Monday, August 26, 2013

Asian Nations using FX Reserves to prevent Currencies Crashing

Aug. 26 (Bloomberg) -- Sean Callow, a Sydney-based senior currency strategist at Westpac Banking Corp., talks about the region's currencies and his investment strategy. Callow speaks with Zeb Eckert on Bloomberg Television's "First Up."

South African Gold Miners Threaten Strike


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Two of four South African unions representing labor at wage talks with gold producers are holding out for a revised offer by the companies before deciding on whether to declare a strike.

The NUM has asked for a 60 percent increase in wages for entry-level jobs. South Africa’s annual inflation rate was 6.3 percent in July. Strikes could cost the gold industry 349 million rand ($34 million) a day in revenue, according to the chamber.

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Secret NSA docs show wiretapping of UN

From RussiaToday

Eric Sprott - "We are in a Silver Bull Market"

Eric Sprott discusses the recent move in the metal and mining shares prices as well as the decaying US economy. Listen the KWN interview here

Robert Mugabe makes Platinum Investors Smile

Robert is at it again, making Platinum investors smile, whilst destroying the last vestiges of his country's economy.


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Zimbabwe's long-serving president Robert Mugabe has threatened to expel foreign-owned companies over what he said was the west's interference in the politics of the country he has led since 1980.

Mugabe said on Sunday he wanted no "ideas from London or Washington", speaking before supporters at the funeral of a military chief in Harare.

He warned the west that although his government had not "done anything to your companies, time will come when we will say tit for tat".

He said: "You hit me, I hit you. We have a country to run and we must be left free to run it."

Britain, the former colonial power, the European Union and the US have refused to endorse Mugabe's landslide victory in the 31 July elections, citing evidence of vote-rigging. The west maintain economic restrictions on Mugabe and leaders of his ruling party.

Mugabe insists his party won "a resounding mandate" in the last election and denies allegations of voting fraud.

Zimbabwe's state election panel said Mugabe won the elections with 61% of the presidential vote.

Mugabe, who was sworn in on Thursday for another five-year term at the age of 89, said "there will come a time when we lose our patience" with the west's pressure for democratic reforms.

"I want to assure you our attitude will not continue to be passive," Mugabe said Sunday. "We have had enough and enough is enough."

Since winning another term, Mugabe has vowed to push ahead with a black empowerment programme to force foreign and white-owned businesses to cede 51% ownership to black Zimbabweans. Some economists warn that the programme will trigger another economic downturn similar to that Zimbabwe suffered after Mugabe's government seized white-owned farms in 2000.

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