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Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts

Corporate oil giants scramble to plunder Iraq’s energy reserves


When Iraqi Prime Minister Nouri al-Maliki finally sent the so-called “oil law” to be passed by the parliament in July, George Bush phoned to congratulate him personally. Maliki’s failure to push the legislation through had been a source of growing frustration and anger in Washington for more than a year. The law was needed to legitimise one of the main aims of the illegal US invasion of Iraq—to allow foreign corporations to assume control over the country’s state-owned energy resources on the most lucrative of terms.

Bush’s congratulations—made on behalf of the major oil corporations and their share-holders—were premature however. The rival Shiite, Sunni and Kurdish factions of the Iraqi ruling elite have still not agreed on the legislation due to their bitter and increasingly intractable differences over how to divide the revenues that would flow to the Baghdad government. Five months after the law was sent for ratification, it is still tied up in debates within a parliamentary committee, with few indications as to when, or in what form, it will to be passed.

Oil prices tumble to $88 a barrel

NEW YORK - Oil prices fell but managed to close above $88 a barrel Tuesday as traders reacted to mixed signals about whether OPEC would decide to increase production during its meeting this week.

A new U.S. intelligence report concluding that Iran halted its nuclear weapons development program in 2003 also weighed on prices.

Light, sweet crude for January delivery fell 99 cents to settle at $88.32 a barrel on the New York Mercantile Exchange. The contract traded as high as $89.98 and as low as $87.34 during the session.

Bank Tells Man He Owes $211 Trillion

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--- $211 trillion is more than 70 times the entire federal budget ---

It’s one thing to bounce a check and it’s another to be so far in the red Bill Gates, Warren Buffet and Donald Trump combined couldn’t come close to bailing you out. A Cobb County man got a letter from his bank with that very shocking news.

“And I open up the letter and I look at it and I’m like, ‘No, you’ve got to be kidding me,’ said Joe Martins.

Martins said he recently closed an account at Wachovia Bank and made good on an outstanding check. He just got a letter about the closure and his negative balance -- $211,010,028,257,303.00. That’s $211 trillion.

The letter includes the clarification, “no cents.”

“I didn’t know what to think. Obviously $211 trillion is a little above what I put in my bank account,” said Martins.

$211 trillion is more than 70 times the entire federal budget.

Still, the letter said Wachovia was reporting him to an agency that rates risky bank customers.

“I don’t own $211 trillion but because it is automated and reported to check systems, I assume it will be reported to my credit at some point,” said Martins.

He said Wachovia had made mistakes on his accounts before so he called Channel 2 first. Wachovia blamed the letter on a word processing error and the office of the president is sending a letter of apology.

“They tell me it’s going to be resolved but I’m not sure that it will,” said Martins. “I closed my account today.”

Since it is a closed account it is now safe to say the dollar figure in the letter matched the account number.

Martins said Wachovia told him late Friday afternoon they never did report him for his negative balance. Wachovia vice president David Oliver told Channel 2, “We can certainly understand how our recent correspondence with Mr. Martins about his account would be cause for great concern. I can confirm that there will be no adverse effect on Mr. Martins’ credit report related to the letter he received. Also, I can confirm that this was an isolated error specifically related to his account.”

wsbtv.com

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The evolution of sneaker stores in Romania, in general, has grown to be a more sophisticated entity. What are some of the things you can find at Adidasi - Haine ? Adidas, Bobbito’s quick strikes, All-Star Af1’s, Crocs, Nike, Supremes, Air Max’s, A variety of different packs including the back to school, anything supreme or premium, Air Jordan, just come in and check it out.

Vertu Ascent Ferrari
To celebrate Ferrari's 60 th anniversary, Vertu (division of Nokia) and Ferrari has partnered together to create the special edition Vertu Ascent Ferrari 60 phone
which would retail in Nokia stores in London, Paris, Hong Kong and Singapore for a whopping price of 18000 E. We found it at Telefoane and Telefoane Mobile with a price tag of 5750E.. Ah, let's talk about the leather, shall we? Apparently it's been tested against lipstick and petrol. Why ? Anyway you can find out more about this amazing cell phone on PhoneOne

The Nina Ricci show in 1'st of march was the best, silky pants, velvet frocks, vintage-inspired beaded embellishment and long train accents. The show inspire a very romantic mood despite a few sharp-shouldered jackets that appeared on the scene. Here si a "trend alert": matchy match is back. Think same colour frock and footwear. If you are a fashion victim here are "must haves": short gloves with brooch accent and silk pleated harem pants witch you can see at Haine Lux or Adidasi Puma. The hair and makeup message had an ethereal/Victorian tingle with crimped sections of loosely styled locks, overall everything was fabulous.

Total Number Of Products Recalled For Lead In 2007 Reaches 16.2 Million

prettypoison.jpgWhile Aquadots grabbed all the news this month, 1,391,800 products were recalled for lead contamination. Most of them were cheap toy jewelry, cars, and action figures. The sort of stuff you see at "dollar stores."

These recalls don't grab the headlines like the Mattel and Thomas & Friends toys do, but aren't the children playing with them just as susceptible to lead poisoning?

Among the recalled products were pencil pouches that were distributed in schools and a bracelet used in school fund raisers.

Lots of jewelry was recalled, including sets sold at Limited Too, Big Lots, Family Dollar, and Michaels.

There were also lead tainted paint brushes, lead tainted sunglasses, and lead tainted Curious George dolls.

In all, November's recalls have pushed the total number of products recalled for lead contamination in 2007 to 16,203,350.

Once again we remind you not to buy cheap jewelry for your kid. It's leadtastic!

November Recalls [CPSC]

Airbus fears 'weak-dollar death'

Aerial shot of Airbus A380 plane
Airbus's savings plan was drawn up when the dollar was stronger
The weak dollar is threatening the survival of European planemaker Airbus, chief executive Tom Enders told workers in Hamburg on Thursday.

And the firm once again warned that its cost saving plan would have to cut deeper to counter the impact of the weakening US currency.

Airbus is owned by European aerospace and defence group EADS.

"The dollar's rapid decline is life-threatening for Airbus," Mr Enders said in the speech to employees.

"The dollar exchange rate has gone beyond the pain barrier," Mr Enders added.

And he said that Airbus's entire business model needed reviewing as "reasonable processes of adjustment" were hardly possible now, he said.

'Break even'

Airbus is already shedding about 10,000 jobs and selling plants as part of its Power8 restructuring plan after delays to its A380 superjumbo drove the planemaker into a loss last year.

The dollar has hit new record lows against the euro this week, something which Airbus says favours its US rival Boeing.

Earlier this month Airbus warned it may have to deepen its planned restructuring after steeper than expected third-quarter losses.

It said a net loss of 776m euros ($1.14 bn; £541m) - as against a loss of 189m euros in 2006 - was down to delays with its A400M military transport aircraft.

And it said full-year earnings would only "roughly break even".

EADS said it might have to make more savings, as cost-cutting plans were drawn up when the euro was weaker.

And back in September, Airbus chief operating officer Fabrice Bregier said a further 1bn euros might have to be added to a savings plan which was originally based on a $1.35 euro.

source: news.bbc.co.uk

The Strong Euro Is Destroying Jobs

The dollar continues to fall against the euro.

The strong euro -- and weak dollar -- is making it increasingly difficult for European companies to do business overseas. SPIEGEL ONLINE spoke with German government economic advisor Peter Bofinger about the dangers of an unfettered euro and what the European Central Bank should do.

SPIEGEL ONLINE: Mr. Bofinger, the euro topped the $1.48 mark on Tuesday, and it looks like it might just keep on climbing. But, as opposed to when the euro dramaticly rose in 2001, relatively few politicians and managers have complained about the currency's strength this time around. Why not?

Bofinger: I'm wondering the same thing. Here in Germany, we are dealing with a number of smaller issues, things like how long we should pay unemployment benefits or tax cuts for commuters. But the euro just keeps getting stronger and stronger. And not just against the dollar, but also -- and this is absurd -- against the yen, despite the fact that Japan has the highest current accounts surplus in the world. The rising euro is really destroying jobs, but hardly any attention is being paid to it anymore. It's odd because the exchange rate is, at the moment, incredibly important for our continued economic growth.

SPIEGEL ONLINE: The euro has been climbing for years, though. Hasn't the economy long since learned to live with a strong European currency?

Bofinger: In recent years, the appreciation of the euro has gone hand in hand with a dynamic and growing world economy. The expensive euro was easily set off by that growth. Now, though, the euro's climb is set against the backdrop of slowing global demand -- and that is a new aspect.

source: spiegel.de

Walmart Pays For Brain Damaged Employee's Medical Bills, Then Sues For The Money Back

accidentvictim.jpgA Walmart employee was hit by a semi, leaving her permanently brain-damaged and in a wheelchair. Walmart paid for her medical fees and her family successfully sued the trucking company. Now Walmart wants all the money she got from the trucking company. The family only has Social Security benefits and medicaid to pay for her 24 hour medical care. The company health plan contains a clause that allows it to recoup medical expenses it paid if the person also wins damages in an injury suit. This cost-effective management of the employee health plan is just another way Walmart delivers America everday low prices.
Accident Victims Face Grab for Legal Winnings [WSJ]

source: consumerist.com

Fish dumping 'will ruin industry'


Trawlermen sort through fish
Phil Walsh's crew exceeded their cod quota by June
The UK fishing industry is warning it faces ruin unless EU quota rules which see millions of freshly-caught fish end up back in the sea, dead, are changed.

It says fishing crews often continue catching large amounts of fish, such as cod, by accident after exceeding quotas and have no option but to dump them.

The practice leaves crews struggling to make a living, while damaging hopes for sustainability, say environmentalists.

EU commissioner Joe Borg acknowledges the problem but sees no clear solution.

Thousands of tonnes dumped

Quotas strictly limit the amount of fish that each vessel can bring back to port. But there is no such limit on the amount of fish they actually catch.

Often, boats fishing in the "mixed fishery" of the North Sea catch a species or size of fish which is not what they were targeting.

Trawler skipper Phil Walsh told BBC News the quota for cod and other white fish he and other inshore fishermen were allocated by Brussels this year was tiny.

Fish are thrown overboard

By June he had landed all of the cod he was allowed. So, since then, he has been fishing for prawns and dumping prime whiting, haddock and cod, which would fetch as much as £13.50/kg on a supermarket shelf.

"I can't describe the feeling really," he told BBC News.

"It's your livelihood and you spend your life trying to catch it and then you have to throw it back over the side. It's an impossible situation and, unless it is sorted out soon, we will all be finished."


source: news.bbc.co.uk

Catching Power Out of Mid-Air

Tate%20power.jpg

The times have certainly given way to digital but radio waves are re-defining their value. The Tate Ambient Power Module, patented by Joseph Tate of California, converts radio-wave energy (manmade and natural) into energy that can be used by small appliances such as smoke detectors and clock radios.

The device is simple in its design and composition. The Ambient Power Module (APM) is nothing more than an electronic circuit connected to an antenna and grounded to the earth. Tate made this come to life by just loosely wrapped wire around a 3-inch plastic tube with a whip antenna. This module will deliver low voltage up to several milliwatts dependent upon the local radio noise levels and antenna specifications.

Once put together this crafty little unit can generate 36 volts/9 watts of power, equivalent to the output of several Duracell batteries. Apparently, this device in close proximity to large quantities of metal (bridges, ships, etc) winds up the output. The interesting added bonus to this creative module is that it might also be helpful in forecasting earthquakes by watching the rising and falling energy levels.

N.S. town bans smoking in cars carrying children

A small Nova Scotia town on Monday became the first Canadian municipality to ban smoking in vehicles when a child is present.

All seven councillors in Wolfville, a town of 3,600 located about 70 kilometres northwest of Halifax, voted in favour of the measure.

The law, expected to come into effect next June, would prohibit exposing children under the age of 18 to second-hand smoke in a vehicle.

Wolfville Mayor Bob Stead said the RCMP is on side and will issue first-time offenders a warning, while subsequent offences would likely result in a $50 fine.

Stead said there was widespread support for the ban at a public meeting held Nov. 5. The mayor said council members felt it was important to protect children under 18 from health risks posed by the smoke.

Critics have argued the bylaw is intrusive, restricting what people can do inside their own vehicles.

Stead said if people really want to light up while transporting children, there's nothing to stop them from leaving town.

"They can probably do that by driving a couple of kilometres."

Oiled migration


Nov. 17, 2007 | BERKELEY, California -- Every fall millions of birds fly south from their summer breeding homes in Alaska's tundra and Canada's boreal forests, bound for the warm climes and plentiful food of South America. Along the way more than 1 million stop, sometimes for the entire winter, in the San Francisco Bay, the largest estuary on the West Coast. This year the birds, some of them not a year old, alighted on the bay, weakened from their long flight, aiming to feed and rest for the long journey ahead, only to find that their sanctuary had become a toxic-tainted stew. On Nov. 8, a container ship, due to a navigation screw-up, struck a base of the Bay Bridge and dumped 58,000 gallons of fuel oil, a sludgy mix of kerosene, jet fuel and diesel fuel, into the bay. It could not have come at a worse time.

"Having the oil spill now is such a terrible shame because it means that many more birds are impacted than if the spill had happened even a month earlier," says Ellie Cohen, executive director of PRBO Conservation Science. Approximately 1,100 birds have been killed by the oil, but those are just the ones scooped up by an army of bird lovers spanning the bay and coastal shores with nets. Cohen estimates that 10,000 to 20,000 birds have already been affected, but only about 5 to 10 percent of them will ever be treated or their corpses recovered. "An oiled bird is probably eventually a dead bird," says Janet Hanson, executive director of the San Francisco Bay Bird Observatory. "It's tragic."

source: salon.com

Stocks Fall on Fresh Woes in Financial Sector

Stocks stumbled out of the gate today, led lower by the financial sector, with the Dow Jones industrial average plunging more than 180 points and threatening to close below 13,000 for the first time since the nadir of August’s subprime crisis.

The retreat started after Citigroup was downgraded to “sell” by a Goldman Sachs analyst, who warned that the company could face an additional $15 billion in write-downs from assets tied to complex debt instruments. The news sent Citi’s stock down 5.1 percent in early trading, to $32.26 a share, near a four-year low.

The analyst’s report sent ripples through the market, reigniting fears of a credit squeeze as financial giants struggle to dig out from poor bets on securities tied to subprime home loans. Shares of all the top brokerage firms were down, keeping pace with a 17.6 percent plunge for financial companies for the year.

The bad news did not end there. Swiss Re, the world’s largest reinsurer, announced nearly $1 billion in losses on derivatives it had sold to protect clients against a downturn in investments linked to mortgages.

Staggering financials dragged down the Standard & Poor’s 500-stock index, which dipped 1.5 percent to 1,436.19. The Dow was down 1.4 percent, or 185.26 points, to 12,991.53 shortly after 1 p.m.

And just in case they had forgotten, investors were reminded yet again that the housing market remains deeply troubled. Shares of Lowe’s, the home-improvement retailer that competes with Home Depot, dropped 6.6 percent to a three-year low after it announced a 10 percent drop in third-quarter profit and lowered its annual earnings forecast.

In a news release, the company’s chief executive, Robert A. Niblock, cited “an even steeper decline in housing turnover, falling home prices in many markets, and a near record inventory of homes for sale.”

The bleak news comes a day before the government is set to release data on new housing projects in October. Analysts expect the survey to hit its lowest level in over a decade.

The Nasdaq composite index fell 1.5 percent, to 2,597.09, a signal that technology stocks remain down after being battered in recent weeks.


source: nytimes.com

How to Maximize the Bang for the Buck When You Buy Organic Food


At the grocery store, I have noticed that organic food in general costs about 25 – 50% more than regular items, and in some cases the mark up is more than 200%. According to the USDA certification guidelines - “Organic meat, poultry, eggs, and dairy products come from animals that are given no antibiotics or growth hormones. Organic food is produced without using most conventional pesticides; fertilizers made with synthetic ingredients or sewage sludge; bioengineering; or ionizing radiation.” For some, especially those with young children, it may seem like the benefits of using organic foods justifies the extra cost. But like everything else, it is important to look beyond the label to get the best bang for the buck. Here is some information that can help decide which organic purchases are worth the extra cost and which may not be.

Pesticide Retention
Let’s start out with the “Dirty Dozen”, a list put together by not-for-profit Environmental Working Group (EWG). This list is based on the results of nearly 43,000 tests for pesticides on produce collected by the USDA and the FDA between 2000 and 2004. This list identifies the foods and vegetables that retain the most pesticide content in them. By switching to the organic equivalents of these items you can cut down the pesticide content in your daily food intake dramatically, hence maximizing the bang for the buck of your “organics budget”.

  1. Peaches
  2. Apples
  3. Sweet Bell Peppers
  4. Celery
  5. Nectarines
  6. Strawberries
  7. Cherries
  8. Lettuce
  9. Grapes (Imported)
  10. Pears
  11. Spinach
  12. Potatoes

On the other hand, if you are buying organic Onions, Avocado, Sweet Corn (Frozen), Pineapples, Mango, Sweet Peas (Frozen), Asparagus, Kiwi, Bananas, Cabbage, Broccoli or Eggplant, you may not be getting much benefit from spending the extra dollars for going organic. The same study as above indicates that these fruits and veggies retain very few pesticides. For full information about the items that you most often buy and to determine if the additional cost for going organic is really worth it, check out this detailed article or their complete data set.

Growth Hormones
Recombinant Bovine Growth Hormone (rBGH or rBST) is a genetically engineered hormone that is injected into cows to increase milk production. Even though FDA approved the use of rBGH as safe for consumption in 1993, further studies have linked rBGH in humans to susceptibility to breast and colon cancer (Note: the results are not conclusive, though). In addition the cows treated with rBGH are more susceptible to diseases and hence likely to be treated with antibiotics, the remnants of which could be found in milk and other dairy products. Hence, spending your organic food budget on organic dairy products may be a wise decision. Here is a listing of artificial hormone-free brands listed by states.

Genetically Engineered Food
It is not quite clear if genetic/bio engineering will make the agricultural produce better or create frankenfoods. The debate rages on. If you would like to avoid the genetically engineered foods however, you might want to watch out for products containing corn, soy, canola and cotton. According to the True Food website, these four crops account for nearly 99% of the genetically engineered crop acreage in North America. As mentioned above, the USDA description of “organic” precludes the use of bioengineered ingredients, and so going organic for items that use corn, soy, canola and cotton seed can get you the best bang for the buck if you want to avoid genetically engineered food. Here is a list of brands that use/avoid genetically engineered ingredients for items ranging from baby foods to cookies to frozen dinners.

Shelf life
An informal study conducted by the authors of this MSNBC article found many organic items had much lower shelf life compared to conventional products. They used lettuce, broccoli, chicken and milk in their tests. They found that there was a significant difference, and in case of lettuce, broccoli and chicken, the organic produce went bad much sooner than the conventional produce. However, in the case of milk, they found that the organic milk had similar shelf life as regular milk. In general, when you plan your menus, make sure you use up the organic food items before you reach for the conventional groceries, to prevent wastage of those items that you have already a paid a premium for!

Understanding the labels
Finally, it is very important to understand what the labels mean when you purchase something organic. According to the USDA National Organic Program the labels can be interpreted as follows

“100% Organic”
Products labeled as “100% organic” must contain 100 percent organically produced ingredients, not counting added water and salt. Label may show the USDA organic seal and/or certifying agent seal(s).

“Organic”
Products labeled as “Organic” must contain at least 95% organic ingredients, not counting added water and salt. Also, they must not contain added sulfites. They may contain up to 5% of non-organically produced agricultural ingredients which are not commercially available in organic form. Label may show the USDA organic seal and/or certifying agent seal(s). The label may also show “X% Organic”.

“Made with organic ingredients”
For products labeled as “made with organic ingredients” the percentage of organic-only ingredients drops down to 70%. Up to 30% of the ingredients may be non-organic. The label may show the certifying agent seal(s), but NOT the USDA organic seal.

Any product with less than 70% organic ingredients may not claim to be organic and may not show the USDA or any other certifying agent seal. They can however, list individual organic ingredients used.

So to sum it up, if you have a limited budget to spend on organic items make sure you understand which items offer the best benefits by going organic. Also, to me it looks like the best bang for the buck will be to buy something with the USDA seal since it guarantees that at least 95% of the ingredients are organic and the product does not contain sulfites, which cause allergies and asthma in some people. And finally, consume organic produce soon since they are likely to have smaller shelf life.

Do you buy organic food? What are the most common items that you prefer to buy organic? What do you do to save money in your organic groceries list?
source: gradmoneymatters.com

17 Most Bizarre Statues in The World

1.In front of the Ernst & Young building (Los Angeles)

2.Optimus Prime (Southern China)

3.The "Magic tap" (found in "Aqualand" of Cadiz, Spain), which appears to float in the sky with an endless supply of water. Actually, there is a pipe hidden in the stream of water that holds the whole structure.

4.A Mona Lisa made of computer chips (ASUS headquarters)

5.(Prague)

6.Baseball Man

7.(Oslo, Norway)

8.Santa Fe, New Mexico

9.(Potsdam, Germany)

10."Iron Lady", in front of the building Regentes (Netherlands)

11.(Salt Lake City)

12.(Singapore)

13.Keukenhof (Lisse, Holland)

14.In front of the Bukcheon Museum (Seoul, Korea)

15.A contemporary representation of Charles La Trobe in central Melbourne (This temporary installation was removed at the end of June 2006 and has been acquired by La Trobe University).

16.London Ink

17.A life-like statue of a man swimming through the grass on the South Bank of the River Thames is unveiled.