Weizhen Tang a.k.a the "Chinese Warren Buffet" is a fake!

Another ponzi scheme has hit the presses, this time involving a Chinese-Canadian by the name of Weizhen Tang who liked describe himself as the "Chinese Warren Buffet".

Since 2004 Tang has been running a Toronto-based hedge fund called the Oversea Chinese Fund Limited Partnership. Through targeting the large American and Canadian Chinese communities Tang was able to raise as much as $75 million from roughly 200 investors.

Reuters has a nice summary of this unfolding drama, which you can conveniently access by clicking here.

Attempts by Reuters journalists to reach Tang were unsuccessful. However in a public letter to partners posted on Weizhen Tang's website said

"I did not steal everyone's funds."

"For my investment partners, February 27 of 2009 was a most shocking, heart-breaking and grieving day."

"It was also a day of tremendous pain to myself, one that I had feared so much but eventually it arrived. Because of the sin that I had committed, I have hurt you badly. I'd like to extend my deepest apologies."

Canada and Colombia -- Ecopetrol to purchase Enbridge stake in Ocensa pipeline

Colombia's state oil company Ecopetrol (NYSE: EC) will purchase a 24.7% stake held by Canada's Enbridge (NYSE: ENB) in the Ocensa pipeline in Colombia for US$418mn.

Ecopetrol's stake in the pipeline will increase to 60% as a result of the transaction, Ecopetrol said in a statement.



The transaction will strengthen Ecopetrol's position in the oil transport industry and allow it to increase output in the Eastern Plains region of Colombia.

BNAmericas

China's metals move a bright spot for sector -- theglobeandmail

Chinalco investing nearly $20-billion in Rio Tinto; deal suggests Canadian resources sector could climb out of doldrums sooner

ANDY HOFFMAN

February 13, 2009

MINING REPORTER

China's blockbuster deal to invest $19.5-billion (U.S.) in Rio Tinto Group bodes well for Canada's resource-driven economy as it shows the world's largest commodities consumer is betting on a faster-than-expected recovery in metals demand.

State-controlled China Aluminum Corp. (Chinalco) is buying $7.2-billion worth of convertible bonds and will pay $12.3-billion for stakes in eight of Rio Tinto's mines that produce a range of metals including iron ore, copper and aluminum.

Click here to access the full article from theglobeandmail

Re-shuffling global assets from North to South – Vale do Rio Doce, Brazilian goes shopping for Rio Tinto's assets

The Ango-Australian mining giant, Rio Tinto Group is selling mining assets in Argentina, Brazil and Canada to Brazilian competitor Vale do Rio Doce for $1.6 billion Rio Tinto is facing tough times as it desperately tried to reduce its $39 billion debt.

Rio Tinto has reportedly already sold over $3 billion of assets. The company said “the latest sales represent a major step towards meeting its goal to reduce debt from $39 billion to $10 billion.

Did a bit of research and Vale do Rio Doce doesn't seem to have much debt. Which is a really good thing for miners right now! With commodity prices as low as they are, servicing debt is a dangerous thing. .

Vale however, because it saved it's penny's during the good times has managed to scoop up two of Rio's prized operations in Argentina and Brazil for pretty good price. Vale do Rio Doce paid $850 million for Rio's major potash operation in Argentina; and in Brazil it paid $750 million for the Corumba iron ore mine.

Citigroup analyst Clarke Wilkins said “the sale highlights good prices for assets can still be achieved in the current market. Indication that the assets are still perceived as viable long term investments even though commodity prices are so low. It may take time for them to recover, but when they do Vale do Rio Doce will make money from this purchase.

Check out what the stock has been doing recently. Good buy? Hmmmm.

News Line: Peru

1) Peru, Singapore to become hubs of Asia Pacific Regions, says Giampietri

Lima, Sep. 11 (ANDINA).- Peru and Singapore, considered an important economy in Asia, are about to become the most important hubs in the Asia Pacific Region, which will allow foreign investments access to this region and vice versa, noted the President of the Extraordinary High Level Commission APEC 2008 (CEAN) Luis Giampietri, who said both countries are in a privileged geographical position and have a perfect port and airport infrastructure to facilitate businesses.....

Luis Giampietri - Vice President of the Republic of Peru

Click here to access the full article from Andina

2) ChinaTel Group to bis for wireless 2.5gHz spectrum licenses in Peru
Lima, Sep. 14 (ANDINA).- ChinaTel Group, a business entity seeking to acquire and operate WiMAX networks in key markets throughout the world, plans to participate in an upcoming auction to bid for wireless 2.5GHz spectrum licensing for Peru... Click here to access the full article from Andina.

3) Canadian and Australian investors explore business opportunities in Amazonas, Peru Amazonas, Sep. 14 (ANDINA).- A group of business people from Canada and Australia has visited the Peruvian department of Amazonas to explore various investment opportunities and tour the several local tourist attractions....

Canadian ambassador Geneviéve des Riviéres and the Australian consul were pleased by the warm welcome they have received from local residents and businesses.

The delegation flew over the Pongo de Manseriche, located in the Condorcanqui province, to observe the potential of this watershed as well as appreciated the magnificent Gocta Waterfall, the third highest in the world.

They also visited on Sunday the Kuélap Fortress, which is the most extensive monument of the Peruvian ancestral past.....

Click here to access the full article from Andina

4) Analysts predict British Direct Investment in Peru likely to surpass 2007 record of $2.9 billion

Lima, Sep. 14 (ANDINA).- British direct investment in Peru would increase this year, surpassing 2007's record $2.9 billion, the third largest foreign investment in the country last year, said the British Ambassador to Peru, Catherine Nettleton.......

"In December last year, the major foreign investors in Peru were Spain with 3.7 billion dollars (23.25 pct), the United States with 2.9 billion (18.54 pct) and the United Kingdom with 2,9 million (18.14 pct)", she detailed......

Among British companies operating in Peru are HSBC, Standard Chartered Bank, Royal of Scotland, SAB Miller, Rio Tinto, Anglo American, Monterrico Metals, BHP Billiton, Xtrata, Minera IRL and Menzies Aviation.

Other companies are Orient Express, Emissions Trading, Icecap, Ecosecurities, Unilever, British American Tobacco, GlaxoSmithKline, AstraZeneca, Willis Insurance, PWS, Jardine Lloyd Thompson, WPP, Cadbury Schweppes, CSM Logistics, Gold Oil, Pan Andean Resources and Shell......

Click here to access the full article from Andina

5) Korea interested to explore possible investments in development related projects

Bagua Grande, Sep. 14 (ANDINA).- The director of Korea International Cooperation Agency (Koica) in Peru, Woo Chae-Suk will visit this Tuesday the northern city of Bagua Grande in the Utcubamba province (Amazonas) to assess and explore a variety of business opportunities in the area.

"Koica volunteer program coordinator, Kweon Ok Hee, will accompany Chae Suk on his visit in which they will get to know the economic, social, educational, agricultural, health and environmental situation of local residents," Amazonas municipal representative Edwin Hidalgo Ocampo announced today.

Click here to access the full article from Andina

India, China continue to push for more nuclear facilities to ease energy shortages -- prices set to rise says analyst Yuriy Humber

Moscow: The uranium industry’s worst year is about to collide with a nuclear construction programe in India and China that rivals the ones undertaken during the oil crisis of the 1970s.

The result is likely to be a 58% rebound in uranium to $90 (Rs3,870) a pound from $57 now, according to Goldman Sachs JBWere Pty. Ltd and the Rio Tinto group, the third biggest mining company. Uranium plunged 57% in the past year as an earthquake damaged a Japanese plant that is the world’s largest and faults shut down reactors in the UK and Germany.

Plans for India and China to end electricity shortages will ripple from Canada to the Australian outback and the flatlands of Kazakhstan, the primary sources of uranium. India will start three reactors this year, with another six due next year in India, China, Russia, Canada and Japan. Uranium demand worldwide will rise as fast as oil this year, or 0.8%, Deutsche Bank AG forecasts.

Scarce commodity: The Hamaoka nuclear power station in Japan. Uranium plunged 57% in the past year
as an earthquake damaged another plant in Japan and faults shut down reactors in the UK and Germany.
(Photo: Robert Gilhooly/Bloomberg)

“The first wave of growth is going to come from the emerging economies,” said John Wong, fund manager with CQS UK Llp. in London, which has $10 billion under management including $150 million of uranium investments. “People are starting to look at coal, gas, oil and seeing the energy prices go up, they wonder about uranium.”

Click here to access the full article from Livemint News.


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