South Korea weapons sales top $1bln for first time

SEOUL, Dec 29 (Reuters) - South Korea's yearly overseas arms sales topped $1 billion for the first time in 2008, a government agency said on Monday, while officials were quoted as saying the country aims to soon be one of the world's top 10 arms exporters.

South Korea's biggest exports in 2008 included self-propelled guns, aircraft and naval vessels with its main customers being Middle Eastern states and ally the United States, the Defence Acquisition Programme Administration said in a statement.

South Korea had been increasing its sales to developing countries in Africa and Latin America, the agency said without naming specific buyers.

South Korea is looking to sell $3 billion worth of arms by 2012 and be one of the world's top 10 arms exporters in the next few years, Yonhap news agency reported defence officials as saying. The Defence Ministry would not confirm the report.

The military is hoping the main drivers in weapons exports will be its next generation K-2 tank and T/A 50 supersonic fighter-trainer developed by its aerospace industry with help from Lockheed Martin Corp (LMT.N), Yonhap said.

"We should think in terms of how much of the market share we take, rather than amounts," it quoted Colonel Lee Hyun-soo, a senior official in the export trade, as saying.

Over the past several years, South Korea has sought to improve its weapons technology to boost its deterrence against North Korea, which has a numerical superiority in troops but antiquated weapons systems.

The military has found increased opportunities for exports as it has improved its weapons.

Elephants ready to party as eBay ban approaches

What with a deepening global recession it's been pretty much a lousy 2008 for most folks, but it's closing on a very good note--if you happen to be an elephant, that is.

Come January 1, eBay's worldwide ban on ivory products goes into effect, a move that animal rights advocates hope will help protect elephant populations around the world.

The proliferation in the illegal trade of wildlife species has been aided by the use of the Internet. In a recent report (PDF), the International Fund for Animal Welfare found that about two-thirds of the global online trade in protected wildlife takes place on eBay's platform. The group said that poachers kill more than 2,000 elephants in Africa and Asia annually to meet demand for ivory products.

The sale of elephant ivory has been illegal since 1989 (although there are certain exceptions to the prohibition).

In a statement, Jack Christin, senior regulatory counsel for eBay had this to say:

"Due to the unique nature of eBay's global online marketplace and the complexity surrounding the sale of ivory, we decided to ban the sale of ivory on eBay. We appreciate the support from the IFAW in assisting us and we look forward to continuing to work with them on the implementation of the global ban. Like the IFAW, ultimately we feel this is the best way to protect the endangered and protected species from which a significant portion of ivory products are derived."

Groundhog Year in Prison Nation

2008 in Ethiopia was Groundhog Year! It was a repetition of 2007, 2006, 2005, 2004… Everyday millions of Ethiopians woke up only to find themselves trapped in a time loop where their lives replayed like a broken record. Each “new” day is the same as the one before it: Repression, intimidation, corruption, incarceration, deception, brutalization and human rights violation. Everything that happened to them the previous day, the previous week, the previous month, the previous 18 years happens to them today. They are resigned to the fact that they are doomed to spend the rest of their lives asphyxiated in a Prison Nation. They have no idea how to get out of this awful cycle of misery, agony, despair and tribulation. So, they pray and pray and pray and pray… for deliverance from Evil!

It was a historic year

2008-12-28 11:57:10
By Richard Mgamba and Rodgers Luhwago

Most Tanzanians may not have had much cause to smile during the year 2008, due to the tough economic situation, but they were gladdened by dramatic, historically significant events, topping the list being the government`s earnest move to probe and prosecute perpetrators of grand corruption.

Looking at the laundry list of the events spanning the past 12 months - the dramatic resignation of prime minister Edward Lowassa, the four-day historic visit by the world`s most powerful leader, US President George W. Bush, the resignation of three senior cabinet ministers, the EPA scam and the arrest and prosecutions of top individuals - the year under review was truly historic, and will remainfor a long time in the minds of the Tanzanians and even external observers.

Economically it was a tough year because of the dramatic surge of fuel prices at the global market reaching a record high of $146 per barrel, while food production plummeted extremely, posing a threat to millions of people, especially in the Third World.

At the global level, there was an ill-omened frailty about the economic trend following the financial turmoil that emerged suddenly during the last quarter of 2008.

In mid-September, the financial system came close to collapse. The failure of Lehman Brothers, the 158-year-old Wall Street investment bank, triggered panic in markets.

Nigerian Economy In 2009: Hard Times Knock Hard

With the current uncertainty of international oil prices, the global financial economic meltdown already mounting pressure on the Nigerian banking industry, and the sheer confusion and politicisation of Budget 2009 proposal, MARCEL MBAMALU writes that it has become imperative for the managers of both the Nigerian economy and the business community to put on their thinking caps and tighten seat belts for a rough ride in 2009.

Three days to the end of the year, Nigeria appears to be neck-deep in what, for want of a better expression, one might describe as a reversal of fortunes.

Reversal of fortunes in the sense that the economy is taking a beating - the global economic meltdown is, indeed, taking a toll on Nigeria and the unmitigated impact, when carried over to 2009, portends greater difficulties for weaker countries of the world, including Nigeria.

In the last four years, Nigeria had enjoyed an unprecedented macro-economic stability, high revenue growth, and some impetus for growth.

Foreign Direct Investment, portfolio investment had climbed to an all-time high; remittances from Nigerians living broad had also been growing.

But all of a sudden, the economy began a very steep downward trend, at a rate that is, to say the least, very frightening to all stakeholders, especially the manufacturing sector.

First was the unseasoned bearish default in the stock exchange, which some analysts optimistically described as a mere flash in the pan.

But soon, the country was, again, hit by the hurricane of the decline in price of crude. Subsequently, foreign reserves began a process of depletion that brought the figure from $63 billion, to about $50 billion, only within a short time. Government revenue has been declining, with greater emphasis on tax collection.

Zambia urges mining firms to keep operating

By Shapi Shacinda

LUSAKA, Dec 29 (Reuters) - Zambia has asked foreign mining firms to use profits they made when copper prices were high to keep working in the downturn, its central bank chief said on Monday after Luanshya Copper Mine (LCM) suspended operations.

Bank of Zambia (BoZ) governor Caleb Fundanga expressed optimism that copper prices would soon rebound but said the developments at LCM were a threat to the country's copper industry.

LCM shut down its Chambishi Metals Plc unit, the country's largest cobalt producer, and the Baluba copper mine soon after suspending the $354 million Mulyashi copper project, which had been due to start producing 60,000 tonnes of copper in 2010.

It cited operational difficulties arising from the global credit crunch as reasons for the decision.

"The fact that there has been a low copper demand and prices have seen a downward trend is a development with lots of implications. However, (mining firms) must be able to weather the storm, it's a bit too early to leave (and) it's not too good to leave in a rush," Fundanga told Reuters.

Rio wants to meet Guinea govt on iron ore project

Mon 29 Dec 2008, 11:29 GMT

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LONDON (Reuters) - Mining group Rio Tinto is seeking a meeting with the new military junta in Guinea to discuss its $6 billion Simandou iron ore project, the firm said on Monday.

Rio -- the world's fourth biggest diversified mining group by market value -- had been locked in a dispute about Simandou with the previous government of President Lansana Conte, who died last week, sparking a military coup.

"One of main priorities is that we want to fix up a meeting with the new government as soon as possible to discuss the situation," spokesman Nick Cobban said.

On Saturday, the military junta led by Captain Moussa Dadis Camara in the West African state said "defective" mining contracts would be revised, without naming firms or projects.