Wednesday, December 31, 2008
Middle East crisis widens
Contacts are telling deeplode that the Gaza war is being used as fuel by political opponents to the ruling families.
From the governing elite the response is clear…
"The law in force in the kingdom bans demonstrations which cause chaos and disrupt public order. The security forces will prevent any attempt to organize rallies or demonstrations," (official response..)
The East of the Kingdom is reportedly seeing violent demonstrations with the military using force to break up these civilian protests.
The region is becoming more and more destabilized and the risk ofIran becoming involved is increasing as Israeli forces prepare for ground incursions into Gaza and air attacks on Iran.
An explosive situation which is extremely dangerous and with global mediators appearing powerless.
The next week or so is critical.
sources..private and news wires...opinions mine.
Tuesday, December 30, 2008
Egypt under increasing pressure.
Apparently a Consular guard opened fire and at least one demonstrator was wounded.
A number of demonstrators were arrested. This latest protest follows other demonstrations across the region in re-action to what is seen as Egypt’s collaboration with Israel. Remember that it is common knowledge that Israel’s Foreign Minister was in Cairo just prior to the Israeli action.
Arab states are disturbed that Cairo has closed the Rafah border while Cairo defends its action as based on the 2005 border agreement.
Whatever, it seems certain that Egypt will become a target if recriminations start and the instability spreads.
One hopes that Iran is able to exercise restraint but the situation is certainly tense.
This risk will be more and more reflected in commodity prices.
Source Al Jazeera......opinions mine.
Monday, December 29, 2008
Has Eygypt received some assurance from Israel
Witnesses at the Rafah border crossing described a chaotic scene as young men tried to force their way across into Egypt, amid sporadic exchanges of gunfire between Hamas and Egyptian forces.
This has huge ramifications for Egypt if Israel fails to control that region.
Not looking good.
source...news wires.... opinions DeepLode
Gaza ground incursion looks likely
President Bush has set up a very tough challenge for the Democrats with his ham fisted approach to international politics. (He thought that Texas was all there was)
The World speaks on Gaza
POPE BENEDICT XVI "The native land of Jesus cannot continue to be witness to so much bloodshed, repeating itself without end. I implore an end to the violence which must be denounced in all its forms and a restoration of the truce on the Gaza Strip. "I call on the international community to do all it can to help the Israelis and Palestinians on this dead-end road ... and not to give in to the perverse logic of confrontation and violence but to favour the path of dialogue and negotiations."
SPOKESMAN FOR BAN KI-MOON, UN SECRETARY GENERAL"The secretary general is deeply alarmed by today's heavy violence and bloodshed in Gaza, and the continuation of violence in southern Israel.[He] appeals for an immediate halt to all violence [and reiterates] previous calls for humanitarian supplies to be allowed into Gaza to aid the distressed civilian population."
"The United States is deeply concerned about the escalating violence in Gaza. We strongly condemn the repeated rocket and mortar attacks against Israel and hold responsible for breaking the ceasefire and for the renewal of violence there. "The ceasefire must be restored immediately and fully respected. The United States calls on all concerned to protect innocent lives and to address the urgent humanitarian needs of the people of Gaza."
PALESTINIAN PRESIDENT MAHMOUD ABBAS "I want to say very clearly that, yes, we talked to Hamas in Gaza and we spoke to them clearly and honestly, directly and indirectly, and through many parties, Arab and non-Arab. "Now it's not important what problems existed between us. We called them and told them please, we ask you do not end the truce. Let the truce continue and not stop so that we could have avoided what happened, and I wish that it had been avoided."
SPOKESMAN FOR JAVIER EU FOREIGN POLICY CHIEF "We are very concerned at the events in Gaza. We call for an immediate ceasefire and urge everybody to exert maximum restraint."
BRITISH FOREIGN OFFICE STATEMENT "The only way to achieve lasting peace in Gaza is through peaceful means. Whilst we understand the Israeli government's obligation to protect its population we urge maximum restraint to avoid further civilian casualties. "We also call on militants in the Gaza Strip to immediately cease all rocket attacks on Israel."
RUSSIAN FOREIGN MINISTRY STATEMENT"Moscow considers it necessary to stop large-scale military action against Gaza, which has already led to major casualties and suffering among the civilian Palestinian population. "At the same time, we call on the leadership to stop shelling Israeli territory."
AYATOLLAH ALI IRANIAN SUPREME LEADER "All Palestinian combatants and all the Islamic world's pious people are obliged to defend the defenceless women, children and people in Gaza in any way possible. "Whoever is killed in this legitimate defence is considered a martyr."
ARAB LEAGUE SECRETARY GENERAL "We are facing a continuing spectacle which has been carefully planned. So we have to expect that there will be many casualties. We face a major humanitarian catastrophe."
SYRIAN FOREIGN MINISTRY STATEMENT "Syria is following with great anxiety the barbaric Israeli aggression against the Palestinian people in Gaza... a horrific crime and terrorist act. "Syria calls on the Arab nation and the international community to use all possible means to put pressure on Israel to immediately stop the aggression, allow the wounded to enter hospital and open all crossing points [to Gaza]. "Syria as president of the Arab League calls on Arab leaders to hold an emergency summit to assess the dangerous situation in Gaza."
Source : News Wires...make up your own mind..I will and will express it here.
Saturday, December 27, 2008
South Australian Government "absolute" on uranium mining
Mr Rann was quoted as saying a visit to China in October had buoyed his confidence in its potential as a uranium export market.He is reported as saying that every meeting he went to was about uranium.
Mike Rann knows that South Australia has the capacity to be a major exporter of uranium and has long been outspoken on the need for his state to develop its uranium resources. Of course he was a major influence in changing the uranium policy of the Australian Labour Party prior to the last election.
AGS continues to be in the front row!!!
China needs to preserve its village food production
But all the meals we shared were home cooked by me ..and a helper or two!! The ingredients of those meals , except those that included meat or tofu, all came from my reasonably small but intensively cultivated garden. (and the wine of course but which was also local) So that leaves vegetables, herbs, fruit and eggs (well I didn't grow the eggs but they are happily deposited in a nest underneath the plum tree)
During a discussion about my vegetable garden I happened to mention that I preserve and cultivate most of my seeds for planting in subsequent seasons.
My guest lamented that this habit was dying out in Chinese self sufficient villages because of the well meaning but misplaced intentions of aid organisations working with the Chinese government which were distributing commercial seeds to local farmers . So the strength and variety of local plant generation was actually weakening.
Well I guess the intrusion of "western" practices is not all that good...not just in short term seed germination methods but, from what she said, also in the proliferation of short term foreign loans taken out by Chinese entities which are yet to hit the fan.
My optimism is still there but is on alert.
Tuesday, December 23, 2008
Saudi combats the global slowdown
The new budget has earmarked huge money for health services and social development, for water, municipality, agriculture, industry and mining infrastructure .
Large amounts have been identified for new road projects and for the maintenance of existing roads indicating an expectation for an increased reliance on roads rather than pipelines!!!
Saudi is determined to enter the global mining market and one should not under estimate the financial power of this socially conservative but fiscally aggressive kingdom...And Citadel Resource Group (ASX:CGG) is extremely well placed both geologically and politically.
Monday, December 22, 2008
Global Uranium Demand Rapidly Re-balancing
The uranium is to go to India's Nuclear Power Corporation and will be significant in easing the shortage of supply in India.India's reactors can now move back towards full capacity.
This deal, signed after changes to trade rules were made that allow India to participate in global nuclear markets, comes close on the heels of the agreement with Russia to supply uranium for the two reactors at Tarapur. (DeepLode has posted on this deal previously...)
India will continue to have an impact on the global supply capacity and as more reactors come on line globally (or even just on to the planning boards) sovereign states and power companies will begin to lock in future supplies. Production is lagging at the moment so the uranium price will come under pressure. And as DeepLode has already said Alliance Resources (ASX:AGS) is in the front row.
Friday, December 19, 2008
Minnesota Star steers the way
Obama readies the rescue
"If the financial crisis has taught us anything, it's that this failure of oversight and accountability doesn't just harm individuals involved, it has the potential to devastate our entire economy," He also had a crack at regulators and politicians who fell asleep at the wheel.
And how right he is.
Barack Obama may ask Congress next year to approve a stimulus plan of around $850 billion, an amount that has grown as the U.S. economy sinks deeper into recession, an adviser to the president-elect has been reported as saying.
The latest proposal is circulating in Congress as Obama’s advisers work with lawmakers to craft a package aimed at improving roads, bridges and other parts of the crumbling infrastructure. (Sounds not unlike China's rescue package with its emphasis on infra-structure)
The target is 2.5 million jobs over the next two years.
Well we are getting close to a trillion dollars!!!
At least some action is assured after the dopiest U.S. administration in its history.
(news wires have reported the substance ..the opinions are those of DeepLode)
Wednesday, December 17, 2008
China bets on a US recovery.
It has almost a third of its $2 trillion of foreign exchange reserves into US treasury securities.
That is a huge vote of confidence in a recovery.
Tuesday, December 16, 2008
Saudi Arabia : The new hard rock frontier
After the second bottle of Petaluma (1999) extravagant claims were made! eg. King Solomon's riches came from Saudi!! - and I was told that the Saudi government only recently opened up the land for large-scale commercial exploration and production. (That I already knew as being correct)
Saudi Arabia is the size of a small continent it was said and since 1945 the amount of exploration drilling that has been done is less than occurs in Australia in one year.(That is accurate)
And apparently the State's mining enterprise Ma'aden is leading the surge with heaps of money...(Another bottle opened....(Mount Mary Quintets 1998).
At this point I ventured that Ma'aden is Arabic for minerals.
They didn't know that! One to me!
But I agree it does appear that new frontiers are opening up....and of course Saudi also has treatment capacity...and the low cost of diesel is a relief.
I then admitted that I hold CGG and was aware that Sheik Khaled Al Qahtani was recently in Australia. Silence...a few more drinks and I quietly left...
Beware of smart investors/bankers who know many things!!
Seve Ballesteros goes home to recover
He knew we came to see him and acknowledged us.
He is now out of hospital two months after brain surgery:
Fantastic!
His web site says "There is a long recovery time ahead and I shall keep fighting with patience and determination against the brain tumor that was detected at the beginning of October."
Good Luck Seve..
and I will try to break my handicap tomorow and think of the great pleasure you have given!!
Monday, December 15, 2008
Citadel reports more major intersections at Jabal Sayid
But also of interest is that major Saudi Arabian interests in Citadel were recently in Australia.
Sheik Khaled Al Qahtani and his family were here to meet with "investors".
It turns out his family have another connection to Australia.
In a conversation on Sydney Harbour the Sheik explained that his father imported Holden F.Js to Saudi Arabia.And they were very popular but then Holden stopped making a left-hand drive model!
So the Saudis had to make a shift to those inferior Mercedes machines!!
Let's hope the Citadel connection lasts longer!!!
DeepLode is confident of that!
Friday, December 12, 2008
Bass Metals gets a bargain
Hellyer's replacement value was estimated to be upwards of $100 million but in this market a bargain could be had!
"Should Bass secure the Hellyer mill, it becomes a more interesting base metals play all round." he writes.
Well they have bought it this week ...for $4million plus all the tailings etc for an additional capped royalty.
A bargain indeed..........Patience will be rewarded.
Thursday, December 11, 2008
Don't flash in front of John Daly
John Daly smashed a spectators camera into a tree in Sydney yesterday when according to Daly the man got too close to him.Golfers increasingly seem to view spectators as a nuisance. We are kept at sometimes silly distances from the play and too often are berated by players after they hit a poor shot.Perhaps they should remember that the sponsor's target at tournaments is the paying public not the players.
Yes we do pay for what increasingly seems to be a "privilege" to watch these highly paid sulky sports men!
Poor John Daly!
The only reason he was paid to appear in Australia is because of the very reason the man wanted to take a photo of him. John Daly is cashing in on the "renegade" persona he himself has created. You can't have it both ways John.
And why is there such a silly rule as no cameras on the golf course? Small, silent modern digitals are in no way an intrusion.Could it be a commercially driven decision?
If John Daly was upset by the spectator he should have spoken to his caddy who could have called an official, a marshall or security.Daly was wrong and if his actions had occurred in the street would not the police be involved?
Golfing officials need to take a close look at the direction in which the sport is heading!
Canberra Labour congratulates W.A. Liberals on Uranium
Four Mile will be Australia’s next uranium mine producing by 2010.
But the interesting comment was the thumbs up to the W.A. Liberal Governments go ahead to mining in that State....and my interest in the uranium project of Blaze International certainly now looks better...!!! At 0.006 it is a bargain.
And DeepLode has often posted on AGS and its outstanding B4M project.
Wednesday, December 10, 2008
New Chinese Car Manufacturing Venture
The Great Wall Motor Company is listed on the Hong Kong exchange and plans to invest 80 million euros in a new car plant at Lovech, about 170 km northeast of Sofia. The venture will employ about 1,500 people and will start up early next year.
DeepLode has posted on how China is finding many ways to stay ahead of the pack and steal a march on the West especially the troubled U.S. auto industry. This is another example. Quick and flexible.
Detroit moves to China
They have handed China a bargain.
The Big Three car makers, namely GM, Ford and Chrysler all have joint ventures in China and sell over a million vehicles annually in China and surely see China and Asia as its most important emerging market.
The Chinese market has been profitable.
And will continue to be so.
Ford is making a profit in China
G.M. is making a profit in China and is capital positive.
All joint ventures of Ford are making a profit.
Chrysler sales in China increased 217 percent in the first ten months of this year. The company is going to introduce two new models next year.
The U.S. auto industry crisis is an enormous opportunity for the Chinese Auto industry to steal a march on the U.S. And remember that these are formal Joint Ventures which give the Chinese partners (ie the Government ) control.
The current rescue plan before the U.S. Congress is political not economic.
The car industry has already been moved to China by the same industry decision makers who are now cap in hand in Washington. The transition is on.Production will go to China. The big three have signed the contracts.
Hong Kong Up Again Today
Tuesday, December 9, 2008
Blazing Saddles
But it has one very interesting asset and that is its uranium ground at Yeelirrie . Because of the W.A. government's ban on uranium mining it has sat idle.That has all changed of course with the change of government in Western Australia. The project surrounds BHP Billiton's 50,000-tonne uranium deposit which will certainly be re-activated. While it will take time BLZ may just lay a golden egg!
And Traders Macquarie, an investment outfit run by the very savvy Leon Serry, thinks so as well. They have been buying BLZ in big junks and now sit well up on the register.
BLZ was traded yesterday at 0.006. (one trade for 3 million shares)
U.S. reschedules Nuclear Delegation to India
Japan is also trying to get agreements approved.
DeepLode has posted on the success that the Russian delegation had recently so the U.S. will be very keen to get in on the rapid expansion of India's nuclear industry.
Monday, December 8, 2008
Who are buying houses in the US ?
And as Chinese companies face restrictions on investment in the U.S. the idea of many individual Chinese investing in the U.S. is somewhat of a bonus. And Chinese banks are funding some of these purchases. Join the dots folks.
WHY DID HONG KONG RUN TODAY?
China is determined to reduce its dependence on exports and thus stay ahead of the declining Western Economies.
This three day Conference will announce already decided new growth strategies but make it appear as a "consensus" decision.
China is determined to grab this opportunity.
Expect some BIG new announcements( building on already known huge injections)..which Hong Kong already has wind of!!!
The West seems ignorant of these internal Chinese processes .
Sunday, December 7, 2008
Alliance Resources announces high grade extension
However the price of uranium is gathering pace on the upside.
Check out the full report on their web site.
http://www.allianceresources.com.au
Here is a small extract.
"FOUR MILE URANIUM PROJECT FOUR MILE WEST NEW DRILLING EXPANDS AREA OF HIGH-GRADE MINERALISATION HIGHLIGHTS
The results reinforce the Four Mile Project as a high-grade mineralized system with potential for significantly increasing the uranium resource base.
Mineralisation at FMW remains open to the north, northeast, west, and southwest.
The mineral resource estimate for a part of the Four Mile East Deposit is in progress and anticipated to be complete in January 2009"
Saturday, December 6, 2008
Russia signs Nuclear deal with India
Well for starters it has allowed for an immediate supply of uranium fuel to India's troubled Tarapur power plant.This facility has been operating at less than 50% of its capacity because India could not access uranium fuel supplies.This is a long term contract!!
The capacity to sign the agreement comes as a result of India being admitted to the mainstream of the global nuclear power sector. This was after India clearly separated its military and civil nuclear facilities and began to bring in appropriate safeguards to prevent nuclear materials moving between the sectors.
One can only hope this will be well monitored as Pakistan turns up the heat on India and its Government.
While the agreement with Russia includes energy in general, space exploration and technical cooperation are also included and also enables commercial deals between Russian and Indian firms. Russian firms will also build a series of large reactors across India.
India of course is planning a massive nuclear energy development...the impact of that on the price of uranium is yet to be factored in and with a slowdown in mining watch for another big run in the price of uranium.
My pick of the global near term producers Alliance Resources (ASX: AGS) will be in the right place at the right time!!
Friday, December 5, 2008
Paulson Capitulates In China
"Paulson also said that China has decided to allow foreign banks to trade bonds in China on the same terms as Chinese banks, among other agreements reached to further open up the country's financial sector."
If the U.S. now believes that to be a concession then it is a very clear indication of where they believe the financial grunt is to get the U.S. and the world out of this mess they created....from no regulation to tight regulation...An indication of a cave in by the worst American administration in history....and an indication of the biggest swing in economic and political power since 1945.
Also notice that George has bought a mansion in Dallas in the last few days...very appropriate.
Well that is what the White House said
"The president and Mrs Bush have purchased a home in the Preston Hollow neighborhood in Dallas, Texas, where they will live after the president leaves office in January 2009,"
Thursday, December 4, 2008
Another $US20 billion from China and the U.S.
From the news wires a few minutes ago
December 5, 2008 - 3:25PM
US Treasury chief Henry Paulson said Friday the United States and China would make 20 billion US dollars available in trade financing to boost commerce amid the global slowdown "To support trade flows during this period of financial turmoil the US and China announced today that our two export-import banks will make available an additional 20 billion US dollars for trade finance, particularly for creditworthy importers in developing economies," Paulson said.China and the United States completed their last high-level economic meeting under the Bush administration with vows to fight protectionism in a time of global financial crisisFreeing up trade to boost weakening global growth was one of the main themes of the two-day Strategic Economic Dialogue, led on the US side by Paulson."Both sides believe that in the face of the growing challenges posed by the... crisis, we must fully oppose all forms of protectionism," Vice Premier Wang Qishan, the head of the Chinese team, told reporters."We stand ready to work actively with other countries in the world to promote the early resumption of the WTO Doha round of negotiations so as to... promote prosperity and growth of the world economy and trade."The last round of Doha trade talks collapsed in July when the United States and India clashed over measures to protect poor farmers against import surges. Paulson told the briefing the United States and China would make 20 billion US dollars available in trade financing to boost commerce amid the global slowdown."
How China will spend the stimulus package
280 billion yuan for housing projects
370 billion yuan to improve people's lives and infrastructure in rural areas
180 billion yuan to build highways, railroads, and the power grid
40 billion yuan for medical care and education
350 billion yuan for ecological and environmental projects
160 billion yuan to fund R&D and innovation projects
1 trillion yuan for places worst hit by the earthquakes
This will make a difference especially in the areas of public housing, health and education...ie the "welfare areas". Chinese families are reluctant to spend because of fears around these three areas. if the government can demonstrate that it is going to take more responsibility in these areas the hope is families will loosen the purse strings and domestic consumption will rise. Other areas are aimed at boosting employment to compensate for the manufacturing slow down.
Wednesday, December 3, 2008
Henry Paulson in China
Initiated by the two presidents in 2006, the twice-yearly SED is the highest-level of dialogue between the two nations. It is rumoured that China is looking for the U.S. to relax some of its restrictions on Chinese investment to enable China to put together some finance investment packages which are really much needed domestically in the USA. Congress has in the past blocked Chinese moves to take substantial holdings in American companies but maybe their mood has changed in the face of the failure of the American finance system.
China announces new finance measures
An injection of 100 billion yuan ($14.6 billion) into three policy banks will free up credit markets.An executive meeting of the State Council, or the Cabinet, presided over by Premier Wen Jiabao, also said steps will be taken to help financial institutions better ward off risks.This is occurring the day before the Chinese meet with Paulson and his delegation to discuss joint measures that can be undertaken. China continues to stimulate the economy and these banking measures will shore up small and medium businesses.
Banks, securities firms and insurers should take coordinated action to play a bigger role in supporting economic growth and contributing to industrial restructuring, it said.
In the face of the global financial crisis,The State Council said it is imperative to implement a "pro-active fiscal policy" and "a moderately easy monetary policy"; and the financial sector should play a bigger role in economic development.
It announced nine measures to stimulate the financial sector.
It urged commercial banks to meet the demand for loans from small and medium-sized enterprises,investors in the countryside and also home and car buyers.Clearly these measures are aimed at boosting the domestic market as well as stimulating infra structure projects.
China to save the U.S.A. and the global economy
China has what the U.S. does not ie $$$$$$$$$$$$$$$. And Geo.W. has given Paulson the OK. Usually he has relied on Saudi Arabia...but Prince B. is not at the moment forth coming..so China to the rescue.
Tuesday, December 2, 2008
Bargain Buying in Bass Metals
He points out that Metals Finance Corp (MFC) has taken over the 19.9% holding previously held by Intec and that Intec has put its idled Hellyer treatment mill up for sale.Now Hellyer's replacement value would be upwards of $100 million but in this market a bargain will be available. ."Should Bass secure the Hellyer mill, it becomes a more interesting base metals play all round." he writes.
Bass is at 0.10 today. So if you buy you are getting $1.50 for your $1...and that is without the upside potential. Bargains to be had. In my non expert opinion ...a buy!
I will listen to the recommendations of my commanders.
And the current administration had and has no strategy other than that financed by Prince Bandar.
(Well he did authorise the payment of $US235m in 2004 at the request of Geo Bush for the purchase of 24 Bell helicopters for the Pakistan Army) Another "good decision" by the U.S.
Just ask the people of Mumbai and the families of the Australians killed there.
Donald Rumsfeld in 2006 talking about troop numbers " it is entirely possible there were too many at some point and too few at some point...because no one is perfect" (Bob Woodward "State of Denial" p257)
And that was a statement from the man responsible for the "Commanders in Iraq". Not a clue ...so I hope the President elect is being diplomatic and will act more forcefully when in Office. American Command has failed in Iraq as it has so many times before. The chain of command has been so politicised that the President of the U.S. runs blind.
They told Bush what he wanted to hear...not what was actually happening..Watch out Barack...and Good Luck.
Tuesday, November 25, 2008
Nuclear focus on India
It is interesting to note that Japan also has a group in India at the moment.
They are all there of course to get in on India’s rapidly expanding nuclear industry.
And America in October signed a deal to allow US companies to do technological and supply business with India.
So the race is on!
How much is the business potentially worth? $US150 billion over the next 25 years .
The CEO of GE-Hitachi (GEH) is quoted on the news wires as saying, "The trade mission is a historic step forward in promoting civilian nuclear cooperation between the world's largest democracies. We look forward to exploring opportunities that hold great promise, not only for our company and shareholders, but also economic opportunities that will create jobs, increase energy availability and improve the lives of the people of our two great nations."
Apparently the Russians have also had nuclear energy people in India during this month.
The impact of continuing developments in India, China and Europe will soon have a flow on effect to demand and the contract price of uranium.
Look out for a re-rating of Alliance Resources (AGS) and its B4M project here in South Australia Its partners, Heathgate, are of course very well connected in the nuclear business.
USA steps up to the China challenge.
BHP's gift to China
Their action has caused an over reaction in London tonight...as if they didn't know...just think of the timing of the announcement!!..Anyway Chinese interests are buying right now with their ears pinned back. It is part of their strategy to control the supply chain...The long march continues.......
And of course BHP will be back with an offer once China injects some capital into RIO...but the horse has bolted.
Another one to China!!
Monday, November 24, 2008
China's continuing growth gets headlines
The investments that the Government is also making outside China are a clear indication that China is confident that growth will continue. It is executing a careful plan to buy up supply and in so doing will have a major say in supply prices.
Now it is encouraging to see Black Rock Investment agreeing.News wires are reporting that UK-based Black Rock Investment, which has $US1.26 trillion ($A1.93 trillion) of assets under management, is stating that China is starting to recover from a downturn after the introduction of stimulus packages.Summaries of these strategies have been posted here on DeepLode.
"I do think we are starting to see the green shoots of recovery and also confidence coming back with regards to people's outlook for the Chinese economy," BlackRock portfolio manager Evy Hambro is reported as saying.
He further suggested that these green shoots are the beginning of the resurgence of the bull market.
As I have been saying..the long march continues and don't be left short on Australian resource juniors.
Citadel makes further progress
"DRILLING CONTINUES TO IDENTIFY HIGH GRADE GOLD AT JABAL SHAYBAN
BROAD ZONES OF GOLD MINERALISATION FROM SURFACE OR NEAR SURFACE"
Highlights:
• RC drilling continues to outline significant gold-rich zones at Jabal Shayban.
• Good continuity of primary and oxide high-grade gold zones demonstrated.
• Results include:
o SH048RC – 31m at 6.89 g/t gold from 15m including 16m at 10.13 g/t.
o SH051RC – 42m at 4.59 g/t gold from 0m including 9m at 12.67 g/t.
o SH044RC – 76m at 2.19 g/t gold from 18m including 7m at 10.05 g/t.
• A diamond drilling rig has been mobilized to site and has commenced testing deeper targets within the Shayban Deposit.
No doubt about this one!!
Japan and India to develop Indian infra structure
Japan's involvement is a clear sign that Japanese companies will continue to invest in India in a big way and this freight link will be an incentive for Japanese companies to further develop their assets in India. Japan obviously now sees India as a target for its private sector.
The spin off for Australia from any large infra- structure development in the Asian region is clear.
The bounce will come!!
SORRY...BUT!
Aborigines warned: no lease, no house
INDIGENOUS Affairs Minister Jenny Macklin warned yesterday that Aboriginal communities not prepared to sign leases in exchange for houses would go without.
Nice headline in The Age today.
Sorry we took your land..your culture..sorry we didn't sign any transfer of land when we took yours away....sorry we took your children away...sorry we shot you...sorry we put you in chains... sorry we wiped you out in Tassie....sorry sorry!...but you better sign up or we will say sorry mate as we put you in the streets and with the already homeless...Come home Kev and sort out this mess.The shame continues.
Sunday, November 23, 2008
Fear and the World Markets
and were commenting on what appeared to be some irrational views based purely on fear. (Now if you have not been to Hot Copper you must at least visit...hotcopper.com.au)
Most at the table were optimistic about a market turn around...China is still in + growth , Japan has just announced a big loan (investment) to India...and don't forget the past decade of Japanese ambivalence about the growth of India...now converted to positive...
The market will turn......when? soon! The people at the table were all serious investors ...and all except one (not me) were taking significant hits..but most were on a buy strategy over the next month. Why ..because fear leads to silly decisions.
I posted this on that Hot Copper thread
"Ah fear!!!......Some years ago I took my then 5 year old son to look at the old canons on Battery Hill at Port Fairy.
"What are they for?"
"Well they were to protect Australia over 100 years ago?"
"from what?'...
"Hmm just in case the Russians came?"
"Did they come?"
"No, they didn't"
"Well that was a waste of money!"
Enough said.....fear leads to some crazy decisions (just ask Geo.W.)"
So back then fear lead to profit making for canon factories.....look for the profits to be made from this bout of fear!
(The wine tonight was Willow Creek Piniot Noir 2004 (too early but superb) and Shelmerdine Heathcote Shiraz 2004 (time) and a few other quaffers.
Friday, November 21, 2008
China continues to stimulate economy
That means the Chinese Government will do that!
Zhou is the official "independent" economic commentator in China and his statements often "prove" that the Government is listening to independent opinions. He called for "aggressive tax-reduction measures" at corporate and personal levels to stimulate downward domestic demand brought by worsening external economic surroundings.
He hinted that the National People's Congress had already reached the consensus to do that (increase the benchmark of individual income taxation) If he "hints" it is a done deal!
Zhou from Peking University was speaking to 500 businessmen today at a management forum in Beijing. So what does that mean....My guess is the income earned before you pay individual tax will be tripled ie pay tax now on all income over 2000 yuan but after reforms only on income over 6000-8000yuan. And VAT 17% down to 6%. And that is a serious stimulus. So let's see!!
I source my information from internal Chinese news reports passed on to me by English speaking contacts.These reports sometimes appear on Western news wires.
Thursday, November 20, 2008
China's footprint on Australian resources gets bigger
As continually suggested on this blog China will come out of this downturn (which is a Western markets disaster) as the prime economic force in the world. They are grabbing every opportunity. This is a very well constructed strategy....deals, one by one, all over the globe are giving China control over the resource supply chain.
The implications are clear...control the supply line and you control prices. The long march continues..hang on to your Oz miners.
Alliance resources to mine at the right time
President-elect Barack Obama has set a target of reducing US greenhouse gas emissions to 1990 levels by 2020 and reducing them by a further 80% by 2050, with safe nuclear energy being used alongside other clean energies.Speaking by video at a bipartisan summit convened by Arnold Schwarzenegger, Republican Governor of California, Obama said that few challenges facing America, and the world, are more urgent than combating climate change. Obama said the science of climate change is beyond dispute and the facts are clear. Unless addressed, he said, climate change and the USA's dependence on foreign oil would continue to weaken the economy and threaten security.
Obama praised state governors and business that had already invested in clean energy, and said that Washington would no longer fail to show the same kind of leadership, delay was no longer an option, nor denial an acceptable response.
He announced that he would introduce a federal cap and trade system, a similar cap and trade emissions trading scheme is already in operation in the European Union.
Strong annual targets would be established that would reduce greenhouse gas emissions to return them to 1990 levels by 2020 and reduce them by a further 80% by 2050.
$15 billion will be invested each year to catalyse private sector efforts to build a 'clean energy future'. Obama said there will be "investment in solar power, wind power and next-generation biofuels. We'll tap nuclear power, while making sure it is safe, and we will develop clean coal technologies." This investment would help generate five million green jobs.
Obama also said that the work being carried out at the United Nations Framework Convention on Climate Change (UNFCCC) meeting in Poznan, Poland, in December was vital to the planet. Although he would not be attending that meeting, Obama committed the US to engage vigorously in future meetings once he had taken office and to lead the world to a new era of global cooperation on climate change. He closed by saying that any nation to join the cause of combating climate change would have an ally in the USA."
from World Nuclear News 20 Novemeber 2008
Guantanamo a measure for the Bush Administration
And where was Justice Leon's sense of justice in 2002 when he declared detainees in Guantanamo to be without habeous corpus rights? Maybe he is brave enough to speak up now that George W. has been given his marching orders.
And surely George will not be so stupid to order an appeal.
Whatever, Western credibility has been trashed by Bush...but we are not innocent either..the "children overboard" and our detainee history is just as shameful as John Howard and his grey men blindly followed the tyrants of the U.S.
Wednesday, November 19, 2008
Ethics or Expendiency?
India the new car market
China the New Detroit
Saturday, November 15, 2008
China is smiling and growing
Friday, November 14, 2008
Bass Metals to shine in the recovery
1.solid asset backing worth .27c,
2. profits still coming in and
3. exploration results that continue to be remarkable.
What would you pay?
.55c? .75c?....Well try .10c!!!
On the 29/9 Barry Fitzgerald wrote an extremely positive and upbeat column in The Age about Bass Metals and warned us to look out for the report on the Fossey Zone.. well it came out today and this market just yawned...
Watch for a big re-rating when some money starts to flow back into the markets. Here is an extract from the announcement.
"High grade drill intercepts at Fossey Zone
Bass Metals Ltd (ASX:BSM) is pleased to provide the following update on its recent drilling at the Fossey Zone, part of its 100% owned Hellyer Mine Project in NW Tasmania.
Highlights
Further high grade polymetallic intercepts at Fossey Zone:
• 43.5 metres at 12.9 % zinc, 7.7 % lead, 0.4 % copper, 207 g/t silver and 2.6 g/t gold from 187.1 metres downhole, including;
• 12.6 metres at 22.4 % zinc, 13.5 % lead, 0.5 % copper, 367 g/t silver and 4.2 g/t gold (HLD985).
• 10.9 metres at 8.9 % zinc, 5.4 % lead, 0.3 % copper, 99 g/t silver and 1.5 g/t gold from 206.8 metres downhole (HLD983).
• 9.95 metres at 7.4 % zinc, 4.7 % lead, 0.4 % copper, 56 g/t silver and 1.5 g/t gold from 202.55 metres downhole (HLD979).
Introduction
The Fossey Zone is an unmined zone of high grade polymetallic mineralisation comprising base and precious metals, generally associated with a massive barite zone, commonly with significant gold and silver mineralisation. Recently Bass Metals released an initial combined Mineral Resource (Indicated and Inferred) of 830,000 tonnes grading 9.1 % zinc, 4.6 % lead, 0.3 % Cu, 120 g/t silver and 2.5 g/t gold for the Fossey Zone at a 5 % (Pb+Zn) assay cut-off (refer ASX Report 30 September 2008). The addition of the new Fossey resource more than doubles the Company’s high grade, polymetallic resources at the Hellyer Mine Project (HMP) to 1.6 million tonnes at 8.1 % zinc, 4.4 % lead, 0.3 % copper, 104 g/t silver and 1.9 g/t gold. The entire resource inventory (HMP and Que River) now stands at 2.3 million tonnes."
Judge for yourself..but it seems a bargain.
Thursday, November 13, 2008
Sunshines on Hearts Galore
The bitty bitty bit has been tested on humans in Australia and New Zealand but really the real test for any bio is in the U.S.
Sunshine has told us that six US medical institutions will enroll patients for its trial and the FDA has approved reneimbursement.This approval means the company will earn MANY $$ from the program. A buy for me.In any other market a big run......buy and hold..
Tuesday, November 11, 2008
Taiwan gently gently softens attitudes
Monday, November 10, 2008
Citadel on target in Saudi Arabia
Owen Hegarty can pick them. This is definitely one for the watch list!!!
Brilliant Wine And Under $20
Wines from this region can cost over $50. The wine is under screw cap. Delicious is a fair description. Plenty of shiraz fruit aromas on the nose. It comes on to the palate with a gentle burst of cherry like flavours, nice touch of oak and lovely length on the swallow.Drinking well now but has another 10 years in it. And best of all it retails for about $18 and is readily available.
Well done Peter Cummins at Water Wheel Vineyards, Bridgewater on Loddon. (Bendigo Shiraz)
Sunday, November 9, 2008
China confirms its huge economic stimulus
and “In expanding investment, we must be fast and heavy-handed.”
The stimulus plan would be enormous for any country, let alone one whose gross domestic product is lower than most other major industrialized countries, at around $3.5 trillion this year.The announcement came less than a week before the Chinese President travels to Washington for a global economic summit meeting that will be attended by world leaders and hosted by President Bush. As stated in posts here the Chinese Government is determined to steal a march on the West while it is on its knees.
The Sadness of American Politics
But there she was on Wednesday, after narrowly escaping defeat because of those comments, saying she was “extremely grateful that we have an African-American who has won this year.” Ms. Bachmann, a Republican, called Mr. Obama’s victory, which included her state, “a tremendous signal we sent.” (who sent ? we?)
And it was not too long ago that Senator John McCain’s running mate, Gov. Sarah Palin accused Mr. Obama of “palling around with terrorists.”
But she took an entirely different tone on Thursday
“Barack Obama has been elected president,” Ms. Palin said. “Let us, let us — let him — be able to kind of savor this moment,
one,
and not let the pettiness of maybe internal workings of the campaign erode any of the recognition of this historic moment that we’re in. And God bless Barack Obama and his beautiful family.”
She didn't get to two.
Will America survive as the 'United States" ?
Governor Schwarzenegger is quite clear that California is not simply another state. “We are the modern equivalent of the ancient city-states of Athens and Sparta,” he recently declared. “We have the economic strength, we have the population and the technological force of a nation-state.” In his inaugural address, Mr. Schwarzenegger proclaimed, “We are a good and global commonwealth.”
Political rhetoric? Maybe. But California’s governor has also put his finger on a little discussed flaw in America’s constitutional formula. The United States is almost certainly too big to be a meaningful democracy. What does “participatory democracy” mean in a continent? Sooner or later, a profound, probably regional, decentralization of the federal system may be all but inevitable.
America is no longer the United States!!
George rapes Utah on his way out
These and other slices of the public lands landscape deserve some form of protection for visitors today and tomorrow to enjoy.
And yet, the outgoing Bush administration is determined to open them to drilling rigs with all their associated access roads, noise, air, and, potentially, water pollution.How much is too much? When the oil and gas industry in Utah has nearly 3,500 drilling permits in hand, but which have not been acted upon, why is the Bush administration selling them more, particularly in sensitive areas around national parks and monuments?Because George is getting as much "good will" out of his presidency as possible.Interested in the good of the community..not likely...looking to his Directorships..post presidency
Saturday, November 8, 2008
Victorian Police and Hummers
Talk about isolating members of the police force from the citizens...Get out and walk.. or for city cruising how about an environmentally and socially friendly smaller car!
Goldman Sachs bullish on China
the Shanghai-Shenzhen 300 Index which tracks China's 300 biggest listed companies, should rise at least 11 percent to 1,980 points next year. And he reckons Hong Kong's China Enterprise Index of top locally listed mainland companies may jump 53.4 percent to 8,900 points. He believes the stock market will benefit from attractive share valuations, improved liquidity and government stimulus plans.
In the first half of 2009 he goes for consumer-related companies, internet firms and telecommunication stocks and in the second half goes for banking, insurance, real estate, raw materials and transportation stocks .
I think that the criticism that the Chinese market was just too speculative has been tempered by the fact that Wall St. turned out to be a speculative driven greed machine and that the 60% fall in the Chinese market returns it to attractive earnings/price ratios. Deng Tishun is on the money!
Headlines mislead on the economy
The IMF has not exactly covered itself with glory as an authority about anything. But that aside it has suggested nothing like what the headlines are screaming !!!
If you bother to go and read the report being quoted by the alarmist headline writers you will find this buried in the text...(unknown waters of course for headline writers).
"Activity in the advanced economies is now expected to contract by ¼ percent on an annual basis in 2009, down ¾ percentage points from the October 2008 WEO projections. This would be the first annual contraction during the postwar period, although the downturn is broadly comparable in magnitude to those that occurred in 1975 and 1982. A recovery is projected to begin late in 2009."
Now does that sound like the 1930's economy? pity to spoil a story with accuracy! We are not doomed..Buy !
Friday, November 7, 2008
Hot Copper threads the way
Russia is sinking China is buying
Thursday, November 6, 2008
China ups its nuclear generation target
The current installed capacity of nuclear power is only about 9 GW, or 1.3% of the total installed electricity generating capacity. Huge capacity for nuclear generation growth...which is good for near term uranium producers....eg AGS
High Level China Delegation in Australia
Smith raved on about how Australia and China enjoyed extensive political, economic and cultural foundations and how the frequent high level visits injected a new vitality into bilateral relations.Part of the rave suggested that the Australian government has always adhered to the one-China policy and believed mutual trust and respect contributed to the rapid growth of bilateral ties.
Hmm!! wonder if that has anything to do with the fact that President Obama is an Atlantic man rather than a Pacific one. Watch the China/ Australian relationship grow.
China and Taiwan get closer.
A new trade pact reached on Tuesday will take effect in 40 days. Included is an increase in direct cross-strait flights, direct shipping and postal links, and increased co-operation on food safety in the wake of the recent melamine contaminations. Over five million Taiwanese travel to China each year and the agreements are expected to reduce travel time and costs. This is a very significant move...The Taiwanese Government knows it will meet with opposition at home so it must see significant benefits in it.
China is accelerating its strategy to out pace the U.S. and will use its huge foreign currency reserves to keep its growth on track....(altho' Western pundits are all gloom and doom) As I have said before....don't get bearish on ASX small near term commodity producers..the rulers are being run over a few.
Sunday, November 2, 2008
China 's weekend crack down on the food chain
Hot Copper forums so informative
China moves to recognise women's rights
Saturday, November 1, 2008
Republican Party to investigate itself
Now really that is an investigation that should not take any longer than a day or so!!
Reason 1. George Bush
Reason 2. George Bush
Reason 3. George Bush.
The Republicans have allowed its executive government under George to recklessly plunge the Country into crippling debt,to engage in pointless and cruel wars,to be subject to global isolation and to alienate large sectors of its citizens. They have angered middle America, denied the very existence of the poor and rewarded the mega rich. Its time to wake up to the fact that America consists of more than extreme right fundamentalist christians.(It always has of course).
No one was strong enough to eyeball George Bush as he broke one International law after another. The Republicans lacked courage and seemed to be devoid of conviction.
The principles of low spending, small government, care of your citizens etc were abandoned during Bush's eight years in office. George Bush had absolutely no intellectual capacity to embrace even the basic fundamentals of democratic governance. His knowledge of his own country once he reached the Texan border was abysmal. His knowledge of the world was still based on his elementary education. He did not have a passport when elected!!! His responses to domestic crises were dim witted and appalling. George was an absolute failure without one re-deeming quality.
Yes the investigation shouldn't take long! ie if the Republicans have any talent left.
Sunday morning coming down
Credit is thawing, overnight inter bank rates are down and still moving down. All key economies are seeing domestic rates fall. All at the table shared my opinion that China will not miss this unique opportunity to steal a big break on the cash strapped West. They have enormous cash reserves to pump into the economy and the capacity to make internal structural adjustments. Examples so far.....$US290 billion into rail infra structure, removing the restrictions on farmers to trade their land rights, lowering interest rates, freeing up the urban real real estate markets by reducing taxes etc, grabbing the chance to do a deal with troubled Russia to build a massive capacity pipeline extension etc etc.
All saw opportunities in Australian resources and agricultural companies and their supply chain companies. The mood was much brighter than a month ago. Those on the workshop floor were saying client contact was resuming from those who hibernated, who didn't panic and are liquid. One who works mainly in H.K. said the panic was primarily over. The sheer speculative money that had driven the Chinese buying had been cleaned up. Sovereign funds were on the ready.
Because of the low debt ratio in the mortgage market major problems would not arise in the H.K. or Chinese domestic market. A slowdown no doubt but the Chinese Government will keep the Commercial market alive.
So a positive night........which eventually descended into red wine driven outrageous solutions to any world topic introduced. The wines were Black Jack Shiraz, Torzi Matthews Frost Dodger and Bannockburn Shiraz......and as usual the women at the table had by far the best palates for identifying the wines. Its a turning market it seems but it won't be a rocket. (Although as I have suggested previously AGS could be one.) And Newport for the Melbourne Cup...I backed him at big odds in Sydney so have to follow up!
Friday, October 31, 2008
Seve Ballesteros making a recovery
Melbourne building developers are in trouble
Prominent builders, developers and architects have confirmed retrenchments, with industry giants Mirvac, Multiplex and Lend Lease laying off hundreds of staff in the next few days.
"Anything that is not already coming out of the ground is extremely unlikely to happen at all," said Tony Crabb, investment director with property strategists Savill."
China's web has caught the fly
Dubai buys Barclays ! Well nearly
Water Wheel Memsie Shiraz shines again
America quietly changes entry rules
Thursday, October 30, 2008
McCain to play hard ball on China
This distorted view of the world led Bush to play hard ball with Iraq(thought they were a push over).....but now hard ball with China? Come on guys, your capacity to play hard ball with China over anything is zilch...I repeat zilch.
Does McCain know that his country is bankrupt and owes China squillions? (thank you George). Play hard ball? go cap in hand more like it! The American people are not going to buy this agressive , tough guy talk any more. They at least know that for the moment they are defeated in more ways than one. And we all want the U.S. back as a strong, moral and credible global entity. Looks like President Obama has a task ahead of him.
Wednesday, October 29, 2008
Alliance Resources a fully fuelled rocket
Four Mile (AGS 25%) is a world-class, high-grade uranium deposit.Consider the following
Decision to Mine using ISR methods has been made by Quasar.=Heathgate=General Atomics
Uranium concentrate production to commence in early 2010, ramping up to 3.0 M lb per annum within 3 months.
Access to Beverley plant infrastructure. Satellite plant engineering commenced.
Four Mile deposits have potential for >100 M lb.
Excellent regional potential for further uranium discoveries.
Project has the support of the State government.
Pipeline of 100% owned projects exploring for gold, copper-gold and base metal deposits in southeastern Australia.Including their near production gold mine at Maldon with a fully re-furdished 100% owned treatment plant which has the capacity to take on external contracts...eg treatment of the ore from Castlemaine Mines.
An outstanding buy with upside to $1.65 by next April.
A uranium monster mine from AGS
This is another extension of the biggest uranium disovery in Australia in more than 20 years.
And the fact that the Blue Brothers and General Atomics through subsidaries are the joint partners must get one's antennas on alert.AGS is a rocket on the launch pad!!!
Tuesday, October 28, 2008
Has Owen Hegarty done it again with Citadel?
"MORE HIGH GRADE GOLD INTERSECTED AT THE SHAYBAN PROJECT
INITIAL ASSAYS FROM CITADEL’S SECOND DRILLING PROGRAM CONFIRMS BROAD ZONES OF HIGH GRADE GOLD MINERALISATION
Highlights:
• RC drilling continues to outline significant gold-rich zones at Jabal Shayban.
• First 3 holes of the current drilling program all returned significant results.
• Assays confirm continuity of primary high-grade gold zones at Shayban, further demonstrating the potential of the prospect to host significant gold resources."
And copper is there also!!
China to bail out Russia
Monday, October 27, 2008
What's a four put?
... "I miss, I miss, I miss......ball goes in!"
Good luck to Seve as he under goes his greatest test.
China's Agricultural Revolution
Railway's = iron ore...rolling stock...technology...employment...modernisation etc.
Sunday, October 26, 2008
China Construction bank in profit
CCB's net profits grew 11.95 percent to 25.6 billion yuan ($3.74 billion) from July-September.
Of course the next quarter is critical...but at least the figures coming out of China are more transparent now than the ones out of Wall St and Fleet St etc etc.
The West screwed us!!! Watch China and Australia will benefit!!
China stays pro-active. Scraps taxes. Hold your ASX juniors.
The Government said the decision was aimed at maintaining a stable and healthy development of the capital market.
In another move to boost domestic demand the country has also scrapped the 5 percent individual income tax on savings interest earnings. The long march continues...Don't sell your resource stocks with a market in China.
Saturday, October 25, 2008
A Passing Cloud that's welcome to linger
Another $292 billion to keep China on the go
Increasing investment in its fixed assets has remained one of China's main strategies as it moves to maintain its growth against other failing economies. By 2010, the total length of China's railway will reach 90,000 km, according to its Ministry of Railways. It is politically imperative for the Chinese Government to keep employment up as factory production declines.And it will do so.This announcement along with rural reforms and property market re-structure indicates that China will use all available resources to keep it ahead of the West.
Major railway projects will be started almost immediately.In 1997 they kept things on the boil by building all those freeways and roads...now the rail system! Keep watching the China phenomenon.
Friday, October 24, 2008
Bargain basement. Never to be repeated.
Another US$40 billion to offset foreclosures...determines China asendency
Follow the cashed up Sovereign funds and get some bargains.Banks, Mining suppliers, near term producers. China is still on the long march
Asia planning a new world order
Near term producers on the ASX will be 10 baggers as commodity prices quickly recover as reserves dwindle. Try BCI, BSM and AGS for starters!!!
Russia is also gone
China pursues growth
This all fits with their decision to use their financial strength to develop domestic markets when the rest of the world has lost that capacity.And they will be buying key global assets. Read my China posts!!!
Can a bottle of wine console market loosers?
"Cue Le Bouchon Breton" is a new French brasserie, Champagne and shellfish bar in Spitalfields market.It is handy to all those "no tomorrow" bankers and can accommodate 320 drinkers and diners. There's a 2001 Petrus for 2,200 pounds ($3,553) if you are feeling lucky.Or optimistic!
Torzi Matthews "Schist Rock"
Is China the last sovereign fund standing? Russia is falling.
Wednesday, October 22, 2008
$2 trillion in foreign exchange reserves
China stimulates property market
Tuesday, October 21, 2008
Uranium stocks go for a run
CAMECO .....+9.67%
PALADIN .....+11.80%
URANIUM ONE .....+10.10%
FORSYSTH METALS .....+1.29%
DENISON MINES .....+5.23%
URANIUM PARTICIPATION .....+0.20%
FIRST URANIUM .....+26.95%
MEGA URANIUM .....+4.63%
ALTIUS ......+5%
UEX CORP .....+2.33%
Monday, October 20, 2008
RBA Chief acknowledges China's growth path
This is in line with the growth figures out of China at the weekend. Not sure that a 9.9% continuing growth is any cause for concern The drop in commodity prices has more to do with the antics of Hedge Funds rather than the real economy.
20 billion reasons to be confident
1.Primary production was up by 4.5% Grain production has been up for the past five years.Pig production is up6%
2.Fixed assett investment continues to grow particularly in rural areas where growth is fastest.
3. Domestic retail sales are up 22%.
4.Rural and Urban incomes continue to grow (11% and 7.5%).
5. Savings continue to grow.
6.While industrial production slowed profits increased. (up19%)
Now if all that is a cause for concern then show me the door! The long march continues!
Is 9% growth a negative?
Kurtz family wines a hidden Barossa gem
Sunday, October 19, 2008
China stimulates its economy
China is beginning direct startegies to stimulate its economy.It may cut interest rates for the third time this year after weaker export orders and factory closures for the Olympic Games dampened industrial output. The nation will raise investment in infrastructure and boost export-tax rebates to protect the economy from the increasing risks posed by the financial turmoil, the cabinet said yesterday.
There are no options for the Chinese government except to stimulate the economy -- more monetary easing is needed,'' said Sherman Chan, an economist with Moody's Economy.com in Sydney. She predicts five rate cuts by mid-2009 and the abolition of quotas that limit banks' lending. China is determined to stay ahead at the moment and to use its considerable advantages to become the world's most powerful economy.
Melbourne train system is broken
The following report is in today's Age.
Melburnians want better system:
Commuters are crying out for a better public transport system while the State Government pours hundreds of millions of dollars into the city's roads. Almost one in three Melbourne drivers have reduced their car use in the past year, research by public transport promotion and information service Metlink found. And 94% believe the Government should be spending more on public transport. Extra spending on roads was supported by 55% of those surveyed. The survey comes as the State Government commits hundreds of millions of dollars to new road projects, including a $1.4 billion upgrade of the West Gate-Monash Freeway and a $700 million Frankston bypass, announced last week.
Metlink said Melbourne's "rail infrastructure has not changed significantly since the 1950s, yet the urban area has nearly doubled". Chief executive Bernie Carolan said the survey showed many car users prioritised investment in public transport over roads. "For this city to continue to be the sort of place we like it to be, we need a rich mix of public transport," Mr Carolan said. In its submission to Infrastructure Australia, Metlink calls for a new rail tunnel between Footscray and Caulfield - which would boost City Loop capacity by 40,000 passengers an hour - and for a rail line from Werribee to Deer Park. A Public Transport Users Association analysis shows money spent on new roads in Melbourne by state and federal governments since 1999 has been five times that spent on new public transport."
Well tell me something I don't know!! I have recently returned to Melbourne from rural Victoria for a few days a week to fulfill a consultancy contract. I catch the train from a Zone 1 station. Invariably trains are cancelled or delayed and are usually dirty .Recently I hopped on a train at Spencer St. (It may have a new roof but it is still dusty smelly Spencer St with little protection from the North winds). It was going to Werribee according to the boards and the announcements. By the time it arrived at Flinders St. it was going to Broadmeadows...only alerted by the conversation of passengers who got on at Flinders. Jumped off at at Melbourne Central with other confused travellers.And waited waited for the Werribee train.The other annoying failure is to be waiting on a station with your destination highlighted as the next train..then...boom ...the message reads Do Not Board This Train....Listen for an Announcement...Crikey talk about a lottery!! The system is broken!!!....does not work!!!!is staffed by defeated low morale workers who are clearly embarrassed and feed up!! Get Brumby and a few of his Cabinet apologists to stand around city stations for a few hours a week (if they know where the stations are). It is a really inefficient,drab, dirty,uncaring, insulting service to Victorian working people.Perhaps turn the system over to Intralot,Tatts, David White and Tony Sheehan who could sell us lottery tickets for a comfortable train ride!! Or send the Transport "Minister" to H.K. to experience a train system that works and does so with out drama, waste and corruption!