R.I. Update for Friday, 7 November 2008

TOP STORIES    De Beers Hails Voorspoed As Sign Of Confidence By Luphert Chilwane, 06 Nov 2008, 10:25 AM DeBeers' chairman Nicky Oppenheimer described Tuesday's opening of the R1.3 billion Voorspoed diamond mine in Free State as a sign of full confidence in SA's economic and business development. U.S. Elections And The Stock Market By Michel Pireu, 06 Nov 2008, 10:33 AM Pre-election campaign promises often create some euphoria among voters and investors alike. Iceland's Banking Collapse: Predicable End And Lessons For Other Vulnerable Nations By Willem Buiter and Anne Sibert, 06 Nov 2008, 12:02 PM In first-half 2008, Buiter and Sibert were invited to study Iceland's financial problems. They identified the "vulnerable quartet” of: 1. A small country, 2. A large banking sector, 3. Its own currency, and 4. Limited fiscal capacity. It's a quartet that meant Iceland's banking model was not viable. How right they were. This article summarises the report, which is now available as CEPR Policy Insight No. 26 with an October 2008 update. ArcelorMittal cuts South African Output As Global Demand Falls By Mathabo le Roux, 06 Nov 2008, 09:03 AM Steelmaker ArcelorMittal SA will cut back local production more than a third. The group admits it faces exceptionally challenging times as global demand slumps with fallout from the financial market crisis hitting the real economy. BEE Code Contradictions Hold Up Deals By Sanchia Temkin, 06 Nov 2008, 10:30 AM Contradictions between the black economic empowerment (BEE) codes and the government's interpretive guide to the codes are a huge impediment to businesses and have hamstrung a number of business equity deals.
PITPUNDIT BLOG  Potash One moving forward  Canadians hope to 'tar' Obama  Japan, a new anti-trust regulator to be reckoned with  Harper-Obama team for climate control?  Which is it--deflation or inflation  Chavez: the global crisis made me do it  FNX Mining loses $26 million  "Mega-project mode" now in back seat  Two-thirds of oil projects endangered  Japan industry putting the "pedal to the (lithium) metal"  Gold headed over $100/barrel, IEA  European Central Bank drops rate to 3.25%  Bank of England slashes 150 basis points  Pallinghurst shoots for Jupiter  Gold droops  Papua New Guinean LNG still hot  Emissions plan would devastate miners  BHP threatened with criminal prosecution  Asians accumulate losses with 'accumulators'  Like Europe, Asia welcomes Obama--but warily  World's largest steelmaker accelerates cuts  Vedanta Resources reports profit , ongoing talks on Asarco, iron-ore contracts  Las Cristinas gold project confiscated  Producer cuts lead, zinc prices  Congressional Dems not gotten Obama message?  U.S. debt vs. the new administration  Obama to take moderate approach to business
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