Source: http://www.businessinsider.com/the-10-biggest-business-stories-of-2011-2011-12
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>>> finally coming in, down into florida. as we head through the day today the midwest will see some showers and into the northwest. now here's a look at what's happening outside your door.
>> stephanie, thanks.
>>> a message from a texas teen who suffered from a dangerous heart condition . tamron is back with the story.
>> dan breezelove wanted to share his deepest thoughts and struggled with the entire world. he made online videos . sadly he died christmas night but his final post left behind a legacy of warmth and hope.
>> thanks for weeching breedlove tv on casual wednesday.
>> reporter: ben breedlove had a loyal fan base. giving advice on life.
>> i'm here to give you the information back.
>> reporter: to love.
>> the older you are, the more mature you can be about it.
>> reporter: a lively 18-year-old from austin, texas faced a battle of his own.
>> i have a pacemaker.
>> reporter: hcm, he had fought the disease his entire life.
>> he was always happy and always smiling and he never complained about his heart condition .
>> reporter: his energy and endurance rivalled that of any high school teenager.
>> i'm not limited on anything but i may have -- i have to go in for checkups but other than that it's not a big problem.
>> reporter: doctors knew his heart couldn't keep up. on christmas day his heart stopped. but his message did it. it turned out that ben had secretly recorded a silent video one week before he died. it's a powerful message set to music and told on flash cards , a lifelong struggle with a failing heart. he cheated death not once but three times, the first time at age 4. he recently collapsed at school. his heart just stopped beating. ben was taken to the emergency room , where he wrote that he saw a white light and his favorite rapper, kid cuddy.
>> i'm not sure why steven didn't show but cuddy, i'll go with that.
>> telling the world of his near death experience , ben still smiles, a brave young man at peace with his destiny.
>> i think a lot of people think about something they've never thought about before and that is to me is a wonderful gift.
>> reporter: at the funeral friends and family honored his life and silent message.
>> it seems more mere coincidence the timing of everything and how ben 's message is going literally to millions of people.
>> reporter: a flash card worth a thousand words and a wisdom way beyond his years. more than 1 million people have already reviewed it. kid cuddy wrote ben 's vision of him warmed his heart.
Source: http://video.today.msnbc.msn.com/today/45824308/
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WASHINGTON ? A federal court Friday put on hold a controversial Obama administration regulation aimed at reducing power plant pollution in 27 states that contributes to unhealthy air downwind.
More than a dozen electric power companies, municipal power plant operators and states had sought to delay the rules until the litigation plays out. A federal appeals court in Washington approved their request Friday.
The EPA, in a statement, said it was confident that the rule would ultimately be upheld on its merits. But the agency said it was "disappointing" the regulation's health benefits would be delayed, even if temporarily.
Republicans in Congress have attempted to block the rule using legislation, saying it would shutter some older, coal-fired power plants and kill jobs. While those efforts succeeded in the Republican-controlled House, the Senate ? with the help of six Republicans ? in November rejected an attempt to stay the regulation. And the White House had threatened to veto it.
The rule, finalized by the Environmental Protection Agency in July, replaces a 2005 Bush administration proposal that was rejected by a federal court.
The Bush-era rule, which is expected to cost the industry $1.6 billion annually to comply, will remain in effect. The new rule would have added $800 million a year to that price tag. But those investments would be far outweighed by the hundreds of billions of dollars in health care savings from cleaner air, according to the EPA.
In the first two years, the EPA estimates that the regulation and some other steps would have slashed sulfur dioxide emissions by 73 percent from 2005 levels, and nitrogen oxides will be cut by more than half.
Sulfur dioxide and nitrogen oxide pollution from power plant smokestacks can be carried long distances by the wind and weather. As they drift, the pollutants react with other substances in the atmosphere to form smog and soot, which have been linked to various illnesses, including asthma, and have prevented many states and cities from complying with health-based standards set by law.
Environmentalists on Friday said they would continue to defend the regulations, which are essential for some states to be able to meet air quality standards for soot and smog and are far more protective than the ones proposed under the Bush administration.
"The pollution reductions at stake are some of the single most important clean air protections for children, families and communities, across the eastern half of the United States," said Vickie Patton, the general counsel for the Environmental Defense Fund.
But Scott Segal, director of the Electric Reliability Coordinating Council, a coalition of power companies, said in a statement Friday that the ruling was the "first step to setting it right."
"The underlying rule was the subject of hasty process, poor technical support, unequal application and substantial threat to jobs, power bills and reliability," he said.
Six states_ Texas, Nebraska, Florida, Kansas, Louisiana, and Ohio ? had asked the court for the delay. All would have had to reduce pollution from their power plants under the regulation. They were joined by Ames, Iowa, local power plant operators and power generating companies, including Entergy Corp., Luminant Generation Co. and GenOn Energy.
"For the time being, this stay means Nebraskans will not have to foot the bill for unnecessary modifications mandated by the EPA," said Nebraska Attorney General Jon Bruning. "We will continue to fight these job-killing regulations by an overreaching federal government run amok."
The court is asking that oral arguments take place by April 2012.
___
EPA fact sheet ? http://www.epa.gov/crossstaterule/pdfs/CSAPRFactsheet.pdf
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ROME (AP) ? Italy saw investors more willing to part with their cash Wednesday as it raised euro10.7 billion ($14 billion) in a pair of auctions, a sign that market jitters may be easing as the country presses ahead with its austerity measures.
The lower rates Italy had to pay are the first post-Christmas test of sentiment in the markets over the debt crisis that has engulfed the 17 countries that use the euro, and may be a signal that some of last week's massive injection of money into the European banking system from the European Central Bank may be filtering through into government bonds.
The scale of the falls in Italy's funding costs were dramatic and helped the country's benchmark ten-year bond yield in the markets ease further below the 7 percent level, widely considered to be unsustainable in the long-run.
The Bank of Italy said the average yield on its euro9 billion ($11.8 billion) six-month bill offering was 3.251 percent, half the 6.504 percent rate it had to pay at the equivalent auction last month. And an auction of two-year bonds, which raised euro1.732 billion ($2.3 billion), also saw the yield fall to 4.853 percent from 7.814 percent last month.
Italy is the eurozone's third-largest economy and is considered too big to save under the eurozone's current bailout funds. Markets have grown fearful over the past few months that Italy will find it difficult to pay off its massive debts, which stand at around euro1.9 trillion ($2.5 trillion).
A further test of investors' appetite for Italian debt will come Thursday when the country offers more bonds, that could potentially raise a similar amount to Wednesday's offerings.
"Today's result sends a positive signal ahead of tomorrow three-year and ten-year auction," said Luca Cazzulani, deputy head of fixed income strategy at Unicredit.
Mario Monti, the country's new premier, got parliamentary approval last week for more spending cuts and tax increases intended to save the country from financial disaster. One of the most controversial aspects of the austerity package is reform of Italy's bloated pension system.
Later Wednesday, Monti is to chair a Cabinet meeting on a second wave of measures designed to boost Italy's anemic economy, which is expected to enter into recession in the first quarter of the new year.
The market responded positively to the auctions, with Italian shares outperforming their peers in Europe ? the main FTSE MIB index was up 0.9 percent by lunchtime ? and the yield on the country's 10-year bond back down at 6.75 percent. On Tuesday, the yield had spiked over 7 percent ? a level that is considered unsustainable in the long run and eventually forced Greece, Ireland and Portugal to seek outside financial help.
The lower borrowing costs appeared a consequence of increased confidence that Monti's efforts will keep the country's finances on a sustainable path.
Demand for the bonds could also have been supported as well by a large infusion of credit to eurozone banks last week from the European Central Bank. There has been speculation that the stronger banks might use the cheap, long-term loans ? on which the current interest rate is 1 percent ? to purchase government bonds that carry higher interest rates and profit from the difference.
That could support both government and bank finances. But it would run contrary to efforts by many banks to lower their exposure to bonds issued by heavily indebted governments.
___
AP Business Writer David McHugh contributed from Frankfurt, Germany.
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Can't decide between nachos or french toast? Enjoy both with the Sweet Ride Nachos featured on Denny's All Nighter menu. These nachos consist of freshly fried tortilla chips, dipped in cinnamon sugar, topped with strawberry toppings, raspberry sauce, hot fudge, caramel sauce, white chocolate chips, seasonal fruit and a dollop of whipped cream.
Can't decide between nachos or french toast? Enjoy both with the Sweet Ride Nachos featured on Denny's All Nighter menu. These nachos consist of freshly fried tortilla chips, dipped in cinnamon sugar, topped with strawberry toppings, raspberry sauce, hot fudge, caramel sauce, white chocolate chips, seasonal fruit and a dollop of whipped cream.
Source: http://www.huffingtonpost.com/2011/12/28/dennys-worst-menu-items_n_1172671.html
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>>> developing now, the pentagon firing back against iran 's threat to choke off a vital passage, it carries one sixth of the world's oil. iranian officials say they will close the strait of hormuz if the west follows through on promised harsh sanctions on its oil shipments. the pentagon says any disruption along the straight will not be tolerated. the proposed sanctions are in response to iran 's refusal to stop its suspected nuclear program. iran has the nafrnal power to block the strait. there is concern over a possible military conflict with u.s. forces if iran tries to make good on those threats. we're joined now by the deputy editor for "time" magazine. how serious should we be taking these threats at this point?
>> i think we should take our cues from the oil markets. as soon as iran made this announcement, oil prices shot up by $10 a barrel. is the oil experts are making the calculations that this is a bluff. they're doing the right thing by making it clear that this will not be tolerated. but the best guess is that this is the iranian's rattling --
>> bluster?
>> exactly.
>> if iran does follow through on the threats, what could that potentially mean for the u.s. naval forces that are based right there?
>> the u.s. has sizable ?forces, as you pointed out. the iranian navy is not, in military terms any match for any western navy, least of all the u.s. navy . but it is -- any kind of conflict, even if it's small skirmish on that straight would send oil prices soaring, because something like 40% of all the oil that's moved by tankers comes flew that straight. and eight or nine major oil producers moved anywhere oil through there. it is a choke point. it is a place where even a little bit of ripples in the water can have major seismic effects down the line. but the best guess is, that's not how it's going to play.
>> how do you think it's going to play out?
>> i think the iranians have made their bluff. the u.s. has called it. the saudis have said they will pump out more oil to compensate for any more choking oil. i think a week from now, we're talking about something else in that part of the world.
>> let's talk about another part of that. let's talk about syria for a moment. at least six people killed in violent clashes between the government and anti-government forces there. any indication at this point that syria 's president is going to step down at some point soon?
>> no, not at all. he seems to be determined to fight it out. and although the arab league has now sent monitors into syria , to try to get firsthand information of what's going on, the foreign media is not allowed. all we're seeing is youtube videos and cell phone pictures that have been posted online. those monitors are going to get a sense of what's going on in the country. the fact that his forces continue to kill people while the monitors are% the country. that says that he's not about to be backing down, he wants to go all the way.
>> bobby ghosh, thank you, sir. happy new year.
>> and to you.
Source: http://video.msnbc.msn.com/newsnation/45807268/
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A world-traveling sea turtle found stranded in the Netherlands is back home in the Gulf of Mexico Tuesday after three long years of rest and rehabilitation.
The animal, an endangered Kemp's ridley sea turtle, was found frigid and near-dead off the coast of the Netherlands in 2008, thousands of miles from the Gulf waters these turtles call home. It was dubbed Johnny Vasco de Gama by its European rescuers.
Marine biologists suspect Johnny became caught in cold currents and was "cold-stunned," a condition that shuts down internal organs and can kill sea turtles. Staff members of the Rotterdam Zoo stabilized the ailing turtle and sent him to the Ocean?rio de Lisboa aquarium in Portugal the following summer.
More science news from MSNBC Tech & Science
Science editor Alan Boyle's blog: Italian researchers resurrect the idea that the Shroud of Turin's mysterious image could only have been created by a powerful flash ? but skeptics still aren't buying it.
After rehabilitation there, Johnny flew in a specially adapted plane back across the Atlantic to Mote Marine Laboratory in Florida. Today scientists there released the well-traveled turtle back into the sea.
"He did just fine," Mote spokesman Hayley Rutger told LiveScience.
Johnny is fitted with a satellite tag that will help researchers keep an eye on his next amazing journey. Mote has tracked more than 120 sea turtles since 2005, according to Tony Tucker, the head of the laboratory's Sea Turtle Conservation and Research Program.
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"By tracking Johnny, we'll obtain a rare look at how rehabbed turtles reorient in the wild," Tucker said in a statement. "Fortunately, we can compare this turtle to other wild Kemp's ridleys being tracked currently by Mote and other institutions around the Gulf."
Those interested in following Johnny can visit seaturtle.org/tracking to keep up with him as well as a handful of other roaming sea turtles.
You can follow LiveScience senior writer Stephanie Pappas on Twitter@sipappas. Follow LiveScience for the latest in science news and discoveries on Twitter @livescience and onFacebook.
? 2011 LiveScience.com. All rights reserved.
Source: http://www.msnbc.msn.com/id/45799689/ns/technology_and_science-science/
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(Reuters) ? Brian Keith is busier than ever as the architecture firm he works for rushes to wrap up work on a 300-unit apartment complex in Dallas.
The project is one of dozens the firm, JHP Architecture, has on its hands -- a surge of business driven by a rise in demand in the United States for rental properties.
The increased demand has forced JHP to expand, and it expects to keep hiring at least through the first quarter.
"We're seeing overall work come back and there's a backlog of contracts to go through," said Keith, director of urban design and planning at JHP. "There's strong interest in multi-family units and plenty of pent-up demand."
With U.S. unemployment at a lofty 8.6 percent, home foreclosures rising and property prices under pressure, more and more Americans have given up the dream of owning, opting instead to rent, a shift that is remaking the face of the U.S. housing industry.
The percentage of Americans who own their home dropped from a peak of 69.2 percent in late 2004 to a 13-year low of 65.9 percent in the second quarter. It edged up to 66.3 percent in the third quarter of this year.
On the flip side, the percentage of rental properties that are empty fell to 9.8 percent in the third quarter from 10.3 percent a year earlier.
In a recent report, Oliver Chang, an analyst at Morgan Stanley, dubbed 2012 "The Year of the Landlord."
"Rents are rising, vacancies are falling, household formations are growing and rental supply is limited," the Morgan Stanley report stated. "We believe the demand for rental properties will continue to grow."
Groundbreaking for new housing jumped 9.3 percent in November to the highest level in 19 months, fueling optimism that the battered housing market was regaining its footing.
The gains, however, were almost solely in multifamily housing. Groundbreaking for structures with five or more units shot up more than 30 percent from October to now stand at nearly double the year-ago level.
Prices reflect the shift in demand. Rental costs are up 2.4 percent over the last year, compared with an increase of just 0.6 percent in 2010.
Steve Blitz, senior economist at ITG Investment Research, says the lure of higher returns is spurring the development of apartment buildings. He argued the next "boom" in residential construction has already started.
"The reason rents were rising is that through the past 15 years there has been an under-building of rental properties because typical renters were increasingly able to garner cheap financing to buy a house," he wrote in a research note.
While the rise in demand is great news for builders and developers, it remains unclear what the pick-up in homebuilding will mean for the economy as a whole.
"Residential construction will be a plus to GDP in 2012, but house price declines will be a negative. So net, net housing will be neutral or a small drag on the economy," said Mark Zandi, chief economist at Moody's Analytics.
At its peak at the end of 2005, homebuilding accounted for about 6.2 percent of overall economic activity. Now, it is only about 2.4 percent.
U.S. housing starts in April 2009 hit their lowest level on records dating to January 1959. While multifamily starts have given them a lift, 2011 may be the weakest year ever for construction of single-family homes.
"Business is slightly down from last year," said Bill Zach, a third-generation homebuilder. His family business, the Zach Building Co. in the Milwaukee, Wisconsin, area, is mainly focused on single-family units.
To Zach, that his firm is still in business when so many of his competitors have gone bust represents some success.
"It used to be my competition was every guy that owned a pick-up truck and called himself a builder. Hundreds of them," Zach said. "That's no longer the case, those guys are dropping by the wayside."
But there are signs of a turn and signals that the housing market may be close to finding a bottom.
The Architecture Billings Index, a gauge of future construction, picked up last month, breaking above the 50 level to signal growth in billings.
And the stock of homebuilders, as measured by a Dow Jones index, has shot up more than 30 percent since early October.
"Residential construction is finally beginning to rise from its post-recession lows," said Joseph Lavorgna, chief U.S. economist for Deutsche Bank. "The true test for starts and (building) permits, as well as most of the sales metrics, will come during the spring buying season."
(Reporting by Margaret Chadbourn; Editing by Tim Ahmann and Leslie Adler)
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A sprinkling of herbs and a touch of lemon zest bring out the creamy flavor of fresh goats' milk cheese. This recipe was inspired by the cheeses of artisanal cheese maker Laura Chenel, who introduced a new era with her goats' milk cheeses, dubbed ch?vres because they are crafted according to traditional French methods.
chevre,herbs,lemon-zest
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Photo: Ben Fink SERVES 2?3This article was first published in Saveur in Issue #83
Source: http://feedproxy.google.com/~r/SaveurNewRecipes/~3/2CkS-uj_6wE/article.jsp
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WHITEHOUSE, Texas (AP) -- A Christmas card that crisscrossed the country as part of an old joke between two Texas men will rest this holiday for the first time in 61 years.
Acker Hanks mailed the card to his former neighbor Lee Kelley in 1950. Kelley, a prankster, mailed it back a year later.
The two continued sending the card back and forth, and when Kelley died, his widow mailed the tattered message for over a decade. Last year, it returned to Hanks unread. He believes Kelley's widow moved to a nursing home.
A list of dates and places in the worn card documents its journey. Hanks plans to frame it.
"I always looked forward to getting the card," he told the Tyler Morning Telegraph (http://bit.ly/vbaPyB ). "I don't think it'll ever leave me now."
---
Information from: Tyler Morning Telegraph, http://www.tylerpaper.com
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Cantech Letter Top 10 Stories of 2011. #3: Canada?s Fastest Growing Tech Stocks: bit.ly/ufRx5y #cdntech 
CantechLetter Cantech Letter
Source: http://twitter.com/CantechLetter/statuses/150969945658888192
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By the year 2020, legislation requires that 33% of the California's power come from renewable sources, such as wind and solar. Can it be done?
Today, California's electricity is mainly generated using natural gas. ?By the year 2020, AB32 legislation requires that 33% of the state's power come from renewables such as wind and solar. ?This is the renewable portfolio standard (RPS). ?For years, I have wondered what will be the cost of achieving this ambitious goal.
Skip to next paragraph Matthew KahnMathew is an economics professor at UCLA and has written three books: Green Cities (Brookings Institution Press); Heroes and Cowards (Princeton University Press, jointly with Dora L. Costa); and in fall 2010, Climatopolis: How Our Cities Will Thrive in the Hotter World (Basic Books).
?In recent days, the CEC has released documents from a recent conference on the RPS. ?As usual, I see lots of talented engineers presenting stuff but unless I'm mistaken I don't see any economic analysis. ?Is that puzzling? ?Why should economists be involved? ? I would think that economists could model the likely impact on electricity pricing from substituting to renewables. ?I would think that residential, industrial and commercial consumers will care about such a prediction. ?In terms of formal economics, what does the state's supply curve for power look like? ?How binding a constraint is the 33% RPS? ?In english, what would be the price per kWh if we continue to use natural gas as the energy source versus what would the price be under the 33% RPS? ?For an optimistic opinion on this issue read this.
From an economic science point of view, this big green push offers an excellent test of the "learning by doing" hypothesis. ?Does the average cost per kWh of renewable power decline with more cumulative production? ?As the industry matures, is there more investment in renewables? ?Is Adam Smith's pin factory of specialization taking place here? ?
Also don't forget about international trade and globalization. ?As the United States imports renewables equipment from India and China, our costs of installing such completed systems decline. ?MIT's Technology Review has published a nice piece on this. For some facts about recent international trade patterns, read my paper joint with Aparna Sawhney.
Here is our sexy abstract:
We track US imports of advanced technology wind and solar power-generation equipment from a panel of countries during 1989-2010, and examine the determining factors including sector-specific US FDI outflow, country size, and domestic wind and solar power generation. Differentiating between the core high-tech and the balance of system equipment, we find US imports of the both categories have grown at significantly higher rate from the relatively poorer countries, particularly China and India. US FDI is found to play a significant positive role in the exports of high-tech equipment from both rich and poor countries, especially for the balance of system equipment. For the core wind and solar equipment, we find domestic renewable power generation played a significant positive role, and the effect is more pronounced for the rich countries as well as China compared to other poor countries.
and here is a well written paragraph from the paper's introduction:
There is a certain irony that trade with developing countries is accelerating the development of the ?green economy?.? The trade and environment literature has studied the conditions such that poor nations would be pollution havens for rich countries as dirty factories could escape tight regulation in rich countries by re-locating to poorer nations (Copeland and Taylor 2003, 2004). ??This literature emphasizes that the location of dirty economic activity will be determined by both factor endowments and regulatory intensity.?? In the case of ?green energy? trade, the poorer South is emerging as a key provider of cheap equipment for renewable-power generation to the rich North for its production and consumption of clean energy.? If clean energy prices decline then they are more likely to induce a composition shift as nations choose to substitute them for fossil fuel generated electricity (i.e coal and natural gas). ??Such a composition shift could significantly reduce national greenhouse gas emissions associated with power generation.? ?
I hope you agree that I should teach less so that I can devote more time to writing such witty prose?
On an unrelated note, I will soon be in Berkeley, CA to restore my liberal/green street credibility. ?If you want to see me, look for me at Strada.
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on greeneconomics.blogspot.com.
Source: http://rss.csmonitor.com/~r/feeds/csm/~3/pQrbmf4uyq8/Can-California-meet-its-lofty-energy-goals
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A study commissioned by FM Global, one of the world?s largest business property insurers, reveals that a natural catastrophe in China on the scale of the 2011 Japan earthquake and tsunami would have an even more severe impact on supply chains, given China?s critical role in global manufacturing.
The FM Global Supply Chain Risk Study surveyed 100 financial executives at large multinational corporations. It shows there is significant concern among companies for the potential of natural disaster-related supply chain disruptions in China, along with a growing acceptance that firms must be more diligent in addressing their exposures in the region.
?A secure and resilient supply chain creates a competitive advantage,? says Ken Davey, senior vice president, FM Global. ?Delivering products and services when others can?t results in satisfied customers and opportunities to secure new ones. A fragile supply chain is clearly a competitive disadvantage if a disruption occurs.?
China is exposed to significant natural threats, including earthquakes, windstorms, floods and tsunamis. The FM Global study underscores the fact that supply chains in the region are more likely to face business disruption by a natural disaster, particularly because China has not yet fully embraced many of the risk management practices followed in Europe and the United States.
The research uncovered the following:
?
Change in level of corporate concern about suppy chain disruptions in China
?The findings of the FM Global Supply Chain Risk Study should be a wake-up call for companies that have substantial investment and dependency on supply chains in China,? says Vinod Singhal, Brady Family Professor of Operations Management at the Georgia Institute of Technology?s College of Management. ?A natural disaster-related supply chain disruption in China would have far-reaching and long-lasting negative economic impact. It would slow down the global economy because China is not only a major exporter of goods, but also a major importer of goods. It would cause shortages in many consumer and industrial products that could lead to inflation and devastate the share price of companies.?
Dr. Howard Kunreuther, the James G. Dinan Professor of Decision Sciences and Public Policy at The Wharton School of the University of Pennsylvania, adds, ?The findings in this report point to how interdependent risks can have severe financial consequences in global supply chains. Firms need to undertake proactive measures, such as finding several sources of supply so that they are not dependent on one company that may be adversely affected by a natural disaster. There needs to be a realization that the process of developing a resilient supply chain takes time.?
FM Global recommends businesses ask four simple, but often overlooked, questions when looking at their organization?s resiliency, especially when it has, or could have, a critical reliance in emerging markets such as China:
FM Global commissioned TNS, a global market research firm, to conduct the study. One hundred financial executives (chief financial officers, treasurers and senior vice presidents of finance or financial officers at higher levels) from large global corporations (more than US$1 billion in sales) headquartered in North America were interviewed by phone between July and September 2011.
Executive summary of the study findings.
The full ?FM Global Risk Study: China and Natural Disasters ? A Case for Business Resilience?
Source: http://feeds.putman.net/~r/SustainablePlant/~3/wiYSNxAuvuo/
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By David Biller?/?Business News Americas
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Mexican opposition party PRI presidential candidate Enrique Pe?a Nieto's support of liberalization in the oil sector in line with that of Brazil's federal energy company Petrobras (NYSE: PBR) represents a step forward for a party that has held Pemex back in the past, PAN lawmaker and president of the lower house's energy committee, Felipe de Jes?s Cant?, told BNamericas.
"There is a lot to advance, but the federal government has been unable to achieve it because the PRI has held swinging stances due to ideological reasons. Now that Pe?a Nieto has made pronouncements that private participation in Pemex should be increased, the stance has changed a little. That is my hope, that something could be done in some legislative areas to achieve better conditions for the country, which it needs," he said.
The lawmaker specifically highlighted the prospect of reforming Pemex's fiscal regime to exclude the state oil company from the federal spending budget while still contributing to government finances through taxes.
There could be "substantial" advances to incorporate additional private investment during the 1H12 campaign season even without additional legislative reform, Cant? said. For example, the current legal framework would permit private players to take oil from Pemex, refine it, and return all oil products to the NOC.
His left-wing colleagues in the legislature, however, vehemently disagree and, given the near-certain constitutional challenge that would ensue were a private company to undertake such a project, he knows interest will remain slim until legal security is reinforced.
"If the complementary legal conditions are not definitive, they will always be exposed to challenges. That is why I think there has been a cowardly attitude on the part of the federal government and particularly Pemex to be able to grow," he said.
The PRI opposed the aspects of President Felipe Calder?n's 2008 energy reform proposal that would have allowed private refining and transport. The reform's final product was widely viewed as watered-down, and its main achievement was incentive-based contracts for services.
Brazil's government controls Petrobras, which issues shares, and private oil companies in the country are allowed to operate fields and book reserves. Pemex has no shareholders and private firms are barred by the constitution from booking reserves.
The PRI has controlled the lower house since 2010, and has 239 of the 499 seats. Mexico holds presidential and congressional elections in July 2012.
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Sure, it may seem counterintuitive, but as anyone who grew up playing with a Slinky, a Squirmle, or Silly Putty can attest, it?s often the strangest toys, the ones that freak us out or make us squeal, that become our childhood favorites. They also allow kids to explore a culture through its toys, bringing the sense of discovery that comes with traveling right into your living room.
Source: http://feeds.slate.com/click.phdo?i=8d2553cd0b1350645bceb9b97c1e343e
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American households got blasted by the Financial Crisis Inquiry Commission because they borrowed too much and saved too little. American households had created an environment of taking on too much risk by over-extending themselves. They did this by placing record debt on themselves and by overstating their income on mortgage applications.
"When the housing and mortgage markets cratered, the lack of transparency, the extraordinary debt loads, the short-term loans, and the risky assets all came home to roost. What resulted was panic," the Financial Crisis Inquiry Commission concluded. "We had reaped what we had sown."
High-risk loans were taking place with people all over the country; everyone had a stake in ensuring that the steady flow of mortgages would continue; and when they stopped, the markets simply collapsed. American households thought that they would just take on no interest loans. Then, after a few years, when their houses increased in value, they would be able to borrow from their home or refinance to an even lower interest rate. Financial institutions can be blamed some because they did indeed act in a manner that can be termed reckless.
As the Financial Crisis Inquiry Commission says, "Compensation systems--designed in an environment of cheap money, intense competition, and light regulation--too often rewarded the quick deal, the short-term gain--without proper consideration of long-term consequences."
We have been taught since the earliest years in school that the American Dream is homeownership, that the path to that is difficult, yet rewarding because it shows a status of what we have achieved. We have believed that the more money we have, the more we can spend it. In some small way, buying things and having things is not only the American way, but the American right.
Home owners are at fault for the money they borrowed to buy homes they couldn't afford, they are at fault for their spending and believing for every second of the day that the value of their house would just keep going up. The homeowner never believed for a moment that the party would end, never thought for a moment that when the money dried up and the bills came due what they would do. Everything that seemed like the American dream was wrong. Cheap money only made people spend even more money they didn't have, and the high prices of homes were just a mad disease that needed to be cured through a total and complete collapse.
The American household has been put at the center of the recession through television, articles and even our own personal experiences. We have seen homes foreclosed on, we have met the people who have lost everything. We have seen what the recession with the housing collapse has done to the country as a whole through high unemployment, state budget shortfalls and lost hope in our government. The American household pursuit of home ownership ended in disaster, and while rebuilding a better tomorrow for some might take a little longer, it remains to be seen if the lessons we learned from the recession will remain much longer.
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Public release date: 21-Dec-2011
Share ] Contact: Catriona Kelly
Catriona.Kelly@ed.ac.uk
44-131-651-4401
University of Edinburgh
A fundamental problem that has puzzled generations of scientists has finally been solved after more than 70 years.
An international team of scientists has discovered a subtle electronic effect in magnetite the most magnetic of all naturally occurring minerals causes a dramatic change to how this material conducts electricity at very low temperatures.
The discovery gives new insight into the mineral in which mankind discovered magnetism, and it may enable magnetite and similar materials to be exploited in new ways.
The research, published in Nature, was led by the University of Edinburgh in collaboration with the European Synchrotron Radiation Facility (ESRF) in Grenoble, France, where the experiments were conducted.
The magnetic properties of magnetite have been known for more than 2000 years and gave rise to the original concepts of magnets and magnetism. The mineral has also formed the basis for decades of research into magnetic recording and information storage materials.
In 1939, Dutch scientist Evert Verwey discovered that the electrical conductivity of magnetite decreases abruptly and dramatically at low temperatures. At about 125 Kelvin, or minus 150 degrees Celsius, the metallic mineral turns into an insulator. Despite many efforts, until now the reason for this transition has been debated and remained controversial.
When the team of scientists fired an intense X-ray beam at a tiny crystal of magnetite at very low temperatures, they were able to understand the subtle rearrangement of the mineral's chemical structure. Electrons are being trapped within groups of three iron atoms where they can no longer transport an electrical current.
Dr Jon Wright of the ESRF said: "Our main challenge was to obtain a perfect crystal, which meant using one that was tiny, just half the diameter of a human hair. Then we needed to observe subtle changes in this microscopic sample as we lowered the temperature. In Europe, this is only possible at the ESRF, thanks to the extremely high energy of its synchrotron X-rays."
Professor Paul Attfield, of the University of Edinburgh, said: "We have solved a fundamental problem in understanding the original magnetic material, upon which everything we know about magnetism is built. This vital insight into how magnetite is constructed and how it behaves will help in the development of future electronic and magnetic technologies."
###
The research was funded by the Science and Technology Facilities Council, the Engineering and Physical Sciences Research Council, and the Leverhulme Trust.
[ | E-mail | Share ] ?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Public release date: 21-Dec-2011 Share ] Contact: Catriona Kelly
Catriona.Kelly@ed.ac.uk
44-131-651-4401
University of Edinburgh
A fundamental problem that has puzzled generations of scientists has finally been solved after more than 70 years.
An international team of scientists has discovered a subtle electronic effect in magnetite the most magnetic of all naturally occurring minerals causes a dramatic change to how this material conducts electricity at very low temperatures.
The discovery gives new insight into the mineral in which mankind discovered magnetism, and it may enable magnetite and similar materials to be exploited in new ways.
The research, published in Nature, was led by the University of Edinburgh in collaboration with the European Synchrotron Radiation Facility (ESRF) in Grenoble, France, where the experiments were conducted.
The magnetic properties of magnetite have been known for more than 2000 years and gave rise to the original concepts of magnets and magnetism. The mineral has also formed the basis for decades of research into magnetic recording and information storage materials.
In 1939, Dutch scientist Evert Verwey discovered that the electrical conductivity of magnetite decreases abruptly and dramatically at low temperatures. At about 125 Kelvin, or minus 150 degrees Celsius, the metallic mineral turns into an insulator. Despite many efforts, until now the reason for this transition has been debated and remained controversial.
When the team of scientists fired an intense X-ray beam at a tiny crystal of magnetite at very low temperatures, they were able to understand the subtle rearrangement of the mineral's chemical structure. Electrons are being trapped within groups of three iron atoms where they can no longer transport an electrical current.
Dr Jon Wright of the ESRF said: "Our main challenge was to obtain a perfect crystal, which meant using one that was tiny, just half the diameter of a human hair. Then we needed to observe subtle changes in this microscopic sample as we lowered the temperature. In Europe, this is only possible at the ESRF, thanks to the extremely high energy of its synchrotron X-rays."
Professor Paul Attfield, of the University of Edinburgh, said: "We have solved a fundamental problem in understanding the original magnetic material, upon which everything we know about magnetism is built. This vital insight into how magnetite is constructed and how it behaves will help in the development of future electronic and magnetic technologies."
###
The research was funded by the Science and Technology Facilities Council, the Engineering and Physical Sciences Research Council, and the Leverhulme Trust.
[ | E-mail | Share ] ?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Source: http://www.eurekalert.org/pub_releases/2011-12/uoe-ldh121911.php
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Chi_b (3P) is the first theoretical particle to pop up in CERN's large-scale physics experiments
It might not be the legendary?Higgs boson, but scientists at the world's largest particle accelerator have just discovered something else very interesting indeed. While on the hunt for the still-elusive so-called "god particle" that would tie up some?theoretical?loose ends in the physics world, a particle known as Chi_b (3P) popped up in the Large Hadron Collider's?ATLAS particle detector. The?Chi_b (3P) is a variant on the Chi subatomic particle, one that exists in a "more excited state" that's been theorized in physics for years.
According to Roger Jones, a researcher who works closely with the ATLAS detector, the Chi_b (3P) is a helpful find "for what it tells us about the forces that hold the quark and the anti-quark together ? the strong nuclear force. And that's the same force that holds, for instance, the atomic nucleus together with its protons and the neutrons." Beyond its specific implications, CHi_b (3P)'s discovery proves that the LHC is capable of pinning down phenomena that had previously existed solely in theory.
The Large Hadron Collider and its six particle detectors have been at work hunting down missing pieces in the?Standard Model of physics, a sweeping theory that explains a number of experimental quirks in the core set of particles and forces found in nature. Still, CERN's hunt continues for the Higg's boson, the only elementary particle provisioned for in the Standard Model that has yet to be experimentally observed.
Cornell via?BBC
[Image credit:?Nikolai Schwerg]
This article originally appeared on Tecca
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In this Dec. 5, 2011 photo, specialist Christopher Culhane, left, works with traders on the floor of the New York Stock Exchange. World stocks sank Tuesday, Dec. 6, 2011, after Standard and Poor's warned 15 countries using the euro that it could downgrade their credit ratings. Skepticism over a new plan to prevent a breakup of the common currency also dragged markets lower. (AP Photo/Richard Drew)
In this Dec. 5, 2011 photo, specialist Christopher Culhane, left, works with traders on the floor of the New York Stock Exchange. World stocks sank Tuesday, Dec. 6, 2011, after Standard and Poor's warned 15 countries using the euro that it could downgrade their credit ratings. Skepticism over a new plan to prevent a breakup of the common currency also dragged markets lower. (AP Photo/Richard Drew)
The Dow Jones industrial average closed up 52 points following a report that European leaders are considering more aggressive programs to bail out weaker countries in the region.
Broader market indicators were mixed. The S&P 500 index rose 1 point and the Nasdaq composite edged lower. Materials and health care companies rose the most. Agricultural supplies company Monsanto Co. gained 2.8 percent; drug maker Pfizer Inc. added 2 percent.
Stocks were stuck in neutral for most of the day after Standard & Poor's said it might downgrade the AAA rating of Europe's bailout fund. A report in the Financial Times late in the afternoon sent the Dow up as many as 117 points. The newspaper reported that European leaders are considering making more financial aid available to struggling countries.
Investors remain cautious ahead of a summit of European leaders Thursday and Friday where the main task will be coming up with credible plans for preventing a simmering debt crisis from causing a breakup of the euro, the currency shared by 17 European nations. Such a shock would likely cause a deep recession in Europe that would spread through the world economy.
"We are coming to a head in Europe, and it's no longer about the small countries like Greece," said Paul Zemsky, chief investment officer at ING Investment Management. He said current stock prices reflect traders' expectations of a rate cut from the European Central Bank on Thursday and strong political action on Friday. Any less that, he said, and "it's anyone's guess show bad things will get, but they'll get pretty bad."
The Dow Jones industrial average closed up 52.30 points, or 0.4 percent, at 12,150.13. Among its top performers was 3M Co., which rose 1.5 percent after the maker of Post-It notes forecast 2012 earnings that were stronger that many analysts expected.
The Standard & Poor's 500 index closed up 1.39 points, or 0.1 percent, to 1,258.47. The Nasdaq composite average closed down 6.20, or 0.2 percent, at 2,649.56.
U.S. stock indexes have risen sharply from the lows they hit during a Thanksgiving-week drubbing. The S&P 500 is up 8.6 percent since Nov. 25, when it closed at 1,158.67.
Late Monday S&P said it might downgrade the debt of 15 countries that use the euro. The announcement, and S&P's followup statement Tuesday about possibly downgrading the European bailout fund, halted a rally in European markets.
The impact on the market was muted, said Robert Tipp, chief investment strategist with Prudential Fixed Income, because investors are coming around to the view that the European debt crisis may be through its worst phase. He noted that bond traders are willing to accept much lower yields on debt issued by nations such as Italy, whose borrowing costs spiked to dangerous levels in recent weeks.
"There's going to be volatility going forward, and it's going to be difficult for countries to follow their commitments, but I think you finally crossed that point where they took enough steps that the markets will get the message" that there is a credible crisis-rescue plan in the works, Tipp said.
In corporate news:
? Leap Wireless International Inc. rose 1 percent after the prepaid mobile phone company said it is buying spectrum in Chicago from Verizon Wireless and sell it spectrum bandwidth nationwide.
? Homebuilder Toll Brothers Inc. added 2.7 percent after it reported fiscal fourth-quarter earnings that beat analysts' expectations.
? Alpha Natural Resources Inc. fell 1.1 percent after the company agreed to pay more than $200 million to avoid being sued over a 2010 mine disaster that killed 29 men.
? Darden Restaurants Inc. fell 12.4 percent, the most in the S&P 500 index, after the company slashed its profit forecast for 2012. The company is trying to turn around its struggling Olive Garden restaurant chain and cope with rapidly rising food costs.
__
Daniel Wagner can be reached at www.twitter.com/wagnerreports.
Associated Press
