Word: oiling
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...what are the sages saying now that 2010 is just around the corner? Plenty. Next year we'll see oil hit $90 a barrel (per Goldman Sachs), unemployment peak at 10.5% (Fitch Ratings), the value of the dollar with respect to the euro and yen hit bottom (Deutsche Bank), 10-year Treasuries yield more than 4% (Bank of America Merrill Lynch) and small-cap value stocks outperform all other categories (Richard Bernstein Capital Management). As for the stock market more broadly? Strategists at UBS expect gains well into the double-digits. The CEO of PIMCO sees a 10% drop...
...finally drawn to a tentative close. The U.S. announced it would pay $3.4 billion to settle claims that it underpaid beneficiaries and mismanaged revenue from land it holds in trust for more than 300,000 Native Americans under an 1887 law. (The government oversees leases of land for mining, oil and gas drilling, livestock grazing and other uses.) The Federal Government also agreed to create a $60 million higher-education scholarship fund for Native American students. President Obama called the proposed settlement in Cobell v. Salazar--one of the largest and most complex class actions ever brought against the government...
...brief weeks this autumn, there were hopes that the long-running civil war in the Niger Delta in southeastern Nigeria might finally be coming to an end. President Umaru Mousa Yar'Adua announced an amnesty deal for rebels and promised billions of dollars of investment in the poor but oil-rich delta, a 10% stake for the local population in the region's oil ventures and a small monthly stipend and re-training for ex-fighters. In return, thousands of militants declared a ceasefire and handed in their weapons, while their leaders initiated talks with the government on an eventual...
...also introduced promising greater transparency in a notoriously opaque business - a sign the government was willing to crack down on the kind of corruption that has served Nigeria so badly, fueling unrest not only in the delta but the north of the country, as well. (See "Nigerian Blood for Oil" in the most underreported stories...
Destabilizing is right on one count. Yemen is already reeling under the converging crises of lawlessness, growing poverty, a water crisis, a looming al-Qaeda threat, a southern separatist movement, and oil reserves that are quickly running dry. Indeed, analysts cite this multiplicity of factors as presaging Yemen as a failed state. "I think the major challenge for Yemen is really economic development," Yemeni Foreign Minister Abubaker Abdullah Al-Qirbi told TIME. "It could be a failed state in some aspects, certainly, if it doesn't get the support it needs...