1HECUARDlAN,Monda~June2o,2o u
UN climate change meeting; records progress on key issues 'TOP LN dIrr\lte ~ oIIIdal 1 Clu1sWni Agueres.saICi Ihar: thf I\\OWeCkkrgc1imm:ch.lngItCXlfli!mlce thai emed Cll rriday in Bonn. ~ made dear iJd\ance:sonl.zySurs -II also Identified areas that wUl require hlgh-kvel polJtial Ie.iJdershipaheadofthe.umual conferwoe In Durban, South Africa,· she said. TIle UN framework Convention on Climate Change {UNFCCq Exe<:utlve Secnta~ A~res,said this ina statement ISSUed rl!'Cl!'ntly on the Anal wy of the negotia· Dons. .'" cmual ptllitiaJ question tlliIthascrysQUlsedduringthls session Ishowfunheremis.skm ~u"ion commlrm~nts by
thal wj]) req uire high-level leadl!'rship during the year.Accordmg to her, the K~o Protocol remained critiCally important, because It COilra ined key rules to quamify and monitor effortS to reduce ~nhoUSI!' gas l!ITlissions and rmport.ant m4J.rket·ba~ mechanisms lhal enable COSteffectlVl: mitigation. Warningaxalnst thl!' passlbili!yoh reguralory gap bm'oftn Kyoto rrotocol commi tm ent periods. the UN cUmal1!' change lOp offi Cial said, . -governmenu can double their efforu and come forward with mlddk ground soluoons OInd options which are accl!'pt.ble to all sides.On the implementation of
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World bank grants Mali FCFA3Sb to support local, urban govts TtlEWorld Bank hasgnnred 1 Mali ]5 billion mnch 0.1 to providt: su pport for local and urban governments. A Slatemt:m issued by t hl!' board of Ihe bank o n trlday said thaI thl!' suppon was (0 boost the activities of the rwo rll!'r of governments In the drive to Improve the slamlard of IIvlllg of the people_ "The ob)ectiveof the project Is 10 enhance the performa nce of lhe governments In major la rgl!'tl!'d Cities, t:Spe-
clally by improvi ng SCfVICI!' delivery, governan cl!','!IS well as accountablllly." Th l!' projeci (nvolves the cilies of Bamako, Kayl!'S (Wl!'st), Sikasso (south), S~gou (cl!' ntrl!') imd Moptl ( nonh ~
.... ccord lng lO the stalell1l!'m, Spedal attemlon would be given to the I.;r,st four cities to enable t hem increase their competitiveness wilh Bamako and thei r abi lity to capture a grealer share of Ihe population movement
ro uri>.lnareas. The projecl is fu lly consls· tent Wllh the Co u~uy Assistance Strat egy (CAS) aimed at s up:rrtlng Ihe Growth an Poverty Reduction Strategic framework (GPRSf~ It also includes a component on dralnagl!' and protection againslllOOtJing In Bamako, which ls under th~ management of the depart. mem responsible for disastl!'r risks and response 10 cllmale change.
EUprepares Greece aid as Merkel backs ECB Union offidals Iwnmering EUROPEANcloserpacbge lOr nl(Jl.'l!d
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European UnDaI Bank to mabo sure pL1ns to indud!!' pn.\'.l(e lI'M'SIOI"S In a I1!SCUe don't oiggl'r a default Greek bonds pined and the COS( of insuring Ihe counoy's wtth
::~n~rvlnslil1:I!'~ull ~~~:! c hancellor Angd. Merkd wilhdre ..... her dl!'mand that bondholders be forced to shoulder a -submnnal- bur· den In a l'l!'SCUe. Shl!' said Ihat she would work with the ECB to ensure the role of privatI!' investors remained vofuntary to ilvoid trlggmng a defaull rating. ·We \wuld like: to have il particlp.lliOn of private ~Itors on a voluntary basis,· Merke l lold reponers in Berlin ar il
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Sarkoly. This ·should be workffi OUI jomtly with Ihe feB ,lIld there shouldn'l be :I~rs. ~ispUie with tM ECB on SIOCks, bonds and th eeuro aU galOl!'d on the prospl!'Cl lhat Merkd'sshlftwouldfadlitatl!'a new d ~al for Greece, which fact:S a 00 billion (SO billion) funding gap next year. Euro~an Union finance chiefs meet In Luxembourg on lune 19 to try (0 ildvance a packaKI!' 10 plug thilt hole. a shonf~lI Ihal Ilrompted Ihe Intemaflonal Monelill}' fund (0 [hr~al e n (0 withhold Its share of a Ell bUUon bailout payment from the original package due this month. "Onl!' thl:l is for sure, time is
~:~~a ilcrfo~~~~dl~oob; take n; said MMI.'US Ernst, a srrategist ilt UniCredit SpA In MuniCh. "Contagion to olher over-indebted tu member countries Is slill considl!'red hif;~ldsaj3~h:t~~~ ~
"'""Y Willing 10 accept that the socilliea Vienna Initiative of 2009, which enrouraged credo itors 10 roll over expiring bonds, could be • model for private-investor patt.icip.uion In Ih~ new aid I»ckage. That marked a rC'W'rsal from thl!' position se t OU I br. h" finance minisl l!'r, Wol ~ang Schal!'uble, who had Insrstl!'d that Greek bond maturities be extended by sevtn years. That apprcwch met ECB resistana and led to ~it-raring company wamings Ihal Ihe move WilS r.lmamoum to defau lt, SlaUlng efforu (0 cuft an aid package this week. With Mer~1 now willing to work with the ECB, ministers at thl!' I.wu!mbo~ meeting
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Europeans can payout the nexl lJ'anchl!' to Grl!'l!'Ce, g!ven t~t tJII!' key Ingredients of thl!' next programme are known,SchaeubJe's deputy for economic, financial and European affairs, Joerg Asmussen, said in a Bloomberg Television interview recentJy. The YIeld on Greece's two-yeilf bond. which lOpped ]0 per cent {or the rusr arne on June 16, feU 98 basis points ro 28.79
per cent. CredltMaul1 swaps on Greece fell 10 1.912.75 basis poInts, l\avlng risen as high as un basis points on lun~ 16, accordlngroCMA The signs of f1exlbility from Gennany ~nt thl!'eure upas much as one per cent to SL4J(l6. Mer~ I's governmenl w~nu lhe private-sector Involvement 10 be '\toIunta~ substantial, reliable and qU;lIllln~ble' Asmussen said. Ml!'rkl!' l and Schaeuble are ·on the same page- and working with the EGI to mak~ it happen,hl!'saki. The announcemmt came as Greek Prime Minister GeorgI!'
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eel replacing finance Minister
George PapacollSlanrinou, Ina bid to get rebelling allks to back tM €78 billion austl!'rit}' plan that the EU and If.1F have made a condition for nl!'W aid. Papillldreou nimed Evangelos \leni2elos, his defense minister and a former rival ror leader· ship of the ruling Socialist party, [0 replace Papaconstantinou. Papandreou then called for a VOle of confidencl!' In his new government, which will pro~ ably be held tile evl!nlng of June 21, after thltt days of debate..
,\nd rf'i'trring to Ihe link between negotiations on min. giilion und« the UN OImare Glange Convention and mid· gatlon under the KyolO Protocol. shl!' gld, " governmenu .1R realising that this link needs to hi!' dealt with to gel 10 a global solution and
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COUntry 4J."IOIU on climate change, Aguen5 said that thl!', Bonn sessIons had paved the way for progress at Ihe UN dimate Clang.. Conference in !)urban {COP I'll at thl!' I!'nd of
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-Strong convergl!'nce hilS emerged on how thl!' Adaptation Comminee will bt governed, whill lu compos!-
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lion will be ilnd ..... hitt ils Sp«ifk: role will be; she said, 4J.dding " this progress means the commltleecould be fulty opN' ationahsed .II Durban-. Agueres ;dso disclosed that progress had been madeon the lechnology mechanism that would boostgJobaI dean ttch· no\ogy coopt'ralion. The mechaniSm will includ<> a Oi mate Technology Cenlr1' and NetWOr"k. \yflicllwill 0lkr· ale with Ihe SUOII!: invokement of the ~ clean h."chnology sakdioklcr communi'
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At Ihe IIonn session, goo.-emmenu made progress on definIIlg the Centre and Network ano asked the secretariat to Rep a record of Slilkeholden lhat are interested in panid· padng.. The Slatellll!'lIt said Wt w Green Cllmatl!' fund, the financial mana~ement cenU'.. of the futurl!' chmate regime thaI net'ded 10 build towards a global now of SIOO bllhon by 2020. was also disrussOO in Bonn. The Uilnsitiot\ill cOlllmll1 te has already had (WO meefings ilnd a Ihlrd I1lHllng wilt be held in July.ln Tok)'O.
Gold may' ~op as growth risk hurts commodines is poised for a second weekly decline.;r,s growing GOLD
evidence of an economic slowdown and the dollar's strength curb demand fo r commodities. Immedlatt'-del\very gold dropped as much as 0.] per cent to SI,52S.7J an ounce before tradin~ at St,S26 at 23S p.m. In Smgapore.. The metal Ion 0.] per cent this week after a 0.1 pe r cent drop the previous week. TIle .... uguSl.delivery contract decreased 0 .2 Poer Cl!'nt to Sl,S27.60. cash Silver lost 2.4 per cent this \veI!'.k and was set for a third weekly decline. TIle Standard 8r Poor's Gsa Index o f 24 commodities weakenl!'d 4.1 per cent Ihis week, heading for Its Arst decline since Ihe week I!'nd«l May 6, mer manufacturing In Ihe Philadelphia region unup«tedly con· m cted In June. Americans' vil!'WS on the economy's outlook also soured. The DoII.;r,r Index, a slx<ur· rency gaugt: of [he dollar's value, rose La pt:r Cl!'nt this week, following 4J. jumpofl.4 per Cl!'ot the p reviOUS week. ·Wlth a decline In commodi ties and the dollar creeping higher, go ld Lacked
momentum t hiS week to break its luU,~ said Hwang Ii 000, a Seou l-based senior tr4J.der at KfB Futures Co. Stili, the dip may be .;r, good buying opponunity, as the Greek debt aisls "shows no signs o f ending.. The Federal ~rve Bank of rhlladfJphla's genera l economic Index fell (0 m inus 7.7, Ihe lowut si nce July 2009, from 3.9 the julor month, data showed recemIy, readings less than ll!'fO signal conrfaccloll. The Broomberg gaugl!' of economic expectations slumpl!'d to minus 3t this momh, thl!' weaken since MOIrch 2009. Gt:rman Chancellor Ange la Merkel and french President Nicolas Sarlcozy wlll meet in Berli n, with pressure rising for the leaders to reach an accord on 4J. rt:Scue ror Greece.. EU finance mlnlsten agreed on lune 1-.1 to reconve ne on Ju ne t9 anl!'r they (.ailed to reconcile a Gt:rmallled push for bondholders to shoulder ~n of the cost of a new p'lan for Greek aid. Flfleen of 2] [faders, Investors and ana lysIS surveyed by Bloomberg said that golo would rise next
week. five gW lower prices and three wer~ neutral. Assets he ld in exchange-traded productS $load little chan ged at 2,OS].204 tons recently, according 10 Bloomberg data. Hold intts hit a record 2,114.6 tons 111 December. Gold is up 7.5 per cent this year, reac h ing an all-timl!' high of SI,577.57 an ounce on May 2, as investors seek precious metals as a protection o f wealth against rising inflaUon and currency aebasemenL Slowing eco no mic growth genl!'ra tes "political panic," which in turn leads lOSlimuIus incentiVes. Monty Gu ild, chief execu tive officer ar Gu ild Inven mem Management Inc, wrote in a nOle. -Look for another major rally In gold, oil, commodldt:S and Slocks; Guild said. cash silver decli ned 0.7 per ct:1lt lO Sl'i.l2 an ounce after ending last week at S)6.l82S. Spot palladium gained 004 percent to$760.50 an ounce, trimming Its weekly loss to 6.4 per cent. Platinum rose 0.4 per Cl!'nt to SI,76S.7S an ounce, reduong this week's loss to].7 perct:m..
- Metorex receives unsolidted, non-binding expression of interest (MTX~
ETOREX Umited M the of a SU biUion rakeoYl!'r bid from Brazil's Vall!' target
SA (VM.E~ received iln unsolidted appro.xb from another
pa~er1' Is cutTently no Ce:fClint)' that Ml!'lOreX will receive a firm Intention 10 make an offer from the alternatl!' pany; Johannesburgbasm Melom said )'filerday In a statement. Va ll!'. seeking to boost coppe:rourput almost fivefold (0 one million metric tons by 201S, bid 7JS ..md {S1.081' share for Melorex on Apri 8 In a trangctlon giving the Rio de Janeiro- based compathl!' Democntic Rr:public o Congo's Ruashi open·plt
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mine and the Chibuluma copper development In Za mbia. Meto rex rose 4_9 percent to 7.66 ra nd. thl!' highest closing level sin~ Oct.. 17, 2008, as 01 S p.rn in Johannesburg tnd-
a signal to others highlightIng the \"a lue of th e investmen L The bidder may be Chinese, )oha nnt:Sburg·based news \vebsite Minlngrnx reported yesterday. OUtercompanit:S operating '"I!~ou can see from the price in Congo Include first tllat the people In the know, Quantum Minerals Umited 4J.nd there are a lways people (fM) 4J. nd Eurasian Niltural in the know, are obviousl}:' Resourct:S Corporation Impressed by the quality of f irst Quanrum, lhe the bldder,Vt:Stact Canadian company in a legal Seruritit:S Umited M.anaging banle with Congo over its Dlrtclor Paul Theron saia by Kolwezl m ining license and phone from Johannesburg , as.st!ts, isn't Im'Olved In the yt:Sl'uday. -Vale are not offer ror MelOrex, company kllots.. You can assume that President Clive Newall said in they recognize a good value an e-mailed response to case; he said , adding the qumes. ·Definitely not us.co m pany's offl!'r would" send