Правительство Индии обратилось к госкомпаниям с просьбой провести обратный выкуп собственных акций, сообщило агентство Bloomberg со ссылкой на источники. По их данным, параметры подобных программ должны будут обсудить, в частности, советы директоров Coal India, MOIL, NMDC, National Aluminium, India Renewable Energy Development Agency.
Индийский производитель алюминия National Aluminium планирует инвестировать 50 млрд рупий ($811 млн) в свой завод с целью увеличения производственных мощностей и восстановления прибыли, которая, согласно прогнозам, может опуститься до трехлетнего минимума. Стоит отметить, что в течение ближайших двух лет компания намерена повысить размер ежегодной обработки алюминия на 43% до 3,3 млн тонн. При этом сообщается, что избыток продукции будет отправляться на экспорт.
image sourceSandy Lunoe Activist Post The huge wave of serious adverse conditions after Gardasil vaccination has caused deep concern across the world. However, the suffering may not only be limited to those who are vaccinated. Blood donated from individuals vaccinated with Gardasil may have horrific consequences for the recipients’ health. HPV was found in a girl’s blood two years after vaccination. It should not be present! Normally the virus does not survive in the blood stream for long. Why was the human papilloma virus present instead of the antibodies? A shocking discovery was made when an independent lab analyzed vials of Gardasil.  Samples of Gardasil showed the presence of genetically modified HPV DNA, a potential biohazard. Vials of Gardasil from 13 different lot numbers were analyzed by an independent lab contracted by the SANE Vax team. All the samples were found to be contaminated with viral HPV DNA residues, firmly attached to the aluminum adjuvant. All recombinant or genetically engineered DNAs are considered potential biohazards if injected intramuscularly into the body … Gardasil is the first vaccine found to be contaminated by a genetically engineered DNA used to manufacture virus-like particle proteins for the vaccine. Foreign DNA Fragments Discovered in Post-Mortem Samples Merck’s Gardasil patient product insert originally stated that there was no viral DNA in the vaccine. After viral DNA was discovered by an independent lab, the statement mysteriously disappeared from US product inserts in April 2011. SANE Vax, Inc., believes the FDA and Merck should have tested, evaluated and quantified the risk of the residual recombinant HPV DNA in Gardasil before vaccine approval. SANE Vax Inc. also believes that both the FDA and Merck were at least negligent and perhaps fraudulent when claiming there was ‘no HPV (viral) DNA’ in the Gardasil vaccine. google_ad_client = "pub-1897954795849722"; /* 468x60, created 6/30/10 */ google_ad_slot = "8230781418"; google_ad_width = 468; google_ad_height = 60; Dr. Lee, a pathologist on the medical staff at Connecticut’s Milford Hospital, testified: The finding of these foreign DNA fragments in the post-mortem samples six months after vaccination indicates that some of the residual DNA fragments from the viral gene or plasmid injected with Gardasil may have been protected from degradation in the form of DNA-aluminum complexes in the macrophages; or via integration into the human genome. Undegraded viral and plasmid DNA fragments are known to activate macrophages, causing them to release tumor necrosis factor, a myocardial depressant which can induce lethal shock in animals and humans. Based on medical literature and some of the FDA/Merck’s own publications, adventitious (coming from an outside source) DNA in an injectable protein-based vaccine may increase the risk of autoimmune disorders and gene mutation which may lead to malignancies.” If the Gardasil-vaccinated donate blood, these unanswered questions may apply both to the donors and to the recipients: Is the aluminium bound recombinant (genetically modified) HPV DNA a new chemical compound with untested toxicity? Does binding with aluminium prolong survival of the recombinant HPV DNA in the blood stream? If recombinant HPV DNA attached to aluminum adjuvant enters a person’s blood, how long will it remain there? Which autoimmune-related disorders could result from this contamination? Which genetic changes (mutagenesis) could occur should the residual HPV DNA enter and begin reproducing in a human cell? Is it possible that the contamination will initiate gene mutations which may lead to cancer? Blood Donation: How is the Blood Tested? Information from the the UK National Health Service (NHS) explains that after your blood has been collected for donation, it is sent for testing in a laboratory. Here, it is screened for viruses and infections such as HIV and hepatitis. If the blood passes this screening, it will usually be separated into different components. This means your blood donation can be used to help several different patients. Once the blood has been separated, it is distributed to hospitals all over the country.  From this information, we may definitely deduce that blood will not be tested for genetically modified (recombinant) aluminium-bound HPV DNA. Blood from several donors may be mixed or pooled. Elements in blood from a Gardasil-vaccinated donor may be given to several recipients. In some poor regions of the world the blood is not tested at all. The human consequences may be devastating.  Health Authorities and Blood Donation Units Ignore the Presence of the Potential Biohazard in the Blood of Gardasil-Vaccinated Donors Guidelines for assessing blood donor suitability do not contain special restrictions regarding blood donation from Gardasil vaccinated. Here are some official guidelines from well-known organizations on assessing donor suitability for blood donation: WHO On page 64, a list of vaccines is given, including the HPV vaccine, followed by: These vaccines pose no risk to the recipients of blood; donors may be accepted provided they are well.Australian Red Cross Blood Service Question: How long after I’ve had a vaccination (or flu shot, etc) can I donate? Answer: Those made from ‘killed/inactivated/recombinant’ material generally do not affect eligibility. These include diphtheria, influenza (both seasonal flu and H1N1 or ‘swine’ flu), hepatitis A, meningococcus, pertussis (whooping cough), pneumococcus, Q fever, tetanus, human papillomavirus (Gardasil) and others. UK National Health Service (NHS) People who cannot donate blood: You may not be able to donate blood if you have had certain immunizations within the last four weeks. This statement was followed up by sending a polite email message to Dr. David Salisbury, Director of Immunization, Department of Health: Dear Dr. Salisbury, I understand that blood transfusion units maintain that blood donated from Gardasil-vaccinated poses no risk to the blood recipients. I found these guidelines.  However, I have now read that fragments of gene-modified HPV DNA bound to aluminum have been found post-mortem from a girl who had been vaccinated with Gardasil six months previously. My question is whether there may be harmful health consequences for the recipient of blood from a donor who has been vaccinated with Gardasil? I will be most grateful for your opinion. Best wishes, Ms. Sandy LunoeOnly a few hours later this rather impolite response was received from Dr. Salisbury: Dear Ms. Lunoe, I fully endorse the advice of blood transfusion units to ignore receipt of Gardasil in blood donors as it poses no risk to recipients. The report of fragments of HPV DNA from a post-mortem specimen has been the subject of considerable criticism that I am sure you can find for yourself. Yours sincerely, Professor David SalisburyDr. Salisbury did not refer to any evidence or studies to support his statement “… poses no risk to recipients.” The same question was sent to Centers for Disease Control and Prevention (CDC). Here is their prompt answer: Thanks for your inquiry. Vaccination with Gardasil provides no known risk to the blood recipients or the blood donor. The presence of DNA fragments is expected in Gardasil and not evidence of contamination. Based on the scientific information available to FDA, Gardasil continues to be safe and effective. FDA recently addressed the question of DNA fragments with the following information:  Sincerely, Eileen F. Dunne MD, MPH Re: Andrew Kroger, M.D., M.P.H, Medical Officer, Immunization Services Division, CDCNo evidence was given to support the statement: “Vaccination with Gardasil provides no known risk to the blood recipients or the blood donor.” Conclusion It is the responsibility of health authorities to present evidence that blood donation from Gardasil vaccinated is safe for the recipients. If the authorities do not do this they may well have blood on their hands, possibly a tragic pun. References: 1. http://sanevax.org/sane-vax-inc-announces-the-discovery-of-viral-hpv-dna-contaminant-in-gardasil/ 2. http://sanevax.org/sane-vax-inc-discovers-potential-bio-hazard… 3. http://sanevax.org/breaking-news-gardasil-hpv-dna-discovered-in-post-mortem-samples/ 4. http://www.nhs.uk/Conditions/Blood-donation/Pages/What-is-it-used-for.aspx 5. http://www.gsb.stanford.edu/news/research/healthcare_donors.shtml 6. http://www.who.int/bloodsafety/publications/guide_selection_assessing_suitability.pdf 7. http://www.donateblood.com.au/who-can-give/faq 8. http://www.nhs.uk/Conditions/Blood-donation/Pages/Who-can-use-it.aspx 9. http://www.who.int/bloodsafety/publications/guide_selection_assessing_suitability.pdf 10. http://www.fda.gov/BiologicsBloodVaccines/Vaccines/ApprovedProducts/ucm276859.htm This first appeared at VacTruth
Is modern life making us ill? Yes, say those who suffer from electrosensitivity. Are they cranks, or should we all be throwing away our mobile phones?Tim Hallam is just tall enough to seem gangly. His height makes the bedroom feel even smaller than it is. Muddy sunlight filters through the grey gauze hung over his window. His narrow bed appears to be covered with a glistening silver mosquito net. The door and the ceiling are lined with tinfoil. Tim tells me there is also a layer of foil beneath the wallpaper and under the wood-effect flooring. He says, "The room is completely insulated; the edges are sealed with aluminium tape and connected with conducting tape so I could ground the whole room. It's a Faraday cage, effectively. Grounding helps with the low frequencies radiation, apparently. The high frequencies just bounce off the outside."Tim is trying to escape atmospheric manmade radiation caused by Wi-Fi, phone signals, radio, even TV screens and fluorescent bulbs. It's a hopeless task, he admits: "It's so hard to get away from, and it's taken a toll on my life." I offer to put my phone outside the room and he happily accepts, firmly closing the door. He explains the phone would have kept searching for a signal. "And because it wouldn't find one, it would keep ramping up." With the tinfoil inside his cage, the signal would hurtle around the room like a panicked bird.Tim estimates he spent £1,000 on the insulation, taking photographs at every stage to share with others via ElectroSensitivity UK, the society for sufferers. He found the whole process stressful, especially after a summer sleeping in the garden of his shared house in Leamington Spa to escape a new flatmate's powerful Wi-Fi router. How did he feel about the flatmate at the time? "Oh, I hated him. It wasn't really him, of course. But I was so angry." Among the symptoms Tim experiences – headaches, muscular pain, dry eyes – there are memory lapses and irritability. He now says his bed is the single most important thing he owns. "I climb in and zip it up so I'm completely sealed. Inside, I sleep extremely well. Without it, my sleep is fragmented, and without sleep, then lots of other things go wrong."Tim demonstrates the effectiveness of the tinfoil using a radiation detector called Elektrosmog, manufactured in Germany. It is blocky and white, which makes it look both retro and futuristic. On the front of the box, a picture of an electricity pylon is surrounded by jagged black lightning flashes. The machine gives a reading close to zero: Tim's room is radiation-free.As a child in the 70s, I watched a BBC science-fiction serial called The Changes, which imagined a future after humans became allergic to electricity. Pylons were the greatest danger, making people violently sick. On cross-country runs, I would speed up when I had to pass beneath a power cable, feeling the weight of the buzzing electricity above me. The idea that electromagnetic fields affect our health took root in the 1960s. A US doctor named Robert O Becker became the face of the campaign against pylons after appearing on the US TV show 60 Minutes. Professor Andrew Marino, now of Louisiana State University, was Becker's lab partner. Marino says, "He's the reason nobody wants to live near power lines."If electromagnetic radiation is dangerous to humans, there are far more risks now than 40 years ago, thanks to the telecommunications industry. More than a billion people worldwide own mobile phones. In the UK, there are more mobile contracts than people. The new 4G spectrum will cover 98% of the country, erasing all but the most remote "not spots".Dr Mireille Toledano runs Cosmos, a 30-year, five-nation study into the effects of telecoms radiation on humans. She knows how rapidly things are changing. In 2000, a 10-year study into mobile phones and brain tumours pegged heavy use at 30 minutes a day. The study found the 90th percentile had spent 1,640 hours of their lives on their phones. In the UK, Toledano says, "heavy use is now defined at 86 minutes a day; 30 minutes is in the median range. Across the whole [international Cosmos study], the top 10% of users have now clocked up 4,160 or more hours."The earlier study found no evidence linking phone use and cancer in the short term, yet as our love affair with technology keeps deepening, anxieties grow. Two years ago, the European Assembly passed Resolution 1815, which, among other things, calls for restrictions on Wi-Fi in schools and the use of mobile phones by children. The World Health Organisation has classified electromagnetic fields of the kind used in mobile telephony as Group 2b carcinogens – that is, as possibly cancerous.The issue of electromagnetic sensitivity is immediately political. It places sufferers on the other side from both industry and the governments that profit from leasing wavelengths. Over and over, I hear the phrase, "We are the canaries in the coal mine": sufferers believe we are approaching a tipping point. Tim Hallam worries about the effects of electromagnetic fields on the most vulnerable: on his sister's young family; on children in schools bathed in Wi-Fi rays; or old people in sheltered accommodation, each with their own internet router. "I think it's affecting everyone's cells. There are test-tube experiments which show it damages DNA and affects the blood-brain barrier. I do think there's going to be a surge in the people who are sensitive in years to come. But my sister's not fully taken that on board."Yet electro hypersensitivity syndrome is controversial. Sweden recognises EHS as a "functional impairment", or disability, but it is the patients, not doctors, who make the diagnosis. The fact is, everyone who suffers from EHS is self-diagnosed – and each has their own story to explain the cause of their problems.Tim was 15 years old, at a gig by the industrial band Sheep on Drugs, when the singer produced a pistol and fired blanks into the ceiling. Tim, who is now 36, says, "It was the loudest thing I had ever heard." His ears began ringing but he continued going to gigs without using ear plugs and the problem grew worse. He played clarinet in two orchestras but had to stop: "Immediately, my musical life and my social life ended." Today, his sister is a professional classical musician. Tim, a Cambridge graduate, is a van driver for Asda. He works shifts that allow him time alone when his flatmates are out and the house is free of Wi-Fi and phones. It was the arrival of Wi-Fi in his house, just 10 months ago, that led Tim to identify the cause of his problems, but it was the tinnitus that started it all.Michelle Berriedale-Johnson has worked in the field of food intolerances and allergies for more than 20 years. She runs the industry awards for "Free From" foods from her home in north-west London, as well as foodsmatter.com, a website that raises awareness around food intolerances. Five years ago, at the age of 60, she began to feel unwell. She was sitting at her desk when she identified the cause. "I looked up and there was the Royal Free Hospital with the phone masts on the top, beaming straight through my window, and it just clicked." Michelle is bright and lively, happy to dive beneath her desk to show the precautions she has taken to shield herself from the spaghetti of wires. Her walls are painted with carbon paint, lined with foil and papered over. The windows have the same netting as Tim's, though when she uses her Elektrosmog meter she discovers to her consternation that the netting is old and no longer works. Her front rooms buzz with electromagnetic radiation, though her office – now at the back of the house – shows far better readings. She says, "I'm lucky to work from home, but I often feel like a prisoner." When she leaves the house, she wears hats lined with material similar to Tim's mosquito netting and even has blouses made of the same material. "The important thing is to protect your head and upper torso," she says.Michelle precisely identifies the moment she became sensitised to radiation. She was an early user of mobile phones. "Do you remember the type with the little aerial? I had one where the antenna had broken off, but I continued to use it pressed to my ear, which people who know tell me meant that I was using my entire head as an aerial." In her view, we are all sensitive to electromagnetic fields, but events can tip us over into hypersensitivity, like a kitchen sink filling so fast that the overflow becomes overwhelmed and water cascades to the floor.The problem, in clinical terms, is that "hypersensitivity" refers either to allergies or to auto-immune conditions. EHS may be like hay fever or, in extreme cases, like rheumatoid arthritis but only via analogy. If we speak of "hypersensitivity" we are using a metaphor – or we are talking about something entirely new. Does this "new" condition exist?Long-time researcher Dr Olle Johansson, from Sweden's Karolinska Institute, coined the term "screen dermatitis" to explain why computer users in the depths of the Stockholm winter could complain of sunburn-like symptoms. Johansson has a theory that could explain how extremely high levels of radiation could affect histamine levels in cells. Yet telecoms radiation is low and becoming lower as gadgets become more efficient. Johansson acknowledges that if anyone is found to be truly allergic to their phone it would be an entirely new kind of allergy, but he hopes that an awareness of EHS will lead to revolutionary changes. "In Sweden, we take accessibility measures seriously for disabilities. You think of changes to sidewalks, or wheelchair access, or ramps on buses. These are also helpful to mothers with prams, people with shopping or to rollerskaters. The big winner is everyone." Similarly, he believes that cutting off the telecoms signals would not only help EHS sufferers, it would benefit all of us, returning us to a society based on face-to-face human interaction.Dr James Rubin of King's College Institute of Psychiatry is adamant EHS is not a genuine syndrome. "With most conditions, patients don't necessarily know what's going on. But with electrosensitivity there's an absolute certainty about the cause. Self-diagnosis is at the core of it." He prefers the term "idiopathic environmental intolerances", or IEI, which covers conditions with no obvious cause, like multiple chemical sensitivity, sick building syndrome, food intolerances – even a physical reaction to wind turbines. "The problem is, if you look for a coherent set of symptoms, you are not going to find it. You even find that people's symptoms change over time. Many have other intolerances in addition to the electrical sensitivity."Tim is intolerant to milk and gluten. He is also allergic to wool, and cannot sleep in a room with a carpet. Michelle has no intolerances but admits she is unusual in the community: "Most people do." She made her diagnosis because she was familiar with EHS through her work. She is familiar with Rubin's research and has written blogs condemning his methods: "These stupid so-called provocation studies where they place a mobile in your hand and ask if you feel unwell. And if you say yes, they go, ho-ho, the phone wasn't switched on." These tests pay no attention to the way that people are sensitised, or react to their sensitivity in different ways, she believes.Rubin is a bogeyman in the electrosensitive community thanks to a 2008 paper that suggested the condition was psychosomatic. Yet he has also undertaken a review of all the research – more than 50 provocation studies – and found no evidence of sensitivity to telecoms radiation. He says, "The suffering is very real – I don't doubt that – and I take it very seriously. But we've spent millions on the research and the time comes when you have to say, in the future the money would be better spent on looking for effective treatments, rather than chasing a cause."Professor Andrew Marino is less sceptical. "When people say they feel unwell and trace that to a Wi-Fi signal or a phone, that is a kind of experiment. It may not be well designed, they may not understand blinds and double blinds, but if they are reasonable people, carefully noting what they are suffering, we should take a look at that."Marino was a first-year postgraduate in 1964 when he began working with Dr Robert Becker. Once he and Becker began campaigning against electricity pylons, their funding disappeared. Becker retired at the relatively young age of 56. Today, Andrew Marino will not look to industry for research funds. He has reviewed many of the same 50 papers on EHS as Rubin, concluding, "It's easy to find nothing." The common denominator he identified in the papers casting doubt on EHS is that they were funded by the telecommunications industry.EHS sufferers have criticised Rubin's research because it is funded jointly by mobile phone companies and government. They believe this shows direct bias. Marino's criticism is different. He recognises Rubin's money was placed in a fund and administered by scientists separate from the industry. Yet, he argues, the industry approves funding because statistical modelling of large-scale studies averages out experiences and produces no clear-cut results. Big business is happy to back risk studies, but they favour projects that minimise risk: "You look at the statistics and see the way they design the experiments and they have no ability to find anything."Rubin's research is statistic-driven. If Rubin is a pollster, then Marino is a canvasser. He believes vast overviews hide the way people really feel. Marino chose to focus on a single sufferer, a female doctor. His two-week study began by first discovering which wavelengths affected her. Once her symptoms had subsided, Marino and his team began again, using provocation studies of real and fake signals. Their results were published as Electromagnetic Hypersensitivity: Evidence For A Novel Neurological Syndrome.Marino and Rubin have exchanged a series of letters about the study in the Journal Of Neuroscience. If the research stands up, Marino's syndrome is novel because it is unlike other kinds of hypersensitivity. In truth, it depends upon singularity. Marino speaks urgently: "I'm not interested in measuring the prevalence of the syndrome. I want to establish its existence." In his view, humans – complex living organisms – are all different. In the economy of our bodies, Marino says, "causes becomes effects and effects becomes causes which become effects, and so on". It is an endless and unpredictable cycle.So should we all make radical lifestyle changes, like cutting down our mobile phone use or getting rid of our Wi-Fi?"Why?" Marino sounds perplexed."Because we might get sick."Marino dismisses the idea. He may disagree vehemently with Rubin, but he views EHS sufferers as outliers, far removed from the average human experience and with few lessons for the rest of us. "Listen, I use an ear bud with my phone, and I minimise use. I don't know if you'd call it radical but I don't have acute reactions to anything. So there's nothing for me to worry about."HealthHealth & wellbeingMobile phonesTelecomsEnergyPsychologyNicholas Blincoeguardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds
First it was a sudden bout of tightening following a series of record liquidity withdrawing repos, then it was two disappointing PMIs, then it was a warning that China's property market is (as usual) overheating and major curbs were being implemented, then it was China's "state of the union" address in which the country trimmed substantially its outlook for the remainder of the year, predicting well below trendline economic growth, inflation and credit expansion, then we got an absolute collapse in Chinese imports indicating the domestic economy had gone into a state of if not shock then outright stasis, and finally overnight we got an update on China's retail sales and industrial output which both had their weakest combined start to a year since the global recession in 2009, leading Bloomberg to title its summary article, "China’s Economic Data Show Weakest Start Since 2009", and further adding that the data is now "adding to signs of a moderating rebound in the world’s second-biggest economy." Luckily, in the new batshit normal, who needs the fastest growing marginal economy: the weight of the growing world can obviously be dumped on the shoulders of the savings-less, part-time working US consumer, accountable for 70% of US GDP, and thus about 20% of the global economy. What can possibly go wrong? From Bloomberg: Retail sales increased 12.3 percent in the first two months of 2013 from a year earlier and industrial production rose 9.9 percent, the National Bureau of Statistics said yesterday in Beijing. Both numbers trailed economists’ estimates. The gain in retail sales was below the lowest economist projection of 13.8 percent and was the smallest for a January- February period since 2004. The increase in factory output compared with the 10.6 percent median estimate in a Bloomberg survey and was the weakest for the first two months since 2009. The moderation in sales follows a crackdown by new Communist Party chief Xi Jinping on lavish spending by government officials and state-owned companies, part of efforts to curb corruption and waste. Catering sales growth slowed to 8.4 percent from 13.3 percent in the same period last year, statistics bureau data show. What's worse, and the true unspoken message here, is that the global liquidity tsunami is merely flooding China with hot money, which the local central bank and now Politburo are increasingly more vocally standing up against. At this rate we give China at most a few months before it makes it all too clear to the desperate G-7 central planners that the time for printing is over, and if they want China to play ball the printers will stop. February inflation, distorted by a weeklong holiday, accelerated to 3.2 percent.... “The time is still way off for an explicit policy change” such as raising interest rates or banks’ reserve requirements, Liu Li-Gang, chief Greater China economist at Australia & New Zealand Banking Group Ltd. in Hong Kong, said in a note. The recovery is being led by “fast investment growth” and “could falter once monetary policy becomes tight on concerns of rising risks of inflation” and a property bubble. The statistics bureau doesn’t break out figures for January and February retail sales and industrial output in an attempt to smooth distortions caused by the timing of the Lunar New Year holiday. Only in China will 6% food inflation be considered "tame" Food prices increased 6 percent in February from a year earlier, down from 10.5 percent in the holiday month in January 2012, government data show. What about those soaring exports which surprised everyone and resulted in a trade surplus in a month which traditionally has seen a deficit? Well, as Sean Corrigan shows, exports to China's second most important trading partner, the US, are now the lowest they have ever been as a percentage of total. This begs the question: just who is doing all the importing in a time when every economy is supposedly running up a trade surplus? Has Bernanke found a way to monetize all imports now? And for some parting words on this deja 2011-vu conundrum when it was spiking Chinese inflation which once again derailed the global reflation party, here is, once again Diapason: Much of the week has been an exercise in Google-translated rune?reading from China’s ongoing ‘Two Meetings’ at which the formal handover of power will be effected. L Largely monopolized so far by the outgoing crew, we have to wonder whether Wen Jibao’s effusiveness reflects policy as it will be or simply a wistful, legacy?minded expression of policy as it should have been. For what it’s worth, there has been plenty of open criticism of the GDP?at?all?costs model and some frank recognition of the scale of the malinvestment already in place. For example, NDRC chairman Zhang Ping candidly admitted that ‘a rising number’ of heavy industries were making losses and ‘lamented’ the overcapacity in steel, aluminium, cement, glass making and coking coal. Plants in these sectors, he said, were running at just 70?75% of capacity, while the once booming solar industry was at just 60%. To address their ‘huge difficulties’, Zhang said he was pushing to increase the pace of mergers in these sectors, but also confessed that such an approach has had ‘little success’ in recent years. The financial flipside to this was made plain by Li Yining, professor at Beijing University, who warned a CPPCC press conference of nothing less than ‘a possible financial collapse caused by overinvestment amid the country’s new urbanization wave.’ ? you know, the same ’wave’ on which all the CCP’s hopes are being pinned for the coming years? In the midst of this, we were treated to the release of the Chinese trade numbers for February which, for reasons of LNY calendar variability, are best combined with those for January when we attempt to gauge the state of play. Intriguingly, imports— not the least imports for number of key commodities, such as copper, iron ore, and oil—were relatively subdued and hence, in keeping with anaemic showing of neighbouring Korea and Taiwan. But, despite this, exports took a major jump, rising by almost a quarter on the same two months of 2012. How did that happen? Has China suddenly and dramatically reduced the contribution of foreign inputs to its output? Was this a staggered liquidation ofproduct built up in QIV’s hot-housed burst of activity? Or was it perhaps an exercise in good, old fashioned, tax and subsidy arbitrage and/or chicanery aimed at evading the current account restrictions? We ask this because, although they, too, rose in absolute terms, exports bound for the United States—after all, the fastest growing of all the large, net?deficit economies—fell to a modern?era record low share while those to Hong Kong soared 60% to a new outright and relative share high. At the same time, the country saw record foreign exchange inflows of more than $100 billion— a marked contrast to last year’s hefty drain of hot money. Not coincidentally, this was a period in which the traditional speculative vehicles, the markets for stock and property, both, were on a violent upward tear. Were exports—possibly overinvoiced—again being used to wash funds through the somewhat porous capital account barrier, picking up tax rebates, with notional ownership about to change to something ostensibly foreign?owned and based in a foreign tax haven when and if they are subsequently re?imported in the coming months? Was this a means to exploit the yen’s twice?in?a-lifetime rate of decline by clandestinely borrowing some of that excess valuation in Abe?san’s fast depreciating currency? We have no way of knowing, of course, but we remain duly suspicious. With all that duly noted, and with the question pending of how the world will "grow" when the biggest marginal economy, China, is now openly using the T(ightening) word, we can't help but be thoroughly amused how the latest meme spreading among the lemmingeraty, aka Wall Street sellside propaganda, is one guaranteeing the return of the "strong-dollar" paradigm. You know: the currency of the central bank which is diluting its base money by a little under 3% every month! That strong dollar. ... But hey, look over there: it's a record Dow Jones! Are you not entertained yet?
Courtesy of Diapason's Sean Corrigan, here are some 22 charts taking us around the world's markets and back. The US: Europe: Bonds: Stocks: Commodities: And as a bonus, here are Corrigan's spot on views on recent developments in China: From Sean Corrigan's Material Evidence via Diapason Commodities Management No-one can surely need to be told that the last few months have seen a modest improvement in the Middle Kingdom’s fortunes which has auspiciously coincided with the induction of the new leadership. In part, this was grounded on the usual year-end orgy of spending undisbursed government budgets, in part on the typical fourth quarter acceleration which took place in the money supply. This last quickened to a 34% annualized rate from the third quarter’s unchanged pace – impressive enough, perhaps, but still the slowest closing burst in four years. Furthermore, the volume of new loans granted – seemingly hamstrung by lacklustre deposit formation – touched a 3-year low, with the important medium- long term sub-category dipping to a 4-year nadir. But if the banks were not officially in the game, the ‘shadow system’- including Xiao Gang’s Ponzi component - certainly came up trumps! ‘Total Social Financing’, as it is called (and less equity issuance), outstripped boring old bank loans by a factor or 1.7:1 in the final quarter of the year and constituted no less than 72% of all new credit extended in December. Compared with the same month in 2011, new, official, on-balance sheet bank loans declined 38% from CNY733 billion to CNY453 billion, while all other forms of credit rose 112% from CNY538 billion to CNY1, 139 billion. Now some of this shift is probably not entirely a retrograde step, at least not to the extent that it represents a genuine entrepreneurial attempt to circumvent China’s antediluvian, financially repressed, SOE-favouring, bank-coddling regulatory framework and instead tries to put people’s savings to work at a suitable rate of interest, funding genuine productive undertakings. The problem is that we also now some sizeable – if necessarily unquantifiable – fraction also comprises local government boondoggling, loan sharking, and outright fraud. No wonder the central authorities moved last week to clamp down on the activities of the lower tiers of government in this regard. To put all of this in come kind of context, it looks as though every extra renminbi of incremental GDP in 2011 was ‘bought’ with around CNY1.76 in new credit: last year the ratio was 3:1. Capital efficiency, anyone? Moreover, when we look at liquidity, matters become even more pressing. In 2011, the system was already pyramiding Y5.50 on top of every new Y1 of actual new money created (2.54:1 for the shadow component). Last year the overall ratio was 8.22:1 and the shadow one stretched to 3.87:1. And what is all this moolah being used for? For moving away from a malinvestment-led graveyard of capital such as has been constructed over the past decade of SOE princeling dominance? It certainly doesn’t look like it. ‘Urbanization’ may be the new buzz word (and one about whose exact meaning we still maintain certain caveats), but this just means that instead of crushing returns at home and abroad (and piling up zombie loans on the books of the pliant state-owned banks) in such sectors as aluminium, steel, shipbuilding, photo-voltaic, etc., China now seems to wish to emulate post-bubble 1990s Japan with a whole host of non-paying propositions aimed at the domestic, rather than the international, market. Take commercial real estate. Forced to cut back on their residential excesses, developers have been parlaying a good part of those new funds into building shopping malls wherever they can cut a deal with those paragons of municipal virtue, their buddies at the local land office. And, typically, they have not done things by halves for, as a recent press report made known, between now and 2015, if all goes according to schedule, China will add no less than 600 million square metres of mall floor space (around 120,000 football pitches’ worth). For comparison the ICSC estimate of the existing stock of US shopping malls comes in at around 650 million, around half the nations’ overall retail area. Then there are the subways. All well and good in principal to reduce congestion, increase safety and convenience and lower logistic costs, but they are hardly going to pay even their maintenance charges, much less their construction costs if the present economics are anything to go by. As the China Daily reported in what was - for the sensitive tenor of the times – an unusually critical article, doubts are already surfacing about the sustainability of the current programme. Keen to spare the new bosses the loss of face of a soggy end to a soft year, in September, the NDRC suddenly approved 25 subway projects in 18 cities, for a total investment of more than CNY800 billion. Still furiously pump-priming, by November they had authorised four more cities — Beijing, Nanchang, Fuzhou, and Urumqi — to commit to plans requiring another CNY135 billion even though 35 cities had already broken ground on such projects in 2012, for an estimated ante of CNY260 billion, said the paper, citing a report of the Comprehensive Transport Research Institute of the commission. Among the doubters, was one Wang Mengshu of the Chinese Academy of Engineering who told the interviewer that:- “A city is eligible to build subways only if it has an urban population of more than 3 million, an annual GDP that exceeds 100 billion yuan, and a local government budget higher than 10 billion yuan. In addition, the one-way traffic flow must reach 38,000 people at peak time, according to the National Development and Reform Commission…” "However, some less developed cities in inland China have manipulated the figures to meet the requirement," he concluded Quelle surprise! One other thing to note is that, despite running a trade surplus of $235 billion and attracting FDI inflows of what will turn out to be around $95 billion over the 10 months since the last lunar holiday, the official count of foreign exchange reserve holdings shows zero net gain for the period. Subtracting outward FDI of an estimated $70 billion (and noting that euro and sterling parities versus the US did not undergo any significant changes in the interim), that leaves a cool $260 billion unaccounted for. No wonder the North American and Australasian press is rife with tales of Chinese visitors getting stopped at customs for not declaring $10s of 1000s of bills stuffed into their luggage, or of their less than discreet presence at housing auctions in their destination countries. All well and good, you may say, ifthe external surpluses are being recycled into the hands of private individuals, rather than being directed, via purchases of government securities, to the dead hand of the state, but it nonetheless speaks volumes about how the insiders view the prospects for wealth preservation, much less further capital gain, at home. It is presumably on such grounds as these that Bernard Connolly recently compared present day China to 1830s America – an era your author dealt with in the fifth chapter of ‘Santayana’s Revenge’. Glancing back at what we wrote, we can see where the similarities lie: a vast orgy of infrastructure spending taking place in a wildly uncontrolled manner at the behest of eager local governments; a febrile property market in denationalized land; and rampant speculation in commodities – all financed by pliable, politically- controlled banks and their shadow market counterparts. Tick…tock… tick… tock!
Battery in one plane explodes followed by fuel leak in another, both at Boston airport and owned by Japan AirlinesTwo Boeing 787 Dreamliner planes have been the subject of safety scares within two days at Boston airport in the US, adding to concerns about the aircraft.On Monday, an electrical fire erupted on one of Boeing's 787 Dreamliners operated by Japan Airlines at Boston Logan international airport. Authorities said a battery in the auxiliary power unit aboard the plane jet had suffered "severe fire damage". On Tuesday at the same airport, a fuel leak forced a different 787 operated by JAL to cancel takeoff. Massachusetts Port Authority spokesman Richard Walsh said the plane was towed back to the gate after about 150 litres (40 gallons) of fuel spilled. He said the plane had 178 passengers and 11 crew members on board. Walsh said the plane was evaluated and departed that afternoon. A JAL spokeswoman said the crew had reported a "mechanical issue".The two incidents have extended a series of problems that have dogged the jet for more than a month and increased concern about the plane. The fire broke out on an empty Dreamliner jet parked at a gate in Boston. Officials said a battery in the auxiliary power system exploded around 10.30am, shortly after passengers had disembarked. A mechanic inspecting the jet discovered smoke while performing a routine post-flight inspection.The Federal Aviation Administration and the National Transportation Safety Board are looking into what caused the problem, which came within weeks of Boeing enduring a string of other electrical problems that briefly grounded three of the planes. The new jet also has suffered an engine failure and fuel leaks in the 14 months it has been in service. The electrical fire is troubling in part because the 787 relies heavily on electrical power to drive onboard systems that in other jet models are run by air pressure generated by the engines. The new jet also suffered an electrical fire during a test flight, prompting a redesign of electrical systems. Boeing spokesman Marc Birtel said on Monday: "We are aware of the event and are working with our customer."The Dreamliner is Boeing's first jet to be made of carbon composites rather than aluminium, a change that reduces the plane's weight and allows it to use less fuel. Since entering service in October 2011 the plane has repeatedly made headlines for mechanical problems. In July 2012, the FAA investigated an incident in which a 787 engine made by General Electric Co blew apart on the ground in South Carolina, prompting changes in how the engines are made, maintained and inspected. A similar engine failed on a Boeing 747 in Shanghai in September.The Dreamliner's run of electrical mishaps began on 4 December 2012 when a United Airlines flight from Houston to Newark, New Jersey, made an emergency landing after it appeared that one of its power generators failed. United later said an electrical panel was at fault. On 13 December Qatar Airways said it had grounded one of its three 787 jets because of the same problem. On 17 December, United said a second 787 in its fleet had developed electrical issues.Also in December, the FAA ordered inspections of 787s after fuel leaks were found on two aircraft operated by foreign airlines. The leaks stemmed from incorrectly assembled fuel line couplings, which could result in loss of power or engine fire, the FAA said. In late December, the Boeing chief executive, Jim McNerney, said the 787 had not experienced an unusual number of problems for a new aircraft, calling the problems "normal squawks".The jet was plagued by production problems that delayed its initial delivery by three and a half years. Boeing has nearly 800 unfilled orders for the plane and is ramping up production from five a month to 10 a month this year.JAL has ordered a total of 45 Boeing 787 Dreamliners, including seven it is already operating. Morito Takeda, a JAL spokesman, said six of those seven aircraft were flying as usual. The seventh remained at Boston Logan airport. All Nippon Airways, which has placed orders for 66 Dreamliner aircraft including 17 that are already operating, also had no plans to change its orders, said spokesman Etsuya Uchiyama.Japan's transport ministry has ordered inspections of batteries made by Yuasa for the auxiliary power unit. JAL inspected six of the units and found no problems.Shares of the batteries' maker, Japan's GS Yuasa Corp, fell sharply for a second day on Wednesday after the fire.BoeingAir transportAirline industryBostonMassachusettsUnited Statesguardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds
Exports in Tajikistan decreased to 66 USD Million in November from 70.70 USD Million in October of 2016. Exports in Tajikistan averaged 87.31 USD Million from 2000 until 2016, reaching an all time high of 177.40 USD Million in June of 2008 and a record low of 35.10 USD Million in October of 2014. In Tajikistan, aluminium and cotton account for over 75 percent of exports. Electricity is the third most important export, a by-product of the country’s hydroelectric dams. Tajikistan’s main export partners are China, Turkey, Russia, Iran and Afghanistan. . This page provides the latest reported value for - Tajikistan Exports - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.
Speech to overflowing crowd of 12,000 in Defiance caps Republican's dash across the swing state in search of votesMitt Romney came to the battleground state of Ohio on Thursday and brazenly stole Barack Obama's clothes. He presented himself as the agent of "big change" and repeatedly accused the president of being the candidate of the status quo.In the final stop of a single day's three-point dash from the south-west to the north-west of the state, Romney echoed the message that Obama had brought to this electoral ground zero just four years ago. "Paul Ryan and I represent a big change for America," he told a high school football stadium filled in the north-west town of Defiance, his voice growing hoarse."We're finally going to tackle the problems politicians have spoken about for years but haven't been willing to deal with," he said. With further parallels to the Obama message of 2008, he added that to get the job done in Washington he would "reach across the aisle".There was no sign of any waning in the momentum that the Republican nominee has enjoyed since the Denver TV presidential debate. The stadium was packed to overflowing, supporters having queued for two hours in a line that snaked right around the high school – another striking '08 echo.The official tally for the event was 12,000 people, which was impressive given that the population of Defiance is 16,000. "This is a big event for a small town," said Jason Tackett, 26, attending the rally. "I've never seen anything like it in all my life here."The town takes its name from the way General Anthony Wayne described a fort built here in the war against the Native Americans: "I defy the English, Indians and all the devils of hell to take it."Romney came here with more than a little of that spirit. It took defiance to come to Defiance because not two miles out of the town is a massive General Motors plant, an iron and aluminium foundary that makes engine blocks.The Obama re-election campaign has been pounding the area with TV and radio adverts reminding voters that in the 2008 crash Romney argued that the auto industry should be allowed to go bankrupt. The $87bn in federal loans that the Obama administration extended to GM and Chrysler, located just up the road in Toledo, have provided one of the great fault lines of the election this year, with Obama presenting himself as the savior of the auto industry and Romney on the defensive.Unemployment in Defiance is 6.7%, well below the national average of 7.8%.A small demonstration of Obama supporters at the entrance to Defiance high school included several workers from the GM plant. "If GM had gone bankrupt this town would have been destroyed. Hospital, schools, lawyers, restaurants, you name it, everything would have gone down," said Veronica Estrada, 43.But there were also several GM workers, and other employees of subsidiaries dependant on the GM plant, inside the stadium supporting Romney. John Vogel, 29, who works for a sub-contractor of GM, dismissed Obama's claim to having saved the industry."It's the people that do the work that saved GM, not the politicians," he said.A contractor who works for all of the large car companies called Jim, 52, (he declined to give his last name) disputed that Romney would have let GM go bankrupt in any case. "He had a plan to reorganise it, he wanted to see GM go through a managed rebuilding."In Jim's opinion, unionised companies like GM were starting to wish they'd done more to restructure themselves. "A lot of them are beginning to realise they are hanging on but not getting stronger."Rob Portman, the Republican senator for Ohio who was a contender for vice-presidential nominee before Romney chose Ryan to be his running mate, addressed the auto bailout head on in his speech to the Defiance crowd. He began by admitting that he had supported the auto bailout, but then went on to accuse Obama of lying about Romney's position."There is no question in my mind that Mitt Romney's policies for the future are going to be better for our auto companies, for the workers, for communities like Defiance. Folks, if you are an auto worker here tonight I can tell you this – we need to elect Mitt Romney as next president of the United States."The latest polls on Ohio vary slightly with two – CBS News / Quinnipiac and Time showing Obama with a still robust five point lead but all the others recording an effective tie between the presidential rivals. The crucial importance of the state comes down to the fact that unless Romney wins its crop of 18 electoral votes out of the 270 needed to win, he will find it virtually impossible to win the presidency.Victory for Romney without Ohio would require him to sweep other swing states and take either Nevada or Wisconsin.Part of the attraction of Romney for the Defiance crowd was on religious grounds. The town is heavily Catholic, with a strong socially conservative bent.Debra Scheub, 55, said that watching the presidential debates had given new energy to the Republican campaign. "Everybody got to see the man for themselves. They saw he was a viable candidate, and we learned a lot about his character and how he carries himself as a disciplined man."OhioUS elections 2012Mitt RomneyBarack ObamaUS economyUnited StatesGeneral MotorsEd Pilkingtonguardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. 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A United Nations independent expert today welcomed Hungarys commitment to address the environmental impact of the industrial accident that occurred at the Ajka aluminium plant in 2010, and called for greater efforts to make polluting companies more accountable.
Italy Says It Won't Seek Aid (WSJ)... and neither will Spain, so no OMT activation, ever. So why buy bonds again? European Lenders Keep Ties to Iran (WSJ) Fink Belies Being Boring Telling Customers to Buy Stocks (Bloomberg) Dutch Voters Buck Euro Debt Crisis to Re-Elect Rutte as Premier (Bloomberg) Anti-Europe sentiment rises sharply in UK (FT) China's Xi cited in state media as health rumors fly (Reuters) China vs Japan: Tokyo must come back 'from the brink' (China Daily) Manhattan Apartment Vacancy Rate Climbs After Rents Reach Record (Bloomberg) Well-to-do get mortgage help from Uncle Sam (Reuters) Princeton Endowment Expected to Rise Less Than 5% in Year (Bloomberg) Protesters Encircle U.S. Embassy in Yemen (WSJ) US groups step up sales of non-core units (FT) Overnight Media Digest WSJ * Airbus parent European Aeronautic Defence & Space Co and Britain's BAE Systems Plc said they are in advanced merger talks to create the world's largest aerospace-and-defense company, leapfrogging U.S. rivals. * Apple Inc unveiled the iPhone 5 on Wednesday, packed with new features. The phone is thinner and has a bigger display. It can connect to 4G data networks and has faster processing. Its Siri virtual assistant has grown more powerful. * Germany's highest court cautiously approved the creation of the euro zone's permanent bailout facility, but insisted that the country keep its effective veto on all of the vehicle's decisions, a ruling that removes a question mark over two crucial elements of the euro zone's plans for mastering its debt crisis. * A plan to create a banking union with a single regulator for all euro-zone banks has become the latest battleground between Germany and its partners over the future shape of the currency area. * The U.S. Justice Department has asked a federal judge to impose a $1 billion criminal fine on Taiwan's AU Optronics Corp because of its March conviction for participating in a scheme to fix prices on liquid-crystal-display panels. FT EADS AND BAE IN TIE-UP TALKS Britain's BAE Systems and Airbus-owner EADS are in advanced merger talks to create a combined group worth $48 billion. LIFE BAN AND FINE FOR HBOS' CUMMINGS A banker who led British bank HBOS Plc to the brink of collapse in 2008 has been given a record fine and banned for life from the industry. US AMBASSADOR KILLED IN LIBYA ATTACK The U.S. ambassador to Libya was killed in an attack on the consulate in the eastern city of Benghazi. APPLE UNVEILS THINNER AND LIGHTER IPHONE Apple has unveiled its iPhone 5 which is thinner and lighter than older models and also has faster wireless. UBS LOOKS TO PUT CAP ON BANKER BONUSES UBS is considering a range of options to cap bankers' bonuses. BANKS FORCE ALUMINIUM MARKET SHAKE-UP The arrival of investment banks in the aluminium market has triggered a shake-up in the $100 billion industry. BARROSO CALLS FOR EU 'FEDERATION' The president of the European Commission Jose Manuel Barroso called on Wednesday for the European Union to be turned into a 'federation of nation states'. BANKS IN LEGAL ACTION AGAINST DUBAI GROUP Three banks have launched legal proceedings against a Dubai investment firm, calling for repayment of loans. HYDE PARK MANSION ON SALE FOR 300 MLN GBP The London mansion of Lebanon's late prime minister, Rafiq Hariri, has been put up for sale and is expected to sell for around 300 million pounds. NYT * The iPhone 5 has plenty of new features to keep Apple Inc fans happy. But there is one feature Apple unveiled on Wednesday that is likely to annoy many: a new connector on the phone's base. * The two biggest European aerospace and defense companies said they were in discussions about a potential merger that would create an industry behemoth with a combined market value of nearly $50 billion. EADS, which is the parent of Airbus, and BAE Systems Plc are looking to join forces as their respective industries become increasingly competitive. * The Federal Constitutional Court in Germany gave Chancellor Angela Merkel a significant victory on Wednesday in her bid to master the debt crisis that has buffeted the continent for years and endangered its common currency, granting approval to one of the main pillars of her strategy. * McDonald's Corp said on Wednesday that it would begin posting calorie counts on all its menus next week - a move that could put pressure on other fast-food restaurants to do the same. The company also unveiled several menu additions aimed at making its offerings more healthful. Canada THE GLOBE AND MAIL * The Canadian government is defending itself against allegations it is deliberately dragging its feet in allowing Omar Khadr to return from Guantanamo Bay by arguing much of the delay is the fault of the Americans, new court documents show. * Alan Trivett, executive director of Triathlon Canada, is calling physiologists and doctors involved in Paula Findlay's care to determine how her case of iron deficiency could have been missed before she competed at the London Olympic Games. Reports in the business section: * Telus Corp is forging ahead with plans to consolidate its dual-share structure after scoring a court victory over a U.S. hedge fund. NATIONAL POST * After a 24-hour barrage of questions surrounding his football coaching duties - first for abandoning work early to go to a game, and then for apparently using city resources to manage summer teams - Toronto mayor Rob Ford stuck to his playbook and was back on the field Wednesday. * Toronto police have stalled in their quest to apprehend a handful of Scarborough gang members suspected in a year-long spate of shootings, including the July gun battle on Danzig Street that killed two bystanders and wounded nearly two dozen others. FINANCIAL POST * Rogers Communications Inc, the second-largest media and telecom conglomerate in Canada behind BCE Inc warned regulators Wednesday that allowing its arch-competitor to acquire outright Astral Media Inc would hand BCE "overwhelming control" of the broadcasting marketplace. * Maple Group, now known as TMX Group Inc, expects to close its acquisition of Canada's main stock exchanges on Friday. At a special meeting of shareholders on Wednesday, near unanimous approval - 99.9 percent of votes cast - was received for the last leg of the transaction that was more than a year in the making. European economic update Russia Budget Level $529.4bn. Previous $282.6bn Switzerland Producer & Import Prices - 0.5% m/m – lower than expected. Consensus -0.1% m/m. Previous -0.3% m/m Sweden Consumer Prices - CPIF 0.1% m/m 0.7% y/y. Previous -0.4% m/m 0.8% y/y. Sweden Unemployment Rate 7.2% - higher than expected. Consensus 6.8%. Previous 7.0%. Switzerland Monetary Policy Meeting 0.0%-0.25% - in line with expectations. Consensus 0.0%-0.25%. Previous 0.0%-0.25%. Italy Harmonised CPI 0.0% m/m 3.3% y/y. Previous -1.7% m/m 3.6% y/y. Fly On The Wall 7:00 am Market Snapshot: ANALYST RESEARCH Upgrades Jive Software (JIVE) upgraded to Buy from Neutral at UBSNational Retail Properties (NNN) upgraded to Outperform from Neutral at RW BairdPrecision Drilling (PDS) upgraded to Outperform from Market Perform at Wells FargoRealty Income (O) upgraded to Outperform from Neutral at RW Baird Downgrades AMD (AMD) downgraded to Neutral from Buy at CitigroupCorcept Therapeutics (CORT) downgraded to Neutral from Overweight at Piper JaffrayDarden (DRI) downgraded to Neutral from Outperform at RW BairdIntel (INTC) downgraded to Neutral from Buy at CitigroupMarvell (MRVL) downgraded to Neutral from Buy at CitigroupNike (NKE) downgraded to Neutral from Buy at CitigroupNorthrop Grumman (NOC) downgraded to Sell from Neutral at UBST. Rowe Price (TROW) downgraded to Neutral from Outperform at Credit SuisseUPS (UPS) downgraded to Equal Weight from Overweight at Barclays Initiations Abercrombie & Fitch (ANF) initiated with a Sell at CitigroupAmerican Eagle (AEO) initiated with a Buy at CitigroupAscena Retail (ASNA) initiated with a Buy at CitigroupCoach (COH) initiated with a Neutral at CitigroupGap (GPS) initiated with a Neutral at CitigroupHaemonetics (HAE) initiated with a Buy at Benchmark Co.Limited (LTD) initiated with a Buy at CitigroupMichael Kors (KORS) initiated with a Buy at CitigroupMicrosoft (MSFT) initiated with a Hold at JefferiesNuance (NUAN) initiated with an Overweight at Morgan StanleyQR Energy (QRE) initiated with a Buy at WunderlichRed Hat (RHT) initiated with a Buy at JefferiesRoss Stores (ROST) initiated with a Buy at CitigroupSignet Jewelers (SIG) initiated with a Buy at CitigroupTJX (TJX) initiated with a Buy at CitigroupTiffany (TIF) initiated with a Buy at CitigroupUrban Outfitters (URBN) initiated with a Neutral at Citigroup HOT STOCKS A.M. Best said AIG (AIG) credit rating of “bbb” unchanged following Treasury saleSunPower (SPWR) extended long-standing partnership with Toshiba (TOSBF)Related Companies commenced $5.00 tender offer for all KSW (KSW) shares Ralcorp (RAH) amended some financial statements, cites Post brand separationPervasive Software (PVSW) to solicit potential bids from interested parties Sanofi (SNY) won FDA approval for MS drug AubagioVical (VICL) licensed DNA immunization technology to Bristol-Myers (BMY)AtriCure's (ATRC) ABLATE post approval study received FDA approvalPier 1 Imports (PIR) sees FY13 SSS growth in mid single-digit range EARNINGS/GUIDANCE Companies that beat consensus earnings expectations last night and today include:K12 (LRN) Companies that missed consensus earnings expectations include:Evolution Petroleum (EPM), Pall Corp. (PLL), Spartech (SEH) Companies that matched consensus earnings expectations include:Pier 1 Imports (PIR) NEWSPAPERS/WEBSITES Economists are skeptical about the economic benefits of another round of bond buying by the Fed, though most expect the central bank to embark on that course when its latest policy meeting concludes today, according to the Wall Street Journal's latest forecasting surveyThe planned European aerospace and defense mega-merger of European Aeronautic Defence and Space (EADSY) and BAE Systems (BAESY) could set-off the largest shake-up among U.S. rivals in nearly 20 years, the Wall Street Journal reportsCME Group (CME) said it plans to expand its offering of yuan products to include deliverable offshore yuan futures, a move which should further help internationalize China's currency. Itplans to have the futures dual-listed on the CME and CME Europe in Q4 2012 and Q2 2013, respectively, Reuters reportsU.S. regulators and exchanges are looking at sweeping circuit breakers and other speed bumps for high-speed electronic trading in case glitches occur, industry executives said, Reuters reportsWilbur Ross, whose WL Ross & Co. manages about $10B of assets, said private equity investors are increasingly interested in shipping after a four-year rout caused by overcapacity. His firm was among investors who spent $900M last year on 30 tankers hauling refined oil products, Bloomberg reportsNestle (NSRGY) said China sales will probably grow about 20% this year as a result of increasing wages and the government’s policy to boost local consumption, Bloomberg reports SYNDICATE Chesapeake Lodging (CHSP) announces proposed offering of 5.5M common sharesGenesee & Wyoming (GWR) proposes offering of 3.5M shares of common stockHalcon Resources (HK) 35M share Secondary priced at $7.00Pluristem Therapeutics (PSTI) intends to offer common stock and warrantsinContact (SAAS) announces intention to offer common stock
Labor's Martin Ferguson says mining boom has peaked after BHP Billiton delayed two major expansion projectsAn Australian government minister has declared the end of the resources boom that had cushioned the country against the global financial crisis, a day after the world's biggest miner, BHP Billiton, shelved two major expansion plans worth at least $40bn (£26bn)."The resources boom is over," resources and energy minister Martin Ferguson told Australian radio on Thursday. "We've done well – $270bn (£178bn) in investment, the envy of the world. It has got tougher in the last six to 12 months." Ferguson's comments came after BHP announced it was indefinitely delaying the planned $20bn (£13bn) Olympic Dam copper expansion in South Australia and plans to build a new harbour, estimated at more than $20bn, to nearly double its iron ore exports in Western Australia, looking for cheaper alternatives. But Ferguson's Labor party colleague Senator Penny Wong, the finance minister, disagreed with his assessment. "We still have a lot of investment coming in to this country, about half a trillion dollars in the pipeline and more than half of that at the advanced stage," she told ABC News Breakfast."I think the mining boom still has a long way to run. But what I would say is that the government has always assumed that the terms of trade would step down over time, that's what our budget is predicated on."I think Mr Ferguson was referring to when the terms of trade peaked, and that's factored into the Government's budget."Ferguson later released a statement rowing back from what he had initially said. "The commodity price boom is over but in terms of investment in Australia the boom continues," he said.Fuelled by Chinese-led demand for coal, iron ore and other resources, Australia's economy was one of the very few in the developed world to sail through the global financial crisis without sliding into recession. The resources boom fuelled what has been dubbed a two-speed economy, which has pumped up the Australian dollar and exacerbated the pain felt in manufacturing sectors and retail in Australia's most populous states. While manufacturers like Ford and Bluescope Steel have shut down plants and axed jobs, Australia's unemployment level has stayed around 5% thanks to substantial jobs growth in resources projects, where truck drivers command six-figure pay packets. Politicians may be worried the whole economy is moving into the slow lane but analysts say the fear is premature, as energy projects, underpinned by customers who have already been locked in, will continue full steam ahead. "A marriage of our macroeconomic research with analysis of already committed and possible projects has confirmed our expectations that a peak is coming, but is yet to arrive," National Australia Bank economists said in a report. NAB expects the resources boom to peak in 2013 and 2014, when resource capital spending will be around 1% of gross domestic product higher than now. BHP put the Olympic Dam expansion on hold as it reported a 35% slide in second-half profit, the biggest sign of the pain inflicted by the slowdown in China's economic growth.Weaker demand from China has knocked prices of all key commodities, including iron ore, languishing at its lowest levels since December 2009, copper, coal and aluminium, clouding the outlook for all miners. In response to pressure from shareholders worried about poor returns in a weak global markets, miners have put the brakes on capital spending, with BHP on Wednesday announcing it would not sanction any major new projects in the year to June 2013. The Olympic Dam project, which had been due for approval by December 2012, would have created 25,000 jobs, according to the South Australian government. "The next round was always going to be difficult and I must say Olympic Dam was always a very, very challenging project – its sheer size," Ferguson said. He said he still hoped the project could go ahead. "Our requirement now is to continue to work together in partnership, South Australian and Australian governments, with BHP Billiton to actually get this project in place," he said.AustraliaAsia PacificMiningguardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds