| Gold notches fourth straight record day Posted: 20 Aug 2011 01:59 AM PDT CHICAGO, Aug. 19 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended sharply higher on Friday, notching a new record-settlement high for the fourth time this week, as investors remained cautious about stocks and held more of the precious metal in search of safety. The most active gold contract for December delivery hiked 30.2 dollars, or 1.7 percent, to 1,852.2 dollars per ounce. It traded as high as 1,881.40 dollars an ounce, an intraday record for the metal. The precious metal registered a weekly gain of 6.3 percent. It also climbed 14 percent this month, having ended July at 1,631.2 dollars an ounce. Market analysts mentioned that gold and silver were among the very few markets that managed to post gains this week, as spiking concerns that the global economy will fall back into recession gripped investors, with exporter stocks in many markets tumbling on concerns about weakening demand. "It has become apparent that the fragility in the European Union's debt crisis have the New York Federal reserve questioning the stability of the Euro Region Banks," said Mike Daly, a gold specialist with PFBbest here in Chicago, "This along with the U.S. dollar notching a new record low versus the yen has investors questioning the stability of the world's economy," Daly added. Meanwhile, gold also gained strength as the a slew of macroeconomic data, including Thursday's downbeat reading on factory activity in the Philadelphia region, showed the U.S. economy is showing new signs of fatigue, unsettling consumers and discouraging business And many traders agreed that this week's rally has been supported by a huge underlying demand to buy physical bullion. But Daly also warned that gold market remains technically overbought and very top heavy, investors should be cautious that any U.S. dollar friendly news could start a profit taking sell-off in the gold market. Silver for Sept. delivery soared 1.744 dollars, or 4.3 percent, to 42.432 dollars per ounce. Platinum for Oct. delivery rose 27.2 dollars, or 1.5 percent, to 1,874.9 dollars per ounce. Related: Wall Street down for fourth week on economic fears NEW YORK, Aug. 19 (Xinhua) -- The sell-off in Wall Street continued on Friday, with major indexes suffering losses for the fourth straight week, as concerns over European debt problems and U.S. economic strength haunted the market. Investors were depressed after the Dow Jones industrial average plunged more than 400 points in a single day, a reminder of the big turmoil in the market last week. Oil edges down, posting fourth straight weekly loss NEW YORK, Aug. 19 (Xinhua) -- U.S. crude oil price edged down on Friday, ending the week with a 3.65-percent loss, the fourth straight drop in the week. With absence of major macro-economic news, crude prices on Friday mainly followed the dollar's steps. As the dollar dipped to its historic low against the Japanese yen while dropping also against the euro, oil rallied for most of the trading session. |
| Wall Street volatility remains high Posted: 20 Aug 2011 01:57 AM PDT BEIJING, Aug. 20 (Xinhuanet) -- US stocks have been slammed with another wave of late-day selling. Disappointing news from Hewlett-Packard, the lingering issue of Europe's debt crisis and the future of the US economy stranded investors. US stocks bounced back and forth Friday before ending with a loss. Concerns over European banks and fears the US would fall into another recession, kept volatility high. The manager of PIMCO, the world's largest bond fund, said the rally in Treasury yields to 60-year lows suggests a recession is likely. Bill Gross, Co-Chief Investment Officer, PIMCO, said, "They certainly reflect in terms of their yields, the, not only the potential for a recession, but the almost high probability of a recession and the resultant lowering of inflation." Investors and traders have been on edge for weeks. Morningstar's Sumit Desai blames much of the uncertainty on Washington's lack of direction. Sumit Desai, Associate Director, Equity Research Dept. Morningstar, said, "A little more clarity on where spending cuts will appear, where tax cuts will fall I think would help ease some uncertainty in the market." Adding to uncertainty Friday was Hewlett-Packard's weaker outlook and corporate shakeup. HP shares fell 20% and were the biggest drag on the Dow. But there's a positive side to the big drop in stock prices. It creates buying opportunities. Sumit Desai, Associate Director, Equity Research Dept. Morningstar, said, "Now is an excellent opportunity to really start looking for high quality companies that are trading at pretty, fire-sale prices." Gold was the winner Friday as investors continued to seek the safety of the precious metal. It reached a record high of $1881 an ounce, but closed at $1,852. In Europe, stocks ended Friday and the week firmly in the red as banks there fell to a two-year low. On Wall Street the Dow lost 172 points and the Nasdaq fell 38. That brings the losses for the week to four percent on the Dow and nearly seven percent for the Nasdaq. |
| Turkish PM on humanitarian visit to Somalia Posted: 20 Aug 2011 01:57 AM PDT MOGADISHU, Aug. 19 (Xinhua) -- Turkish Prime Minister Recep Tayyip Erdogan and his family on Friday arrived in the Somali capital Mogadishu to assess the humanitarian crisis brought about by the drought and famine in the Horn of Africa nation. The Turkish prime minister, accompanied by a large high level delegation, visited the refugee camps in the Somali capital Mogadishu run by the Turkish aid agencies. He met drought and famine victims in the two camps in Mogadishu. "What I have seen is a crisis in the all the meaning of the word I have never seen anything like it before," said the Turkish prime minister at a joint news conference with Somali President Sheikh Sharif Sheikh Ahmed. Erdogan is the most senior official from Turkey to visit Somalia for the past 20 years in which the Horn of African country has been embroiled in civil conflict. The Turkish prime minister's delegation includes five key ministers, members of the Turkish parliament and civil society groups from such as the Turkish Red Crescent which is now leading the humanitarian efforts to help the needy in Somalia. Somalia is currently facing the worst drought and famine in more than six decades and according to the Somali government, almost 3.5 million people are affected by the drought and famine described by the UN as the worst humanitarian crisis in the World. Erdogan who received a rapturous welcome by local Mogadishu residents pledged to step up humanitarian efforts by his government, saying that Turkey will soon reopen its embassy in Mogadishu to further strengthen the humanitarian assistance to the drought and famine stricken people of Somalia. The declared aim of the Turkish prime minister's visit to Somalia is to turn the world's attention to the crisis in Somalia which Erdogan said is worse than that of the Sudanese region of Darfur. The Somali president thanked the Turkish prime minister for his commitment and dedication to helping Somali people and praised for his "courage." The Turkish prime minister called on international community to do more to help the drought and famine victims, saying it is humanitarian imperative to do so. It is estimated that nearly half of Somalia's 7.5 million people have been affected by drought and a quarter of the population has been uprooted since the beginning of the year. Currently there are over 875,000 Somali refugees in neighboring countries, with some 1.5 million more Somalis internally displaced, mostly in the south-central region of the country. |
| Iraq denies striking deal on U.S. troops staying beyond 2011 Posted: 20 Aug 2011 01:55 AM PDT BAGHDAD, Aug. 20 (Xinhua) -- Iraq denied what the U.S. Secretary of Defense Leon Panetta said about agreeing to allow some U.S. troops to stay in the country after the 2011 withdrawal deadline, official television reported on Saturday. "The Iraqi government denies what the American Defense Minister Leon Panetta said that Iraq agreed to extend the presence of U.S. troops in the country after 2011," the state-run television of Iraqia quoted government spokesman Ali al-Dabbagh as saying. "No official talks have taken place with the American side to discuss the quality, the period and the number of troops needed to train the Iraqi forces," Dabbagh said. Dabbagh's remarks came after Panetta said in interview on Friday with two U.S. newspapers that Iraqis had made up their mind to extend the presence of U.S. troops beyond the year-end withdrawal deadline. "My view is that they finally did say, 'Yes,'" Panetta said. On August 3, the Iraqi political leaders agreed to give green light to Prime Minister Nuri al-Maliki to start talks with the United States about stationing some of its troops in Iraq beyond the end of 2011 deadline for training the Iraqi security forces on new weapons that Iraq proposed to purchase mainly from the United States to arm its fragile forces. U.S. military forces are to pull out completely from Iraq by the end of 2011, according to a security pact, named Status of Forces Agreement (SOFA), signed late in 2008 between Baghdad and Washington. Related: U.S. defense chief says Iraq has consensus on extended U.S. presence WASHINGTON, Aug. 19 (Xinhua) -- Iraqi leaders have reached political consensus that could lead to an extended U.S. military presence in the country, U.S. Defense Secretary Leon Panetta said on Friday, stressing the United States would keep its commitment to continue the drawdown. During a roundtable with military media outlets, Panetta was asked if there had been progress in discussions with the Iraqi government since his visit six weeks ago, said Pentagon spokesman George Little. U.S. to "listen" if Iraq requests troops to stay WASHINGTON, Aug. 16 (Xinhua) -- U.S. Defense Secretary Leon Panetta and Secretary of State Hillary Clinton on Tuesday said the administration will "listen" if the Iraqi government requests U.S. troops to stay longer. "We are going to maintain long-term relationship with Iraq to make sure they remain stable, whether it's diplomatic or military, " said Panetta, who participated alongside Clinton in a televised conversation at the National Defense University. He stressed despite recent bloodshed in that country, Iraq has a relatively stable democracy in that part of the world, and "it's very important for us to make it right." |
| Painting of old Beijing displayed Posted: 20 Aug 2011 01:49 AM PDT BEIJING, Aug. 20 (Xinhuanet) -- "The Riverside Scene At Qingming Festival", which has been displayed in the China Pavilion at the Shanghai Expo, has allowed visitors to peek into the past during the North Song Dynasty about 1100 years ago. Now, another old painting, of sorts, is being shown at the China National Convention Center, giving viewers a panoramic view of Old Beijing. The high-tech work brings vividly to mind the Beijing of the 1920s and 30s. Listen closely and you can hear the loud hawking of the candied gourd and soy milk sellers amidst the bustle of the crowd... a typical scene during the Beijing Dongyue Temple Fair. On the other side of the painting, many people are riding horses and carriages across the East Bridge in the area now known as the Central Business District. There are tiny swallows, a ubiquitous sight in spring time, the water melons sold during the summer. A variety of insect sounds emanate from the gardens in autumn. And in winter, lumps of coal for heating, together with the scene of children playing... All these old memories come to life once more through the power of technology. "I haven't seen such a great scene of old Beijing before. This painting is showing us the old times in a very straight-forward manner." This moving painting is 3 meters by an astounding 228 meters long. Some of the typical architecture of the period is also clearly seen in the painting, such as Hutongs and Beijing Quadrangle House. The show concludes at the China National Convention Center on Monday. |
| Israel continues to strike Gaza targets after deadly Palestinian militant attacks Posted: 20 Aug 2011 01:21 AM PDT GAZA, Aug. 20 (Xinhua) -- Israel continues to bomb militant targets in Gaza early Saturday after Palestinian gunmen killed eight Israelies on Thursday. The Israeli airstrikes have left 15 Palestinians dead, including some civilians, while Palestinian militant groups also launched rockets into south Israel. In the recent Israeli attack before midnight Friday, three Palestinians were killed when Israeli airplanes struck a motorbike traveling in Gaza City. A three-year-old boy was among the dead, said Adham Abu Selmia, spokesman for the medical services. A woman and two more bystanders were injured, he added. Security sources said one of the dead was a militant from the Islamic Jihad movement. Earlier on Friday night, two Palestinian activists were killed in an Israeli air strike in a central Gaza Strip refugee camp. Witnesses in the area said that Israeli warplanes hit the militants who were riding a motorbike with a missile in the al-Buraij refugee camp which borders Israel. Hospital sources said the activists were instantly killed. Also on Friday, one militant was killed by a missile fired from an Israeli plane north of the Gaza Strip. One more gunman was also killed Friday afternoon in Gaza City while attempting to launch a rocket into Israel. |
| Pentagon chief says Iraqi drawdown on track despite troops negotiation Posted: 20 Aug 2011 01:20 AM PDT WASHINGTON, Aug. 19 (Xinhua) -- U.S. Defense Secretary Leon Panetta said Friday the United States would keep its commitment to continuing the drawdown from Iraq, despite the new development that Iraqi leaders have reached political consensus on entering negotiations over an extended U.S. military presence in the country. During a roundtable with military media outlets, Panetta said the United States has "begun the drawdown, and we will continue the drawdown and we will fulfill the commitment that we are going to take all the combat forces out of Iraq." More than 40,000 U.S. service members are now stationed in Iraq, and they are to pull out completely by the end of 2011, according to a security agreement named Status of Forces Agreement (SOFA) and signed in late 2008 between Baghdad and Washington. Panetta was asked during the roundtable if there had been progress in discussions with the Iraqi government over an extended U.S. military presence since his visit six weeks ago, according to Pentagon Spokesman George Little. Panetta made clear that "the Iraqis have said yes to discussions about the strategic relationship beyond 2011, and what that relationship might look like," according to Little. "My view is that they finally did say yes... it was unanimous consent among the key leaders of the country to go ahead and request that we negotiate on some kind of training, what a training presence would look like," said Panetta, according to a transcript provided by the Pentagon. Earlier this month, the Iraqi political leaders agreed to give green light to Prime Minister Nuri al-Maliki to hold talks with the U.S. about keeping some of its troops in Iraq beyond the end of 2011 deadline. Maliki frequently said the SOFA cannot be renewed as stated in the agreement, but talks with the Americans are expected to let a small force of the U.S. troops to stay in Iraq beyond the deadline only for training Iraqi forces under the Strategic Framework Agreement, which was signed earlier with the SOFA between the two countries. It remains unclear how many U.S. troops could stay in Iraq and what their mission will be. Panetta said the United States is "going to be engaging with them to try to negotiate what that presence will look like," noting the kind of training assistance and presence the U.S. forces provides will depend on what Iraq feels it needs "in order to be able to defend itself and secure itself." Radical Shiite cleric Moqtada al-Sadr and a parliamentary Sunni Arab bloc have opposed to the presence of U.S. troops in Iraq after the Dec. 31 deadline for withdrawal, even as trainers for the Iraqi security forces. Another matter posing risk for U.S. presence in Iraq is security. A series of terror attacks in seven provinces in central and northern Iraq on Monday left nearly 70 people killed and more than 260 wounded. Panetta said the U.S. forces and Iraqi forces have made gains on the security front. "We have engaged in a number of joint operations to go after Shia extremists who are the culprits here of trying to attack our forces, so we have made some gains in that area as well," said Panetta, noting Iraq now has about 650,000 members serving in its security forces. |
| Cambodia imports 151,000 tons of fertilizer in first 6 months Posted: 20 Aug 2011 01:19 AM PDT PHNOM PENH, Aug. 19 (Xinhua) -- Cambodia has imported 151,000 tons of chemical fertilizers and 1,700 tons of pesticide in the first half of this year, according to a statement from the Council of Ministers on Friday. The Council of Ministers approved a draft law on the supervision of agricultural fertilizers and pesticides. "It's expected that the country will import as many as 250, 000 tons of fertilizer per year in coming years," it added, as the demand is probably going up due to rising agricultural production. Cambodia is known as an agrarian country where about 80 percent of 14.3 million population are farmers. Rice is the main crop in this country. Up to 2.5 million tons of milled rice were earmarked for exports this year. |
| Senior Chinese official proposes enhanced China-Laos ties Posted: 19 Aug 2011 11:28 PM PDT VIENTIANE, Aug. 19 (Xinhua) -- Visiting senior Chinese official Zhou Yongkang laid out a package of measures here Friday to promote China-Laos relations. In talks with Lao Prime Minister Thongsing Thammavong, Zhou noted the China-Laos relationship had entered a new phase of development since the two nations established their comprehensive strategic cooperative partnership in 2009. The total volume of bilateral trade exceeded 1 billion U.S. dollars last year, marking year-on-year growth of more than 40 percent, and China had become the largest foreign investor in Laos, said Zhou, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee. China was ready to work with the Lao side to build on the traditional friendship and further boost bilateral cooperation to continue propelling the China-Laos relations forward, he said. The Chinese guest proposed the two sides should first map out a mid- to long-term plan to guide the overall development of their cooperation and pursue common development. Meanwhile, the two neighboring countries needed to expand cooperation in such areas as infrastructure construction, border crossing construction and poverty reduction, Zhou said. In addition, the two sides should encourage their enterprises to invest in each other's country and improve their investment environments, said the senior Chinese official, who also called for more efforts to deepen bilateral people-to-people exchanges. The two sides, he said, also needed to cooperate more deeply and effectively in security, law enforcement, drug control and border management to contribute to the political security and social stability of the two countries. Thongsing extended a warm welcome to Zhou and the CPC delegation he led and thanked China for its immeasurable selfless aid and support for Laos. China was a strategic friend of the Lao people, and Laos was willing to join China in further boosting their friendly relations. On Thursday, Zhou met Lao Vice President Bounnang Vorachit and the two attended the signing ceremony for about a dozen bilateral cooperation agreements. The CPC delegation arrived here Thursday afternoon after rounding off a visit to Nepal, the first leg of Zhou's ongoing five-nation Asian tour, which will also take him to Cambodia, Tajikistan and Mongolia. |
| China Mobile net profit up 6.3% in first half of this year Posted: 19 Aug 2011 10:07 PM PDT HONG KONG, Aug. 18 (Xinhua) -- Chinese telecom giant China Mobile said Thursday that its net profit rose 6.3 percent to 61.28 billion yuan RMB for the six months ending June 30 this year, which was slightly better than analysts expected. The turnover was 250.08 billion yuan RMB, an increase of 8.8 percent from a year earlier. EBITDA rose 6.5 percent over the same period last year to 124.2 billion yuan RMB, with EBITDA margin reaching 49.6 percent. China Mobile's total customer base exceeded 610 million by the end of the reporting period, with a net addition of 32.77 million customers. The number of 3G customers was 35.03 million. The interim dividend will be 1.58 HK dollars per share. Chairman Wang Jianzhou said in a filing to the Hong Kong Stock Exchange that the company's value-added services business grew rapidly and wireless data business continued to demonstrate high growth momentum. It will continue promoting the operation of 3G networks and accelerate the worldwide development of home-grown TD-LTE technology, he said. (1 U.S. dollar equals 6.4 yuan RMB or 7.8 HK dollars) Related: Sony Ericsson, China Mobile to develop 4G phones BEIJING, July 6 (Xinhuanet) -- Sony Ericsson Mobile Communications AB will cooperate with China Mobile Holdings Ltd to develop mobile phones that support China's domestic fourth-generation telecommunications technology, Sony Ericsson's global president said. Bert Nordberg, president and chief executive officer of Sony Ericsson Mobile, said the company hopes to work on the time division long-term evolution (TD-LTE) technology, which is going global. Full story China Mobile 2010 net profit up 3.9% at 18 bln USD HONG KONG, March 16 (Xinhua) -- China Mobile, the world's largest mobile network operator by subscribers, said Wednesday its net profit rose 3.9 pct last year to 119.64 billion yuan (about 18. 20 billion U.S. dollars). Revenue for the 12 months ended Dec. 31, 2010, rose 7.3 percent to 485.2 billion yuan. |
