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Dollar Declines to Lowest Since November on Wagers Fed Will Lag Behind ECB
The dollar fell to its lowest level since November against the currencies of six U.S. trade partners on bets the European Central Bank will be more aggressive than the Federal Reserve about controlling inflation.
The euro rose against the dollar on speculation ECB President Jean-Claude Trichet may indicate this week a readiness to increase borrowing costs while Fed Chairman Ben S. Bernanke may signal economic stimulus will continue. Sweden’s krona climbed to a 30-month high after Riksbank Governor Stefan Ingves said interest rates may be raised at every meeting this year.
“The big driver for the euro has been short-term interest- rate differentials, which had moved against the dollar,” said Paresh Upadhyaya, head of Americas G-10 currency strategy at Bank of America Corp. in New York. “Since the beginning of the year it’s been pretty much a one-way trend.”
IntercontinentalExchange Inc.’s Dollar Index, which tracks the greenback against six currencies, decreased as much as 0.7 percent to 76.756, the lowest level since Nov. 9, before trading at 76.893 at 5 p.m. in New York, down 0.5 percent. The gauge, which is weighted 57.6 percent on euro movements, fell 1.1 percent in February. Read more…
Need Versus Greed
NEW YORK – India’s great moral leader Mohandas Gandhi famously said that there is enough on Earth for everybody’s need, but not enough for everybody’s greed. Today, Gandhi’s insight is being put to the test as never before.
The world is hitting global limits in its use of resources. We are feeling the shocks each day in catastrophic floods, droughts, and storms – and in the resulting surge in prices in the marketplace. Our fate now depends on whether we cooperate or fall victim to self-defeating greed.
The limits to the global economy are new, resulting from the unprecedented size of the world’s population and the unprecedented spread of economic growth to nearly the entire world. There are now seven billion people on the planet, compared to just three billion a half-century ago. Today, average per capita income is $10,000, with the rich world averaging around $40,000 and the developing world around $4,000. That means that the world economy is now producing around $70 trillion in total annual output, compared to around $10 trillion in 1960.
China’s economy is growing at around 10% annually. India’s is growing at Read more…
Wikileaks, Bahrain and Saudi: Concerns over Rising Food Prices Spread
Bahrain, which saw deadly protest this month, is eager to control the price of food according to Wikileaks
Rising food prices have been at the centre of the recent riots to hit the Arab world and so it comes as no surprise that many Arab nations are working hard to avoid similar food price rises.
According to the Wikileak revelations, Bahrain increased government subsidies in an effort to off-set rising prices for lower-income families in 2008 and has promised more generous subsidies recently. Even so, this hasn’t stopped political turmoil as the tiny Gulf state has been rocked by explosive protests this month that left seven dead and hundreds injured when troops opened fire on protesters.
Bahrain, which has a population of just over 1 million, has struggled with rising Read more…
Thousands in India protest increasing food prices
NEW DELHI — Tens of thousands of trade unionists, including those from a group linked to India’s ruling party, marched through the streets of the capital on Wednesday to protest food prices, piling pressure on a government already under fire over graft. The demonstration in New Delhi was the latest in a wave of protests sweeping across the world, including the Middle East and Africa, ignited by a worldwide spike in food prices.
India, Asia’s third-largest economy and home to more than a billion people, has been grappling with double-digit food inflation. Hundreds of millions of poor have been hit the hardest.
In one of the largest anti-government protests in New Delhi in recent years, at least 50,000 people representing trade unions from the country’s political parties marched through the center of the capital towards the parliament building. In a sea of red flags and hats bearing their union name, protesters chanted Read more…
Iran Broadens Search for Raw Uranium: Intel
An intelligence assessment by an International Atomic Energy Agency member nation says Iran has broadened its secretive worldwide effort to secure unrefined uranium for its atomic work, the Associated Press reported today (see GSN, Feb. 23).
The finding fits with estimates that indigenous sources of raw uranium were insufficient for the Persian Gulf nation’s nuclear activities, according to AP. The United States and its allies have expressed concern that Iran’s uranium enrichment program could generate nuclear-weapon material, but Tehran has maintained its atomic efforts are geared strictly toward civilian endeavors.
Iranian Foreign Minister Ali Akbar Salehi held an undisclosed meeting in January with high-level managers of mineral extraction in Zimbabwe “to resume negotiations … for the benefit of Iran’s uranium procurement plan,” the document states.
“This follows work carried out by Iranian engineers to map out uranium deposits in Africa and assess the amount of uranium they contain,” according to its two-page summary.
Salehi’s trip is an example of Iranian uranium acquisition activities that could encompass more than Read more…
Control over your food: Why Monsanto’s GM seeds are undemocratic
Large biotech agribusinesses like Monsanto control much of the global seed market with genetically modified (GM) crops. This centralization of GM seeds threatens food safety, food security, biodiversity, and democratic ideals.
By Christopher D. Cook / February 23, 2011
Question: Would you want a small handful of government officials controlling America’s entire food supply, all its seeds and harvests?
I suspect most would scream, “No way!”
Yet, while America seems allergic to public servants – with no profit motive in mind – controlling anything these days, a knee-jerk faith in the “free market” has led to overwhelming centralized control of nearly all our food stuffs, from farm to fork.
The Obama administration’s recent decision to radically expand genetically modified (GM) food – approving unrestricted production of agribusiness biotech company Monsanto’s “Roundup Ready” alfalfa and sugar beets – marks a profound deepening of this centralization of food production in the hands of just a few corporations, with little but the profit motive to guide them.
IN PICTURES: From Field to Fork: The foreign and domestic food chain
Even as United States Department of Agriculture (USDA) officials enable a tighter corporate grip on the food chain, there is compelling evidence of GM foods’ ecological and human health risks, Read more…
Zardari to seek nuclear technology cooperation with Japan
TOKYO: President Asif Ali Zardari said Monday that since Japan was negotiating a deal with India to cooperate on peaceful uses of nuclear energy, the similar cooperation should be extended to his country.
“If Japan is willing to cooperate with India in nuclear technology and (is) giving nuclear technology for peaceful purposes, I do not see any reason why we should not deserve the same,” Zardari said in an interview with the Japanese media in Islamabad ahead of his departure for a three-day visit to Japan, published in leading Read more…
Rising world food prices may soon hit Africa hard, but could be a future boon
Damaged rice is seen in a paddy field destroyed by flood- waters near a village in Manmunai West in Batticaloa district, about 199 miles east of Colombo, Sri Lanka, on Jan. 26. The floods inundated rice paddies, and according to the UN Food and Agriculture Organization, at least 15.5 percent of the main annual rice harvest could be lost.
Andrew Caballero-Reynolds/Reuters
Johannesburg, South Africa
Global food prices reached a historic high last month, a fact that may cause even the most comfortable of Americans to cinch in their belts and cut back on spending.
But what about the world’s poor?
“Global food prices are rising to dangerous levels and threaten tens of millions of poor people around the world,” World Bank Group President Robert Zoellick said Tuesday as he announced the bank’s findings that about 44 million people in developing countries have been pushed into poverty since Read more…
Earth Likely “Unrecognizable” by 2050 Say Experts
In 2011 the Earth’s population will reach 7 billion. The United Nations (UN) reports that the total number of people will climb to 9 billion in 2050, peak at 9.5 billion, stabilize temporarily, and then decline. Despite the confidence with which these projections are presented, in an American Association for the Advancement of Science press briefing and presentation today the Population Council’s John Bongaarts presents evidence that the actual Read more…
Biodefense Scientists Fight Lassa Fever
Scientists are at work in Sierra Leone studying the rat-carried Lassa fever with the aim of developing a speedy and uncomplicated process for diagnosing the virus in the event of a bioterrorism attack, Reuters reported yesterday (see GSN, Nov. 23, 2010).
A laboratory in Sierra Leone’s southeast is conducting U.S.-funded research on Lassa fever, which is classified as a “category A” pathogen, a designation given to biological agents such as botulism and anthrax that can produce significant health threats.
The disease is found in a particular species of rat that is widespread in sub-Saharan Africa and regularly consumed for Read more…
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