| Mega-trends changing in ag commodities
Mike Krueger, founder of The Money Farm, outlined mega-trends facing grain producers and agriculture in general during the PNW Grains Convention held in Spokane, Wash., November 28-30. He is optimistic that more than biofuels are driving commodity prices higher. Photo by Cindy Snyder. .
Swan blames inflation rise on previous govt
Federal Treasurer Wayne Swan has used today's inflation figures to attack the previous Howard Government's economic record. The Consumer Price Index has risen a slightly higher than expected 0.9 per cent, driven by petrol prices, banking costs, rising rents and domestic holidays. That takes annual inflation to 3 per cent, which is right on the Reserve Bank's upper limit. Perhaps more importantly, the central bank's own two underlying measures have surged to 3.8 and 3.4 per cent. Today's cost of living figures from the Bureau of Statistics are seen as crucial ahead of next month's interest rates decision from the Reserve Bank. Mr Swan says elevated inflation is the Liberal Party's parting gift to Australian families. "Now it's pretty clear when you look at underlying inflation that these pressures have taken a long time to build," he said.
Japan's Fukuda in a fight for his life
Critics refer to the issue as the negative legacy of Koizumi's market-friendly reforms. On the day of his inauguration in late September, Fukuda himself called his team a ''do-or-die'' cabinet. He also said at the time that his cabinet has "its back against the wall". More specifically, "That is to say if [the cabinet] fails, the LDP will be ousted from power," he said.
In the new year, Fukuda is a toshi otoko - literally ''a man of the year' - as those men born in a year with the same Oriental zodiac sign as the current year are commonly referred to in Japan. The 71-year-old Fukuda, the eldest son of former Prime Minister Takeo Fukuda, was born in July 1936, also the Year of the Rat.
At this time it is impossible to tell whether 2008 will be a lucky year for the prime minister.
Harkin: Subsidies May Be Cut to Pay for Farm Bill
The Des Moines Register is reporting that some crop subsidies could be cut as lawmakers search for ways to pay for a new farm bill.
"As far as I'm concerned, direct payments are still on the table," said Sen. Tom Harkin of Iowa, referring to the more than $5 billion in fixed annual payments that grain and cotton farmers receive.
The House and Senate resisted reducing those subsidies in writing their versions of the farm bill and got money instead from increasing corporate tax revenues, prompting a White House veto threat. Harkin will be chairman of a House-Senate panel that will be charged with writing a compromise version of the bill.
Charles Conner, the acting agriculture secretary, has said that the administration would not approve a farm bill funded by new taxes.
Africa's Saviour? Beckham's New Appeal
The England midfielder was speaking after a visit to Sierra Leone as a Unicef goodwill ambassador. More than 27% of children in the African nation die before their fifth birthday. "We can't turn a blind eye to the tens of thousands of young children who die every day in the developing world mostly from causes that are preventable," he said. "In Sierra Leone, one in four children dies before reaching their fifth birthday. .
Dollar - How Low Will The Fed Go?
Nevertheless, the yen may have an opportunity to gain this week, as risk aversion trends remain the primary driver of the low-yielding currency. As a result, traders should keep an eye on global stock markets, as a plummet in equities could push USDJPY back down towards 109.00. – TB Can Cable Hold Above Critical Support at 2.02? Last week we questioned whether the Bank of England would opt to cut rates in December, and indeed, they did. The BOE cut rates by 25bp to 5.50 percent for the first time in more than two years, in line with what futures markets were pricing in but against consensus estimates of economists polled by Bloomberg News. In the bank's policy statement, the MPC noted that signs had emerged that growth has started to slow, and that downside risks were mounting as "conditions in financial markets have deteriorated and a tightening in the supply of credit to household and businesses is in train." Meanwhile, the BOE judged that inflation would hold above target in the short-term, but that a slowing of demand growth would pull inflation "back to target in the medium term." The minutes of this meeting will be published on December 19, but with Cable bouncing from critical support at 2.02 following the decision, the markets have judged the BOE's statement as somewhat neutral as the MPC is not likely to continue easing monetary policy in January given inflation risks.
Video: Gang members speak out
Full name the Invincibles, IVS claims to have more than 100 members in the Bexley and north Kent area. Members of the gang contacted News Shopper wanting to defend their friend - who they had known for three years - and to tell their own story. Reporter Jon Cheetham met them and heard how they are in jobs and college, and trying to make something of their lives. .
Arming India: America Gets a Piece of the Action
To replace and update India's still largely Soviet-era military equipment, New Delhi says it will need to spend $45 billion over the next five years. As China ramps up its military spending, India's arms budget is likely to keep growing as well, not least because the two Asian goliaths share a disputed border and their relations remain tense. "As we look at India's commitment to modernizing its forces we see a wide range of opportunities," says Lee Whitney, Lockheed Martin's Vice President of Strategy and Marketing Communications. "[The C-130J] gets us off to a good beginning." But the competition is fierce. The fifth Defense Expo held this week in New Delhi attracted hundreds of exhibitors from 39 countries including Israel and France, both gaining fast on Russia in arms sales to India.
Expect tight supplies of dry edible beans
FARGO, N.D. 2/15/08 - It's looking like it could be a tight year for dry edible beans.The continuing tug-of-war over commodity acres will probably result in a shrinking carryover supply of dry edible beans in 2008 as producers consider switching over to other crops, said John Thompson, dry bean sales manager for Thompson USA, Ltd. .
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