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Dec 12, 2010

South Korea fishing boat sinks in Southern Ocean: BBC News

South Korea fishing boat sinks in Southern Ocean

A South Korean deep sea trawler has sunk in the Southern Ocean, killing four crew members, officials say.
Rescue officials said 18 of the 42-man crew remain missing, while 20 have been rescued.
The ship is said to have gone down more than 2,000km (1,250 miles) south of New Zealand.
Eight of the crew were South Korean; eight Chinese, 11 Indonesians, three Filipinos and one Russian were also on board, Seoul's Yonhap news agency said.
South Korea's foreign ministry said the 614-tonne ship sunk at around 0430 South Korean time on Monday (1930 GMT on Sunday).
Twenty sailors were rescued by another fishing boat operating nearby, the South Korean foreign ministry said in a statement.
Seoul said it had asked New Zealand to help in the rescue effort.
New Zealand's maritime spokesman Ross Henderson told AFP that all vessels in the remote area had been told to go to the site to help search for survivors. A helicopter has also been sent to the area, he said.
There had been no distress call before the ship sunk, he added.

Central banks have rigged gold for decades, Rickards tells interviewer | GATA : THE GATA DISPATCHES

Central banks have rigged gold for decades, Rickards tells interviewer

Submitted by cpowell on 10:08AM ET Sunday, December 12, 2010. Section: Daily Dispatches 1p ET Sunday, December 12, 2010
Dear Friend of GATA and Gold (and Silver):
Western central banks have been surreptitiously manipulating the gold market for 60 years, market analyst James G. Rickards tells the German journalist Lars Schall in a wide-ranging interview published at ChaosTheorien today.
Central banks, Rickards tells Schall, "like to say that they don't have gold activities and denigrate the role of gold in international financial transactions. But in fact they are active. ... When you try to manipulate the market, the more secrecy the better."
Schall's interview with Rickards also covers the international currency war between the dollar and euro blocs and China and emphasizes the risk to Germany in continuing to keep the bulk of its gold reserves in the United States.
The interview is headlined "The Central Banks Don't Consider It Manipulation; They Consider It Part of Their Job" and you can find it at ChaosTheorien here: p_lifecyc...
Or try this abbreviated link:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Taxpayers asked to shoulder more risk: Financial & Forex Info News : Financial & Forex Info News | The Australian Business News

Taxpayers asked to shoulder more risk
Glenn Stevens UPDATED: Geoffrey Rogow RBA governor Glenn Stevens warned today of "unintended consequences down the track" from the government's proposals on banking reform.
Transfield buys Easternwell for $575m
construction Ross Kelly TRANSFIELD Services said today it has agreed to acquire Australian well services company Easternwell for $575 million.
Pike River Coal in receivership
Pike River Coal mine UPDATED Rebecca Howard JUST weeks after a series of explosions killed 29 miners in New Zealand the mine's owner, Pike River Coal, was placed in receivership.
China won't 'blindly' pursue growth
China Aaron Back BEIJING says the nation must not "blindly" pursue a high growth rate, but rather should prioritise tasks such as stabilising prices.
Drill results incorrect: Blackthorn
Gold drill David Fickling INVESTORS punished Blackthorn Resources today after it admitted drill results from its BHP Billiton joint venture were incorrect.
MEO plunges 60pc on empty Artemis-1
gas Ross Kelly MEO Australia shares plunged 60 per cent after it said no gas was found at a key exploration well offshore from Western Australia.
Brokers shamed by $36,890 shout
Aus Bus Pix alcohol shot glasses Leo Lewis A TOKYO civil servant humbled brokers missing out on their annual bonus by buying a record $36,890 round of shots at the Geronimo bar.
Packer fighting fit for growth in 2011
James Packer EXCLUSIVE James Chessell JAMES Packer remains in a strong position to increase his key gaming and media investments in 2011.
Financial Markets
Shares rise as reform boosts banks
ASX THE Australian sharemarket was higher by early afternoon as banks and miners led the charge after a solid lead from Wall Street.
Help the euro, Merkel asked Czech PM
Banks welcome move on covered bonds
Financial Markets Coverage
Mining & Energy
China First indigenous plan signed
Clive Palmer WARATAH Coal has signed an agreement with indigenous groups ahead of its $8 billion China First coal project in central Queensland.
Drill results incorrect: Blackthorn
Pike River Coal in receivership
More Mining & Energy Coverage

Financial & Forex Info News (F & F I N ) | The Australian Capital Circle

Capital Circle Newsletter

Not a silver bullet, not even a copper bullet
Treasurer Wayne Swan's banking reform package has finally been released - but the reception has been mixed.

The chief executives of three of the country's big banks will front a Senate inquiry this week, including NAB boss Cameron Clyne today.
While the inquiry gets under way, WAYNE Swan has pledged to bring down interest rates with a package of banking measures he says will increase competition. This will bring relief to mortgage holders and businesses. The Treasurer yesterday announced a raft of reforms that opens new avenues of funding for smaller lenders, cracks down on banks signalling their rate movements and bans mortgage exit fees. (Matthew Franklin and Siobahn Ryan report)
The full package.
Portability: BANK account numbers may be made portable between banks after an inquiry by a former Reserve Bank chief. The inquiry, to be headed by Bernie Fraser, is a key part of government measures aimed at taking on the big four banks. But the package is already being derided by the banks' competitors as ''not a silver bullet, not even a copper bullet''. (Peter Martin and Eric Johnston report)
Why reform? MORE than six families lose their homes every working day in NSW- the victims of super-sized rate rises. Thousands more on the brink are unlikely to be saved by Treasurer Wayne Swan's reforms, launched yesterday under the banner of a strike against the major banks and a victory for borrowers. (Andrew Carswell, Simon Benson and John Rolfe report)
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Wikiwatch: AUSTRALIAN intelligence agencies fear that Israel might launch military strikes against Iran and t