Word: coppers
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...Telstra's power stems from its stranglehold on the "last mile" of copper wiring to Australian homes, over which most telephone and Internet services are delivered and which rivals must pay to access. By building its own FTTH network, the government will bypass the copper and kick off a new era of competition where Telstra is an equal player on an open-access network. "This will totally change the telco industry and Telstra," says Budde. "Think if the road system was owned by one company that said 'you have to drive these cars.' Without open access to the roads there...
...interest rates, Ecuador - unlike Venezuela and Bolivia - hasn't nationalized industries. Indeed, Correa does not shy from development that irks his presumed base of support. A workaholic micromanager who peppers his ministers with cell-phone calls, Correa backed new legislation designed to develop untouched deposits of gold and copper, angering indigenous groups and environmentalists. Communists rail against his introduction of testing of public-school teachers. "Correa isn't stupid," says analyst Margarita Andrade at Analytica Investments in Quito. "At the end of the day, he has been pragmatic." (Read about a lawsuit by Ecuadorians against oil giant Chevron...
...over the last several months, something funny has been happening in the commodities trade. After spectacular plunges, the prices of oil, copper, palm oil and others are rallying. This shouldn't be happening given the parlous state of the world economy. The International Monetary Fund this week cut its global growth forecast for 2009, predicting GDP would contract by 1.3%, the most severe recession since the 1930s. Yet oil is some 50% more expensive now than in December. Palm oil, which is used in a wide variety of manufactured foods, has surged by about 50% this year. "The only area...
Since new oilfields and copper mines take years to get into full production, lower investment today causes tighter supply down the road. At the same time, there is every reason to believe that emerging markets such as China and India will continue to be ever more voracious consumers of iron ore, oil and food as their economies get bigger and their citizens richer. Palm oil prices, for example, have been rising of late partly because demand from India, with its population of 1 billion, is holding up. In March, China imported a record amount of iron ore and coal, while...
...work - Five Centuries of the Pillage of a Continent - and you know why the left-wing, anti-U.S. Chávez would present it to a U.S. President. The book's thesis is that Spain, then Britain, the U.S. and Latin oligarchs ransacked Latin American resources, from copper to crude, bleeding the region of its natural wealth and its sovereign dignity. But even if you don't subscribe to its Marxist-tinged polemic, The Open Veins is one of the best introductions to the longstanding Latin grievances that keep producing populist leaders like...