Sunday, August 31, 2008

One Disaster after the next -- Hurricanes, Earthquakes, Monsoons and more...

It's been a hectic week for anyone paying attention to world news. This week, Financial markets began with the typical up one day and down the next scenario that has been playing out for the past few weeks now. Adding to it all, even more problems have emerged concerning slowing economies around the world (the US actually being an exception this time), more credit woes and a bunch of other wonderful developments that are not really helping bring back market confidence.

Add to this mix... (apologies if I miss a natural disaster affecting some region of the world, but Western media is now being dominated by the news on the hurricane front in the gulf coast)

- Two hurricanes passing over poor Cuba on route to the coasts of Louisiana and Texas. Click here to access a full article covering the storm from Reuters.

- Yet another earthquake in Sichuan province of China... yes the same province that suffered the horrible quake earlier this year in May. Click here to read more on yesterdays quake from Xinhua.

Residents gather around campfire to evade earthquake in Yinlu Village, Datian Town, Renhe District of Panzhihua City, southwest China's Sichuan Province, August 31, 2008. Twenty-two people were dead after an earthquake measuring 6.1 on the Richter scale hit Panzhihua City on Saturday. As of 9 p.m., 17 people were reported dead and about 100 others injured in Sichuan, and five people dead and 35 others injured in neighboring Yunnan Province. The quake struck the juncture of Renhe District of Panzhihua and Huili County of the Yi Autonomous Prefecture of Liangshan at 4:30 p.m. (Beijing time). (Xinhua/Chen Haining)

- Flooding in India... massive flooding, click here to read the full updated story from AFP

You might have noticed how earlier in the week India was dominating headlines in Western press, then suddenly a tropical storm goes nasty and New Orleans takes over... leaving the quake hit region (2nd time this year now), little sympathy from the West.

I think CNN, MSNBC and Fox News are having a panic attack right about now (that is if they where living beings) because its just too darn hard to cover Obama vs McCain and all these juicy rating grabbing disasters...

Overall-- things look gloomy. More updates to come concerning Commodities, South-South Cooperation and Colombia's Oil Industry