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"Resource nationalism is taking other forms as well, including greater controls on foreign participation, mandated beneficiation, use it or lose it demands and mandated government participation." Ernst & Young Global Mining & Metals Leader Mike Elliott
The result is a spate of recent news regarding resource nationalism:
* A government backed ouster of Brazilian mining giant Vale SA's CEO, Roger Agnelli. Brazil's government is considering a proposal that would make it easier to raise or lower mining royalties - depending on economic conditions and minerals prices - as part of a broad overhaul in Brazil's mining sector which includes revamping the licensing process and boosting state income from mining companies.
* Panama recently repealed part of its mining code allowing investments from foreign governments.
* A handful of African countries have also increased tax revenue from miners in recent years - ie Ghana plans to double royalties on mining to increase government revenues
* South Africa is pushing to nationalize its mines and banks. The Youth League wants the government to take 60% of private mining assets without compensation to distribute wealth and create jobs. As part of an empowerment drive South Africa's mining charter already calls for 26 percent of the mining industry - in Africa's largest economy - to be transferred to black owners by 2014
* Papua New Guinea introduced a plan to hand state ownership of mineral and energy resources to landowners - a move that may prove disastrous to foreign miners and their shareholders
* President Hugo Chavez nationalized Venezuela's gold industry
* Peruvian president Humala (recently elected) promised, during his election campaign, to initiate windfall taxes on mine profits and to harden tax and royalty regimes
* Australia and Chile are proposing fresh tax or royalty regimes
* In the past 12-18 months at least 25 countries have increased or announced intentions to increase their government take from resources via taxes or royalties
* Zimbabwe now requires foreign owned companies "indigenize" their operations in the country - by transfering at least 51% ownership to locals. Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere rejected a number of foreign companies plans and set a 14-day ultimatum for the submission of what he considers "acceptable" plans...
....the Chinese built a hydropower project in the Republic of the Congo that’s repaid in oil and built another hydropower project in Ghana that’s repaid in cocoa beans.
*This kind of deal making isn’t unusual for China - China has plans to construct its high speed rail line through Asia and Eastern Europe in order to connect to the existing infrastructure in the European Union (EU). Additional rail lines are planned into South East Asia as well as Russia – this will likely be the largest infrastructure project in history. Financing and planning for this monumental project is being provided by China – who is already in negotiations with 17 countries to develop the project . In return the partnering nation will provide natural resources to China. [..]
If Hurricane Irene is as bad as some feared, traders have asked me if the SEC has the power to declare a bank holiday and delay the opening of trading on Monday for all exchanges.
The answer is yes.
Originally posted by Agent_USA_Supporter
why are the Markets up today? first they claim there up because the storm didnt hit new york and some other states, and then The MSM claims there up because of US stimulus hopes? mist among all the bad news
FDIC OBJECTS TO BANK OF AMERICA MORTGAGE-BOND ACCORD
Originally posted by DangerDeath
reply to post by Vitchilo
It is normal to give money to the banks. People need loans
Yes, you can't short them. But that doesn't mean you can't sell them. Which is precisely what index funds will be forced to do after the main European index, the Stoxx 50, announced that it will be removing battered SocGen, Intesa and Unicredit from its list of constituents (as well as that anachronism of a cell phone maker Nokia).
In a move that could either send BAC stock limit down overnight or send it soaring (we are still trying to figure out just what is going on here), the NYT has broken major news that the US is preparing to go nuclear on more than a dozen big banks among which Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, in an attempt for Fannie and Freddie to recoup $30 billion if not much more. The lawsuit is expected to hit the docket in the next few days: "The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims." Now, taken at face value, this would mean that Bank of America can kiss its ass goodbye as unlike the Walnut Place litigation, this will take place in Federal Court where Article 77 is not applicable. Yet there is something that gives us pause: namely logic, captured by the following words: "While I believe that F.H.F.A. is acting responsibly in its role as conservator, I am afraid that we risk pushing these guys off of a cliff and we’re going to have to bail out the banks again,” said Tim Rood, who worked at Fannie Mae until 2006 and is now a partner at the Collingwood Group, which advises banks and servicers on housing-related issues." In other words: if the banks are sued, and if justice prevails, the end of the world is nigh and cue TARP 2 - XXX. Now where have we heard that argument over, and over, and over before.
Originally posted by marg6043
reply to post by Vitchilo
As everything in this nation media will come around with some sex scandal to keep the tax payer oblivious of what the government is doing.
Just watch for the littler banner at the end of the new media sources to post the news on the debt ceiling, while some juicy sex scandal of one of the reality show "starts" will be playing all over.
Hey, I forgot we got a possible Hurricane in the Atlantic and a Tropical depression in the Gulf.
The problem of shoddy mortgage paperwork, which comprises several shortcuts known collectively as “robo-signing,” led the nation’s largest banks, including Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., and other lenders to temporarily halt foreclosures nationwide last fall.