Sep 22

MOSCOW (AFP) - A fleet of Russian warships led by a massive missile cruiser set sail from their Arctic base on Monday for naval exercises off Venezuela near US waters that have not been seen since the Cold War.

“They left at 10:00 am (0600 GMT). It’s the nuclear-powered guided missile cruiser Peter the Great, the anti-submarine warship Admiral Chebanenko and other accompanying ships,” Russian navy spokesman Igor Dygalo told AFP.

Dygalo said he could not reveal how many ships were involved in the deployment or when they would arrive. The exercises in the Caribbean Sea are expected to take place in November or December, officials said.

The deployment follows the arrival of two Russian Tu-160 nuclear bombers in Venezuela earlier this month also for exercises, an event that Venezuelan President Hugo Chavez branded a “warning” to the US “empire.”

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Sep 17

Gold up 10%, Silver up 12%
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Sept. 17 (Bloomberg) — Gold surged the most in nine years as investors sought the safety of precious metals on concern that the credit crisis will deepen, leading more financial institutions to fail. Silver soared the most since 1995.

Equities tumbled even after the Federal Reserve took over the biggest U.S. insurer. The cost of borrowing dollars for three months jumped the most since 1999 as banks hoarded cash. Central banks in the Philippines and Venezuela said they may buy gold. In March, the metal reached a record as the government steered JPMorgan Chase & Co. to buy Bear Stearns Cos.

“With paper assets in question, gold represents the textbook storehouse of value,” said Ron Goodis, the futures trading director at Equidex Brokerage Inc. in Closter, New Jersey.

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Sep 15


Supporters of Bolivia’s President Evo Morales burn dolls representing Leopoldo Fernandez, governor of the opposition state of Pando, in La Paz, Monday, Sept. 15, 2008. Several opposition provinces are seeking greater autonomy from Morales’ government and insist on the cancellation of a Jan. 25, 2008 referendum on a new constitution that would help him centralize power, run for a second consecutive term and transfer fallow terrain to landless peasants. At least 30 people have been killed in clashes this week, according to authorities (AP Photo/Juan Karita)

SANTIAGO, Chile (AP) - South America’s presidents converged on Chile for an emergency summit Monday aimed at preventing the collapse of Bolivia, whose leftist president has lost control of about half the country and said bloody unrest there amounts to an attempted coup.

Evo Morales said he would explain to his fellow presidents how his political foes in Bolivia’s rich eastern lowlands have mounted a “civic coup,” inciting “crimes against humanity by groups massacring the poorest of my country.”

At least 30 people were killed in political violence last week, prompting Bolivia’s first indigenous president to declare martial law in the rebellious state of Pando - where Morales says thugs used machine guns against his supporters - and seek the arrest of its governor.

Gov. Leopoldo Fernandez denied any responsibility for the deaths, calling it an armed clash between rival groups and accusing Morales of “mounting a farce.”

Morales has lost control over most of eastern Bolivia, where protests have blocked highways and closed border crossings and pipeline sabotage has forced a cutoff of nearly half his nation’s natural gas exports to Brazil.

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Sep 11

CARACAS, Venezuela - President Hugo Chavez said the U.S. ambassador has 72 hours to leave Venezuela and that he’s recalling his ambassador from Washington.

Chavez said Thursday night that he is asking U.S. Ambassador Patrick Duddy to leave in part to show solidarity with Bolivian President Evo Morales, who expelled Washington’s envoy in La Paz.

“They’re trying to do here what they were doing in Bolivia,” Chavez said.

“That’s enough … from you, Yankees,” he said, using an expletive.

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Sep 08

MOSCOW, September 8 (RIA Novosti) - A Russian naval task force from the Northern Fleet will go on a tour of duty in the Atlantic Ocean and participate in joint naval drills with the Venezuelan navy in November, a Navy spokesman said on Monday. (Russian Navy modernized - Image gallery)

“In line with the 2008 training program and in order to expand military cooperation with foreign navies Russia will send in November a naval task force from the Northern Fleet, comprising nuclear-powered missile cruiser Pyotr Velikiy and support ships, to the Atlantic Ocean,” Capt. 1st Rank Igor Dygalo said.

During the tour of duty, the Russian warships will participate in joint naval exercises with the Venezuelan navy.

Related article: Russia to send naval squadron, planes to Venezuela

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Sep 08

MOSCOW - Russia said Monday it will send a naval squadron and long-range patrol planes to Venezuela this year for a joint military exercise in the Caribbean, an announcement made at a time of increasingly tense relations with the United States.

The apparently retaliatory move follows the U.S. deployment of warships to deliver aid to the former Soviet nation of Georgia, barely a month after Russian armor and aircraft crushed the Georgian military in a five-day war.

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May 29

BRASILIA: South America is thinking of creating a common currency and a central bank along the lines of those in the European Union’s eurozone, Brazilian President Luiz Inacio Lula da Silva said yesterday.

The idea is a logical next step following the signing last Friday of a treaty creating a Union of South American States that aims to promote joint regional customs and defense policies, Lula said during his weekly radio broadcast.

“Many things still haven’t been realised. We are now going to create a Bank of South America. We are going to move forward so in the future we’ll have a single central bank, a common currency,” he said.

But, he added: “This is a process. It won’t be something that happens quickly.”
Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay and Venezuela all signed up to the Unasur treaty creating the regional union during a ceremony in Brasilia last Friday. Continue reading »

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May 28

The International Energy Agency has ordered an inquiry into whether the world could run out of oil in four years’ time, it was reported yesterday.

The IEA has concerns about what might happen in 2012, when demand for oil, boosted by the rapid growth of the Chinese and Indian economies, is expected to have reached 95 million barrels a day. Global supply at that point is projected at only 96 million barrels a day. Such a thin margin would be vulnerable to any sudden supply crisis in volatile countries such as Nigeria, Venezuela or Iraq, now estimated to have overtaken Saudi Arabia as the biggest oil nation.

The IEA said its inquiries would form part of short and long-term forecasts to be published in July and again in November. Its energy research chief, Lawrence Eagles, said: “Up to now we have believed that supply can cope with demand. One caveat is that we don’t know for certain whether estimates of reserves in countries such as Saudi Arabia are entirely accurate.”

John Waterlow, analyst at oil research consultancy Wood Mackenzie, commented: “Many oil-producing countries are closed, secretive societies where it can be difficult to pinpoint the level of provable reserves.”

The IEA’s inquiry follows last week’s new record high for black gold at $135 a barrel, fuelling inflation and possible world recession. Continue reading »

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Apr 28

Rioting in Haiti. Rationing in America. Queues in Egypt. Protests in Afghanistan. As the price of food continues to soar, the impact is being felt by people around the globe

CHINA

The roaring economy and an ever expanding middle class have had a particularly profound effect on food prices, particularly rice and wheat. Because of industrialisation, rice planting fell from 33 million hectares in 1983 to 29 million by 2006 and China now imports more than ever, placing a major strain on international supplies. Despite freezing prices, rampant inflation means the cost of food has risen by 21 per cent this year.

USA

In a land where supposedly the rich are thin and the poor are overweight, one of the largest cash and carry stores, Sam’s Club, announced this week it would limit customers to take home a maximum of four bags of rice. The move came a day after Costco Wholesale Corp, the biggest US warehouse-club operator, limited bulk rice purchases in some stores and warned that customers had begun stockpiling certain goods.

NORTH KOREA

Even during times of relative stability, North Korea has shown itself to be inept at feeding its population. During the 1990s a famine caused by poor harvests killed an estimated two to three million people. On Wednesday the World Food Programme warned that the country could again be plunged into famine because of the spiralling cost of rice and there was an estimated shortfall of 1.6 million tons of rice and wheat.

EGYPT

Up to 50 million Egyptians rely on subsidised bread and this year Cairo has estimated it will cost $2.5bn. But with the price of wheat rocketing in the past year there are fears the country has plunged into a “bread crisis”. Queues are now double the length they were a year ago. Inflation hit 12.1 per cent in February with prices for dairy goods up 20 per cent and cooking oils 40 per cent

VENEZUELA

Latin American countries were some of the first nations to voice their concern at rising wheat prices, particularly after thousands of people in Mexico took to the streets at the beginning of 2007 to take part in the so-called “Tortilla Protests”. This week the presidents of Bolivia, Nicaragua and Cuba’s vice-president flew to Caracas to announce a joint $100m scheme to combat the impact of rising food prices on the region’s poor.

BRAZIL

On Wednesday Brazil became the latest major rice producer to temporarily suspend exports because of soaring costs and domestic shortages. In recent weeks Latin American countries and African nations have asked for up to 500,000 tons of rice from Brazil which will now not be delivered. Brazil’s agricultural ministry has said it has to ensure that the country has at least enough rice reserves to last the next six to eight months.

IVORY COAST

Some of the worst instability resulting from high food prices has been felt in West Africa. One person was killed and dozens were injured last month as riots tore through Ivory Coast after the prices of meat and wheat increased by 50 per cent within a week. Ivorian President Laurent Gbagbo was forced to cut taxes to halt the disorder. Violent protests have also broken out in Cameroon, Burkina Faso and Senegal.

AFGHANISTAN

There have been street protests about the soaring cost of food in a country almost entirely reliant on imports of wheat. Already utterly impoverished, the plight of Afghans has worsened because Pakistan has cut its regular flour supply. The government has sought to assure citizens that there is sufficient food and has set aside $50m for additional imports. The price of wheat has risen by around 60 per cent in the last year.

THAILAND

The price of rice in the world’s largest exporter rose to $1,000 a ton yesterday and experts warned that it will continue to rise. This is because of the massive demand from the Philippines which is struggling to secure supplies after India and several other producers halted exports. The government has said it can meet the export requests. Indonesia has said it is withholding purchases for a year because prices are so high.

EAST AFRICA

Hundreds of thousands of poor Africans in Uganda and Sudan are to lose out on a vital source of food after one of the world’s largest humanitarian organisations said it was cutting aid to 1.5m people. Dave Toycen, president of World Vision Canada, blamed soaring costs and countries failing to live up to aid commitments for the fact that the number of people the charity can help will fall by almost a quarter.

INDIA

The country as added to the problems facing many countries in the region by halting its export of rice, except for its premium basmati product. This has left countries normally reliant on Indian exports, such as the Philippines, searching for alternative supplies. India has more than half of the world’s hungriest people and its priority is to safeguard domestic supply. But it too has watched as the cost of food has soared, not just rice but cooking oil, pulses and even vegetables. India has this year forecast a record grain harvest but experts warned farm productivity will have to rise much faster if the nation is to feed its 1.1bn people and avoid a food security crisis. Around two-thirds of India’s population are dependent on agriculture for their livelihoods but agriculture is growing much more slowly than the overall economy.

HAITI

The poorest country in the Western hemisphere has seen a three to four-fold increase in the number of so-called boat people trying to leave because of food shortages. Already gripped by wretched poverty, the food crisis triggered riots that led to the death of six people. Haiti’s wretched food security situation is a result of “liberalisation measures” forced on the country after former president Jean-Bertrand Aristide was returned to power.

THE PHILIPPINES

The government has been desperately trying to secure alternative sources of rice to counteract the decision of a number of nations to halt rice exports. The country’s National Food Authority, which handles rice imports for the government, has now said it plans to increase imports 42 per cent to 2.7m tons this year. This could cost $1.3bn if it does not increase the price of the subsidised rice it is selling to people. But the Philippines is responsible for producing 85 per cent of its own food and international experts believe the country will handle this crisis. The government has also been encouraging consumers and even fast food restaurants to be more frugal and be careful not to waste food. The government is confident it will be able to source sufficient supplies from Vietnam and Thailand.

EUROPE

Less vulnerable to food price fluctuations than emerging nations, but food prices across Europe have nonetheless increased. In Britain wholesale prices of food have increased by 7.4 per cent over the past 12 months, roughly three times the headline rate of inflation. According to the government’s own statistics grocery bills have gone up by an average of £750 over the same period, the equivalent of a 12 per cent rise.

By Jerome Taylor and Andrew Buncombe
Friday, 25 April 2008

Source: The Independent

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Mar 20

CARACAS, Venezuela: Venezuela’s state-run oil firm is starting to demand payment in euros a measure aimed at protecting revenues from a weakening U.S. dollar, Venezuela’s oil minister said Tuesday. Continue reading »

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