Daily World News

The book that Facebook doesn't want you to read

noreply@blogger.com (Anthony German) — Fri, 26 Jun 2009 09:48:00 +0000

NEW YORK (Fortune) -- Best-selling author Ben Mezrich is the first to concede he doesn't know exactly what happened between Mark Zuckerberg and the Victoria's Secret model at that San Francisco club in the summer of 2005. He tells the story just as sources reported it to him: a touch on the leg. A grasp of the hand. The pair leaving the club. That's it. Any inference from there is your own.

But man, is there ever inference. In "Accidental Billionaires: The Founding of Facebook: A Tale of Sex, Money, Genius and Betrayal," due out July 14 from Doubleday, Mezrich spins a fast-paced tale of intrigue and suspicion that follows Facebook's young founder on his ruthless rise to prominence in Silicon Valley. The 262-page narrative portrays Mark Zuckerberg as a hard-hearted genius with a fetish for Asian women who is not above stealing ideas and turning on his friends in his quest to create the dominant social network. "West Wing" creator Aaron Sorkin has already agreed to write the screenplay, and Daily Variety recently reported that David Fincher ("Fight Club") may direct the movie.

Doubleday labels the book "nonfiction"

Mezrich, who was criticized for making up characters and scenes in his best-selling book "Bringing Down the House," uses a lengthy author's note to broadcast his reporting methodology. He describes his work as a "dramatic narrative account," explaining that he reconstructed dialogue and even, to the extent that it moved the story forward, entire scenes. Some would call this fiction. But Doubleday has bravely labeled it nonfiction. Or as Mezrich told Fortune.com, "There are certain places in the book where I'm sort of doing a legitimate speculation." He calls his work "a best guess."

Of course, Mezrich's primary source for a good deal of the material is Eduardo Saverin, a classmate at Harvard College of Facebook founder Mark Zuckerberg. Saverin used earnings from smart investments he'd made as an undergraduate to help start the site, then called TheFacebook.com.

Long before Saverin connected with Mezrich, however, he'd become estranged from Zuckerberg. After Saverin was pushed out of the company, Saverin and Zuckerberg lobbed lawsuits at each other liberally from April 2005 until last August when the suits were dismissed. Over the winter Saverin's name was added to the Facebook web site as one of the cofounders. At about that time Saverin also stopped talking to Mezrich. Saverin didn't respond to Fortune.com's attempts to contact him.

Mezrich remembers meeting Saverin by chance. "It was about 2 a.m. in the morning when I got an email out of the blue to my web site, which is essentially a fan site. This kid wrote an email -- I'm a Harvard senior and I have a really fantastic story for you' -- which of course you hear all the time. But the kid said, 'You know, I've been best friends with these people who founded Facebook, and I want to tell you this story.' I wasn't looking for this story, but I went and met this kid for a drink. So I show up at this bar, Bar 10 at the Westin [hotel in Boston], and the kid shows up with Eduardo Saverin. He wouldn't tell me who Eduardo was at first. It was all kind of secretive. Then Eduardo began to tell me this whole story, and he was clearly upset."

Mezrich is quick to add that "Accidental Billionaires" is based on many other interviews and documents. He got lucky, of course, when thousands of pages of court documentation surfaced after Cameron and Tyler Winklevoss, also former classmates of the Facebook founder, sued Zuckerberg claiming he stole their idea. (This suit settled and the twins reportedly received $65 million.)

One person Mezrich never spoke with is Mark Zuckerberg. Says Mezrich, "There was always this 'Mark might talk to you, Mark might talk to you' thing going on, but in the end Mark decided not to talk to me, and he made it pretty clear he didn't want any of the people he's involved with talking to me." In a deft story-telling move, Mezrich turned this deficit in his favor, playing up the mystery behind Zuckerberg's personality.

More at money.cnn.com

Eurozone inflation slumps to 2-year low of 1.6%: EU estimate

noreply@blogger.com (Anthony German) — Tue, 06 Jan 2009 17:27:00 +0000

BRUSSELS (AFP) – Inflation in the euro countries slumped in December to the lowest level in over two years, according to an official EU estimate on Tuesday and clearing the way for more interest rate cuts.

The European Union's Eurostat data agency estimated that 12-month inflation in the eurozone fell to 1.6 percent in December from 2.1 percent in November, dropping to the lowest level since October 2006.

The European Central Bank strives to keep annual inflation close to but less than 2.0 percent, but the rate had not been below that level since August 2007 amid an oil and commodities prices boom, which has recently deflated.

"December's sharp drop in eurozone CPI inflation ... supports our view that ECB interest rates will fall to almost zero, if not all the way, this year," said Ben May at consultants Capital Economics.

The euro sank against the dollar in the wake of the data, falling to 1.3406 dollars as tumbling eurozone inflation raised expectations the ECB would slash interest rates again next week.

ECB vice president Lucas Papademos said in an interview published on Monday that he saw further room for interest rate cuts if inflation remained low.

"If, in our assessment, the risks to price stability change further in the coming months, monetary policy could be eased further and we will act appropriately," he told German magazine WirtschaftsWoche.

The slump in inflation comes amid growing signs of a deep recession in the eurozone, with a survey showing on Tuesday that service sector activity retreated at the fastest pace on record in December.

After hitting a record high of 4.0 percent in June and July, eurozone inflation has fallen sharply as oil and other commodity prices collapsed in the face of a deep economic downturn.

The drop in inflation has paved the way for a series of interest rate cuts by the ECB, which slashed its main rate last month by a record three quarters of a percentage point to 2.50 percent.

"It looks odds-on that eurozone consumer price inflation will fall well below 1.0 percent during 2009, and a brief period of deflation certainly cannot be ruled out," said IHS Global Insight economist Howard Archer.

The eurozone counts 16 members since Slovakia adopted the currency at the beginning of the month.

[Via news.yahoo.com]

Oil prices rally above $50 as gas row escalates

noreply@blogger.com (Anthony German) — Tue, 06 Jan 2009 17:26:00 +0000

LONDON (AFP) – Oil prices rose back above 50 dollars on Tuesday as the energy market was shaken by disruptions to gas supplies across Europe, already troubled by a cold snap.

Brent North Sea crude for delivery in February jumped 1.18 dollars to 50.80 dollars a barrel in late morning trade on London's InterContinental Exchange.

Earlier Tuesday it reached 51.40 dollars -- the highest level since December 1, 2008.

New York's main contract, light sweet crude for February, climbed 69 cents to 49.50 dollars per barrel, after an intra-day peak of 50.04 dollars.

"Russia continues to play hardball" on gas supplies, said Petromatrix analyst Olivier Jakob.

The European Union on Tuesday slammed cuts in natural gas supplies to Europe as "completely unacceptable" as an energy price war raged between Russia and Ukraine.

"This situation is completely unacceptable," said a statement from the EU's presidency, currently held by the Czech Republic, and the bloc's executive arm, the European Commission.

Russia has cut supplies bound for Europe via Ukraine in retaliation for Ukraine's alleged theft of Russian gas.

Ukraine denies siphoning off Russian gas and has accused Moscow of engineering the crisis.

Oil prices had already risen sharply on Monday as the Israeli-Palestinian conflict intensified and major crude producer Iran said OPEC would hold a special meeting next month.

Crude futures have been boosted over the past week as the conflict in Gaza stoked tensions in the key oil-producing Middle East.

"The conflict in Gaza is no threat to the prompt and direct supply of oil but as the humanitarian disaster continues to intensify it could turn to have an indirect impact on oil supplies," added Jakob.

Meanwhile Iran's OPEC representative Mohammad Ali Khatibi on Monday said that the oil producers' cartel would hold an extraordinary meeting in Kuwait in February.

OPEC, whose 12 members together produce about 40 percent of world oil, last month agreed to cut output by 2.2 million barrels per day in a bid to shore up crude prices.

World oil prices fell by about 54 percent in 2008 as a sharp global economic slowdown weighed on energy demand in the second half of the year.

However, in the first half, crude futures rocketed to record highs of above 147 dollars a barrel in July on fears of supply disruptions.

Towards the end of 2008, prices slumped to just above 33 dollars -- the lowest in four and a half years.

Crude oil had begun 2008 by vaulting above 100 dollars for the first time as traders worried about violence in oil exporter Nigeria and supply problems in the key US energy market.

Continued geopolitical tensions then saw oil soar above 120, 130 and 140 dollars on their way to setting all-time highs.

[Via news.yahoo.com]

Dollar rallies, euro falls on ECB rate cut speculation

noreply@blogger.com (Anthony German) — Tue, 06 Jan 2009 17:26:00 +0000

NEW YORK (AFP) – The dollar rallied Monday and the euro slid amid expectations that the European Central bank will cut interest rates sharply this year to deal with the weakening economy.

At 2200 GMT, the European single currency dropped to 1.3632 dollars from 1.3910 dollars in New York late on Friday.

Against the Japanese unit, the dollar climbed to 93.34 yen from 91.79 yen on Friday.

Patricia Lifson at PNC Bank said the market was coming to the realization that the eurozone economies were in deep trouble and that the ECB will be forced to cut rates.

She said this has caught by surprise some traders "long" on the European currencies.

"Euro longs that had been built up over the holiday have been liquidated," she said.

"Everyone knows how bad things are in the States. The markets are now anticipating a severe deterioration of eurozone economic fundamentals, which will force the ECB's hand. The ECB is deemed to be behind the curve."

Lifson said the greenback rose on the yen on "comments by Bank of Japan officials that indicated the possibility of intervention" to keep the Japanese currency from rising too much, which could hurt exports.

"As the (Japanese) economy weakens, a strong currency for this export dependent country can only make things worse," she said.

The dollar was boosted by expectations that US president-elect Barack Obama's stimulus plans will boost the ailing American economy, dealers said.

"High expectations for Obama appear to be supporting US stocks and the dollar, although conditions surrounding the US economy are still pretty negative," said Yosuke Hosokawa, head of foreign exchange at Chuo Mitsui Trust Bank.

Traders in Tokyo were relieved that there was no major bad news related to the economic crisis during the New Year holidays, Hosokawa added.

In late New York trade, the dollar stood at 1.1086 Swiss francs after 1.0865 Friday.

The pound was at 1.4699 dollars after 1.4544.

[Via news.yahoo.com]

US sets outs vision for energy efficient 2025

noreply@blogger.com (Anthony German) — Thu, 27 Nov 2008 13:57:00 +0000

In 2025, US citizens will have significantly lower energy bills thanks to energy efficiency measures that will make them more aware of their energy use, according to a major new report from the Environmental Protection Agency (EPA) and the Department of Energy (DoE).

The National Action Plan Vision for 2025 is an updated version of a report first launched in July 2006. The document, originally designed to outline key policy recommendations on energy use in the US, has been revised with a 10-step programme to implement the plan.

The steps, designed to achieve blanket cost-effective energy use by 2025, include the establishing of new energy efficiency tests and measurement mechanisms, and the development of state-level policies to promote efficiency.

State of the art billing systems and advanced technologies such as smart grids and combined heat and power generation are also on the agenda.

Progress towards the goals will be measured every few years, but the report highlights steps that have already been taken to promote energy efficiency at a state level, noting that 29 states have fully established cost effectiveness tests for electricity use, while 24 have appointed an administrator for energy efficiency programmes.

The energy efficiency recommendations made by the document are particularly significant in the context of another recent report, which discussed the cost of controlling energy sources globally using military measures.

The Military Cost of Securing Energy, by the National Priorities Project, projected the cost of securing energy worldwide at between $209bn (£135bn) and $215bn in 2009, including portions of the budget for the ongoing actions in Afghanistan and Iraq.

The report argued that the market price for energy does not reflect these costs, leading to an overconsumption, poor efficiency and a failure of the market.

"If the market price reflected the true cost, the quantity demanded by consumers would decrease, leading to more conservation, and making renewable, non-polluting energy alternatives more viable," said the report.

[Via www.businessgreen.com]

Adobe and ARM Accelerate Flash and AIR for ARM Platforms

noreply@blogger.com (Anthony German) — Mon, 17 Nov 2008 07:28:00 +0000

Adobe Systems Incorporated (Nasdaq:ADBE) and ARM [(LSE:ARM); (Nasdaq:ARMH)] today announced a technology collaboration to optimize and enable Adobe® Flash® Player 10 and Adobe AIR™ for ARM Powered® devices, ranging from mobile phones to set-top boxes, mobile Internet devices, televisions, automotive platforms, personal media players and other mobile computing devices. The collaboration is expected to accelerate mobile graphics and video capabilities on ARM platforms to bring rich Internet applications and Web services to mobile devices and consumer electronics worldwide.

The joint technology optimization is targeted for the ARMv6 and ARMv7architectures used in the ARM11™ family and the Cortex™-A series of processors and is expected to be available in the second half of 2009. The partnership stems from the Open Screen Project, a broad Adobe sponsored initiative of industry leaders – including ARM – to deliver a consistent runtime environment across multiple devices by taking advantage of Adobe Flash Player and, in the future, Adobe AIR. The initiative is set to address the challenges of Web browsing on a broad range of screens, and remove the barriers to publish content and applications seamlessly across screens. For more information, visit www.openscreenproject.org.

"Video created for the Adobe Flash Player is the leading video format on the web today, and this collaboration with ARM is another important step towards bringing the complete web experience to mobile devices worldwide,” said Gary Kovacs, general manager and vice president, Mobile and Devices at Adobe. "We are pleased to work with ARM and the other industry leaders in the Open Screen Project, to make browsing and applications as rich and powerful in mobile as they are on the desktop.”

"ARM believes this partnership will develop optimized Adobe Flash and AIR implementations that will run on billions of devices from our partners such as pocket-sized mobile devices, mobile computing platforms, set-top boxes, digital TVs and automotive infotainment,” said Ian Drew, vice president, Marketing, at ARM. "The Adobe Flash Player enables consumers to enjoy games, movies, animation and interactivity on the Web. The combination of Adobe Flash and ARM’s low-power processor IP and Mali™ GPUs will ensure a fantastic Internet experience for consumers on the world’s leading 32-bit architecture.”

Broad support from industry-leading companies

"Mobile users deserve a richer, faster Web experience with extended battery life. ARM technology together with Broadcom's low power VideoCore multimedia processor will turbo charge Adobe Flash Player 10 and Adobe AIR performance using OpenGL ES 2.0 and other open standards,” said Mark Casey, vice president and general manager of Broadcom's mobile multimedia business unit. "The Adobe ARM initiative is an exciting opportunity for Broadcom to enhance the consumer experience on mobile and consumer devices.”

"The ARM architecture is poised for explosive growth among mobile Internet centric devices and into the consumer Netbook market,” said Glen Burchers, director of Global Consumer Marketing for Freescale, "The addition of Flash Player 10 and Adobe AIR optimized to ARM with support for HW acceleration is a significant move toward this end. Freescale intends to fully support this exciting combination.”

"NVIDIA is working with ARM and Adobe to ensure Adobe Flash technology takes full advantage of NVIDIA Tegra computer-on-a-chip solutions through open standards such as OpenGL ES 2.0,” said Michael Rayfield, general manager of NVIDIA's mobile business. "ARM CPU technology, tightly integrated with NVIDIA's ultra-low-power GeForce GPUs and media acceleration, enhances the ability of Adobe Flash technology to provide the full Web experience and compelling user interfaces in the palm of your hand.”

"Samsung looks forward to having Flash Player 10 and AIR fully supported on our range of optimized ARM technology-based Application Processors and SoC products,” said Yiwan Wong, vice president of marketing, Samsung Electronics’ System LSI Division. "This initiative will enable Flash Player 10 content to be accessible by any ARM technology-based consumer devices with a screen and connectivity, and at very low power consumption, offering consumers the ultimate mobile Internet experience beyond what is available today on standard PC platforms.”

"Texas Instruments is excited to support Flash Player 10 which will deliver advanced features such as no-compromise Internet experience on OMAP 3 processors,” said Raj Talluri, general manager, Texas Instruments. "The addition of Flash Player 10 to TI’s portfolio builds on its history of creating platforms that provide exceptional performance running Adobe Flash technology. Leveraging the OMAP 3 platform’s SoC architecture and foundation software enables TI’s customers to develop a variety of differentiated products for markets such as smartphones, mobile Internet devices, netbooks and other portable consumer electronics devices that will deliver laptop-like functionality without sacrificing power consumption, performance or cost.”

ARM technology powers billions of electronic devices today, including the vast majority of smartphones, mobile Internet devices, set-top boxes, digital TVs, portable navigation and personal media devices. The agreement will enable ARM and Adobe to deliver an optimized Adobe Flash Player 10 for the ARM architecture as well as industry-standard API support for GPUs and hardware accelerators. The collaboration is also expected to lower power consumption for mobile devices running Flash Player 10 and AIR content.

Adobe Flash Player 10 for ARMv6 and ARMv7 architecture-based hardware is expected to be available royalty-free to partners participating in the Open Screen Project. Flash Player 10 for ARM processor-based devices will be made available to OEMs by Adobe.

About Adobe Systems Incorporated

Adobe revolutionizes how the world engages with ideas and information - anytime, anywhere and through any medium. For more information, visit www.adobe.com.

About ARM

ARM designs the technology that lies at the heart of advanced digital products, from wireless, networking and consumer entertainment solutions to imaging, automotive, security and storage devices. ARM’s comprehensive product offering includes 32-bit RISC microprocessors, graphics processors, enabling software, cell libraries, embedded memories, high-speed connectivity products, peripherals and development tools. Combined with comprehensive design services, training, support and maintenance, and the company’s broad partner community, they provide a total system solution that offers a fast, reliable path to market for leading electronics companies. More information on ARM is available at www.arm.com.

© 2008 Adobe Systems Incorporated. All rights reserved. Adobe, the Adobe logo, Flash and Adobe AIR are either registered trademarks or trademarks of Adobe Systems Incorporated in the United States and/or other countries. All other trademarks are the property of their respective owners.

ARM and ARM Powered are registered trademarks of ARM Limited. Cortex and ARM11 are trademarks of ARM Limited. All other brands or product names are the property of their respective holders. ARM is used to represent ARM Holdings plc; its operating company ARM Limited; and the regional subsidiaries: ARM, Inc.; ARM KK; ARM Korea Ltd.; ARM Taiwan Limited; ARM France SAS; ARM Consulting (Shanghai) Co. Ltd.; ARM Belgium N.V.; AXYS Design Automation Inc.; ARM Germany GmbH; ARM Embedded Technologies Pvt. Ltd.; and ARM Norway, AS.

[Via newsticker.welt.de]

Sell-off sends oil sliding toward $60

noreply@blogger.com (Anthony German) — Fri, 07 Nov 2008 07:41:00 +0000

Oil prices neared $60 a barrel Thursday, their lowest point in about a year and a half, as a growing number of economic reports point to a long and painful recession.

Yet the International Energy Agency, an adviser to 28 nations, said Thursday it expects oil import prices will rebound to average $100 a barrel between 2008 and 2015 and that the threat of a supply crunch remains. And the agency has increased its forecast for the price of a barrel of oil in 2030 to just over $200 in nominal terms,

The effect the global financial crisis has on demand won’t be sufficient to offset rising demand in developing countries, led by China and India, the Paris-based agency said in an executive summary of its annual World Energy Outlook.

“There remains a real risk that under-investment will cause an oil-supply crunch” by 2015 as the decline in output from mature oil fields speeds up, the Paris-based adviser to oil-consuming nations said. “The current financial crisis is not expected to affect long-term investment, but could lead to delays in bringing current projects to completion.”

But on Thursday, light, sweet crude for December delivery fell 7 percent, or $4.53, to settle at $60.77 a barrel on the New York Mercantile Exchange. Prices tumbled as low as $60.16 at one point, a level last seen in March 2007.

Oil prices have fallen nearly 60 percent since peaking at $147.27 a barrel in mid-July. They surged above $70 Tuesday, but a crude sell-off began the following day when prices dipped 7.4 percent.

When the economy slows, the demand for energy fades. One side effect: The price of gasoline has fallen from summer highs, when a gallon cost more than $4. Experts say gasoline nationally could cost half that by year’s end.

Analyst and trader Stephen Schork said the sharp decline is fallout from a yearlong bubble.

Some investors and lawmakers in Washington have blamed speculative traders for bidding up the price of oil.

“It’s the old adage: Markets fall faster than they rise. And this is exactly what we’re seeing right now,” Schork said. “We knew it was a bubble on the way up. People stopped acting rationally. High prices became the justification for high prices, fundamentals be damned.”

Also pressuring crude prices Thursday were interest rate cuts across Europe, where economic leaders were trying to spark growth.

And despite a government report showing storage levels in the U.S. rose less than expected last week, prices for natural gas fell, too.

In other Nymex trading, gasoline futures fell 8.8 cents to settle at $1.336 a gallon. Heating oil dropped 11.23 cents to settle at $1.942 a gallon, while natural gas for December delivery fell 27 cents to settle at $6.979 per million British thermal units.

Bloomberg News contributed to this report.

[Via www.chron.com]

MySpace, MTVN Pact to Monetize Content

noreply@blogger.com (Anthony German) — Tue, 04 Nov 2008 16:04:00 +0000

NEW YORK MySpace and MTV Networks have formed a partnership designed to help both companies monetize MTV’s copyrighted content that users post to MySpace. The scheme uses ad insertion technology created by the startup firm Auditude.

Through the new arrangement, when users post clips of series like MTV’s Punk’d or Comedy Central’s The Daily Show to MySpace, Auditude’s technology will automatically recognize that content as having been produced by MTVN, allowing MySpace to place ads alongside the clips. MySpace can also opt to have viewers automatically alerted about the source of the content they are streaming via a new “Attribution Overlay” placement, which can be used to direct those users to purchase individual episodes of those series or related merchandise.

MySpace and MTV’s decision to attempt to cash in on Web users’ continued tendency to post copyrighted video content online is a departure from recent years, when major media companies have frequently clashed with video sites over pirated clips, often demanding they be taken down. The move mirrors a similar tactic being tested by YouTube and partners such as CBS and Universal Music -- though interestingly not Viacom -- which remains entangled in $1 billion lawsuit with the Google-owned company.

Executives claim that Auditude’s technology can identify more than 250 million videos. “With Auditude’s solution, we can continue to give users the freedom to take our content wherever they go online, while ensuring that we can monetize it as well," said Mika Salmi, president of global digital media, MTV Networks.

From the sound of it, MySpace may look to employ Auditude’s technology with multiple content partners. “Auditude is opening the floodgates for users to program video on MySpace and ensure copyright holders get paid,” said Jeff Berman, MySpace president of marketing and sales. “In one fell swoop, Auditude and its partners are empowering consumers and building a better business model.”

[Via www.adweek.com]

Is surfing the Internet altering your brain?

noreply@blogger.com (Anthony German) — Tue, 28 Oct 2008 07:21:00 +0000

CANBERRA (Reuters Life!) - The Internet is not just changing the way people live but altering the way our brains work with a neuroscientist arguing this is an evolutionary change which will put the tech-savvy at the top of the new social order.

Gary Small, a neuroscientist at UCLA in California who specializes in brain function, has found through studies that Internet searching and text messaging has made brains more adept at filtering information and making snap decisions.

But while technology can accelerate learning and boost creativity it can have drawbacks as it can create Internet addicts whose only friends are virtual and has sparked a dramatic rise in Attention Deficit Disorder diagnoses.

Small, however, argues that the people who will come out on top in the next generation will be those with a mixture of technological and social skills.

"We're seeing an evolutionary change. The people in the next generation who are really going to have the edge are the ones who master the technological skills and also face-to-face skills," Small told Reuters in a telephone interview.

"They will know when the best response to an email or Instant Message is to talk rather than sit and continue to email."

In his newly released fourth book "iBrain: Surviving the Technological Alteration of the Modern Mind," Small looks at how technology has altered the way young minds develop, function and interpret information.

Small, the director of the Memory & Aging Research Center at the Semel Institute for Neuroscience & Human Behavior and the Center on Aging at UCLA, said the brain was very sensitive to the changes in the environment such as those brought by technology.

He said a study of 24 adults as they used the Web found that experienced Internet users showed double the activity in areas of the brain that control decision-making and complex reasoning as Internet beginners.

"The brain is very specialized in its circuitry and if you repeat mental tasks over and over it will strengthen certain neural circuits and ignore others," said Small.

"We are changing the environment. The average young person now spends nine hours a day exposing their brain to technology. Evolution is an advancement from moment to moment and what we are seeing is technology affecting our evolution."

Small said this multi-tasking could cause problems.

He said the tech-savvy generation, whom he calls "digital natives," are always scanning for the next bit of new information which can create stress and even damage neural networks.

"There is also the big problem of neglecting human contact skills and losing the ability to read emotional expressions and body language," he said.

"But you can take steps to address this. It means taking time to cut back on technology, like having a family dinner, to find a balance. It is important to understand how technology is affecting our lives and our brains and take control of it."

(Editing by Paul Casciato)

[Via www.reuters.com]

Betting on climate change

noreply@blogger.com (Anthony German) — Mon, 27 Oct 2008 11:00:00 +0000

SAN FRANCISCO (Fortune) -- With markets whipsawing day to day, and former blue chip companies in tatters, what investors want is a safe haven for their money. Ironically, climate change, that global environmental trend that could bring about the end of not just the stock market but civilization as we know it, may be that haven, suggests a just-released report by Deutsche Asset Management, the asset management arm of Deutsche Bank.

"The current economic downturn presents governments with a historic opportunity to climate proof their economies as they upgrade infrastructure as a core response to the economic downturn," writes Mark Fulton, global head of climate change investment research for Deutsche Asset Management.

The argument Fulton and his colleagues put forth is that sectors that play in the climate change world, including clean energy, emissions technology, transportation and water among others, possess more reliable earnings going forward because of what they view as inevitable government support. Not only that, the market is huge.

The International Energy Agency estimates that about $45 trillion will be needed between now and 2050 to bring new clean-energy technologies to market. Some of that money will come from investment by private equity shops and venture capital, but vast amounts will come from government, as reliable a source as you are going to find in these panicked economic times.

"Climate change has a built-in advantage over most other sectors," Fulton writes. "Its regulated markets hold the promise of enormous secular growth. In the long-term, the earnings of companies and projects that are supported by governments for policy reasons are more trustworthy - there is, in short, a significant safety net effect here."

No sector has been spared the recent bloodbath in the markets, but companies that are part of the overall climate change umbrella have been particularly savaged. Just look at the Claymore/MAC Global Solar Energy Index (TAN), an ETF comprised of global solar companies. It's down 65% since it started trading in mid April, more than twice the decline of the Nasdaq during the same period. But if you believe in the long-term fundamentals of alternative energy, and the markets that will evolve around carbon trading, now is the time, in other words, to go out and look for some bargains. "At sector level, there have been signs of inflated valuations, with solar being the most noted example," the report states. "That is now disappearing and the credit crisis correction looks to be delivering attractive valuations given strong regulatory support."

There are of course several things that could go wrong. Oil and natural gas prices could fall farther than they already have, which makes alternative energy less attractive. Financing is of course, hard to come by, and many of the projects that fall under the climate change rubric need that financing - including wind and solar at the utility scale. So if governments don't step in, those projects are dead in the water. Then again, if nothing is done about climate change, so are we all.

[Via money.cnn.com]

Energy policies create jobs, save money

noreply@blogger.com (Anthony German) — Wed, 22 Oct 2008 06:29:00 +0000

California's innovative energy policies created 1.5 million jobs over the past 35 years and saved consumers more than $56 billion on energy costs, according to a study released this week.

The Energy Efficiency, Innovation and Job Creation Report in California was conducted by UC professor David Roland-Holst and funded by Next 10, a nonpartisan nonprofit organization.

The jobs California's energy-efficient policies created made for a total payroll of more than $45 billion during the same 1972-2006 period, the report said.

And if California improves its energy efficiency by just 1percent per year, proposed state climate policies will increase the Gross State Product by about $76 billion, increasing real household incomes by up to $48 billion and creating as many as 403,000 more jobs, according to the study.

"Our analysis provides solid evidence that California's legacy of energy policy has grown the economy, created jobs and put billions of dollars into the pockets of consumers," Roland-Holst said in a statement.

The study, he said, reveals "the economic power of energy innovation and efficiency, and the promise for California ..."

That promise will come to fruition, providing that the state redoubles its efforts as proposed in the "Draft Scoping Plan" to implement the Global Warming Solutions Act (AB 32), he said.

Signed into law in September 2006, AB 32 is the first legislation in the nation to place a limit on emissions that are deemed to cause global warming.

The report additionally says California's economy would be in a "significantly more vulnerable position today" if the state hadn't implemented strategies to reduce harmful emissions more than three decades ago.

That may well be true.

But Shelly Sullivan says future policies must be crafted with care so they don't place undue burdens on California's already-stressed business community.

Sullivan is executive director of the AB 32 Implementation Group, a coalition of more than 170 businesses and organizations throughout the state. The group is co-sponsored by the California Manufacturers and Technology Association and the California Chamber of Commerce.

"We believe that now, more than ever, we need an emissions-reduction program that will come at the least cost to California consumers and businesses," she said. "California already rates as one of the least business-friendly states in the country."

Sullivan said her group is concerned about the "leakage" that occurs when businesses leave the state to escape its stringent regulations and mandates.

"If we impose too many added regulations and they become too costly ... businesses will close down or move to Arizona or New Mexico where they don't have these restrictions," she said.

[Via www.pasadenastarnews.com]

Oil dips below $75 as OPEC cuts demand forecast

noreply@blogger.com (Anthony German) — Thu, 16 Oct 2008 06:32:00 +0000

NEW YORK (AP) — Oil prices closed below $75 a barrel for the first time in nearly 14 months Wednesday after OPEC, fearing that a severe global economic slowdown is unavoidable, slashed its 2009 petroleum demand forecast.

Another bad day on Wall Street also pressured oil prices, which have tumbled a staggering 49 percent since soaring to an all-time high $147.27 on July 11. The Dow Jones industrial average plunged 733 points.

Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill, said oil traders using the stock market as a barometer for economic health were "undoubtedly" pricing a recession into the market.

"It's just a question of severity," Ritterbusch said. "And given the downward movement in oil, it's beginning to look like a more severe recession than a lot of people had expected."

Light, sweet crude for November delivery fell $4.09, or 5.2 percent, to settle at $74.54 a barrel on the New York Mercantile Exchange. It was crude's lowest settlement prices since Aug. 31, 2007.

Crude's stunning collapse has sent pump prices tumbling. A gallon of regular gas fell nearly 4 cents overnight to a new national average of $3.125, according to auto club AAA, the Oil Price Information Service and Wright Express. That left prices nearly 10 percent lower from where they were only a week ago and almost 25 percent down from their all-time high of $4.114 set July 17.

The Organization of the Petroleum Exporting Countries said rich nations in 2009 are expected to need only 400,000 barrels a day more oil than this year, whereas demand from developing countries will increase by an estimated 1.1 million barrels, with most of that growth coming from China, the Middle East and India.

OPEC's report comes about a month before the cartel is scheduled to hold a special meeting to discuss ways to deal with oil's slide, including the possibility of tightening output. OPEC controls 40 percent of the world's oil supply, though analysts say a cutback in OPEC production likely would not dramatically alter crude's downward direction.

A global economic slowdown caused by a seize-up in world credit markets is forcing consumers and businesses around the world to cut back on energy use. U.S. and European leaders this week announced plans to pump billions of dollars into the beleaguered banking system to jump start lending, though experts say the damage to the wider economy has already been done.

The OPEC report reflected the extent of the downturn in developing countries while showing that appetite for crude remained robust elsewhere.

While total oil consumption dropped in developed countries by more than 1 million barrels a day as of September over a 12 month period, demand growth from developing countries increased by a daily 1.2 million barrels over the same time, OPEC said.

The U.S. plans to spend as much as $250 billion this year of a $700 billion bailout buying stock in private banks. Governments across the globe have pledged more than $3 trillion to prop up ailing banks in a bid to stabilize a credit crisis that began last year in the U.S. sub-prime mortgage market.

Worries about a recession are strengthening expectations that crude prices still have some way to go before they bottom out. Trader and analyst Stephen Schork suggested that $50 "is now within the realm of possibilities."

Investors are also watching for signs of slowing U.S. demand in the weekly oil inventories report to be released Thursday from the U.S. Energy Department's Energy Information Administration, a day later than usual because of the Columbus Day holiday. The petroleum supply report was expected to show that oil stocks rose 3.1 million barrels last week, according to the average of analysts' estimates in a survey by energy information provider Platts.

The Platts survey also showed that analysts projected gasoline inventories rose 3.1 million barrels and distillates went down 850,000 barrels last week.

Crude stocks have grown as oil installations in the Gulf of Mexico began operating again after being shut down by Hurricane Ike last month.

"There is some demand destruction in that forecast, but there's also hangover from the hurricane as refineries come back on line," said Gerard Rigby, an energy analyst at Fuel First Consulting in Sydney.

In other Nymex trading, heating oil futures fell 7.12 cents to settle at $2.217 a gallon, while gasoline futures fell 10.26 cents to settle at $1.7822 a gallon. Natural gas futures for November delivery fell 18.8 cents to settle at $7.136 per 1,000 cubic feet.

In London, November Brent crude fell $3.73 to settle at $70.80 a barrel on the ICE Futures exchange.

[Via ap.google.com]

Urgent need to review biofuels to protect food production

noreply@blogger.com (Anthony German) — Tue, 07 Oct 2008 09:27:00 +0000

Rome - The United Nations Food and Agriculture Organization (FAO) on Tuesday called for an urgent review worldwide of biofuel policies and subsidies to ensure they protect poor farmers and do not impact negatively on global food security. "Biofuels present both opportunities and risks. The outcome would depend on the specific context of the country and the policies adopted," FAO Director General Jacques Diouf said in a statement released by the Rome-based agency.

"Current policies tend to favour producers in some developed countries over producers in most developing countries. The challenge is to reduce or manage the risks while sharing the opportunities more widely," Diouf added.

Biofuel production based on agricultural commodities increased more than threefold from 2000 to 2007, and now covers nearly 2 per cent of the world's consumption of transport fuels, FAO said in its annual State of Food and Agriculture report, published Tuesday.

The growth is expected to continue, but the contribution of liquid biofuels (mostly ethanol and biodiesel) to transport energy, and even more so to global energy use, will remain limited, the report said. Despite the limited importance of liquid biofuels in terms of global energy supply, the demand for agricultural feedstocks (sugar, maize, oilseeds) for liquid biofuels will continue to grow over the next decade and perhaps beyond, putting upward pressure on food prices, FAO said.

High agricultural commodity prices are already having a negative impact on developing countries that are highly dependent on imports to meet their food requirements, FAO said.

"Particularly at risk are poor urban consumers and poor net food buyers in rural areas," the report said, noting how many of the world's poor spend more than half of their incomes on food.

"Decisions about biofuels should take into consideration the food security situation but also the availability of land and water," Diouf said. "All efforts should aim at preserving the utmost goal of freeing humanity from the scourge of hunger," he said.

Production of biofuels must also be assessed in terms of its impact on the environment, the report said, noting that the expanded use and production of biofuels "will not necessarily contribute as much to reducing greenhouse gas emissions as was previously assumed."

While some biofuel feedstocks, such as sugar, can generate significantly lower greenhouse gas emissions, this is not the case for many other feedstocks.

The largest impact of biofuels on greenhouse gas emissions is determined by land-use change.

"Changes in land use - for example deforestation to meet growing demand for agricultural products - are a great threat to land quality, biodiversity, and greenhouse gas emissions," Diouf said in the statement.

The FAO chief also noted that biofuel production can present opportunities to the poor, provided certain conditions are met.

"Opportunities for developing countries to take advantage of biofuel demand would be greatly advanced by the removal of the agricultural and biofuel subsidies and trade barriers that create an artificial market," Diouf said.

The current subsidy policies benefit producers in highly developed countries such as those belonging to the Organization for Economic Co-operation and Development (OECD) "at the expense of producers in developing countries," Diouf said.

[Via www.earthtimes.org]

Prepaid Cards - How They Works

noreply@blogger.com (Anthony German) — Thu, 11 Sep 2008 10:20:00 +0000

A prepaid card is a great alternative to a bank account. They were designed for individuals with damaged or no credit history.

This is how prepaid cards work; first you deposit funds into your account/card. You use your card to pay bills or make purchases. Then the funds are taken from your account to pay for the purchases.

The most popular methods of depositing funds are direct deposit, money gram or western union. If you choose to use direct deposit it will save you money because you will no longer have to pay check cashing fees. Most cards will allow you to use direct deposit for free [...]

Read more: prepaid checking account

Register for free here

The Mixed Blessings of $100 Oil

noreply@blogger.com (Anthony German) — Tue, 09 Sep 2008 06:50:00 +0000

There sure was a frenzy when oil prices surged close to $150 per barrel over the summer and gas prices crested at $4 per gallon. John McCain called for suspending the federal gas tax. Car buyers freaked out and virtually stopped buying big SUVs. "Energy policy"—usually a sleeper issue—became front-page news.

It's a lot quieter now that oil prices are drifting back down toward $100 per barrel and maybe lower. Cheaper oil will certainly give consumers a breather and ease inflation worries. Yet the dramatic fall in oil prices could have unforeseen—and unfortunate—consequences. Here are a few:

Energy will move to the back seat in the presidential campaign. For a while, it looked like the candidates' differing views of America's energy needs would be a hot-button campaign issue. McCain favors aggressive offshore drilling in Alaska and elsewhere and more nuclear power. Barack Obama

wants to make cars more efficient and invest in advanced energy technologies. When $4 gas was sucking the cash out of American wallets, energy suddenly became everybody's problem. But as gas prices drift back toward $3, and possibly lower, other pocketbook issues—such as housing, jobs, taxes, and the economy in general—will eclipse energy. Campaigns are all about what's on voters' minds today. And when energy is cheap—what's the problem?

"Energy independence" will be kicked down the road. Did you hear politicians thundering about the need to divorce ourselves from Saudi, Russian, and Venezuelan oil in 2006? Or 2000? Sure, this is a vital cause for core environmentalists and reformers who want to see America less dependent on dictators and sheiks for energy. But for many people, "energy independence" is really just a euphemism for "cheap gas." When pump prices spike, suddenly we feel enraged that foreigners are holding us hostage. But when gas and oil are cheap, we don't mind being dependent on them, because "freedom" would cost more. So, enthusiasm for energy independence will probably fade until prices start to go back up.

Alternative energy will remain in disarray. The federal government loves to fund alternative energy—so much so that it picks a new favorite every year or two. "In 2003, it was hydrogen, then biofuels, then plug-ins," says David Friedman of the Union of Concerned Scientists. "It's like a bunch of little kids running around grabbing at the shiny object." Binge-and-purge funding wreaks havoc on research programs because scientists often can't finish what they start. Then they get frustrated and stop applying for grants altogether.

A sense of crisis, like we had over the summer, would help increase funding and also discourage members of Congress from diverting money to pet projects in their home districts that have little or nothing to do with national energy priorities. But business as usual means alternative-energy funding may look more like a slush fund for influential lawmakers than an urgent effort to address a major problem.

The market for hybrids will dissipate. Most hybrids cost extra, and car buyers are pretty good at math: They'll pay the additional $2,000 or $3,000 if they think they'll earn it back in gas savings over a reasonable amount of time, like three or four years. That payback window gets shorter if gas is expensive and longer if gas is cheap. With gas prices falling, hybrids make less sense financially. Fewer people will buy them, and manufacturers, in turn, will offer fewer hybrid models.

The effect on other gasoline alternatives, like cars powered by biofuels, electricity, or hydrogen, may be even more stark. Those technologies will be expensive at first and only come down in price if manufacturers can sell them in large quantities. If gas is cheap, why would anybody risk a lot of extra money on a car that's unproven and weird, even if it gets double or triple the mileage? For all the talk about alternatives, gas-powered internal-combustion engines are so reliable and widely accepted that it will take something revolutionary or dramatic to displace them.

SUVs will come roaring back. The sting of $80 fill-ups may last for a while, and Americans probably won't upsize their rides quite as fast as they've downsized. One reason is that General Motors, Ford, and Chrysler have recently made long-term cutbacks in the factories that build big trucks and SUVs. But there's good reason to think that land yachts will reclaim the road if gas gets cheap once again.

After the oil shocks of the 1970s, small cars and alternative energy had a brief moment in the sun, until gas fell to new lows and cars got bigger, setting the stage for the debut of the SUV in the late 1980s. Consumers may already be drifting back in that direction: General Motors claims that a 40-cent decline in pump prices helped stoke a late-summer surge in truck and SUV sales. Those buyers may regret the purchase in two or three years, if long-term predictions about rising oil and gas prices prove true. But for a few months at least, happy days are here again.

Source: www.usnews.com

Futures point to weaker Wall Street open

noreply@blogger.com (Anthony German) — Mon, 25 Aug 2008 11:34:00 +0000

LONDON (Reuters) - Futures pointed to a slightly weaker Wall Street open on Monday after strong gains on Friday. By 0854 GMT (4:54 a.m. EDT), S&P 500 futures, Nasdaq 100 futures and Dow Jones futures were down 0.2 to 0.3 percent.

* A top Korean regulator on Monday voiced concern about state-run Korea Development Bank's (KDB.UL) interest in buying a global bank after KDB said on Friday it was open to such an acquisition and named Lehman (LEH.N) as one of its options. Lehman stock in Frankfurt (LHMH.F) was down 7.5 percent.

* No major company is due to announce Q2 results, but U.S. homes sales data, due at 1400 GMT (10 a.m. EDT), will be in focus.

* Federal Reserve Chairman Ben Bernanke said on Friday that the stronger dollar and lower oil prices, along with the weak economy, should curb inflation, in a hint that interest rates should stay on hold, though he warned the inflation outlook is "highly uncertain."

* Investors will keep a close eye on energy and oils stocks, with crude prices rising more than $1 to top $115 a barrel after Friday's 5.4-percent decline, the steepest since December 2004.

* The fallout from the credit crisis continues to make investors nervous, analysts said, adding investors increasingly believe in the likelihood of a federal bailout of home-funding giants Fannie Mae (FNM.N) and Freddie Mac (FRE.N).

(Reporting by Atul Prakash)

Source: Yahoo News

Mozilla's TraceMonkey Speeds JavaScript in Firefox

noreply@blogger.com (Anthony German) — Sun, 24 Aug 2008 16:22:00 +0000

Mozilla announced a new component in Firefox that will significantly speed up the browser's JavaScript performance.

Called TraceMonkey, the component is a Just-In-Time (JIT) JavaScript compiler that will eventually replace Firefox's current SpiderMonkey JavaScript compiler. Mozilla's Interim Mike Shaver told PC Magazine that the new compiler can improve JavaScript performance by up to a factor of seven, and with more speed improvements down the road. JavaScript is increasingly important, not only because of more-demanding sites, but because much of the Firefox browser itself is coded in JavaScript.

Mozilla' Shaver hinted that the kind of JavaScript performance made possible with TraceMonkey could one day eliminate the need for proprietary plug-ins such as Adobe's Flash and Microsoft's SilverLight in order for sites to incorporate highly interactive content such as web-based graphics editors. Ironically, the TraceMonkey team has produced a Flash demo showing TraceMonkey in action, manipulating images.

Said Mozilla's Shaver, "[With TraceMonkey we're] competing with native code rather than with scripting languages. People have been building sites under the assumption that JavaScript is slow. Image manipulation today is not feasible in JavaScript, but TraceMonkey changes that. We're at the very beginning of what we can do with tracing."

In unpublished PC Magazine testing using the popular SunSpider JavaScript benchmark, Firefox 3.1 already outperforms Internet Explorer 7 by a factor of 7, so the new technology will double that gap. Internet Explorer 8 Beta 1, too, is nearly half the speed of Firefox in the benchmark. The TraceMonkey Just-In-Time (JIT) JavaScript compiler uses a technique known as a "trace-tree" which isolates and compiles the most frequently used code, such as a loop, first, and "trees" out to other hot code. The tracing uses optimization based on that in Mozilla's Tamarin virtual machine project.

You can read more about TraceMonkey on Mozilla Chief Technology Officer Brendan Eich's blog on Mozillazine and on Shaver's blog. Testers and developers can download a version of Firefox that includes the new technology with be available starting today from Mozilla's FTP site, but the TraceMonkey feature is not turned on by default. It will become a part of Firefox 3.1 when that version is released, possibly before the end of the year.

Source: Yahoo News

Audi and iPhone, together at last, sort of

noreply@blogger.com (Anthony German) — Fri, 22 Aug 2008 09:55:00 +0000

Audi got us all excited Thursday morning with a press release titled "Audi announces first automotive OEM iPhone application." We were thinking Audi cars would integrate with the iPhone in ways we never thought possible. Maybe you could display your iPhone screen on the car's LCD, viewing Web pages and e-mail. Maybe the iPhone would work with the navigation system, giving you Google address searches in place of the car's standard points-of-interest database. Audi already has good iPod integration and Bluetooth cell phone support, two things of which the iPhone can take advantage.

But then we actually read the release, and found that you can download an app for your iPhone that lets you drive the new Audi A4 through a course, trying to beat your own best times.

The two things that make it cool are that it uses the accelerometer in the iPhone to steer the car, so you move your iPhone like a steering wheel, and that it's free at the iPhone App Store. The thing that's not cool is it's just a marketing tool, with a link to a Web site designed for iPhone viewing that "allows users to experience and learn more about the entirely new Audi A4," according to the release.

Oh Audi, you are just a big tease.

Source: reviews.cnet.com

Currency Crisis: Sending Money

noreply@blogger.com (Anthony German) — Fri, 22 Aug 2008 09:27:00 +0000

As more people travel, live and conduct business abroad, sending money across borders has become a huge industry. But figuring out the ins and outs of using money-transfer services can be a daunting journey of its own.

We tested five different services for sending money internationally, using each one to send $100 from New York to our friend in Jakarta, Indonesia.

Lisa Haney

First up was Western Union, the largest and oldest money-transfer company. In 2007 alone, it conducted 168 million consumer-to-consumer money transfers and an additional 405 million consumer-to-business transactions. That averages out to over a million transfers a day, a Western Union spokesman says.

The company offers three different ways to send money -- online, at a location or by phone -- and has three different types of money-sending services. At first, the options were overwhelming, but the Web site had a handy chart that showed what services were available where.

We used the online Money in Minutes option, which allowed us to use a Visa or MasterCard credit or debit card. (We chose a Visa credit card, which we used throughout this test.) Recipients are able to go to any one of 345,000 Western Union locations world-wide to pick up the cash.

The online form was fairly easy to navigate -- all we needed to supply was our friend's first and last name and the country she was in. But it was tough to figure out which fees applied. Additional services -- such as having someone read a message to the cash recipient -- were offered, but the cost for these was unclear.

Before clicking "send," we received a message about our credit profile. The wording was unclear, so we called customer service to ensure that Western Union wouldn't put a hard inquiry on our credit report -- which could lower our credit score. Fifteen minutes, two phone numbers and one customer-service encounter later, we learned that our credit score would not be affected, but that Western Union had the right to "investigate" us if "we see something fishy."

After placing our order online, we confirmed it with a phone call. The total charge to send the money was $15.

Our friend had no trouble finding a Western Union office in Jakarta, but when she got there, she was told that she couldn't pick up the money without a confirmation number. The customer-service representative had failed to tell us that our friend needed the number.

She had to go back twice, and on her second visit, it took her 45 minutes to get the money. Agents there argued that her signature didn't exactly match the one on her passport and were wary of the authenticity of her local ID. She finally received $96.50, after currency-conversion fees.

Next we tried MoneyGram International, which offers two services for sending money online: eMoney Transfer Same Day Service and eMoney Transfer Economy Service, which takes longer. We used the same-day option. The site had a fee estimator that said it would cost a total of $15.49 to send $100 to Indonesia.

We had to give our Social Security number early on, which felt strange. But there was a link right next to the question that explained they were asking for it for security reasons. The default setting on the online form was not to receive promotional emails, unlike Western Union's. MoneyGram also offered a warning about using a debit card to send money, because doing so meant the company could put a hold on your bank account. They also warned that our credit-card company might charge an additional fee. Total cost for sending: $14.

The process was like Western Union's, with immediate confirmation that the money was available at a MoneyGram location in Indonesia. We were confused about which confirmation number we needed to give our friend for her to receive the money.

At MoneyGram, our friend also spent 45 minutes picking up her money -- waiting in a long line, as well as filling out two forms asking for details like her cellphone number, tax identification number, job information and annual salary. At the end, they gave her an umbrella as a free gift, but overall the experience was frustrating. In the end, she received $96.82, after conversion fees.

PayPal, a unit of eBay, isn't just for buying baubles on eBay. We placed our transfer order with the site quickly because we already had a PayPal account, slashing the amount of time spent entering our information. All we needed was the recipient's email address. Navigating the site and completing the order took less than five minutes, and our friend was able to put the money in her bank account instantly.

I had the option of adding a personal message of up to 300 words free. (Western Union would have charged me for that.) PayPal was fast and simple -- but it requires the recipient to have a bank account, unlike some of the other services. Total amount spent: $100.

The only problem: Our friend wasn't able to access the money. It turns out that her local bank didn't have a joint cooperation agreement with PayPal. Her bank told her: "We believed PayPal is not entirely safe and secure, so we try to protect our customer from the fraud by not opening the access." As the sender, we received no notification about the problem, other than an "unclaimed" note in our Paypal transaction log online. In an emergency situation, this could cause confusion.

A PayPal spokeswoman acknowledged that banks in different countries have different levels of partnership with the service.

Upstart iKobo takes a slightly different approach: It delivers the recipient a prepaid Visa debit card.

The site calculated an $8 fee for us to send our $100, which included a $5 flat fee and 3% fee for using a credit card. It cost an additional $24.95 for FedEx Express three-to-five-day delivery for the card to be sent to our friend. We had to give her phone number and mailing address, which could be a problem for someone traveling abroad. What's more, the address input field limited the number of characters we could input -- a big problem for long Indonesian street names.

A few minutes after placing our order, we received an email saying that our transaction had been canceled, but no explanation was given. A call to customer service revealed that it was because our name didn't check out in the credit-card identity-verification process.

Total cost: $32.95, plus a cornucopia of fees anytime the card is used: a 99 cent monthly fee, paid by the recipient, as long as there's a balance and a $1.99 fee for ATM withdrawals, plus whatever the local bank charges. There's no fee for using the card (which is reloadable) at merchants or for cash advances, but again, the local bank might slam you with a fee. Three business days after we placed our order, the card hadn't yet arrived. A spokesman for iKobo acknowledged that shipping arrival times can vary.

Finally, we placed a wire transfer with our bank, Washington Mutual, directly from our checking account. Even though the bank had all of our account information on record, we couldn't do the transfer online or on the phone. Heading to the branch during business hours was a hassle, but after all of the online rigmarole we had been through, seeing a teller face-to-face was refreshing.

Yet just having our friend's email address or location wasn't enough. We had to fork over her mailing address, bank-account number and the address of her bank. After placing the transfer, we were told it would take one to two days for her to receive the money, but it didn't cost us anything to send it. The recipient's bank, however, can charge additional fees.

Our friend's bank charged her $9.50, so she ended up receiving $90.50 in her account. She said that this was "far more easy and efficient" than the other services.

Whatever service you choose, beware that fees lurk everywhere. Your bank or credit card will charge you. (Chase, the issuer of our credit card, socked us with a $10 transaction fee for the Western Union transfer because it was technically considered a cash advance.) The bank might also call you to confirm the transaction for security reasons. The recipient will also face fees from his bank or the money-sending service, in addition to fees for exchanging the money into the local currency. It pays to ask about fees before you send.

Via online.wsj.com

Nissan says to start exporting cars from China JV

noreply@blogger.com (Anthony German) — Thu, 21 Aug 2008 11:42:00 +0000

TOKYO (Reuters) - Nissan Motor (7201.T) will begin exporting passenger cars over the next few months from China, as a growing number of global industry giants tap their output in the world's second-largest auto market to supply export markets.

Nissan will initially ship 400 Livina hatchbacks and Bluebird Sylphy sedans made at a joint venture plant in south China to Egypt, a company spokesman said on Thursday.

It may expand its exports to other markets in the future, he said.

The shipment to Egypt will mark the No.3 Japanese automaker's first exports of cars made in China, as it joins other global players taking advantage of the country's lower costs.

General Motors (GM.N) has sold China-made Chevrolet Lova compact cars to Ukraine and engines to South Korea.

Honda Motor (7267.T) exports Fit compact cars, called Jazz in some markets, from a factory in south China.

(Reporting by Chang-ran Kim; Writing by Fang Yan in Shanghai; Editing by Edmund Klamann)

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Source: Yahoo news

Palm unveils Treo Pro to battle BlackBerry

noreply@blogger.com (Anthony German) — Thu, 21 Aug 2008 10:06:00 +0000

Did planning your Vacation empty your Wallet?

NEW YORK (Reuters) - Palm Inc unveiled a Treo smartphone Wednesday based on Microsoft Corp software to compete for business users against rivals such as Research In Motion's BlackBerry.

The new Treo Pro will be sold by Vodafone Group Plc and 02 in Europe in September, and by Telstra in Australia, Palm said.

In the United States, Palm does not have an agreement with a carrier to sell the phone, but it said enterprise demand is growing for unlocked phones that can work on any network.

CL King analyst Lawrence Harris noted, however, that the Treo Pro's price tag of $549 is high without the subsidies typically offered by carriers to lock in subscribers.

"Given the pricing and lack of carrier sponsorship in the U.S., we believe initial sales of the Treo Pro will be limited," said Harris, adding that only 21 percent of Palm revenue came from international sales in its fiscal year 2008.

The Treo Pro is Palm's second phone with Wi-Fi, a short range wireless technology that could boost Web speeds in weak cell phone reception areas, and Global Positioning System (GPS) technology that supports features such as directions.

Palm said the use of Microsoft's Windows Mobile 6.1 software would help it compete with RIM's BlackBerry Bold, a high-speed phone that goes on sale in Canada this week and is expected to be launched in the United States later this year.

"We've chosen to partner with Microsoft to compete effectively with RIM," said Brodie Keast, Palm senior vice president for marketing, but he added that there was plenty of room for both companies to grow in the smartphone market.

"Even with the growth in this market, 90 percent of the market doesn't have a smartphone. It doesn't make sense to fight over the 10 percent," said Keast in a telephone interview. "We want to reach out to people who don't have a smartphone, not people who already love RIM."

Keast said it was likely that more Palm devices would include Wi-Fi in the future as there is growing demand for alternative connectivity in areas where phone reception is weak, or when users want faster speeds to download big files.

"Going forward for premium, fully featured devices, Wi-Fi is a requirement," he said.

Keast said Palm was on track to come out with a new phone software platform aimed at consumers in the first half of next year, and that this would put it in more direct competition with the iPhone from Apple Inc.

He said he does not see the iPhone, which now supports corporate e-mail, as a direct competitor to the Treo Pro.

Palm shares were down 13 cents, or 1.7 percent, at $7.67 on Nasdaq in midday trading.

Vacation Funds Available Now!

(Editing by Brian Moss)

Source: Yahoo News

Bank of America and Visa Create Prepaid Card for 2008 U.S. Olympic & Paralympic Team Athletes

noreply@blogger.com (Anthony German) — Wed, 20 Aug 2008 11:31:00 +0000

Bank of America, the Official Bank Sponsor of the 2008 U.S. Olympic Team, and Visa, Official Payment Services Brand of the U.S. Olympic Team, today announced the return of a Visa prepaid cards that will enhance the Olympic experience of all U.S. athletes and United States Olympic Committee (USOC) staff members participating in theBeijing 2008 Olympic and Paralympic Games. The prepaid card, featuring the image of a U.S. flag as well as the Olympic rings, will be used by each athlete and staff member for their daily per diem at the Olympic and Paralympic Games.

As a better alternative to cash and checks, the U.S. Olympic Team prepaid card will offer America's athletes immediate access to their funds throughout Beijing and at tens of millions of locations worldwide. And unlike cash, Visa prepaid cards are protected by Bank of America's and Visa's Zero Liability policy in the event of loss or theft.

"Visa prepaid cards continue to gain popularity as cardholders demand more choice and flexibility in how they pay and want to be paid," said Antonio Lucio, chief marketing officer of Visa Inc. "By providing a more convenient and secure way to pay, Visa prepaid cards will help simplify one critical aspect of the U.S. Olympic and Paralympic Team's journey, so they can focus on what's most important."

Bank of America, a U.S. Olympic Team sponsor since 1992, is the exclusive issuer of the Visa prepaid card for the second time, which is being offered to the entire USOC delegation for the Olympic and Paralympic Games including more than 800 American athletes.

"We're thrilled to offer this card to the U.S. Olympic and Paralympic Team," said Anne Saunders, Brand and Marketing executive, Bank of America. "The athletes now have the flexibility to purchase what they want, where they want. The U.S. Olympic Team prepaid card will allow them to dine, purchase souvenirs and enjoy the Olympic and Paralympic experience with one, easy-to- use funds access solution."

The cards will help reduce administrative and processing expenses for the USOC as they equip America's Team to compete on the world's biggest stage.

"The United States Olympic Committee is pleased to work with Visa and Bank of America to provide the U.S. delegation of athletes, coaches and staff with a tool that will simplify all their financial transactions and needs during the Olympic and Paralympic Games," said Jim Scherr, USOC Chief Executive Officer. "These easy-to-use cards provide tremendous advantages. We are delighted that U.S. Team Olympic sponsors, Visa and Bank of America, have come together to provide these cards to athletes and operational staff during this exciting and busy time."

Via newsblaze.com

Visa Prepaid Cards "simple, effective and safe"

noreply@blogger.com (Anthony German) — Tue, 19 Aug 2008 20:01:00 +0000

Visa Prepaid cards Prepaid credit cards offer consumers a simple, effective and safe means by which to pay for things, according to a sector commentator.

Phil Alcock, credit card expert at Fair Investment Company, explains that people can top up the plastic cards with cash and then use it to pay for goods.

He adds that this can provide consumers with peace of mind since those using such cards cannot go overdrawn or find themselves in debt.

Visa Prepared Cards registration for free

There are currently about 5 million prepaid credit card holders in the USA and this figure is just set to keep on rising as people realise the benefits of a visa prepaid card.

Visa prepaid cards are an effective budgeting tool, concluding that they can be good for children in that they allow the youngsters to be independent but still have a strict budget in place.

Meanwhile, Sainsbury's Finance recently stated that credit card reward schemes are "absolutely" necessary for the majority of consumers.

Oil drops to near $112 as storm threat eases

noreply@blogger.com (Anthony German) — Tue, 19 Aug 2008 08:41:00 +0000

KUALA LUMPUR, Malaysia - Oil prices fell to near $112 a barrel Tuesday in Asia, extending an overnight decline as Tropical Storm Fay avoided oil-producing infrastructure in the Gulf of Mexico.

Analysts also said oil pricing is likely to remain suppressed amid concerns that a global economic slowdown may further dampen world oil demand. But intermittent supply concerns due to the hurricane season and ongoing conflicts such as that between Russia and Georgia are likely to halt any sharp slide in pricing.

"Continuing worries about a U.S. economy slowdown, which may spread to the euro zone and perhaps also Asia are weighing down on oil pricing," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore.

"In the near term, there will be a lot of downward pressure but I don't foresee a fast collapse of pricing to $100 dollars a barrel or below. There is still strong support at $110 a barrel level because of supply side issues," he said.

Midday in Singapore, light, sweet crude for September delivery was down 78 cents at $112.09 a barrel in electronic trading on the New York Mercantile Exchange.

The contract fell 90 cents Monday to settle at $112.87 a barrel after the threat of Tropical Storm Fay eased. That was the first time crude ended below $113 since May 1.

Fay, the sixth named storm of the 2008 Atlantic season, swept over the Florida Keys on Monday after being blamed for at least 14 deaths in Haiti and the Dominican Republic as it moved though the Caribbean. Fay was expected to become a hurricane before curling up Florida's western coast and hitting the state's mainland sometime Tuesday.

Royal Dutch Shell PLC has evacuated 425 oil workers from the Gulf of Mexico as a precaution but said it will redeploy them if the storm remains on its current track. So far during this year's hurricane season in the Atlantic Ocean, no storm has significantly damaged oil installations in the Gulf.

A bearish forecast on Friday from the Organization of the Petroleum Exporting Countries of lower global oil demand growth also helped to push down oil prices.

In its monthly report, OPEC forecast that the world's daily appetite for oil this year would grow by 1 million barrels, a reduction of 30,000 barrels a day from its previous estimate. It predicted growth for 2009 will be 900,000 barrels a day, the lowest growth in world demand since 2002.

Analysts said uncertainty over the conflict between Russia and Georgia will support oil pricing. Russia has begun withdrawing troops, but U.S. officials said Moscow has positioned missile launchers in the separatist South Ossetia province.

Oil market traders were also keeping an eye on possible tensions in Pakistan after President Pervez Musharraf announced his resignation Monday.

In other Nymex trading, heating oil futures fell 1.73 cents to $3.0675 a gallon, while gasoline prices lost 1.62 cents to $2.799 a gallon. Natural gas futures fell 5.8 cents to $7.83 per 1,000 cubic feet.

In London, October Brent crude fell 82 cents to $111.12 a barrel.

Source: Yahoo News

Prepaid Cards Offer Safe "Charge" Option for Teens

noreply@blogger.com (Anthony German) — Mon, 18 Aug 2008 06:53:00 +0000

For the teen who wants it all, a visa prepaid cards may be the answer. Conveying "cool" status and making payments easier, prepaid cards also offer security and control for parents.

Visa prepaid cards have many teen-friendly features. Unlike credit cards, they carry no risk of debt or overdraft fees; cardholders can only spend the amount of money pre-paid onto the card. Additionally, prepaid cards offer the protection of a credit card and the opportunity to build credit. The cards are generally accepted wherever credit and debit cards can be used... read more