Tag Archives: banks

Business/Economics, International, Technology, U.S.

Oil & Gas Prices: Chevron Gas rig burns for 46 days, Oil war brewing between Sudan & South Sudan, Libyan rebels declare independence in Oil Rich Eastern Libya

March 6, 2012, after 46 days a natural gas rig fire has finally been put out. The rig is operated by Chevron, it is located in Nigeria.

The off shore gas rig blew up on January 16, killing two people. It eventually collapsed into the sea: “We cannot predict how long it will take to complete the relief well, but will do so as quickly as possible while maintaining safe operations.”– Russell Johnson, Chevron

Nigeria is the top oil/gas producer in Africa.  The catastrophe is now killing the fish in the ocean:“The gas is inside the fish. After eating the fish you feel like somebody who drunk diesel, you feel dizzy.”-Bravely Salvage, local fisherman

Locals say fish and dolphins have been washing up on the beach.  Chevron officials say the explosion and resulting 46 day fire should not have impacted the fish!!!  Can you say lawsuit?  Nigerian rebels are using the explosion as further justification in their war against the oil industry: “Nothing has changed in the Niger Delta. This is a fools’ peace!”-Movement for the Emancipation of the Niger Delta

South Sudan has lodged a complaint against Sudan, with the United Nations, for the bombing of an oil well.  Sudan said they didn’t do it.

South Sudan is trying to get around the high transport fees Sudan charges for shipping their oil to the Red Sea.  They are building an oil pipeline to Kenya.

South Sudan officials claim the increased violence in their country, which just happen to be destroying their oil production, is being instigated by Sudan: “Khartoum is sending a signal saying ‘if you divert the oil and we do not benefit from anything then we can destroy that oil and create instability so that you don’t enjoy the benefits of that oil’.”-Samson Wassara, Juba University

In Libya, proof the U.S./European supported Libyan government is a joke; rebels have declared oil rich eastern Libya independent!

Eastern Libya is where the “rebellion” began, when Chinese oil workers were attacked.  The Chinese government had to evacuate 30,000 Chinese oil workers, something the Western Media failed to report.

Now, in a obvious case of hypocrisy, Libya’s pro-U.S. government leaders are making the same statements that Gaddafi made: “Some Arab nations, unfortunately, have supported and encouraged this to happen. These nations are funding this kind of unacceptable strife. What happened today is the beginning of a conspiracy against Libya and Libyans.”-Mustafa Abdul-Jalil

 

 

 

 

 

Business/Economics, Idaho, International, Technology, U.S.

What Economic Recovery? Idaho’s Hoku Materials loses $28 million, blames Idaho Power. Takes on 19 new loans to continue operation, beggars China for more money!

On March 5, 2012, Hoku International released its Quarterly 10-Q Report, ending December 2011.

Specifically their Pocatello, Idaho, Hoku Materials polysilicon operations (which has yet to actually begin operations) lost $28.4 million in the nine months ending on December 31, 2011.

Their 10-Q report blames part of the loss on Idaho Power’s electricity bills.  Idaho Power has reported that Hoku has consistently failed to pay their electric bill on time (actually in advance, under Idaho Power’s rules for large businesses)!

Hoku’s March 5, 2012, 10-Q report also revealed that they’ve had to “…obtained an aggregate of $315.5 million of debt financing through 19 bank credit agreements to support our operations.”  

That was as of December 31, 2011.  Hoku has also revealed that they’ve had to beg China for more money: “In January 2012, we entered into a credit agreement with Industrial and Commercial Bank of China, Limited, New York Branch to provide for one or more term loans in an aggregate principal amount not to exceed $10.0 million. And in February 2012, we entered into a credit agreement with China Merchants Bank Co., Ltd., New York Branch to provide for a loan in an aggregate principal amount of $10 million.”

AS I WARNED: IDAHO HOKU SILICON FACTORY GOING UNDER, ANNOUNCING LAYOFFS, VIOLATED STOCK MARKET TRADING RULES

Business/Economics, Idaho, International, Technology, U.S.

What Economic Recovery? As I warned; Idaho Hoku silicon factory going under, announcing layoffs, violated stock market trading rules

March 6, 2012, Hoku International announced they will layoff about 20 employees at their Pocatello, polysilicon plant.

This comes after many delays in finishing the factory, and threats by Idaho Power to cut off electricity because Hoku hasn’t been paying its utility bill.  Also, Hoku lost big money in 2011.

Officials with Hoku said the layoffs are necessary to keep the company going.

On February 23, 2012, Hoku International was notified that trading of its stocks were suspended, for violating NASDAQ’s Listing Rule 5250(c)(1).  On March 5 (the day before the layoff announcement) Hoku claimed they were now in compliance with NASDAQ’s rules.

CORPORATE INCOMPETENCE: HOKU MATERIALS BEGS FOR MONEY TO PAY ITS OVERDUE IDAHO POWER BILL

Business/Economics, International, U.S.

World War 3: French Ambassador sneaks out of Syria, Syrian Ambassador tells U.K. bye bye, Canada closes Embassy

Lebanese media reporting that the French Ambassador to Syria has quietly driven into Lebanon. The ambassador and his diplomatic staff are in a convoy heading back to Pairs.

In the United Kingdom, the Syrian Ambassador made it clear to the British government that he will be leaving, after being called back by the Syrian government.

Canada has closed down their embassy in Syria: “All of our Canadian diplomats have left Damascus. The safety and security of Canadian personnel is our top priority and that is not a decision we took lightly.”-John Baird, Foreign Affairs Minister of Canada

After a meeting with officials from the United Arab Emirates, Canadian officials also imposed new sanctions. The new sanctions include a complete ban on financial services, as well as sanctions on the Syrian central bank.

 

Business/Economics, International, U.S.

Who’s the official “Best Friend of the American Worker”? China. Mitt Romney has short memory, makes hypocrite of himself.

Former Massachusetts governor, Mitt Romney, has blasted China’s trade policies with the U.S., but China has just won a Massachusetts award for being the Best Friend of the American Worker!

On March 2, 2012, Chinese Premier, Wen Jiabao, was given the award in Boston by the International Longshoreman’s Association.  For what? For appreciation of China’s strong support of job growth for U.S. workers!

Here’s the thing, while Mitt Romney was governor of Massachusetts he actually wooed the Chinese to invest in that state.  In fact, at the end of 2003 Romney gave Wen a tour of Boston!

Another thing. Romney has also made a fool of himself.  He has repeatedly stated that China is costing the U.S. millions of jobs every year.  But here’s a sobering fact: U.S. exports to China increase year after year.  That means more jobs created in the U.S. to meet those export demands from China.

How much have exports to China grown?  According to the U.S.-China Business Council, U.S. exports to China skyrocketed 468% between 2000 and 2010!!!   Now you know why China is officially “Best Friend of the American Worker”.

 

Business/Economics, International, U.S.

Oil & Gas Prices to go up: Oil pipeline blown up in Syria, gas pipeline blown up in Egypt, oil pipeline explodes in Illinois, pipeline fire in Alaska, pipeline fire in Texas

March 5, 2012, pro-U.S. rebels blew up a major oil pipeline in Syria.  It happened in Deir al-Zor.

Deir al-Zor is an oil producing province bordering Iraq.  It has been under attack by rebels who are part of the loosely organized U.S./Israeli supported Free Syrian Army.

Also, a gas pipeline from Egypt to Jordan and Israel was blown up, for the 13th time since the January 2011 Egyptian Revolution.

Over the weekend, an oil pipeline was shut down after two cars crashed into the pipeline, causing an explosion.  The pipeline runs from Canada to Illinois. Two people were killed, three injured. Local Illinois police say it was a terrible car accident.

On March 1, British Petroleum (BP) reported a fire at one of its Alaskan operations. They said employees noticed a flame, then a loud bang at the Prudhoe Bay Gathering Center 2.   They don’t know what caused it.

In Texas, on March 2, three workers were injured by a fire on a Texas pipeline.  It’s being called a flash fire, caused when the workers were trying to repair an out of use pipeline.

On February 24, 2012, a Louisiana gas plant was closed indefinitely.  One employee was injured during a fire at the Basile plant.  The plant will re-open after an investigation.

Now realize that these kinds of things happen on a weekly bases, all around the World.  This proves the petroleum industry is not environmentally safe, is run by incompetents, is a main target of war, and it is the real reason oil and natural gas prices stay high.

 

Business/Economics, U.S.

What Economic Recovery? Sears Kmart Store Closings update; Illinois hit hardest

On February 23, 2012, Sears Holdings released the latest list of Sears and Kmart store closings.

15 stores have been added to the 79 previously announced. The latest announcement has one Kmart closing in Maryland, one closing in New Jersey and one in South Carolina.

Also, a combination of Sears/Kmarts will be closed in the following states: Two in Ohio, two in Minnesota, three in Florida and five in Illinois.

Sears Holdings lost $3.1 billion in 2011.

Business/Economics, Idaho, U.S.

What Economic Recovery? Sears to sell off stores to GGP. GGP owns most of the malls in Idaho. Sears loses $3 billion in 2011

On February 23, 2012, Sears Holdings announced that they will sell off eleven stores to major mall owner General Growth Properties (GGP).

sears chubbuck

Sears at the struggling Pine Ridge Mall in Chubbuck, Idaho

GGP owns most of the malls in Idaho (Idaho Falls, Boise, Chubbuck and Coeur D’Alene), and they have Sears stores, but, none of the eleven to be sold off are in Idaho.  This means that it’s possible they might make the next round of closings.

The eleven stores to be sold to GGP (for a total of $270 million, to be finalized in April 2012) include one in Hawaii, two in Utah, two in Iowa, one in Washington, one in Texas, one in Illinois, one in Oklahoma, one in Florida and one in Michigan.

Also on February 23, Sears Holdings reported a net loss of $3.1 billion for the year 2011!

Fukushima

Japan Modern Day Atlantis round 8: New study says future Tsunamis a bigger threat than first thought

Officials with Japan’s Land Ministry have issued new warnings about the dangers of tsunamis.  They revised their estimations of tsunami damage, based on what happened on March 11, 2011.

They concluded that earthquakes of magnitude 8.4 or greater, just off Japan’s Pacific coastline, could generate huge tsunamis.

On the Pacific side of Japan, tsunamis could reach 12 meters (39 feet) high, and destroy eight of Japan’s 19 Pacific ports. Officials say the existing tsunami walls are not sufficient to protect the ports.

JAPAN MODERN DAY ATLANTIS ROUND 7 & WHAT ECONOMIC RECOVERY? PEOPLE FLEEING NUCLEAR DISASTER IN JAPAN DESTROYING THE LOCAL ECONOMY AND LOCAL GOVERNMENTS

Business/Economics, International, U.S.

Congo explosion takes out Chinese workers, Catholic Cathedral

The Chinese government reports that 140 Chinese construction workers were hit by the large explosions in the south western African country of Congo-Brazzaville.  Six have died, one is missing.

Officials in Congo-Brazzaville expect to death toll to climb higher than 206.

The Catholic Cathedral called Saint Louis was flattened: “Many of the faithful are trapped in the debris of the church. Several of the dead have been taken out and I confirm there are more deaths inside.”-Didier Boutsindi, presidential spokesman

St Louis is the Diocese of the area, and it is not located in Brazzaville, where the explosions took place.  It is located in Nkayi, just west of Brazzaville.  If the report is true it gives you an idea how powerful the explosions were.

Congo-Brazzaville (Republic of Congo) has been racked by civil war for decades. In 2003 former French oil company executives testified in court that the oil industry is behind causing civil wars, because they can get access to the oil more cheaply.