| Asian shares close mostly down as Japan slides
Australian share prices closed down 1.6 percent despite strong gains on Wall Street overnight, amid fears for the global economy and concerns the market was due for a correction, dealers said. The benchmark S&P/ASX 200 index closed down 97.1 points at 5,981.6 points. The broader All Ordinaries index closed down 92.9 points or 1.5 percent at 6,054.4 points. "It defies logic, especially as there's a chance that the Fed could cut rates" later this month, said Ric Klusman, head of institutional trading at Aequs Securities. "I don't think the market has gone as low as it can go," said Andrew Sekely, head of Australian equities at Intersuisse. A total of 1.58 billion shares worth 5.67 billion Australian dollars (5.07 billion US) changed hands.
Bonds fall on January U.S. consumer price jump
Bonds are selling off because the Consumer Price Index report accentuated the fact that the Federal Reserve has been cutting interest rates while inflation remains sticky above 'comfort levels,'" said Josh Stiles, senior bond strategist at IDEAglobal in New York. .
Horse thought to be stabbed caused own death
Horse thought to be stabbed caused own death Fell over and impaled itself on piece of concrete Cops rule out any suspicious circumstances A HORSE initially believed to have been stabbed by a cruel attacker did not die in suspicious circumstances. The distraught owners called police after discovering their pet, a former race horse named Speak Well, with an apparent stab wound to the stomach in a paddock at Appin, in Sydney's southwestern outskirts at about 10pm (AEDT) yesterday. "There are some other cuts on the horse but the single stab wound would appear to be the cause of death,'' Superintendent Bryan Doyle said earlier. "We are hoping that a post mortem due to be conducted this afternoon will give us a better idea as to how the horse died.'' Now it appears the horse fell over and bizarrely impaled itself on a piece of concrete.
Non-ferrous Metallurgy
The nonferrous metallurgy industry is strongly export-oriented: up to 70% of the country's nonferrous metal production is exported. Aluminum makes up 48% of export volumes; nickel, 20%; and copper, 12% in terms of value. Most of the rest consists of precious metals produced by Norilsk Nickel (Nornikel).
The industry employs about 20% of the country's employable population and is growing dynamically: output volumes in nonferrous metallurgy increased by 7.1% in 2001. However, at present the industry's effectiveness is a result of low resource costs, including energy costs, and Russia's enormous mineral reserves rather than high technology. Therefore, nonferrous metallurgy is one of the most successful and at the same time one of the most problematic sectors of the economy, since it is the first to react to any changes in the country's macroeconomic situation.
Gold Reef CEO Joffe defends futures sale
GOLD Reef Resorts CEO Steven Joffe says the Securities Regulation Panel (SRP) has written to him, asking him to explain his sale of single stock futures while the company was in negotiations that might have resulted in it being sold. “We were not under cautionary at the time,” Joffe said on Friday. “I did not know that I had to get permission from the SRP.” Joffe is said to have gained R17m from the sale of the futures at R33 a share. Gold Reef’s current share price of R23 is substantially lower following the withdrawal earlier this month of an offer for the company by a private equity consortium of R34 a share. The consortium comprised Gold Reef Management, Ethos Private Equity and US bank Goldman Sachs.
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