Friday, September 25, 2009
Wednesday, September 23, 2009
The remote Belinga mine, nestled deep in a tropical forest, drew interest from top global mining companies, including Brazil's Vale SA. In 2006, Gabon awarded the project to a consortium led by China National Machinery & Equipment Import & Export Corp., known as CMEC, which was allowed to mine the iron without paying taxes related to production there for 25 years.
Tuesday, September 15, 2009
WASHINGTON (AP) -- Federal Reserve Chairman Ben Bernanke said Tuesday that the worst recession since the 1930s is probably over.
Bernanke said the economy likely is growing now, but it won't be sufficient to prevent the unemployment rate, now at a 26-year high of 9.7 percent, from rising.
"The recession is very likely over at this point," Bernanke said in responding to questions at the Brookings Institution.
The Fed boss also said he is confident that Congress will enact a revamp of the nation's financial rule book to prevent a future crisis from happening.
Monday, September 14, 2009
The global downturn was effectively declared over yesterday, with the Organisation for Economic Co-operation and Development (OECD) revealing that "clear signs of recovery are now visible" in all seven of the leading Western economies, as well as in each of the key "Bric" nations.
The OECD's composite leading indicators suggest that activity is now improving in all of the world's most significant 11 economies – the leading seven, consisting of the US, UK, Germany, Italy, France, Canada and Japan, and the Bric nations of Brazil, Russia, India and China – and in almost every case at a faster pace than previously.
Each of the 11 economies saw an improvement in July, the OECD said, with only France improving at a slower rate than in June. The July figures are the most encouraging since the indices began ticking downwards during the first quarter of last year.
The OECD's leading indicators are considered a key economic yardstick because they measure the sectors of countries' economies that tend to react first to upswings and downturns. As such they provide early evidence of the way in which the overall economy is progressing.
In the UK, the OECD said the leading indicators were pointing to a particularly strong recovery, with the measure showing a 1.3 per cent improvement during July, the British economy's best performance so far this year on the organisation's measure.
Sept. 14 (Bloomberg) -- Zimbabwe’s PresidentRobert Mugabe will this week ask investors to plow their money into platinum, chrome and gold projects to help the country recover from a decade-long recession.
They’ll need to put aside concerns over a farm seizure program that destroyed Zimbabwe’s biggest export industry, recurrent threats of nationalization and a proposed law to force miners to sell 51 percent of their assets to Zimbabweans that the government now says is being reconsidered.
In what’s being billed as Zimbabwe’s biggest ever mining conference Mugabe will present a united front with Prime Minister Morgan Tsvangirai, the former opposition leader with whom he formed a coalition government. They are seeking investors to help them exploit the world’s second-biggest platinum and chrome reserves and companies to reopen idled gold mines and dig coal pits.