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DJ Tanzania To Add 240 MW To National Grid In 18 Months -Paper
Fri. October 09, 2009; Posted: 05:27 AM
Tanzania will add around 240 megawatts of power to its national grid in the next 18 months as it seeks to ease the country-wide power shortage, the Citizen Newspaper reports Friday.
Plans were underway to purchase a 100 MW turbine to be installed in Dar es Salaam, and another 60 MW turbine for Mwanza to cater for the areas around Lake Victoria. Tanzania’s vast gold mines are located around Lake Victoria.
The third turbine will be installed in Dodoma, Tanzania’s capital.
Tanzania is grappling with a severe power crisis and the national power utility, Tanesco, began power-rationing program this week. The shortage is being blamed on lower water levels at the country’s hydroelectric power stations.
Tanzania is Africa’s third largest gold producer and the continent’s fourth leading coffee producer.
Web site: www.thecitizen.co.tz
Jim Sinclair’s Commentary
Be sure to check out www.shadowstats.com to get the real updates on what is going on.
- Bernanke Pushes Monetary-Base Panic Button
- M3 Headed for Still Weaker Growth
- Substance Behind U.S. Dollar Concerns and Gold Rally
- FY2009 Government Obligations Likely Hit $75 Trillion
- Trade Deterioration Should Be Minor Drag on 3q09 GDP
- Economic and Solvency Crises Continue, Inflation Risk Ahead
"No. 250: General Outlook and Trade Data Update"
by subscription: http://www.shadowstats.com
Jim Sinclair’s Commentary
Wars of words have a nasty habit of becoming wars of arms.
Iran to ‘blow up heart of Israel’ if attacked
TEHRAN — Iran will "blow up the heart" of Israel if attacked by the Jewish state or the United States, an aide to supreme leader Ayatollah Ali Khamenei was quoted on Friday as saying.
"Even if one American or Zionist missile hits our land, before the dust is settled, Iranian missiles will blow up the heart of Israel," state news agency IRNA quoted Khamenei’s representative to the elite Revolutionary Guards, Mojtaba Zolnour, as saying.
Iranian officials have repeatedly said that Tehran would carry out severe reprisals if Israel or the United States attack the country.
The United States and its regional ally Israel have never ruled out a military option to stop Tehran’s nuclear drive, which the West says is aimed at making nuclear weapons while Iran says it is solely for peaceful ends.
At the end of September, armed forces chief of staff General Hassan Firouzabadi dismissed Israeli threats against Iran, saying the Jewish state was a "paper tiger."
After the 1979 Islamic revolution, Tehran stopped withdrew is recognition of Israel.
The Jewish state considers the Islamic republic to be its arch-enemy after repeated statements by President Mahmoud Ahmadinejad that the Holocaust was a "myth" and that Israel is doomed to be "wiped off the map."
Jim Sinclair’s Commentary
Truth is the first victim of almost everything.
U.S. Job Losses May Be Even Larger, Model Breaks Down (Update1)
By Carlos Torres
Oct. 2 (Bloomberg) — The U.S. economic slump earlier this year was so severe it short-circuited the government’s model for calculating payrolls, raising the risk that today’s jobs report may be too optimistic.
About 824,000 more jobs may be subtracted from the payroll count for the 12 months through last March when the figures are officially revised early next year, a Labor Department report showed today. The revision would be the biggest since at least 1991.
The bulk of the miss occurred in the calculations for the first quarter of this year, the Labor Department said. The economy shrank at a 6.4 percent annual pace in the first three months of 2009, the worst performance since 1982.
The figures raise the possibility that the government’s calculations continue to miss the mark.
“We are probably still underestimating job losses,” said John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “There could be another 30,000 to 40,000” that the data isn’t picking up, he said.
Jim Sinclair’s Commentary
As home ownership or having an apartment is a show of success, so now is gold ownership. The demand will grow and all reactions will be greeted as opportunities.
China’s gold investors undeterred by high prices
Wed Oct 7, 2009 7:19am EDT
By David Stanway and Alfred Cang – Analysis
BEIJING/SHANGHAI (Reuters) – Gold might be a luxury most can live without when times are hard, but for cautious investors in China, the world’s top producer and consumer of bullion, it has become a matter of necessity.
Jewelry sales might take a hit in China after prices hit a record high of $1,043.45 an ounce on Tuesday, but amid ongoing economic uncertainty, many in the financial community still prefer bullion to bonds, analysts said in comments made before the record was struck.
The government itself — also looking for a safe haven for its foreign currency reserves — is also likely to increase its gold holdings, which now officially stand at 1,054 metric tons.
"Consumption in China is expected to rise, as it is supported by expectations of inflation, and I also believe the government will increase its reserves," Yao Haiqiao, president of Longgold Asset Management, said.
Only around 1.6 percent of China’s forex reserves is held in gold, and that figure is expected to rise, Sun Zhaoxue, chairman of the China Gold Association, said earlier this year.
Jim Sinclair’s Commentary
Here are the world’s 5 dumbest pirates:
Note the 10 HP outboard engine for a "fast getaway."
Pirates held after mistakenly targeting warship
French navy chases skiff for an hour in wake of attack off Somalia’s coast
PARIS – Somali pirates in two skiffs fired on a French navy vessel early Wednesday after apparently mistaking it for a commercial boat, the French military said.
The French ship gave chase and captured five suspected pirates.
No one was wounded by the volleys from the Kalashnikov rifles directed at La Somme, a 3,800-ton refueling ship, French military spokesman Rear Adm. Christophe Prazuck said.
Jim Sinclair’s Commentary
Here are the buyers of gold on reaction via the step ladder method.
Record gold prices not scaring Chinese buyers
Many Chinese gold investors have already climbed on the bandwagon and, in the absence of attractive alternatives, are reluctant to jump off
Author: David Stanway and Alfred Cang (Reuters)
Posted: Friday , 09 Oct 2009
BEIJING/SHANGHAI (REUTERS) – Gold might be a luxury most can live without when times are hard, but for cautious investors in China, the world’s top producer and consumer of bullion, it has become a matter of necessity.
Jewelry sales might take a hit in China after prices hit a record high of $1,043.45 an ounce on Tuesday, but amid ongoing economic uncertainty, many in the financial community still prefer bullion to bonds, analysts said in comments made before the record was struck.
The government itself — also looking for a safe haven for its foreign currency reserves — is also likely to increase its gold holdings, which now officially stand at 1,054 metric tons.
"Consumption in China is expected to rise, as it is supported by expectations of inflation, and I also believe the government will increase its reserves," Yao Haiqiao, president of Longgold Asset Management, said.
Only around 1.6% of China’s forex reserve is held in gold, and that figure is expected to rise, Sun Zhaoxue, chairman of the China Gold Association, said earlier this year.
Jim Sinclair’s Commentary
Baby steps as the Renminbi Continues to increase its status.
Malaysia plans currency exchange with China
10:53, October 09, 2009
According to media reports, the governor of Malaysia’s central bank Zeti Akhtar Aziz has said that Malaysia is planning to exchange currency with China soon.
"We believe that currency exchange transactions will take place soon," said Zeti. "So far a number of exchanges have already taken place through the banking system, and these are aimed at trading in Chinese Renminbi."
Jim Sinclair’s Commentary
What is true amongst the many business reports?
None is a reasonable assumption.
TARP deadbeats; Rolfe Winkler
10.08.09, 03:49 PM EDT 
![clip_image001[1]](http://jsmineset.com/wp-content/uploads/2009/10/clip_image0011.gif "clip_image001[1]"){kind=small}
By Rolfe Winkler
NEW YORK, Oct 8 (Reuters) – Thirty-three TARP recipients missed a scheduled dividend payment to taxpayers last month, according to the Treasury Department, including 18 banks that missed a payment for the first time. It’s a powerful indication that the U.S. banking system remains troubled. And it throws cold water on talk that taxpayers are ‘making money’ on the bailout.
‘It’s too early to tell if we’re making money on TARP,’ according to Eric Fitzwater, an associate director at SNL Financial in Virginia. ‘Certainly the vast majority of the bailout money is still outstanding. While a lot of larger recipients say they plan to pay it back, we’re still waiting.’
The 33 banks that missed dividend payments in August have received $4.5 billion of TARP money. The biggest is CIT . Previously it paid $44 million of dividends, but with a bankruptcy filing looking likely, Treasury’s $2.3 billion investment seems headed toward zero.
A few of the banks may ultimately be able to pay what they owe, according to Fitzwater. These newer banks — ‘de novo’ in regulator parlance — actually are not allowed to pay dividends.
Jim Sinclair’s Commentary
Yes, and Bernanke speaks of raising rates someday.
Green Hornet says, "Maybe someday there will be real buyers for agencies debts."
Maybe?
CHART OF THE DAY: Besides The Fed, Nobody Is Buying Agency Debt
Joe Weisenthal and Kamelia Angelova
Oct. 8, 2009, 2:24 PM
Where would we be without the Fed and its printing press? There’s been a lot of debate about the appetite of foreign investors of our debt — Treasury auctions continue to be strong, even as noises emanate from overseas about wanting to dump the dollar.
But here’s a stark fact, via the Council on Foreign Relations: Only the Fed is buying agency debt. Foreign buyers, who once consumed it voraciously, have been net sellers so far this year.
Jim Sinclair’s Commentary
Of Afghanistan, Iraq, Iran and North Korea and Pakistan, it is the latter that possess the greatest risk.
Surge creates a change in tactics.
‘Doomsday’ blast kills 41 near Pakistan bazaar
Suicide car bombing levels passing minibus, injures more than 100
updated 1:59 a.m. MT, Fri., Oct . 9, 2009
PESHAWAR, Pakistan – A suicide car bomber detonated his vehicle along a road near a well-known market in Pakistan’s northwest city of Peshawar on Friday, killing 41 people and underscoring militants’ ability to strike in major cities despite U.S.-backed military offensives pressuring their networks.
The attack in the Khyber Bazaar area came as Pakistan’s army prepares for another major operation in the al-Qaida and Taliban stronghold of South Waziristan tribal region. The militants have threatened bombings if the army doesn’t back off, but the U.S. has continued to prod Pakistan to take action against insurgents using its soil to fuel the insurgency in neighboring Afghanistan.
Television footage showed the charred skeleton of a bus flipped on its side in the middle of a major road. Twisted remains of a motorbike lay alongside the bus. A nearby vehicle was in flames.
Noor Alam saw the vehicle explode, and suffered wounds on his legs and face.
"I saw a blood soaked leg landing close to me," Alam told The Associated Press at the overwhelmed Lady Reading hospital. "I understood for the first time in my life what a doomsday would look like."
