FROM SCRATCH NEWSWIRE

SCAVENGING THE INTERNET

Archive for the ‘OCEANIA’ Category

REFLEXIONES DEL COMPAÑERO FIDEL – LA REUNIÓN DE WASHINGTON (Cuba)

Posted by Gilmour Poincaree on November 15, 2008

Sábado 15 Noviembre 2008

Fidel Castro Ruz

Noviembre 14 de 2008

5 y 35 p.m.

Algunos de los gobiernos que nos apoyan, a juzgar por declaraciones recientes, no dejan de incluir en FIDEL CASTRO BY PEPITO JUNIOR CARLOSlas mismas que lo hacen para facilitar la transición en Cuba. ¿Transición hacia dónde? Hacia el capitalismo, único sistema en el que religiosamente creen. Ni una sola palabra expresan para reconocer el mérito de un pueblo que, sometido a casi medio siglo de crueles sanciones económicas y agresiones, defendió una causa revolucionaria que, unida a su moral y patriotismo, le dio fuerzas para resistir.

También olvidan que, después de las vidas ofrendadas y tanto sacrificio defendiendo la soberanía y la justicia, no se le puede ofrecer a Cuba en la otra orilla el capitalismo.

Le hacen guiños a Estados Unidos, soñando que los ayudará a resolver sus propios problemas económicos inyectándoles sumas fabulosas de monedas de papel a sus tambaleantes economías, que sostienen el intercambio desigual y abusivo con los países emergentes.

Sólo de esta forma pueden garantizarse las ganancias multimillonarias de Wall Street y los bancos de Estados Unidos. Los recursos naturales no renovables del planeta y la ecología ni siquiera se mencionan. No se demanda el cese de la carrera armamentista y la prohibición del uso posible y probable de armas de exterminio masivo.

Ninguno de los que participarán en la reunión, convocada precipitadamente por el actual Presidente de Estados Unidos, ha dicho una palabra sobre la ausencia de más de 150 Estados con iguales o peores problemas, que no tendrán derecho a decir una palabra sobre el orden financiero internacional, como propuso el Presidente pro tempore de la Asamblea General de las Naciones Unidas, Miguel D’Escoto, entre ellos la mayor parte de los países de América Latina, el Caribe, África, Asia y Oceanía.

Mañana se inicia la reunión del G-20 en Washington. Bush está de plácemes. Proclama que de la reunión espera un nuevo orden financiero internacional. Las instituciones creadas por Bretton Woods deben ser más transparentes, responsables y efectivas. Es lo único que admitiría. Para señalar la prosperidad de Cuba en el pasado, habló de que una vez estuvo sembrada de campos de caña de azúcar. No dijo, por cierto, que se cortaba a mano y el imperio nos arrebató la cuota establecida durante más de medio siglo, cuando la palabra socialismo no se había pronunciado todavía en nuestro país, aunque sí las de ¡Patria o Muerte!

Muchos sueñan que, con un simple cambio de mando en la jefatura del imperio, este sería más tolerante y menos belicoso. El desprecio por su actual gobernante conduce a ilusiones del probable cambio del sistema.

No se conoce todavía el pensamiento más íntimo del ciudadano que tomará el timón sobre el tema. Sería sumamente ingenuo creer que las buenas intenciones de una persona inteligente podrían cambiar lo que siglos de intereses y egoísmo han creado. La historia humana demuestra otra cosa.

Observemos con atención lo que dice cada cual en esa importante reunión financiera. Las noticias lloverán. Estaremos todos un poco mejor informados.


CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘VICTORIA’ (Cuba)

Posted in AFRICA, ASIA, CENTRAL AMERICA, CUBA, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, G20, INTERNATIONAL, INTERNATIONAL RELATIONS, LATIN AMERICA, OCEANIA, THE FLOW OF INVESTMENTS | Leave a Comment »

SOUTH KOREA INJECTS $11 BILLION INTO ECONOMY

Posted by Gilmour Poincaree on November 4, 2008

Published: November 4, 2008

by Victoria Burnett and Bettina Wassener

South Korea announced a $11 billion stimulus package on Monday and the Spanish government unveiled a program to allow out-of-work homeowners to defer mortgage payments, the latest in a string of steps by governments seeking to prop up economic growth and cushion the effect of the financial crisis.

On Tuesday, Australia joined the trend when its central bank cut a key lending rate.

South Korea, which has been hit hard by U.S. and European consumers’ reluctance to spend money on goods like electronics and cars, and where the financial crisis has left local banks struggling to pay billions of dollars in short-term loans, has announced a series of emergency measures in recent weeks.

The South Korean president, Lee Myung Bak, announced measures that include an additional 11 trillion won in government spending and 3 trillion won in tax cuts, a total equivalent to $11 billion. These are aimed mainly at the real estate and construction industries.

The South Korean finance minister, Kang Man Soo, was quoted by Bloomberg News as saying, “Now is the time that a financial markets crisis is being transferred to the real sector, and we need to get down to start to manage the situation.”

The package is intended to raise economic growth next year by an additional one percentage point, to about 4 percent. It was announced as fresh data showed that South Korean export growth had slowed to its lowest levels in 13 months in October, further evidence that the downturn in the United States and Europe was spilling over into the export-driven economies of Asia.

Economists said the export figures were also likely to prompt the South Korean central bank to cut the cost of borrowing at its policy meeting Friday. That would be the second cut in two weeks, coming soon after the bank staged a surprise cut, of three-quarters of a percentage point at an emergency meeting last week.

The Spanish move came as other countries with troubled housing markets, including the United States, are debating steps to help people stave off foreclosure, but have yet to enact any direct measures.

Spain is grappling with an economy that is slipping into recession and has the highest unemployment rate in the European Union.

Prime Minister José Luis Rodríguez Zapatero told a news conference in Madrid that the package would also include incentives for employers to hire the jobless.

Under the mortgage relief program, unemployed homeowners and some retirees could postpone payment of half their monthly bill for two years starting in January — as long as the amount deferred each month was no more than 500 euros, or about $635. The offer would apply to mortgages of up to 170,000 euros and could affect about half a million people, Zapatero said.

The Spanish government will underwrite the deferred payments, which may be spread over 10 years, Zapatero said.

Spain had been a European leader in terms of job creation in the last decade, as well as in home building. But the economy has ground to a halt as the property bubble deflated and the global credit crisis hit home.

In an effort to persuade businesses to hire those now receiving benefits, Zapatero said the government would pay companies 1,500 euros a year for each job given to an unemployed worker supporting a family. He also said bonuses would be introduced for companies hiring people working in research and development and renewable energy.

The package is intended to bolster growth next year by an additional percentage point to around 4 percent, and was announced as fresh data showed export growth in October had slowed to its lowest pace in 13 months.

Weak economic data in Australia led that country’s central bank to reduce its key rate Tuesday. The cut was the third since Sept. 3.

The moves have been intended to prop up the Australian economy, which is highly dependent on raw materials production and has suffered from falling prices for iron ore and copper in recent months. Data released Monday showed retail sales fell 1.1 percent in September, much more than had been expected, while house prices fell 1.8 percent during the third quarter.

China, which last week joined a flurry of interest rate cuts in the United States and elsewhere, over the weekend announced it was loosening limits on bank lending. Signs in China also indicate that economic growth is slowing.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘INTERNATIONAL HERALD TRIBUNE’

Posted in AGRICULTURE, ASIA, AUSTRALIA, BANKING SYSTEMS, CENTRAL BANKS, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, EUROPE, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, OCEANIA, RECESSION, SOUTH KOREA, SPAIN, THE FLOW OF INVESTMENTS | Leave a Comment »

ASIAN MARKETS GAIN AS HANG SENG RISES 3 PERCENT

Posted by Gilmour Poincaree on November 3, 2008

Nov 3, 3:56 AM EST

by Jeremiah Marquez – AP Business Writer

HONG KONG (AP) — Asian stock markets rose Monday, with Hong Kong’s benchmark advancing 3 percent, as investors appeared encouraged by government efforts to help the global economy weather the financial crisis.

Across the region, markets seemed to shrug of more dispiriting economic data and focus on fresh stimulus plans.

The Korea Composite Stock Price added 1.4 percent after the government unveiled nearly $11 billion in new spending measures to protect South Korea from sliding into recession.

In Australia, the S&P/ASX 200 was up more than 5 percent despite troubling evidence of slowing manufacturing and retail sales, as traders anticipated a further interest rate cut from the country’s central bank on Tuesday.

India’s main stock index rose 4.6 percent after a central bank decision over the weekend to cut the nation’s key interest rate and release $8.1 billion into its financial system.

Hong Kong’s blue-chip Hang Seng Index was among the region’s top gainers, climbing 414, or 3 percent, to 14,382, Singapore’s key index also rose by about 4 percent.

“I don’t think it’s a massive change in direction, more a case of a little more confidence going forward in massively oversold stocks and … global organized attempts to deal with the issues,” said Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong.

U.S. stock index futures were up modestly, suggesting that Wall Street would open higher. The Dow Jones industrial average added 144.32, or 1.6 percent, to close Friday at 9,325.01. Dow futures were up 0.9 percent, while S&P futures were up 0.7 percent.

Financials were sharply higher in many Asian markets. China’s ICBC gained 9.6 percent in Hong Kong, top Indian lender ICICI Bank Ltd. rose 8 percent, and leading Australian investment bank Macquarie Group Ltd. surged 12.4 percent.

Elsewhere, the prospect of interest rate cuts from the Philippine central bank buoyed the country’s market for the fourth straight session.

Shanghai’s benchmark, though, erased early gains to trade in negative territory amid reports suggesting Chinese manufacturing, the engine behind the country’s phenomenal growth, was contracting. The index closed down 0.5 percent.

Japanese financial markets were closed Monday for a public holiday and due to reopen Tuesday.

Global stock markets could take direction from the U.S. this week after the country’s presidential election on Tuesday helps fill in some blanks about how Washington might shape economic policy in the months ahead.

Analysts offered differing opinions of the election’s likely impact on markets.

Chelsea Dipasupil, head of research at RCBC Securities Inc., said the Philippine market appeared to be welcoming the possibility of Democratic presidential nominee Sen. Barack Obama winning.

“Since it is Obama leading surveys, it might be that there is a renewed confidence in a new leadership,” she said. President George W. Bush and the Republicans “had become unpopular because of some of his policies and the current economic crisis,” she said.

CFC Seymour analyst Dariusz Kowalczyk said an Obama win might provide “economic policy clarity” but Democratic control of U.S. economic policy “would risk disincentivising entrepreneurship.”

That could weigh on the long-term outlook for productivity and growth, which could be “market-negative” in the medium term, the Hong Kong-based analyst said in a research note.

Investors will also keep an eye on U.S. reports due on manufacturing, the service sector and employment in the world’s largest economy amd major market for Asia’s exports.

October was a brutal month for Asian markets, but ended with tentative signs of recovery. Hong Kong’s Hang Seng Index shed about 23 percent during the month amid worries that the global financial crisis would erode corporate profits as investors dumped shares to meet redemptions back home. The benchmark dropped as low as 11,015.84 last Monday – its worst close since May 2004 – but has since bounced back.

The rise in Asian markets also lifted oil prices, which advanced 72 cents to $68.53 a barrel in Asian trade on the New York Mercantile Exchange.

The dollar gained 99.56 yen from 98.44 late Friday in New York, up sharply from the 13-year low of 91 yen touched Oct. 24. The euro was higher at $1.2867 from $1.2751.

AP Writer Hrvoje Hranjski in Manila contributed to this report.

© 2008 The Associated Press. All rights reserved.

Copyright 2008 Associated Press

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘The Providence Journal’ (USA)

Posted in ASIA, AUSTRALIA, BANKING SYSTEMS, CENTRAL BANKS, CHINA, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, HONG KONG, INDIA, OCEANIA, SOUTH KOREA, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

ABORIGINAL JOB PLAN LAUNCHED TODAY (Australia)

Posted by Gilmour Poincaree on October 30, 2008

AM – Thursday, 30 October , 2008 08:12:00

Reporter: Sara Everingham

PETER CAVE: Corporate Australia is pledging to provide almost 5000 jobs for Indigenous people as part of the most ambitious Indigenous employment scheme to date.

The Australian Employment Covenant is being launched in Sydney today by its founder mining magnate Andrew Forrest and the Prime Minister Kevin Rudd.

The plan is to get 50,000 Indigenous people into meaningful work in the private sector in the next two years.

Sara Everingham reports.

SARA EVERINGHAM: It’s an ambitious plan but the Indigenous leader Warren Mundine is confident the Australian Employment Covenant will succeed. He’s helping drive the program founded by Fortescue Metals chief executive Andrew Forrest in August.

Warren Mundine says already almost 5000 jobs are being offered by the corporate sector.

WARREN MUNDINE: Corporate Australia is right onside. Now we need to drill down into the rest of the industries across Australia such as small business and so on.

SARA EVERINGHAM: The plan is to get companies to agree to employ a certain number of Indigenous people with the Government to provide training. The workers in the scheme will be matched up with buddies or mentors to help them stay in the jobs.

Warren Mundine says most of the positions will be in New South Wales, Queensland and Western Australia where most Indigenous people live and he says the positions will cover many fields.

WARREN MUNDINE: Retail, hospitality and tourism, the mining industry, of course. They have a very successful record already, but we’ll break into IT and the law and so on.

SARA EVERINGHAM: But the scheme has its critics. Some argue it’s overly ambitious and others wonder whether Indigenous people will be willing to leave their country to work away from home.

WARREN MUNDINE: You have to overly ambitious. Look at the statistics in regard to Aboriginal employment in Australia. They’re dreadful.

SARA EVERINGHAM: The Indigenous leader Noel Pearson is a strong supporter of the scheme but he says the Government needs to go further in its support.

He wants legislation exempting school leavers from the 90-minute rule that sees people only obliged to take jobs within a 90-minute commuting time, and Warren Mundine agrees.

WARREN MUNDINE: Having to travel and having to move from your community does not isolate you from your country. It does not isolate you from your culture.

PETER CAVE: The Indigenous leader, Warren Mundine ending Sara Everingham’s report.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘ABC.NET’ (Australia)

Posted in AUSTRALIA, INTERNATIONAL, NATIONAL WORK FORCES, NATIVE PEOPLES, OCEANIA | Leave a Comment »

KAGARA REVIEWS SPENDING ON FALLING METALS PRICES – prompted by a sharp drop in metals prices

Posted by Gilmour Poincaree on October 27, 2008

October 27, 2008

by Alex Wilson

KAGARA is reviewing its spending and operations, prompted by a sharp drop in metals prices.

The Perth-based miner said that even at current metals prices its copper and zinc operations continue to be cash flow positive.

“However, in view of the significant deterioration in metal prices since the end of the quarter, the company is now conducting a review of capital, operations, development and exploration expenditure aimed at optimising cash flows and profits,” Kagara said.

The company said it will release the results of the review with its quarterly production report, due Thursday.

Dow Jones Newswires

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, OCEANIA | Leave a Comment »

FEMALE BOSS MINES RICH SEAM OF SUCCESS

Posted by Gilmour Poincaree on October 27, 2008

October 28, 2008

by Adele Horin

IN AUSTRALIAN corporate life, Nicole Hollows, 37, is a stand-out. She is the chief executive officer of Nicole Hollows - Photo - Sahlan Hayesa public company but more amazingly she heads a mining business, Macarthur Coal.

Of Australia’s top 200 listed companies, only four were headed by women when a census was taken in February. And mining companies have a poor record of promoting women to senior positions – although its record is not as bad as the food and beverage industry’s.

Ms Hollows has pushed boundaries on her way to the top. As a chief financial officer, she asked to work part-time for a year after she adopted her daughter. She intended to share child care with her husband, Michael, the general manager of Pacific Petroleum Products.

The startled all-male board had never heard of a chief financial officer working part-time. But they told her if anyone could make it work, she could.

And she did. “It was tough. I did a lot of work at night,” she said. “You can only do that if everyone above and below you is prepared to support you.”

What she likes about being chief executive is being able to drive decisions. “But being boss is not what you imagine it to be,” Ms Hollows said.

“Many people think the CEO has to know everything. Your job is to make sure you have a good management team …

“You have to make sure they’re on the right track without micro-managing. But you don’t actually ‘do’ things.”

In making the big decisions, she has learnt a boss is always going to annoy someone.

The company has 300 employees, a revenue of $400 million and half-yearly profits of about $160 million.

Ms Hollows knows what it’s like to be mistaken for the PowerPoint operator. She said a lot of men in the mining industry know women only as wives, mothers, sisters and daughters.

“I don’t believe in glass ceilings but I believe women have to work harder to prove themselves.”

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE SIDNEY MORNING HERALD’ (Australia)

Posted in AUSTRALIA, COMMERCE, COMMODITIES MARKET, ECONOMY, INDUSTRIAL PRODUCTION, INTERNATIONAL, NATIONAL WORK FORCES, OCEANIA, THE WORKERS | Leave a Comment »