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Tuesday, October 28, 2008

Tuesday Linkfest

I've been talking recently about how the credit crunch may slow project development in both energy and gold. Here are two examples ...

Credit Crisis May Block, Delay 20% of Deepwater Rigs, Slow Petrobras Boom As many as 20 of the 100 deepwater oil rigs on order worldwide may be delayed or canceled as loan availability erodes, possibly slowing developments including the biggest petroleum discovery in the Americas in three decades.

AngloGold, Gold Fields, Harmony May Spend Less as The Metal's Price Falls AngloGold Ashanti Ltd., Gold Fields Ltd., and Harmony Gold Mining Co., Africa's biggest gold producers, may review spending plans after metal prices tumbled and credit availability tightened.

And here are some more stories of interest ...

Gold Rises as Equities Pare Losses, U.S. Dollar's Rally Stalls Versus Yen Gold rose in Asia, erasing earlier losses, as equities pared losses and the dollar's rally against the euro stalled ahead of reports that may show U.S. consumer confidence dropped.

Putin Urges China to Join With Russian in Moving Away From U.S. Dollar Use Russian Prime Minister Vladimir Putin urged China to move away from the dollar, saying a global economy based on the U.S. currency has ``serious problems.''

IMF may need to "print money" as crisis spreads
The Fund is already close to committing a quarter of its $200bn reserve chest, with a loans to Iceland ($2bn), Ukraine ($16.5bn), and talks underway with Pakistan ($14.5bn), Hungary ($10bn), as well as Belarus and Serbia. Neil Schering, emerging market strategist at Capital Economics, said the IMF's work in the great arc of countries from the Baltic states to Turkey is only just beginning.

Oil Rises From 17-Month Low as U.S. Stock Futures, Asian Equities Rebound Crude oil rose from a 17-month low as stocks in Europe and Asia rebounded and OPEC ministers said the group may meet again before December, raising speculation of deeper cuts in production.

GM May Get $5 Billion Loan for Chrysler Deal
The Department of Energy is working to release $5 billion in loans to General Motors Corp. ... The funds would come from a pool of $25 billion in low-interest loans approved by Congress to help Detroit retool its plants to meet new fuel-efficiency standards. It's not clear how quickly the money could be made available or whether it would come with strings attached.
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