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Jun 22, 2012

GATA | THE GATA DISPATCH: Bolivia seizes Glencore's Colquiri mine

Bolivia seizes Glencore's Colquiri mine

By Philip Aldrick
The Telegraph, London
Friday, June 22, 2012

http://www.telegraph.co.uk/finance/newsbysector/industry/mining/9350114/...
Glencore has demanded compensation from Bolivia after the country's left-wing government nationalised one of the commodities group's tin and zinc mines.

The company warned President Evo Morales that his actions risked driving out foreign investment, saying it "strongly protests the action and reserves its rights to seek fair compensation pursuant to all available domestic and international remedies."

Mr Morales has already seized the country's natural gas and electricity industries under a policy of resource nationalism that has swept across South America from Ecuador to Argentina.
However, his intervention at the Colquiri mine came only after the government had to deploy hundreds of soldiers to stop violent clashes in which 18 workers were injured. The violence began when nearby co-operative workers seized control of the site last month.

The government had been renegotiating terms with Glencore under which the government's share of total earnings would have risen from 77 to 79 percent and Glencore would have committed to invest more than $160 million in the industry over the next five years, including $56 million in Colquiri.
After the clashes, which echoed battles six years ago that left 17 people dead, the unions called on the government to nationalise the mine to restore order.
In response, Alvaro Garcia Linera, the vice president, this week revoked Glencore's licence and signed an agreement between the workers, the state, and the co-operatives. He said: "We're recouping a company that belonged to the state and now returns to state hands, and we're democratically resolving the contradiction between two factions of the Bolivian population -- co-operative workers and salaried employees. We're not going to hand our country to foreigners who destroyed Bolivia and left it stagnating for 20 years."
The mine, which produced 2,000 tonnes of tin concentrate last year, was acquired by Glencore in 2005. Analysts said it was "not particularly significant," but the troubles contributed to an 8 percent fall in Glencore shares over the week as they came alongside concerns over whether its merger with Xstrata would go through.
A spokesman for Glencore, which has invested $250 million in the Bolivian mining industry, said: "The action will pose a number of serious questions relating to the government's future policy toward foreign investment in the mining sector."

* * *

Join GATA here:
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Monday-Wednesday, June 25-27, 2012
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http://www.cambridgehouse.com/event/toro

GATA | THE GATA DISPATCH: Farage expects repression in Europe; Saut sees EU reflation prompting similar Fed move

Farage expects repression in Europe; Saut sees EU reflation prompting similar Fed move

At King World News, European Parliament member and United Kingdom Independence Party leader Nigel Farage predicts that European leaders will resort to political repression to try to keep the euro project together as the mathematics of bank bailouts keeps failing. An excerpt from the interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/6/22_Ni...
Meanwhile, Raymond James chief investment strategist Jeffrey Saut tells King World News that he expects that the European Union will attempt a reflation of 2 trillion euros, forcing the U.S. Federal Reserve to undertake a similarly massive reflation to prevent a sharp rise in the dollar. An excerpt from the interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/6/22_Sa...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

GATA | THE GATA DISPATCH: GoldCore, TF Metals Report note GATA appearance on CNBC Asia

GoldCore, TF Metals Report note GATA appearance on CNBC Asia


Friday's commentary by Mark O'Byrne at GoldCore takes note of your secretary/treasurer's appearance earlier in the day on Bernie Lo's program on CNBC Asia:

http://www.goldcore.com/goldcore_blog/central-bank-gold-manipulation-%E2...

So does Turd Ferguson in his Friday commentary at the TF Metals Report, also putting in persepctive the the recent declines in gold and silver and compiling some of the recent headlines that have reported the world's slow turn away from the U.S. dollar:
http://www.tfmetalsreport.com/blog/3937/friday-odds-and-ends

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

NYT Global Update: Leaders Vow to Defend Euro, but Hint at Rifts on How

Global Update



TOP NEWS

Leaders Vow to Defend Euro, but Hint at Rifts on How

By ELISABETTA POVOLEDO and STEVEN ERLANGER
The leaders of Germany, France, Italy and Spain said they would use all means necessary to protect the common currency, but there is clear disagreement over what measures to take.

Witnesses Describe Brazen Attack on Resort Hotel Near Kabul

By HABIB ZAHORI, ROD NORDLAND and ALISSA J. RUBIN
Driving up to the hotel disguised as women in burqas, seven Taliban insurgents stormed through a popular lakeside resort, killing at least 20 men and boys, witnesses and officials said.

Mass Killing Reported in Northern Syria, Apparently a Rebel Ambush

By DALAL MAWAD
More than 25 men were found shot to death on Friday near the city of Aleppo in unclear circumstances, but what appeared to be a rebel ambush, according to state media and opposition activists.
Science

Video: Thoughts from New York on Rio+20

What do people in New York City have to say about the Rio+20 Earth Summit? We went to Midtown Manhattan to find out.
Opinion

Op-Ed Contributor

Normal as Folk

By DAVID M. HALPERIN
Gay culture is not just an affectation. It is an expression of difference through style - a way of carving out space for an alternate way of life.
WORLD

Military Warns Against Threats to Egypt's 'Higher Interests'

By DAVID D. KIRKPATRICK
The warning came just as tens of thousands of demonstrators flooded into the capital's Tahrir Square for the fourth day of demonstrations against the dissolution of Parliament and reassertion of their power.

Turkey Says One of Its Warplanes Is Missing Near Syria

By THE ASSOCIATED PRESS
Syrian vessels joined a search for a missing Turkish military jet that apparently went down Friday in the eastern Mediterranean, Turkey's state-run television said.

Pakistani Parliament Elects New Prime Minister

By DECLAN WALSH
The election of Raja Pervez Ashraf offers a brief respite after days of judicial intrigues and political turbulence that had shaken the country's fragile democratic foundations.
BUSINESS

Iceland Plans to Join European Bloc Despite Economic Turmoil

By PAUL GEITNER
The country, which is recovering from a banking crisis and recession, was optimistic the crisis would be solved.

Talks May Test Partnership Between a Weak France and a Strong Germany

By STEVEN ERLANGER
President François Hollande of France is portrayed as ready to do battle with the German chancellor, Angela Merkel, but the relationship is much more nuanced.
TECHNOLOGY

To Settle Lawsuit, Facebook Alters Policy for Its Like Button

By SOMINI SENGUPTA
To resolve a class-action suit, Facebook has agreed to give its users the choice to avoid potentially appearing in advertisements just for clicking the social network's like button.
DealBook

S.E.C. Looking At Possible Violations by Exchanges

By BEN PROTESS, EVELYN M. RUSLI and MICHAEL J. DE LA MERCED
An investigation into the day Facebook shares began trading on Nasdaq has raised attention to fears that missteps by exchanges are causing investors to lose confidence in the markets.

Level of Music Label Power Is Debated in Senate Hearing

By BEN SISARIO
The hearing's purpose was to examine the effects of a proposed $1.9 billion deal in which the Universal Music Group would acquire the record labels of EMI,
SPORTS

Ivan Lendl Gets Back to Tennis

By PETER de JONGE
Can the cranky old coach lead Andy Murray to his breakthrough win at a Grand Slam tournament - and lift Wimbledon's curse on British tennis players?

20 Years Later, Agassi Recalls Ecstasy and Agony of Victory

By CHRISTOPHER CLAREY
In 1992, Andre Agassi finally showed all the doubters, himself included, that he truly did have the right Grand Slam stuff in what was supposed to be the wrong place: Wimbledon's Centre Court.

A Rare Summer Stretch in the Grass

By CHRISTOPHER CLAREY
Wimbledon begins Monday at the All England Club, and several weeks later most of the world's best tennis players will return for an encore when the Olympic tournament is played in the same spot.
U.S. NEWS

Archbishop's Aide Guilty of Endangerment in Abuse Case

By JON HURDLE and ERIK ECKHOLM
Msgr. William J. Lynn, in Philadelphia, became the first senior Roman Catholic official in the United States to be convicted for covering up child sexual abuses by priests in his charge.
Political Memo

With Elections Awash in Cash, There's Blame to Go Around

By JOHN HARWOOD
The Citizens United decision is often cited as a major factor in the rising tide of money into elections, but President Obama played a role, too.

In Oregon, Test Case for Health Overhaul, Better Care at a Cost

By ANNIE LOWREY
Researchers say Oregon's lottery system for granting health insurance has made it the best place to study the costs and benefits of the federal health care law.
OPINION
Op-Ed Contributor

The Only Way to Help Congo

By SÉVERINE AUTESSERRE
The international community has failed to stabilize Congo because it has neglected a main cause of violence: local power plays.
Editorial

Sanctions Against Iran

With new penalties from the United States and the European Union about to go into effect, there is still time to keep pushing and talking.
Latitude

Pakistan's Ménage-à-Trois

By HUMA YUSUF
While Pakistan's politicians, generals and judges play tug of war, each in the name of the people, no one is looking out for the country's welfare.

DealBook | DealB%K Afternoon Edition: Bain Capital Buys Half of Japanese TV-Shopping Company


Friday, June 22, 2012
TOP STORY
Bain Capital Buys Half of Japanese TV-Shopping Company: Bain Capital agreed on Friday to buy 50 percent of one of Japan's biggest television shopping companies marking the latest move by the private equity firm into that country. Bain is acquiring the stake in the company, the Jupiter Shop Channel Company, from Sumitomo. The firm is paying more than $1 billion, a person briefed on the matter told DealBook. Through the acquisition, Bain will buy a piece of one of Japan's fastest-growing retail companies. Founded in 1996, Jupiter currently controls about 30 percent of the country's TV-shopping market, according to Sumitomo. It draws an audience of about 27 million households across Japan, though it is available only in about half of the country's households. Jupiter generated about 120.9 billion yen, or $1.5 billion, in sales for the fiscal year that ended in March.
  • DEALBOOK »
  •  
  •  
    TOP STORY
    Bain Capital Buys Half of Japanese TV-Shopping Company: Bain Capital agreed on Friday to buy 50 percent of one of Japan's biggest television shopping companies marking the latest move by the private equity firm into that country. Bain is acquiring the stake in the company, the Jupiter Shop Channel Company, from Sumitomo. The firm is paying more than $1 billion, a person briefed on the matter told DealBook. Through the acquisition, Bain will buy a piece of one of Japan's fastest-growing retail companies. Founded in 1996, Jupiter currently controls about 30 percent of the country's TV-shopping market, according to Sumitomo. It draws an audience of about 27 million households across Japan, though it is available only in about half of the country's households. Jupiter generated about 120.9 billion yen, or $1.5 billion, in sales for the fiscal year that ended in March.
    • DEALBOOK »
    •  
    •  
      DEALBOOK HIGHLIGHTS
      Barclays Names Chief Operating Officer: Barclays said on Friday that it had named its investment banking co-head, Jerry del Missier, to the newly created position of chief operating officer.
      America Movil Spends $1.59 Billion to Lift Stake in KPN: The Mexican mobile operator extended its foothold in Europe after it paid $1.59 billion to increase its stake in the Dutch telecoms company KPN to 20.9 percent.
      Europe Bank Shares Rebound After Cuts: Reacting to credit downgrades for the world's largest financial institutions, Europe's banks initially traded lower on Friday and then rebounded by late morning.
      BUZZ TRACKER
      Forstmann's New York Penthouse Sells for $40 Million: The Upper East Side penthouse owned by the estate of Theodore J. Forstmann, the financier and philanthropist who died in November, sold for $40 million to Laure Sudreau-Rippe, a lawyer living in Westport, Conn., according to property records filed on Thursday. The broker, Meredyth Smith, told Bloomberg News that the 4,000-square-foot duplex, which overlooks Central Park, sold for 11 percent more than its asking price.
      LOOKING AHEAD
      More than a month after the Facebook debacle, four initial public offerings may come to market next week, including the energy company EQT Midstream Partners. On Thursday, leaders of the European Union hold a summit meeting in Brussels. 
    •  

CBS NEWS | Political Hotsheet Top Stories: Obama challenges Romney on DREAM Act

The CBS News Political Hotsheet newsletter

CBS POLITICAL HOTSHEET TOP STORIES



The president blasts his Republican challenger for once promising to veto immigration bill
Read full story
Obama challenges Romney on DREAM Act

Hotsheet Live: Healthcare verdict, Latinos key to Obama victory Reporters roundtable on the importance of the upcoming Supreme Court decisions on health care and immigration

Mary Cheney marries longtime partner Dick Cheney's openly gay daughter wed Heather Poe in Washington on Friday

Poll: Same-sex marriage views pose little risk to Obama A new poll shows Mr. Obama's support for same-sex marriage hasn't really changed national views on the issue

New Romney ads focus on his Romney makes specific promises for voters in Virginia, Iowa, Ohio and North Carolina

Stocks and Markets in the News | Wall Street at Close: U.S. stocks end higher; Nasdaq up on week

U.S. Markets Headlines

Wall Street bull -
MarketWatch top 10 stories June 18 - 22 The three major U.S. stock indexes ended the week mixed as the tech-heavy Nasdaq eked out a modest gain while the S&P 500 and the Dow Jones Industrial Average average fell after the latter suffered it second worst point loss of the year on Thursday.
4:58 p.m. Today
 
Traders work on the floor of the New York Stock Exchange in New York, June 7, 2012. U.S. stocks jumped at the open on Thursday after China's central bank cut bank lending and deposit rates, fueling hopes of simultaneous action to aid a flagging global economy. REUTERS/Keith Bedford (UNITED STATES - Tags: BUSINESS) - Reuters
U.S. stocks close higher; Nasdaq gains on week Stocks close higher on Wall Street after the European Central Bank says it will take further steps to ease loan collateral for banks. Strength lifts Nasdaq back into the black for the week.
4:57 p.m. Today
 
University of Phoenix -
Stocks to watch Monday: Apollo, Fuller Among the stocks that could see active trade in Monday’s session are Apollo Group, H.B. Fuller and Synnex
4:39 p.m. Today
 
2003-2005 Ford E-450 Ryder photographed in Dorval, Quebec, Canada.
 
 public domain -
Friday’s biggest gaining and declining stocks MarketWatch’s daily rundown of major advancers and losers in the U.S. stock market.
4:33 p.m. Today
 
FarmVille. -
Tech stocks end week on a high note Facebook, Zynga among advancers as sector puts in a slate of broad gains
4:31 p.m. Today
 
Venezuelan oil workers drill a new well in Mena Grande of the oil rich eastern state of Zulia September 19, 2000. Oil prices hit new 10-year highs just a week before OPEC heads of state are due to meet in Caracas amid protests over high fuel prices in western Europe. - Reuters
Oil ends higher, but loses more than 5% in week Crude-oil futures gain, recovering some ground following sharp losses in the previous sessions, but end with a weekly loss of more than 5%.
4:14 p.m. Today
 
U.S. stocks end higher; Nasdaq up on week
 
SAN FRANCISCO (MarketWatch) -- U.S. stocks finished higher Friday, recouping a portion of the hefty losses they saw in the previous session as investors cheered news that the European Central Bank would take further steps to ease loan collateral for banks. The Dow Jones Industrial Average rose 67 points, or 0.5%, to close at 12,640.86, but fell 1% for the week, while the S&P 500 added 10 points, or 0.7%, to 1,335.02, losing 0.6% for the week. The Nasdaq Composite rose 33 points, or 1.2%, to 2,892.42, ending the week 0.7% higher. The gains helped lift the Nasdaq back into the black for the week, but the Dow industrials and S&P 500 fell from last Friday's close. The market rallied "on short covering from the selloff from [Federal Reserve Chairman Ben] Bernanke's disappointing game of 'Twister' instead of a full blown QE3, some relief that the bank downgrades didn't spell out disaster and news from Europe that it is loosening their collateral requirements," said Keith Springer, president of Springer Financial Advisors.
4:12 p.m. Today

Stocks and Markets in the News | After hours - MarketWatch

By Carla Mozee, MarketWatch 

LOS ANGELES (MarketWatch) — Facebook Inc. and Zynga Inc. shares remained active Friday evening, with Facebook’s stock slightly adding to dayside gains that marked their best advance in a week. 

Weidner: So long, Wall Street MarketWatch's David Weidner is saying goodbye to Wall Street as he heads west. He stops by Mean Street with lessons he's learned in 15 years of covering Wall Street titans.

Late-traded Facebook shares FB +3.80%  were up 0.2% at $33.11 on heavy volume of nearly 14 million shares traded. The shares closed the regular session up 3.8%, with Nomura Equity Research late Thursday initiating coverage of the social-networking company with a buy rating and $40 price target.
In after-hours trading, shares of Zynga Inc. ZNGA +4.81%  edged up a penny to $6.01 in active late-session volume of nearly 540,000. Shares of the company, which receives the majority of its revenue from its relationship with Facebook, jumped 4.8% during the day. Earlier, Lazard Capital Markets told clients that Zynga’s recent games, such as “Bubble Safari” and “Ruby Blast,” could “drive up usage in the near term and allay investors’ concerns about declining usage.” Read more about Friday's action in Tech Stocks, 
 
Tech stocks finished higher on Friday, pulling the Nasdaq Composite Index COMP +1.17%  back into positive territory for the week. The Dow Jones Industrial Average DJIA +0.53%  and the S&P 500 Index SPX +0.72%  also closed higher in the daily session after the European Central Bank said it would take further steps to ease loan collateral for banks. But the blue-chips index and the large-cap index each finished the week with losses. See more in Market Snapshot. 
 
Carla Mozee is a reporter for MarketWatch, based in Los Angeles.

NYT Books Update: Banner Days

Books Update



On the Cover of Sunday's Book Review

'Victory: The Triumphant Gay Revolution'

Linda Hirshman's popular history traces the gay rights movement from the early 20th century to the present.
ADVERTISEMENT

Also in the Book Review

'Mission to Paris'

An actor stumbles into the clutches of Nazi conspirators in Alan Furst's thriller.
Mario Vargas Llosa

'The Dream of the Celt'

A Nobel laureate reimagines the life of the human rights advocate and Irish nationalist Roger Casement.

'Seating Arrangements'

A WASP clan performs its tribal rituals in this first novel.
Susan Sontag

'As Consciousness is Harnessed to Flesh'

The second volume of Sontag's diaries looks behind the mask.

'Mrs. Robinson's Disgrace'

Kate Summerscale looks at an early divorce case for insight into Victorian novels, health fads and views of marriage.
A protest against school integration in Little Rock, Ark., in 1959.

'The Harm in Hate Speech'

A legal philosopher urges Americans to punish hate speech.

'Finance and the Good Society'

The way to a stronger economy is to encourage the financial industry, Robert J. Shiller argues.
Witold Pilecki with his nephew, not long before volunteering to enter Auschwitz as a prisoner in 1940.

'The Auschwitz Volunteer'

The long-suppressed account of life in Auschwitz by a Polish officer.
The Philip K. Dick android.

'How to Build an Android'

An android of the author Philip K. Dick has a story of his own.

'Hitler'

A. N. Wilson's brief biography examines how a ludicrously run-of-the-mill man like Hitler rose to a position of such terrible power.
INFRA: Photographs by Richard MosseWith an essay by Adam Hochschild.136 pp. Aperture/Pulitzer Center on Crisis Reporting. $50.Using an infrared film originally developed for military reconnaissance - rendering green landscapes in vivid hues of lavender, crimson and pink - Mosse depicts the intractable conflict in the Democratic Republic of Congo. Above, a hut in North Kivu Province.

Fiction Chronicle

New fiction by Nick Dybek, Cristina Comencini, Dan Barden and Marcel Beyer.

'A Small Fortune'

A financial windfall bedevils this novel's Pakistani patriarch.

'The Land of Decoration'

A troubled 10-year-old hears a divine voice in Grace McCleen's first novel.
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