The latest 2.5% drop in one day does nothing to improve this share index!
Not looking too promising in the short term is it (approaching a 7 year low?)
Especially compared to the galloping camels index!!!
Cheers,
AJ
excalibur
13th-July-2005, 06:10 PM
DALIAN, China (AP) -- Officials from the United States, European Union and 28 other governments at a major trade conference are making progress on a much-delayed plan to cut tariffs on farm goods, a measure meant to help poorer countries, a top EU official said Wednesday.
Negotiators at the two-day World Trade Organization conference also are trying to agree on measures to lower barriers to trade in services and manufactured goods, along with protections for copyrights and other intellectual property.
"We've been making progress in agriculture yesterday, then I link it up to progress being made in other areas as well," said Mariann Fischer Boel, the EU agriculture commissioner.
The two-day trade meeting that began Tuesday in this northeastern Chinese port city is meant to give new momentum to WTO negotiations ahead of a key meeting in Hong Kong in December.
The current round of treaty talks -- launched in Doha, Qatar in 2001 -- aims to slash subsidies, tariffs and other barriers to global commerce, and to use trade to help poor nations. The original plan was to conclude a new global trade treaty by the end of 2004, but a WTO conference in 2003 collapsed amid bickering over agriculture and investment rules.
High-level meetings at the WTO headquarters in Geneva last July led to a "framework" accord that laid some groundwork on cutting agricultural tariffs, and members are trying to hammer out an agreement based on those guidelines.
The WTO now hopes that an agreement at the Hong Kong conference will lead to a final treaty in 2006 or early 2007.
U.S. and EU trade officials on Tuesday welcomed a proposal from a group of 20 developing nations calling for cuts on agricultural tariffs among nations divided into five categories.
However, the proposal was seen largely as a basis for further discussions, with no sign yet that an agreement would be concluded at Dalian.
Fisher Boel said the EU favored dividing countries into just three groups, with more flexibility in the levels of cuts. The EU, which heavily protects its farmers, would be in the top band, she said. She said Japan and the United States, which also subsidize farmers, could be in the middle band, and all others in the lower.
Despite positive sentiments among the EU and U.S. negotiators, outgoing WTO Director-General Supachai Panitchpakdi said Tuesday that members had failed to reach targets.
Supachai, who is to be succeeded on Sept. 1 by former EU trade chief Pascal Lamy, said members should adopt the G-20 proposal as a basis for further talks.
DTM
13th-July-2005, 09:29 PM
It would be interesting to see if the US can make those changes because there would be stiff resistance from the strong farming lobby. Same goes for Europe.
wayneL
13th-July-2005, 10:49 PM
I heard a whisper that there are ore carriers sitting in chinese ports, unable to offload.
LC problems apparently. :-o
Not all is rosy in China!
Smurf1976
13th-July-2005, 10:55 PM
I heard a whisper that there are ore carriers sitting in chinese ports, unable to offload.
LC problems apparently. :-o
Not all is rosy in China!
LC? :confused:
wayneL
13th-July-2005, 11:39 PM
Sorry
Letter of Credit...the $$$$$ in other words.
TjamesX
14th-July-2005, 12:02 AM
I don't want to hear that Wayne - I have a lot in BHP at the moment, and i was hoping to hold these at least for a year :rolleyes:
wayneL
14th-July-2005, 12:26 AM
I don't know how true it is so don't go worrying yet. It's just a whisper at this stage.
Howvere, I would still keep a bloody close eye on them.
DTM
14th-July-2005, 12:33 AM
I don't want to hear that Wayne - I have a lot in BHP at the moment, and i was hoping to hold these at least for a year :rolleyes:
Sorry TjamesX, I'm betting BHP to go the other way. Actually, I'm very bearish on the Materials sector. Markets will let us know what it thinks.
Might be a good time to hedge your bets if you're worried. :2twocents
DTM
14th-July-2005, 12:41 AM
Oh, forgot to mention that China's oil consumption was less than last years. Couldn't find the article in NY times to clarify so don't quote me on it. China was one of the reasons for the oil price rising sharply. And BHP's exposure to oil is about a quarter (??not sure??) of its revenue.
