Business/Economy (News/Activism)

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  • Surging oil prices weighing on markets

    02/27/2012 4:59:21 AM PST · by Hojczyk · 46 replies · 1+ views
    Yahoo Finance ^ | February 27,2012 | Pan Pylas
    Surging oil prices weighing on markets amid fears they could choke off economic growth Sky-high oil prices weighed on markets Monday as investors worried that the increases could choke off a burgeoning economic recovery, particularly in the U.S. Sentiment in the markets has been buoyed in recent weeks by a seeming calm in Europe's debt crisis and a run of strong U.S. economic data, particularly with regard to jobs. One side-effect of the positive U.S. economic newsflow has been to put upward pressure on oil prices. Despite a modest retreat back below $109 a barrel Monday, the benchmark New York...
  • Video: Newt Responds to President Obama’s Energy Speech

    02/27/2012 2:18:50 AM PST · by Marguerite · 27 replies
    newt.org ^ | February 26, 2012 | Newt Gingrich
    At the California GOP Convention, Newt Gingrich methodically takes apart President Obama’s anti-American energy speech from earlier this week. $2.50 Gas is a Reality We Can Achieve - Newt Responds To Obama's Energy Speech
  • German tax collectors in Athens

    02/26/2012 11:21:32 PM PST · by bruinbirdman · 12 replies
    Athens News ^ | 2/25/2012
    More than 160 German financial services executives are willing to come to Greece in order to strengthen the Greek tax mechanism, according to a report to be published in the German magazine 'Wirtschafts Woche', which will be released on Monday. The magazine cites German deputy finance minister Hans Bernhard Beus, who explains that a key factor is the knowledge of a foreign language - some of them speak Greek - while the return to active duty of retired tax collectors should not be ruled out. Hans Bernhard Beus Many come from the state of North Rhine-Westphalia, whose finance minister, Norbert...
  • Greece: Eurogroup head cannot rule out third bailout

    02/26/2012 10:40:34 PM PST · by bruinbirdman · 4 replies
    Athens News ^ | 2/25/2012
    Asked on Friday in a television interview if he could be sure Greece would not need a third bailout, The head of the Eurogroup of eurozone finance ministers, Jean-Claude Juncker said: "You cannot really exclude that, although we should not have as a starting assumption that a third programme will be (needed)." "We made it clear last Tuesday in Brussels that we are standing ready to support Greece even beyond the time period of this programme but I have good reasons to believe that we should now not engage ourselves in a debate on a 'maybe' third programme. We should...
  • Stock Market Picks 90 Percent of Presidential Elections

    02/26/2012 10:13:13 PM PST · by Innovative · 12 replies · 1+ views
    Yahoo Finance/ US News ^ | Feb 24, 2012 | Lauren Fox
    Since this article is originally from US News, which cannot be excerpted, no excerpt, but brief description in my comments section. For more detail, please see article at the link.
  • EU: It may well turn out that we are watching not a Greek but a euro tragedy

    02/26/2012 9:59:57 PM PST · by bruinbirdman · 8 replies
    The Telegraph ^ | 2/26/2012 | Roger Bootle
    Another week, another euro "solution". According to last week's plan, by 2020 the ratio of Greek national debt to GDP will be down to 120.5pc. You don't really need to know much more to see that we are in cloud cuckoo land. Anyone who is forecasting a debt ratio down to the nearest 0.5pc in 2020 is trying to fool either us or themselves. We are by now so familiar with Greece's woes that bail-out fatigue has set in. But it is worth looking closely at the key economic numbers and pinching yourself. Since the beginning of 2008, Greek real...
  • G20 leaders insist no more IMF cash unless eurozone boosts financial firewall

    02/26/2012 8:38:47 PM PST · by bruinbirdman · 2 replies
    The Telegraph ^ | 2/26/2012 | Richard Blackden, and Louise Armitstead
    The world's leading economic powers said they would not stump up more cash to fight Europe's debt crisis until the eurozone members increase their own contributions, in a move that piles pressure on this week's Brussels summit. A communique agreed by G20 finance ministers in Mexico City last night said a decision by eurozone leaders to boost their own firewall was "essential" before any more external resources were allocated via the International Monetary Fund (IMF). "Euro area countries will reassess the strength of their support facilities in March. This will provide an essential input in our ongoing consideration to mobilise...
  • Need for drilling becoming clearer

    02/26/2012 6:09:17 PM PST · by Graybeard58 · 22 replies
    Waterbury Republican-American ^ | February 26, 2012 | Editorial
    As he kicks his re-election campaign into high gear, President Obama has sought to portray himself and his Democratic allies as the champions of the common person against Republicans who couldn't give a hoot about non-millionaires. While this might seem like a winning talking point, Democrats have failed average Americans in a big way. Their party's adherence to the environmental lobby has resulted in missed opportunities for oil and gas exploration. Had Democrats been tethered to reality, Americans struggling with unemployment and increased gasoline prices would be in better shape today. In his Jan. 24 State of the Union address,...
  • Obama prepares to fight gas prices with new bumper sticker

    02/26/2012 5:46:26 PM PST · by SeekAndFind · 29 replies
    Hotair ^ | 02/26/2012 | Jazz Shaw
    People are increasingly concerned about the possibility of crippling gas prices this summer, perhaps none more so than Barack Obama. And you can rest assured that he’s getting ready to do something about it. His plan? We’re going to figure out a solution which involves a new way to talk about it. President Barack Obama will try to head off the political impact of rising gasoline prices as Republicans vow to make the price at the pump an issue in the 2012 election campaign.Obama this week plans events focusing on his administration’s efforts to expand domestic exploration and development of...
  • EU: Spanish revolt brews as national economic rearmament begins in Europe

    02/26/2012 5:44:29 PM PST · by bruinbirdman · 23 replies
    The Telegraph ^ | 2/26/2012 | Ambrose Evans-Pritchard
    Spain's new prime minister has looked into the abyss and recoiled. Though he swept into office as an apostle of orthodoxy, Mariano Rajoy has since delved into Madrid’s ghastly accounts and concluded that it would be "suicidal" to try to slash the budget deficit from 8pc of GDP to 4.4pc of GDP this year, as demanded by Europe's fiscal Calvinists. Such a policy would require a further €40bn or €50bn of cuts and accelerate the downward spiral already underway, beyond the 1.7pc contraction expected this year by the International Monetary Fund. The unemployment rate would rise to well over 25pc...
  • Boers in Georgia

    02/26/2012 5:33:50 PM PST · by DeaconBenjamin · 27 replies
    The Economist ^ | Feb 23rd 2012
    FEW people would include “farmer” in a list of the world's most dangerous occupations. But a South African might. With rural land ownership a particularly contentious part of apartheid’s legacy, over 3,000 predominantly white farmers have been killed in attacks on their farms since 1994. Some people resort to self-defence. A South African farmer told Eurasianet last year that a typical evening would be spent “sat outside [on the porch] with a gun and a radio [walkie-talkie]". On top of that, farmers feel nervous about the government, not least because of mooted land reforms that could threaten their farms In...
  • [Chancellor of the Exchequer] Osborne: UK has run out of money

    02/26/2012 5:10:25 PM PST · by bruinbirdman · 23 replies
    The Telegraph ^ | 2/26/2012 | Rowena Mason
    The Government 'has run out of money' and cannot afford debt-fuelled tax cuts or extra spending, George Osborne has admitted. In a stark warning ahead of next month’s Budget, the Chancellor said there was little the Coalition could do to stimulate the economy. Mr Osborne made it clear that due to the parlous state of the public finances the best hope for economic growth was to encourage businesses to flourish and hire more workers. “The British Government has run out of money because all the money was spent in the good years,” the Chancellor said. “The money and the investment...
  • The price of cooking the books

    02/26/2012 4:44:22 PM PST · by DeaconBenjamin · 23 replies
    The Economist ^ | Feb 25th 2012
    <p>HISTORY has left Argentines with more than their share of economic trauma. Having twice suffered destructive bouts of hyperinflation in the late 1980s, they are sensitive to rising prices. When they spot inflation their instinct is to dump the peso and buy dollars. But after the economy collapsed in 2001-02, horror at mass unemployment temporarily eclipsed the public’s fear of inflation. That has been the successful political calculation of the president, Cristina Fernández, and her late husband and predecessor, Néstor Kirchner. For years they stoked an overheating economy with expansionary policies. Faced with the resulting rise in inflation, their officials resorted to price controls—and to an extraordinarily elaborate deception to conceal the rise.</p>
  • A killer ‘stimulus’: Minimum-wage madness

    02/26/2012 3:58:06 PM PST · by BfloGuy · 9 replies
    New York Post ^ | 2/23/2012 | Steven Malanga
    In his budget address on Tuesday, New Jersey Gov. Chris Christie proposed cutting income taxes to make the state more competitive in the race for jobs and investment. But even as Christie struggles to improve the business environment, Democrats and some Republicans in Trenton are working to undermine it with a proposal to boost the state’s minimum hourly wage to $8.50 from $7.25 and then index future increases to inflation. Their proposal, rapidly gaining steam, mirrors one that Democrats in Albany are pushing Gov. Cuomo to endorse. Supporters tout the move — which would give Jersey one of the highest...
  • Justices weigh foreigners' suits vs. companies

    02/26/2012 12:45:08 PM PST · by SmithL · 2 replies
    Associated Press ^ | 2/26/12 | MARK SHERMAN
    WASHINGTON (AP) -- Corporations and human rights groups are squaring off in a Supreme Court fight over whether foreign victims of war crimes, killings and other atrocities can haul multinational companies into American courts and try to prove they were complicit in the abuses and should pay damages. The rights groups say a 223-year-old law gives foreigners such as Nigerian-born Charles Wiwa the right to try to hold businesses accountable for the roles they play in atrocities. Energy and mining companies have been among the most frequent targets of these lawsuits in recent years following efforts by the military in...
  • Green energy company given fed. stimulus funds lays off 125 workers, gives pay raise to executives

    02/26/2012 12:06:52 PM PST · by matt04 · 9 replies
    An electric car battery company reportedly has laid off 125 employees since receiving $390 million in government subsidies, but is still handing out big pay raises to company executives. A123 systems, which was touted as a stimulus "success story" by former Gov. Jennifer Granholm, D-Mich., had a net loss of $172 million through the first three quarters of 2011, according to the Washington Examiner's "Beltway Confidential" blog, citing a report from the Michigan-based Mackinac Center for Public Policy. A123's primary customer, Fisker Automotive, is also struggling financially. "Yet, this month A123’s Compensation Committee approved a $30,000 raise for [Chief Financial...
  • Barack in Sarah clothing

    02/26/2012 11:47:57 AM PST · by 2ndDivisionVet · 10 replies · 1+ views
    The Charleston Daily Mail ^ | February 26, 2012 | Don Surber
    Republicans have President Obama on the run. He has had to disguise himself and his stupid policies again — this time by donning the political garb of his arch rival. President Barack Obama looks pretty nice in Sarah Palin’s dress. And by dress, I mean her energy policy. He is now mouthing the very words he mocked 4 years ago when he said we don’t need to drill for oil. In 2008, Candidate Obama preached that if everyone just needs to check the air pressure in their tires, we’ll be fine. Ah, the mocker-in-chief boo-hooing about being mocked… (VIDEO AT...
  • Let people vote on wine in food stores

    02/26/2012 10:42:27 AM PST · by SmithL · 24 replies
    Knoxville News Sentinel ^ | 2/25/12 | Jarron Springer
    There are some who might wonder why the Tennessee Grocers and Convenience Store Association continues to push on with its effort to change state law to allow wine to be sold in retail food stores against what seem to be stacked odds. The answer is simple — it's something that a great number of our customers want, and our industry is based on taking care of our customers. Is there money to be made by retail food stores selling wine? Of course there is. What's driving our efforts, however, is the increasing number of customers who are frustrated that they...
  • Steel Winds project generates power, profit

    02/26/2012 10:21:27 AM PST · by NRPM · 25 replies · 1+ views
    Q: Is the project profitable? A: It’s absolutely profitable. It’s been profitable from Day One.
  • Nightmarish scenarios of the coming financial collapse [Japan]

    02/26/2012 8:32:49 AM PST · by DeaconBenjamin · 31 replies · 1+ views
    Japan Today ^ | Feb. 26, 2012 - 06:12AM JST | Kuchikomi
    After the Great Kanto Earthquake of 1923, notes Dokkyo University economics professor Takuro Morinaga in Weekly Playboy (March 5), Japan suffered a financial panic two years before the New York Stock Market crash of 1929. That precipitated the depression of Showa, with a drastic fall in property values and mass unemployment. Farmers, unable to cover their costs, sold their daughters.Japan’s current recession, says Morinaga, was set off by the Great Hanshin Earthquake in January 1995, after which an increase in the consumption tax from 3% to 5% resulted in a drop of 40 trillion yen in Japan’s nominal gross domestic...