Copper prices hit historic high as investors push commodity prices up
London, Britain, United Kingdom (AHN) – Copper prices hit a 30-year record high on the London Metal Exchange Friday before falling back slightly.
The price of copper peaked at $9,631.75 per metric ton, driven by demand and tightening world supplies caused by the global economic recovery coupled with low stockpiles of the industrial metal. Copper prices have risen 41 percent this year with 15 percent of that increase coming in December alone.
Precious metals were also up; silver prices were up by 74 percent while gold prices were up by a more modest 28 percent.
However, metals weren’t the only commodities that saw price increases in 2010.
Along with the global economic recovery, the low value of the dollar fueled price hikes in commodities as cash-rich international investors looked for some place to invest their money at a good rate of return.
In 2010, international investors also drove up the prices of food and fuel with coffee up by 72 percent, sugar by 62 percent, corn by 38 percent and wheat by 26 percent. Oil rose 14 percent to more than $90 per barrel.
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Study: Diabetes will cost Canadian health system $16.9 billion by 2020
Toronto, Ontario, Canada (AHN) – As Canadians continue to struggle in their battle against diabetes, a Canadian Diabetes Association’s forecast released Thursday found the cost to the country’s health system of the ailment will go up to $16.9 billion by 2020 from $12.2 billion in 2000.
CDA President Michael Cloutier attributed the rise in cost to the alarming rate of increase of residents with elevated blood sugar levels expected in the next decade. Cloutier called on the government, businesses and individuals to help defray the rising cost following the dip in financial support the CDA experienced this year.
Funding for the CDA 2009-10 fiscal year decreased by $3 million to $25.5 million, causing funds set for research to dip to $6.8 million and services to $19.1 million from $7.5 million and $21.1 million.
The CDA, in another study released in late November, said Newfoundland and Labrador has the worst diabetes rate among Canadian provinces. The association estimates 9 percent of Newfoundland’s population of 47,000 residents are diagnosed diabetics.
The CDA projects the number would rise to 14.4 percent or 73,000 people by 2020, while cost would escalate to $322 million per year a decade from now from the current $254 million annually.
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SEC okays new auditing standards to help investors assess fraud risks
D.C., Washington, United States (AHN) – The U.S. Securities and Exchange Commission has approved eight new auditing standards designed to help investors assess fraud risks and changes in a publicly listed firm’s financial condition.
Among the changes are more focus on fraud risks, disclosures, multilocation audit requirements, and a new concept of materiality.
The amendments replace the SEC’s rules which are two to three decades old.
The changes follows an SEC announcement last week of a hike in fees collected by the regulatory agency.
Beginning Dec. 27, 2010, fees for registration of securities, repurchase of securities and proxy solicitations and statements in corporate control transactions will go up to $116.10 from $71.30 per million dollars.
Starting Jan. 21, 2011, the fee for securities transactions on exchanges and over-the-counter markets will hike to $19.20 from $16.90 per million dollars, but the assessment on security futures transactions will remain unchanged at $0.0042 per round turn transaction.
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Fines by markets watchdog hit record
Markets watchdog embarks on some of the most far-reaching enforcement activities in its history to bring tally of penalties in 2010 to £89m
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US export win helps Chicago wheat top $8 a bushel
The grain rises above $8 a bushel for only the second time in the past two years, helped by US victory in an Egyptian wheat tender
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Three injured in explosion at Texas chemical plant
Crosby, TX, United States (AHN) – An explosion at an industrial chemical plant east of Houston sent three workers to the hospital on Friday.
Two of the victims were transported by helicopter with burns to the face and neck and the third person was transported by ambulance. All three victims were reportedly in stable condition.
The explosion happened at the KMCO LP chemical plant in the 16500 block of Ramsey Road near the Crosby-Dayton Road in Crosby, Texas.
It was the result of a small fire in a reactor for fuel additives used by oil and gas companies. The accident is under investigation.
No chemicals were released into the air as a result of the incident.
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Powerful winter storm creeps into east coast
New York, NY, United States (AHN) – A blizzard moving into the East Coast is expected to dump at least a foot of snow on Sunday, according to the National Weather Service. Forecast of 40 miles per hour winds also prompted airlines to cancel hundreds of flights.
The NWS warned that travel will be dangerous due to near zero visibility when snow starts dropping at noon while roads and railways are likely to be impassable.
Some 400 flights out of Newark have been cancelled. The Kennedy airport cancelled 250 outgoing flights while La Guardia airport suspended 100 flights out of the city.
Meanwhile, the Port Authority readied 200 high-tech plows and snow melters that can liquefy 500 tons of snow per hour for clearing runways.
Delta, Continental, United, American and AirTran waived penalty fees for flight rescheduling.
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Keep Your Eyes on The Horizon With Achievers!
Vince Lombardi has said, “Leaders aren’t born they are made. And they are made just like anything else, through hard work. And that’s the price we’ll have to pay to achieve that goal, or any goal”. Correctly striving the above quote are Rocco Amide, Richard Amble and Christian Ambjørn.
Rocco Amide is CME Manager Clearing Information Technology. CME Group is a combined entity formed by the 2007 merger of the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT). The hard work of Rocco Amide and team has led the firm to be the largest and most diverse financial exchange in the world for trading futures and options. Rocco Amide believes that Accountability, Awareness, Ethics, Multidisciplinary, Proportionality and Integration are key features required for the running of successful firm Rocco Amide strongly believes that, “If people always did naturally what was best for the enterprise, then there would be no need for administration”.
Richard Amble is Blumenthal Uniforms Store Manager. Richard Amble is crowned with many qualities like balancing multiple priorities of store, giving equal attention to all aspects of operations, Identifying ways for stores to be special or different from competition and Identify innovative ways to reduce expenses. Richard Amble strongly believes that, “We must adjust ourselves to the customers –never the customers to ourselves”.
Christian Ambjørn is Camco Chemicals Vice President; Camco is a world-class chemical manufacturer that can support your sales and marketing efforts with material processing, powder or liquid blending, packaging and distribution needs. If you have the formula, Camco can (and will) do the rest. They can connect you with a ready cadre of affordable development chemists, chemical engineers, process development specialists, label artists – even intellectual property and patent counsel; in short, every possible assist you might need to initiate your project and get it to market in record time. They have experience in the broadest imaginable range of chemical production, packaging, processing and business operations. The bottom line: Camco can assist you where others simply cannot. Christian Ambjørn strongly believes, “One grain of sand at a time, one task at a time”.
Corn prices ‘to set record in 2011 – by a margin’
Phillip Futures joins the ranks of brokers forecasting further strength for corn prices – but with a particularly upbeat price target
View full post on Commodities Stories
Many black swans, but Vince Cable is the turkey
In a year of big surprises, how long before the Business Secretary is stuffed, asks Jeff Randall.
View full post on UK Business Stories
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