Archive for the 'Economy' Category
U.S. Corn Reserves Hit Lowest Level in 15 Years
February 9th, 2011Via: AP: U.S. reserves of corn have hit their lowest level in over 15 years in part because of higher demand from the ethanol industry, hinting at tighter supplies and higher food prices in 2011. The U.S. Department of Agriculture reported Wednesday that the ethanol industry demand for corn is up 50 million bushels after […]
WikiLeaks Cables: Saudi Arabia Oil Reserves Overstated by 40%
February 9th, 2011Via: AFP: THE US fears Saudi Arabia may not have enough oil reserves to prevent prices rising sharply, according to leaked cables. The cables from the US embassy in Riyadh, obtained by WikiLeaks, urge Washington to take heed of a warning from a former Saudi government oil executive that the kingdom’s crude oil reserves may […]
Jet Loaded with Millions in Gold and Cash Seized by Congolese Authorities Linked to Texas Philanthropist
February 9th, 2011Via: Dallas News: A Gulfstream jet seized by Congolese authorities suspected of being used to smuggle gold from rebel-controlled strongholds is apparently owned by a North Texas aviation firm owned by Southlake philanthropist David Disiere, records show. Dow Jones reported today that the tail number on the jet is N886DT, which FAA records shows to […]
Suez Canal Still Operating as Service Workers Strike
February 9th, 2011Via: Bloomberg: Shipping on Egypt’s Suez Canal, used to carry about 8 percent of global seaborne trade, is transiting on schedule after service workers linked to the waterway began striking, the Suez Canal Authority said. Workers from Suez Canal Co. began a sit-in today, Al-Ahram newspaper reported earlier today in its online edition, without saying […]
China Creates Rare Earth Strategic Reserves
February 9th, 2011Via: AFP: China is building up strategic reserves of rare earth metals in a move that could give it better control over the resource so indispensable to high tech products, the Wall Street Journal reported. Storage facilities have been built in recent months in the northern region of Inner Mongolia with the capacity to hold […]
JPMorgan Allowing Gold to Be Used as Collateral for Some Types of Trading
February 8th, 2011Is JPM trying to get its tentacles around enough metal to cover physical withdrawals from clients? Via: Bloomberg: Gold may get a boost as JPMorgan Chase & Co. joins exchanges in allowing the metal to be used as collateral for trading, according to MF Global Holdings Ltd. JPMorgan yesterday said it will accept bullion “to […]
Hillary Clinton: We Can’t Legalize Drugs Because ‘There Is Just Too Much Money in It’
February 8th, 2011Mmm hmm. Via: Reason: Last week, while visiting Mexico, Secretary of State Hillary Clinton was interviewed by Denise Maerker of Televisa, who asked her opinion of proposals to address black-market violence by repealing drug prohibition. Clinton’s response illustrates not only the intellectual bankruptcy of the prohibitionist position but the economic ignorance of a woman who […]
Egypt: Pentagon Moving Warships, Preparing for Possible Evacuations
February 7th, 2011Translation: The Suez Canal will remain open. Via: Los Angeles Times: The Pentagon is moving U.S. warships and other military assets to make sure it is prepared in case evacuation of U.S. citizens from Egypt becomes necessary, officials said Friday. The Kearsarge, an amphibious assault ship carrying 700 to 800 troops from the 26th Marine […]
Chinese Corn Imports Forecast to Soar
February 7th, 2011Via: Financial Times: Corn prices – and with them, the price of meat – are set to explode if the latest import estimates from China are correct. Last year, Beijing recorded its largest imports of corn since its disastrous crop of 1995-96. But this year could see further record buying. The US Grain Council, the […]
New Zealand: Rural Broadband Light at the End of the Tunnel is the Train
February 7th, 2011You’ve heard of putting a wolf in charge of guarding a hen house. In rural New Zealand, we’ll get two wolves on the job. The final announcement has not yet been made, so I suppose there’s a chance that it might not be as bad as it looks now. However, my money is on the […]
