In case no one recognizes this pair. To the right, literally, is Ahmed Chalabi (click here), the international monetary thief best known for his dastardly deeds in Jordan. Chalabi had been convicted in absentia and once Prime Minister, right or wrong, he sued Jordan to clear his name (click here). To the left, or should I say the 'one left' is Iran's Former President Mohammad Khatami (click here)
Billions in Oil Missing in Iraq, U.S. Study Says (click here)
By JAMES GLANZ
Published: May 12, 2007
Between 100,000 and 300,000 barrels a day of Iraq’s declared oil production over the past four years is unaccounted for and could have been siphoned off through corruption or smuggling, according to a draft American government report.
By JAMES GLANZ
Published: May 12, 2007
Between 100,000 and 300,000 barrels a day of Iraq’s declared oil production over the past four years is unaccounted for and could have been siphoned off through corruption or smuggling, according to a draft American government report.
Number of American Soldiers Dead today :: 3387
The American Troops are being lead into ambush by their interpreters. Bring them home !
By Associated Press
Saturday, May 12, 2007 - Updated: 08:32 AM EST
BAGHDAD - Seven U.S. soldiers and an Iraqi army interpreter came under attack Saturday morning during a patrol of a Sunni insurgent stronghold south of Baghdad, leaving five dead and three missing, the military said.
Troops were searching for the three missing, using drone planes, jets and checkpoints throughout the area, according to the statement. Soldiers were also asking local leaders for information.
After the pre-dawn attack near Mahmoudiya, a Sunni stronghold about 20 miles south of Baghdad, nearby units heard explosions and a drone plane later observed two burning vehicles, the statement said.
Troops who arrived later found five of the soldiers dead. The other three members of the patrol were gone, according to the statement, from Maj. Gen. William Caldwell, the chief U.S. military spokesman in Iraq.
After the pre-dawn attack near Mahmoudiya, a Sunni stronghold about 20 miles south of Baghdad, nearby units heard explosions and a drone plane later observed two burning vehicles, the statement said.
Troops who arrived later found five of the soldiers dead. The other three members of the patrol were gone, according to the statement, from Maj. Gen. William Caldwell, the chief U.S. military spokesman in Iraq.
The military refused to specify whether the Iraqi interpreter was among those killed or among the missing, citing security.
"Make no mistake: We will never stop looking for our soldiers until their status is definitively determined, and we continue to pray for their safe return," Caldwell said.
The attack occurred nearly a year after two American soldiers went missing following a June 16 attack in the same area, prompting a massive search. Their bodies were found tied together with a bomb between one victim’s legs several days later.
Halliburton opens Russian training center (click here)
Houston Business Journal - 11:04 AM CDT Friday, May 11, 2007
After taking a more international approach lately with a headquarters in Dubai and manufacturing center in Mexico, Halliburton has opened its first training center in Tyumen, Russia.
The center, developed in cooperation with the Tyumen State Oil and Gas University, is designed to further develop the professional and technical skills of the Houston-based energy company's employees in the Europe/Eurasia region.
Houston Business Journal - 11:04 AM CDT Friday, May 11, 2007
After taking a more international approach lately with a headquarters in Dubai and manufacturing center in Mexico, Halliburton has opened its first training center in Tyumen, Russia.
The center, developed in cooperation with the Tyumen State Oil and Gas University, is designed to further develop the professional and technical skills of the Houston-based energy company's employees in the Europe/Eurasia region.
The centre, to be opened in July along with another such facility in Singapore are part of a drive by Halliburton to reduce its reliance on North America
Total American Soldiers Wounded Today :: 25,245
Halliburton (HAL - Cramer's Take - Stockpickr) has certainly had its share of problems over the last couple of years. Even though its earnings and fundamentals are very good, it has lagged most of the stocks in the oil and gas service sector. However, the recent strength of the stock may mean that that scenario is in the beginning stages of changing.
Halliburton has glided under a declining 200-day moving average for the last 10 months. That changed in early April when it finally broke above that resistance and held above it. It has now spent a few days consolidating above the 50-day moving average and looks like it may be ready to challenge the current resistance of $33-$34.
If the stock can break above those levels, it may have a good chance to make it to the next major resistance areas between $38 and $40. A breakdown below $31 would probably lead to another leg down.
Halliburton has glided under a declining 200-day moving average for the last 10 months. That changed in early April when it finally broke above that resistance and held above it. It has now spent a few days consolidating above the 50-day moving average and looks like it may be ready to challenge the current resistance of $33-$34.
If the stock can break above those levels, it may have a good chance to make it to the next major resistance areas between $38 and $40. A breakdown below $31 would probably lead to another leg down.
Cheney and Bush and The Republican's Middle Name. I suggest you get to know it intimately.
Corruption
Main Entry: cor·rup·tion Function: noun 1 a : impairment of integrity, virtue, or moral principle : DEPRAVITY b : DECAY, DECOMPOSITION c : inducement to wrong by improper or unlawful means (as bribery) d : a departure from the original or from what is pure or correct
2 archaic : an agency or influence that corrupts
3 chiefly dialect : PUS
KBR, shareholders unload Devonport holdings (click on)
Houston Business Journal - 11:26 AM CDT Thursday, May 10, 2007
along with fellow shareholders The Weir Group Plc and Balfour Beatty Plc, are selling their interests in Devonport Management Ltd. to Babcock International Group Plc for £350 million, or roughly $693.8 million.
Houston-based engineering company KBR (NYSE: KBR) owns 51 percent of Devonport.
Houston Business Journal - 11:26 AM CDT Thursday, May 10, 2007
along with fellow shareholders The Weir Group Plc and Balfour Beatty Plc, are selling their interests in Devonport Management Ltd. to Babcock International Group Plc for £350 million, or roughly $693.8 million.
Houston-based engineering company KBR (NYSE: KBR) owns 51 percent of Devonport.
Staff and agencies
08 May, 2007
By JOHN PORRETTO, AP Business Writer Fri May 4, 9:59 AM ET
HOUSTON - KBR Inc., the former Halliburton Co. subsidiary, said Friday its net income rose 7.7 percent in the first quarter, lifted in part by business in Iraq Iraq.
The most recent results included a loss from discontinued operations of $2 million, or 1 cent per share, related to the sale in last year‘s second quarter of Production Services Group.
Wall Street analysts polled by Thomson Financial had predicted earnings of 24 cents a share on revenue of $2.25 billion.
Halliburton welcomed the separation too, which allows it to focus on its profitable oilfield services operations and distance itself from KBR‘s military support services in Iraq and elsewhere. Analysts have said KBR, with its lower profit margins, has been a drag on Halliburton earnings.
The two companies have been magnets for criticism because of KBR‘s more than $19 billion in Pentagon Pentagon contracts to be the sole provider of food and shelter services to the military in Iraq and Afghanistan Afghanistan. Democrats in Congress have claimed KBR benefited from ties to Vice President Dick Cheney Dick Cheney, who once led Halliburton.
By JOHN PORRETTO, AP Business Writer Fri May 4, 9:59 AM ET
HOUSTON - KBR Inc., the former Halliburton Co. subsidiary, said Friday its net income rose 7.7 percent in the first quarter, lifted in part by business in Iraq Iraq.
The most recent results included a loss from discontinued operations of $2 million, or 1 cent per share, related to the sale in last year‘s second quarter of Production Services Group.
Wall Street analysts polled by Thomson Financial had predicted earnings of 24 cents a share on revenue of $2.25 billion.
Halliburton welcomed the separation too, which allows it to focus on its profitable oilfield services operations and distance itself from KBR‘s military support services in Iraq and elsewhere. Analysts have said KBR, with its lower profit margins, has been a drag on Halliburton earnings.
The two companies have been magnets for criticism because of KBR‘s more than $19 billion in Pentagon Pentagon contracts to be the sole provider of food and shelter services to the military in Iraq and Afghanistan Afghanistan. Democrats in Congress have claimed KBR benefited from ties to Vice President Dick Cheney Dick Cheney, who once led Halliburton.
The Iraq Ministries aren't releasing statistics on Iraq's Civilian Dead. There is sincere doubt they have an accurate count anyway. But, the estimates over the past six months have ranged from a firm 225,000 to an estimated 650,000. The numbers are old and Iraqi Civilian Dead have gone up since then. This does not reflect over 2 million refugees and untold number wounded including the elderly, women, children and non-parmilitary men.
The Missing Wounded (click here)
Injury and Decorum in Iraq
By STAN GOFF
There are no longer any American troops being wounded in Iraq.
Now they are "injured." Listen closely to the news and you will be hard pressed to hear the word "wounded." "Wounded" conjures up a different image than "injured," and here we see yet again the invertebrate nature of the American press. Yesterday, while preparing some onions and butternut squash, I got carried away with the knife and injured myself. That injury was treated with cold running water and a band aid that I'm not even using today.
Injury and Decorum in Iraq
By STAN GOFF
There are no longer any American troops being wounded in Iraq.
Now they are "injured." Listen closely to the news and you will be hard pressed to hear the word "wounded." "Wounded" conjures up a different image than "injured," and here we see yet again the invertebrate nature of the American press. Yesterday, while preparing some onions and butternut squash, I got carried away with the knife and injured myself. That injury was treated with cold running water and a band aid that I'm not even using today.
American National Debt
(US) $8,819,316,336,957.50
As Americans we have to believe we understand our needs in our economy and National Security more than any authority currently corrupted by The Bush/Cheney Administration. If we didn't elect a majority Democratic House and Senate in 2006, none of these details would be known to us. It's time we stop lending trust to men whom are grossly untrustworthy. Get to know your own life, your needs, the needs of your planet and build an economy unmatched to any on Earth. War economies aren't always as corrupt as the Iraq invasion, but, in all honesty in the year 2007, what wars anywhere in the world merit American invasion? The USA military was the servant of Big Oil at the whim of Defunct Oil Executives. Get out of Iraq. Rebuild the USA. We can do this. We don't need them.
The nation was warned not to trust these men, by people that are viewed as extreme 'liberals.' We told so !
Prof. Peter Morici - 5/12/2007
Thursday, the Commerce Department reported the March deficit on trade in goods and services was $63.9 billion. This was up from the $57.9 billion deficit in February and was about 5.6 percent of GDP. The petroleum deficit increased to $22.1 billion in March from $18.5 billion in February, while the trade deficit on nonpetroleum products increased to $45.5 from $44.3 billion. The trade deficit with China decreased to $17.2 billion in March from $18.4 billion in February, but should head up again in April.
The deficit on automotive products increased to $11.2 million in March from $10.3 billion in February.
Since December 2001, the U.S. monthly trade deficit has increased $37.3 billion, or 140 percent. This has saddled the economy with a huge foreign debt and slowed growth. Dysfunctional energy policies, the overvalued dollar and the competitive difficulties of domestic automakers are largely responsible for these problems.
To finance trade deficits, Americans have borrowed $6 trillion, over and above foreign direct investment in the United States, and the debt service comes to about $300 billion a year or more than $2,000 a year for each American worker. By reducing the demand for high-skill and technology-intensive products, U.S. made goods and services, the deficit reduces GDP by about $250 billion, and by cutting investments in R&D and labor skills, the trade deficit cuts potential annual economic growth from about 4 percent a year to 3 percent.
Breaking down the Deficit
Petroleum, China and automotive products account for about 81 percent of the trade deficit, and no solution is possible without addressing issues particular to these segments.Petroleum products account for $22.1 billion of the monthly trade gap. Since December 2001, net petroleum imports have increased $16.6 billion, as the average price of a barrel of imported oil has risen from $15.46 to $53.00, and monthly imports have increased 353 to 422 million barrels. Technologies such as simply retuning conventional gasoline engines and transmissions, hybrid systems, lighter weight steel and other materials, and alternative energy sources could substantially reduce U.S. dependence on foreign oil. Accelerating the build out of these solutions requires national leadership, but both Republican and Democratic Party leaders have failed to champion a policy framework that would accomplish what is now clearly possible - greatly reduced dependence on Middle East oil and the threats to national security it engenders.
China accounted for $17.3 billion of the March trade deficit, up from $6.5 billion in December 2001. The bilateral deficit remains stubbornly high, because China undervalues the yuan, and this makes Chinese exports artificially inexpensive and U.S. products too expensive in China.
Although China revalued the yuan from 8.28 to 8.11 in July 2005 and announced it would adjust the currency to a basket of currencies, the yuan continues to track the dollar closely and currently is trading at about 7.69, down about 5 percent in over 21 months. Modernization and productivity advances raise the implicit value of the yuan about 5 percent every twelve months, and the yuan remains undervalued against the dollar by at least 40 percent.
China's huge trade surplus creates an excess demand for yuan on global currency markets; however, to limit appreciation of the yuan against the dollar and drive it down against the euro, the Chinese central bank purchases about $250 billion in U.S. and other foreign currency and securities each year. This comes to about 9 percent of China's GDP and about 24 percent of its exports. These purchases provide foreign consumers with two trillion yuan to purchase Chinese exports, and create a 24 percent "off budget" subsidy on foreign sales of Chinese goods, and an even larger implicit tariff on Chinese imports.
In addition, China provides numerous tax incentives and rebates, and low interest loans, to encourage exports and replace imports with domestic products. These practices clearly violate China's obligations in the WTO and it agreed to remove those when it joined the trade body. The Bush Administration has filed a WTO petition to force China to either rescind these practices or ultimately to face WTO approved tariffs to offset their effects.
Consistent with WTO rules, the United States has recently decided to apply its countervailing duty laws to subsidized Chinese imports, as it does to imports from Japan, Korea and most industrialized and developing countries. This will permit private U.S. firms harmed by China's subsidized exports to bring suit for relief, and these actions would bring quicker and more certain action than the WTO complaint process.However, the Bush Administration did not include China's undervalued currency and foreign exchange market intervention in its WTO complaint, despite the fact that these practices have been identified as a subsidy encouraging exports by Federal Reserve Chairman Ben Bernanke. Currency subsidies are the largest single subsidy China applies to exports, and export subsidies are considered to be among the most egregious violations of WTO rules. Many U.S. multinationals corporations, like GE, Caterpillar and GM, have earned huge profits investing in China's protected markets. Those MNCs have profited greatly from the conditions in China created by its blatant violations of WTO rules and currency subsidies; hence, it is not surprising they have lobbied the Congress and Administration not to take action against Chinese mercantilism and have persistently characterized as protectionist U.S. advocates for affirmative steps to offset China's export subsidies. The Bush Administration has bent to these pressures, refusing to even acknowledge the subsidy on exports China's currency market intervention creates, and has placed these corporate interests ahead of free trade principles.
The history of WTO disputes addressing broad subsidies, like tax holidays and bank credits, indicate the U.S. complaint against tax and credit subsidies will likely take years to resolve. China will have many options to reconfigure these practices before it ultimately, if ever, relinquishes them. The real danger is that the Bush Administration is using the WTO complaint process to butt congressional pressure to apply the countervailing duty laws to China and to avoid taking meaningful steps against Chinese currency manipulation.Automotive products account for about $11.2 billion of the monthly trade deficit; however, since December 2001, the deficit on vehicles has increased $1.6 billion or 17 percent, while the parts deficit has increased $1 about billion or 74 percent.
Japanese and Korean manufacturers have captured larger market shares by offering more attractive and reliable vehicles than U.S. competitors, and are expanding their U.S. production. However, Asian manufacturers tend to use more imported components than domestic companies, and GM and Ford are pushing their parts suppliers to move to China.The U.S. remains a competitive place to make cars and many components; however, GM, Ford and Chrysler carry a $2,500 cost disadvantage against Toyota plants located in the United States, thanks to clumsy management, excessive executive compensation, and the unrealistically high wages, costly health benefits and arcane work rules imposed by contracts with the United Auto Workers. These disadvantages far exceed those imposed by legacy costs, such as providing health benefits for retired blue collar workers, and it would persist even with the implementation of national health insurance.
In addition, the yen may be even more undervalued against the dollar than the yuan, thanks to sluggish growth and near zero interest rates in Japan. However fundamental realignment of the yen dollar exchange rate is unlikely, because Treasury Secretary Paulson has voiced an agnostic position about the value of the yen and yuan.The auto industry sorely needs a fairly valued yen, better management, and new labor contracts that align costs with Toyota and other Asia transplants operating in the United States. Essential elements would include pay for performance, health benefits in line with those offered by most U.S. employers, and adopting defined contributions pensions systems. Without these essential reforms, even the reincarnation of Henry Ford and Alfred Sloan could not save the domestic automakers from their inevitable ride through Chapter 11.
Deficits, Debt and Growth
Trade deficits must be financed by foreigners investing in the U.S. economy or Americans borrowing money abroad. Direct investments in the United States provide only about a tenth of the needed funds, and Americans borrow more than $50 billion each month. The total debt is about $6 trillion, and at five percent interest, the debt service comes to about $2000 per U.S. worker each year.High and rising trade deficits tax economic growth. Each dollar spent on imports, not matched by a dollar of exports, shifts workers into activities where productivity is lower and reduces domestic demand and employment.Productivity is at least 50 percent higher in industries that export and compete with imports, and reducing the trade deficit and moving workers into these industries would increase GDP....
Americans need to stop being the brunt of Corporate jokes !! It's a darn shame what the American Public is lead to believe in support of Wall Street.
Soltaniyeh: U.S. and U.K. are true violators of NPT (click on)
Service: Foreign Policy 1386/02/22 05-12-2007 15:30:26 News Code :8602-13882
ISNA - Tehran Service: Foreign Policy
TEHRAN, May. 12 (ISNA)-Iran's representative to the International Atomic Energy Agency (IAEA) regarding the results of the two week held Non-Proliferation Treaty revision session, stated that Iran gained the support of many countries against what Europe and the U.S. wanted.
"In these past two weeks we were under various pressures which were imposed by the U.S. and Europe. We were after maintaining the basic principles of the Non-Proliferation Treaty and in the end with our endurance others started to support us," explained Ali-Asghar Soltaniyeh.
"Disarmament, peaceful application of nuclear energy, non-proliferation of nuclear weapons and investigating the U.S. and the U.K.'s deviation from these paths were among the suggestions made by Iran in its proposed statement," he said.
"These suggestions were first accepted and supported by the None Aligned Movement countries and then in the end European countries also accepted," he added.
"The None Aligned Movement countries were all worried about the U.S. and the U.K.'s deviations from the N.P.T, specially the U.K. deviation from article 4 and the U.S.'s deviation from article 1," Soltniyeh said.
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