February 2011

Euro Briefly Strikes 3 Week Low Versus Japanese Yen

February 28, 2011

Euro Briefly Strikes 3 Week Low Versus Japanese Yen

Read the full article →

Major pairs narrow trading…

February 28, 2011

Major pairs narrow trading…

Read the full article →

U.S stocks fluctuate by midday after the issuance of new data on Libya

February 28, 2011

U.S stocks fluctuate by midday after the issuance of new data on Libya

Read the full article →

Currency Traders Countdown to the RBA Rate Decision as the AUDCAD Eyes the 0.97 Area.

February 28, 2011

Currency Traders Countdown to the RBA Rate Decision as the AUDCAD Eyes the 0.97 Area.

Read the full article →

Dragon Energy Limited (ASX:DLE) Announces 140-190 Million Tonnes Of Iron Ore Exploration Target At Nameless Tenement In Central Pilbara

February 28, 2011

Dragon Energy Limited (ASX:DLE) Announces 140-190 Million Tonnes Of Iron Ore Exploration Target At Nameless Tenement In Central Pilbara

Read the full article →

Marmota Energy Limited (ASX:MEU) Managing Director Dom Calandro Will Be Exhibiting at Booth 2711 During PDAC 2011 International Convention in Toronto, Canada

February 28, 2011

Marmota Energy Limited (ASX:MEU) Managing Director Dom Calandro Will Be Exhibiting at Booth 2711 During PDAC 2011 International Convention in Toronto, Canada

Read the full article →

D’Aguilar Gold Limited (ASX:DGR) Announce Solomon Gold (LON:SOLG) Maiden Resource Estimate At Kauffmans-Homestead Prospect In Queensland

February 28, 2011

D’Aguilar Gold Limited (ASX:DGR) Announce Solomon Gold (LON:SOLG) Maiden Resource Estimate At Kauffmans-Homestead Prospect In Queensland

Read the full article →

Australian Power And Gas (ASX:APK) Confirms First-Half Revenue Of A$100 Million

February 28, 2011

Australian Power And Gas (ASX:APK) Confirms First-Half Revenue Of A$100 Million

Read the full article →

Krucible Metals Limited (ASX:KRB) Received Drilling Results From Yttrium Enrichment Zone At Korella Phosphate Deposit

February 28, 2011

Krucible Metals Limited (ASX:KRB) Received Drilling Results From Yttrium Enrichment Zone At Korella Phosphate Deposit

Read the full article →

Gold Again Near All-Time Highs: What’s Next and How to Trade It

February 28, 2011

Gold Again Near All-Time Highs: What’s Next and How to Trade It

Read the full article →

Pryme Oil and Gas Limited (ASX:PYM) Turner Bayou Operational Update

February 28, 2011

Pryme Oil and Gas Limited (ASX:PYM) Turner Bayou Operational Update

Read the full article →

Beach Energy Limited (ASX:BPT) To Realise Reserves Upgrade From Impress (ASX:ITC) Takeover

February 28, 2011

Beach Energy Limited (ASX:BPT) To Realise Reserves Upgrade From Impress (ASX:ITC) Takeover

Read the full article →

EURUSD and GBPUSD Breakouts May not be as Easy to Catalyze as One Would Think

February 28, 2011

EURUSD and GBPUSD Breakouts May not be as Easy to Catalyze as One Would Think

Read the full article →

Japan’s industrial production rises less than expected as the nation’s exports retreats 

February 28, 2011

Japan’s industrial production rises less than expected as the nation’s exports retreats

Read the full article →

FINANCE VIDEO: Clifford Bennett Market Overview: Astonishing Opportunity

February 28, 2011

FINANCE VIDEO: Clifford Bennett Market Overview: Astonishing Opportunity

Read the full article →

Linc Energy Limited (ASX:LNC) Announce World-First Long Distance Fuel Trial On Synthetic Gas To Liquids Diesel

February 28, 2011

Linc Energy Limited (ASX:LNC) Announce World-First Long Distance Fuel Trial On Synthetic Gas To Liquids Diesel

Read the full article →

Australian Market Report of February 28, 2011: TNG Limited (ASX:TNG) Signed Memorandum of Understanding With China For Mount Peake Iron-Vanadium Project

February 28, 2011

Australian Market Report of February 28, 2011: TNG Limited (ASX:TNG) Signed Memorandum of Understanding With China For Mount Peake Iron-Vanadium Project

Read the full article →

Galaxy Resources Limited (ASX:GXY) Issues Web Proof Information Pack For Proposed Hong Kong Listing

February 28, 2011

Galaxy Resources Limited (ASX:GXY) Issues Web Proof Information Pack For Proposed Hong Kong Listing

Read the full article →

FOREX CENTRAL BANK WATCH: ECB Interest Rate Expectations at 14-month Highs Ahead of CPI Data

February 28, 2011

FOREX CENTRAL BANK WATCH: ECB Interest Rate Expectations at 14-month Highs Ahead of CPI Data

Read the full article →

John Boehner Argues Debt ‘Is A Mortal Threat’

February 27, 2011

“Yes, this debt is a mortal threat to our country; it is also a moral threat,” Boehner says in the prepared speech. “It is immoral to bind our children to as leeching and destructive a force as debt. It is immoral to rob our children’s future and make them beholden to China. No society is worthy that treats its children so shabbily.”

Read the full article →

Scott Bittle and Jean Johnson: Fiscal Follies: Can We Defuse the Debt Bomb Without Blowing Up the Economy?

February 27, 2011

We’re not the first to use the ” the ticking time bomb ” metaphor to describe the country’s ominously accumulating national debt and crushing obligations on Medicare and Medicaid. With U.S. debt on track to reach $15 trillion by 2012, and likely to be as big as our entire economy in only ten years or so, it’s time to get serious about tackling the debt. So the question now is how to defuse the bomb. In the movies and on TV, you can generally count on a scene where a sweaty explosives expert pores over a jumble of wires and decides which ones to clip — think Keanu Reeves in Speed or Ziva in NCIS. In real life, the U.S. Navy counsels recruits who want to become “explosive ordinance disposal technicians” that they’ll need ” steady hands and even steadier nerves .” There’s no time to spare, but you can’t just reach inside and start wildly yanking out wires. That’s pretty much where we are with the federal budget. Congress and the president need to act quickly, but also cautiously as they work to stem the red ink. Here’s where getting the balance right is crucial: We need tough action that doesn’t inadvertently trigger a debt crisis. Sometime between April 5 and May 31, the country’s debt will hit the current legal limit of $14.3 trillion, and unless Congress “raises the debt ceiling,” the government can’t borrow any more money. At first blush, that might seem like a good way to stop the insanity, but it’s extremely risky. For anyone worried that the United States might face a debt crisis like the ones that struck Greece, Ireland and Argentina, refusing to raise the debt ceiling might be the quickest way to do it. Just contemplating the possibility that the U.S. government might not be able to pay interest on Treasury bills or redeem the ones coming due, could panic bond investors worldwide. The biggest advantage we have in grappling with our fiscal problems is that people around the world still see the United States government as one of the safest places to park their money. People want Treasury bonds. If they stop wanting them, if they think that the U.S. government might not honor its obligations, then the party’s over. Right now, prominent Republicans are using the looming deadline to push for major spending cuts beforehand, and that’s certainly fair enough. But Bruce Bartlett, an advisor to both President Reagan and the first President Bush, warns that politicians are acting ” like children playing with matches ” when they “even hint at the possibility of a debt default.” The influential fund manager of Pimco, Bill Gross, says so too: “The signal it gives to countries that hold Treasurys is that their assets are hostage to a rogue Congress . That’s the message it sends. It’s unacceptable.” We need tough action that doesn’t cause massive layoffs. The U.S. economy is finally pulling out of the worst recession since the Great Depression, but we’re not home free yet. Big tax hikes can derail a recovery, which was a major argument for extending the Bush tax cuts for two years. But drastic, abrupt cuts in federal spending can have the same effect. Huge cuts to education, health care and other federal programs that pass money along to the states could spawn extensive layoffs among government workers. Cutting federal spending on contracts and grants that fund companies and nonprofits nationwide could also threaten jobs. With states and cities facing their own fiscal crises, and federal funding drying up, some economists predict that up to 400,000 government workers could lose their heir jobs over the next few years. Arguably, state and local budget cuts are already holding back the economy . We have to get a handle on government spending; there’s not much doubt about that. But with unemployment already unacceptably high, we need to think carefully about how fast to move. We need tough action that doesn’t harm the most vulnerable. Despite our budget problems, the United States is still a very wealthy country. This means we have choices about what we want the government to do and what we’re willing to pay in taxes. Right now, the focus is on cutting spending. That’s where most American say they want to start, and with a $3.7 trillion federal budget, surely there is ample room for slenderizing. But once we’ve cut out spending that’s excessive or optional, we’ll get to spending that protects the country in a dangerous world, safeguards health and safety here at home, and helps people who are poor or whose lives have been devastated by illness or misfortune. To us, that means higher taxes have to be on the table. Every legitimate, bipartisan fiscal plan we’ve seen includes both spending cuts and tax hikes, and right now top tax rates are at historical lows . Some politicians, of course, would probably rather defuse a bomb. So this may be the year for our elected officials to summon a little of their inner Keanu. By all means, do the cutting, but please, look and think carefully while you do it.

Read the full article →

Liberal Tea Party? U.S. Uncut Disrupts Service At Bank Of America

February 27, 2011

Demonstrators posing as a liberal Tea Party disrupted service at banks across the country on Saturday, in an effort to spotlight the gimmicks multi-billion dollar corporations use to avoid paying their fair share in taxes. Self-organized through anti-austerity movement U.S. Uncut , regional captains helped organize demonstrators at more than 40 different branches of Bank of America. The newly-minted group was inspired by an article published recently in The Nation by Johann Hari: ” How to Build a Progressive Tea Party .” Hari writes: Imagine a parallel universe where the Great Crash of 2008 was followed by a Tea Party of a very different kind … Instead of the fake populism of the Tea Party, there is a movement based on real populism. It shows that there is an alternative to making the poor and the middle class pay for a crisis caused by the rich. It shifts the national conversation … This may sound like a fantasy–but it has all happened. The name of this parallel universe is Britain. As recently as this past fall, people here were asking the same questions liberal Americans have been glumly contemplating: Why is everyone being so passive? Why are we letting ourselves be ripped off? Why are people staying in their homes watching their flat-screens while our politicians strip away services so they can fatten the superrich even more? Hari evokes the spirit of UK Uncut — a movement made up of British citizens, who, in the face of brutal budget cuts, have sought to shame corporate tax dodgers through public demonstrations — and suggests Americans follow suit. U.S. Uncut is doing just that; Saturday marked the group’s first coordinated event. “Billionaires got bonuses, bailouts and tax cuts, too — the least they can do is pay their fair share of taxes,” said Ryan Clay, a 28-year-old media analyst who helped organize the U.S. Uncut demonstration in Washington, DC. “I got inspired, other people got inspired, we met online, and we’re working through social media to really bring these abhorrent facts to the public.” A rally in San Francisco drew scores of protesters to a branch of Bank of America at Union Square; dressed in ordinary street clothes, they filed into the bank one by one, getting in line to speak with the tellers. Each of them carried a fake check from Bank of America made out to “The United States c/o Tax Paying Citizens,” for $1.5 billion. The sum would cover all the bank’s unpaid taxes on its 2009 earned income of $4.4 billion, demonstrators said. Only a few people had presented their fake checks to the tellers before the bank temporarily closed for business; protesters were peacefully escorted out of the building by the police. Once on the street, however, they stayed put and kept handing out fake checks, which had facts about corporate tax avoidance written in fine print on the back, as fliers. “Two-thirds of all U.S. corporations do not pay federal income tax,” the fliers said. “BofA is the largest bank and the 5th largest corporation in America.” “I think our fliers did better than political fliers usually do,” said Leslie Dreyer, 32, a resident of Oakland, Calif., who came up with the idea of using checks as props. “People were like, ‘Oh, a check!’” A Bank of America spokeswoman did not immediately return a request for comment. Many of the largest corporations in the country have mastered the art of evading taxes, booking expenses in the U.S. and profits in low-tax countries. A list compiled by Forbes shows that Bank of America was far from being the only multi-billion dollar corporation to avoid paying taxes on billions of dollars in earnings in 2009; it is also not the only bank to spark angry demonstrations this week. On Wednesday morning, New York City Councilman Jumaane Williams marched into a Park Avenue Chase bank to denounce the bank’s failure to help homeowners avoid foreclosure. HuffPost’s Laura Basset reports : After denouncing the bank to a cheering crowd and calling its executives “bloodsuckers” for accepting bailout money and refusing to help the suffering homeowners they “preyed on,” Williams was stopped by security guards at the door and told the branch was closed. The mob then chanted “open the door” until Williams was let in, at which point he closed his account. Williams told HuffPost that when campaigning in New York City, he met at least two people on every block with mortgage troubles. He said he doesn’t want the bank to use his money to “further deteriorate the community” he represents, especially in light of chief executive Jamie Dimon’s recent $17 million bonus. “It’s incredible what these banks are making people go through,” he said. “It’s disgusting. They’re like bloodsuckers, just sucking the lifeblood out of communities and refusing to help out. I understand that people need to get paid to get the best and brightest and these bonuses help with that, but you can’t do that and then not assist the community and then get a taxpayer bailout to the tune of billions of dollars. That’s just greed at its worst.” To help readers navigating an underwater mortgage, HuffPost has scheduled a meetup where homeowners can get together and talk about their mortgage-related troubles. The next meetup is slated for the second Tuesday in March, and each subsequent meeting will also be held on the second Tuesday of the month; locate your local meetup chapter here . If you’re interested in organizing a meetup and need help doing it, email us at lucia@huffingtonpost.com, arthur@huffingtonpost.com or ryan@huffingtonpost.com. If you’re a real estate professional or attorney with experience in short sales and foreclosures who can help with the meetups, contact us or find your local chapter.

Read the full article →

Southern States Lack Union Bargaining Rights

February 27, 2011

JACKSON, Miss. — Whenever Mississippi Gov. Haley Barbour has asked lawmakers to weaken benefits for state employees, his proposals have met little resistance from workers. Mississippi is among those states – many in the South – where most government employees do not have the right to collective bargaining, the benefit that has caused a political upheaval in Wisconsin and has become a national flashpoint for those who argue that public employee benefits are too generous. Those states provide a snapshot of what life is like for government employees who do not have the same union clout that workers in Wisconsin and some other states are desperately trying to retain. “We’ve been holding on by a hair through the political process,” said Brenda Scott, head of the Mississippi Alliance of State Employees, which has no bargaining power but provides a voice for state government workers to air their concerns before the governor and Legislature. Across the South, governors like Barbour and state legislatures dominated by conservative lawmakers find it relatively easy to chip away at public employees’ benefits or eliminate government jobs because most state employees in the region – even when represented by a union – lack collective bargaining rights. Nine of the 10 states with the lowest percentage of public employees eligible for collective bargaining are in the South, according to data compiled by Barry Hirsch of Georgia State University and David Macpherson of Trinity University in San Antonio. Their research shows only about two in five public employees nationwide have the type of collective bargaining rights that have drawn fire in Wisconsin and other states. To be sure, government jobs are still seen as more secure and desirable than most private-sector jobs even in states where public employees do not have the right to collective bargaining. In Mississippi, one of the poorest states in the nation, state workers get 10 paid holidays a year, their sick days and vacation days can be rolled over from year to year, and they can retire after 25 years of service under a defined benefit plan. They also have a certain level of civil-service job protection. But those workers have fewer protections and generally less generous compensation and benefits than public employees represented by collective bargaining. While pay and perks vary greatly among states, the primary benefit is that governors and lawmakers cannot unilaterally impose changes, such as pension reforms, without going to the bargaining table, nor can they impose lay-offs without following union tenure rules. In California, where most state employees are covered by collective bargaining, negotiated labor contracts allow state workers to retire, collect their pensions and then return to work, allowing them to make more money than before. They also can purchase more lucrative pension benefits before they retire. Two independent government auditing agencies in California have recommended reforming the state’s pension system, even for current employees, but unions there have vowed to sue if the governor and Legislature try to enact reforms outside the bargaining process. Governors and lawmakers in states without collective bargaining can make such changes without consulting workers. Pensions for new public employees in Virginia, for example, were shifted last year from the traditional defined benefit – the type of pension that many governments say they no longer can afford without major changes – to a 401(k)-style system similar to that used in the private sector. The change was made with little fanfare and no organized opposition. In North Carolina, some state workers are represented by a local of the Service Employees International Union, but the group has no bargaining power. That leaves employees with no real say over how many jobs would be shed this year due to budget cuts – Democratic Gov. Beverly Perdue has recommended eliminating 10,000 state government jobs, 3,000 of them currently filled. In 2009, Perdue signed legislation that made sweeping changes to the state worker health insurance plans, creating higher premiums, deductibles and copays without having to get consent from an employee union. Barbour, a Republican with possible presidential ambitions, came into office on a promise to shrink Mississippi’s state government and reduce employee benefits. Unencumbered by union contracts, he has scored a number of successes. He persuaded the Legislature in 2004 to temporarily erase civil-service protections for corrections employees, which allowed the prison system to fire workers and trim the payroll. Mississippi lawmakers also voted last year to make public employees put 9 percent of their own pay into the state retirement system, up from 7.25 percent, and they’ve made government workers hired since 2006 pay more for their health insurance than their longer-serving colleagues. Barbour defends his actions as tilting the balance of power away from unions and toward the side of state taxpayers. He said he supports Wisconsin Gov. Scott Walker’s effort to eliminate most collective bargaining rights for government workers. “When they have collective bargaining in Wisconsin, on one side of the table there’s state employee unions or the local employee unions. On the other side of the table are politicians that they paid for the election of those politicians,” Barbour said. “Now, who represents the taxpayers in that negotiation? Well, actually, nobody.” In states without collective bargaining, public employees are “completely subject to the power of the governor” because lawmakers often don’t want to get involved labor disputes, said Ed Ott, who has been active in the New York labor movement for 42 years and is a former executive director of the New York City Central Labor Council AFL-CIO. “It’s really about a balance of power between employer and employee,” said Ott, a lecturer on contemporary labor issues at the City University of New York’s Murphy Institute. “Without any collective bargaining rights, you have no ability to say, ‘Whoa, why don’t we try something else?’” Maryland and Tennessee have hybrid systems. Some Maryland employees are represented by unions and have the right to bargain with the governor, but there is no binding arbitration and no right to strike. “We call it collective bargaining-lite L-I-T-E because they’re not as strong as what you see in a number of the northern states,” said Sue Esty, assistant director of the Maryland chapter of the American Federation of State, County and Municipal Employees. Teachers in Tennessee have the right to collective bargaining, but other public employees do not. That is still too much for Republicans in that state’s Legislature, who have wide majorities in both chambers and are looking to quash teachers’ bargaining powers. The Tennessee Education Association, which represents 52,000 teachers, has said the proposal is political payback by Republicans because the group has given more financial support to Democratic candidates over the years. Gov. Bill Haslam has not signed on officially to the movement by his fellow Republicans, preferring to focus on teacher tenure, expanding charter schools and other issues he says are necessary to improve academic performance. But he also sympathizes with their intent to give the Legislature as much leeway as possible to control costs without having to submit to union negotiations. “My job in the state of Tennessee is just like when I was running a company,” said Haslam, a former president of Pilot Corp., a family owned national truck-stop chain. “It’s to bring in the very best people to work, to provide the very best product we can, at the lowest price.” Like its neighboring states, Alabama does not allow public employees to bargain collectively, even though associations representing teachers and state workers have had some success working with the Legislature Lawmakers have approved cost-of-living raises and maintained health and retirement benefits that are better than those offered by most private-sector employers in the state. The two organizations, which traditionally have supported far more Democratic candidates than Republican ones, have come under attack since Republicans gained control of the Legislature in November. Since then, a new law has stopped the organizations from using payroll deductions to raise money for their political action committees and any other political activity, greatly reducing their influence. When the Legislature convenes Tuesday, one of the House Republican leaders will push a bill to provide state-paid liability insurance for education employees. Currently, the Alabama Education Association supplies this insurance as an incentive for teachers to join. “Obviously what they are trying to do is discourage members,” said Paul Hubbert, the association’s executive secretary. ___ Schelzig reported from Nashville, Tenn. Associated Press writers Bob Lewis in Richmond, Va., Gary Robertson in Raleigh, N.C., Brian Witte in Annapolis, Md., and Phillip Rawls in Montgomery, Ala., contributed to this report.

Read the full article →

Saudi Stocks Plunge On Middle East Unrest

February 27, 2011

Huffington Post… The rest is here: Saudi Stocks Plunge On Middle East Unrest Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

Read the full article →

No End In Sight For Libyan Oil Supply Fears

February 27, 2011

MADRID — Libya’s oil industry is in chaos – and there’s no telling when that will end. Armed men loot equipment from oil field installations. British commandos execute secret raids in the Libyan desert to rescue stranded oil workers as security disintegrates rapidly in remote camps. Libyan port workers, frightened of being caught up in Moammar Gadhafi’s violent crackdown on protesters, fail to show up for work, leaving empty tankers floating around the Mediterranean Sea waiting to load crude. And the European oil companies extracting Libya’s black gold are operating in crisis mode, trying to get stranded expatriate workers out and safe amid conflicting information on how much oil is still being pumped and just where it all is. That was just this week. The situation is not expected to get better in the near future. No one knows whether Gadhafi or the rebels trying to oust him will end up controlling Africa’s biggest oil reserves. Fears abound that Libya could turn into a fractured nation with competing armed groups ruling over rich and remote desert fields lying hundreds of miles (kilometers) apart from each other. The chaos in Libya as it descends into virtual civil war has sent international oil prices skyrocketing despite a pledge from Saudi Arabia, the world’s largest oil exporter, to ramp up exports. And that volatility is likely to continue, because it could take weeks or even months for Libyan production and exports to return to normal levels, experts said. That has sent already over-caffinated oil traders into a frenzy that won’t calm down until there’s more clarity about what is happening on the ground in Libya. The International Energy Agency reported late Friday that Libya is probably still producing about 850,000 barrels of oil daily, down from its normal capacity of 1.6 million barrels – but acknowledged the estimate is based on “incomplete, conflicting information.” Libya produces just under 2 percent of the world’s oil, but its customers are overwhelmingly European. Hardest hit by the sudden oil shortage are European refiners that receive 85 percent of Libya’s exports, turning the country’s highly valued crude into diesel and jet fuel. The biggest buyers are Italy, France, Germany and Spain – and Spain is so concerned it announced Friday that highway speed limits will be reduced in March in a desperate bid to cut fuel consumption. The biggest problem facing oil companies and European consumers who depend on Libyan oil is a near-complete breakdown in solid information. Phones in Libya rarely work, Internet is intermittent, workers are fleeing and looters are grabbing what they can or pose a threat until order is restored. While British military planes staged a daring desert rescue Saturday of 150 oil workers, hundreds of other workers were heading across the Sahara Desert in bus convoys toward the Egyptian border – a grueling trip. One evacuee said the military plane he boarded in Libya was supposed to carry around 65 people, but quickly grew to double that. “It was very cramped but we were just glad to be out of there,” Patrick Eyles, a 43-year-old Briton, said at Malta International Airport. Spain’s Repsol-YPF oil company announced Tuesday it had suspended operations in Libya, only to find out a day later that the oil fields it operates with other firms were still producing 160,000 barrels of crude daily. Still, that was less than half of the 360,000 barrels produced before the crisis began. Despite reports that production was still under way in the vast Saharan desert Amal fields, Libyans never before permitted to approach the oil fields under Gadhafi’s reign showed up armed and took anything they could – four-wheel drive vehicles, pumps, generators. One group came with a trailer and tried to remove a huge crane, said Gavin de Salis, chairman of Britain’s OPS international oil field services company. “Nobody shot anyone,” De Salis. “But people were wandering around with guns saying ‘Thanks, we’ll take your vehicle since you’re leaving anyway.’” Two buses arranged by De Salis’ company were ferrying 117 expatriate workers toward Egypt on Sunday, a trip expected to last 24 hours or more, and he said another bus was expected to take 25 expatriates out. Even though production appears to be limping along – with Repsol reporting that Libyan oil workers are increasingly running operations as expatriates leave – the oil isn’t getting out. The 320-mile (520-kilometer) natural gas pipeline under the Mediterranean from Libya to the Italian island of Sicily has been shut down for a week, with no guidance from its owner, the Italian energy firm Eni SpA, on when it might start pumping again. “Most Libyan ports are closed due to bad weather, staff shortages, or production outages,” the IEA reported. Ports are key because Libya’s crude heads abroad on tankers. Major container ship companies have suspended deliveries or pickups from Libyan ports with no word on when shipments might resume. Tanker ships that deliver to Europe have been told to stay more than 100 miles (160 kilometers) offshore from some Libyan ports and await information on whether they can safely dock and take on oil. The massive oil terminal at Brega, Libya’s second-largest hydrocarbon complex, was nearly deserted over the weekend, with operations scaled back almost 90 percent because employees had fled and ships were not showing up. The Brega complex, about 125 miles (200 kilometers) west of the rebel stronghold of Benghazi, collects crude oil and gas from Libya’s fields in the southeast and prepares it for export. Since the crisis began Feb. 15, however, General Manager Fathi Eissa said production had dropped from 90,000 barrels of crude a day to 11,000. With huge spherical storage containers and reservoirs rapidly filling up with oil and natural gas and no ships to take it away, production in the southern fields has been throttled back until Brega can clear some of its capacity. The big oil companies have been mum on how the political situation may pan out, because they want to produce oil whether Gadhafi or someone else ends up in charge, and it’s not worth it for them to risk alienating any of the groups vying for power, said Mohammed El-Katiri, a Middle East analyst at the Eurasia Group risk consulting group. In a worst-case scenario, El-Katiri predicted it could take between four to six months to for Libya’s domestic unrest to ease. “Such a scenario bodes poorly from an oil production point of view on two counts: Not only will it compromise production with Gadhafi still in power, but ongoing violence could further complicate the ability of a post-Gadhafi political order to emerge in a manner that creates a stable domestic security environment,” El-Katiri said. Repsol’s chairman, Antonio Brufau, told reporters he would get his last expatriate workers out using bicycles if necessary – and El-Katiri said oil companies won’t send them back in until they know it’s safe. De Salis said some expatriates could return without a functioning central government but only if local security situations improve. Leaving oil fields deserted in Libya creates even more security problems. In Nigeria, opportunistic villagers, rebels or pirates often tap pipelines in a dangerous bid to steal fuel, leaving many killed or maimed in accidents and pipelines compromised by sabotage. About the only positive sign for Libya’s oil future is that experts believe both Gadhafi and the rebels want to restart suspended oil operations as quickly as possible because they covet Libya’s oil wealth. “For Gadhafi, the money helps because he can keep on paying his militias and mercenaries to keep them fighting and loyal,” El-Katiri said. The rebels, meanwhile, don’t want to alienate Western governments that depend on Libyan oil, he said, and also need money to be strong enough “to resist attacks by Gadhafi.” ___ Paul Schemm in Brega, Libya; Chris Kahn and Jon Fahey in New York and Cassandra Vinograd in London contributed to this report.

Read the full article →

Magnetic Resources NL (ASX:MAU) Jubuk Drilling Extends Strike Length 100% To 4km

February 27, 2011

Magnetic Resources NL (ASX:MAU) Jubuk Drilling Extends Strike Length 100% To 4km

Read the full article →

Pluton Resources Limited (ASX:PLV) Announce Additional High Grade Iron Concentrate/DTR Results From Hardstaff Peninsula

February 27, 2011

Pluton Resources Limited (ASX:PLV) Announce Additional High Grade Iron Concentrate/DTR Results From Hardstaff Peninsula

Read the full article →

Dart Energy Limited (ASX:DTE) Announce Early Acquisition Of Composite Energy Limited

February 27, 2011

Dart Energy Limited (ASX:DTE) Announce Early Acquisition Of Composite Energy Limited

Read the full article →

Aun Consulting, Inc. (TYO:2459) Expand Support Services and Promotion Overseas with ABN Newswire

February 27, 2011

Aun Consulting, Inc. (TYO:2459) Expand Support Services and Promotion Overseas with ABN Newswire

Read the full article →

Chinese Premier promises to curb inflation

February 27, 2011

Chinese Premier promises to curb inflation

Read the full article →

Russia increases refinancing rate to 8%

February 27, 2011

Russia increases refinancing rate to 8%

Read the full article →

Europe Ahead: ECB’s rate decision under scrutiny

February 27, 2011

Europe Ahead: ECB’s rate decision under scrutiny

Read the full article →

A week of heavy fundamentals awaiting Asia

February 27, 2011

A week of heavy fundamentals awaiting Asia

Read the full article →

Investors Prepare for Code Red as Income, Spending, Manufacturing, Services, Jobs, and Politics Dominate a Busy U.S. Week

February 27, 2011

Investors Prepare for Code Red as Income, Spending, Manufacturing, Services, Jobs, and Politics Dominate a Busy U.S. Week

Read the full article →

NASA’s JPL to discharge 200 employees

February 27, 2011

NASA’s JPL to discharge 200 employees

Read the full article →

Medicis sees 39% drop in 4Q net profits

February 27, 2011

Medicis sees 39% drop in 4Q net profits

Read the full article →

Iranian company receives USD2.6b pipeline deals

February 27, 2011

Iranian company receives USD2.6b pipeline deals

Read the full article →

British economy down in Q4

February 27, 2011

British economy down in Q4

Read the full article →

Nintendo launches new Nintendo 3DS

February 27, 2011

Nintendo launches new Nintendo 3DS

Read the full article →

Boeing wins US Force contract

February 27, 2011

Boeing wins US Force contract

Read the full article →

UK to Stop Direct Aid to 16 Countries

February 27, 2011

UK to Stop Direct Aid to 16 Countries

Read the full article →

Jobs in the USA increase with good weather

February 27, 2011

Jobs in the USA increase with good weather

Read the full article →

A new competitor for Apple’s iPad

February 27, 2011

A new competitor for Apple’s iPad

Read the full article →

Buffett to spend USD38b in acquisition deals

February 27, 2011

Buffett to spend USD38b in acquisition deals

Read the full article →

Growth might slow down: Mercosur banks

February 27, 2011

Growth might slow down: Mercosur banks

Read the full article →

Fiat submits agreement to Russian govt

February 27, 2011

Fiat submits agreement to Russian govt

Read the full article →

Brazilian Vale Q4 profit up 400%

February 27, 2011

Brazilian Vale Q4 profit up 400%

Read the full article →

GM’s 2010 profit at USD4.7b

February 27, 2011

GM’s 2010 profit at USD4.7b

Read the full article →

Thai Air sees 100% jump in 2010 full-year profits

February 27, 2011

Thai Air sees 100% jump in 2010 full-year profits

Read the full article →