the crisis hit and now there is no money. Or is there? It is all a question of prioritizing, Jónsson stated.

Had he really made an effort talking to the appropriate ministries, I wondered. At that, Jónsson laughed, saying that he had spent eight months arguing with the Ministry of Industry. People seem positive and eager but then nothing happens. However, Jónsson is hopeful that Minister of Industry Össur Skarphédinsson will soon start lobbying for innovation for real.

After all, the Ministry of Industry does operate the Innovation Center Iceland which recently launched Torgid, “The Square,” a trade center offering facilities to young promising companies to work on their business ideas. Thirteen companies are operating there already.

Skarphédinsson himself discusses Torgid on his blog while referring to himself as the “Minister for Sprout Affairs,” describing how his ministry has been flooded lately with innovative ideas from people who are determined to turn this crisis around and transform it into a business opportunity.

“That’s how adversity often creates new opportunities that didn’t exist before and creates an environment which enforces and fabricates new business opportunities in the form of mini sprouts,” the minister writes. “We don’t mess around in the Ministry of Industry. If we see a good idea we’ll make it happen in an instant.”

So is this a sign that times are about to change? I certainly hope so.

In my last column I wondered whether any Icelanders would respond. Many foreign readers did and had some excellent ideas at that, but not a single native.

That leads me to conclude that despite the fact that icelandreview.com is among the 20 most popular websites in Iceland, week after week, after Eve Online the most popular English-language Icelandic website and a regular source of information for foreign media outlets, it goes unnoticed by most Icelanders.

Therefore, I’m going to bring the website, and this particular column, to the attention of the “Minister for Sprout Affairs,” and see whether he would like to contribute to the discussion on the international platform that this website represents.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘ICELAND REVIEW’

Posted in ALUMINUM, BANKING SYSTEMS, CENTRAL BANKS, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, ICELAND, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, NATIONAL WORK FORCES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS | Leave a Comment »

SEVEN INVESTORS SUBMIT OFFERS FOR RUNNING KREMIKOVTZI (Bulgaria)

Posted by Gilmour Poincaree on December 11, 2008

11 December 2008, Thursday

PUBLISHED BY ‘BULGARIAN BUSINESS – NOVINITE.COM’

Bulgaria’s Economy Ministry has received seven offers with bids for the purchase or the operation of the troubled Bulgaria's Economy Ministry has received seven offers for Kremikovtzi by Bulgarian and foreign companies - Photo by Yuliana Nikolova - Sofia Photo Agencysteel-maker Kremikovtzi, the Trud Daily reported Thursday.

The paper points out that the most serious bidder is the Ukrainian company Smart Group which offers an emergency plan for saving the factory, and a longer-term recovery program by restructuring and acquisition of new assets. It is expected to present its demands about Bulgarian state guarantees for Kremikovtzi within several days.

The Czech company ML Moran offers to finance Kremikovtzi enabling the plant to buy raw materials, and manufacture and sell its production. The bulk of the revenue, however, would go to the creditor so the main advantage of this plan would be to keep the factory running.

Each of two other foreign companies – the Russian Prominvest, and an unnamed Italian company – are offering to provide raw materials, and working capital for Kremikovtzi in exchange for guarantees by the Bulgarian state.

The former owner of the steel mill Valentin Zahariev, who sold the plant to the Indian tycoon Pramod Mittal in 2005, has offered to run the plant after setting up a new firm for the purpose. In the event of liquidation of the factory, however, he is asking to be allowed to buy out the assets on sale.

The Bulgarian metal wastes trader Econmetal Engineering, whose facilities are located nearby Kremikovtzi, is offering to provide 60.000 tons of raw materials for the steel-maker in exchange for being allowed to realize the manufactured products on the market after that.

A group of bond holders is offering the factory a credit of EUR 345 M in exchange for Bulgarian state securities with a redemption date in 2013.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BULGARIAN BUSINESS – NOVINITE.COM’

Posted in BULGARIA, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRON ORE, ITALY, METALS, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, RECESSION, RECYCLING INDUSTRIES, RUSSIA, STEEL, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, UKRAINE | Leave a Comment »

AFRICOM CHINA AND CONGO RESOURCE WARS

Posted by Gilmour Poincaree on December 10, 2008

Tuesday, Dec 09, 2008

by F. William Engdahl – Online Journal

PUBLISHED BY ‘INFOWARS’

Just weeks after President George W. Bush signed the order creating a new US military command dedicated to Africa, AFRICOM, events on the mineral-rich continent have erupted which suggest a major agenda of the incoming Obama Presidency will be for the son of a black Kenyan to focus US resources, military and other, on dealing with the Republic of Congo, the oil-rich Gulf of Guinea, the oil-rich Darfur region of southern Sudan and increasingly the Somali ‘pirate threat’ to sea lanes in the Red Sea and Indian Ocean. The legitimate question is whether it is mere coincidence that Africa appears just at this time to become a new geopolitical ‘hot spot’ or whether it has a direct link to the formal creation of AFRICOM.

What is striking is the timing. No sooner had AFRICOM become operational than major new crises broke out in both the Indian Ocean-Gulf of Aden regarding spectacular incidents of alleged Somali piracy, as well as eruption of bloody new wars in Kivu Province in the Republic of Congo. The common thread connecting both is their importance, as with Darfur in southern Sudan, for China’s future strategic raw materials flow.

The latest fighting in the eastern part of the Congo (DRC) broke out in late August when Tutsi militiamen belonging to the Congrès National pour la Défense du Peuple (CNDP, National Congress for the Defense of the People) of General Laurent Nkunda forced loyalist troops of the Forces armées de la République démocratique du Congo (FARDC, Armed Forces of the Democratic Republic of Congo) to retreat from their positions near Lake Kivu, sending hundreds of thousands of displaced civilians fleeing in the process and prompting the French foreign minister, Dr. Bernard Kouchner, to warn of the imminent risk of ‘huge massacres.’

Nkunda, like his mentor, Rwanda’s Washington-backed dictator, Paul Kagame, is an ethnic Tutsi who alleges that he is protecting the minority Tutsi ethnic group against remnants of the Rwandan Hutu army that fled to Congo after the Rwandan genocide in 1994. MONUC UN peacekeepers reported no such atrocities against the minority Tutsi in the northeast, mineral rich Kivu region. Congolese sources report that attacks against Congolese of all ethnic groups are a daily occurrence in the region. Laurent Nkunda’s troops are responsible for most of these attacks, they claim.

Strange resignations

The stage for political chaos in Congo was further set in September when the Democratic Republic of Congo’s 83-year-old prime minister, Antoine Gizenga, resigned after two years. Then at end of October, with suspicious timing, the commander of the United Nations peacekeeping operation, the Mission de l’Organisation des Nations-Unies au Congo (MONUC, Mission of the United Nations Organization in the Congo), Spanish Lieutenant General Vicente Diaz de Villegas, resigned after fewer than two months on the job, citing, ‘lack of confidence’ in the leadership of DRC President Joseph Kabila. Kabila, the Congo’s first democratically elected president, has also been involved in negotiating a major $9 billion trade agreement between the DRC and China, something which Washington is clearly not happy about.

Nkunda is a long-standing henchman of Rwandan President, US-trained, Kagame. All signs point to a heavy, if covert, USA role in the latest Congo killings by Nkunda’s men. Nkunda himself is a former Congolese Army officer, teacher and Seventh Day Adventist pastor. But killing seems to be what he is best at.

Much of Nkunda’s well-equipped and relatively disciplined forces are from the bordering country of Rwanda and the rest have been recruited from the minority Tutsi population of the Congolese province of North Kivu. Supplies, finance and political support for this Congolese rebel army come from Rwanda. According to the American Spectator magazine, ‘President Paul Kagame of Rwanda has long been a supporter of Nkunda, who originally was an intelligence officer in the Rwanda leader’s overthrow of the Hutu despotic rule in his country.’

As the Congo News Agency reported on October 30, ‘Some have bought into the pretext of an endangered Tutsi minority in Congo. They never fail to mention that Laurent Nkunda is supposedly fighting to protect “his people.” They have failed to question his true motives which are to occupy the mineral-rich North-Kivu province, pillage its resources, and act as a proxy army in eastern Congo for the Tutsi-led Rwandan government in Kigali. Kagame wants a foothold in eastern Congo so his country can continue to benefit from the pillaging and exporting of minerals such as columbite-tantalite (coltan). Many experts on the region agree today that resources are the true reason why Laurent Nkunda continues to create chaos in the region with the help of Paul Kagame.’

The USA role and AFRICOM

Evidence which was presented in a French court in a ruling made public in 2006 claimed that Kagame was responsible for organizing the shooting down of the plane carrying Hutu President of Rwanda Juvénal Habyarimana, in April 1994, the event that set off the indiscriminate killing of hundreds of thousands of people, both Hutu and Tutsi.

The end result of the killings in which perhaps as many as a million Africans perished was that US and UK backed Paul Kagame — a ruthless military dictator trained at the US Army Command-General Staff College at Fort Leavenworth Kansas — was firmly in control as dictator of Rwanda. Since then he has covertly backed repeated military incursions by General Nkunda into the mineral-rich Kivu region on the pretext it was to defend a small Tutsi minority there. Kagame had repeatedly rejected attempts to repatriate those Tutsi refugees back to Rwanda, evidently fearing he might lose his pretext to occupy the mineral riches of Kivu.

Since at least 2001, according to reports from Congo sources, the US military has also had a base at Cyangugu in Rwanda, built of course by Dick Cheney’s old firm, Halliburton, conveniently enough near the border to Congo’s mineral-rich Kivu region.

The 1994 massacre of civilians between Tutsi and Hutu was, as Canadian researcher Michel Chossudovsky described it, ‘an undeclared war between France and America. By supporting the build up of Ugandan and Rwandan forces and by directly intervening in the Congolese civil war, Washington also bears a direct responsibility for the ethnic massacres committed in the Eastern Congo, including several hundred thousand people who died in refugee camps.’ He adds, ‘Major General Paul Kagame was an instrument of Washington. The loss of African lives did not matter. The civil war in Rwanda and the ethnic massacres were an integral part of US foreign policy, carefully staged in accordance with precise strategic and economic objectives.’

Now Kagame’s former intelligence officer, Nkunda, leads his well-equipped forces to take Goma in the eastern Congo as part of an apparent scheme to break the richest minerals region away from Kinshasha. With the US military beefing up its presence across Africa under AFRICOM since 2007, the stage was apparently set for the current resources grab by the US-backed Kagame and his former officer, Nkunda.

Today the target is China

If France was the covert target of US ‘surrogate warfare’ in 1994, today it is clearly China, which is the real threat to US control of Central Africa’s vast mineral riches. The Democratic Republic of Congo was renamed from the Republic of Zaire in 1997 when the forces of Laurent Désiré Kabila brought Mobutu’s 32-year reign to an end. Locals call the country Congo-Kinshasa.

The Kivu region of the Congo is the geological repository of some of the world’s greatest strategic minerals. The eastern border straddling Rwanda and Uganda, runs on the eastern edge of the Great African Rift Valley, believed by geologists to be one of the richest repositories of minerals on the face of the earth.

The Democratic Republic of the Congo contains more than half the world’s cobalt. It holds one-third of its diamonds, and, extremely significantly, fully three-quarters of the world resources of columbite-tantalite or “coltan” — a primary component of computer microchips and printed circuit boards, essential for mobile telephones, laptops and other modern electronic devices.

America Mineral Fields, Inc., a company heavily involved in promoting the 1996 accession to power of Laurent Kabila, was, at the time of its involvement in the Congo’s civil war, headquartered in Hope, Arkansas. Major stockholders included long-time associates of former President Clinton going back to his days as governor of Arkansas. Several months before the downfall of Zaire’s French-backed dictator, Mobutu, Laurent Desire Kabila based in Goma, Eastern Zaire, had renegotiated the mining contracts with several US and British mining companies including American Mineral Fields. Mobutu’s corrupt rule was brought to a bloody end with the help of the US-directed International Monetary Fund.

Washington was not entirely comfortable with Laurent Kabila, who was finally assassinated in 2001. In a study released in April 1997 barely a month before President Mobutu Sese Seko fled the country, the IMF had recommended “halting currency issue completely and abruptly” as part of an economic recovery programme. A few months later upon assuming power in Kinshasa, the new government of Laurent Kabila Desire was ordered by the IMF to freeze civil service wages with a view to “restoring macro-economic stability.” Eroded by hyperinflation, the average public sector wage had fallen to 30,000 new Zaires (NZ) a month, the equivalent of one US dollar.

According to Chossudovsky, the IMF’s demands were tantamount to maintaining the entire population in abysmal poverty. They precluded from the outset a meaningful post-war economic reconstruction, thereby contributing to fuelling the continuation of the Congolese civil war in which close to 2 million people have died.

Laurent Kabila was succeeded by his son, Joseph Kabila who went on to become the Congo’s first democratically elected President, and appears to have held a closer eye to the welfare of his countrymen than did his father.

Now, in comes the new US AFRICOM. Speaking to the International Peace Operations Association in Washington, D.C., on Oct. 27, General Kip Ward, commander of AFRICOM defined the command’s mission as ‘in concert with other US government agencies and international partners, [to conduct] sustained security engagements through military-to-military programs, military-sponsored activities, and other military operations as directed to promote a stable and secure African environment in support of US foreign policy.’

The ‘military operations as directed to promote a stable and secure African environment in support of US foreign policy,’ today, are clearly aimed squarely at blocking China’s growing economic presence in the region.

In fact, as various Washington sources state openly, AFRICOM was created to counter the growing presence of China in Africa, including the Democratic Republic of Congo, to secure long-term economic agreements for raw materials from Africa in exchange for Chinese aid and production sharing agreements and royalties. By informed accounts, the Chinese have been far shrewder. Instead of offering only savage IMF-dictated austerity and economic chaos, China is offering large credits, soft loans to build roads and schools in order to create good will.

Dr. J. Peter Pham, a leading Washington insider who is an advisor of the US State and Defense Departments, states openly that among the aims of the new AFRICOM is the objective of ‘protecting access to hydrocarbons and other strategic resources which Africa has in abundance . . . a task which includes ensuring against the vulnerability of those natural riches and ensuring that no other interested third parties, such as China, India, Japan, or Russia, obtain monopolies or preferential treatment.’

In testimony before the US Congress supporting creation of AFRICOM in 2007, Pham, who is closely associated with the neoconservative Foundation for Defense of Democracies, stated, ‘This natural wealth makes Africa an inviting target for the attentions of the People’s Republic of China, whose dynamic economy, averaging 9 percent growth per annum over the last two decades, has an almost insatiable thirst for oil as well as a need for other natural resources to sustain it. China is currently importing approximately 2.6 million barrels of crude per day, about half of its consumption; more than 765,000 of those barrels — roughly a third of its imports — come from African sources, especially Sudan, Angola, and Congo (Brazzaville). Is it any wonder, then, that . . . perhaps no other foreign region rivals Africa as the object of Beijing’s sustained strategic interest in recent years. Last year the Chinese regime published the first ever official white paper elaborating the basis of its policy toward Africa.

‘This year, ahead of his 12-day, eight-nation tour of Africa — the third such journey since he took office in 2003 — Chinese President Hu Jintao announced a three-year, $3 billion program in preferential loans and expanded aid for Africa. These funds come on top of the $3 billion in loans and $2 billion in export credits that Hu announced in October 2006 at the opening of the historic Beijing summit of the Forum on China-Africa Cooperation (FOCAC), which brought nearly 50 African heads of state and ministers to the Chinese capital.

‘Intentionally or not, many analysts expect that Africa — especially the states along its oil-rich western coastline — will increasingly becoming a theatre for strategic competition between the United States and its only real near-peer competitor on the global stage, China, as both countries seek to expand their influence and secure access to resources.’

Notably, in late October Nkunda’s well-armed troops surrounded Goma in North Kivu and demanded that Congo President Joseph Kabila negotiate with him. Among Nkunda’s demands was that Kabila cancel a $9 billion joint Congo-China venture in which China gets rights to the vast copper and cobalt resources of the region in exchange for providing $6 billion worth of road construction, two hydroelectric dams, hospitals, schools and railway links to southern Africa, to Katanga and to the Congo Atlantic port at Matadi. The other $3 billion is to be invested by China in development of new mining areas.

Curiously, US and most European media neglect to report that small detail. It seems AFRICOM is off to a strong start as the opposition to China in Africa. The litmus will be who President Obama selects as his Africa person and whether he tries to weaken Congo President Joseph Kabila in favor of backing Nkunda’s death squads, naturally in the name of ‘restoring democracy.’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘INFOWARS’

Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CHINA, CIVIL WAR - CONGO, COMMODITIES MARKET, CONGO, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES - USA, IMF, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, INTERNATIONAL RELATIONS, MACROECONOMY, METALS, METALS INDUSTRY, MINING INDUSTRIES, PETROL, RECESSION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE MEDIA (US AND FOREIGN), THE UNITED NATIONS, USA | 1 Comment »

CORUS SEEKS UK’S FINANCIAL AID

Posted by Gilmour Poincaree on December 10, 2008

10 Dec 2008, 01:29 hrs IST

AGENCIES

PUBLISHED BY ‘THE TIMES OF INDIA’

NEW DELHI: Tata Group-owned steel maker Corus on Tuesday said it is in talks with the British government to part-fund a scheme to compensate workers affected by the reduction of working hours at its UK premises.

“Barring the UK, across Europe, governments have programmes which take care of employment costs related to people affected by work-reduction schemes. We are in talks with the British government to extend a similar benefit,” Corus spokesperson Bob Jones said.

Most European countries have schemes under which governments pay up to 70% of the basic salary of affected employees. Pointing out that the financial aid cannot be estimated now, Jones maintained that the company is yet to make a formal proposal in this regard.

Last week, Corus, a wholly-owned subsidiary of Tata Steel, had applied to the Netherlands government to part-fund a similar scheme envisaging reduction by 4,600 working hours (equivalent of 1,100 fulltime jobs).

The Tatas had recently sought massive financial aid from the UK government for its iconic brands Jaguar and Land Rover. Steel makers worldwide are trimming production and undertaking cost-cutting in the wake of slackening demand.

In November, Corus said it would slash 400 jobs apart from announcing a 30% cut in output. The European steel maker had also said that it would cut 146 jobs at a tube division. In Europe, the company has total 42,000 employees.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE TIMES OF INDIA’ (UK)

Posted in AUTOMOTIVE INDUSTRY, BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, RECESSION, STEEL, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, UNITED KINGDOM | Leave a Comment »

UNIONS SEEK ALTERNATIVES TO MASSIVE MINING RETRENCHMENTS (South Africa)

Posted by Gilmour Poincaree on December 6, 2008

December 4, 2008

by Justin Brown

PUBLISHED BY ‘BUSINESS REPORT’ (South Africa)

Johannesburg – Trade unions in the mining sector are fighting to avert the devastating impact of retrenchments across the industry, which could swell to include more than 12 932 permanent and contract positions.

Lesiba Seshoka, a National Union of Mineworkers (NUM) spokesperson, said the union did not yet have specific alternative measures to stop the retrenchments, but it was part of a task team that would look at ways to avert the job losses.

The task team was established earlier this week by representatives of mining trade unions, the Chamber of Mines and the department of minerals and energy to find solutions that would avoid the lay-offs or mitigate their effects.

Jaco Kleynhans, a Solidarity spokesperson, said: “Solidarity is extremely concerned about the effect that the retrenchments of several thousand mine workers will have on social welfare conditions in the mining communities in particular.

“According to our calculations, about eight people live on one mine worker’s salary. Solidarity is tremendously concerned about the survival of the towns whose lifeblood will be cut off if the retrenchments are implemented.”

Kleynhans said that what the unions had available during the restructurings was the 60-day consultation process required by the law.

During this period the union would seek to provide companies with alternatives to the restructurings they had announced, to prevent or minimise retrenchments, he said.

Solidarity was in the process of compiling documents on companies’ financial status and other information.

Seshoka said it was possible that the NUM would seek the intervention of the state.

However, he said, it was difficult to justify using taxpayers’ money to help private companies keep jobs.

Seshoka said the NUM had ended its strike at Lonmin’s Limpopo platinum mine following the issuing of a section 189 notice of restructuring at the operation.

“We are talking to the company about the retrenchments,” he added.

Lonmin said on Monday that 1 500 permanent jobs were likely to be lost at the Limpopo operation. This followed Friday’s announcement that 4 000 jobs were at risk at its Marikana mine.

Regarding DRDGold’s East Rand Propriety Mines (ERPM), the NUM has hired geologist Peter Camden-Smith as a consultant in an effort to avert the loss of 1 700 jobs at the mine on Gauteng’s East Rand.

James Duncan, a DRDGold spokesperson, said the firm had started the restructuring process at ERPM and a facilitator from the Commission for Conciliation, Mediation and Arbitration (CCMA) had been appointed to the process and accepted by all parties.

The first session of the CCMA procedure had started, Duncan added.

He said that DRDGold had decided last month that the R115 million cost of pumping at the mine, which would take 12 months to complete, was “not affordable”. During that time the total workforce could not be kept on full pay, especially in light of the losses that ERPM had been sustaining over the past year.

ERPM contributed almost 80 000 ounces of gold, or a quarter of DRDGold’s production, in the year to June.

Duncan said DRDGold had received no expressions of interest from parties that might want to acquire the mine.

“This was not surprising, given the state of the markets,” he added.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BUSINESS REPORT’ (South Africa)

Posted in CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, RECESSION, SOUTH AFRICA, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS | Leave a Comment »

ALCOA SCRAMBLES TO STAY VIABLE

Posted by Gilmour Poincaree on December 6, 2008

Thursday, December 4, 2008

By The Wall Street Journal

PUBLISHED BY ‘THE PITTSBURG-TRIBUNE REVIEW’ (USA)

Alcoa Inc., which had been Alcoa Warrick Operations employee of 36 years Fred Westbrook, 59, of Evansville, Ind. inspects the finished rolls of aluminum as they comes off the last stage of the production line in this April 7, 2006, at the Alcoa Warrick Operations in Newburgh, Ind. (AP Photo/ Daniel R. Patmore, File)counting on obtaining discarded aluminum assets from a merged BHP Billiton and Rio Tinto PLC, has fewer strong options to improve its prospects amid one of the worst aluminum markets in decades now that the deal has collapsed.

With aluminum inventories just shy of record levels, prices at their lowest level in 2008 and nearly half of the world’s aluminum production unprofitable, Alcoa is scrambling to cut capacity and find buyers for some of its downstream businesses, which is proving more difficult given the tight capital markets and reluctance of many companies to take on debt.

Neither of those efforts, however, addresses the company’s fundamental challenge: Alcoa remains the high-cost producer of the world’s major aluminum makers when compared with Rio Tinto’s Alcan and Russia’s United Co. Rusal. Knowing that BHP wasn’t keen on the aluminum market, Alcoa had been hoping to buy all or part of Alcan, which has lower energy costs, after BHP bought Rio Tinto.

With that prospect off, speculation is mounting that Alcoa will look at other avenues.

“Everybody understands the current economic situation in the world” requires certain steps, said Alcoa spokesman Kevin Lowery. “In the interim, we are taking steps to reduce costs and taking steps to position ourselves so we will be stronger than competitors. That is what we are focusing on.”

John Tumazos, an analyst with Very Independent Research, said the company has few good options as its influence in the commodities world is nowhere as solid as it once was. “They need to idle more smelters than they have cut,” he said.

So far, Alcoa is keeping a lid on its options, but industry observers say it could deepen its existing relationship with its partner Aluminum Corp. of China, also known as Chinalco. The two companies own a 9 percent stake in Rio Tinto that they jointly purchased for $14 billion in January. The stake is valued at about 80 percent less since BHP’s planned takeover of Rio collapsed last month.

Alcoa could increase its existing stake, betting on a rise in commodity prices. It could sell its stake, which would bring about $200 million in cash to its coffers and represent a huge loss from its initial $1 billion investment.

The two companies could combine into a single entity. Such a deal, while in no way an easy task because it would result in Chinese ownership of a key U.S. company, could work for both sides. A combined Alcoa and Chinalco would make it one of the biggest producers of aluminum and both alumina and bauxite, necessary ingredients for aluminum production.

In addition, a combined company would be able to better rationalize expensive smelters and other production facilities in Europe, the United States and China, leaving just the lowest-cost facilities to compete with Rio Tinto and UC Rusal.

Tumazos said Alcoa’s sagging stock price, which is hovering around $10, makes the company a fairly inexpensive purchase. “Chinalco could buy Alcoa for about $8 billion plus a premium,” he said. “That is less than it paid for a stake in Rio.”

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE PITTSBURG-TRIBUNE REVIEW’ (USA)

Posted in ALUMINUM, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, EUROPE, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, USA | 1 Comment »

THE ROAD TO RUIN – ONCE THE PROUD HOME OF AMERICA’S MIGHTY CAR INDUSTRY, DETROIT NOW FACES MELTDOWN. TOMORROW, THE BOSSES OF FORD, CHRYSLER AND GM WILL MAKE THEIR FINAL PLEA FOR A $25BN GOVERNMENT BAILOUT TO SAVE THEIR FIRMS, THE LEGACY OF MOTOR CITY – AND NEARLY 2M JOBS

Posted by Gilmour Poincaree on December 5, 2008

Tuesday December 2 2008 16.58 GMT

Ed Pilkington -  The Guardianby Ed Pilkington – The Guardian

PUBLISHED BY ‘THE GUARDIAN’ (UK)

The Ford plant in Highland Park, a city within the city of Detroit, is a monument to the American automobile. It opened in 1910, and three years later pioneered the world’s first car assembly line. In 1925, it spewed out 9,000 Model Ts in a single day. The revolution that turned America into a car-owning democracy had arrived. Today, there is ample evidence of that revolution. The factory looks over a six-lane highway that is heavy with traffic from dawn to dusk. Next door is a drive-thru McDonald’s, where customers come to order Big Macs before rolling 50 metres to a drive-thru chemists to pick up indigestion tablets.

The story of the plant is told in one of those green-and-gold heritage plaques erected by the main entrance. It says: “Mass production soon moved from here to all phases of American industry and set the pattern of abundance for 20th-century living.” Pattern of abundance: the phrase reads like a sick joke, for the Ford factory it describes is a shell of what it once was. Its red brick and granite walls still stand proud, framed by decorative mosaics. But the windows are broken or boarded up, its ceilings have gaping holes, the floor is covered in broken lumps of fallen plaster. On the roof, the flagpole that for years flew the Stars and Stripes is rusty and bare.

Other companies, other countries, might have turned Henry Ford’s factory of dreams into a museum rather than let it decay into the pitiful wreck that it is today. But Ford, and its fellows in the Big Three – General Motors (GM) and Chrysler – have enough to do staying alive without worrying about preserving the past. GM, the giant of the three, has lost $73bn in the past three years; it is haemorrhaging $2bn a month. At that rate it will run out of cash by the middle of next year and collapse by that year’s end, potentially bringing millions of workers down with it. Which is why the CEOs of the three giants took their begging bowls to Washington earlier this month, pleading for a “bridging loan” of $25bn.

They didn’t get a warm reception. They were ridiculed by senators for having flown in three separate corporate jets, an act that must rank among the most impressive PR disasters of the decade. But what the senators and the largely hostile media coverage missed was that the miserable condition of the Detroit car industry is not merely a comment on the failed leadership of its corporate executives, though it is that. It is also a matter of personal survival for millions of Americans who depend, directly or indirectly, on the revolution Henry Ford began 100 years ago.

Nowhere is this more visible than in Detroit, the crucible of the Big Three. Half of GM’s 100,000 workers live in the city, and they in turn support a spider’s web of relatives, spin-off industries and services. Detroit is really nothing but a company town. Hamtramckis a city within the city that borders one of GM’s main factories. When GM enjoyed good times, Hamtramck boomed. Now GM is in the doldrums, Hamtramck is too. We walk along a stretch of shops along one of its main streets. First in line is Anna’s Beauty Salon: it’s closed, but the sign on the door suggests Anna is managing to stay open four days a week. Next, Popular Fashion and Variety Store: shut down. Billiards and Burger Hall: abandoned. Antiques store, an oil painting portraying an autumn landscape still in its window: deserted. Law offices: vacant. Funeral home: open. Even in a recession, one aspect of life must go on – the ending of it.

On the other side of the road is the Family Donut shop, a local institution run by a Polish family for the past 28 years. It has a picture of Princess Diana on the wall, a gift from one of the regular clients, and another of the Three Stooges. The owner, Vojno, is unloading a bundle of cardboard boxes used to pack the donuts. A few years ago he would order up to 30 bundles a month; now it’s 10. On Polish festive days, there would be a line of customers out the door and round the corner, and the stools at the counter would be loaded. Today, the line is more of a dribble and the counter is largely empty. Unless GM recovers, and money starts flowing again, he will have to close in a few months. “It’s not just me. Everybody around here is going to shut down,” he says. What will he do if he does have to close? “I’ll stay home and sleep. I’m hungry for sleep,” he says.

One of the few clients, dressed in a bomber jacket with Detroit written across the back, shouts over at him. “You only work one job, so why do you need to sleep?”

“Shut up, Eddie,” Vojno replies.

“I work three jobs to make my money,” Eddie Fabiszak says, prompting the only other customer in the bakery to say, under his breath: “Lucky man.”

The other customer is Melis Lejlic, 27, a naturalised American originally from Bosnia. His father and mother, two uncles and a cousin all work in the car business. All now fear redundancy. Lejlic works in construction, but that is no better. Car workers are no longer spending on home improvements, so demand for his work has fallen by half. Of 10 builders he knows, seven are unemployed. “Everybody in a small town like this is looking to the car industry, and there’s no hope there,” he says. “Drive around, you’ll see. Detroit is worse right now than Baghdad.”

The comparison sounds far-fetched, but in the streets around the GM plant you can see what he means. Several houses have no glazing in their rickety wooden walls. Front lawns have turned into littered pasture. Walls are lined with barbed wire. A mural of a Stars and Stripes has been graffitied. And though it is nothing like Baghdad, there is clearly a market in lawlessness. A poster advertising the services of a lawyer says: “Aggressive criminal defence. Drugs CCW [carrying a concealed weapon] Theft Murder All felonies misdemeanours.” That is how Henry Ford’s dream looks in November 2008.

GM’s headquarters in downtown Detroit dominate the city’s skyline. The seven cylindrical glass towers of the Renaissance Centre were built in 1977 as a statement of the company’s untouchable status as the then unquestioned king of the auto world. Inside the main tower, there is an exhibition of some of GM’s most memorable models, dating back to the 1950s. It is almost shocking to see how beautiful and exhilarating those cars were. There is a 1953 Chevrolet Corvette Roadster, built largely by hand, its white, sensuous curves set off by red leather seats. Then there’s a 1955 Chevrolet Bel Air in black, the quintessential car of the American dream, big enough to carry a family to its suburban home but sufficiently powerful and sleek to avoid any sense of frumpiness. Pride of place goes to a 1959 Cadillac series 62 convertible, which is an outrageously attractive work of art. This was the baby of Harley Earl, GM’s legendary designer. Inspired by the tail of a second world war fighter plane, he placed fins on the back of the car, with rear brake lights the shape of rockets and exhausts mimicking those of a jet. The 59 Cadillac summed up an entire generation – young, dangerous, fast, unstoppable.

Peter DeLorenzo spent 22 years working in the car business as an advertising and marketing consultant and now runs an influential website called Autoextremist. He explains that when the explosion of creativity burst out in the 50s, Detroit had just emerged from the crucial role it had played as the manufacturing backbone of the war effort, churning out tanks and missiles at extraordinary rate, and confidence was riding high. “Coming out of the second world war, the automobile was the symbol of American might. GM was the symbol of American might, and most Americans were proud that GM was a successful corporation that turned out magnificent cars people wanted.”

The design-led strategy not only generated exquisite cars, it worked handsomely for GM. In 1955, four out of every five cars around the world were US-produced and half of those came from GM. The Big Three monopolised around 95% of the domestic market, and between them they transformed the US. They provided the stimulus for the biggest construction project in world history – the laying of the US interstate highways – and gave birth to the suburbs and to urban sprawl. Think Los Angeles. Think Phoenix rising out of the desert of Arizona.

How you get from the invincibility of those days to the verge of bankruptcy is a cautionary tale for the whole of America as its dominance wanes in an increasingly globalised economy. DeLorenzo, who has written a book called The United States of Toyota, dates the start of the rot to 1979 – just after GM had moved into its monolithic new headquarters in the Renaissance Centre. By then Japanese car companies were already snapping at the heels of the Big Three, but Detroit ignored the threat, steeped in complacency that the good times would last for ever. Leadership within the business also crucially changed hands, from the designers to what DeLorenzo calls the “bean counters”.

By the 1990s, the Big Three’s reputation for innovation and beauty had withered, replaced by a reputation for faulty products. “People started to associate Detroit with cars coming off the assembly line and their doors falling off,” says Micheline Maynard, a New York Times business reporter and author of The End of Detroit: How the Big Three Lost Their Grip. She recounts how in 2002 GM’s vice-chairman, Bob Lutz, declared that their vehicles were every bit as reliable as Honda’s and Toyota’s; that same afternoon GM recalled 1.5m minivans.

From the sleek elegance of the 1959 Cadillac to the lumpen brutality of the Hummer: what was in the mind of the GM executive who conceived putting a machine modelled on armoured vehicles on to the civilian streets of US cities, at barely 13 miles per gallon? But then Lutz has argued that that hybrids like the Toyota Prius “make no economic sense” and once called global warming “a total crock of shit”.

The other key element in the demise of Detroit concerns the staple of the American auto industry – the car worker. Ron Nidiffer is drinking beer in the New Dodge Lounge in Hamtramck, temporarily off work as the GM plant has suspended production for want of sales. He has worked in car factories for 36 years, 10 of them on the assembly line. He is one of a dying breed of car workers who had their pay and conditions set back in the heyday. His union, the United Auto Workers, negotiated a series of deals in the 1970s and 80s that have become the albatross around the industry’s neck. He makes $29 an hour – substantially more than American workers in Japanese plants that have been transplanted to the non-unionised south, from Alabama to Texas.

But the trouble really starts when you include the so-called “legacy costs”, the generous terms agreed for pensions and health care that allowed workers to retire as young as 48. GM now carries about 470,000 retirees and spouses on benefits – more than four times its productive workforce – adding a total of about $2,000 for every car it makes, a terrible burden in the face of fierce foreign competition.

The symbol of excess that the UAW’s critics like to point to is the “jobs banks”, by which workers are paid 95% of their salaries for doing nothing. The scheme was introduced as a way of ensuring minimum employment levels, but billowed uncontrollably until it included about 40,000 workers. Nidiffer concedes that looking back, the jobs bank was indefensible. “Yes, it was a bad idea. And I understand why some people are jealous of what we’ve had. We had good conditions, even to excess.”

But what annoys him is the assumption that the largesse and complacency that epitomised the attitude of both unions and management is still prevalent today. The job banks have been whittled down to 3,500 workers, and wages have been cut in half for all new employees. He is one of the last at the GM plant in Hamtramck to enjoy the old $29 an hour rate, the others having taken redundancy. A deal has also been struck to lift the burden of legacy costs from GM’s shoulders by transferring health insurance into an independent fund administered by the union. After all that, to hear Congress turn away the plea for $25bn from the Big Three CEOs makes Nidiffer see red. “I’m extremely mad. We’ve made all these concessions, taken the hit, and yet we’re still accused of being lazy and greedy.”

It has not made him any happier that while Congress rebuffed Detroit, it has bailed out the banks with apparent alacrity, including Citibank which was last week handed the exact amount requested by the Big Three. “We’re looking for a pittance compared with what they’ve given the banks,” Nidiffer says. His anger is echoed in the front-page headline in the Detroit Free Press: “$85 billion for AIG. $700 billion for financial firms. $25 billion for Citigroup. Why is the bar so high for $25 billion to Detroit?”

Nidiffer’s frustration is heightened by his belief that if Detroit can see it through another 18 months it will have turned the corner. His GM plant is poised to produce the Volt, a new plug-in electric hybrid that will run for 40 miles on one full battery before a tiny petrol motor recharges it. The cutting-edge model, which goes into production in 2010, has been spearheaded by Bob Lutz, the global warming sceptic – a sign of how dramatically the outlook has changed at GM.

But none of the new ideas being scrambled out by the Big Three will matter if they fail to make it to 2010. Will the Volt go down in history as a great idea that GM carried with it to its grave? “There used to be a saying, so goes GM, so goes the country,” Nidiffer says. “That was in happy days. But the same is true now. If GM goes under, the ripple effect will be felt throughout America.”

A car worker desperate to hold on to his job would say that, wouldn’t he? But economists agree. Susan Helper, a professor at Case Western university, says if GM went into bankruptcy next year, it could set in train a knock-on effect that would hit not just the 240,000 employees of the Big Three, but also 730,000 suppliers and about 1 million people working in dealerships across the country. Harder to quantify, but potentially even more devastating, would be the loss of social capital – the knowledge that is imbedded in a generation. “The idea that you can just liquidate Detroit and start again is crazy. Knowledge is not held by any one person, but comes from how people in a company interact.”

Crunch time is coming. The tragedy of the American car is approaching its climax. You can feel it, palpably, on the lot of Galeana’s Dodge dealership, a short drive away from Nidiffer’s watering hole. Balloons in red, white and blue festoon the long line of cars, but who are they fooling? A more accurate reflection of the mood are the signs propped up under a succession of bonnets that spell the word S-A-L-E. Inside, a query about how things are going is met with the reply: “Look at the board.” The board in question has just one car handwritten on it – the extent of today’s business. Two years ago, the daily average was 15 cars.

Chrysler, which owns the Dodge brand, used to offer huge discounts on the price of the cars disguised as leasing agreements. But in July it announced it was suspending all leasing, and business went through the floor. The Big Three can no longer afford to lower their prices, so instead the cars sit on the lot, looking cheerful beneath the balloons. There is one small cause for hope for Galeana’s dealers. A local Chrysler plant has just announced 5,000 job losses, and each worker made redundant will be given a voucher to buy a new Dodge car. It’s come to this: the only chink of light for the dealers are the redundancy packages of the workers who make the cars they sell.

This week, the CEOs of the Big Three have one last shot at saving Detroit. They are travelling back to Washington to plead their case again. And this time, they won’t be going by private jet – Ford’s Alan Mulally will drive a Ford hybrid, and GM chief executive Rick Wagoner and Chrysler CEO Bob Nardelli will fly on commercial planes. Tomorrow and on Friday, they will present Congress committees with a new business plan that is expected to include a cap on top bosses’ pay, concessions from the UAW and the death of the most loss-making brands. Less certain is the outcome. Will they get their $25bn and, if they do, will it be anywhere like enough? Or will this once great institution, this embodiment of American might and ingenuity – and with it the livelihood of millions – go the way of Henry Ford’s factory of dreams.

The following clarification was printed in the Guardian’s Corrections and clarifications column, Thursday December 4 2008. In the article above we said the Renaissance Centre in Detroit was built in 1977 as a statement of General Motors’ status as the then unquestioned king of the auto world. In fact the centre was built by the Ford Motor Company and was not occupied by GM until nearly 20 years later.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE GUARDIAN’ (UK)

Posted in AUTOMOTIVE INDUSTRY, BANKING SYSTEM - USA, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, METALS INDUSTRY, NATIONAL WORK FORCES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE WORK MARKET, THE WORKERS, USA | Leave a Comment »

BUILDING AND CONSTRUCTION COMPANIES – Not a pretty site – Project reviews in the mining sector have raised uncertainty about growth and helped undermine building and construction share prices (South Africa)

Posted by Gilmour Poincaree on December 4, 2008

28 November 2008

by Andrew McNulty

PUBLISHED BY ‘THE FINANCIAL MAIL’ (South Africa)

A few months ago, building & construction shares were priced at a large premium to the local stock market. After steep falls in recent weeks, that has changed markedly.

Murray & Roberts (M&R) and Aveng, the two biggest companies in the sector, have fallen by almost 60% in less than three months. They now trade on historical p:e ratios of less than eight, in line with – or below – the market average.

This may seem anomalous, as infrastructure and related investment is expected to be the healthiest area of the economy over the next year. Several companies have reported large order books and expressed confidence that the work will go ahead.

But the shares reflect dwindling investor confidence in the sector and increased uncertainty about the earnings outlook beyond next year.

WHAT IT MEANS
Earnings and order books remain strong

Uncertainty about the outlook has increased

The price weakness is linked partly to weakness in specific areas. After the collapse in commodity prices, mining companies are reviewing capital projects and some have announced project deferrals. The steel sector is cutting production and curbing prices. And activity in the residential sector is flat or declining.

These changes will directly affect some companies’ earnings. At Aveng’s AGM on October 24, chairman Angus Band said a lower steel price and lower vehicle sales will be bad for the group’s manufacturing and processing businesses, which include Trident Steel, a trading company.

However, Band also highlighted a broader change. His annual review, written in July, said the infrastructure landscape remained “very positive”, with opportunities extending well beyond 2010, especially in the power, roads and transport environment, while commodity prices were expected to fuel demand for infrastructure projects for mining houses.

At the AGM, Band said the global investment climate had since changed significantly because of the liquidity squeeze and economic slowdown.

He added that Aveng’s customers will “inevitably find it more difficult and more expensive” to fund projects and that’s likely to affect the group’s order books in the medium term.

Aveng’s share has fallen 33% since Band made that statement. For many investors, it confirms a more uncertain and possibly bearish outlook for a sector with a cyclical history.

“Nasty surprises are the norm in the international building & construction sector,” says independent analyst Mark Ingham, who has specialised in the sector for more than a decade. “A few companies, such as WBHO, have been consistent, but people did get carried away with the ‘dotcon’ theme.”

Ingham cites two areas of uncertainty. One is order books, and whether these companies will continue to secure new work in the medium term to replace existing projects. The other is margins, which are at historically high levels but may fall as competition increases.

“I’ve felt for a while that margins are topping out,” Ingham adds. “In the commercial & residential sector, margins are slipping as more firms are competing for work again. The smaller contractors are already under strain.”

Coronation Fund Managers analyst Quintin Ivan says construction has been one of the most cyclical sectors on the market, and there’s little reason to think that has changed. “They don’t have annuity income streams. It’s feast or famine,” he says.

Ivan adds order books have grown to high levels, which could make it difficult for these companies to maintain growth in a slowing economy.

Investec Asset Management portfolio manager Chris Freund says the recent price declines in the sector mostly reflect selling by foreign investors and are part of a global pattern.

A year ago, rising infrastructure spending in emerging markets was being cited as a reason to buy stocks that benefit directly. Slowing global growth, withdrawal of capital from emerging markets and currency weakness are now seen as reasons to question whether spending will continue as planned.

The selling reflects a broad approach but the prospects – and uncertainties – vary between companies.

In a trading statement this week, M&R says it maintains the market guidance published earlier for the year to June 2009, but cautions shareholders to be prudent with this as “the potential impact of current market volatility may manifest itself on the construction sector and group performance in the future”.

It says cash flow constraints in a few clients has resulted in suspension or delay of projects in each of the group’s markets. It adds its project order book provides a solid performance foundation for the period up to 2012 and beyond.

This includes public works and other strategic projects – local and international – that are likely to continue and will provide stability through the “difficult times” ahead.

Cautious investors say the large SA groups’ international activities are in areas that could become more competitive. Aveng and M&R have operations in Australia; M&R and Group Five have important contracts in the Middle East. Lower prices for oil and mining products could lead to less spending on infrastructure in these regions.

However, offshore operations have helped to diversify these groups’ order books and may help mitigate weakness in domestic markets.

For now, public sector spending in SA is expected mostly to go ahead as planned. Energy and transport remain key areas. Ingham says Basil Read is well placed to benefit from an expected upturn in local roadbuilding. Raubex could also do well in this sector.

Cement & and lime producer PPC’s cement volumes were flat in the year to September. CE John Gomersall says margins are under pressure because of surging costs such as energy and transport, and the group may add an energy surcharge to its prices.

However, Gomersall says the effect on the SA economy from global market volatility is likely to be less in the infrastructure sector than in the formal residential sector. He adds that cement demand for rural and affordable housing is expected to continue, as government plans to eliminate the backlog of almost 3m houses by 2014.

Freund believes shares in the sector have been oversold. They could rise sharply when private-sector projects have resumed and there is evidence that order books are growing again. The sector would also benefit from an upturn in commodity prices.

But the shares are unlikely to recover much while the uncertainty about the growth outlook continues.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE FINANCIAL MAIL’ (South Africa)

Posted in BANKING SYSTEMS, CEMENT, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, RECESSION, SOUTH AFRICA, STEEL, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS | Leave a Comment »

WISE UP OR LOSE OUT, GM TELLS PARTS SUPPLIERS (South Africa)

Posted by Gilmour Poincaree on December 4, 2008

PORT ELIZABETH Thursday December 4, 2008

by Bob Kernohan – BUSINESS EDITOR

PUBLISHED BY ‘THE HERALD ON LINE’ (South Africa)

SMALL vehicle component suppliers need to smarten up or face the possibility of closing because they increasingly risk being uncompetitive, a motor company executive cautioned in Mandela Bay this week.

General Motors SA global purchasing and supply chain vice-president Evan Dold was speaking about the need for the vehicle manufacturing industry at all levels to become totally world competitive.

He said the cost of components in a vehicle made up 75% to 85% of the total.

Dold said studies carried out by GMSA in the second quarter had shown that there was an ex-factory “cost gap” of about 30% between a sample of parts sourced locally and the same parts sourced from the most competitive cost location in the Latin America, Africa, Middle East region, under which GM‘s SA operations fall.

He said further: “When sourced from the lowest cost sources globally, such as from emerging markets like Thailand, the gap increased to about 40%.”

Dold suggested that domestic manufacturers could capitalise on the weakness of the rand and narrow the competitiveness gap by increasing domestic content, so also providing a stronger hedge against future currency weakness.

“Growing local content while volumes are down will be a challenge. But it is not all doom and gloom, and the weak rand will work in our favour.

“We should also use the downturn to eliminate unnecessary costs so that when the rand strengthens, we are more competitive and profitable.”

Domestic component production volumes also needed to increase.

“This is a particularly difficult challenge right now, but the industry has always been cyclical and at some stage the markets will start turning.

“Even with the downturn in volumes globally, the weak rand should assist some of our more competitive local suppliers to grow volumes through new export contracts.

“In some cases we can also grow volumes with our most competitive local suppliers by rationalising our supply base and re-sourcing business from less competitive suppliers.”

On increased volumes, Dold said: “Our studies have shown that a doubling of volumes will on average lower the piece part cost by some 10% to 20%, depending on actual volumes.”

Asked about the possible implications for small domestic suppliers of changes worldwide, Dold said it had to be realised that manufacturers were now “globally integrated”.

“For instance, when we are told of a price increase by a local supplier, that information goes into the pot and it is discussed in a global context.

“It has to be realised 85% of GM‘s global business is done with its top 350 suppliers.”

If GMSA‘s local suppliers provided the required quality, service and world-competitive costing, the company would continue to do business with them, Dold said. Otherwise, it could look to its worldwide supply base.

He urged smaller suppliers to take advantage of opportunities in areas like joint ventures with similar enterprises or “selling out” to multinational companies.

Dold pointed to some steel component manufacturers and the catalytic convertor industry as being success stories.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE HERALD ON LINE’ (South Africa)

Posted in AFRICA, AUTOMOTIVE INDUSTRY, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, LATIN AMERICA, METALS INDUSTRY, MIDDLE EAST, RECESSION, SOUTH AFRICA, THAILAND, THE WORK MARKET, THE WORKERS | Leave a Comment »

MITSUBISHI MATERIALS CORPORATION ADVANCES $28.75 MILLION FOR COPPER MOUNTAIN PROJECT

Posted by Gilmour Poincaree on December 3, 2008

December 2, 2008

PUBLISHED BY ‘CNW GROUP’ (Canada)

TSX: CUM – VANCOUVER, Dec. 1 /CNW/ – Copper Mountain Mining Corporation (“CMMC” or the “Company”) is pleased to announce that Mitsubishi Materials Corporation (“Mitsubishi”) has agreed to advance up to Cdn$28.75 Million by way of a bridge-loan to Similco Mines Ltd. (“Similco”), a wholly-owned subsidiary of the Company. Similco holds the assets of the former Similco mine, which the Company plans to re-develop into a producing mine (the “Project”). The funds will be used for development activities necessary to achieve the planned production start for the Project at the end of 2010. The Company and Mitsubishi continue to work on the definitive agreements in accordance with the MOU announced on October 1, 2008 and it is anticipated that the definitive agreements will be finalized as soon as possible. Mr. O’Rourke, Chief Executive Officer of the Company stated: “I am extremely pleased that Mitsubishi agrees to help us develop this Project by the bridge-loan in a very challenging financial time. Despite the current economic turbulence, we have added confidence that the project will be developed within the budget and schedule. We are taking a long term positive view on the price of copper and expect an improvement in the global economic situation by 2011 when the mine is scheduled to be operating.”

About Mitsubishi Materials Corporation:

Established in 1950, Mitsubishi is one of the world’s largest diversified materials companies and is a leader in metal smelting and refining, cement products, fabricated metals and advanced materials for electric components. Mitsubishi has invested in 4 (four) copper mines now under operation, namely Los Pelambres, Escondida (both in Chile), Huckleberry (Canada) and Batu Hijau (Indonesia). Mitsubishi’s high-level research and development programs are instrumental in enabling it to maintain its dominant position in key markets. Mitsubishi comprises 227 subsidiaries and affiliates in 25 countries, employing 19,467 people.

About Copper Mountain Mining Corp.:

CMMC is a BC resource company that owns 100% of the Project located 15 km south of the town of Princeton in southern British Columbia. The Company recently completed an independent feasibility study that confirmed the viability of restarting this past open pit copper and precious metal producer. Development is based on the construction of a new 35,000 tonne per day concentrator to produce approximately 100 million pounds of copper per year in a copper concentrate with gold and silver credits by the end of 2010. The mine resource includes; a Measured and Indicated Mineral Resource of 186 million tons averaging 0.411% Cu containing 1.5 billion lbs copper and an Inferred Resource of 92 million tons averaging 0.344% Cu containing 0.6 billion lbs copper (see press release July 28, 2008). A copy of the Independent 43-101 Technical Report pertaining to the interim resource estimate and a video presentation on the Copper Mountain Project may be found on the company’s website. The Company’s common shares currently trade on the TSX Exchange under the symbol CUM and additional information is available on the Company’s web site at http://www.CuMtn.com.

On behalf of the Board of COPPER MOUNTAIN MINING CORPORATION

“Rodney A. Shier”

Rodney A. Shier Chief Financial Officer

Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at http://www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts’ expectations or estimates or, subject to the requirement of securities laws, to release publicly any revisions to any forward-looking statement.

For further information: Don Graham: Director, Investor Relations, (604) 682-2992 ext. 224, Email: don@CuMtn.com, Website: http://www.CuMtn.com, or B&D Capital, (604) 685-6465

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PUBLISHED BY ‘CNW GROUP’ (Canada)

Posted in COMMODITIES MARKET, COPPER, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INTERNATIONAL, JAPAN, METALS INDUSTRY, MINING INDUSTRIES, THE FLOW OF INVESTMENTS | Leave a Comment »

AFRICA’S CHINESE CONNECTION AND THE DOWNTURN (South Africa)

Posted by Gilmour Poincaree on November 27, 2008

Posted to the web on: 27 November 2008

by Greg Mills – (*)

YOU know that it’s a globalised world when the man in front of you on the flight from Hong Kong THE GREAT WALLto Beijing starts a conversation, across several rows of seats, about the fast-bowling merits of Dale Steyn versus those of Morne Morkel — in Afrikaans.

Yet this very phenomenon — of an increasingly integrated world of trade, technology, skills and capital — is not only seen to be under threat due to the global economic crisis, but in the eyes of some is the cause of the crisis.

But that’s not how China sees things, in spite of some loss of export markets because of the credit crunch.

The formula for global economic growth has, over the past two decades , in simple terms, comprised western consumption of cheap Asian goods fuelled by access to cheap credit produced in turn by high Asian savings.

The cheapness of Asian goods relates to their productivity, which is related once again to the number of workers that are joining the global economy — 20-million annually from China’s rural to urban areas, at the last estimate.

Once in the cities they produce (up to three times) more and save more.

The downturn in demand for manufactured goods is likely to hit China hard — just as it has depressed commodity prices, the third leg of the western consumption-Asian thrift formula.

The supply of African oil and minerals has driven up continental growth rates, of course, and radically changed the level of external interest in African affairs.

China has been in part responsible for “globalising” Africa.

In doing so, it has certainly shown African prospects in a different light to the one shone by western firms and governments.

This relationship is represented in a plethora of statistics: In 1980, China’s share of world trade was less than 1%. By 2003 it had risen to 6%, where exports make up one-third of China’s gross domestic product. In 1980 China’s exports were worth less than $20bn. Last year, they exceeded $1-trillion. Such trade largely involves China’s processing of raw materials and the assembly of parts.

China’s trade with Africa has dramatically increased from $11bn in 2000 to $56bn in 2006 and $73bn last year, much of the increase due to oil.

Beijing has an African trade target of $100bn by 2010.

The second-largest global energy importer behind the US, China imported more than 6-million barrels of oil per day in 2006. This figure is expected to double in the next 15 years.

With only half of its energy needs now supplied by domestic sources, Angola has become China’s largest suppler of oil, while Sudan and Nigeria are important investment partners.

China today receives about one-third of its oil imports from Africa, comprising just less than 10% of the continent’s total oil exports. By comparison, the US purchased one-third of a percent of Africa’s total oil exports in 2006.

By 2006, more than 800 Chinese state-owned enterprises were active in Africa, with Chinese firms investing more than $6bn in 900 projects. The following year, China invested $4,5bn in African infrastructure projects alone.

Yet current figures put the downturn in manufacturing order books by more than 50% worldwide. China’s third-quarter growth has dipped to 9% from 12% last year. A loss of markets and growth, potentially compounded by rising labour costs depressing productivity, is a spectre that no Chinese politician fancies.

Beijing believes it will cope with the credit crisis by focusing on substituting its internal market for those lost overseas. Hence the announcement of a $586bn infrastructure stimulus package.

For example, the Chinese government has committed, in the short-term, an extra R1-trillion to railway infrastructure. That will buy a lot of steel, and much else, at current prices.

For this reason, for the moment, China aims to continue with its strategy to secure raw materials from Africa at source, in so doing managing the prospect of input price inflation.

This offers further prospects to African businesses with an appetite for partnership in exploiting the long-term trend of increasing global flows of capital to emerging markets.

But despite its strategy to beef up internal demand, China retains a big stake in globalisation.

Without sizeable external markets it cannot provide for its citizens, with all the economic fallout and political instability that would denote.

For experience teaches that large numbers of job seekers cannot be absorbed by government, or to satisfy local demand. For China, as in Africa, if they cannot find a place for themselves in the global economy, many will not be able to find a place at all.

(*) – Dr Mills heads the Brenthurst Foundation and has been researching in China.

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PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

Posted in CENTRAL BANKS, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FUELS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MACROECONOMY, METALS, METALS INDUSTRY, MINING INDUSTRIES, PETROL, RAILWAY TRANSPORT, RECESSION, SOUTH AFRICA, THE FLOW OF INVESTMENTS, TRANSPORT INDUSTRIES | Leave a Comment »

BRAZIL INVESTOR CSN SENDS SCOUTS TO CHECK OUT KREMIKOVTZI (Bulgaria)

Posted by Gilmour Poincaree on November 24, 2008

24 November 2008, Monday

Representatives of the Brazilian company CSN (Companhia Siderurgica Nacional) are arriving to Bulgaria's troubled steel-mill Kremikovtzi will be surveyed by scouts of the Brazilian company CSN which has expressed interest in investing in the plant. Photo by Nadya Kotseva (Sofia Photo Agency)Bulgaria’s capital Sofia Monday to inspect the troubled steel-maker Kremikovtzi in view of its declared interest to bid for the purchase of the plant.

The news about CSN’s investment interest in Kremikovtzi was announced on November 19 when the management of the company had a working meeting with the Bulgarian Minister of Economy Petar Dimitrov during his official visit to the Brazilian city Sao Paolo last week.

Representatives of the Kremikovtzi management and syndicates also took part in the meeting from Sofia via video satellite.

According to the Technology Director of the Bulgarian steel plant Stoyan Pirlov, the Brazilian company, which is a large producer of iron ore and had really strong positions on the domestic market, was interested in acquiring a plant in Europe. COMPANHIA SIDERÚRGICA NACIONAL (CSN) - BRASIL

The visit CSN’s scouts to Kremikovtzi is expected to shed more light on the plans of the Brazilian company with respect to the plant.

According to sources from the plant management, the Ukrainian company Smart Group was still interested in bidding for the purchase of Kremikovtzi.

CSN was founded in 1969, and is presently the second largest steel-maker in Brazil. Its main plant is located in the city of Volta Redonda in the state of Rio de Janeiro.

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PUBLISHED BY ‘NOVINITE’ (Bulgaria)

Posted in BRASIL, BULGARIA, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, EXPANSÃO INDUSTRIAL, FLUXO DE CAPITAIS, FOREIGN POLICIES, INDÚSTRIA METALÚRGICA, INDÚSTRIAS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, METALS INDUSTRY, RELAÇÕES INTERNACIONAIS - BRASIL, THE FLOW OF INVESTMENTS | Leave a Comment »

SIDERURGIA: SAMARCO, DA VALE, REDUZ PRODUÇÃO DE PELOTA

Posted by Gilmour Poincaree on November 23, 2008

21/11 – 21:23

Redação – InvestNews

SÃO PAULO, 21 de novembro de 2008 – A joint venture não-consolidada da Vale, a Samarco, na qual a empresa possui participação acionária de 50%, ajustará a produção de pelotas de acordo com as condições de mercado atuais. A Samarco, cuja capacidade nominal de produção é igual a 21,6 milhões de toneladas métricas de pelotas por ano, reduzirá dois terços da produção de pelotas do final de novembro a meados de janeiro de 2009. A terceira planta da Samarco, que iniciou as operações em abril e que possui capacidade nominal de produção de 7,6 milhões de toneladas métricas por ano, continuará a operar.

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PUBLISHED BY ‘INVESTNEWS’ (Brasil)

Posted in BRASIL, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, FINANCIAL CRISIS 2008/2009, INDÚSTRIA METALÚRGICA, INDÚSTRIAS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, SETOR EXPORTADOR | 1 Comment »

SHARP DIP IN INFLATION MAKES ROOM FOR RATE CUTS (India)

Posted by Gilmour Poincaree on November 14, 2008

14 Nov 2008, 0000 hrs IST, REUTERS

NEW DELHI: Inflation dropped sharply to its lowest in nearly six months in early November as prices of metals and fuels fell, and analysts said the unexpectedly low figure gave the Reserve Bank of India (RBI) room to cut rates.

The substantial easing in inflation comes at a time when Indian policy makers are struggling to protect growth and shield the economy from the impact of the global economic slowdown.

India’s wholesale price index, the most widely watched inflation measure, rose 8.98 per cent in the 12 months to Nov. 1, well below forecasts for a rise of 10.37 per cent, data showed on Thursday.

It was the lowest reading since May 24, when the rate was 8.90 per cent and well below early August’s peak of 12.91 per cent.

Analysts said a decline in global commodity prices, robust domestic agricultural output and a fall in demand in a slowing economy helped bring the rate to single-digits well ahead of earlier expectations.

“Taking comfort from the decline in inflation and responding to the worsening demand outlook, we expect the Reserve Bank of India to cut the reverse repo rate by 100 basis points and the repo rate by 150 points by March 2009,” said A. Prasanna, an economist at ICICI Securities.

He said inflation was likely to ease to 4.5 per cent by March 2009. The repo is the central bank’s main lending rate while the reverse repo is the rate at which it absorbs excess cash from the banking system.

Strong evidence that India’s $1 trillion economy, Asia’s third largest, is slowing has emerged in recent weeks. Factory output has been sharply lower, manufacturers have trimmed output and put expansion plans on hold. Government excise receipts — factory gate taxes — contracted in October.

Economists and policy makers expect growth to slow to 7 per cent in the current fiscal year to March, from the close to 9 per cent seen in the previous three years.

SLEW OF MEASURES

Despite rebounding in September to a just respectable 4.8 per cent, analysts have warned annual growth in industrial output, a key indicator, was set for a severe slowdown after the credit crisis paralysed India’s money markets in October.

That pushed up firms’ interest costs as they battled tough business conditions and shrinking export markets.

Authorities have taken a slew of measures in recent weeks including cutting the repo by 150 basis points to 7.5 per cent and lowering banks’ reserve requirements to improve liquidity and boost growth.

India’s financial markets, which have borne the brunt of the financial crisis in recent months, were closed on Thursday for a national holiday.

The receding threat of inflation will cheer India’s Congress Party-led ruling coalition as it gears up for a string of state elections in coming weeks and federal polls by early 2009.

Suresh Tendulkar, a top economic adviser to Prime Minister Manmohan Singh, told Reuters the latest inflation data provided room for the RBI to act on rates.

“My hunch is the Reserve Bank of India will wait for one or two weeks and then take a call,” he said.

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PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FUELS, INDIA, INFLATION, INTERNATIONAL, METALS, METALS INDUSTRY, THE FLOW OF INVESTMENTS | Leave a Comment »

TATA STEEL EXPANSION PLAN ON FULL SWING; NOT TO CUT PRODUCTION (India)

Posted by Gilmour Poincaree on November 14, 2008

13 Nov, 2008, 2052 hrs IST, PTI

NEW DELHI: Country’s largest private sector steel producer Tata Steel today said its expansion plan is TATA GROUP, INDIA - DELHI - MUMBAIgoing on full swing and has no plan to scale down production despite softening of commodity prices across the world.

“Tata Steel expansion going on in full swing. There is no plan to cut down production,” Tata Sons Director J J Irani said here.

“We are in for difficult period ongoing projects would come. Money should not be a problem,” he said. However, he added, “Ratan Tata has sent a general message that we have to be careful in the present scenario”.

The leader of the over 62-billion dollar group has asked his top honchos to focus on conserving cash and put off expansion through inorganic route unless the acquisitions were strategic in nature.

Recently, the steel producer announced setting up of a new blast furnace at its Jamshedpur unit as part of the Rs 14,000-crore brownfield expansion to augment its production capacity to 10 million tonne in over two years.

The ‘I-blast furnace’, which would have a capacity to make 3.05 million tonne of hot metal per annum, is likely to be commissioned by November 2010.

In addition to increasing the capacity of its existing unit, the steel major is in process of setting up greenfield projects in Jharkhand, Orissa and Chhattisgarh.

While in Jharkhand it proposes to invest about Rs 42,000 crore for a 12 million tonne integrated steel plant, in Orissa it intends to pump in nearly Rs 22,000 crore for a 6 million tonne unit.

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PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in AUTOMOTIVE INDUSTRY, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, IRON ORE, METALS, METALS INDUSTRY, STEEL, THE FLOW OF INVESTMENTS | Leave a Comment »

COPPER SHED 6 PER CENT OVERNIGHT AS BLEAK ECONOMIC PROSPECTS FANNED RENEWED CONCERNS ABOUT DEMAND DESTRUCTION

Posted by Gilmour Poincaree on November 13, 2008

November 12, 2008

Article from: Reuters

The slide in copper and most other industrial metals in London and New York came one day after a Carvings on yellow copper. Cairo, 9th November 2008Chinese stimulus plan sparked a broad-based rally in the complex.

“The market is basically trading as if the Chinese package is not sufficient, at least not at the moment, to provide support,” said Jesper Dannesboe, senior commodity strategist at Societe Generale.

Copper for December delivery dropped US10.40 cents, or 5.9 per cent, to settle at $1.6480 a pound on the New York Mercantile Exchange’s COMEX division.

Yesterday, the metal — often seen as a key gauge of real economic activity — jumped more than 11 per cent to $US1.89 on China’s $US586 billion ($855 billion) fiscal package.

Copper for three-month delivery on the London Metal Exchange fell to a session low of $US3622 per tonne, before closing at $US3640. It also surged 11 per cent yesterday, closing at $3875.

At the end of October, it hit its lowest level in more than three years at $US3590 per tonne.

“I am not surprised to see base metals give up their gains today,” said Catherine Virga, senior base metals analyst with CPM Group in New York. “The fundamentals have not been strong with inventories up day after day, and broader market sentiment down.”

Stocks of copper in LME-registered warehouses rose another 4625 tonnes to 265,475 tonnes — their highest since March 2004.

In November alone, they are up more than 27,000 tonnes.

“We are increasingly of the view that the current environment is disastrous and that the market may not be factoring in how bad it is going to be over the next three months,” said analyst Max Layton at Macquarie Bank.

The World Bank slashed its 2009 economic growth forecast for developing countries and offered new financing of more than $US100 billion over the next three years to help them cope with the global financial crisis.

Also, Merrill Lynch chief executive John Thain said the global economy was in a deep slowdown and would not recover quickly, while the environment recalls 1929, the advent of the Great Depression.

China’s imports of copper showed a rise in October but analysts did not see the trend continuing near term.

The world’s top consumer of copper imported 231,212 tonnes of unwrought copper and semi-finished copper products, versus September’s 213,782 tonnes, customs said.

In the same month, China exported 47,622 tonnes of unwrought aluminium, down from 64,851 tonnes in September.

“We saw some arbitrage flows in September and October, and it’s one of the reasons why imports were firm,” said Yingxi Yu, an analyst at Barclays Capital.

CPM Group’s MsVirga agreed, adding that since the end of October the market had shifted to where the LME copper price regained its premium over the Shanghai price.

“The data since late October suggests weaker reported imports, especially for the month of November,” Ms. Virga said.

LME aluminium fell $US42 or 2.1 percent to $US1948, shrugging off announcements by a number of producers about plans to cut production or re-evaluate expansion plans.

Alcoa was the latest to cut aluminium production, announcing a 350,000-tonne-per-year global reduction.

Australia’s Alumina, a joint venture partner with Alcoa, suspended expansion plans for Australia’s Wagerup alumina refinery until market conditions improve.

Lead was down $US85 at $US1270 a tonne, tin dropped to $US14,150/14,200 from $US14,675 and zinc ended at $US1110 from Monday’s $US1100/1,105.

Nickel fell 6.7 per cent, or $US775, to $US10,725.

Reuters

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PUBLISHED BY ‘THE AUSTRALIAN’

Posted in ALUMINUM, COMMERCE, COMMODITIES MARKET, COPPER, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, LEAD, METALS, METALS INDUSTRY, TIN, ZINC | Leave a Comment »

ESTA REDUCCIÓN DE PUESTOS DE TRABAJO NO DESPEJA EL HORIZONTE – Cuatro empresas resuelven la situación de crisis con EREs y despidiendo a eventuales y contratas – Arcelor Mittal no renuncia al ERE si en 2009 no se consigue una producción entorno a 1.450.000 Tm.

Posted by Gilmour Poincaree on November 3, 2008

30/10/2008

En estos días se van concretando las medidas que las empresas están aplicando para hacer frente a ARCELORlos efectos de la crisis, que en el municipio de Sagunto no sólo afecta al sector de la construcción, sino que también se deja sentir en aquellas empresas que trabajan para el sector del automóvil. Las medidas son reducción de puestos de trabajo, como ya hemos venido informando puntualmente desde nuestra la Edición Digital.

Los trabajadores de Pilkington ratificaron en asamblea el martes por la tarde, un Expediente de Regulación de Empleo (ERE) por el cual, los 436 trabajadores de la plantilla irán al paro 7 días en noviembre y 7 en enero de 2009, según declara el presidente del comité de empresa, Rubén López Redondo, quien considera satisfactorio el resultado ante una situación de reducción de ventas en el sector del automóvil, la empresa tenía ciertas facilidades para que el ERE y además con un precedente a la baja del expediente de Ford que se ha cerrado con unas condiciones inferiores a las conseguidas en Pilkington.

En esa línea de argumentación, el representante social señala: « Haber conseguido,entre otras, que la empresa complemente hasta el 85% del sueldo bruto, los días que estemos en el paro y además estas condiciones son de aplicación a cualquier ERE que pudiera surgir de aquí a diciembre de 2009, por las condiciones del mercado», señala el presidente del comité. El acuerdo también asegura que los días de paro, no afectarán en un futuro ni a la prestación de desempleo ni a otros aspectos que merme los derechos de los trabajadores.

Por otro lado, hay que señalar que Pilkington ha despedido a 35 trabajadores eventuales.

Arcelor despide a las contratas

Arcelor Mittal reduce en el último trimestre 70.000 toneladas su producción anual y para no recurrir al expediente de regulación de empleo acuerdan empresa y representación sindical reducir un turno de trabajo y que el personal excedente se ocupe del mantenimiento. Por lo que unos 130 trabajadores de contratas irán al paro.

Con esta medida no se despeja el horizonte y la previsión es que se reduzcan 110.000 toneladas en el primer semestre de 2009. Si este previsión se cumple y en el segundo trimestre la producción se va recuperando entorno a 1.450.000 toneladas al año, Arcelor no recurrirá al ERE, según informa el presidente del comité Enrique Soriano, quien añade, «esperamos que el mercado se recuperen y los pedidos vayan llegando».

Señalan asimismo que hasta septiembre la producción iba cumpliendo los objetivos y la caída de pedidos ha sido en octubre. La reducción más importante ha sido en las líneas que trabajan para el sector del automóvil que son: Galvanizado y Electrocincado. Decapado y Tándem producen para la propia empresa y para otros clientes y «se van manteniendo los pedidos», subraya Soriano.

Tumesa despide a nueve – trabajadores de plantilla

En la factoría Tubos del Mediterráneo, S.A. (Tumesa) las medidas han sido más drásticas y han TUMESA - Tubos del Mediterráneo, S.A.despedido a nueve trabajadores (seis mujeres y tres hombres) que tienen la carta de cese hace ya varios días en su poder, pero según informan de CC.OO. la empresa rechaza sentarse a negociar, aunque desde el sindicato han ofertado resolver la situación con un reajuste de plantilla con cinco posibilidades: bajas incentivadas, excedencias incentivadas, expediente de regulación de empleo para mayores de 55 años y expediente de suspensión.

Además de los despidos que afectan a la plantilla, también han despedido en Tumesa a una decena de trabajadores que realizaban tareas de carga y descarga.

Bosal España ha resuelto temporalmente sus problemas con cinco días de paro que afectará a toda la plantilla y que se realizarán en los meses que quedan antes de finalizar el año. Recordar que hace once meses esta empresa despidió a 17 trabajadores de plantilla.

Por último, señalar que la empresa Hormol ubicada en el polígono Sepes ha reducido la jornada semanal. La plantilla está trabajando sólo tres días a la semana y la empresa tiene un plazo máximo de ocho meses para paliar esta reducción de mano de obra.

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PUBLISHED BY ‘EL ECONÓMICO’ (Spain)

Posted in AUTOMOTIVE INDUSTRY, COMMERCE, CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, EUROPE, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS INDUSTRY, SPAIN, THE WORK MARKET, THE WORKERS | Leave a Comment »

STEEL PRODUCTION HALTED AT ARCELORMITTAL PLANT IN CLEVELAND (USA)

Posted by Gilmour Poincaree on November 2, 2008

2 Nov 2008, 1113 hrs IST, AP

CLEVELAND: Steelmaking is on hold at the ArcelorMittal plant in Cleveland due to a drop in business.

Both blast furnaces were idled this week, and the company plans to offer voluntary layoffs with partial pay starting next week. About 1,450 union members work at the plant.

Mark Granakis, president of the United Steelworkers local in Cleveland, says there could be as many as 400 job reductions.

ArcelorMittal spokeswoman Katie Patterson says updated information could come on Wednesday when the company announces third quarter earnings.

Jobs for those who remain at the plant will include maintenance and completing work on existing inventory. The hot strip part of the mill, where slab is turned into coil, continues to operate.

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PUBLISHED BY ‘THE TIMES OF INDIA’

Posted in COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS - USA - 2008/2009, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, METALS, METALS INDUSTRY, STEEL, THE FLOW OF INVESTMENTS, THE WORKERS, USA | Leave a Comment »

BOLIVIAN MINES HALT AS METAL PRICES PLUMMET – Bolivian Zinc, Silver Mines Fall Silent As Global Crisis Sinks Metal Prices

Posted by Gilmour Poincaree on November 2, 2008

POTOSI, Bolivia, Oct. 30, 2008

(AP) Falling mineral prices have Bolivian miners digging in the hard Andean earth for a humbler means of survival: potatoes.

The global financial crisis is driving a decline in metal prices that has idled thousands of miners here in recent weeks _ just in time for the Southern Hemisphere’s spring planting season in nearby rural villages once all but abandoned during a recent mineral boom.

“They can no longer earn anything in the mines, but at least they can plant their crops so they have something to eat,” Roman Rodriguez, spokesman for the Potosi state Federation of Mining Cooperatives, told The Associated Press recently.

The price of zinc, Bolivia’s largest export after oil and gas, has dropped nearly a third in the last month, and is 70 percent off its peak in late 2006. Falling prices for silver, tin and lead have also hit the key mining industry hard in this poor Andean nation.

The Potosi federation reported this week that 80 percent of region’s mining cooperatives have halted operations until zinc and silver prices recover. In the state’s colonial capital, whose treeless, rust-colored hills tower 13,300 feet (4,000 meters) above sea level, a work force of 25,000 miners has been cut in half. Those still working have seen daily paychecks drop from more than $20 to about $7.

Another telling economic indicator is the disappearance of more than a dozen Hummers that mine owners once drove through the city’s narrow streets. Miners here say many of the vehicles were sold for cash at a swap meet.

President Evo Morales has announced $5 million in zinc subsidies to help keep mines open, and his government is considering similar funds for other minerals.

The money aims to appease the estimated 80,000 members of independent miners’ cooperatives, a volatile political bloc known for showing up at street protests with hardhats and dynamite.

“The government will do everything possible to prevent more cooperatives from halting operations,” mining director Freddy Beltran said Tuesday.

Copyright 2008 The Associated Press. All rights reserved.

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PUBLISHED BY ‘CBS NEWS’ (USA)

Posted in BOLIVIA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, LEAD, METALS, METALS INDUSTRY, PRECIOUS METALS, SILVER, TIN, ZINC | Leave a Comment »