Euro Could Replace Dollar


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ABOUT 500 workers at Chambishi Copper Smelter (CCS) have been issued with summary dismissal letters following their two-day riotous behaviour in protest against alleged poor conditions of service. And Police have apprehended seven CCS workers in relation to the riot that took place on Tuesday at the copper smelter company.Both CCS company secretary, Sun Chuanqi, and Copperbelt permanent secretary, Jennifer Musonda, confirmed the figure of the dismissed workers in separate interviews yesterday. Mr Chuanqi revealed that company property worth about US$200,000 was allegedly destroyed by the irate workers during the riot.He said management was saddened that the workers rioted before the conclusion of negotiations with union representatives.

Mr Chuanqi said the workers had been given a grace period of three days within which to exculpate themselves and show cause why disciplinary action should not be taken against them.

He complained that work had been adversely affected by the workers’ riotous behaviour.

Mr Chuanqi warned that all workers identified as ring leaders would be dismissed from employment to discourage others from behaving in a similar manner.

By press time yesterday more than 19 alleged ring leaders had been identified while more than 66 workers collected their summary dismissal letters.

Mr Chuanqi appealed to workers to exculpate themselves within the stipulated time so that the innocent ones could be reinstated.

“We’re appealing to the workers to respond quickly to the summary dismissal letters so that those that did not take part in the riotous behaviour could be reinstated because work has been grossly affected and we need local manpower,” he said.

Mr Chuanqi said CCS belonged to Zambians and wondered why the workers destroyed what belonged to them simply because of a dispute that could have been resolved amicably.

“What we are building here also belongs to Zambians, so people must desist from destroying this investment. For those who will not come to collect their letters, we will follow them until they get them so that they can exculpate themselves,” he said.

However, Mr Chuanqi paid tribute to government for its continued support to Chinese investment in Zambia.

He also said the Chinese worker only identified as a Mr Li who was injured during the riot on Tuesday was discharged from the hospital.

And Mrs Musonda also confirmed that workers were served with summary dismissal letters when they reported for work yesterday.

A check by the Zambia Daily Mail crew yesterday at the CCS premises found several riot police officers manning the company.

Some Zambian workers were found waiting to collect their summary dismissal letters while others were reluctant to collect them, claiming that they did not take part in the riot.

Those spoken to said they were ignorant about the whole thing and that they were just forced by some of their colleagues to riot.

Copperbelt Police commanding officer, Antonneil Mutentwa, revealed that six officials of the National Union of Miners and Allied Workers (NUMAW) and their member were apprehended by police in connection with the riot.

Mr Mutentwa said the union officials and their member were apprehended around 17: 45 hours on Tuesday.
NUMAW national secretary Albert Mando condemned the action by the workers to riot and damage company property.

“We are not in support of what the workers did. We are also disappointed with what happened on Tuesday because the negotiations have not yet collapsed, so why strike or riot?” Mr Mando said.

Zambia Daily Mail

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Times of Zambia reports…

Chambishi fires 500

 ALL the 500 striking workers at Chambishi Copper Smelter (CCS) were yesterday fired while seven National Union of Miners and Allied Workers (NUMAW) branch officials were arrested and detained on Tuesday evening.

The workers were served with letters of summary dismissal by management in the morning.

The move by management was as a result of the riotous behaviour by the workers at the company premises on Tuesday morning.

Police said those arrested were detained at Kitwe Central Police Station to help with investigations.

The workers at the Chinese-owned company had been on strike since Monday, demanding improved conditions of service.

The situation worsened on Tuesday when the workers decided to become violent and damaged property worth millions of Kwacha.

Both CCS company secretary, Sun Chuanqi and NUMAW national secretary, Albert Mando, confirmed that all the 500 workers who took part in the work stoppage had been served with letters of summary dismissal and had been given three days in which to exculpate themselves.

But Mr Mando said it was unfortunate that management had decided to serve the workers with letters of summary dismissal, saying there was no reason to continue with negotiations when its members had been served with letters of dismissal.

He, however, said his union would work hard to ensure that the seven branch union officials, who had been arrested, were released so that negotiations could continue.

“Yes, I have been told that the management at the company has also served the workers with letters of summary dismissal, but it is unfortunate management has resolved to take this stance.

“This decision by management will affect our negotiations because how do we negotiate when our members have been given letters of summary dismissal,” Mr Mando said.

And speaking in an interview at CCS, Mr Chuanqi said the management at the company had decided to serve its workers with letters of summary dismissal as a way of disciplining them for their riotous behaviour, but that they were free to exculpate themselves.

He said management was eager to listen to the concerns of the workers, but was saddened that the workers quickly resolved to become riotous and damaged property at the company.

He said the Chinese investment in Zambia was there to benefit both Zambians and Chinese and there was no reason for Zambian workers to become violent and damage property.

“As management, we do not take pleasure in dismissing our employees, but we want them to know that violence does not pay and that they have to do things according to the law. Problems arise where there are people, but things must be done correctly,” Mr Chuanqi said.

And Mr Mando confirmed the detention of the seven union branch officials and that he was trying to secure their release.

Mr Mando, who was still at the Kitwe Central Police Station by Press time, said those arrested were branch chairman, Oswell Chibale Malume, vice-branch chairman, Christopher Yumba, branch secretary, Steven Kabwe, branch vice-secretary, Christopher Nkandu, treasurer, Kafwaya Ndombwani, vice-treasurer, Chanda Mhango and a shop steward, Kachinga Silungwe.

Mr Mando said the seven were picked up on Tuesday evening and had not been formally charged although they were still being interrogated.

“Yes I can confirm that seven of NUMAW branch officials at Chambishi Copper Smelter have been arrested and detained at Kitwe central police station. They were picked up around 18:00 hours on Tuesday.

“I am actually at the police station, but I have not talked to them because they are still being interrogated and have not been formally charged. As a union, we are trying to secure their release,” Mr Mando said.

The Times team which went to CCS found the place deserted with only armed police dotted all over to keep vigil.

End of report.

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BBC Reports..

 

Difficult tasks await Kenyan MPs

By Karen Allen
BBC News, Nairobi

It had all the pageantry and trappings of a state ceremony.

Kenyan President Mwai Kibaki and ODM leader Raila Odinga arrive at parliament

The two leaders agreed the power-sharing deal last week

The national anthem, the guard of honour, the ceremonial dress – but this was a unique opening of parliament.

Kenya’s lawmakers are under the spotlight in a way never seen before.

Kenyans still stunned by post-election violence are vesting their trust in leaders in a country where in the recent past, they have been badly let down.

More than half of the members of parliament are newcomers and they will be expected to hit the ground running, to turn up to vote and pave the way for a historic coalition.

A coalition aimed at restoring unity to what the president described as “one Kenya”.

Stumbling blocks

It was a week to the day that a power-sharing deal had been agreed between President Mwai Kibaki and opposition leader Raila Odinga.

They shook hands in the presence of the world’s media, flanked by Kofi Annan and Tanzanian President Jakaya Kikwete.

Opening of Kenyan parliament 6/03/08
The new parliament began with two minutes of silence

That was just the start of a process. In the coming weeks lawmakers will be expected to enact legislation that will amend the constitution and allow a grand coalition to be formed.

They then have to try to “sell” the idea of power sharing to their constituents, among them people who are now homeless or who have lost loved ones in the violence.

There are still potential stumbling blocks ahead – in particular, how power will be shared and how cabinet posts and other senior positions will be allocated.

But for Thursday’s ceremony the tone was conciliatory and upbeat.

After a two minute silence – first for parliamentarians killed in post-election violence and then for “ordinary” Kenyans who lost their lives, President Kibaki rose to his feet.

In a 30-minute speech he stressed the need for last week’s peace accord to be quickly enacted into law, but warned that it would require “goodwill, unity, good faith and integrity” of Kenya’s lawmakers.

Awkward realities

This country is emerging from one of the darkest periods of its history and the coming weeks will be a real test of the commitment of all sides to a durable peace.

A member of the Kikuyu Mungiki gang threatens a man with a machete in Nairobi's Kibera slum, 10 January 2008

Some 1,500 people died in unrest after disputed poll results

Kenyans will be forced to confront some awkward realities with the establishment of a truth, justice and reconciliation commission to investigate past injustices and violence blamed on supporters on all sides of the political fence.

They will also be forced to compromise.

There are concerns that a grand coalition will rob Kenyans of a real opposition.

This has effectively been a deal between two political blocks – those supporting President Kibaki’s PNU and those backing Raila Odinga’s ODM.

Earlier in the day, diplomats insisted the onus would be on the media to help keep the government in check.

But what is clear is that this could be the start of a new pragmatism in Kenyan politics. A chance for a new breed of politician to shine, putting aside a past where winner takes all.

MPs have rejected proposals to hold a UK-wide referendum on whether to ratify the EU’s Lisbon Treaty. The House of Commons turned down the Conservative proposal by 311 votes to 248 – a margin of 63.

The result means Parliament itself will decide whether to ratify the treaty, signed by EU leaders last December.

Thirteen Lib Dem MPs rebelled against the party’s orders to abstain on the referendum vote, with three frontbench spokesmen resigning their posts.

MPs rejected the Conservative amendment to the EU (Amendment) Bill, but 29 Labour MPs supported it. Three Tories defied their party leadership.

Manifestos

All EU parliaments must ratify the treaty before it can come into force. The only country which has committed to a referendum is Ireland.

We hope that in this case the Lords will hold the government to their manifesto commitment
William Hague, Conservatives

The three main UK political parties promised a public vote on the EU Constitution in their 2005 general election manifestos.

But the constitution was rejected by the French and Dutch electorates later that year. The Lisbon Treaty was drawn up to replace it.

The government and the Lib Dems say the treaty does not have constitutional implications, so a referendum on it is not needed.

The government says most changes are minor and procedural and it has secured “opt-outs” where necessary.

Month-long debate

But the Conservatives, some Labour and Lib Dem MPs and the UK Independence Party among others, say that it is effectively the constitution under a different name – so there should be a referendum.

Shadow foreign secretary William Hague said: “This treaty will now go to the House of Lords.

“It is convention that the House of Lords does not stand in the way of manifesto commitments. We hope that in this case the Lords will hold the government to their manifesto commitment.

“The Liberal Democrats’ position will once again be pivotal. We will see if they follow their three-line whip in the Commons to abstain.”

The Lib Dem leadership, which instead wants a referendum on whether the UK should stay within the EU, ordered its MPs to abstain in the Tory-led debate.

But 13 refused to do so, instead voting for a referendum on the treaty.

Scottish affairs spokesman Alistair Carmichael, countryside spokesman Tim Farron and justice spokesman David Heath resigned from the Lib Dem frontbench team.

MPs have been debating the different elements of the treaty over the past month.
BBC

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BERLIN — The dollar sank to a new low against the euro Wednesday on pessimism about the American economy and speculation Washington will soon cut interest rates again.

The euro spiked to $1.4855 before retreating slightly to $1.4787 in morning European trading. It broke the $1.48 mark for the first time on Tuesday, settling at $1.4815 late in New York.

The dollar also hit a two-year low against the Japanese yen, falling to purchase as little as 108.81 yen before rising slightly to 109.19 yen – compared with 109.69 yen in New York on Tuesday. It was last lower when it purchased 108.76 yen on Sept. 5, 2005.

The British pound was down slightly to $2.0639 from $2.0667 in New York.

The euro, the pound and other currencies have been climbing steadily against the dollar since August amid fears for the health of the U.S. economy, stoked by the subprime credit crisis.

Surging oil prices – which rose to a new record high above $99 in early Asian trading Wednesday – have driven up commodity-backed currencies such as those of Canada, Australia and New Zealand.

The dollar has been further weakened by U.S. interest rate cuts – which can be used to jump-start an economy, but can also weaken a currency as investors transfer funds to countries where they can earn higher returns.

On Tuesday the U.S. Federal Reserve released the minutes of its October meeting and its economic forecasts for the next three years, which suggested to investors that a December rate cut was imminent given the state of turmoil in credit markets and the Fed’s forecast of decreasing inflationary risk – contributing to the dollar’s weakness.

© 2007 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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Former U.S. Federal Reserve chairman Alan Greenspan said it is possible that the euro could replace the U.S. dollar as the reserve currency of choice.

According to an advance copy of an interview to be published in Thursday’s edition of the German magazine Stern, Greenspan said that the dollar is still slightly ahead in its use as a reserve currency, but added that “it doesn’t have all that much of an advantage” anymore.

The euro has been soaring against the U.S. currency in recent weeks, hitting all-time high of $1.3927 last week as the dollar has fallen on turbulent market conditions stemming from the ongoing U.S. subprime crisis. The Fed meets this week and is expected to lower its benchmark interest rate from the current 5.25 percent.

Greenspan said that at the end of 2006, some 25 percent of all currency reserves held by central banks were held in euros, compared to 66 percent for the U.S. dollar.

In terms of being used as a payment for cross-border transactions, the euro is trailing the dollar only slightly with 39 percent to 43 percent.

Greenspan said the European Central Bank has become “a serious factor in the global economy.”

He said the increased usage of the euro as a reserve currency has led to a lowering of interest rates in the euro zone, which has “without any doubt contributed to the current economic growth.”

© 2007 Associated Press. All Rights Reserved.

By press time of the article above, the US Federal Reserve had not yet announced its intentions to cut benchmark rates by half a percentage point.

As of the time of this posting the rate stood at 4.75% bringing new surge in the markets around the world with the Dow Jones gaining over 300 points in one day … thanks a trillion.

Brainwave R Mumba, Sr.

Market Reaction Around The World …


StarPhoenix

Interest rates decision spurs Australian stock market
Melbourne Herald Sun, Australia – 1 hour ago
THE US central bank’s decision to slash interest rates for the first time in four years spurred the Australian stock market to its biggest one-day rise in a
Fed Cuts Rate Half Point, and Stock Markets Soar New York Times
Fed lowers interest rate, and stock markets soar Kansas City Star
Fed’s Rate Cut Korea Times
TheStreet.com (subscription) – San Jose Mercury News
all 2,326 news articles »


Aljazeera.net

Asia markets soar after US rate cut
Aljazeera.net, Qatar – 8 hours ago
Asian stock markets have seen strong gains, following the first cut in US interest rates for four years. Shares on Wednesday were up by more than 3 per cent
Asia Stocks Jump After Wall Street Surge Washington Post
Most Asian markets lower; Tokyo stocks fall amid renewed concern International Herald Tribune
Financials weigh on Asian stock markets Financial Times
Euro2day – Euro2day
all 393 news articles »


StarPhoenix

Toronto stocks seen rising on commodities
Reuters Canada, Canada – 3 hours ago
TORONTO (Reuters) – Toronto’s main stock market index was seen opening higher on Wednesday as the US Federal Reserve’s bigger-than-expected interest rate
Stocks surge post-Fed Globe and Mail
Toronto stocks steady ahead of Fed decision Reuters Canada
Toronto stocks steady before Fed decision Reuters Canada
Globe and Mail – The Canadian Press
all 146 news articles »


Montreal Gazette

Clash Of The Emirates
Forbes, NY – 21 hours ago
could give Nasdaq an extra-thick financial shield against the ambitions of Dubai as well as more investment in international stock markets for Qatar.
Stockholm shares close lower, but OMX up on M&A speculation – UPDATE Forbes
all 48 news articles »


Hindu

Stock markets, rupee scale record highs
Earthtimes.org – 2 hours ago
The 30-stock Bombay Stock Exchange sensitive index (Sensex) rose 653.63 points or 4.2 percent to 16322.75 at close. All the components of the index were
Markets surge on Fed Reserves rate cut buzz Business Standard
Sensex breaches 16000 mark; up 653 points at close Zee News
Sensex recovers initial losses in late morning deals Hindu
Hindu – Economic Times
all 87 news articles »

Stock Market Update – Wed Sep 19 12:00:01 EDT 2007
Reuters – 11 minutes ago
5.5% gain in the stock. The feeling that the market is getting a bit overbought on a short-term basis could invite some afternoon selling interest.

Stock Market Update – Wed Sep 19 09:45:01 EDT 2007
Reuters – 2 hours ago
COM] The stock market has started the session on an upbeat note as the good vibes from yesterday’s trading continue to be felt.

Global stock markets rally after US interest-rate cut
Belfast Telegraph, United Kingdom – 8 hours ago
Stock markets across the world are continuing to rally amid signs that the global credit crunch is starting to ease. The rally follows a decision by the US

Stock Market Update – Wed Sep 19 10:35:01 EDT 2007
Reuters – 1 hour ago
COM] Buying interest has calmed after the excited start that followed yesterday’s rate-cut rally and the huge gains in foreign markets overnight.


Capital News 9

After Fed cut, debt market problems persist
CNNMoney.com – 1 hour ago
Global stock markets cheered Tuesday after the central bank cut the target for a key short-term interest rate. On Wall Street, the Dow Jones industrial
AP Executive Morning Briefing The Associated Press
Debt Market Looks to Fed to Restore Confidence New York Times
Wall St. awaits the other Fed guy CNNMoney.com
CNN-IBN – USA Today
all 157 news articles »