WEDNESDAY, FEBRUARY 16,2011
Uncertainty trails Ivory Coast's cocoa export BIDJAN: Ivory Coast cocoa exporters on Monday said they feared for their future on following reports that presidential
on with backing from a top court and has entrenched his position using the military and blockading the hotel in which Ouattara has set up a
come by. We will have to close soon because we cannot meet our obligations," said a San Pedro-based exporter. "We also need to export to
added. Cocoa arrivals at Ivory Coast ports fell further in the week to February 13 to around 12,000 tonnes
claimant, Mr. Alassane Ouattara, would extend a
rival administration. Exporters fear sanctions
get money for purchases, but we don't have any more," he
versus 20,434 tonnes a year ago, suggesting OuaUara's
one-month cocoa export ban if his rival refuses to leave
by Western and other nations that recognise
A
power, Reuters reported on
Ouattara's ban,
Tuesday. Exporters said they were
aimed at starVing Gbagbo of the funds that are keeping
feeling increasingly squeezed
him in power.
in the power struggle between Ouattara and incumbent leader, Mr. Laurent Gbagbo, whose cocoa regulatory
which
on Monday, Ouattara was quoted as saying he was
Gbagbo from office and that he would extend the cocoa
story, yet we are in a bad position because each of them wants us on his side, and it's not possible to be on
ban when it expires next
even if we don't export," he said.
Gbagbo and Ouattara are embroiled in a dispute over a
November 28 poll that both claim to have won. Ouattara was declared winner by
the
independent electoral
commission and recognised
almost universally by world leaders. But Gbagbo has clung
week if his rival does not leave office.
ICE cocoa futures hit a fresh one-year high of $3,444 a tonne in early trading on Monday owing to fears the ban would be prolonged. Adding to problems, the country is also in a liquidity squeeze after Gbagbo sent soldiers to seize the Abidjan office of West Africa's central bank in retaliation
after it cut off his access to state funds. Banks have ,had problems clearing cheques, and many
-L-R: European Union Commissioner for Economic and Monetary Affairs, Mr. Olfi Rehn; and Hungarian Economy Minister, Mr, Gyorgy Matolcsy, during a press conference folfowing an ECOFIN meeting session of EU Finance Ministers, in Brussels ... on Tuesday. Photo: AFP
have had to place limits on daily withdrawals. Two international banks closed operations in Abidjan on Monday_ "Funding is very hard to
US investors fear municipal defaults, W job losses
China's lunar holiday retal". sa les s u rg e
HANGHAI: China's retail sales for the Lunar New Year holiday surged by 19 per cent, year-on-year, in one of the biggest rises in a decade,
S
signalling a surge in domestic
said.
In an interview with the
being sanctioned. "We are neutral in this
have billions of CFA francs worth of cocoa in stock. The other side demands the tax
of an export company in Abidjan. "Local banks have
Financial TImes published committed to continue using economic sanctions to force
"One camp wants us to stop exporting when we
ourselves," said the director
stopped financing cocoa purchases. There's a lack of cash and the cocoa is all stuck at the ports. We are on course for an economic disaster," the exporter
is
body has warned they must export and pay taxes or risk
both," said the director of a European export company in Abidjan.
ban has had an impact "How will this all end? That's what we are all aSKing
to rebalance its economy by reducing its reliance on exports for growth and spurring more domestic consumption. The
growth
"If the states fire the employees necessary to cut
ASHINGTON: Some of the United States' weakest local governments face a real risk of default in 2011 as well as waves oflayoffs thatcouldputupwardpressure on the country's jobless rate, according to a Reuters poll. The findings from the poll published on Sunday found a majority of Wall Slreet professionals including
Thelremorscomeatatime when financial markets are still fragile as the economy recovers from its deepest slump since the Great Depression, and the turbulent finances of states and municipalities have been cited by top Federal Reserve officials as a key downside risk to the
pressure on the national unemployment rate, which over the past two months has fallen sharply to nine per cent from 9.8 per cent. Ten of those surveyed saw the jobless rate increasing more than 0.5 percentage point and three believed the
their budgets, unemployment wiDgetworse,"thePresidentof Envision Capital Management in Los Angeles, Mr. Marilyn Cohen, said. While few municipal market analysts think any state wiD default on its debt - in part because states cannot legally file for bankruptcy - there are
mainly
municipaJ bond traders and
expansion.
impact would be over a full
intense concerns about the
consumption, according to Agence France Presse, which quoted a state media'. Shops and restaurants across the country rang up 404.5 billion yuan {$61.3bn) in sales, up nearly a fifth from the Chinese New Year period
reflected consumers' rising incomes, Zheng-wei said. Growth in rural incomes last year ou !paced urban areas for the first time in 13 years, according to official statistics. The Lunar New Year, also known as the Spring Festival,
investors believed -14 out of 25 - up to four multibilliondollar municipal bond defaults would take place this year.
Among the investors polled, 190f23 thought job cuts aimed at bringing budgets into line would put noticeable upward
percentage point - a rise that could potentially be associated with hundreds of thousands of job losses.
RIM t 0 provi"de carriers " WI"th new 88M I tf gifting platform around P a orm the world, but the easiest
shaky finances at some big US cities. Last March, for example, Detroit laid out bankruptcy risks in a debt offering statement. The city, which is rated in the junk category by Standard & Poor's and
"Despite the high inflation
families are reunited and
rate in 2010, the increase
people splash out on food,
App World and carrier billing systems and allow the gifting requests and approvals to be handled directly between the
for many to ~~vlslon r;nd aiP;ecla e I~ e sImp I Ie ac 0 a paren approving their child's request
document it did not envision a
Bank, Mr. Lu Zheng-wei, was quoted as telling the China Daily. "It underscores the initial success of China's transformation to develop its economy through domestic
which ended on Tuesday, is the only time that many of the country's estimated 230 million migrant workers are able to visit home. Restaurants in the eastern province of Shandong, Shaanxi
consumption," said.
in the north and Heilongjiang in the northeast saw revenues
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The 201 0 Lunar New Year holiday generated 340 billion yuan in sales, a 17.2 per cent increase from the previous year, and welcomed as a sign that spending was
holiday,
jump by more than 20 per cent from last year, while Shanghai saw revenues rise fourfold, the ministry said. "Expanding domestic spendingwilltoptheministry's
BARCELONA: New mobile gifting platform
;iII i~g~~te ~th Black:~rry
Pi or a~ ca~lerk~ 109 sys ems t0 a ow ac erry subscribers to instantly gift and applications f o er carner services rom one subscriber to another using BlackBerry Messenger. Research In Motion on Tuesday in Barcelona, Spain, announced plans for an innovative mobile gifting platform for carriers that will allow one authorised
a;~ime,
BlackBeny subscriber to use
their post-paid or pre-paid account to conveniently, securely and instantly approve and pay for airtime, apps or other carrier services requested by another BlackBerry
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and non-repudiable. The platform will also allow carriers to more easily sell airtime to BlackBerry prepaid subscribers {for the
single click using BBM," he added. The introduction of such convenient and tightly integrated services based on the BBM mobile gifting platform will enhance mobile
limited liquidity and sizable dept could file bankruptcy in 2011, but only if politics goes against it and the state allows the filing to take place," said Mr. Richard Ciccarone, head of municipal bond research at McDonnell
subscriber's own use). "RIM is committed
commerce and enable carriers to provide unique
Investment Management Oakbrook, Illinois.
BBM with transactions that
secure,
authenticated
to
aligning with carrier business
or an app pure ase
But the state governments are not completely out of the commerce solutions," Cowoods. Chief Executive Officer at Among the debtRIM, Jim Balsillie, said. ridden states topping the "There will be many usage list of concerns, Illinois and rising in China after the global agenda in 2011," a commerce subscriber. scenarios and circumstances postpaid or prepaid account, California were seen by far as economic crisis. ministry spokesman, Mr. Yao The innovative BBM that can be accommodated or alternatively pay for the the weakest links, followed by The global financial crisis Jian, was quoted as telling mobile gifting platfor~ will through the BBM mobile purchases through various Nevada, at the epicentre of the ...ill<:reilSecJ..pre~ure on Ch~ _.!h~_ewspaper.___ _ _ mtegrate _-"",th~lackBerr,,---- _________ ~ __ other payment methods: _____---=ubprime mort_g_a~Ctisis~
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value to their customers. BlackBerry subscribers will be able to buy or gift airtime, apps and other carrier services and charge the purchases to their existing
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