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Shift in China Trade Policy Could Accelerate Western Steelmakers’ Slump
Nov 18th
The steel business faces its biggest hurdle in 60 years with some analysts predicting double digit production cuts in 2009. Now, a sudden change in China trade policy may spell even more trouble for Western steelmakers, as Beijing is currently considering measures to shore up its ailing steel industry with new export policies.
According to World Steel Dynamics, a U.S. steel consulting firm, steel production could fall next year by 13.9% compared with this year. This downturn comes after a long period of growth in the steel industry. In fact, output has grown every year since 1998 – soaring from 777 million metric tons a decade ago to 1.34 billion metric tons in 2007.
The catalyst behind the expansion has been a robust world economy and a steep rise in demand in China – by far the worldâ??s biggest steel producing and consuming nation, accounting for more than a third of global steel output.
But the sector has been among those worst hit by this yearâ??s financial storms, with share prices in many steel companies having fallen by more than two-thirds since the middle of 2008.
â??The reduction in demand weâ??ve seen in steel goes beyond typical cyclical downturns given the level of distress in global financial markets and tight credit conditions,â? Carol Cowan, a U.S.-based analyst at Moodyâ??s Corp.(MCO)credit rating agency, told the Financial Times.
Steel companiesâ?? share prices have been hit hard. Severstal OAO, Russiaâ??s biggest steelmaker, has seen its shares fall almost 90% since July, ArcelorMittal (MT) has dropped more than 70 per cent; and United States Steel Corp. (X), the United Statesâ?? biggest steel company is down 79% over the same period.
Meanwhile, Chinaâ??s steel industry, the worldâ??s largest, is sitting on a stockpile of 63 million metric tons, or about 13% of annual production. Baosteel Group Corp. General Manager He Wenbo said in November that his company was facing the â??most difficultâ? period since it was founded 30 years ago.
But China is making noise about a shift in trade policy meant to rekindle its steel mills and keep its economy humming. The government is considering measures, including buying unsold inventory and raising export rebates, to help steelmakers weather the slowdown, Minister of Industry and Information Li Yizhong told Bloomberg News on Dec. 12.
That represents a dangerous shift in policy that could hinder international trade, according to Myron Brilliant, vice president for Asia at the U.S. Chamber of Commerce in Washington. The economic crisis has prompted China to turn back to â??export-oriented policies that could lead to an increase in the trade imbalanceâ? and new tension with the United States.
Treasury Secretary Henry Paulson has spent more than two years smoothing over U.S.-China trade relations. Part of those efforts focused on the value of Chinaâ??s currency, the yuan, to redress what U.S. officials saw as an unfair price advantage for Chinese products. The yuan rose 21% versus the dollar from 2005, but its steady rise stalled in July, and has barely budged since.
Before leaving for trade talks in Beijing this month, Paulson told business representatives his biggest concern was that China would revise policy and reverse moves it had made during the past year to cut aid to exporters and stimulate domestic consumption.
Chinaâ??s five-year plan through 2010 aims to rebalance growth away from exports and increase domestic consumption, but so far it has met with dismal results. Household consumption declined to slightly more than 35% of Chinaâ??s gross domestic product (GDP) last year from 45% in 1993. By comparison, consumer spending represents almost 70% of the U.S. economy.
â??What separates China from the rest of the world is its incredibly low level of consumption relative to GDP,â? Brad Setser, a fellow at the Council on Foreign Relations in Washington, told Bloomberg News. â??What can China do that would most directly help the world economy during a period of very severe weakness? Get its consumption back up to 40% of GDP.â?
A shift in Chinese policy is bound to meet with resistance in U.S. business circles, especially among steelmakers. Lawyers representing Nucor Corp, the second-largest U.S. steelmaker, and smaller steel pipe makers say they are considering new trade complaints against China.
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Don Miller is Contributing Writer of Money Morning
Western Finals – Denver Makes a Blowout Win in Game 4
Nov 17th
The Denver Nuggets proved themselves to be the antitheses of their series opponents, the Los Angeles Lakers, on Monday. LA may lay claim to one superstar, but the rest of the team seemed little more than a supporting cast in Game 4; Denver, on the other hand, revealed a depth that allowed the team to perform even while its own star was puking in a trash can. Denver was able to win Game 4 120-101. And this even with Carmelo Anthony torn and green Monday night; Melo not only sprained his ankle in the first quarter, but was suffering from a stomach flu that left him demanding IVs at half-time. “Even before I twisted my ankle, with my stomach, I didn’t have my legs early in the game,” Anthony explained. “I felt like I didn’t have any energy. Those IVs were a must. They helped a little bit. I’ll be OK for Wednesday.” Melo shot a dismal 3-for-15, finishing with only fifteen points. Fortunately, however, Denver’s strong reserve came to the rescue. Denver’s subs dominated their Los Angeles rivals in the paint and on the glass by 18, beating them by 10 on the fast break and outscoring their bench 42-24. Denver grabbed 20 offensive rebounds to the Lakers’ feeble 9, snagged a majority of the 50-50 balls, and made 42 points on dunks and layups to the Lakers’ 16. Chauncey Billups and J.R. Smith managed 24 points each, with four other players scoring in the double digits. Kenyon Martin added 13 with 15 boards while center Nene maintained the Nuggets’ first-quarter lead by making 6 rebounds and 2 boards. Overall, Nene added 14 points and 13 rebounds. Chris Anderson, the Nuggets’ “Birdman,” made 14 rebounds, bringing the Nuggets’ grand total to 58 against the Lakers’ 40. In the messianic words of LA’s megastar, Kobe Bryant: “They whooped us, period.” Bryant managed 34 points in Game 4, with LA Coach Phil Jackson taking care to not to overplay him. Bryant and Pau Gasol, with 21 points, seemed the only rays of hope for the Lakers on Monday. Trevor Ariza and Lamar Odom both suffered injuries that prevented them from making their now-renowned interceptions that ended Games 1 and 3. Quite the opposite, in fact: Odom, enduring a back injury, threw an inbounds pass that was snatched by Denver’s Chauncey Billups at the end of the fourth. Billups made a layup that effectively ended the game. Similarly, Ariza, with hip and groin injuries, made only 3 points and 1 rebound. Game 4, played in the Nuggets’ home court, seemed the best opportunity to catch up, and Denver snagged it. The Nuggets entered the game with a sense of desperation that brought out an edge in aggressiveness. They pushed the already-exhausted Lakers, who, perhaps lacking the sense of the urgency that motivated Denver, did not push back. “When you’re tired, you say, OK, I don’t have to get that ball or I don’t have to get on the floor for this loose ball, as opposed to taking every possession like it’s the last possession,” Bryant said. “But,” added his coach, Jackson, “that’s not a very good excuse.” The series is now best-in-three, and the Nuggets – for the first time in franchise history – are showing themselves to be serious challengers in the NBA playoffs. Might it happen? Might the Lakers lose? The next game is Wednesday.
Cindy Ferguson is a high-ranking sports writer, currently writing reviews on the NBA for the sports betting industry. Feel free to reprint this article in its entirety on your site, making sure to leave all links in place and do not modify any of the content.
Flavors of journey by rail in the western part of India
Nov 17th
Western Indian railway journey is a lifetime experience. In the first instance, western railway online booking is very easy to book and now with the invent of so many online travel agents providing western railway online booking, it is even more convenient. Very often, the information you receive at the enquiry counter may not be very reliable since graft and black-marketeering are endemic in the system but online booking of western railway is characteristic of the paraphernalia of any developing economic system, the Indian railway is plagued by unending anomalies offline. Interestingly, all these maladies pile up on the ill-fated tax-payer who, while sustaining the system, bears the brunt of its pitfalls also, but with the ever changing evolution of Indian railways, western railway reservation has also changed with time. We as in users beyond the age group level of 30 are digital immigrants but teens are digital native and it is that evolution that makes western indian railways different from rest of the Indian railways booking arms.
If you are in an emergency and you cannot obtain western railway reservation for your journey in the Indian railway, you will experience not just nightmare but simply hell while being alive and breathing on this beautiful planet. Tourists who travel without reservation are destined to survive in the unreserved compartments. It is a cattle-class virtually and hordes of commuters are herded into the compartments where you have to breathe out into the nostrils of your companion. This may be an over-simplification of the milieu in which under-privileged and ill-fated citizenry is packed like sardines sans ‘breathing-space’. Leaving the sardonic vein, when viewed in a “brutally positive” perspective, this whole violence, sound and fury of an Indian railway journey is an efficacious ‘exercise in national integration’. Here the catholicity of Indian populace consisting of the myriad of cultural, linguistic and regional identities fret and fume, sweat and swear and in the process have to mix and merge till the end of the journey.
This nightmare of Indian railway journey in an unreserved compartment may be primarily due to the huge crowd of passengers which is characteristic of any over-populated territory. There is the preponderance of an underprivileged, ill-fed and ignoramus segment of population among the railway commuters. They would hijack any little solace you might be enjoying by having evoked yourself the most sane and sanguine temperament in you. In a scene of free for all, around you, and often on you, they would be indulging in the entire spectrum of activities that they are capable of. They would indulge in vociferous political debates, and midway through, peel and eat fruits, drink beverages, chew tobacco and spit over your shoulder and partly on you and hit at your silhouette unmindfully in the process. All along, you will be smoking the cocktail of fumes emanating from country cigars enjoyed by your compatriots around you. But all in all, its a enthrilling fun while travelling western railway. Where else you will find this freedom of puking and poking at the same place and enjoy of the game of cards while on board on western railway trains. Internet has made it easy to locate western railway pnr status online.
I am an avid traveller and experience flavors of india, one of the recent travel experience was on western railways.
A Money Transfer Comparison of Xoom, Moneybookers, Western Union and Ikobo
Nov 16th
Here is a comparison of four of the main companies providing money transfer services around the globe:
Ikobo cards: This is a re-loadable prepaid visa debit card. It is in no way linked to your bank account meaning there is no need for any credit checks; very useful for those people with a bad credit rating. You can transfer money on to the card and then this can be withdrawn from any ATM anywhere in the world which has the Visa sign. To gain an Ikobo card you simply order one directly from them and have it sent to whom ever you want.
The Ikobo card works as follows: the card is sent via FEDEX to any individual in the world and can only be utilized by using the four digit pin code which only the recipient will be aware of. There is virtually no risk of more than the available amount of money being used as it is not linked directly to a bank account. The card can simply be reloaded using a secure online service where you can transfer funds instantaneously from any of the many supported currencies.
Main Advantages: cash withdrawals from visa atms worldwide, minimal reload costs, assignable to anyone worldwide, minimal credit checks required, avoids the need to carry large amounts of travelers cheques.
Main Disadvantages: these cards can only be used with Visa atms (occasionally limited and there is no credit limit available).
Western Union: Fund transfers with western union can be done either online or physically at a money transfer agent. Usually the funds will be available within minutes however to comply with anti money-laundering laws sometimes you are required to making a confirmation phone call before the money is released. A confirmation of money collection is also sent to the sender.
For online transfers and transfers made from an agent location the only information required are the personal names and details of the sender and the receiver. The send if at a agent location needs to provide their passport as must the receiver on collection. When the sender sends the money they receive a personal MTCN number (Money Control Number) which they then need to pass on to the receiver so that they can make the collection.
Main Advantages: funds transferred within minutes, transfers can be made online or offline, receiver will collect the money inn local currency, there is a huge network of agent locations around the world, receiver does not need a bank account to receive funds and there are other message services available as well.
Main Disadvantages: Generally this is one of the most costly money transfer providers; you may be required to make a phone call from your home address to confirm a transfer.
Xoom Money Transfer: This service works through the following process online: enter the recipients contact information, enter the amount you wish to send, select a delivery method- money can be collected, hand delivered or entered into your bank, credit card or paypal account. Enter your payment details bank, credit card or paypal account details. Press send and then let your recipient know the money is on the way. You will then be issued with a Xoom tracking number.
Main Advantages: the transfer fees are more competitive than from other companies, online transactions and the ability to transfer direct into US bank accounts also make it a very attractive option.
Main Disadvantages: The main limitatation is that they do not operate in as many countries as do some of the other companies, for example no service is available to transfer money to Thailand a very popular destination for sending and receiving money.
Moneybookers: With this company again you are required to register but the web-site has been created with similar security levels as sites containing banking services and share trading services.
After registering all you need is your email address and password to make payments and the receiver doesn’t need a money bookers account. You follow the onscreen process to register your cards and then you are able to pay at over 3500 online shops so you don’t need to show them each time you want to make purchases.
Money bookers supports 12 languages and payment in local currency is available in over 30 countries. They provide customer support through an online messaging which deals with enquiries quickly and efficiently.
Main Advantages: Very competitive transfer fees, additional services like sending SMS and faxes are available and instantaneous money transmissions as borderless as the internet.
Main Disadvantages: They don’t quite have the scale or mass network as other more established companies do.
So, there you have four of the main companies available for money transfers outlined for you. There are plenty of other options besides; this is just to show you the variety and scope of services available. Both the number of money transfer companies and services available are growing daily so if you need to make a money transfer don’t rush, have a look at a few different companies, check the small print and find the one that suits you the most.
Money transfer review provides money saving comparison charts and money transfer advice and tips, simply click:
Money Transfer to discover more.
What Is Better Seagate Freeagent Go Or Western Digital My Passport Essential?
Nov 15th
I’m trying to decide what portable hard drive to buy, the Seagate Freeagent go or Western Digital’s passport essential. Does either need any type of outside power source, like a battery? Do I need to buy a forked USB cable in order to have enough power?
My Inexpensive Western Cowboy Wedding
Nov 15th
It seems like more weddings happen in the month of June. If you have a wedding coming up in the near future, you may be dealing with the planning of the details right now. You’re searching for the right caterer and the reception hall and possibly browsing through invitation books looking for the perfect way to announce to your friends and family of your upcoming wedding celebration. Sometimes the meaning of it all can get lost in the planning. It all can be so overwhelming as it is for many of us these days.
My grandmother often told me that weddings in the olden days were more about the actual ceremony than spending absurd amounts of money. There was very little expense because there was very little to spend.
Outdoor weddings were common and used the beauty of Mother Nature to enhance the ceremony using flowers that were handpicked from the meadows. The wedding dresses were made by hand or handed down through generations. The groom would wear his best Sunday attire. Pot-luck picnics were held following the wedding. The type of gifts people would bring for the happy couple were handmade quilts, homemade jams and jellies or smoked meat. The gifts were more about survival than pleasure.
Some weddings these days seem to focus more on the expense, the latest styles, the hottest fashions and less on the actual marriage vows of two souls. The cost of these types of weddings can become astronomical.
My budget would not allow for an extravagant wedding, but I still wanted a beautiful one. I chose to go back to the simplistic style of years past. I have always been enthralled with the old cowboy life-style and way of living that my grandmother spoke about when I was a child and that was my inspiration in planning my wedding.
My grandmother talked about how they picked a beautiful place by the Snake river where the water flowed peacefully. The white pines soared into the beautiful blue sky and sheltered the area from the bright warm sun. There was a variety of wild flowers spread through out the tall green grass.
My grandfather patiently waited by the rivers edge as my grandmother rode toward him in a black buggy. As she began to walk in his direction, her beautiful white homemade wedding dress glistened in the sun. My grandfather said she looked like an angel walking toward him. When they joined hands in marriage they felt they became as one.
I set out to create much of the same natural inexpensive environment as my grandparents. I found a location near a small stream with lots of beautiful pine trees. Because my wedding was in July, the mountain meadows were filled with a variety of beautiful wildflowers that I included in my bouquet, table centerpieces and cake decoration. We decided to ride in on separate horses rather than using a buggy like my grandmother.
Our invitations were computer generated with a western theme and our included photograph was taken by a family member with a digital camera and printed on an inkjet printer. They looked just as good as a professional design and we received many compliments on them. The best part was we saved oodles of money.
I found a beautiful inexpensive wedding dress for only ninety-nine dollars and I wore a white cowboy hat that I had adorned with a veil. My husband wore a white silk western shirt with a black leather vest and black wranglers. We both wore our cowboy boots.
All other members of the wedding line wore black Wrangler pants with the girls wearing blue western blouses and the men wearing white western shirts. Some wore black cowboy hats and boots. The guests were told they could dress casually and gifts were optional.
We built a hitching post which we placed his and hers saddles upon. We dressed up the posts and saddles with bows. We stood at the hitching post for the ceremony. It may sound a little corny, but it was really beautiful.
The ceremony went well and without a hitch. Many were concerned I might fall off my horse and become an entry on Funniest Home Videos, but little did they know I’m an excellent horse rider and my horse is very gentle. Some commented that it was like watching a fairy tale wedding; which only proves that you can have an inexpensive wedding and it can still be breathtaking.
The reception dinner was held at the same location following the ceremony in a sheltered area. We provided the Dutch oven meat and the guests brought salads and other fixings.
We were fortunate enough to have a relative that makes wedding cakes for a good price. She incorporated the wild flowers into the decorating of the cake and the cake top was a cute cowboy couple. We had live entertainment provided by a family member who played guitar and sang. All in all, our wedding cost under $1000.
My inexpensive western wedding proves that you can have a wedding that is just as meaningful, if not more so, without the overshadowing of glitz and glamour to take away from the original reason, which is, the joining of two souls.
Kathy Angell is an avid cowboy western enthusiast. She has lived the cowboy lifestyle all her life and enjoys sharing her knowledge with others. She enjoys horse riding, pack trips, camping, hiking, fishing, hunting and Dutch oven cooking. http://www.cowboy-lifestyle.com
Failure and Recovery of Western Digital Hard Disk
Nov 14th
Its a well known fact that western digital hard disks are available for different desktops and other devices. The various families of western digital hard drives are HAWK, BUCCANEER, MOMMOTH, SABRE and SCORPIO .
Sometimes it happens that the system fails to detect it and the BIOS no longer recognizes the hard disk, and here comes the failure error messages. When you start the computer installed with a Western Digital hard disk, it fails to do so with the following error:
“WDC ROM MODEL–<hard disk family name>”
Here, ‘ hard disk family name’ denotes the name of Western Digital hard disk family.
Reason
You receive this error in BIOS screen that is generated by PCB controller board when it cannot detect the hard disk healthy. Few possible causes for such behavior are:
Corruption of one or more firmware modules
Hard disk ROM is corrupted
One of more read/write heads are faulty
Solution
You need to follow these steps in order to recover from hard disk failure:
Detach the hard disk from the system
Install a new hard disk
Power down the system as soon as possible
Pack the failed hard disk in anti-static and anti-shock material and send it to a reliable company providing hard disk recovery services.
A company providing hard disk recovery services is able to recover all the lost data . It can also recover windows from crashed drive. The advanced techniques, help to recover from hard drive failure in all cases. The general methods used are examining the failed hard disk in Clean Rooms, determining the odds of recovery and nature of problem, repairing or replacing damaged internals and so forth.
Robin Watson is a B-Tech student and is doing research on how to perform windows recovery with the help of data recovery software .