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Global investment in gold a boost for African mining

The growing number of investors looking to gold as a means to preserve their capital during the current global economic crisis has contributed to the development of large-scale mining operations in Africa.

As one of the leading continents in gold mining, and with the high demand for and trade in the precious metal, many gold- mining projects are surfacing across Africa, says Investec asset manager precious metals analyst Daniel Sacks.

“Investment in African gold mining is currently high, which can only benefit the continent,” he notes.

One such project is the Kibali gold project, in the Democratic Republic of Congo (DRC). Gold miners Randgold Resources and Anglogold Ashanti are reported to be set to make an impressive profit from Kibali, which is claimed to be one of the biggest gold mines in Africa. DRC

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Tags: Mining

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Former Carter’s Inc. exec indicted on federal charges

Joseph Pacifico, 62, left Carter’s in December 2009, after an internal investigation into accounting irregularities. The company, maker of OshKosh B’gosh and other children’s brands,  later restated financial results for several years.

Federal authorities said Pacifico became aware of and hid a scheme from other Carter’s executives, auditors and shareholders that involved falsifying financial records and providing improper rebates to retailers.

Pacifico was also indicted on charges of causing the filing of false financial statements, and falsifying the books and records of a public company, according to a news release from the U.S. Attorney’s Office in Atlanta.

U.S. Attorney Sally Quillian Yates said Pacifico “is accused of trying to hide a multi-million dollar fraud, lying to shareholders, and committing additional crimes in the course of the attempted cover-up. Shareholde

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Report: State fines two nurses, surgery center tied to Rush

More Healthcare News

The Illinois Emergency Management Agency in January fined Rush SurgiCenter $2,000 and two registered nurses $500 each for violating radiation protection regulations when the nurses operated a piece of X-ray equipment, the Tribune reported.

“Patient and staff safety working with x-rays is paramount,” a Rush University Medical Center spokesman said. “The SurgiCenter’s own investigation revealed that more than three years ago, two instances of inappropriate activation of X-ray equipment occurred. These instances were promptly reported to state authorities. In both cases, the X-ray settings were correct, physicians were present and no patient was harmed. The SurgiCenter has made changes in scheduling, staffing and training to ensure the violation does not occur again.”

Rush SurgiCenter administrator Barbara Ramsey disputed the claims from a former nurse that the incidents happened in August and October. S

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Tags: Rush

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US stocks close mixed, continuing bumpy week

U.S. stocks closed mixed Wednesday after a quiet trading day that left the indexes little changed.

The Dow Jones industrial average closed down 45.57 points, or 0.3 percent, to 13,124.62. It had been up 20 shortly after the opening bell. The Dow had its biggest loss in two weeks on Tuesday, falling 68.94 points.

The Standard & Poor’s 500 index closed down 2.63 points, or 0.2 percent, at 1,402.89. The Nasdaq composite average closed up 1.17 at 3,075.32.

Hewlett-Packard led the Dow lower, sliding 2.2 percent after saying it would combine its printer and PC divisions to save money and improve efficiency. H-P is coping with declining sales of PCs and printer ink as smartphones, tablets and electronic document-sharing gain popularity.

Earlier Wednesday, the National Association of Realtors released a mixed report about the state of the housing market.

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Tags: Mixed, Stocks Close

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German, French finance ministers say worst of euro crisis over (Reuters)

“We can say that the worst is behind us, but we cannot relax our efforts,” Schaeuble told a conference in Paris. “I think we can say with a 50 percent probability that the worst is behind us.”

With some in Germany voicing concern about the European Central Bank’s recent injection of 1 trillion euros of liquidity into the euro zone banking system, Schaeuble said he was not concerned about the ECB’s monetary policy.

The ECB had demonstrated its independence and had a track record of good decision making, Schaeuble said. Its decisions “do not entail an inflationary risk,” he said, suggesting that reports of a disagreement between ECB President Mario Draghi and Bundesbank chief Jens Weidmann had been exaggerated.

Baroin echoed his German colleague’s comments, stressing the need for euro zone countries to press ahead with economic and fiscal reforms: “If the question is whether the worst of the crisis is behind us, one can say yes …

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Tags: Worst, Worst Euro

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