Archive for the ‘production’ Category

China’s President Gives Grim Economic Assessment

November 30, 2008

Chinese President Hu Jintao warned at a weekend meeting of the Communist Party’s elite Politburo that China is losing its competitive edge as international demand for its products is reduced, according to official state media reports Sunday.

China’s growth rate has been forecast to be about 9 percent in 2008, down from 11.9 percent the year before and close to the 8 percent that economists say China must maintain in order to keep the labor market stable.

“China is under growing tension from its large population, limited resources and environment problems, and needs faster reform of its economic growth pattern to achieve sustainable development,” Hu said, according to the People’s Daily newspaper, the official Communist Party newspaper. He did not provide specifics. 

By Maureen Fan
Washington Post Foreign Service

Chinese President Hu Jintao speaks during a news conference ...
Hu Jintao by Reuters

“External demand has obviously weakened and China’s traditional competitive advantage is being gradually weakened,” as international demand is reduced, Hu told members of the Political Bureau of the party’s Central Committee, according to the state-run New China News Agency.

Protectionism has also started to increase in investment and trade, Hu added. China’s export growth in October was 19.2 percent, down from 21.5 percent in September.

Read the rest:
http://www.washingtonpost.com/wp-dyn/content/article/
2008/11/30/AR2008113000773.html

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OPEC Meeting Unable to Set Production Goals, Prices – For Now

November 29, 2008

OPEC ended a hastily convened meeting in Cairo Saturday without announcing new output cuts, despite the steep drop in crude prices and the threat it poses to member governments’ national budgets.

The oil producing group’s president, Chakib Khelil, said OPEC is concerned about the weakening world economy and its impact on oil prices. The group, however, will likely wait until a meeting in Algeria on Dec. 17 to decide whether to cut additional crude supplies from the market.

Khelil said oil ministers of the Organization of Petroleum Exporting Countries “agreed to take any additional action on 17th of December to balance oil supply and demand and achieve market stability.”

By TAREK EL-TABLAWY and ADAM SCHRECK, Associated Press Writers

Saudi oil minister Ali al-Naimi is surrounded by journalists ... 
Saudi oil minister Ali al-Naimi is surrounded by journalists during the Organization of Arab Petroleum Exporting Countries (OAPEC) meeting in Cairo, Egypt, Saturday, Nov.29, 2008. OPEC oil ministers downplayed expectations of, but didn’t dismiss outright, an immediate output cut as they faced a third test in as many months of their ability to engineer a rebound in oil prices.(AP Photo/Amr Nabil)

His comments came after the group convened what it called a consultative meeting in Cairo to take stock of market situations and to asses whether members were complying with a 1.5 million barrel per day output cut announced Oct. 24 in Vienna, Austria.

Khelil said preliminary market data indicated members were complying with the earlier cuts.

Saudi Arabia’s king said in an interview published Saturday in a Kuwaiti newspaper that the price of oil should be $75 a barrel, much higher than it is now, but the conclusion of the Cairo meeting with no announcement on output indicated no measures would likely be taken until OPEC meets again next month.

Read the rest:
http://news.yahoo.com/s/ap/20081129/ap_on_bi_ge/ml_opec_meeting;_ylt=Am
EwHA1NJCG3tEyQPVj2nDms0NUE

Iran Again Pushes OPEC to Cut Oil Production, Raise prices

November 15, 2008

Iran called on OPEC Saturday to cut production by a further 1 million to 1.5 million barrels per day when it meets in Cairo later this month, state television’s website reported Saturday.

Iran’s OPEC governor, Mohammad Ali Khatibi, said the cartel needs to act to slash output because demand for oil has declined due to the global financial meltdown.

OPEC, which produces about 40% of the world’s crude oil, decided to cut production by 1.5 million barrels a day last month in response to a dramatic fall in oil prices from a record $147 in July to below $70 last month.

Despite the cut, oil prices have continued to decline. Light, sweet crude for December delivery fell $1.20 to settle at $57.04 a barrel on the New York Mercantile Exchange Friday.

Diving prices have forced OPEC to plan an extraordinary meeting in Cairo, scheduled for Nov. 29, to discuss the plunge.

Iran, OPEC's number two oil producer, favours a cut in crude ... 
Iran, OPEC’s number two oil producer, favours a cut in crude production of 1.0 to 1.5 million barrels per day when the oil cartel meets in Cairo later this month, state television has reported.(AFP/Getty Images/File/David McNew)

Read the rest from the Associated Press and USA Today:
http://www.usatoday.com/money/industries/energy/
2008-11-15-opec_N.htm?csp=34

Iran: OPEC may need further cut if prices drop

November 6, 2008

OPEC may need to cut its oil output more but it remained too early to tell if a further reduction was needed, Iran’s OPEC governor Mohammad Ali Khatibi told Reuters on Wednesday.

“It is too soon to say whether OPEC’s November cut agreement has been successful. We should wait and see,” Khatibi said.

“But if crude prices continue to fall, then an additional OPEC cut may be needed.”

The producer group agreed to cut output from November 1 by 1.5 million barrels per day (bpd) after oil prices dived from a July record of $147 a barrel to less than half that. U.S. crude was trading around $68 a barrel on Wednesday.

Venezuela said on Tuesday it will propose another cut of 1 million bpd at the cartel’s next meeting, which is expected to be held in December.

Iran, the world’s fourth largest oil producer, has already started informing buyers that it is cutting back sales. Iran’s share of OPEC cut was 199,000 bpd.

“Iran and other OPEC members have been committed to OPEC’s November cut agreement,” Khatibi said.

“Creating a balance between oil supply and demand is OPEC’s priority.”

An oil pump decorated to look like a bird stands at rest Wednesday, ...
An oil pump decorated to look like a bird stands at rest Wednesday, Nov. 5, 2008, in oil fields near Awali, Bahrain. Oil prices slid below US$68 a barrel Wednesday on expectations a slowing global economy will cut crude demand, and even indications OPEC is enacting its decision to take a daily 1.5 million barrels from the market failed to support prices.(AP Photo/Hasan Jamali)

Read the rest:
http://news.yahoo.com/s/nm/20081105/bs_nm/us_iran_opec_1

Opec talks push oil prices higher

October 29, 2008

Global oil prices have risen on growing expectations that producers’ cartel Opec will vote to cut production.

US light crude was up $2.09 at $73.94 a barrel, with Brent up $2 at $71.62, ahead of Opec’s meeting on Friday.

Fears of a global economic slowdown have pushed oil prices down by half since July’s all-time highs.

Gulf of Mexico oil rig

Opec is meeting in Vienna on Friday

A number of Opec members, including Algeria, Iran and Venezuela, have already said they would like to see output cut to help shore up prices.

Growth risks

Opec’s meeting has been brought forward by three weeks in response to the recent fall in oil prices.

Algeria’s energy minister and Opec president Chakib Khelil said he expected the organisation to announce “substantial” output cuts.

Most oil analysts are now in agreement, with Merrill Lynch estimating that production could be cut by one million barrels per day.

Energy consultancy CGES says Opec will argue that it has to cut production to prevent a further “price collapse”.

Read the rest:
http://news.bbc.co.uk/2/hi/business/7680671.stm

Fighting inflation: Vietnam and China take different measures

March 21, 2008

The State Bank of Vietnam has been taking a lot of measures to tighten monetary policies in order to curb inflation. It has issued VND20,300bil worth of compulsory bonds, raised state banks’ basic interest rates, raised the compulsory reserve ratio, and has been purchasing foreign currencies at a moderate level.  
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The said moves have had big impacts on the operation of commercial banks and led to a lot of side effects. The capital shortage has become more and more serious with the interest rate once hitting 25-27% per annum. Under the government’s instructions, the State Bank of Vietnam and Ministry of Finance will join forces to transfer the government’s money now kept at five state owned banks to State Bank branches for management. 
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The transfer of VND52tril is believed will have big impacts on the monetary market. Experts say that the move may cause the lack of VND25tril for the banks, worsening the banks’ liquidity. Also aiming to curb inflation, the State Bank of Vietnam has asked commercial banks to limit loans for real estate and securities investments, and tighten consumer credit. The State Bank of Vietnam has urged commercial banks, which provided loans with mortgaged stocks, to ask for more mortgaged assets from clients as stock prices are decreasing.
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If clients cannot give more mortgaged assets, commercial banks have to force them to bargain shares away to terminate credit contracts. As a result, a big volume of money has been flowing from the stock market to commercial banks’ coffers.
 Commercial banks have nearly stopped loaning to securities investors; this is considered one of the main reasons behind the stock market’s continued falls in the last time.  Lacking capital for production and business, which may lead to production stagnation and lower competitiveness, higher unemployment, continued falls of the stock market, are all consequences of the tightened monetary policies. 
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Meanwhile, the Chinese government has put forward six groups of measures to fight high inflation, which include: (1) encouraging production expansion, especially the production of key products like food and foodstuffs (2) controlling tightly industries which use food and foodstuffs as materials (3) strengthening its storage system, controlling imports and exports, stabilising domestic prices. Moreover, it has also thought of measures to give allowances to poor people and control its distribution network to prevent massive price increases. 

(Source: TBKTVN)From: VietnamNetBridge

North Korea missiles get boost from outside: report

February 4, 2008
By Jon Herskovitz Sun 

SEOUL (Reuters) – North Korea received a huge boost from Soviet technology to develop its ballistic missiles and still relies on foreign suppliers for key components, a report obtained on the weekend said.

A North Korean missile unit takes part in a military parade ...
A North Korean missile unit takes part in a military parade to celebrate the 75th anniversary of the founding of the Korean People’s Army in Pyongyang in this picture taken April 25, 2007 and released May 30, 2007. North Korea received a huge boost from Soviet technology to develop its ballistic missiles and still relies on foreign suppliers for key components, a report obtained on the weekend said.
(KOREA NEWS SERVICE/Reuters)
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North Korea has built hundreds of ballistic missiles that can strike all of South Korea and most of Japan. Its production and sales of the weapons are considered major security concerns.”The country is nearly self-sufficient in ballistic missile production, but still relies upon some advanced foreign technologies and components, particularly from overseas,” said the report from Daniel Pinkston, an expert on the North’s missile programs.
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Read the rest:
http://news.yahoo.com/s/nm/20080203/ts_nm/korea_north_missiles_dc_1

 

From WW2 To 21C Russia Packs A Fierce Arsenal

December 23, 2007

by Martin Sieff
Washington (UPI) Dec 21, 2007Russia’s 21st Century success in selling weapons to the world is rooted in its experience as a successful arms manufacturer for the largest mechanized army in history during World War II.

Russian T-34 Model 1942 tank: Considered
the finest “all-around” tank of WWII.

Russia’s arms industry dramatically out-produced that of Nazi Germany not only in terms of quantity but in key areas in terms of quality, too. Even the great abilities of Albert Speer, Hitler’s industrial production czar in the later years of the war, could not begin to match the enormous volume of output of the Russian weapons factories that had been desperately moved from Belorussia — the modern nation of Belarus — and Ukraine east of the Ural Mountains. Britain and the United States made enormous progress in radar during the war, which was essential to win the great sea wars in the Atlantic and Pacific oceans, and to win the air battles over Japan and Germany. The pioneering work was done in Britain, especially at Birmingham University, but the great advances came at the Massachusetts Institute of Technology. Russia, however, focused on its great land battles with the overwhelming mass of the German army. By the end of the war, its atomic program was finally starting to gather steam, aided by the work of Soviet spies.Russian arms manufacture today is ….Read the rest:
http://www.spacewar.com/reports/From_WW2_To_21C_Russia_Packs_
A_Fierce_Arsenal_Part_Four_999.html