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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?


To: Jim Willie CB who wrote (52671)8/3/2004 6:44:33 PM
From: stockman_scott  Respond to of 89467
 
Red-Hot Oil Keeps Rising, Gold Edges Up
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Tue Aug 3, 2004 05:32 PM ET

CHICAGO (Reuters) - Oil prices hit record highs on Tuesday as OPEC seemed helpless to curb the relentless climb above $44 a barrel, while a weak U.S. dollar lifted gold.

In other commodity markets, cocoa futures neared an eight-month high on concerns over a lack of rain in top grower Ivory Coast.

NYMEX crude oil futures were buoyed by concerns that the OPEC producers' cartel had no extra supplies in the near term to pump into the market and cool the red-hot prices.

"It's just up, up and away. There's no stopping it," said Edward Meir, an analyst at Man Energy, adding that some brokers now believed it was conceivable that crude oil prices could reach $50 a barrel.

OPEC President Purnomo Yusgiantoro of Indonesia, Asia's sole member of the grouping, lit a fire under the already hot market on Tuesday by saying that the Organization of the Petroleum Exporting Countries had no extra supplies.

"The oil price is very high, it's crazy. There is no additional supply," he told reporters in Jakarta.

"Minister Naimi has said Saudi Arabia can increase production, but they cannot do it immediately," he added, referring to Ali al-Naimi, oil minister for Saudi Arabia, the world's No. 1 exporter.

Oil prices have risen by more than one-third since the end of 2003 on worries that rising global demand has left supplies tightly stretched with little leeway for disruption.

OPEC members raised output in July to nearly the highest level in 25 years at 27.57 million barrels per day (bpd) as record-high prices enabled them to pump at just about full tilt, a Reuters survey released on Tuesday showed.

Saudi Arabia, which made up most of the July increase, has said it would produce 9.5 million bpd in August, just 1 million bpd below the country's full capacity.

NYMEX crude oil for delivery in September ended 33 cents higher at $44.15 a barrel after hitting a record $44.24 in overnight trade. September gasoline rose 0.04 cent to $1.2866 a gallon, while September heating oil rose 1.73 cents to $1.1815 a gallon.

COMEX gold futures rose as disappointing U.S. economic data weakened the dollar, a move that would make bullion cheaper in overseas markets. There was also support from concerns that al Qaeda is targeting New York for attack.

The Commerce Department reported that U.S. consumer spending dropped 0.7 percent in June, compared with a 1 percent gain in May. Personal income rose just 0.2 percent following May's 0.6 percent rise, another confirmation that the economy went through a soft patch at the end of the second quarter.

Gold's safe-haven status was also boosted by the raising of the U.S. government's terror alert status to "high" for New York, Washington and other financial centers on Sunday.

"Certainly, security concerns are a background supportive factor and might become more of a factor as we approach the Republican convention," said David Rinehimer, head of commodities research at Citigroup Global Markets.

The Republican Party will gather in New York at the end of this month to renominate President Bush.

On Friday, gold futures rose nearly $4 on news that the economy expanded at a subdued 3.0 percent pace in the second quarter, a slowdown from the healthy 4.5 percent in the first quarter.

COMEX August gold futures ended $2.30 higher at $394.00 an ounce.

NYBOT cocoa futures rose as large commodity funds bought in response to a lack of rain in top grower Ivory Coast.

"The market was again supported by another day where rainfall was apparently lacking in the Ivory Coast," said Luis Rangel of FIMAT USA Inc.

Concern about the prospects of the Ivory Coast's cocoa crop has risen as rains in June and July have been below average, analysts said.

NYBOT September cocoa futures ended $31 higher at $1,723 a metric ton.



To: Jim Willie CB who wrote (52671)8/4/2004 10:34:45 AM
From: stockman_scott  Respond to of 89467
 
200 Business Leaders Endorse Kerry-Edwards
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Democrats Endorsed by 200 Business Leaders who Believe America Can Do Better; Kerry Brings Wall Street Together with Main Street at Economic Summit in Davenport

johnkerry.com

Davenport, IA - Campaigning separately on day six of their “Believe in America” tour, John Kerry and John Edwards highlighted their plan to strengthen America by building an economy that lifts up families, creates jobs and helps businesses succeed.

Bringing Wall Street to Main Street, Kerry held an economic summit in Davenport, IA, where he discussed with prominent national business leaders and leaders of the Iowa labor and small business communities the Kerry-Edwards plan to build an economy that works for all Americans. While Kerry held the summit in Iowa, Edwards shared the Kerry-Edwards plan to strengthen the economy at Main Street rallies in Little Rock, AR and Memphis, TN.

In a sign of the support their vision for a stronger America is receiving, Kerry and Edwards were endorsed Wednesday by 200 business leaders. The individuals join the growing ranks of prominent business leaders like Warren Buffett, Lee Iacocca, Steve Jobs, Jim Sinegal, John Thompson and Barry Diller supporting the Kerry-Edwards vision for a stronger America.

Those endorsers attending the summit with Kerry in Davenport were: Owsley Brown, Chairman and Chief Executive Brown-Forman; Peter Chernin, President and Chief Operating Officer News Corporation; Charles Gifford, Chairman of Bank of America Corporation; Charles Phillips, President of Oracle Corporation; and Penny Pritzker, President of Pritzker Realty Group.

Representing the Iowa labor and business communities at the summit were: Tom Gillespie, President of the Iowa State Building and Construction Trades Council; Jerry Messer, President of Quad City Federation of Labor; Betsy Brandsgard, Executive Vice President of Davenport Chamber of Commerce.; Linda Bloodsworth, President of QC Metallurgical Laboratories; and Shirleen Martin, Assistant Director, Eastern Iowa Job Training Center.

“John Edwards and I are campaigning across the country talking about how we can build an America that is stronger at home and respected in the world, and that means creating a business climate that helps companies succeed and create good paying jobs right here in America,” Kerry said at the summit.

George Bush has been bad for American business. He has offered no real solution to help businesses deal with the crippling effect of skyrocketing health care costs. While his administration calls this the best economy of our lifetime, his irresponsible mismanagement of the economy has led to record deficits, job loss and decreased confidence in the economy. By failing to maintain America’s leadership in science and innovation, Bush has allowed the United States to fall from 4th to 10th in adoption of broadband.

Around the world, Bush has weakened the image of America, greatly damaging the American brand name, and he has failed to level the playing field for American businesses and workers by enforcing our trade agreements.

“As we talk to business leaders across the full range of industries we are hearing the same thing time and time again: the policies of the Bush administration are bad for business,” said Steven Rattner, Managing Principal of Quadrangle Group and who, along with Vice-Chairman of UBS Investment Bank Blair Effron, leads Kerry-Edwards outreach to the business community. “We are hearing growing frustration from business leaders who have seen this administration abandon the fiscal discipline that led to the growth and surpluses of the 1990s. Their job is being made more difficult by America’s tarnished reputation in the world.”

“In stark contrast, we are hearing from the business community a growing chorus of support for the Kerry-Edwards approach: restoring fiscal discipline, lowering the cost of health care and rebuilding America’s reputation in the world,” emphasized Effron.

As they discussed today, Kerry and Edwards understand that America’s businesses are the engine of job creation, economic growth and the key to rising prosperity for all Americans. Their plan will help restore confidence in the American economy at home and around the world, improve the competitiveness of American business and foster long-term growth.

“We know, like you do, that America can do better,” Kerry said. “We know that if we bring down skyrocketing health care costs, enforce our trade agreements and cut taxes for companies that keep jobs here, we can strengthen our economy, help businesses succeed and create millions of new, better paying jobs.”

***read this fact sheet which includes a list of business leaders for Kerry and some selected quotes:

johnkerry.com