By Danielle Bochove Bloomberg Thomas Biesheuvel Tues., Dec. 18, 2018 John Thornton is a Goldman Sachs alumnus educated at Yale, Harvard and Oxford. Mark Bristow is a South African geologist and big-game hunter. Together, this corporate odd couple has a plan to turn around the lagging fortunes of the world’s largest gold-mining company, whose shares are down 67 per cent from their high in 2010. Thornton, executive chairman of Barrick Gold Corp., set the partnership in motion when he announced a deal for smaller rival Randgold Resources Ltd. for $5.4 billion (U.S.) in September. He tapped Bristow, Randgold’s chief executive officer, to be the CEO of the combined companies. Thornton is getting a maverick, but also a CEO whose company’s share price has gained about 5,300 per cent since the end of 1999, making it the best-performing stock in London’s FTSE 100 Index this century. The two senior executives, who declined to be interviewed for … [Read more...] about This odd couple plots to save $100B gold mining business
Gold price in pakistan
In 1993, a government committee established how a “mafia” runs parallel government in India. It cited significant muscle-money power (also used by politicians for elections) and linkages with senior governmental functionaries, political leaders and others, operating with impunity and compromising preventive-detective systems as the key ills plaguing India. The report was buried as it included details that could lead to collapse of governments – at state level and even at the center. The dailyReport Must-reads from across Asia - directly to your inbox Now, 25 years later, criminality and corruption stand institutionalized. The “mafia” anchors the political-bureaucratic-police nexus, with police officers manning intelligence agencies, who are privy to all wrongdoings. The recent spat among top officials of the Central Bureau of Investigation (CBI) forced the national security adviser (NSA) to wake up Prime Minister Narendra Modi at 2 o’clock in … [Read more...] about Is India’s government undermining its military?
In Pakistan's bleak Thar desert, the roar of trucks is constant at a massive Chinese-backed coal power project the government sees as an answer to chronic energy shortages, but which activists warn is an environmental disaster. Machines are running round the clock to finish the mine and coal power plant, a flagship project of the China-Pakistan Economic Corridor (CPEC) plan that has seen Beijing provide billions of dollars in financing to its southwestern neighbor. Much of it is for infrastructure and power in a country where blackouts have infuriated citizens and hamstrung the economy for years. And while coal is going out of vogue in most other parts of the world because of its environmental impact, it will fuel nine of the 17 proposed CPEC power plants. The one in Thar in southern Sindh province sits atop 175 billion tons of coal -- one of the largest deposits in the world. Discovered in 1992, it has remained unexploited until now, but is expected to yield 3.8 million tons a year … [Read more...] about Pakistan goes against the grain with coal power spree
By Tony Wong Television Critic Sat., Aug. 18, 2018 As a youngster growing up in Montego Bay, Jamaica, I was a thin, spindly child with an overly large head. But I was feared by the bullies in my school. Mainly because the most popular show on JBC, the Jamaica Broadcasting Corporation, was Kung Fu starring David Carradine. Carradine spoke softly, mostly in garbled fortune cookie dialogue, and then would proceed to beat the crap out of anyone who threatened him. So basically, a white guy playing a Chinese martial arts expert saved my life. Lack of diversity in Hollywood isn’t a new thing. A University of Southern California study of film and television last year showed that all minorities were grossly underrepresented. But Asians fell well behind other people of colour, including Blacks and Latinos. Article Continued Below Still, I was grateful for all that whitewashing by Warner Bros., even though the role was allegedly stolen from Bruce Lee who … [Read more...] about Crazy Rich Asians doesn’t break stereotypes, it reinforces them
The end of World War II saw the US dollar replace both gold and the pound sterling as the basis for the international monetary system. Called Bretton Woods after its location in the US state of New Hampshire, the agreement cemented the US dollar as the world reserve currency. Although the global edifice of fixed exchange rates collapsed after the Suez crisis, England hung on for a few more decades until US president Richard Nixon closed the convertibility of the US dollar. Bretton Woods permitted nations to exchange currencies based on a fixed rate of gold. The dailyReport Must-reads from across Asia - directly to your inbox China seeks an identical ability to strengthen the appeal of its own currency in the hope that other Asian nations would peg local currencies to the yuan. Currently, the yuan is used in barely 2% of international payments; Beijing hopes to strengthen the appeal of its currency by introducing yuan-denominated oil contracts. In so doing, China aims to bankrupt … [Read more...] about Beijing’s ‘Bretton Woods’ remains a crude gambit