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BANCO PERUANO PODE TER PERDIDO US$ 70 MILHÕES COM FRAUDE DE MADOFF

Posted by Gilmour Poincaree on December 18, 2008

17/12/2008

FolhaNews

PUBLISHED BY ‘CORREIO BRAZILIENSE’

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PUBLISHED BY ‘CORREIO BRAZILIENSE’

Posted in BANKING SYSTEMS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, PERU, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY | Leave a Comment »

UNCERTAINTIES BEDEVIL PLANS TO KEEP WORLD TRADE FLOWING

Posted by Gilmour Poincaree on November 29, 2008

28/11/2008 1:00:00 AM

PUBLISHED BY ‘THE CANBERRA TIMES’ (Australia)

Trading nations around the world are saying the right things about preventing a surge of protectionism that would choke Pakistani investors monitor the index at Karachi Stock Exchangeglobal trade when it needs to be boosted to help pull economies out of their slump. But amid fears of a deepening recession stretching beyond 2009, will governments act in conformity with their promises?

Leaders of the 21 economies in APEC, the Asia Pacific Economic Cooperation forum, hit the right notes when they issued a statement during their summit in Lima, Peru, last weekend. To counter calls to shield countries and industries from competition by restricting imports, the APEC leaders, who oversee half the world’s economic activity, said that in the next 12 months they would not raise new barriers to investment or to trade in goods and services, impose new export restrictions, or implement measures inconsistent with the World Trade Organisation, including those that stimulate exports.

This was an endorsement of the free trade section of a declaration issued by the summit of the Group of 20 advanced and emerging economies in Washington on November 15. The G20 accounts for about 90 per cent of global economic activity and 80 per cent of trade. Australia, Canada, China, Indonesia, Japan, Mexico, Russia, South Korea and the US are members of both APEC and the G20. So the combined words of leaders of these two groups should carry weight.

Yet two days after Russia’s President, Dmitry Medvedev, put his name to the G20 declaration, his Deputy Finance Minister, Dmitry Pankin, announced that Moscow would raise tariffs on imported cars to protect Russian producers.

Russia has also announced a general review of trade agreements that may lead to a further increase in import duties and a cut in quotas for allowable imports. Russia says these measures were planned in advance of the G20 meeting. ”No one said that anyone should scrap existing barriers or go back on existing decisions,” Mr Pankin explained.

China, which is anxious to help exporters hit by falling demand in the US and Europe, took a somewhat different tack. Three days before the G20 summit it raised export tax rebates paid on more than 3700 types of goods almost 28 per cent of the total sold overseas. Yet China has a huge trade surplus and has been criticised by economists who argue that the export sector receives too much favorable treatment from the government, which should instead stimulate domestic demand.

So far there has been no reneging on APEC and G20 free trade pledges. But these are early days. It will take resolute national leadership and continuing international consultation to resist protectionism as economic woes get worse and cries for help by affected industries become louder.

Fredrik Erixon, director of the European Centre for International Political Economy, a free-trade think-tank in Brussels, is concerned that the APEC and G20 pledges still leave scope for countries to impose anti-dumping duties on imports deemed to be below the cost of production, and to provide emergency state aid to politically sensitive industries. Indeed, he says that such measures are supplanting permanent import tariffs as the main method of protectionism and were not covered by either the APEC or G20 statements.

Still, APEC went somewhat further than the G20 in supporting an early resumption of WTO negotiations to liberalise international trade. These negotiations collapsed last July after seven years because of disagreements between the US and India, backed by China, over the extent to which agriculture in developing countries should be shielded from foreign competition.

China’s President Hu Jintao said in Lima that Beijing believed reviving the WTO talks and bringing them to a successful conclusion should be a top priority. APEC leaders directed their trade ministers to meet in Geneva next month to try to advance the WTO negotiations. Prime Minister Kevin Rudd said a successful outcome would be a ”huge shot in the arm for the global economy” and to confidence.

If the world trade deal stalls again, there is another option for Pacific Rim nations. They could forge a trans-Pacific free trade agreement. The Bush Administration in the US, Australia and Peru announced recently that they would join Brunei, China, New Zealand and Singapore in talks to try to build the core of a free trade area of the Asia-Pacific. The first round of negotiations will be held in March in Singapore.

However, the Obama factor is looming over all these issues. Barack Obama, the US President-elect who takes office in January, outlined a potentially protectionist agenda during the election campaign. He said he would renegotiate the North American Free Trade Agreement with Canada and Mexico and a pending bilateral deal with South Korea, rebalance economic ties with China to reduce the huge US trade deficit, challenge unfair trade in the WTO and elsewhere, and discourage US companies from outsourcing work to countries such as India and the Philippines.

If Obama, backed by a Democratic majority in Congress, takes up these cudgels, the prospects of success in both the WTO and trans-Pacific trade liberalisation negotiations will recede while the likelihood of a slide into wider tit-for-tat protectionism will increase.

The International Chamber of Commerce pointed out recently that parallels are being drawn between the financial and economic crisis of today and the Great Depression of the 1930s. ”Almost 80 years ago, many nations reacted to the Great Depression by raising border tariffs and ended up making matters worse for themselves included. Beggar-my-neighbour protectionism ended up beggaring everyone. That is one of the most unambiguous lessons of the 1930s,” the chamber said.

Obama and the leaders of other major economies and trading nations should bear this in mind as they consider policies for 2009 and beyond.

The writer, a former Asia editor of the International Herald Tribune, is a visiting senior research fellow at the Institute of South-East Asian Studies in Singapore.

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PUBLISHED BY ‘THE CANBERRA TIMES’ (Australia)

Posted in AGRICULTURE, AUSTRALIA, BANKING SYSTEMS, CANADA, CENTRAL BANKS, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL MARKETS, G20, INDONESIA, INTERNATIONAL, JAPAN, MEXICO, PERU, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA, WORLD TRADE ORGANIZATION | Leave a Comment »

IN LATIN AMERICA, MEDVEDEV WILL TAKE FIGHT TO US DOORSTEP

Posted by Gilmour Poincaree on November 21, 2008

11/20/2008

MOSCOW — President Dmitry Medvedev embarks this week on a Latin American tour crafted to slake MEDVEDEV'S LATIN TOURRussia’s thirst for respect as a serious global power and carry its message of US defiance to Washington’s doorstep.

Medvedev’s four-nation trip kicks off Friday in Peru, where he will meet at the weekend with leaders of the Asia-Pacific Economic Cooperation forum, including outgoing US President George W. Bush and Chinese President Hu Jintao.

The Kremlin leader then heads to Brazil to meet its leftist President Luiz Inacio Lula da Silva before traveling to Venezuela, whose maverick President Hugo Chavez is famous for his virulent broadsides against Washington.

For the grand finale, Medvedev rounds off his tour in Cuba, the flagship Cold War ally of the Soviet Union during the Cold War and the United States’ communist arch-foe in the western hemisphere since the late 1950s.

The Russian navy, keen to prove that reports of its death a decade ago were exaggerated, will flex its muscles under Washington’s nose by conducting joint maneuvers with Venezuela in the Caribbean Sea, officials said.

The extensive trip expands a Cold War-era strategy revived by Medvedev’s mentor Vladimir Putin of raising Russia’s profile globally and taking rivalry with the United States to Washington’s doorstep in Latin America, analysts said.

But it also comes as Russia has taken a battering in the global economic crisis, while calls by the new Kremlin leader for a reshaping of international financial and military structures have met little response.

The tour will demonstrate Russia’s “increasing interest in expanding its global influence, particularly on the continent Washington believes to be a traditional sphere of American influence,” said Yevgeny Volk, Moscow representative of the US Heritage Foundation, a research center.

In comments to RIA Novosti on Monday, Russian Foreign Minister Sergei Lavrov insisted Russian ties with South America and the Caribbean region were not aimed at “third countries” — a clear reference to the United States.

But Russian media have portrayed the naval exercises and recent Russian air force exercises in Venezuela as a direct response to US plans to extend a missile shield close to Russian borders in central Europe.

Venezuela’s purchase of a slew of Russian weapons have already prompted concern on the part of neighboring Colombia and the United States about the dangers of a South American arms race.

Russia’s Kommersant newspaper has reported that negotiations will be pursued during Medvedev’s visit on new Venezuelan arms purchases from Russia, possibly including air defense systems and fighter jets.

His visit to Cuba is sure to revive memories of Cold War rivalry, although the daily Kommersant reported in August that Cuba had reacted badly to Russian suggestions the island might host Russian bomber planes.

Hailing warm bilateral relations this month, Cuban Foreign Minister Felipe Perez Roque said that defense ties with Russia were aimed at “reinforcing the defensive potential of Cuba.”

Amid the Russian-US tensions, Medvedev’s encounter with Bush in Peru may prove chilly.

Moscow has all but written off coming to terms with the outgoing US administration on its missile defense plans, which Washington insists do not threaten Russia and are directed against “rogue states” such as Iran.

As well as pursuing military ties, Medvedev’s tour is sure to be aimed at expanding economic ties with South America, where Russian energy firms Gazprom, Lukoil and the British-Russian joint venture TNK-BP have been pushing projects in Venezuela.

But analysts remain sceptical about Russia’s goals in both Latin America and Asia.

Melbourne-based Asia specialist Damien Kingsbury said that Russia, despite its vast territory in the far east, was not seen as a significant Asian power and had damaged its cause by its military surge into Georgia in August.

Russia’s alliance with China remains “short-term”, said Kingsbury, of Deakin University, adding that after the August war, “states in the Asia-Pacific region would view Russia with a degree more caution.”

Reflecting on Russia’s dependence on energy exports to finance its ambitions, Volk concluded: “With the decrease in oil prices it will be much more difficult for Russia to play the role of superpower.”

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PUBLISHED BY ‘THE DAILY TRIBUNE’ (Philippines)

Posted in BRASIL, COMMERCE, COMMODITIES MARKET, CUBA, ECONOMIC CONJUNCTURE, ECONOMY, FOREIGN POLICIES, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, LATIN AMERICA, PERU, RUSSIA, THE ARMS INDUSTRY, VENEZUELA | Leave a Comment »

PAN AMERICAN SILVER CUTS 500 JOBS (Canada)

Posted by Gilmour Poincaree on November 14, 2008

November 13, 2008 at 9:21 AM EST

The Canadian Press

VANCOUVER — Pan American Silver Corp. is cutting 500 jobs, rolling back executive salaries by 10 per Silver and gold jewels and other itemscent and reducing exploration and capital spending to deal with weaker finances and a drop in prices of silver and zinc, its key metals.

The Vancouver company said Thursday the streamlining was required to cope with weaker metals prices, a 10 per cent drop in revenues and sharply lower profits in the latest quarter.

“These are challenging times for the global mining industry,” president and CEO Geoff Burns said in a release.

“We have responded by retooling our business plans to reduce costs and adjust to the new pricing environment. We have managed our business conservatively over the past couple of years and enter this difficult period in solid financial health, with no debt and with the skills and the experience to adapt and thrive without compromising our growth.

“There are many reasons to be optimistic about future silver and gold prices. Government bailouts and debts worldwide have reached epic proportions and will, in my opinion, eventually undermine the very value of the paper currencies and the economies those same governments were charged with protecting. This should benefit gold and silver prices and Pan American Silver.”

In its financial report, Pan American said its net earnings for the third quarter ended Sept. 30 fell to $6.4-million (U.S.) or eight cents a share, from $23.9-million, or 31 cents a share for the same 2007 period.

Sales fell 10 per cent to $79.5-million, said the company, which reports its finances in U.S. dollars.

Pan American has seven operating mines in Mexico, Peru and Bolivia. An eighth mine in Argentina is scheduled to start up this month.

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PUBLISHED BY ‘THE GLOBE AND MAIL’

Posted in ARGENTINA, BOLIVIA, CANADA, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, GOLD, INTERNATIONAL, METALS, MEXICO, NORTH AMERICA, PERU, PRECIOUS METALS, SILVER, THE FLOW OF INVESTMENTS, ZINC | Leave a Comment »

MEDVEDEV PLANS TRIP TO CUBA ON LATIN AMERICAN TOUR LATER THIS MONTH

Posted by Gilmour Poincaree on November 14, 2008

Published: November 14, 2008, 15:30

Agencies

Nice: Russian President Dmitry Medvedev will visit US foe Cuba on a tour of Latin American states later DIMITRI MEDEVEDEVthis month, his spokeswoman said on Friday.

“As part of his trip to Latin America … this month, the president will also visit Cuba,” spokeswoman Natalya Timakova told reporters on the sidelines of a European Union-Russia summit in the French resort of Nice.

Russia has been building ties with Latin American leaders who are cool towards the United States, a drive the Kremlin said is about trade but which some analysts say is designed to signal to Washington that Russia is once again a world power.

Medvedev had been scheduled only to visit Venezuela, Brazil and Peru on his tour of the region. His spokeswoman did not give an exact date for the Cuban leg of the trip.

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PUBLISHED BY ‘GULF NEWS’ (Dubai)

Posted in BRASIL, CENTRAL AMERICA, COMMONWEALTH OF INDEPENDENT STATES, CUBA, INTERNATIONAL, INTERNATIONAL RELATIONS, LATIN AMERICA, PERU, RUSSIA, VENEZUELA | Leave a Comment »