Gold

Monday Business Edition

One of the things we know about Loughner is that he’s a Gold Bug.  This is the derisive term given to people who think that ‘money’ has some unique and special snowflake identification with a particular commodity.

Money is a medium of exchange and a store of value.

Let’s examine that ‘store of value’ part.  What Gold Bugs are arguing for is an arbitrary limit on the supply of the primary medium of exchange.

Leverage says that financial institutions can create unlimited amounts of fictional exchanges of perceived value.

So that horse hasn’t only left the barn, but the barn has burned down so there isn’t even a door to close.

Any commodity’s price is fundamentally related to it’s economic utility unless speculation, sentiment, and marketing distort the market.  Diamonds should be dirt cheap because they’re actually a very common gem stone.

On the other hand you have pork bellies, cotton, and oil,

William Jennings Bryan had at least to his credit that he didn’t want to crucify the economy on a cross of gold.  Limiting your medium of exchange wastes resources that could otherwise be put to productive use.

‘Money’ is electrons in a database and photons on a screen.  It’s worth what you can get for it.

Sad to say Gold Bugginess is not limited to fringe lunatic assassins.  Perfectly respectable Republican lawmakers in Georgia and Virginia think this is a good idea too.

Business News below.

From Yahoo News Business

1 China’s trade surplus shrinks in December

by Fran Wang, AFP

Mon Jan 10, 2:58 am ET

BEIJING (AFP) – China said Monday its trade surplus shrank sharply in December, but the hefty figure is still likely to be a sticking point in trade talks when President Hu Jintao visits Washington next week.

The trade surplus narrowed to $13.1 billion in December, customs authorities said — a sharp drop from the $22.9 billion recorded in November and below analyst forecasts given by Dow Jones Newswires of $21.7 billion.

But the figure will nevertheless add to the already huge volume of money flowing into the world’s second-largest economy, and could fuel soaring inflation.

2 Nissan confident in Renault’s handling of spy ring

by Mira Oberman, AFP

Mon Jan 10, 1:09 am ET

DETROIT, Michigan (AFP) – Nissan has confidence in how Renault is handling an international spy ring’s attempt to steal secrets about their shared electric car program, a top executive has said.

“Our partner is very focused on making sure they understand what went wrong,” said Carlos Tavares, chairman of Nissan’s Americas division.

“We at Nissan trust that our partner Renault will do the right thing to fix it.”

3 Chrysler hopes iconic Jeep will boost global sales

by Joseph Szczesny, AFP

Sun Jan 9, 9:17 pm ET

DETROIT, Michigan (AFP) – Chrysler has its eye on China and is counting on its iconic Jeep brand to boost global sales and help return the US automaker to profitability after a government-backed bankruptcy.

The first boatload of the new Jeep Grand Cherokee exported from Detroit is expected to reach China soon and Chrysler is also preparing to expand sales in South America, Eastern Europe and Russia, officials said.

The push coincides with the brand’s 70th anniversary, which Chrysler will be celebrating Monday at the Detroit auto show.

4 Glitz returns to Detroit auto show after gloom

by Mira Oberman, AFP

Mon Jan 10, 3:19 am ET

DETROIT, Michigan (AFP) – The glitz returns to the Detroit auto show Monday as US automakers celebrate a remarkable recovery and rising sales after years of painful restructuring and the bankruptcy of General Motors and Chrysler.

The Motor City has been under the pall of the Detroit Three’s decline amid a steady loss of market share to Asian rivals and the worst economic downtown in decades.

Factories were closed, suppliers went out of business, iconic brands were shed and millions of jobs disappeared across the country.

5 Google’s Android stars at electronics show

by Charlotte Raab, AFP

Sun Jan 9, 4:38 pm ET

LAS VEGAS (AFP) – Google may not have had any gadgets on display at the Consumer Electronics Show which closed here Sunday but the Internet giant made its presence felt.

At a show where touchscreen tablet computers were king, Google’s Android operating system was the crown prince.

Motorola Mobility’s Xoom tablet powered by Honeycomb software, a version of Android designed specifically for the touchscreen computers, took the coveted title of best gadget at CES.

6 Insurance fraud rings find fertile ground in Canada

by Judi Rever, AFP

Sun Jan 9, 6:57 pm ET

MONTREAL (AFP) – It starts with a seemingly courteous gesture behind the wheel: an innocent driver signals to turn left, and a driver in an oncoming lane waves for him to go ahead — when another vehicle speeds up and crashes into the turning car.

Unbeknownst to the person just hit, the collision was staged in order to collect hefty insurance payouts under provincial no-fault insurance programs. The scammers first collect insurance for their car’s replacement value then submit bogus injury claims at health clinics.

Ken Bowman, Vice-President of RBC Insurance, said the growing trend of staged accidents involves buying vehicles, often luxury cars such as Mercedes, and having “seat sales”, in which fraudsters “pay 1,000 dollars for every person recruited to be in the car.”

7 Car tech dazzles at Consumer Electronics Show

by Chris Lefkow, AFP

Sun Jan 9, 4:35 pm ET

LAS VEGAS (AFP) – Automakers are taking a drive into the future at the Consumer Electronics Show.

The annual event is traditionally a showplace for mobile phones, computers and television sets but car makers are grabbing a lot of attention this year with the latest in automotive technology and a glimpse at what’s to come.

US automaker Ford even chose Las Vegas over next week’s Detroit Auto Show to reveal its first all-electric car, the Focus Electric, which can get up to 100 miles (160 kilometers) on a single battery charge and goes on sale this year.

8 Hangover sets in on Spanish debt markets

by David Williams, AFP

Sun Jan 9, 12:06 am ET

MADRID (AFP) – A hangover has already set in on Spanish debt markets after a brief celebration over China’s promise to buy government bonds despite fears of a 2011 debt crunch.

The rate Spain has to pay to borrow on the debt markets ballooned Friday to 5.543 percent, the highest since at least 2000. Its benchmark 10-year bond closed at 5.526 percent, up sharply from 5.46 percent a day before.

The immediate headache was caused by news that Portugal will join Spain, Greece and Italy in issuing debt in the next two weeks, potentially overloading markets already depressed by the prospect of a spreading debt crisis.

9 Prices rise as ECB stares into eurozone divide

by William Ickes, AFP

Sun Jan 9, 12:29 am ET

FRANKFURT (AFP) – Inflation is on the rise as the European Central Bank tries to deal with diverging eurozone economic trends and China positions itself as a potential friend for indebted governments.

The ECB has been battling solvency crises in peripheral eurozone countries and supplying commercial banks with cash to ensure lending to the 17-nation economy but must now consider again its primary mandate: price stability.

Eurozone inflation was expected to hit 2.2 percent in December, the first time in two years it will have breached the central bank’s target of just below 2.0 percent.

10 Belgium’s shoddy political record poses financial threat

by Laurent Thomet, AFP

Sun Jan 9, 12:15 am ET

BRUSSELS (AFP) – Without a government for nearly seven months, Belgium now holds a dubious record in Europe and with no end in sight to the political crisis, fears are growing of a backlash from watchful markets.

The divided country on Saturday broke the 208-day mark set by the Netherlands in 1977 for being without a government after a bid to coax feuding Flemish and French-speaking politicians back to the negotiating table failed.

All eyes will turn to King Albert II on Monday when he decides whether to accept the resignation tendered by his mediator, Flemish socialist Johan Vande Lanotte, whose compromise plan to revive coalition talks was rejected.

11 Renault says target of international spy ring

by Alix Rickjaert, AFP

Sat Jan 8, 1:15 pm ET

PARIS (AFP) – A boss of French automaker Renault said Saturday the company had been targeted by an international spy ring but claimed it had lost no major secrets in the affair which has seen top managers suspended.

The French government meanwhile refused to confirm reports that the three managers were supplying details of the company’s electric cars to China.

Renault number two Patrick Pelata told Saturday’s Le Monde daily that the inquiry that led to the suspensions had concluded that the carmaker was faced with “an organised system of collecting economic, technological and strategic information to serve foreign interests”.

12 CES triumphs bode well for Motorola Mobility rebirth

by Glenn Chapman, AFP

Sun Jan 9, 1:41 am ET

LAS VEGAS, Nevada (AFP) – Motorola Mobility’s Xoom tablet computer was the star of the Consumer Electronics Show (CES) in what could be a sign of renewed glory for a faded technology star.

“Motorola’s got game, again,” Morgan Stanley analyst Ehud Geldblum said when the Xoom made its debut on Wednesday.

Along with being declared the top creation at the dazzling gadget extravaganza, Xoom was also honored as the best of the scores of tablets introduced here as fresh competitors in a market dominated by Apple iPads.

13 Wall Street divided over Facebook prospects

by Veronique Dupont, AFP

Sat Jan 8, 2:32 pm ET

NEW YORK (AFP) – Wall Street sentiment is mixed over Facebook’s financial prospects as the privately held social-networking website faces a possible entry into the market next year.

A memo distributed to potential investors in Facebook shares sold by Wall Street investment bank Goldman Sachs suggested the emerging Internet giant earned about $500 million last year on sales of nearly $2 billion.

“The document disclosed says $355 million of operating profits for $1.2 billion for the first three quarters” of 2010, said Lou Kerner of Wedbush Securities, a brokerage that owns Facebook shares.

14 China December trade surplus shrinks to $13.1 bn

by Fran Wang, AFP

Mon Jan 10, 12:28 am ET

BEIJING (AFP) – China said Monday its trade surplus shrank sharply in December, but the hefty figure is still likely to be a sticking point in trade talks when President Hu Jintao visits Washington next week.

The trade surplus narrowed to $13.1 billion in December, customs authorities said — a sharp drop from the $22.9 billion recorded in November and below analyst forecasts given by Dow Jones Newswires for $21.7 billion.

But the figure will nevertheless add to the already huge volume of money flowing into the world’s second-largest economy, and could fuel inflation.

15 Motorola Xoom tablet crowned best CES gadget

by Glenn Chapman, AFP

Sat Jan 8, 4:49 pm ET

LAS VEGAS (AFP) – Motorola Mobility’s Xoom tablet computer powered by new “Honeycomb” software from Google was crowned the best gadget at the giant Consumer Electronics Show (CES) on Saturday.

Along with being declared the top creation at the dazzling gadget extravaganza, Xoom was also honored as the best of the scores of tablets introduced here as fresh competitors in a market dominated by Apple iPads.

Motorola also scored a victory with its Atrix smartphone designed to work with high-speed 4G wireless networks and which can be used in a dock to power a laptop.

16 Ford unveils its first all-electric car

by Chris Lefkow, AFP

Fri Jan 7, 7:16 pm ET

LAS VEGAS (AFP) – Ford unveiled its first strictly electric car on Friday, a Focus which is expected to get up to 100 miles (160 kilometers) on a single charge and will be available in North America late this year.

Alan Mulally, chief executive of the number two US automaker, introduced the four-door passenger car at the annual Consumer Electronics Show in Las Vegas.

Mulally declined to detail the hatchback’s total range or how much it would cost, but a Ford spokesman said the Focus Electric’s mileage on a single charge would be “competitive” with similar electric vehicles such as the Nissan Leaf.

17 Commodities show ties that bind

By Emily Kaiser, Reuters

Sun Jan 9, 3:01 pm ET

WASHINGTON (Reuters) – If there was any doubt that the global economy remains tightly intertwined, rising commodity prices should put it to rest.

Both the U.S. unemployment rate and the amount of idle factory space are abnormally high, stark evidence that the economy is still well below its full potential.

But price pressures are building in commodities despite the ample U.S. economic slack, thanks in large part to demand from emerging markets. The Reuters Jefferies CRB index (.CRB) of commodities is up 28 percent since July.

18 DuPont buying Danisco for $5.8 billion in food sector push

By Ernest Scheyder and Megan Davies, Reuters

Mon Jan 10, 1:57 am ET

NEW YORK (Reuters) – U.S. chemicals group DuPont said on Sunday it will buy Danish food ingredients and enzymes firm Danisco for $5.8 billion to boost its position in the fast-growing food sector.

The cash deal would enable DuPont to enter a niche in the chemical industry – food additives – long dominated by smaller rival International Flavors and Fragrances Inc. It would also solidify existing cooperation between the two companies in the field of technology for advanced bioethanol.

However the acquisition will reduce DuPont’s 2011 earnings of $3.30 to $3.60 per share by a range of 30 cents to 45 cents per share, the company said.

19 China’s trade surplus dips, taking heat off yuan

By Aileen Wang and Kevin Yao, Reuters

Sun Jan 9, 11:58 pm ET

BEIJING (Reuters) – China’s trade surplus narrowed in 2010 for the second straight year, giving Beijing grounds to rebuff U.S. pressure for faster currency appreciation ahead of President Hu Jintao’s visit to Washington next week.

The Chinese government will point to the latest numbers as evidence that it is making steady progress in rebalancing its economy toward domestic consumption, cutting reliance on exports and giving the world a lift through surging demand for imports.

For the United States, however, this may be happening too slowly, with the politically sensitive bilateral trade gap between the world’s two biggest economies widening further in 2010.

20 Portugal under pressure to seek EU/IMF aid: source

By Jan Strupczewski, Reuters

Sun Jan 9, 6:43 pm ET

BRUSSELS (Reuters) – Pressure is growing on Portugal from Germany, France and other euro zone countries to seek financial help from the EU and IMF to stop the bloc’s debt crisis from spreading, a senior euro zone source said on Sunday.

Some preliminary discussions on the possibility of Portugal asking for help if its financing costs on markets become too high have taken place since July, the source said.

No formal talks on aid have started yet, a number of euro zone sources said, but the pressure was rising in the Eurogroup, which brings together euro zone finance ministers.

21 Duke Energy near deal for Progress Energy: sources

By Michael Erman, Reuters

Sun Jan 9, 6:05 pm ET

NEW YORK (Reuters) – Duke Energy Corp (DUK.N) is near $13 billion-plus deal to buy Progress Energy Inc (PGN.N), a move that would create the largest U.S. power company, sources familiar with the matter said.

The U.S. power industry has seen a resurgence of deal activity in the past year — despite high regulatory barriers — as utility companies consolidate to cut costs and pool funds for investing in new projects, such as nuclear power plants.

Duke, which has a market value of $23.6 billion, wants to buy Progress in a stock-based deal priced at a low premium to its $13.1 billion market value, one source said. The companies hope to announce a deal on Monday, according to another source, but the talks could still be delayed or even derailed.

22 Fed officials not attached to dual mandate

By Mark Felsenthal, Reuters

Sun Jan 9, 5:38 pm ET

DENVER (Reuters) – One thing’s for sure: no one at the Federal Reserve is leaping out of their chair to defend the central bank’s mandate to ensure full employment from proposals it focus solely on delivering price stability.

As it currently stands, the Fed is assigned by law “to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.”

But some members of Congress are unhappy with the Fed’s recently launched $600 billion bond buying program, which officials at the central bank say is needed in part because unemployment has been stuck at elevated levels for almost two years.

23 Economists foretell of U.S. decline, China’s ascension

By Mark Felsenthal, Reuters

Sun Jan 9, 12:32 pm ET

DENVER (Reuters) – To hear a number of prominent economists tell it, it doesn’t look good for the U.S. economy, not this year, not in 10 years.

Leading thinkers in the dismal science speaking at an annual convention offered varying visions of U.S. economic decline, in the short, medium and long term. This year, the recovery may bog down as government stimulus measures dry up.

In the long run, the United States must face up to inevitably being overtaken by China as the world’s largest economy. And it may have missed a chance to rein in its largest financial institutions, many of whom remain too big to fail and are getting bigger.

24 Detroit auto show to open with newfound optimism

By David Bailey, Reuters

Sun Jan 9, 8:24 pm ET

DETROIT (Reuters) – The most significant arrival at this year’s Detroit auto show is something of a throwback to the heady days of the late 1990s: optimism that growth is accelerating in an infamously cyclical industry.

Coming just at the start of the new year, the Detroit event that opens to the media on Monday is the first of a string of trade shows where automakers clamor to build buzz for vehicles months before they hit showrooms.

The U.S. auto industry snapped a four-year sales decline in 2010, including three consecutive sales months above the 12 million unit annual rate to close the year. Most analysts expect double-digit growth in 2011 and further gains in 2012.

25 Renault says technology safe in industrial spy case

By John Irish, Reuters

Sat Jan 8, 8:19 am ET

PARIS (Reuters) – An international network may have obtained data about Renault’s electric car program, but its vital technology secrets are safe and production of the vehicles will not be held up, the French carmaker said on Saturday.

Three Renault (RENA.PA) executives, including one member of its management committee, were suspended on Monday over the leaking of data, which prompted the government to warn of a widespread risk to French industry.

“This is the work of professionals,” Chief Operating Officer Patrick Pelata said in an interview with Le Monde newspaper’s weekend edition. “Renault is the victim of an organized international network.”

26 Banks lose key foreclosure ruling in top Massachusetts court

By Jonathan Stempel and Dena Aubin, Reuters

Fri Jan 7, 4:58 pm ET

NEW YORK (Reuters) – In a decision that may slow foreclosures nationwide, Massachusetts’ highest court voided the seizure of two homes by Wells Fargo & Co and US Bancorp after the banks failed to show they held the mortgages at the time they foreclosed.

Bank shares fell, weighing on broader stock indexes, on fears the decision could threaten lenders’ ability to work through hundreds of thousands of pending foreclosures.

The Supreme Judicial Court of Massachusetts’ unanimous decision on Friday upheld a lower court ruling. It is among the earliest cases to address the validity of foreclosures done without proper documentation.

27 Jobs growth disappoints, but jobless rate falls

By Lucia Mutikani, Reuters

Fri Jan 7, 4:57 pm ET

WASHINGTON (Reuters) – Employers hired fewer workers than expected in December and a surprisingly large number of people gave up searching for work, tempering the positive news of a big drop in the unemployment rate.

The disappointing jobs growth figure reported by the Labor Department on Friday suggested the Federal Reserve would likely stay the course with its effort to support the world’s biggest economy with the purchase of $600 billion in government bonds.

The department’s survey of nonfarm employers showed payrolls increased 103,000 last month, below economists’ expectations for 175,000. Private hiring rose 113,000, while government employment fell 10,000.

28 Special Report: How Ford became last man standing

By Bernie Woodall and Kevin Krolicki, Reuters

Fri Jan 7, 4:57 pm ET

DETROIT (Reuters) – Bill Ford Jr. just can’t let the good times roll. In late December, Ford, 53, was on a family ski vacation in Colorado but found himself unable to put aside dark visions of how too much success could lead to the next crisis for the auto industry.

As Ford Motor Co prepared to close the books on its biggest comeback year for sales and earnings since the 1980s, Ford was talking to friends about the risk of gridlock choking booming urban centers from Sao Paolo to Shanghai — and potentially choking auto sales, too.

“I want us to start thinking now about how we’re going to solve it,” he said. “Nobody is thinking about it yet in our industry, but it’s going to be upon us fast.”

29 A sea of tablets at CES, but no iPad-killer

By Gabriel Madway, Reuters

Fri Jan 7, 4:53 pm ET

LAS VEGAS (Reuters) – It was easier to find a tablet this week in Las Vegas than a taxi.

Rivals determined to prevent Apple Inc from dominating the tablet market the way it did with digital music players unleashed a tidal wave of touchscreen devices at the Consumer Electronics Show.

This year may well produce a viable competitor to Apple’s iPad. But CES only served to underscore the challenge they face.

30 Portugal bailout talk hits stocks, euro

By PAN PYLAS, AP Business Writer

1 hr 59 mins ago

LONDON – Europe’s debt crisis returned to the fore of investor concerns on Monday amid reports Portugal is facing mounting pressure to accept an aid package to prevent contagion to other countries.

Stocks in Europe have fallen sharply as Portugal’s market borrowing rates have jumped higher in the wake of the renewed bailout talk.

As stocks dropped, the yield on Portugal’s ten-year bonds rose nearly half a percentage point to 7.14 percent. That’s unsustainable in the medium-term and comes ahead of an auction of euro1.25 billion in three year and nine year bonds on Wednesday.

31 China’s December exports up amid tensions

By JOE McDONALD, AP Business Writer

Mon Jan 10, 5:01 am ET

BEIJING – China’s December exports rose by double digits, possibly fueling tension with Washington ahead of Chinese President Hu Jintao’s U.S. visit next week.

The country’s politically sensitive trade surplus shrank to $13.1 billion, customs data showed Monday, but analysts said that decline was likely to be temporary and the gap should rebound later in the year.

Hu meets President Barack Obama on Jan. 19 and the White House says Obama will press him over currency controls that critics say are swelling China’s trade surplus and wiping out jobs abroad. Voter anger over the large and rising U.S. trade deficit with China became an issue in October elections.

32 Chrysler hopes to rev up comeback with new 300

By TOM KRISHER, AP Auto Writer

Sun Jan 9, 11:39 pm ET

DETROIT – The Chrysler 300, once a hot-selling sedan distinguished by a tall grille and big wheels, will attempt a comeback at the Detroit auto show. It’s an important car in a pivotal year for the company, which must start making money before a public stock sale can happen.

The new 300, which will be revealed Monday during the show’s opening media day, keeps the basic look of the old: It’s a muscular car with a long hood and short back. But the remade version is sleeker, and Chrysler toned down the gangster-mobile grille and replaced its round headlamps with subtle rectangular ones. Gas mileage went up 8 percent and the interior has softer-looking surfaces and cool-blue dashboard lighting.

Chrysler wants it to attract a broad range of buyers, from those who want a larger car to those who seek high-performance luxury.

33 Stocks are riding on higher profit margins

By BERNARD CONDON, AP Business Writer

Sun Jan 9, 2:09 pm ET

NEW YORK – Can Corporate America continue to cut its way to profits?

If you’re betting that stocks will rise in 2011, the answer is critical. Profits jumped last year largely because companies ran smarter and squeezed more from workers. Sales are picking up, but probably not enough to keep profits from rising fast in the new year unless companies can get even more out of their workers.

“How can they squeeze costs more than they are now?” asks Howard Silverblatt, a senior analyst at Standard & Poor’s. “Are they going to fire more people? We’re down to the skeleton.”

34 In hard times, states still spend to protect farms

By STEPHEN SINGER, Associated Press

Mon Jan 10, 4:20 am ET

HAMDEN, Conn. – Despite tough financial times following the worst recession in decades, some states continue to spend millions of dollars to preserve American farmland and stem its rapid loss to development and suburban sprawl.

Advocates say the preservation efforts are needed to ensure food is available locally if the national distribution system is ever disrupted. They also say it helps maintain a way of life important to many Americans.

Twenty-five states have farmland preservation programs, and nearly half of them are in the densely populated Northeast, where the loss of fields to housing developments and shopping malls has been rapid and pressing. After losing 21 percent of its farmland in less than two decades, Connecticut increased spending on preservation efforts.

35 Toxic tower damaged on 9/11 finally coming down

By KAREN MATTHEWS, Associated Press

Mon Jan 10, 1:26 am ET

NEW YORK – The contaminated bank tower stood shrouded in black netting for years over ground zero, filled with toxic dust and the remains of 9/11 victims. It stayed where it was, not coming down even as the towers at the World Trade Center site slowly began to rise.

Nearly a decade after the trade center’s south tower fell into it, the building with a sad history of legal and regulatory fights, multiple accidents and a blaze that killed two firefighters will finally be gone. The demise of the 41-story former Deutsche Bank building, just south of ground zero, is at least as welcome to its neighbors as the construction of new trade center towers.

“I love having the light,” said Mary Perillo, whose eighth-floor kitchen window overlooks the busy work site where the steel framework of the Deutsche Bank building is being disassembled. “I love having that black monolith out of my face.”

36 Mortgage modifications daunting for homeowners

By MATT VOLZ, Associated Press

Sun Jan 9, 7:07 am ET

HELENA, Mont. – Laverl “Nick” Nicholson used to look out of his kitchen window at the weeping willows that mark the burial place of two of his daughters. Then a debilitating car wreck left him unable to pay the $220,000 he owed on his northwestern Montana home.

He tried for a year and a half to lower his mortgage payments through a loan modification, but the government-insured loan that he took out three years ago came with restrictions. The best the bank could offer him was a reduction of $124 per month, leaving Nicholson with a $1,585 payment that he still couldn’t afford.

The bank foreclosed last April, forcing him to move next door into a mobile home on two of the original property’s 10 acres that he had given his daughter a few years before.

37 Haiti suffers year of crisis with nobody in charge

By JONATHAN M. KATZ, Associated Press

Sat Jan 8, 12:00 pm ET

PORT-AU-PRINCE, Haiti – The silhouetted bodies moved in waves through the night, climbing out of crumbled homes and across mounds of rubble. Hundreds of thousands of people made their way to the center of the shattered city by the thin light of a waning crescent moon. There was hardly a sound.

It took a few moments to recognize the great white dome bowing forward into the night. Another had fallen onto itself, its peak barely visible over the iron gate. The white walls of the 90-year-old mansion were crushed, the portico collapsed. Haiti’s national palace was destroyed.

It was clear from the first, terrible moments after the quake, when I ran out of my broken house to find the neighborhood behind it gone, that Haiti had suffered a catastrophe unique even in its long history of tragedy.

38 Slow growth in jobs underscores challenge ahead

By CHRISTOPHER S. RUGABER, AP Economics Writer

Fri Jan 7, 5:25 pm ET

WASHINGTON – The U.S. economy is steadily adding jobs, but still just barely enough to keep up with the growth of the work force. The weakness underscores the nation’s struggle to get back to something resembling normal employment.

The economy added 103,000 jobs in December, a figure that fell short of what most economists were hoping for. The unemployment rate did come down, to 9.4 percent from 9.8, but that was partly because people gave up looking for work.

“The labor market ended last year with a bit of a thud,” Ryan Sweet, an economist at Moody’s Analytics, said after the Labor Department released its monthly jobs report Friday. He said the drop in unemployment wasn’t likely to be sustained.

39 New biz expansion: Hello Africa, India’s calling

By TOM MALITI and BASHIR ADIGUN, Associated Press

Mon Jan 10, 12:01 am ET

NAIROBI, Kenya – Millions of mobile phone subscribers in Africa saw the icon on their phone screens change from Bahrain company Zain to Indian company Airtel last fall. The change means little to the average customer, but for the continent, it’s another sign that India is moving in.

The expansion by Bharti Airtel into 16 African countries underscores the rise of India in Africa, at a time when much of the focus on foreign investment here has been on China.

The Indian government is raising its diplomatic profile in Africa, with Prime Minister Manmohan Singh and his Cabinet leading several business delegations in recent years. And Indian companies are striving to keep up with China’s business profile in Africa, taking advantage of historical ties with the continent.

40 Calif nonprofit: We’ll store digital data forever

By MARCUS WOHLSEN, Associated Press

Sun Jan 9, 12:30 pm ET

SAN FRANCISCO – Like every other dad with a digital camera, Kai Pommerenke started taking lots of photos after his daughter was born. But the more he researched, the less convinced he became that he could ensure those pictures would still be around when she grew up.

Hard drives crash. CDs and DVDs warp. Companies that store your photos online can go out of business.

Rather than trust his most treasured digital mementoes to technology he saw as all-too-fallible, a team led by the University of California, Santa Cruz economist last month launched a nonprofit he calls the first online storage service to guarantee your data forever.

41 Vt. nuke fights for future but chances are dimming

By DAVE GRAM, Associated Press

Sun Jan 9, 12:16 pm ET

MONTPELIER, Vt. – Vermont’s piece of the nuclear age, launched four decades ago, seems to be coming to a close, even as advocates push for a renaissance of nuclear power in the United States.

The Vermont Yankee nuclear plant’s initial 40-year license expires March 21, 2012, less than 15 months from now. And despite a safety and performance record no worse than many of the other 61 reactors that have won 20-year license extensions from the federal Nuclear Regulatory Commission, the Vernon power plant’s future looks short.

That’s largely because it’s located in the only state in the country with a law saying both houses of its legislature have to give their approval before Vermont regulators can issue a state license for the plant to continue operating.

42 Ford says culture change has led to success

By DEE-ANN DURBIN and TOM KRISHER, AP Auto Writers

Sun Jan 9, 12:03 am ET

DEARBORN, Mich. – In every boom cycle of its 107-year life, Ford Motor Co. became complacent, unprepared for the inevitable bust in the auto business.

From the 1920s, when Ford lost its dominant position in the U.S. because it was slow to update the Model T, to the 2000s, when it squandered billions in SUV profits and narrowly avoided bankruptcy, the company stuck with some strategies too long and didn’t pay enough attention to others.

“You often hear people at Ford say we can’t manage prosperity. I think it’s really quite different than that. It’s that we stop changing,” Executive Chairman Bill Ford told The Associated Press in a recent interview.

43 NYC overprepares for new snow after blizzard mess

By SARA KUGLER FRAZIER, Associated Press

Sat Jan 8, 2:52 am ET

NEW YORK – New York City came out overprepared Friday for a weak storm that delivered just a few inches of snow – not enough to plow in most places and likely not enough for the mayor to redeem himself from a disastrous response to a post-Christmas blizzard.

Flakes melted onto wet streets as snowplows – some equipped with global positioning devices since the blizzard foul-up – and salt spreaders sat idle in neighborhoods all over the city.

By nightfall, the National Weather Service reported the highest accumulation citywide was 2 inches in Queens, a mere dusting compared with the holiday storm that dumped 29 inches in Staten Island, 2 feet in Brooklyn and 20 inches in Central Park.

44 Oil still fouling La. marshes, tour finds

By HARRY R. WEBER, Associated Press

Fri Jan 7, 6:50 pm ET

PORT SULPHUR, La. – Federal and Louisiana officials got into a heated argument Friday over the cleanup of oiled marshes during a tour of an area that remains fouled 8 1/2 months after the Deepwater Horizon rig explosion in the Gulf of Mexico.

State and Plaquemines Parish officials took media on a boat tour of Barataria Bay, pointing out an area where oil continues to eat away at marshes and protective boom is either absent or has been gobbled up by the oil. The heavily saturated area that reporters saw was 30 feet to 100 feet wide in sections. No cleanup workers were there when reporters toured the area.

The marshes are critical to the Louisiana coast because they protect the shore from hurricanes and serve as a nursery for Gulf sea life.

45 Guidant case judge expected to rule on plea deal

By AMY FORLITI, Associated Press

Fri Jan 7, 6:47 pm ET

MINNEAPOLIS – Boston Scientific Corp. has strengthened its programs to make sure it complies with laws regulating its medical devices, after its Guidant unit failed to properly disclose changes it made to some implantable heart devices in 2002 and 2005, according to a court document aimed at trying to resolve criminal charges against the heart device maker.

The document, filed this week by an attorney for Guidant, was requested by U.S. District Judge Donovan Frank, who earlier rejected a guilty plea by Guidant LLC and asked for more information about its compliance programs and community service efforts.

Guidant pleaded guilty last spring to submitting a false and misleading report to the Federal Drug Administration about one defibrillator model, and failing to notify regulators about a safety correction to another line of devices. Guidant agreed to pay $296 million in fines and forfeiture fees in what prosecutors called the largest criminal penalty assessed against a medical device company.

46 What worked for mutual funds in ’10: Go small

By MARK JEWELL, AP Personal Finance Writer

Fri Jan 7, 5:45 pm ET

BOSTON – By most measures 2010 was a good year for investors. After a few anxious years the stock market generated a return of more than 15 percent.

But some mutual fund investors were rewarded with eyebrow-raising returns of more than 40 percent. The key strategy in their playbook? Going small.

The success of that approach stands out in a list of last year’s top-performing stock funds. The largest returns among nine fund categories tracked by Morningstar Inc. are concentrated in those that specialize in stocks of small companies. And “small” is a relative term – it generally refers to companies valued at $2 billion or less.

47 Commerce secretary denies fish catch limit hike

By JAY LINDSAY, Associated Press

Fri Jan 7, 5:33 pm ET

BOSTON – The U.S. commerce secretary Friday denied a request by the governor of Massachusetts for emergency increases in New England’s fish catch limits, saying there’s no new science to justify them.

Secretary Gary Locke had said in October he was open to ordering increases, but needed evidence to support it.

Gov. Deval Patrick responded in a November, sending a letter and scientific report to Locke that said unnecessarily low catch limits were creating an “economic disaster” for local fishermen. The report estimated a $40 million hit in direct losses and foregone catch.

48 Amusement park chain investor seeks board shake-up

By JOHN SEEWER, Associated Press

Fri Jan 7, 5:05 pm ET

TOLEDO, Ohio – The head of one of the nation’s biggest amusement park operators is on a bumpy ride as he tries to maintain control of the company.

A hedge fund that holds the most shares of North America’s third-largest chain, Ohio-based Cedar Fair Entertainment Co., wants the company’s longtime chief executive ousted as board chairman, accusing him of mismanaging the parks while receiving a bloated salary.

Shareholders will decide at a special meeting Tuesday whether to block company officeholders, including current CEO Richard Kinzel, from serving as chairman. They’ll also decided whether to increase Cedar Fair’s shareholder dividends.

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    • on 01/10/2011 at 16:55
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    • on 01/10/2011 at 19:31

    Quite the coincidence that I’m listening to Reading Marx’s Capital vol 1 with David Harvey.  Couldn’t sleep so I figured what the heck. Admittedly I’m no rocket scientist but even after only the first chapter even I can see the stupidity of the Becksonian goldnuts.  Granted I’ll never want to here that 20 yards of linen are worth a coat after this but it is interesting.

    • on 01/11/2011 at 03:46

    realize that about this particular individual, but the gold standard was always just arbitrary anyhow.  Aside from a few critical industrial and medical uses, gold is of value because people want it, not that people need it.  Other than those few uses, it is really nothing but a pretty, shiny thing.  When you get right down to it, water is much more valuable in an intrinsic sense.  However, gold holds an attraction for those who are easily influenced.  I will assure you that if I had the choice betwixt food and water and gold, I would take the food and water if everyone else were in the same shape.

    The reason that gold has “value” also has a whole lot to do with the way our civilizations developed.  Rare materials were often used as a medium of exchange, and gold is particularly good for it because it is nonreactive, fairly easy to purify, and is pretty.  The issue of gold as a monetary standard will make a fine Popular Culture entry, and the actual science behind it a Pique the Geek one.  Maybe a dual set next time.

    Warmest regards,

    Doc

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