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Evidence has emerged that the Monsanto chemical company paid contractors to dump thousands of tonnes of highly toxic waste in British landfill sites, knowing that their chemicals were liable to contaminate wildlife and people. Yesterday the Environment Agency said it had launched an inquiry after the chemicals were found to be polluting underground water supplies and the atmosphere 30 years after they were dumped.

According to the agency it could cost up to 100m to clean up a site in south Wales that has been called “one of the most contaminated” in the country.

A previously unseen government report read by the Guardian shows that 67 chemicals, including Agent Orange derivatives, dioxins and PCBs which could have been made only by Monsanto, are leaking from one unlined porous quarry that was not authorised to take chemical wastes.

The Brofiscin quarry on the edge of the village of Groesfaen, near Cardiff, erupted in 2003, spilling fumes over the surrounding area, but the community has been told little about the real condition of what is in the pit. Yesterday the government was criticised for failing to publish information about the scale and exact nature of this contamination.

Douglas Gowan, a pollution consultant who produced the first official report into the Brofiscin quarry in 1972 after nine cows on a local farm died of poisoning, said: “The authorities have known about the situation for years, but have done nothing. There is evidence of not only negligence and utter incompetence, but cover-up, and the problem has grown unchecked.”

Much of the new information about Monsanto’s activities in Britain in the 1960s and early 1970s has emerged from court papers filed in the US and previously unseen internal company documents. They show how the company knew from 1965 onwards that the PCBs - polychlorinated biphenyls used mainly as flame retardants and insulaters - manufactured in the US and at its plant in Newport, south Wales, under the trade name Aroclor, were accumulating in human milk, rivers, fish and seafood, wildlife and plants.

The documents show that in 1953, company chemists tested the PCB chemicals on rats and found that they killed more than 50% with medium-level doses. However, it continued to manufacture PCBs and dispose of the wastes in south Wales until 1977, more than a decade after evidence of widespread contamination of humans and the environment was beyond doubt.

A high-level committee within the company was given the task in 1968 of assessing Monsanto’s options and reported contamination in human milk, fish, birds and wildlife from around the world, including Britain. “In the case of PCBs the company is faced with a barrage of adverse publicity … it will be impossible to deny the presence and persistence of Aroclors. The public and legal pressures to eliminate or prevent global contamination are inevitable and probably cannot be contained successfully,” the committee reported.

The report, which was shown to only 12 people, said: “The alternatives are [to] say and do nothing; create a smokescreen; immediately discontinue the manufacture of Aroclors; respond responsibly, admitting growing evidence of environmental contamination …” A scrawled note at the end of the document says: “The Big Question! What do we tell our customers … try to stay in business or help customer’s clean up their use?”

Monsanto stopped producing PCBs in the US in 1971, but the UK government, which knew of the dangers of PCBs in the environment in the 1960s, allowed their production in Wales until 1977.

Yesterday Monsanto, which has split into several corporate entities since 1997, said in a statement: “On behalf of [former parent company] Pharmacia Corp, Monsanto is handling issues related to the historical manufacture of PCBs in Wales. We continue to work with the Wales Department of Environment and other regulatory bodies to resolve these issues. A thorough review … will show that Pharmacia did inform its contractors of the nature of wastes prior to disposal, and that Pharmacia did not dump wastes from its own vehicles.”

Solutia, the spin-off from Monsanto which now owns the Newport site, said it was giving Monsanto and the regulatory agencies “information as requested”.

The Environment Agency Wales said it was investigating the contents of the site: “This is one of the most contaminated sites in Wales and it is a priority to remediate because it is so close to habitations,” said John Harrison, the agency’s manager of the Taff/Ely region. “There is ground water pollution, but we do not think at present there is any danger to human health. We have spent about 800,000 so far investigating the tip. Our legal team is gathering all the evidence and we are trying to apportion costs.”

THE number of salmon escaping from Scottish fish farms has halved in the past four years, an industry body will be told today.

The number of escapes has fallen from 310,000 in 2002, when statutory reporting began, to 157,000 in 2006.

Wildlife experts monitor the number of escaped fish because they can carry disease and affect the genes of wild species if they reproduce.

The figures will be delivered to the ministerial working group on aquaculture, which includes representatives from the fish farming industry, environmental groups and the deputy minister for environment and rural development.

Siden Patten, chief executive of the Scottish Salmon Producers’ Organisation, will tell the group preventing escapes is a vital part of an industry improvement programme.

“Effective containment is a priority. With the exception of the severe storms in January 2005, when a handful of the 278 active sites suffered badly, there has been a significant declining trend since reporting began,” he said.

“As 95 per cent of the tonnage of the salmon farming industry has signed-up to the Code of Good Practice for Finfish Aquaculture since it was launched in March 2006, we hope this trend will continue.”

More than 70 million smolts (young fish) were put to sea in the past two years, and although the 2006 escapes correspond to less than 1 per cent of the total amount of fish, Mr Patten said they represented a significant commercial loss for the farmer.

He questioned critics’ claims of escaped farmed fish outnumbering wild fish, arguing that the Scottish Salmon and Sea Trout Catches Statistics showed 2005 had the fifth highest number of rod catches, with more than 80,000 fish caught.

Of this total, only 230 were recorded as of farmed origin.

“The headline numbers some critics of the industry talk about have little to do with the possible impact. It’s not that simple. The reasons for the decline in wild salmon and sea trout are much debated, as it is an enormously complex issue with a number of potential influences, such as climate change, predation from seals, over-fishing, agricultural run-off and re-stocking, Mr Patten said.”

Last month, fish farm opponents called for an overhaul of the industry after claiming nearly two million salmon escaped in Scotland between 2001 and 2006.

Environmental groups have said it could lead to genetic pollution and threaten the long-term viability of wild populations.

Calum Duncan, Scottish conservation manager of the Marine Conservation Society said: “Any independently verified reduction in escapes is to be welcomed but there is still a long way to go. Our mariculture department will continue to help recognise firms with good practice and encourage other firms to fall in line.

“We hope that whoever is incumbent after the Scottish elections in May will put in a place a marine spatial planning system at sea, which would help balance the aquaculture industry with other interests, particularly concerns over marine biodiversity. This is integral to moving toward a sustainable future.” THREAT TO WILD STOCKS

WITH fish crammed tightly into cages in open water, fish farming is an ideal breeding ground for disease and parasites. Escaped infected fish can take these diseases into the wild and infect the wild population.

Escaped salmon have also interbred with wild varieties, diluting the gene pool and threatening survival rates. Up-river migration of escaped salmon late in the spawning season displaces the already spawned wild salmon eggs.

Related topic

- http://news.scotsman.com/topics.cfm?tid=1080
http://news.scotsman.com/topics.cfm?tid=1080

Fidel Castro may not recover from complications after three failed operations to treat an intestinal infection, a Spanish newspaper reported yesterday.

The Cuban leader was in a “very grave” condition from surgery for diverticulitis, which created pouches in his large intestine, as well as a serious infection of his stomach lining, according to the Madrid daily El Paнs. The report, the most detailed since the 80-year-old first had surgery last July, cited two unnamed sources from Madrid’s Gregorio Maraсуn hospital.

One of the hospital’s most senior surgeons, Josй Luis Garcнa Sabrido, treated Mr Castro in Cuba last month and later told reporters the patient did not have cancer and was slowly recovering from surgery. The doctor did not respond to yesterday’s report but his secretary told Reuters that he stood by his statement. “Nothing has changed since he spoke in December, nothing at all.”

A Cuban diplomat in Madrid called the report a lie. The island’s authorities have treated their leader’s condition as a state secret but insisted he will return to power. His brother Raъl, 75, is acting as interim president.

After months of speculation, with US officials openly suggesting their communist foe had cancer, the El Paнs article was notable for its technical detail.

Mr Castro’s intestine bled copiously last summer, it said, prompting the removal of part of his large intestine. “His condition, moreover, was aggravated because the infection spread and caused peritonitis, inflammation of the membrane that covers the digestive organs.”

During a second operation to clean up the infection doctors removed the remainder of the large intestine and created an artificial anus. But this operation also failed and Mr Castro’s bile duct became inflamed, leading to cholecystitis, an inflammation of the gall bladder that can be fatal.

When Mr Garcia Sabrido was called in last month Mr Castro was losing more than a pint of fluids a day via an abdominal wound and needed intravenous feeding, El Paнs said. A South Korean-made prosthetic device which was unsuccessfully implanted in the bile duct was said to have been replaced with a Spanish-made one.

In a separate report Reuters quoted an unnamed diplomat with close relations to Havana saying that Mr Castro’s stitches had not healed properly and that last month the problem required him to be taken to the operating room seven times in a single day.

Action Insight | Written by ActionForex.com | Feb 28 07 07:33 GMT |
Forex Daily Technical Report Yen & Swissy Retreat after Meeting Fibo Resistance

Both Japanese Yen and Swiss Franc retreats mildly today after yesterday’s sharp rally against dollar was temporarily limited by 61.8% retracement resistance. China’s main stock index, which crashed yesterday and is part of the reasons on risk aversion buying in Yen and Franc, opened lower today but recovered quickly and moved into positive territory. Also, the short term overbought yen was limited partly by poor Jan industrial production which dropped 1.5% mom and retail sales which dropped 0.8% yoy.

But still, technically speaking, important tops are there in particular in EUR/JPY and EUR/CHF. EUR/JPY should have completed a diagonal triangle after false breakout to 159.63 and now with lower trend line taken out. EUR/CHF has completed a double top formation with the short term trend line broken too. Today’s consolidation will likely be temporary and further strength should still be seen in yen and franc, at least in near term. And this could just be a start of medium term strength as carry trades continue to unwind.

Also, note that while dollar is pressured against Euro, Yen and Franc, it’s still relatively stable against Sterling. Besides, dollar has also gained against Loonie and Aussie, both pressured by carry trade unwinding and commodity prices. While there are risks of downside surprise in Q4 GDP revision and new home sales today, the market could still be dominated by yen and franc. And, Euro’s upside could be relatively limited by cross selling pressure. EUR/USD

Daily Pivots: (S1) 1.3182; (P) 1.3219; (R1) 1.3279; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/

EUR/USD’s rally from 1.3078 extended to as high as 1.3258. Subsequent retreat has pushed EUR/USD to below 1.3200 support, indicating that a short term top is formed there at 1.3258 already. Further consolidation will likely follow as long as EUR/USD stays below 1.3258 high. But still, the rise from 1.3078 should be in force as long as downside is contained by 1.3149 support. Break of 1.3258 will indicate rise has resumed for 1.3296 resistance. On the downside, below 1.3149 will indicate the rally from 1.2911 has possibly completed and risk further pull back towards 1.3078 support.

In the bigger picture, the corrective fall from 1.3364 has completed with three waves down to 1.2865. With EUR/USD staying within medium term rising channel (lower channel line at 1.2822 now), medium term up trend from 1.1639 is still in progress. Current rally is being treated as resumption of this up trend. Break of 1.3296 resistance will add more credence to this view and should push EUR/USD to a new high above 1.3364.

However, with bearish divergence condition in weekly MACD and RSI, a medium term top could be around the corner. Upside of this medium term rally could be limited by resistance zone of 1.3668 (04 high) and 100% projection of 1.1639 to 1.2978 from 1.2483 at 1.3822. But clear reversal pattern or a break of the lower channel line is needed to indicate a medium term top is formed, otherwise, further rise is still in favor.

GBP/USD

Daily Pivots: (S1) 1.9584; (P) 1.9628; (R1) 1.9664; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/

At this point, cable remains the weaker one among European majors as upside is still limited at 1.9672, well below mentioned 1.9731 resistance. Subsequent retreat from 1.9672 has now pushed cable through 1.9593 resistance with 4 hours MACD dragged below signal line, indicating that the rebound from 1.9429 has likely completed. At this point, intraday bias is turned back to the downside and further decline should be seen to retest 1.9429 support. Above 1.9672 is needed to indicate this rebound from 1.9429 has resumed for 1.9731 resistance.

Also, previous break of rising trend line support (1.8517 to 1.8834, now at 1.9732) indicates the rally from 1.8517 should have already completed at 1.9913. Hence, further correction cannot be ruled out as long as cable stays below 1.9731 resistance. Below 1.9429 will indicate corrective fall from 1.9913 has resumed for 1.9237/61 cluster support (23.6% retracement of 1.7047 to 1.9913 at 1.9237).

In the bigger picture, bearish divergence conditions are being displayed in weekly RSI, daily MACD and RSI already, suggesting that the whole up trend from 1.7047 might have completed before reaching mentioned 2.0106 cluster resistance (1992 high, 100% projection of 17047 to 1.9024 from 1.8090 at 2.0067). Focus is still on 1.9237/61 cluster support. Decisive break of 1.9237/61 cluster support will add much weight to the case that whole medium term up trend from 1.7047 has already completed much deeper decline should be seen towards next cluster support at 1.8834 (38.2% retracement of 1.7047 to 1.9913 at 1.8818) first.

Strong rebound from 1.9237/61 cluster support or break of 1.9731 resistance will indicate that the corrective fall from 1.9913 is merely correction to the rise from 1.8517 only and cable could make another high above 1.9913 and attempt to meeting 2.0106 cluster resistance before having a medium term reversal.

USD/CHF

Daily Pivots: (S1) 1.2107; (P) 1.2205; (R1) 1.2270; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/.

USD/CHF’s sharp decline from 1.2436 has extended to as low as 1.2142, meeting mentioned 61.8% retracement of 1.1878 to 1.2571 at 1.2143 as expected, before recovering mildly. At this point, short term risk remains on the downside and consolidation should be brief as long as upside of recovery is limited below 1.2257 cluster resistance (38.2% retracement from 1.2436 to 1.2142 at 1.2254).

On the downside, sustained break of 1.2143 support will encourage further fall towards next fibo support of 78.6% retracement of 1.1878 to 1.2571 at 1.2211) first. On the upside, touching of 1.2257 will indicate a short term low is formed and bring lengthier consolidation. But a break above 1.2231 resistance is needed to turn short term outlook back to neutral, otherwise, further decline is still expected to follow after consolidation.

In the bigger picture, previous break of 1.2374 support should have completed a head and shoulder top formation (with ls: 1.2547, h: 1.2571, rs: 1.2550) and should be an important indication of reversal. Firm break of 1.2268 resistance turned support confirms that the whole rally from 1.1878 has completed after failing to break through mentioned medium term falling trend line (1.3283 to 1.2760). Also, weekly MACD will still be kept negative with daily MACD staying below signal line. This suggest that whole down trend from 1.3283 is still in force. In such case, break of 1.2143 fibo resistance should bring deeper decline towards 1.1878 (06 low).

USD/JPY

Daily Pivots: (S1) 116.67; (P) 118.70; (R1) 119.95; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/

USD/JPY’s sharp fall from 121.61 extends further to as low as 117.47, just inches above mentioned downside target of 61.8% retracement of 114.41 to 122.17 at 117.37. Subsequent recovery indicates an intraday low is formed at 117.47 already and further consolidation might follow. However, as long as recovery is limited by 119.17 resistance, consolidation should still be brief and fall is expected to resume sooner rather than later towards next downside target of medium term rising channel support (now at 116.70).

On the upside, touching of 119.17 will indicate a short term low is already formed and should bring lengthier consolidation. But still, a break above 120.32 resistance. is needed to turn short term outlook back to upside, otherwise, further decline is still in favor.

In the bigger picture, much focus will be on the mentioned medium term rising channel (108.99, 114.41, 117.87, lower channel at 116.70 now). Sustained break of this channel will indicate that the whole medium term up trend form 108.99 has already completed at 122.17. This will swing favors back to the case that such medium term rally is merely part of a large scale consolidation that started at 121.38. And deeper decline should at least be seen to below 114.41 support with possibility of further fall to retest 108.99 low. However, strong rebound from this medium term rising channel will save the case that this rally from 108.99 is still in force and USD/JPY could still make a new high above 122.17 as such rally goes.

Forex News Digest

http://www.bloomberg.com/apps/news?pid=20601083&sid=alh4m6P3_v6Q&refer=currency

http://www.bloomberg.com/apps/news?pid=20601083&sid=aflK8w_06xjE&refer=currency

http://c.moreover.com/click/here.pl?r826173361
Wed, 28 Feb 2007 03:05:00 GMT from Herald Sun

http://c.moreover.com/click/here.pl?r826138924
Wed, 28 Feb 2007 02:24:00 GMT from ABC Money

http://c.moreover.com/click/here.pl?r826092626
Wed, 28 Feb 2007 01:32:00 GMT from Reuters

http://c.moreover.com/click/here.pl?r826087245
Wed, 28 Feb 2007 01:26:00 GMT from The Australian

http://c.moreover.com/click/here.pl?r826055088
Wed, 28 Feb 2007 00:53:00 GMT from Bloomberg

http://c.moreover.com/click/here.pl?r826047195
Wed, 28 Feb 2007 00:46:00 GMT from stuff.co.nz

http://c.moreover.com/click/here.pl?r826029501
Wed, 28 Feb 2007 00:30:00 GMT from Bloomberg

http://c.moreover.com/click/here.pl?r826021176
Wed, 28 Feb 2007 00:23:00 GMT from Bloomberg

http://c.moreover.com/click/here.pl?r826019413
Wed, 28 Feb 2007 00:21:00 GMT from Reuters

http://c.moreover.com/click/here.pl?r826018949
Wed, 28 Feb 2007 00:20:00 GMT from Bloomberg

http://c.moreover.com/click/here.pl?r825987374
Tue, 27 Feb 2007 23:44:00 GMT from Bloomberg

http://c.moreover.com/click/here.pl?r825973678
Tue, 27 Feb 2007 23:31:00 GMT from Bloomberg

http://www.actionforex.com/latest_news/latest_news/forex_news_20060323537/ Economic Indicators Update
GMT Ccy Events Actual Consensus Previous Revised
23:30 JPY Japan Manufacturing PMI Feb 53 N/A 53.4
23:50 JPY Japan Industrial production M/M Jan -1.50% -1.90% 0.90%
23:50 JPY Japan Retail sales Y/Y Jan -0.80% 0.10% -0.30% -0.20%
7:00 GBP U.K. Nationwide house price M/M Feb 0.7% 0.50% 0.30%
9:00 EUR Germany ILO Unemployment rate Feb 9.40% 9.50%
9:00 EUR Germany Unemployment change Feb -40K -106K
10:00 EUR Eurozone Services Confidence Feb 20 20
10:00 EUR Eurozone Economic Confidence Feb 109.1 109.2
10:00 EUR Eurozone Industrial Confidence Feb 5 5
10:00 EUR Eurozone Business climate Feb 1.41 1.4
10:00 EUR Eurozone HICP final M/M Jan -0.50% 0.40%
10:00 EUR Eurozone HICP final Y/Y Jan 1.90% 1.90%
10:00 EUR Eurozone Unemployment rate Jan 7.40% 7.50%
10:30 GBP U.K. Gfk Consumer Confidence survey Feb -8 -7
10:30 CHF Swiss KOF Leading Indicator Feb 1.7 1.71
13:30 USD U.S. GDP annualised Q4 Prelim 2.30% 3.50%
13:30 USD U.S. GDP Price Index Q4 Prelim 1.50% 1.50%
13:30 USD U.S. PCE Q4 Prelim 4.20% 4.40%
13:30 USD U.S. Core PCE Q4 Prelim N/A 2.10%
14:45 USD U.S. Chicago PMI Feb 50 48.8
15:00 USD U.S. New home sales Jan 1.08 M 1.12 M
15:00 USD U.S. New home salesM/M Jan -3.40% 4.80%

http://www.actionforex.com/general_information/forex_newsletters/forex_newsletter_200507301487/

Treasury prices had been weaker earlier Tuesday, but lately government fixed-income securities were turning things around and bidding to continue last week’s rally.

The 10-year note was up 1/32 in price to 99 16/32, yielding 4.69%, and the 30-year bond was gaining 2/32 to 99 15/32, yielding 4.78%.

Closer in, the two-year was unchanged at 100 2/32, yielding 4.82%, and the three-year was flat at 100 3/32, with a yield of 4.72%. The five-year was ticking up 1/32 to 100 11/32 and yielding 4.67%.

In the foreign-exchange market, the dollar was rising against the pound and the euro, but falling against the yen. The dollar was also up vs. the Swiss franc and the Canadian dollar, while the Australian dollar advanced against the greenback.