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B4 The Bell, Tuezelday, July 6


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YUKOS may be heading for oil export problems

Tue 6 July, 2004 07:46

 

By Dmitry Zhdannikov

 

MOSCOW (Reuters) - Russia's YUKOS will slash some of its 400,000 barrels per day of oil and products exported by rail and river in July as it struggles to finance core operations with its bank accounts frozen, YUKOS sources say.

 

They said YUKOS's pipeline exports to destinations such as Poland, Slovakia or Hungary, much of which are committed under long-term deals, could also come under threat as soon as August, forcing the firm to declare force majeure.

 

http://www.reuters.co.uk/newsPackageArticl...section=finance

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Total Shuts Down Oil in Nigeria

By THE ASSOCIATED PRESS

 

Published: July 6, 2004

 

 

Filed at 10:10 a.m. ET

 

LAGOS, Nigeria (AP) -- Energy giant Total's subsidiary has shut down oil and gas production in Nigeria in the face of a threatened strike that raised management fears for the ``safety of life and property,'' a company spokesman said Tuesday.

 

http://www.nytimes.com/aponline/internatio...l-Shutdown.html

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Martin Hutchinson spots the link between rising rates and federal deficits:

 

Federal spending appears to have grown only 4.5 percent per annum in fiscal years 2000-2003, but that low figure results from a decline of 13.4 percent per annum in net interest payments. With interest rates headed back up, and the deficits themselves adding substantially each year to Federal debt, that particular holiday from history has come to an end, and the true growth of 7-8 percent per annum in Federal spending will be revealed.? Since nominal GDP has grown at only 4.4 percent per annum in the four years to the first quarter of 2004, considerably slower than federal non-interest spending, and Congress shows no sign of acquiring fiscal discipline, it's certainly not obvious that the deficit is about to decline. After all, the Medicare prescription drug benefit kicks in full force in fiscal 2006.

 

Significantly, the economic statistics over the last couple of months show an economy that is not in an early stage of a long and healthy rebound, but in the latter stages of a short and unstable up-tick, like 1971-73.? Inflation is clearly rearing its ugly head again, while Friday's unexpectedly weak jobless data suggests that the economy's recovery may well peter out far below full employment, as the artificial stimulus of ultra-low interest rates is withdrawn. However, as is well known, any weakening in the economy automatically produces a severe effect on the federal finances, causing the budget deficit to yawn ever wider.

 

The Fiscal Crisis of 2005

 

What he says about taxes is too horrible to even quote here. But read it if you dare ... and keep a puke bag close by ...

 

that guy is a commie. if you had to sell real estate to pay estate taxes, you'd be screwed; and of course no indexing either for inflation. i have a better idea, i sit at home and eat Oreas while someone else goes to work. the govt has no biz taxing my estate or real estate for that matter... how about spending less?

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Yobob1.... within 5 miles of my home 4 large boxes have gone vacant; Super Saver, Savon (moved to free-standing bldg), factory-2-U and a big Athletic Shoe Store (cant remember name, too expensive). the last 2 are near the local WMT. what we see sometimes is an ethnic supermarket/indoor swap meet moves into the vacant anchor space and sells everything from donuts and tacos, to jewelry, which kills the in-line retailers.

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NY is the exact opposite. I have never seen so many big retail stores open in such a concentrated area. 20mi outside of NYC (55% commuter pop) we got our first Home Depot only 2 years ago. Now there are 5 in a 10 mile radius. WMT, TGT, Kmart, BBBY, Best Buy, all opening stores ~ every 3 months. The rent on these stores cannot be fathomed.

 

Just last week a new mall opened in White Plains, a city with 1.5mm pop. Anchors are TGT and B&K books. massive store size. I don't understand who is going to pay $5/hr in parking to buy bs from a discounter like TGT.

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................................NYSE AMEX Nasdaq

Advancing Volume 98,351,000 3,614,000 35,069,000

 

Declining Volume 357,708,000 18,937,000 324,260,000

 

Unchanged Volume 5,191,000 769,000 1,781,000

 

Total Volume 461,250,000 23,321,000 361,111,000

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