Follow us on twitter!News Flash 23nd February 2011
Washington Post
Despite oil, Arab nations lag behind economically
Growth in per capita income among the Arab countries lagged behind Asia, Latin America and Africa as a whole during the past 30 years, according to data from the International Monetary Fund. Even major oil powers such as Saudi Arabia have fallen behind: The country ranked fifth in the world in income in 1980, but has fallen to 40th, with income in 2010 slightly lower than 30 years ago on an inflation-adjusted basis, according to the IMF. Only one Arab state, tiny Oman, ranked among the "take-off" economies described in a 2008 World Bank report. Read more.....
Proposal to ramp up offshore wind power is a jobs generator
Maryland Gov. Martin O'Malley wasn't tilting at windmills when he recently announced a plan to ramp up offshore wind power. He was mapping a course to clean the air we breathe, fight climate change, create jobs, reduce health costs and bring industry to the state all at the same time. And he's doing it in the perfect time and place: The number of unemployed Marylanders now tops 219,000, and the state is suffering disproportionately high health impacts because of its reliance on dirty fuels. Read more......
New York Times
Oil Soars as Libyan Furor Shakes Markets
The political turmoil sweeping the Arab world drove oil prices sharply higher and stocks much lower on Tuesday despite efforts by Saudi Arabia to calm turbulent markets. The unrest that has spread from Tunisia to Libya pushed oil prices to a two-year high and has spurred an increase in gasoline prices. The specter of rising energy costs and accelerating inflation in turn unsettled investors. Read more.....
Italian Energy Company Suspends Gas Pipeline to Libya
Concerns rose about Italy’s natural gas supplies on Tuesday, after the country’s main energy company, ENI, said it had suspended supplies through its Greenstream pipeline, which runs from Libya to Sicily and supplies 10 percent of Italy’s natural gas. ENI temporarily closed the pipeline after the supplies feeding into it were disrupted. The ANSA news agency reported that the closure was a precautionary measure after many of ENI’s employees in Libya did not show up for work. Read more.....
Business Report
Mexico magnate invests in oil sector
The Grupo Carso consortium controlled by Mexican billionaire Carlos Slim says it is entering a new business sector by buying a 70 percent stake in an oil exploration and production company.
Business Day
Exxaro expects HEPS to rise between 91% and 110%
Exxaro says it expects its coal business to deliver higher operating results due to higher international coal selling prices and an increase in domestic sales volumes, partially offset by the negative impact of a stronger local currency. Attributable earnings for the period under review is expected to rise between R5bn and R5,2bn, an increase of between 104% and 113%. Read more.....
‘Scramble for shale’ behind freeze
THE scramble for shale gas acreage is the reason behind the moratorium on the processing of new rights in the Karoo, according to a local lawyer. Karoo communities and landowners are opposed to oil company Shell’s plans to explore for the natural gas through an exploration technique known as hydraulic fracturing. Read more.....
Huffington Post
U.S. State CO2 Emissions: Top 10 Polluters From Power Plants In 2010
Carbon dioxide emissions from power plants rose in 2010 by over 5% -- this is the biggest annual increase since the EPA started tracking emissions in 1995. In part, this increase can be explained by warmer weather and a recovering economy. But the statistics are worrisome. 2010 was one of the hottest years ever recorded, and while in 2010 coal-fired boilers accounted for 45% of U.S. electricity, they were reportedly responsible for 81% of CO2 emissions from electricity generation. Read more....
Mining Weekly
SA to get new junior coal listing in third quarter
TORONTO (miningweekly.com) - TSX-listed Forbes & Manhattan Coal Corp. (Forbes Coal), which owns two producing mines in South Africa, expects to float its shares on the JSE in about six months, CEO Stephan Theron said on Tuesday. The company is listing to satisfy South African Reserve Bank’s requirements, but believes there is a “good domestic institutional investor appetite” in the country too. Read more......
Gordhan allocates R225m to deal with acid mine water
JOHANNESBURG (miningweekly.com) − Finance Minister Pravin Gordhan has set aside R225-million in the medium-term expenditure framework (MTEF) to tackle acid mine drainage (AMD) and its associated threats in Gauteng. This comes after the Cabinet approved recommendations made by a team of experts on the situation at its meeting last week. Read more......
Engineering News
Carbon tax design and schedule to be outlined in 2012 Budget
The design features of a proposed carbon tax, as well as a schedule for its possible introduction, would be unveiled in the 2012 Budget, the National Treasury said in its 2011 Budget review. However, Finance Minister Pravin Gordhan did confirm that the existing levy on electricity generated from nonrenewable and nuclear energy sources would increase by 0,5c/kWh to 2,5c/kWh from April 2011. Read more.....
