Top stories

Various Projects Could Get Jordan out of its Energy Crisis

Natural Gas for Europe

May 21, 2013

How are austerity measures affecting the economy and the people in Jordan? Jordan witnessed a series of protests. They began in January 2011 and resulted in the firing of the cabinet ministers of the Government.The protesters' demands escalated following the Government’s announcement of hiking...

Georgia: No Plans to Import More Russian Gas

Natural Gas for Europe

May 21, 2013

The Georgian energy ministry has sidestepped claims that it was ready to buy gas from Russia after a seven year hiatus. While analysts maintain having multiple suppliers is a sound policy, purchasing natural gas from Gazprom appears to carry too much political baggage to be worth the cost. Georgian...

Cameroon: Kosmos Energy's Sipo-1 exploration well onshore Cameroon disappoints

Energy-pedia

May 21, 2013

Kosmos Energy has reported disappointing results from the Sipo-1 exploration well, drilled on the Ndian River Block, onshore Cameroon. Oil and gas shows evidenced during drilling indicated a working petroleum system but the well failed to encounter commercial reservoirs.

Brazil: Premier Oil awarded three blocks in Brazil’s 11th Round

Energy-pedia

May 21, 2013

Premier Oil has been awarded three blocks in Brazil’s 11th Round held in Rio de Janeiro on 14 May. The blocks are located in deep water basins offshore North East Brazil in largely under-explored areas.

US: NEOS launches geoscience program in Colorado

Energy-pedia

May 21, 2013

NEOS GeoSolutions has secured the underwriting needed to launch an integrated geological and geophysical program targeting an underexplored portion of the Niobrara shale play in Colorado.

RFE/RL: At 20, Russia's Gazprom Struggles To Stay Dominant

Natural Gas for Europe

May 21, 2013

Russia's biggest company turned 20 this year. But at Gazprom, there appears to be little cause for celebration. The state-controlled natural gas monopoly, which was established as a publicly traded corporation in 1993, recently announced that its net profits fell by 11 percent last year and its...

Mid East tension stokes prices

Upstreamonline

May 21, 2013

Brent crude futures steadied near a two-week high, holding around $105 per barrel on Tuesday, as fears over rising Middle East tension offset concern about moderating demand growth to lock prices in a tight range.

Brazil: HRT plugs and abandons 1-HRT-11-AM well in the Solimoes Basin

Energy-pedia

May 21, 2013

HRT O&G has concluded the drilling of well 1-HRT-11- AM, on the Cajazeira Prospect, located in Block SOL-T-172, in the Solimões Basin. The well has been plugged and abandoned as a dry hole with shows.

Namibia: HRTs Wingat-1 well offshore Namibia encounters non-commercial hydrocarbons

Energy-pedia

May 21, 2013

HRT has announced that its first exploration well (Wingat-1 2212/07/1) in a multi well offshore program in Namibia has found oil although not in commercial volumes.

Maersk Drilling posts higher profits

Upstreamonline

May 21, 2013

Denmark's Maersk Drilling saw profits rise during the first quarter of the year on the back of solid operational performance across its entire rig fleet.

Europa Oil & Gas announces relinquishment of licences in Romania and the SADR

Energy-pedia

May 21, 2013

AIM-listed Europa Oil & Gas has announced that it is relinquishing the EPI-3 Brates Licence in Romania and the Bir Lahlou and Hagunia Licence Areas in the Saharawi Arab Democratic Republic (`SADR').

Tangiers Petroleum appoints Joint UK Broker

Energy-pedia

May 21, 2013

Tangiers Petroleum has announced the appointment of Peel Hunt as Joint Broker in the UK. Tangiers is advancing its strategy to acquire interests in onshore and shallow water petroleum prospects and projects in Africa with the ability to generate strong shareholder returns.

Chariot Oil & Gas provides Atlantic margin update ahead of AGM

Energy-pedia

May 21, 2013

Chariot Oil & Gas, the Atlantic margin focused oil and gas exploration company, has updated operations ahead of its AGM today.

Tanzania: Solo Oil announces progress towards a farm-out in Tanzania

Energy-pedia

May 21, 2013

Solo Oil reports that FirstEnergy Capital, who are acting for both Solo and Aminex, continue actively to discuss a farm-out of the Ruvuma PSA and currently there are on-going discussions with over five interested parties.

Aasta Hansteen verdict hanging on costs

Upstreamonline

May 21, 2013

A Norwegian parliamentary committee has postponed a decision on Statoil’s Aasta Hansteen project amid concerns that a proposed tax hike has shifted its economic viability and criticism over the evaluation process.

Saudi Aramco awards Midyan contract

Upstreamonline

May 21, 2013

Saudi Arabia’s state oil company has awarded a contract to build facilities including a gas processing plant for its Midyan gas field, state news agency SPA said.

Green Dragon Gas to sell downstream stake

Upstreamonline

May 21, 2013

AIM-listed explorer Green Dragon Gas has said it plans to sell off its stake in a Beijing downstream gas business as part of an ongoing refocus to "a high growth E&P business".

Jette first oil for Det Norske

Upstreamonline

May 21, 2013

Det Norske Oljeselskap has finally delivered first oil from the Jette field – its first operated development off Norway – having overcome technical issues with its two production wells.

Norway: Det norske announces first oil production from Jette

Energy-pedia

May 21, 2013

Det norske has announced that the start-up of production from Jette has proceeded as planned. The first oil arrived from Jette to the Jotun field on 19 May.

Saudi Arabia: Saudi Aramco awards Midyan gas project to L&T

Energy-pedia

May 21, 2013

State-run Saudi Aramco has awarded Larsen & Toubro a contract to build facilities including a gas processing plant for its Midyan gas field.

Plains Exploration board approves merger with Freeport-McMoRan

Energy-pedia

May 21, 2013

Plains Exploration & Production's board on Monday approved a $6.5 billion merger with Freeport-McMoRan Copper & Gold, overcoming earlier pressure to reject the deal.

Making an Iota of Difference

Energy Bulletin

May 21, 2013

So, sustainable communities, to me, means keeping out of the way of things that are too big to fail.

Warrior Writers

Energy Bulletin

May 21, 2013

How can reporting on energy, presented as opportunity or catastrophic risk, compete against grumpy cat memes and economic woes? Is there a secret to breaking through the flood of information to make a meaningful impression on the public?

Kosmos Comes Up Dry Onshore Cameroon

RIGZONE

May 21, 2013

Kosmos Energy fails to find commercial hydrocarbons at its Sipo-1 exploration well, onshore Cameroon.

Guerilla Gardeners Transform London, One Bus Stop at a Time

Energy Bulletin

May 21, 2013

The Edible Bus Stop (EBS) is a gardening project trying to transform neglected spaces throughout London into vibrant green patches of community engagement. The project is due to launch May 18, 2013 at the Grand Opening event, ‘Donate a Plant’ at the Landor Road Garden.

What Kind of Example Is Canada Setting?

Energy Bulletin

May 21, 2013

Is any nation on Earth taking seriously the need for a true-cost economy, where we live sustainably in a steady state?

Shell CEO: No Advise Findings by EU Probe

RIGZONE

May 21, 2013

Royal Dutch Shell CEO says that the EU probe into oil price manipulation has made no adverse findings against the company.

Price fixing 'against Shell's principles': Voser

Upstreamonline

May 21, 2013

Outgoing Shell chief executive Peter Voser has said that oil price manipulation goes “against everything we believe at Shell”.

Kulczyk hits more gas with O-15 probe

Upstreamonline

May 21, 2013

Ukraine-focused Kulczyk Oil Ventures has said it has hit up to 23 metres of gas pay in four zones with its Olgovskoye 15 directional well.

Half of oil burnable in 2000-2050 to keep us within 2 degrees warming has been used up as we hit 400 ppm

Energy Bulletin

May 21, 2013

We have a race between peak oil and global warming. Symptoms of these complex processes pop up every now and then.

The Poisoned Chalice: Genetic Heritage, Future Demise

Energy Bulletin

May 21, 2013

During the Pleistocene evolution favored those humans who left the most descendants so our evolved instincts encourage us to procreate, seek status and consume resources. Now sustainability is an existential issue and these instincts and our invention of technology are threatening our future.

Solo Oil signs Share Purchase Agreement with Pan Minerals & Oil

Energy-pedia

May 21, 2013

Solo Oil has confirmed that it has signed a definitive Share Purchase Agreement ('SPA') with Swiss based Pan Minerals & Oil as previously announced on 9 May 2013 to acquire a 15% shareholding in Pan Minerals.

China: Green Dragon Gas announces continuation of shareholder value focused business plan to monitise upstream growth

Energy-pedia

May 21, 2013

Green Dragon Gas, one of the largest independent upstream companies involved in the production of CBM gas in China, has announced that it has concluded a comprehensive business review and is implementing a strategically focused growth plan.

Det norske Starts Production at Jette

RIGZONE

May 21, 2013

Det norske oljeselskap reports its first production as an operator after the start up of its Jette field in the North Sea.

Oil worker strike hits Kuwait

Upstreamonline

May 21, 2013

A strike by a large amount of oil services company workers has hit Kuwait but production remains unchanged, according to a report.

Poland: FX Energy reports successful production test at Tuchola-3K well

Energy-pedia

May 21, 2013

FX Energy reports that the Tuchola-3K well, in the Edge concession area in north-central Poland, flowed gas at rates ranging from 3.8 to 5.5 million cubic feet of gas per day with no water during a production test.

Wingat-1 Well Disappoints

RIGZONE

May 21, 2013

Galp Energia reports that Wingat-1 exploration well, offshore Namibia, has failed to find commercial oil.

Iraq: WesternZagros starts Garmian drilling program and provides Kurdamir-3 update

Energy-pedia

May 21, 2013

WesternZagros Resources has started its latest Garmian Block drilling program in the Kurdistan Region of Iraq with the spudding of the Mil Qasim Upper Bakhtiari-1 well. The Company has also provided an update on the Kurdamir-3 appraisal well on the giant Kurdamir oil discovery.

MCX Natural Gas sideways to negative support 223 and 220

Commodity Online

May 21, 2013

For intra-day, the commodity has resistance at 228 and amp; 231 levels; on the lower side futures may touch 223 and 220 levels if prices are unable to sustain above 230. The level 230 is the crucial resistance. and nbsp;Intra-day traders may sell near 226 with the stop loss above 230 level and can wait for the targets at 222 and 220 level. and nbsp;

Ukraine: Kulczyk Oil Ventures encounters four potential gas zones in its O-15 well

Energy-pedia

May 21, 2013

Kulczyk Oil Ventures has announced that four potential gas zones with an aggregate thickness of 23 metres have been identified in the Olgovskoye-15 ('O-15') well.

Robin Hood in reverse – gold being taken down to make the rich richer

MineWeb

May 21, 2013

The legendary Robin Hood took gold from the rich to give to the poor: Today’s financial elite appear to be doing the reverse, but not with physical metal which is still flowing the other way.

New Stillwater Mining board will replace McAllister as CEO

MineWeb

May 21, 2013

While former Montana Gov. Brian Schweitzer decides if his political future lies in the U.S. Senate, he is taking on the post of the new chairman of the Stillwater Mining board.

Metals prices to continue to drop this year—S&P

MineWeb

May 21, 2013

In a commentary on Latin American mining prospects, Standard & Poor’s predicts a continued price drop for the major metals mined including copper and iron ore.

At the threshold of new era in deep sea mining - ISA

MineWeb

May 21, 2013

Despite a number of concerns the UN’s International Seabed Authority says companies could apply for deep sea mining licences by 2016

Indonesia mogul ready to discuss deal on Intrepid project

MineWeb

May 21, 2013

Edwin Soeryadjaya, who owns a big stake in the Tujuh Bukit copper-gold deposit taken from Intrepid last year, is willing to resolve the ownership dispute.

Reading drill result press releases – Brent Cook

MineWeb

May 21, 2013

Brent Cook suggests investors will have an easier time distinguishing good drill results from bad if they know how to dissect a company's press releases. A Gold Report interview.

Chile GDP grows less as mining investments slows

MineWeb

May 21, 2013

The country’s’ economy grew less than analysts expected in Q1 as an investment boom in the world’s largest copper producer began to wane.

Freeport Grasberg death toll now 21 – expected to rise further

MineWeb

May 21, 2013

The Grasberg copper/gold mine tunnel collapse has now claimed the lives of 21 workers, and little hope remains for the seven employees still trapped underground.

Platinum buying quickens as gold allure diminishes

MineWeb

May 21, 2013

Strengthening investor demand for PGMs reflects a second year of shortages that are outweighing concerns about slowing economic growth.

Unlike your dentist finance industry has no substitute for gold

MineWeb

May 21, 2013

If you want crisis insurance, beware cheaper amalgams and synthetic composites. Gold remains immune to banking or credit default.

LME Zinc surplus may ease in the next couple of quarters: Barclays

Commodity Online

May 21, 2013

Production data suggest that may be short-lived, however, after a recovery in Chinese refined zinc output in March, with the annualised pace jumping to 5.4Mt (the bank had forecast 5.1Mt), so production is back on track, provided it is maintained at that level.

Global Aluminium surplus in 2013 expected at 1mn ton: Barclays

Commodity Online

May 21, 2013

Moreover, in terms of the build out of capacity in Xinjiang province, it has generally been observed that bottlenecks have been overcome; rail capacity is to be expanded by year end and water is not an issue. Record semis output in March, combined with an open import arbitrage window, point to significantly stronger demand in Q2 versus Q1.

Mining services suffer as Australia's mining boom peaks

MineWeb

May 21, 2013

With major miners shelving projects and cutting costs, they have turned the screws on contractors, in some cases dumping firms that are unwilling to cut prices.

India's perilous gold stock situation and $40 premiums

MineWeb

May 21, 2013

Refusing to pay heed to the ongoing retailer supply shortage, the Indian government is determined to counter the country’s vast gold imports with a fresh wave of curbs.

Even some bears think that gold may be oversold!

MineWeb

May 21, 2013

Contrarians see the decline in gold prices as a sign to invest as they feel gold may now have nowhere to go but upwards.

MCX Copper positive amid fall in China imports Lead positive Nickel trend unclear

Commodity Online

May 21, 2013

For intra-day, prices have immediate support at 408 and amp; 405 levels while on the upper side prices have resistance at 411.5 and 414 levels. and nbsp;MCX copper futures for June delivery was seen trading up by 0.32% at Rs.410.30 per kilogram as of 03.40 PM IST on Tuesday.

India Nickel articles import value decline to $46 33 mn in April 2013:Report

Commodity Online

May 21, 2013

Nickel bars, rods, profiles and wire imports also declined by 0.74% M/M. The total value of imports in April- 2013 was $3.79 mn, a decrease of $0.03 mn. and nbsp;Imports of other articles of nickel grew by 245.23% M/M. The total value of imports in April 2013 was $2.52 mn, a rise of $1.79 mn in April 2013.

Is the platinum sector imploding?

MineWeb

May 21, 2013

Investors in platinum stocks have dumped their shares in a panic over the last 6 weeks, fearing that the sector is in terminal decline.

Iran moves to impose steep export duty on iron ore

MineWeb

May 21, 2013

The Iranian government is said to be negotiating a tax of up to 40% on iron ore exports to take advantage of a surge in sales to China.

Rubber bullets fired at SA mine strikers, several hurt

MineWeb

May 21, 2013

Germany's Laxness says the guards fired rubber bullets in self-defence into the ground in front of wildcat strikers at its chrome mine near Rustenburg.

Gold slips under $1,377 in wake of Bernanke, Fed’s minutes

Mining Gold

May 21, 2013

Increasing fears that the Fed is planning to halt bond-buying scheme dent gold's appeal.The post Gold slips under $1,377 in wake of Bernanke, Fed’s minutes appeared first on MINING.com.

Tiger hunts for new funding sources

Mining Weekly

May 21, 2013

Copper developer Tiger Resources was on the hunt for new capital after Nedbank Capital decided not to participate in an $80-million debt financing facility to partly fund the development of the Stage 2 solvent extraction and electrowinning plant at the Kipoi project, in the Democratic Republic of Congo. Tiger said on Tuesday that it was in discussions with international financial institutions to replace Nedbank, with the new participant expected to join FirstRand Bank as the co-arranger of the term facility.

AngloGold Ashanti ushers in new CFO, COO amid board reshuffle

Mining Weekly

May 21, 2013

In a bid to streamline its business, JSE-listed AngloGold Ashanti on Tuesday announced several changes to its executive leadership team, including the appointment of Richard Duffy as CFO and Ron Largent as joint COO, alongside current COO Mike O’Hare. Duffy would transition from his current position as executive VP of Continental Africa into the CFO role previously occupied by newly appointed CEO Srinivasan Venkatakrishnan (Venkat), from June 1.

Bullion bank led casino manipulates gold price – and everything else!

MineWeb

May 21, 2013

While the banking cartel tries to suppress gold prices, demand for the physical metal continues to increase.

Rousseff has support to raise Brazil mine royalty - Governor

MineWeb

May 21, 2013

The governor of Minas Gerais says President Dilma Rousseff will have support in Congress to raise mining taxes as she struggles to win backing from her allies on other key measures.

South Africa plans water pipeline to supply northern coal mines

MineWeb

May 21, 2013

The mines are in the Waterberg area, which contains about 75 billion metric tons of coal, or 40% of South Africa’s resources.

TSX rises despite gold's falling

THE NORTHERN MINER

May 21, 2013

The TSX Composite Index rode an up and down May 13–17 period and came out ahead as it gained 41 points to 12,613.12 points. The strength was built largely on sentiment that the U.S. economy continues to recover.

U.S. stocks move higher, May 13-17

THE NORTHERN MINER

May 21, 2013

U.S. markets continued their upward march marking their fourth straight week of gains. The Dow Jones Industrial Average advanced 235.91 points or 1.56% to close the May 13-17 trading week at 15,354.40, while the S&P 500 rose 33.77 points or...

How George Topping Is Profiting from Copper Price Volatility

The Gold Report

May 21, 2013

Everything you thought you knew about copper is wrong. Is it an economic barometer? Nope. Do copper warehouses decrease volatility? Hardly. Can investors play small-cap base metals producers for... Visit the aureport.com for more information and for a free newsletter

Tasman Metals receives mining lease for Swedish rare-earths project

Mining Weekly

May 21, 2013

European Union- (EU-) focused rare-earths project developer Tasman Metals on Tuesday announced it has received a 25 year mining lease for the Norra Karr heavy rare-earth element (REE) project in Sweden. Tasman said the mining lease gave the company the full mineral rights for the project for the period, which would then automatically be renewed in ten-year increments, should the mine be operational.

Bombardier implements train control technology at Swedish iron-ore mine

Mining Weekly

May 21, 2013

International minerals group Luossavaara-Kiirunavaara AB (LKAB) on Tuesday reported that it had inaugurated the deepest new production level at its Kiruna iron-ore mine, in northern Sweden. The company implemented rail technology company Bombardier Transportation’s Interflo 150 train control technology to enable operations 1 365 m below the surface at the world’s largest underground iron-ore mine.

Orbite shares bounce as new direction assume board positions

Mining Weekly

May 21, 2013

Following the immediate appointment of three independent directors to Canadian alumina producer Orbite Aluminae’s board, the company’s TSX-listed shares on Tuesday jumped more than 28% in value to make up some of the ground it had lost from the start of the year. Orbite announced Peter Crossgrove, Pascal Decary and Claude Lamoureux had joined the board and would be proposed for shareholder election at the company’s yearly general meeting scheduled for June 20.

Commodity supercycle is essentially over: Citigroup

Mining Gold

May 21, 2013

Group expects 2013 to be year in which “the death bells ring for the commodity supercycle after its duly noted sunset.” The post Commodity supercycle is essentially over: Citigroup appeared first on MINING.com.

Tanzania has enough diamond supply for the next 50 years: report

Mining Gold

May 21, 2013

Tanzania’s main diamond mine, Williamson, has a potential mine life of over 50 years, although the current mine plan only accounts for 18 years.The post Tanzania has enough diamond supply for the next 50 years: report appeared first on MINING.com.

Construction proceeding apace at Trevali’s Peruvian Santander project

Mining Weekly

May 21, 2013

The construction and initial commissioning of TSX-listed Trevali Mining’s Santander zinc/lead/silver mine, in west-central Peru, was proceeding apace after the delays encountered in April. Vancouver-based Trevali during April said critical electrical safety cells for the mill substation were delayed in Peruvian customs, necessitating the mill motors to be commissioned using secondary power sources, pending a connection to the mill substation.

Aureus updates New Liberty's feasibility study

THE NORTHERN MINER

May 21, 2013

Aureus Mining (AUE-T, AUE-L) has updated a definitive feasibility study for its fully-permitted New Liberty gold project in northwestern Liberia confirming promising economics for what could become the country’s first commercial gold...

Korean tungsten mine hangs in balance as Woulfe Mining faces cash crunch

Mining Weekly

May 21, 2013

Woulfe Mining, which is advancing development of the Sangdong tungsten mine, in South Korea, late last week said it was facing a cash crunch following a companywide investigation after the former executive management team resigned in February. The board and the acting CEO Hubert Marleau have initiated a comprehensive investigation into the company and its subsidiaries to ensure business continuity. Which had identified issues relating to liquidity and the ability of the company and its subsidiaries, including Sangdong Mining, to...

Alexco receives amended water use licence for Yukon mines

Mining Weekly

May 21, 2013

Vancouver-based Alexco Resource on Monday said it had received a water use licence amendment from the Yukon Water Board, which allowed Alexco to process mill feed from its Onek and Lucky Queen mines in the Keno Hill silver district, in the Yukon Territory. Alexco said production from these mines would add to that of its producing Bellekeno mine and was not included in the 2013 production guidance of between 1.9-million and 2.1-million ounces of silver.

World Crude Steel output rises by 1 2% to 132 mn tons in April 2013 Y Y: WorldSteel

Commodity Online

May 21, 2013

In the EU, Germany produced 3.7 mn tons of crude steel in April 2013, down by -0.9% on April 2012. Italy and rsquo;s crude steel production was 2.1 mn tons, a decrease of -11.6% compared to April 2012. Spain produced 1.4 mn tons of crude steel, an increase of 10.3% compared to April 2012. France and rsquo;s crude steel production was 1.2 mn tons, down by -12.3% on April 2012.

Barclays: Outcomes on Metal flows as China cracks down on Copper entrepot trade

Commodity Online

May 21, 2013

As a direct result, Barclays heard during meetings last week that banks in coastal areas have stopped issuing L/Cs for entrepot trade. They are also asking businesses to provide documentation on their trade flows, such as warehouse delivery slips, which may reveal that the copper has merely changed hands on paper but never moved physically.

Japan’s economy minister Amari: Hopes the market to find balance on exchange rate

Forex Live

May 21, 2013

Crossing the wires. Hopes FX market can find balance between impact on exports and imports No further comment on whether the correction in excessive yen strength is over But cant say when correction from strong yen will end

Fitch on Australia: Key risk to Australia is commodity price ‘disappointment’

Forex Live

May 21, 2013

From Fitch, crossing the wires: Australia’s public finances are a source of strength A key risk is commodity price disappointment Sees exports to China above government forecasts  

Japan’s economy minister Amari: May be hard to lower the corporate tax due to fiscal position

Forex Live

May 21, 2013

Amari speaking to reporters in Tokyo. - This comment is most likely aimed at supporting the JGB market – the ‘fiscal position’ is that Japan has enormous debt, reducing taxes and receiving less revenue would make debt payments that much … Continue reading →

Conference Board March Leading Index for Australia: +0.1% (vs. +0.3% prior)

Forex Live

May 21, 2013

The Conference Board Leading Economic Index for Australia in March +0.1% Improves for third consecutive month “Gains from building approvals, money supply, and the yield spread more than offset a negative contribution from stock prices” “strengths among the leading indicators … Continue reading →

Helicopter Pilot Can Barely Express Devastation Left By Oklahoma Tornado

Business insider

May 21, 2013

A tornado believed to have been at least an F4 (the second highest category) has torn through a town near Oklahoma city leaving utter carnage in its wake. Local news affiliate KFOR reports that the twister appeared have touched down in Newcastle, just south of Oklahoma City, before heading through the suburb of Moore. There have been deaths reported — at least 24 students in a demolished elementary school — and concerted search to find survivers is ongoing. It's the second...

The Bigger Story Behind the AP Spying Scandal

ZeroHedge

May 21, 2013

Attack on the Press You know that the Department of Justice tapped scores of phone lines at the Associated Press. You might have heard that the Attorney General of the United States isn’t sure how often reporters’ records are seized. You might have learned that the Department of Justice is prosecuting a whistleblower regarding North Korea … as well as the chief Washington correspondent for Fox News who reported on what the whistleblower told him.  As the Washington Post notes:...

Apple Meets The "Fairness Doctrine", Is Set To Pay A Whole Lot More In Taxes

ZeroHedge

May 21, 2013

Last September, when we exposed the heretofore unknown entity actively managing Apple's $100 billion+ in offshore held cash (and thus untaxed in the US), we made the following "bold" prediction: "with the topic of finding effective tax loopholes which are perfectly legal, yet which apparently are unfair, serving as the basis of the entire presidential race to date, what Apple can be absolutely certain of is that once the farce culminating on November 6 is over, the government's eye will...

The Arctic: The Final Energy Frontier

ZeroHedge

May 21, 2013

Via Stratfor's Chart of the Day, The Arctic is expected to become more important in the coming decades as climate change makes natural resources and transport routes more accessible. Satellite data collected since 1979 shows that both the thickness of the ice in the Arctic and range of sea ice have decreased substantially, especially during the summer months. According to the United States' National Snow and Ice Data Center, the amount of Arctic ice (usually at a minimum during September)...

Ambrose Evans-Pritchard: Italy’s industrial output falls back to 1970s

Forex Live

May 21, 2013

Another joyous and optimistic (sorry, typo) dark warning from the UK Telegraph’s Ambrose Evans-Pritchard, this time saying industrial output in Italy has fallen back to 1970s levels. Article: Italy’s industrial output falls back to 1970s Italy’s president Giorgio Napolitano has called … Continue reading →

Sophisticated Tornado Warning System Saved A Lot Of Lives In Oklahoma

Business insider

May 21, 2013

When a devastating tornado touched down in Moore, Oklahoma on May 20, locals had 16 minutes to get to safety before the mile-wide EF4 hit. Even that seemingly short warning system is enough to save a ton of lives. The Oklahoma City siren system, a network of 181 emergency warning sirens, was state-of-the-art when it went online in April, 2002. It cost $4.5 million to install the new system, which replaced the cold war-era sirens that covered only the most...

7 Tornado Apps For Your Smartphone That Will Alert And Protect You

Business insider

May 21, 2013

As many as 26 tornadoes ripped through Oklahoma, Kansas, Illinois and Iowa today, with Oklahoma City hardest hit. This was the second time this month a tornado hit Oklahoma City and the National Weather Service warns that millions are still at immediate risk for severe weather, from Texas to the Great Lakes. It is tracking storms moving eastward as far as the Gulf Coast and Northeast on Tuesday and Wednesday. One way to protect yourself is to download an app...

RBA May 7 monetary policy meeting minutes to be released at 0130GMT

Forex Live

May 21, 2013

AUD/USD is off ahead of the release of the minutes, but I would humbly suggest there is no cause and effect relationship at work – its all about USD strength this morning.

UBS cuts its China GDP forecast (2013) to 7.7% from 8%

Forex Live

May 21, 2013

Amari the enemy of stable FX prices – and some order updates

Forex Live

May 21, 2013

Bless him His seeming backtracking on his weekend’s comments have seen USD/JPY strengthen in the Tokyo morning, and with it USD strength back in. AUD/USD has fallen quite hard, through some bids around 0.9800 and is off another 20 points. … Continue reading →

Apple executives to take on lawmaker assertions on tax avoidance

FUTURESMAG

May 21, 2013

Apple Inc. CEO Tim Cook will face off against U.S. senators leveling accusations that iPhone maker is avoiding paying billions of dollars in U.S. taxes.

U.K. regulator hits back at bonus cap as EU readies expansion

FUTURESMAG

May 21, 2013

The top U.K. markets regulator criticized a European Union cap on banker bonuses as the bloc’s banking watchdog prepares to expand the limits.

These Are The Most Compelling Google Glass Concepts We've Seen So Far (GOOG)

Business insider

May 21, 2013

Google Glass is still in its infancy and has a few kinks to work out, but the potential for Glass in society is astronomical.  Some "Glass Explorers" — developers, basically —over at digital creative agency Playground Inc came up with some conceptual use-cases for Glass should the platform fully mature. Some of what Playground envisions jibes with some of the apps Google employees would like to see run on Glass. But in other cases, Playground takes Glass to a whole...

BofA: A 'New Berlin Wall' Has Been Erected In Europe

Business insider

May 21, 2013

The relative calm in recent weeks belies the huge distortions that continue to plague the global economy and markets. Michael Hartnett, Bank of America Merrill Lynch's Chief Investment Strategist, recently published a report loaded with unconventional charts intended to communicate how the world is changing. In a slide titled "The new Berlin Wall," Hartnett presented this chart showing how German bond and stock prices have surged as the young people in Portugal, Italy, Greece, and Spain have suffered. Many consider...

WTF Chart Of The Day: "It's All About The Earnings"

ZeroHedge

May 21, 2013

"Earnings are the mother's milk of the stock market," is the oft-repeated anthem of a million marching lemmings; parroting the same phrase come hell or high-water in the dismal hope that they can gather moar assets-under-management, garner moar fees, and make moar TV appearances. However, as the chart below shows, we suspect perhaps given the reality of earnings expectations that the new normal mantra for stocks-for-the-long-term should be - "Central Bank liquidity is the PCP of the stock market."  ...

RBA minutes of May 7 policy meeting released; CPI outlook is subdued and gave scope to cut rates

Forex Live

May 21, 2013

Corn, soybeans, wheat watch planting pace, weather

FUTURESMAG

May 21, 2013

The trade is watching how much crop is getting in the ground, as weather becomes a major factor in short-term price moves.

RBA May 7 policy board minutes – link to full text

Forex Live

May 21, 2013

Minutes of the May 2013 Monetary Policy Meeting of the Reserve Bank Board

RBA May 7 policy board minutes summary

Forex Live

May 21, 2013

There’s no surprise in the minutes: CPI outlook is subdued and gave scope to cut rates Rate cut ‘appropriate’ to allow sustainable growth Effects of stimulatory policy ‘continuing to emerge’ Conscious of stronger housing, says credit growth subdued Labor market … Continue reading →

CBS Pulls Tornado-Themed 'Mike & Molly' Season Finale

Business insider

May 21, 2013

"Mike & Molly" fans won't be seeing Monday's season finale episode, which was scheduled to debut at 9:30 p.m. CBS has pulled it in light of Monday's devastating tornado in Oklahoma. "Due to the tragic events this afternoon in Oklahoma, we are pre-empting tonight’s season finale of 'Mike & Molly,' which has a related storyline," a CBS spokeswoman told TheWrap. "A repeat broadcast of 'Mike & Molly' will run in the time period. The season finale will be broadcast at an...

Everything You Need To Know About iPhone 5S (AAPL)

Business insider

May 21, 2013

Apple's next iPhone is expected to arrive at the end of this summer. To get you up to speed on what people think Apple will announce, we've put together this slideshow. The rumors include a better camera, fingerprint scanning technology and a low-cost option for Eastern markets.It is expected to look exactly like the iPhone 5... But that doesn't mean it will be exactly the same as the iPhone 5. The next iPhone's internals are going to be totally,...

Incredible Footage Of China Demolishing Miles Of Elevated Road In Just A Few Seconds

Business insider

May 21, 2013

China is about more than massive infrastructure build-outs. Some things have to come down. "This was the scene in Wuhan as three-and-a-half kilometers of elevated road came down," wrote Bloomberg about this incredible demolition footage.  "The viaduct was only built in 1997 as part of the main highway between Shanghai and Tibet. Check out this video from Bloomberg.com: SEE ALSO: 29 Crazy Things That Only Happen In China > Please follow Clusterstock on Twitter and Facebook.Join the conversation about this story...

Bitcoin – The Tyranny Test

ZeroHedge

May 21, 2013

Via Paul Rosenberg of Free-Man's Perspective blog (via Jim Quinn's Burning Platform blog), An increasing number of people have complained about governments and central banks in recent years, even using the word “tyranny” to describe them. They are, of course, called names in the establishment press: conspiracy theorists, mainly. Calling someone a name, however, does not erase their argument (at least not among rational people) and both the governments and the big banks stand accused. Up till now, however, these...

Bloomberg article: RBA Cut Rate to Boost Business; Households Start to Respond

Forex Live

May 21, 2013

Bloomberg have been quick to get up an article on the RBA May 7 policy board meeting minutes. My quick summary is here too. - On mining investment and capex, a key concern going forward: “Members noted that the nature … Continue reading →

Germany Fires Live Ammo In Sino-European Trade War ... At Brussels

Testosteronepit

May 21, 2013

The solar-panel industry, once fattened by taxpayer subsidies and false hopes, has been in a death spiral around the world. In the US, a slew of photovoltaic standouts like Solyndra went under, taking billions of subsidies and investor capital with them. In Germany, it has been just as brutal. Even large companies are licking their wounds.

Russia Adds Two More Warships To Mediterranean Task Force Near Syria

ZeroHedge

May 21, 2013

A few days when reporting that the Russian Pacific fleet had crossed the Suez canal for the first time in decades in order to form a Mediterranean task force parked in Cyprus for obvious symbolic reasons (in close proximity to Syria and the Israel-parked Kearsarge), some observed that while the submarine support was adequate, the actual warship fleet designated to support any potential escalation in Syria would be largely insufficient. Perhaps the Russian Navy heard these complaints, and several hours...

Reuters – Amari: The weekend comments were misread. He didn’t say it in the way it was reported in English

Forex Live

May 21, 2013

Reuters reports: “The weekend comments were misread. He didn’t say it in the way it was reported in English,” said a Japanese market participant. “But the recent strength (of the dollar) is faster than expected, that’s why I think they’re … Continue reading →

Australian dollar subdued after RBA minutes

Forex Live

May 21, 2013

There wasn’t anything in the minutes of the may 7 policy meeting we didn’t already know. There is little there indicative of direction for the June meeting (due June 4). The Australian dollar has done little since the release. Offers … Continue reading →

Former Italian PM Monti: Italy is not heading for another election in the next 6 months

Forex Live

May 21, 2013

Mario Monti comments reported from him speaking in Singapore

'Crazy Ants' That Eat Electrical Equipment Are Taking Over The Southeast

Business insider

May 21, 2013

A new invasion of circuitry-eating "crazy ants" is beginning to wreak havoc in the Southeastern US. "These ants, commonly called Rasberry crazy ants, probably will be the worse insect that we've ever had to deal with in this part of the United States," pest control expert Tom Rasberry, who first saw the mystery invaders, told The Texas Country Reporter. The ants are called crazy because of their random, nonlinear movements when looking for food, as opposed to the orderly formations...

The Job Market of 2045: What will we do when machines do all the work?

The Big Picture

May 21, 2013

Reserve Bank of New Zealand 2-year inflation expectation results for Q2 out at 0300GMT

Forex Live

May 21, 2013

The prior quarter results showed expectations at 2.2% Any increase in expectations could bring forward thoughts of RBNZ rate hikes and will be supportive for NZD.

Italian ex-PM Monti: Sees ‘remarkable’ continuity of Italian government policy

Forex Live

May 21, 2013

Also Says that the Eurozone is better equipped to deal with further crises Its urgent that EU implements growth compact policies - Given the focus on what a political basket-case Italy had become, and the potentially devastating impacts on the … Continue reading →

The Rise And Fall Of JP Morgan's Jamie Dimon, America's Most Powerful Banker

Business insider

May 21, 2013

JP Morgan is sometimes called 'The House of Dimon' for the all encompassing presence of its CEO, Jamie Dimon. For years he has been unquestionably the most powerful banker in the United States, and as such, the de facto voice of Wall Street. But over the last year that has slowly changed. His friends in Washington are deserting him, and tomorrow, JP Morgan shareholders will vote on whether or not he should keep his total grip on the bank. Dimon...

Apple's Tax-Dodging Techniques Do Indeed Sound Quite Spectacular

Business insider

May 21, 2013

Apple CEO Tim Cook is going to get raked over the coals by Congress for the company's spectacular tax-dodging techniques. No one is suggesting that any of these techniques are illegal. No one is suggesting that Apple is doing anything that any number of other massive multi-national companies aren't doing. And no one is suggesting that companies should voluntarily pay more taxes than they absolutely have to pay. But boy are Apple's tax-dodging techniques effective. And, boy, do they make...

Guest Post: The Coming Collapse Of The Petrodollar System

ZeroHedge

May 21, 2013

Authored by Andrew McKillop, PETRODOLLAR WAR The theory of Petrodollar Warfare can be attributed to US analyst and author William R Clarke, and his 2005 book of that title which interpreted the US-UK decision to invade Iraq in 2003. He called this an "oil currency war", but the concept of the petrodollar system and petrodollar recyling dates back to the eve of the first Oil Shock in 1973-1974. The role of the petrodollar system as a driving force of US...