Thursday, May 3, 2012
Iran says Israeli nukes real threat to peace
Who will shoot first?
A senior Iranian official said Wednesday that Israel’s undeclared nuclear weapons pose the greatest threat to Mideast peace and accused the United States and other nuclear powers of hypocritically ignoring their disarmament commitments.
Deputy Foreign Minister Mohammad Mahdi Akhondzadeh’s comments to a 189-nation nonproliferation meeting reflected Iran’s attempts to deflect international concerns that its nuclear activities could be turned to making weapons.
Usually strident Western criticism of Iran has been muted since the conference opened Monday, possibly due to reluctance to burden the atmosphere ahead of a new meeting later this month between Iran and six powers attempting to nudge it toward concessions meant to ease such worries.
But Akhondzadeh didn’t hold back. While avoiding direct mention of the United States, his criticism of “certain nuclear-weapon states” encompassed the U.S., Britain and France — three nations that will be sitting at the table with Iran, along with Russia, China and Germany in Baghdad on May 23.
He also described Israel as posing “the gravest threat to the stability and security” of the Middle East.
Although Israel has never confirmed it, it is widely assumed to be the only Mideast nation to possess nuclear arms.
The United States and its allies see Iran as the greatest potential nuclear threat in the Mideast because of its refusal to stop uranium enrichment and other activities that could be used to make such weapons. But Iranand the Arab states say the Jewish state’s undeclared arms program poses the most pressing danger.
The United States has thrown its weight behind efforts to convene a meeting of all Mideast states later this year to discuss creating a region free of weapons of mass destruction.
But neither Israel nor Iran have committed to attending, and a recently retired senior Israeli official told The Associated Press his country was unlikely to attend. He demanded anonymity because his information was confidential.
Israel’s absence would strip any such Mideast meeting of significance.
Beyond Israel, Akhondzadeh criticized “certain nuclear-weapon states” that have ratified the Nuclear Nonproliferation Treaty, saying their stockpile of weapons “and their continued modernization … (is) the most serious threat to the survival of mankind.”
He accused them of “lack of effective and systematic progress towards implementing nuclear disarmament obligations” under commitments to the Nonproliferation Treaty.
While he did not name the countries, his use of the term “certain” indicated he was talking about the United States, Britain and France. Iran has been careful not to irk Russia and China, the other two nuclear-weapons states that have signed the Nonproliferation Treaty and which oppose sanctions imposed on the Islamic republic by Washington and its Western allies.
“Certain nuclear-weapon states are expected to display sincerity and political will rather than hypocrisy with regard to their nuclear disarmament obligations,” Akhondzadeh said.
Times of Israel
A senior Iranian official said Wednesday that Israel’s undeclared nuclear weapons pose the greatest threat to Mideast peace and accused the United States and other nuclear powers of hypocritically ignoring their disarmament commitments.
Deputy Foreign Minister Mohammad Mahdi Akhondzadeh’s comments to a 189-nation nonproliferation meeting reflected Iran’s attempts to deflect international concerns that its nuclear activities could be turned to making weapons.
Usually strident Western criticism of Iran has been muted since the conference opened Monday, possibly due to reluctance to burden the atmosphere ahead of a new meeting later this month between Iran and six powers attempting to nudge it toward concessions meant to ease such worries.
But Akhondzadeh didn’t hold back. While avoiding direct mention of the United States, his criticism of “certain nuclear-weapon states” encompassed the U.S., Britain and France — three nations that will be sitting at the table with Iran, along with Russia, China and Germany in Baghdad on May 23.
He also described Israel as posing “the gravest threat to the stability and security” of the Middle East.
Although Israel has never confirmed it, it is widely assumed to be the only Mideast nation to possess nuclear arms.
The United States and its allies see Iran as the greatest potential nuclear threat in the Mideast because of its refusal to stop uranium enrichment and other activities that could be used to make such weapons. But Iranand the Arab states say the Jewish state’s undeclared arms program poses the most pressing danger.
The United States has thrown its weight behind efforts to convene a meeting of all Mideast states later this year to discuss creating a region free of weapons of mass destruction.
But neither Israel nor Iran have committed to attending, and a recently retired senior Israeli official told The Associated Press his country was unlikely to attend. He demanded anonymity because his information was confidential.
Israel’s absence would strip any such Mideast meeting of significance.
Beyond Israel, Akhondzadeh criticized “certain nuclear-weapon states” that have ratified the Nuclear Nonproliferation Treaty, saying their stockpile of weapons “and their continued modernization … (is) the most serious threat to the survival of mankind.”
He accused them of “lack of effective and systematic progress towards implementing nuclear disarmament obligations” under commitments to the Nonproliferation Treaty.
While he did not name the countries, his use of the term “certain” indicated he was talking about the United States, Britain and France. Iran has been careful not to irk Russia and China, the other two nuclear-weapons states that have signed the Nonproliferation Treaty and which oppose sanctions imposed on the Islamic republic by Washington and its Western allies.
“Certain nuclear-weapon states are expected to display sincerity and political will rather than hypocrisy with regard to their nuclear disarmament obligations,” Akhondzadeh said.
Times of Israel
Spain sells more bonds but at higher rates
Spain, which many investors worry will be the next eurozone country to need help, has successfully sold 2.52bn euros ($3.3bn, £2bn) of debt but at much higher interest rates.
The Bank of Spain sold three-year bonds at average yields of 4.04%, up from 2.6% at its last sale on 1 March.
The central bank beat its targets for how much to sell.
Separately, producer prices in the eurozone rose by 3.3% in March, from 3.6% the previous month.
Producer-price inflation in the 17 nations that use the euro has slowed for the last six months, according to data from the Eurostat statistics agency.Record unemployment
The Bank of Spain also sold two categories of five-year bonds, with yields of 4.75% and 4.96%, up from 4.3% on 4 April.
Interest rates on 10-year Spanish bonds - the benchmark for borrowing costs - are edging closer to 6%, making it very expensive for the nation to borrow compared to its neighbours.
In another auction, France sold 7.4bn euros of 10-year debt for 2.98%, up slightly from the 2.96% rate sold at when it was last issued in April.
Spain currently has a record 24.4% of people out of work, at about 5.6 million. Unemployment in the eurozone reached a record high again in March as spending cuts continued to hit the working population.
Spain and Italy are both in recession and have seen borrowing costs rise, raising the prospect that they may need help or even bailouts.
BBC
California tax revenue $3 billion less than target, report says
The legislative analyst’s office has a new number that is adding to California’s financial headache: $3 billion. That’s the total amount that tax revenue has lagged behind goals set by Gov. Jerry Brown’s administration in the current fiscal year.
The shortfall was detailed in a report released on Tuesday by the nonpartisan office, which provides budget advice to lawmakers.
Much of that gap comes from a disappointing April, the most important month for income taxes. Income taxes were $2.07 billion short of the $9.43-billion goal, and corporate taxes fell $143 million short of an expected $1.53 billion, according to the report.
When April's poor results are tacked on to earlier shortfalls, the state has fallen about $3 billion behind tax goals, the LAO said. The ratings agency Standard & Poor's already cautioned Tuesday that poor tax revenue was imperiling California's financial recovery.
It's unclear exactly how much this year's budget deficit will grow because of the tax shortfall. Brown's administration estimated the gap at $9.2 billion in January, but has since said it will grow.
"The number is going to be larger," said H.D. Palmer, a spokesman for Brown's Department of Finance. "We’re going to have a plan to close that gap when we release the May revision," the updated budget proposal that is expected by May 14.
La Times
India and Japan Join China as Heavy Gold Buyers
According to Michael Lombardi, lead contributor to Profit Confidential, there is mounting evidence of large amounts of buying in the gold market by India, Japan and China.
New York, NY (PRWEB) April 30, 2012
According to Michael Lombardi, lead contributor to Profit Confidential, there is mounting evidence of large amounts of buying in the gold market by India, Japan and China.
In the article, Two Major Countries Join in China’s Quest for Gold, Lombardi says that, culturally, Asia views gold bullion and the reasons for buying gold bullion differently than we do here in the West.
“An example of this occurred in India last month, as the Indian government wanted to impose a high tax on buying gold bullion. As a result, gold jewelers went on strike to protest the tax,” says Lombardi.
Lombardi reports that this affected the amount of gold bullion that was imported by India in the month of March.
“Now that the gold jewelers are open for business again, imports of gold bullion are set to rise once more, which should be supportive of gold bullion prices,” says Lombardi.
Gold buying has spread to other Asian countries, like Japan. Lombardi points out that, ever since the Japanese government reported a budget deficit, the Japanese consumer increased its buying of gold bullion to be at a 15% greater pace than last year
“The Japanese consumer bought 15% more gold bullion in 2011 than 2010. Thus far in 2012, this trend has shown no signs of slowing down,” says Lombardi.
Lombardi also points to China, where in 2009 China purchased four tonnes of gold bullion from Hong Kong. In 2011, Lombardi reports that China purchased 46 tonnes of gold bullion, an 11-fold increase.
“In the first two months of 2012, Hong Kong is reporting that China’s purchase of gold bullion has jumped 600% from last year,” says Lombardi. “At this pace, China will easily surpass the 46 tonnes of gold bullion it purchased from Hong Kong in 2011.”
Lombardi believes that the stocks of the junior and senior gold mining companies will come back to life in the not-too-distant future, as the drive for more gold will lead to a sustained move up in the price of gold.
Profit Confidential, which has been published for over a decade now, has been widely recognized as predicting five major economic events over the past 10 years. In 2002, Profit Confidential started advising its readers to buy gold-related investments when gold traded under $300 an ounce. In 2006, it “begged” its readers to get out of the housing market... before it plunged.
Profit Confidential was among the first (back in late 2006) to predict that the U.S. economy would be in a recession by late 2007. The daily e-letter correctly predicted the crash in the stock market of 2008 and early 2009. And Profit Confidential turned bullish on stocks in March of 2009 and rode the bear market rally from a Dow Jones Industrial Average of 6,440 on March 9, 2009, to 12,876 on May 2, 2011, a gain of 99%.
Houston Chronicle
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