Agreement reached on euro 130 billion Greek bailout

The euro 130 billion bailout deal must still be approved by all eurozone national parliaments.

Greece today is just like the Parthenon.

Will the euro 130 billion helps to turn the economy around or are the bankers/investors trying to salvage their investment and to squeeze the last drop of blood from Greece.

"We are like drug addicts who have just been given their next dose, this is what they have reduced our country to."

"For the first time, I am embarrassed to say I'm Greek."

Greece will be forced to set up a separate account that gives legal priority to debt and interest payments over paying for Government services (paying salaries, welfare, pensions, etc)

A permanent surveillance committee will be stationed in Greece to inspect Greece's finances and the implementation of austerity measures.

With current unemployment rate exceeding 20%, youth unemployment reaching 48%, already 4 years into recession with wages reduced by 40% so far, economy shrunk 7% annual rate during the 4th quarter of 2011, under the new deal, Greece is expected to retrench 15,000 government workers immediately and a total of 150,000 workers by 2015; To reduce their wages by another 20% and to reduce minimum wages by 20%.

With rising cost of living and food prices, it is going to be 'a new hell' for the Greeks.






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Court filing to stop Lynas

A group of Pahang residents have challenged the Atomic Energy Licensing Board (AELB) in court. They are seeking court orders to cancel AELB's award of a Temporary Operating Licence to Lynas on January 30.

Click "Anti Lynas Campaign Goes To Court" for details.

Last week, AELB said, " ....... Lynas Corp's rare earth refinery is safe because the facility has been certified by a registered engineer ......... if anything else happens, we will take it up with the engineer .......".

I suspect this statement is in respond to the withdrawal of AkzoNobel, the largest global paints and coating company, in supplying the resins for the lining of concrete-walled tanks that did not meet safety standard (New York Times). Problems of damped floor and cracked wall were reported.

Under such circumstances, like the MRR2 Kepong Flyover concrete cracking incidence, a world-renowned firm specialist in concrete structure should be called in to make an assessment. Just wonder who is that engineer that certified the said structure.

Baotou rare earth plants, China

Toxic waste

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Dow - a new 'Option 2'

On Friday (Feb. 17) Dow closed at 12,950, that is 140 points (1%) above level 12,810 that I have denoted as end of major wave B. See wave count below with a small 'Double Top' reversal pattern.


If Dow continues to move higher from here, the only possibility at this stage is as shown below, major wave B is not yet completed. Major wave B is heading toward 2007 October peak of 14,164 for a possible big 'Double Top' formation.


Under 'Option 2' scenario, major wave B may last until December 2012, another 10 months to go before the major wave C starts.



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The Chinese Glory

Received an email from a friend with the followings:

"China is buying and/or building all around the world.
They are building all kinds of things all over China.
And they are debt free, don't have anyone shooting at them and no war to fight.
Or a ship load of people trying to get into their country.
Tell me what are they doing right, and the rest of us doing wrong?
They have the money to build this train line?"

Well, it is the cheap labour from the poor rural areas

Tough life

Child Labour

Tied to the wall when both parents are at work

Pollution

This is why

'There is no ship load of people trying to get into China.'

China supply 95% of world's rare earth minerals

with radioactive waste in the open

It is not that glorious

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Just wonder what is in Nicholas Curtis mind in the Church

That is the size of Peninsular Malaysia with respect to the Western Australia Desert where the rare earth mine of Lynas, Mount Weld is located. Lynas was unable to get approval from the Australian Government to have its world biggest rare earth plant at Mount Weld in the wide, very very wide Western Australia Desert that can engulf the whole of Peninsular Malaysia, Singapore and a third Sumatra. Why? Well, the Australian Government cares for her people. Even though Sydney and Melbourne are 2,500km to 3,000km from Mount Weld.



The Malaysian Government gave Lynas 12 years of tax Exemption to have its world largest rare earth plant in this tiny country and the plant is sited next to towns, fishing villages, beautiful beach resorts and Hotels. It is truly madness of the highest order, a world class laughing stock. If the radio-active waste leaked to the sea, it would go with the current to Chukai and all its surrounding fishing villages.



Lynas under its Executive Chairman, Nicholas Curtis, continues to claim that the waste is harmless and can be used to construct road but so far it did not explain why it cannot have its plant at Mount Weld and has to send the raw material 4,000 km to Malaysia for treatment.



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Greece - The worst is yet to come

With the current unemployment rate exceeding 19%, youth unemployment rate at 48%, already 4 years in recession and with the new austerity measures passed by the Greek Parliament on Sunday to cut 15,000 workers in the public sector, to cut another 20% of public sector wages and to reduce minimum wage by 22%, approval for an additional Euro 130 billion to Greece provides just a breather.



Greek economy is expected to contract 4% to 5% this year and Athen Composite Index is currently trading at 776 level, 85% lower than its October 2008's peak of 5334, I really don't think Greece can survive by remaining in the European Union. Ultimately Greece will have to default on its debts and to start printing its drachma.


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Whitney Houston - Dies at 48

A shock to me in a slow afternoon when I heard the tragic news from my daughter.

Confirmation from Guardian, it is true.



After Michael Jackson, another great pop singer with a gifted voice has gone. Many will miss her the way they missed Michael Jackson.








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