[Marxism] Literally Yesterday's News

S. Artesian sartesian at earthlink.net
Fri Apr 10 16:26:47 MDT 2009

FT  4/9

1.  Apparently, diamonds aren't forever, or at least diamond revenues and profits aren't forever.  Just a commodity after all.  De Beers expects a 50% decline in revenues this year, with prices falling 30%.  The company is cutting production by 40% and has mothballed its flagship mines in Botswana.  Two new Canadian mines, the financing of which saw De Beers take on large quantities of debt, have already been placed on reduced production schedules.  De Beers, according to one banker [like they know anything] is "bleeding cash.".

2. French workers realeas 4 managers of the British based taped manufacturer Scapa.  "Bossnapping"  is the direct action tactic of choice of French workers.

3. 4th Quarter--  fall in the numbers of new mobile phone subscribers.  In addition, for the first time, DATA revenues for cell companies declined.  New subscribers in 4Q down 15% year-on-hyear to 162 million.  Largest declines in Asia-Pacific.

4. Contract car maker, and auto parts supplier,  Karmann of Germany [of Karmann Ghia fame] declares insolvency.  Employs 8000 worldwide, 3400 in Germany.

5. Sharp to move core production operations out of Japan-- seeks local partnerships for local consumption-- avoid tariffs, trade barriers, logistical costs, currency fluctuation impacts.

6. Citic Pacific chief in Hong Kong resigns-- lost $1.92 billion in forex trades in 2008.

7.  Fitch's warns that 41% of its rated commercially backed mortgage securities [CMBS] in Europe at risk of downgrade.

8.  Berkshire Hathaway loses triple A rating from Moody's, a company in which it has a significant shareholding.  Oh Buffett, where aret thou?

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