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One Response to “Financial News 8/29/12 – G7 Oil Emergency, Tymoshenko loses Appeal, Paralympics 2012”

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   29. Aug, 2012

   The Group of Seven leading industrialized economies, are asking the world’s major oil producers, to boost output, as fears about Hurricane Isaac, as well as tensions with Iran, pushed up oil prices. The G-7 nations-the U.S., Canada, Japan, U.K., Germany, France and Italy – are not yet talking about a release of emergency oil stockpiles, but there is definitely some unease and worry, about the damage from rising fuel costs on already struggling economies. Major oil exporter Saudi Arabia, promised this year to come to the aid of oil-consuming economies if needed, but most other members of the OPEC, Organization of the Petroleum Exporting Countries, have resisted boosting output in recent months. Fears come as gasoline prices sit at their highest level for this time of year, amid worries about weather-related disruptions and supply cuts from Iran, which is facing international sanctions, if China and Russia would finally say yes to them, which they won’t.

   Ukraine’s former Prime Minister, Yulia Tymoshenko, has lost her appeal in court today, which leaves her in jail, for her conviction of abuse of office. A conviction that is primarily politically motivated and encouraged by her arch enemy Viktor Yanukovich, who desperately wants to see her in prison. The reason he hates her so much, you ask? She narrowly lost to Yanukovich in a run-off for the presidency in February 2010 after a bitter campaign, and would potentially be a great contender to run against him again. The afore mentioned abuse of office conviction, relates to a gas deal that Tymoshenko brokered with Russia in 2009, when she was prime minister. The Yanukovich government says the agreement was reckless, and saddled Ukraine with an enormous price for strategic supplies of gas, which is taking a toll on the stressed economy. Tymoshenko has denied betraying the nations interests, with her lawyers arguing, that the gas negotiation with Russia was a political act, not criminal action. Western leaders condemned the seven-year prison term given to Tymoshenko, as political persecution, and blocked strategic agreements on political association and a free-trade zone with the European Union. Well done Yanukovich.

   Thousands of people have turned out to welcome the Paralympic flame which is en route to the Olympic Stadium for the opening ceremony of the Games. The 2012 Summer Paralympic Games will be the fourteenth Summer Paralympic Games. The Games are expected to be the largest and most commercially successful Paralympics ever! Great Britain’s success during this years’ Summer Olympics and growing interest in Paralympic sport worldwide, contributed to a significantly higher demand for tickets to the Games, than in previous years. They will also mark the return of the Paralympic movement to its birthplace; the British village of Stoke Mandeville. Stoke Mandeville first hosted the Stoke Mandeville Games, an athletics event for British World War II veterans, which coincided with the opening of the 1948 Summer Olympics in London. The Stoke Mandeville Games were the first ever organized sporting event for the disabled, and served as a precursor to the modern Paralympic Games. Good luck to all participating athletes at this wonderful event!