Category Archives: USA

S&P cuts US debt rating to double A plus

It was a long time coming, well it’s finally here:
S&P cuts US debt rating to double A plus

By Robin Harding in Washington and Aline van Duyn and Telis Demos in New York

Contentious and historic move highlights the weakened fiscal stature of the world’s most powerful country
Read the full article at:
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FW: Frontrunning: November 23

  • Posted by: EB
    Post date: 11/23/2010 – 10:28
    While Bernanke was putting the finishing touches on QE2 in DC, 50 global financial regulators met at the New York Fed to discuss regulation of world’s largest market. Instead of financial reform measures, what is being created is simply a massive new power center headed by the CFTC from which those at the top will vainly attempt to manipulate market prices and entrench favored institutions within the new framework.

Frontrunning: November 23

Tyler Durden's picture

  • Goodbye reserve currency: Yuan begins trading against the rouble (China Daily) this is big news
  • US has no good options over North Korean clash (FT)
  • South Korea Prepared to Implement Market-Stability Measures After Shelling (Bloomberg)
  • Focus Shifts to China as North Korea Tensions Escalate (Reuters)
  • China Inflation `Volcano’ May Prove Too Hot for Controls After Cash Surge (Bloomberg)
  • Growth in Thailand, Malaysia Slows, Heralding Caution in Asian Rate Moves (Bloomberg)
  • Irish PM Defiant as Coalition Cracks (FT)
  • IMF urges cuts in Irish minimum wage and dole payments (Irish Times)
  • Europe Has Not Yet Rescued Ireland (FT)
  • Markets’ Bail-Out Relief Rally Is Short-Lived (FT)
  • Fed Adopts Political Tactics on Critics (NYT)
  • Volatility bumps up agricultural trading costs (FT)

Economic Highlights:

  • Euro-Zone PMI Composite 55.4 – higher than expected. Consensus 53.6. Previous 53.8.
  • Euro-Zone PMI Manufacturing 55.5 – higher than expected. Consensus 54.4. Previous 54.6.
  • Euro-Zone PMI Services 55.2 – higher than expected. Consensus 53.2. Previous 53.3.
  • Germany GDP nsa for Q3 3.9% y/y – in line with expectations.Consensus 3.9%. Previous 3.9%.       
  • Germany GDP s.a. for Q3 0.7% q/q – in line with expectations.Consensus 0.7% q/q. Previous 0.7% q/q.
  • Germany PMI Manufacturing58.9 – higher than expected.Consensus 56.8. Previous 56.6.
  • Germany PMI Services58.6 – higher than expected.Consensus 55.8. Previous 56.0.
  • France Own-Company Production Outlook for November 11 – lower than expected.Consensus 15. Previous 16.
  • France Production Outlook Indicator for November 8 – lower than expected.Consensus 10. Previous 9.          
  • France Business Confidence Indicator for November 100 – lower than expected.Consensus 102. Previous 102.
  • France PMI Manufacturing for November 57.5 – higher than expected.Consensus 55. Previous 55.2.  
  • France PMI Services for November 55.7 – higher than expected.Consensus 54.8. Previous 54.8.
  • Italy Consumer Confidence Ind. sa for November 108.5 – higher than expected.Consensus 107.4. Previous 107.7.
  • Norway GDP s.a. for Q3 -1.6% q/q – lower than expected.Consensus 0.5% q/q. Previous 0.1% q/q.      
  • Norway GDP Mainland Norway s.a for Q3 0.9% q/q – in line with expectations.Consensus 0.9% q/q. Previous 0.5% q/q

List of companies involved in the rescue of the 33 Chilean miners

List of companies involved in the rescue of the 33 Chilean miners

But this happened because the Chilean people, government and President were more interested in doing whatever it took, and accepted whatever would help from sources around their country and around the world.  They did not allow false nationalism nor internal politics nor special interests to stand in the way of their heartfelt national effort to retrieve their trapped brothers.  The Chileans organized the worldwide effort and made it work.
This displays true compassion, maturity and unity of purpose by the Chilean people and is what made the rescue successful.
List of American companies who contributed to the rescue of the Chilean miners.
Organizations from other lands were likewise involved.
The Chilean President was most gracious in recognizing all those who helped create the Chilean miracle. 

  • · Schramm Inc. Of West Chester, Pennsylvania built the drills and equipment used to reach the trapped miners. 
  • · Center Rock Company, also from Pennsylvania , built the drill bits used to reach the miners. 
  • · UPS, the US shipping company, delivered the 13-ton drilling equipment from Pennsylvania to Chile in less than 48 hours. 
  • · Crews from Layne Christensen Company of Wichita Kansas and its subsidiary Geotec Boyles Bros. Worked the drills and machinery to locate and reach the miners and then enlarge the holes to ultimately rescue them. 
  • · Jeff Hart of Denver Colorado was called off his job drilling water wells for the U.S. Army’s forward operating bases in Afghanistan to lead the drilling crew that reached the miners.
  • · Atlas Copco Construction Mining Company of Milwaukee, Wisconsin provided consulting on how to make drilling equipment from different sources work together under differing pressure specifications.
· Aries Central California Video of Fresno California designed the special cameras that were lowered nearly a mile into the ground sending back video of the miners.
· Zephyr Technologies of Annapolis Maryland, made the remote monitors of vital signs that miners will wear during their ascent.
· NASA Engineers designed the ” Phoenix ” capsule that miners would be brought to the surface in, and provided medical consulting, special diets and spandex suits to maintain miners’ blood pressure as they’re brought back to the surface.
· Drilling Supply Co., Houston also involved.
  • Canadian-based Precision Drilling Corp. And South-African company Murray & Roberts, drilled  backup rescue shafts in case the American rig failed. Which fortunately did not happen.