Nothing Left To Steal

Monday Business Edition

The World is running out of money to insure the fictional assets of ‘senior creditors’ and banksters.

The problem is fundamentally leverage, the intellectual market laziness that makes financial institutions think they are entitled to make unlimited bets on 36:1 payouts every time.

When things get even a little difficult they whine and whine about how badly they are mistreated, but the fact of the matter is that there’s going to be a haircut taken and the obvious target is the biggest one.  Spain is the next to go and Italy after that.  Euros were such a good bet.

And if you were smart and doubled down every chance you could get, you’d build up quite a pile of chips.

Not the kind you can eat.

So what are they worth?  Whatever Rick will pay for them in some medium of exchange that’s good outside the casino.  Unless you want to barter, I have two passes out of Casablanca.

We’ve talked about Ireland and Iceland, but I wonder how many people are familiar with Dubai?

Today, Dubai has emerged as a global city and a business hub. Although Dubai’s economy was built on the oil industry, currently the emirate’s model of business, similar to that of Western countries, drives its economy, with the effect that its main revenues are now from tourism, real estate, and financial services.

I like this one because it has lots of numbers-

Dubai mulls sale of corporate champions

By Simeon Kerr in Dubai, Financial Times

Published: November 28 2010 18:42

Dubai is mulling the privatisation of home-grown corporate champions as a means to start paying down its estimated $110bn in debts, senior officials said.

Let’s just stop right there and recognize that we’re talking about an Ireland.  The proposal is to sell minority stakes in State Owned and Sovereign Wealth Fund Owned industries like their National Airline.

Mr Shaibani was speaking at an open forum held on Sunday, a rare moment of media engagement in an emirate that has faced a deluge of negative press since shocking markets with its standstill request a year ago, which ended with the restructuring of $25bn in debts at troubled conglomerate Dubai World.

Yup, that Dubai World, the one we were going to sell our ports to.  Now Dubai has already had a bailout from the UAE to the tune of $10 Billion in February of 2009 and assures us with the utmost gravity and reliability, just like Spain and Portugal, that they don’t need any bailouts thank you very much.

We are rapidly reaching the point where negative outcomes for the bankster class are inevitable due to the sheer volume of their theft.

Business News below.

From Yahoo News Business

1 Euro hits two month low after Ireland bailout

by Roddy Thomson, AFP

2 hrs 6 mins ago

BRUSSELS (AFP) – The euro sank to a two-month low on Monday in a nervous first reaction to a giant bailout for Ireland that European governments hope will steady the under-pressure currency.

Finance ministers who sealed the 85-billion-euro (113-billion-dollar) deal at emergency talks in Brussels Sunday were anxious to reassure Asian markets and head off any moves on Portugal and Spain, which are considered the next most vulnerable economies.

But even as international financial leaders stepped forward to endorse the agreement, currency dealers in Tokyo gave their own verdict.

2 French bank chief confident on Ireland bailout

AFP

Mon Nov 29, 2:49 am ET

TOKYO (AFP) – Bank of France governor Christian Noyer said on Monday he had “no doubt” that the 85 billion euro bailout of Ireland agreed at emergency talks in Brussels would be successful.

“The package has been clearly designed by the IMF and the EU and you can rely on the multi-decade experience of the IMF to put in place plans which are totally credible,” he told reporters in Tokyo on the sidelines of a financial forum.

“There is absolutely no doubt that this plan will work,” he said of the 113-billion-dollar bailout, adding that Ireland has launched “extremely tough measures to restructure its financial sector”.

3 Cowen faces tough task selling bailout to angry Irish

by Andrew Bushe, AFP

32 mins ago

DUBLIN (AFP) – Irish Prime Minister Brian Cowen faced a backlash Monday for agreeing the EU-IMF bailout for his debt-laden nation, amid outrage at what opposition politicians and the press condemned as a “sell-out”.

Cowen insisted the 85-billion-euro (113-billion-dollar) bailout was the “best deal available” for Ireland and will help shore up its banks, allowing his government to continue operating without imposing further tax rises or spending cuts.

But the main opposition Fine Gael party called the agreement “appalling”, insisting the 5.8 percent annual interest rate on the loan was unaffordable and condemning plans to raid Ireland’s pension fund reserves to help pay for it.

4 Europe fixes Irish bailout, future rescue rules

by Roddy Thomson, AFP

Sun Nov 28, 7:29 pm ET

BRUSSELS (AFP) – Europe on Sunday agreed a bailout for Ireland and new rules for future rescues which, under stringent IMF terms, would hit government bond investors.

And as the deal to help Ireland was finalised, attention in Brussels turned on fighting any moves by the market on Portugal and Spain.

Finance ministers sealed the 85-billion-euro (113-billion-dollar) agreement at emergency talks in Brussels timed to reassure the Asian financial markets before they reopened early Monday.

5 EU ministers divided over Irish bailout interest rate

AFP

Sun Nov 28, 8:34 am ET

BRUSSELS (AFP) – Europe’s finance ministers met on Sunday to thrash out details of Ireland’s 85-billion-euro (113-billion-dollar) bailout, but France’s representative said they were still divided over the interest rate to be charged on the loan.

Sunday’s emergency meeting in Brussels is aimed at preventing Ireland’s debt crisis from spreading to other countries in the 16-member eurozone, with experts declaring that Portugal and Spain are also vulnerable.

“We still have a few little details in the composition to rework and to finalise, particularly on the interest rate,” said French Finance Minister Christine Lagarde as she arrived for the meeting.

6 Markets see both debt and EU in need of restructuring

by Richard Lein, AFP

Sun Nov 28, 2:55 am ET

PARIS (AFP) – An eventual restructuring of some eurozone debt and big changes in how the European Union and eurozone functions are now seen as probable and even inevitable, analysts say.

German Chancellor Angela Merkel may have said this week that she sees “absolutely no case of a eurozone country in … a situation” where it would need to restructure its debt.

But markets are thinking otherwise.

7 Debt-ridden regions weigh on Spain

by Katell Abiven, AFP

Sun Nov 28, 12:47 am ET

MADRID (AFP) – Spain’s crisis-struck regions have rolled up a combined 105-billion-euro debt, heightening concerns about the prospects for the entire country’s finances.

Senior members of Spain’s Socialist government have stressed over past days that the Spanish economy is not the same as that of Ireland, which is being thrown a lifeline worth 85 billion euros (113 billion dollars).

“Of course we are not the same,” said the conservative daily ABC in an ironic commentary.

8 Dubai considers privatisation in fight against debt

by Ali Khalil, AFP

Sun Nov 28, 10:31 am ET

DUBAI (AFP) – Debt-laden Dubai is looking into a possible privatisation of public sector firms and offloading international assets, but is waiting for the right time for a good return, officials said on Sunday.

“We continue to work to diversify our financing sources and broaden the space for participation in the wealth of our economy,” said Sheikh Ahmed bin Saeed al-Maktoum, the head of Dubai’s Supreme Fiscal Committee.

“We (continue to) work on opening the door for public subscription in some of our large companies,” he added in a meeting with the media titled “Dubai economic update forum.”

9 Africa lashes Europe on trade at summit eve

by Claire Rosemberg, AFP

Sun Nov 28, 12:52 am ET

TRIPOLI (AFP) – Africa’s leaders, frustrated after almost a decade of failed efforts to seal trade deals with Europe, are heading into a summit with the European Union next week ready to do battle, or walk out.

“If there’s no progress, we may as well go back to square one,” said an African Union diplomat, speaking on condition of anonymity ahead of talks Monday and Tuesday in the Libyan capital. The gathering will involve 80 EU and African Union nations.

After years of wrangling over Economic Partnership Agreements (EPAs) between the two continents, the prickly issue was studiously left off the summit agenda.

10 Cotton price surge threatens ‘cheap fashion’

by Shafiq Alam, AFP

Sun Nov 28, 12:56 am ET

DHAKA (AFP) – In the home of cheap clothing manufacturing, the record price of cotton is causing havoc for producers — and the pain will pass down the chain to buyers in developed countries, analysts say.

Bangladesh, the third-biggest producer of clothes worldwide, is one of the cheapest locations for manufacturing in the world and its factories churn out clothing for leading brands from Wal-Mart to H & M and Gap.

After reluctantly agreeing to a sharp rise in the minimum wage, under pressure from the government and violent protests from workers, the industry is now grappling with price and supply issues with its main raw material.

11 PM casts doubt on N.Zealand coal mining future

by Marty Melville, AFP

Sun Nov 28, 4:01 am ET

GREYMOUTH, New Zealand (AFP) – Premier John Key cast doubt on the future of New Zealand’s underground coal mining industry Sunday ahead of a fresh explosion which sparked an inferno at the colliery where 29 men died.

Police said the latest blast ripped through the Pike River pit just before 2:00pm (0100 GMT), causing no injuries but igniting coal in the mine, opened two years ago to meet burgeoning demand from Asia.

“It literally sparked a coal fire in the mine. The fire is visible from the air above the ventilation shaft which was further damaged during the latest explosion,” police inspector Mark Harrison said.

12 Irish in mass protest against cuts to seal bailout

by Loic Vennin, AFP

Sat Nov 27, 4:36 pm ET

DUBLIN (AFP) – Tens of thousands of people on Saturday joined a mass protest in Dublin against austerity measures needed to secure an international bailout for Ireland, as speculation grew of an imminent deal.

Protesters marched through Dublin waving placards reading “Eire not for sale, not to the IMF” and “there is a better, fairer way”, denouncing the bailout and calling on Prime Minister Brian Cowen to quit.

A spokeswoman for the Irish Congress of Trade Unions (ICTU), which organised the march, said about 150,000 people took part. Police put the figure at 50,000.

13 PM says Spain ready to ‘accelerate’ economic reforms

AFP

Sat Nov 27, 1:46 pm ET

MADRID (AFP) – Spanish Prime Minister Jose Luis Rodriguez Zapatero said Saturday his government was ready to “accelerate” economic reforms if necessary, amid deep concerns on the world financial markets.

Zapatero added that he would not “deviate from austerity”, a day after he ruled out an Irish-style rescue for Spain and markets cranked the country’s debt risk premium up to record highs.

“If it is necessary to accelerate the reforms, we will do it,” he told reporters following a meeting with 37 leaders of big business.

14 EU ministers prepare to seal Irish aid plan

AFP

Sat Nov 27, 11:03 am ET

PARIS (AFP) – EU finance ministers will meet in Brussels on Sunday to wrap up an aid plan for debt-ravaged Ireland before markets reopen, a French source said as tens of thousands protested planned austerity measures in Dublin.

The source familiar with the issue said French Finance Minister Christine Lagarde had called for the meeting of her colleagues from eurozone countries, to be joined afterwards by ministers from the rest of the EU.

Originally it had been planned for them to communicate simply by telephone to approve the package worth 85 billion euros (113 billion dollars) and its conditions, the source added.

15 Putin backtracks on EU-Russia free trade zone

by Anna Smolchenko, AFP

Fri Nov 26, 2:57 pm ET

BERLIN (AFP) – Russian Prime Minister Vladimir Putin toned down Friday his enthusiasm for a vast EU-Russia free trade zone after German Chancellor Angela Merkel gave his proposals a cool reception in Berlin.

“A free trade zone is a complex, very complicated issue requiring thorough consideration,” Putin said after a visit to Germany that saw him meet Merkel as well as German business leaders.

A day earlier Putin had suggested in a guest article for a German newspaper a bold idea of a vast free-trade zone from Vladivostok on Russia’s eastern edge to Lisbon in Portugal on Europe’s western extremity.

16 Ukraine tax protests test mettle of new president

by Anya Tsukanova, AFP

Sat Nov 27, 11:54 pm ET

KIEV (AFP) – President Viktor Yanukovych is undergoing his biggest test since taking power, over tax reforms that sparked the biggest protests in Ukraine since the Orange Revolution, analysts said.

The reforms passed earlier this month by parliament are due to come into force on January 1 but the bill still needs to be signed by the president, who on Saturday indicated he might refuse it.

Thousands of Ukrainians have turned out in noisy demonstrations across the country against the reforms, in a nasty surprise for Yanukovych just as he seemed to be asserting his authority after taking power in February.

17 France, Germany say euro saved but investors skeptical

By Erik Kirschbaum and Daniel Flynn, Reuters

2 hrs 2 mins ago

BERLIN/PARIS (Reuters) – Germany and France declared on Monday that Europe had taken decisive action to save the euro by rescuing Ireland and laying the foundations of a permanent debt resolution system, but investors were not convinced.

Under pressure to arrest the threat to the currency before markets opened and prevent contagion engulfing Portugal and Spain, EU finance ministers endorsed an 85 billion-euro ($115 billion) loan package on Sunday to help Dublin cover bad bank debts and bridge a huge budget deficit.

They also approved the outlines of a long-term European Stability Mechanism (ESM), based on a Franco-German proposal, that will create a permanent bailout facility and make the private sector gradually share the burden of any future default.

18 Euro struggles despite Irish deal, doubts abound

By Koh Gui Qing, Reuters

Mon Nov 29, 3:43 am ET

SYDNEY (Reuters) – Doubts over whether a rescue deal for debt-soaked Ireland can plug Europe’s debt crisis drove the euro to two-month lows on Monday, though shares in Europe and Asia managed to move higher.

Even though European authorities agreed to lend Ireland 85 billion euros ($115 billion) on Sunday in the hope it would assure investors that all European nations can repay their debts, markets were skeptical that the deal would stave off further contagion.

Asian stocks struggled most of the day but drew some comfort from a firmer start in Europe, where leading European shares (.FTEU3) rose 0.8 percent in early trade.

19 Portugal adopts budget, denies bailout pressure

By Axel Bugge and Shrikesh Laxmidas, Reuters

Fri Nov 26, 2:27 pm ET

LISBON (Reuters) – Portugal approved its 2011 austerity budget on Friday, vowing to spur growth and apply tough spending cuts as it seeks to avoid an Irish-style bailout.

Parliament adopted the budget hours after a Financial Times Deutschland report said that most euro zone countries and the European Central Bank (ECB) were pressing Lisbon to seek an international rescue package as Greece and Ireland had done.

But Prime Minister Jose Socrates said the budget’s passage, which concluded many months of political bickering that at one point threatened the government’s survival, removed Portugal from the crosshairs of the euro zone crisis.

20 Spain pledges more bank health checks, debt updates

By Fiona Ortiz and Martin Roberts, Reuters

Fri Nov 26, 12:31 pm ET

MADRID (Reuters) – Spain said it will publish results of extra health checks on its banks next spring and give monthly updates on its public debt, offering concessions to markets focused firmly on fears Europe’s debt crisis may spread.

But despite investor unease continuing to push up its debt costs, the country would resist pressures to accelerate fiscal reforms, a source at the prime minister’s office said.

“Those who are taking short positions against Spain are going to be mistaken,” Prime Minister Jose Luis Rodriguez Zapatero said in an interview with broadcaster RAC1 radio in which he “absolutely” ruled out the need for a Greek- or Irish-style bailout.

21 Starbucks accuses Kraft of hurting grocer sales

By Lisa Baertlein and Martinne Geller, Reuters

Sun Nov 28, 7:21 pm ET

LOS ANGELES/NEW YORK (Reuters) – Starbucks Corp has accused Kraft Foods Inc of mismanaging sales of its packaged coffee in grocery stores and wants to end their 12-year partnership due to Kraft’s “material breaches” of their contract.

According to documents obtained by Reuters, Kraft has disputed Starbucks’ claims, adding fuel to a fight that is sure to take center stage when Starbucks hosts its biennial investor conference in New York on Wednesday.

The Seattle-based coffee giant charged, among other things, that Kraft mismanaged store displays and marketing and failed to take “commercially reasonable measures to address the erosion of Starbucks market share,” according to an October 5 letter from Starbucks’ attorney Aaron Panner to Deanie Elsner, president of North American beverages at Kraft.

22 Autumn’s reminder of tumultuous spring

By Pedro Nicolaci da Costa, Reuters

Sun Nov 28, 3:01 pm ET

WASHINGTON (Reuters) – This year, autumn feels strangely like spring: Just as the U.S. economy appears to be blooming again, Europe looks increasingly withered.

The long-stagnant U.S. labor market is perking up again, and November should register another solid round of job gains. At the same time, Ireland’s plight has all but engulfed financial markets, just as Greece did in March, raising the specter of a regional domino-effect that might eventually imperil the U.S. recovery.

Disruptions in bank lending during the second quarter dented U.S. business confidence, leading to a summer lull in investment and hiring that many feared might send the country into a renewed slump.

23 Irish bailout gets lukewarm market response

By PAN PYLAS, AP Business Writer

1 hr 54 mins ago

LONDON – The euro67.5 billion ($89.4 billion) bailout of Ireland has done little to assuage investor concerns that Europe has finally got a grip on its debt crisis, with European stocks trading mostly lower Monday and the euro hitting a fresh two-month low.

The FTSE 100 index of leading British shares was down 3.25 points, or 0.1 percent, at 5,685.45, while Germany’s DAX fell 28.98 points, or 0.4 percent, at 6,820. The CAC-40 index in France was 17.11 points, or 0.5 percent, lower at 3,711.54.

Wall Street was poised to open higher – Dow futures were up 31 points, or 0.3 percent, at 11,061, while the broader Standard & Poor’s 500 futures rose 3.9 points, or 0.3 percent, to 1,187.30.

24 Spain’s leader vows deficit reduction amid crisis

By HAROLD HECKLE, Associated Press

Sat Nov 27, 11:56 am ET

MADRID – Spain’s prime minister mounted a vigorous defense Saturday of his nation’s economy and finances, insisting his administration will forge ahead with austerity measures and force troubled banks and regional governments to reveal information about savings and restructuring efforts.

Jose Luis Rodriguez Zapatero was responding to heavy market pressure that has put Spain in the spotlight as the country that could plunge the 16-nation euro zone into meltdown if it were to end up needing a bailout like those provided to Ireland and Greece.

Many investors believe Portugal could be next in line to need a bailout, and they fear Spain could then follow.

25 Bottled water firm closing namesake Fiji business

By PITA LIGAIULA, Associated Press

2 hrs 17 mins ago

SUVA, Fiji – Fiji Water on Monday closed its operations in the South Pacific country that gives the popular bottled drink its name, saying it was being singled out by the military appointed government for a massive tax increase.

A company statement announcing the decision did not say whether the company was shutting down permanently in Fiji, where an acquifer deep underground has been the source of one of the world’s most popular bottled water brands.

The company, owned by California entrepreneurs Lynda and Stewart Resnick, said it was closing its facility in Fiji, canceling orders from suppliers and putting on hold several construction contracts in the country.

26 FACT CHECK: Small business caught in tax battle

By TOM RAUM, Associated Press

2 hrs 44 mins ago

WASHINGTON – Newly empowered Republicans say President Barack Obama would subject as much as half the nation’s small business income to job-withering tax increases. Obama and his Democratic allies argue that allowing taxes to rise on the wealthiest Americans would affect only a handful of small business owners.

Both can’t be right. And both are playing number games as the lame-duck Congress prepares to take up one of the most contentious issues of the postelection season: what to do about an array of about-to-expire Bush-era tax cuts? If Congress fails to act, taxes will go up for essentially every American taxpayer on Jan. 1.

Neither party wants that to happen. Hoping to avoid a December train wreck, Obama has hinted at a possible compromise – perhaps extending the tax cuts for everybody for a year or two. But so far, the president and the Republicans, flush from their big midterm election gains, haven’t been able to bridge their differences.

27 USDA asked to approve GMO apple that won’t brown

By SHANNON DININNY, Associated Press

Mon Nov 29, 4:18 am ET

CASHMERE, Wash. – A Canadian biotechnology company has asked the U.S. to approve a genetically modified apple that won’t brown soon after its sliced, saying the improvement could boost sales of apples for snacks, salads and other uses.

U.S. apple growers say it’s too soon to know whether they’d be interested in the apple: They need to resolve questions about the apple’s quality, the cost of planting and, most importantly, whether people would buy it.

“Genetically modified – that’s a bad word in our industry,” said Todd Fryhover, president of the apple commission in Washington state, which produces more than half the U.S. crop.

28 Tax break for employer health plans a target again

By RICARDO ALONSO-ZALDIVAR, Associated Press

Sun Nov 28, 1:21 pm ET

WASHINGTON – Job-based health care benefits could wind up on the chopping block if President Barack Obama and congressional Republicans get serious about cutting the deficit.

Budget proposals from leaders in both parties have urged shrinking or eliminating tax breaks that help make employer health insurance the leading source of coverage in the nation and a middle-class mainstay.

The idea isn’t to just raise revenue, economists say, but finally to turn Americans into frugal health care consumers by having them face the full costs of their medical decisions.

29 S. Africa mines plagued by mismanagement, neglect

By DONNA BRYSON, Associated Press

Sun Nov 28, 3:44 pm ET

ORKNEY, South Africa – Mawethu Mguli and hundreds of other workers at the gold mine in Orkney have gone months without pay at a time when gold is going for around $1,400 an ounce.

After the mine’s previous owners went bankrupt, the workers expected that a new partnership – headed by relatives of Nelson Mandela and President Jacob Zuma – would get operations back on track when it took over last year.

“Unfortunately, it didn’t turn out that way,” Mguli said softly as he sat in his dimly lit room in the mine dormitory. The mine northwest of Johannesburg remains idle and the workers are getting by on food handouts and odd jobs.

30 In air cargo capital, no fear over shipping rules

By ADRIAN SAINZ, Associated Press

Sun Nov 28, 11:17 am ET

MEMPHIS, Tenn. – As the busiest shipping season of the year begins, the specter of tighter security measures on air shipping after last month’s international mail-bomb scare might have sent a shiver through FedEx’s hometown.

It might have, if Memphians hadn’t spent decades watching the company’s planes fly into and out of what has grown into the world’s busiest cargo airport, and seeing its delivery trucks heading out in all directions, and generally spotting its name all over this Mississippi River city.

“Everywhere you look, FedEx is into everything here,” basketball fan Matt Hine said as he stood in the bustling lobby of the $250 million FedExForum, built six years ago to lure the Vancouver Grizzlies in a move that gave Memphis a status-affirming pro sports franchise.

31 Official: Dubai won’t need new debt bailout

By BRIAN MURPHY, Associated Press

Sun Nov 28, 1:27 pm ET

DUBAI, United Arab Emirates – Dubai’s top fiscal officials said Sunday the indebted city-state will likely not need another bailout, but noted that cash-boosting proposals such as asset sales and offering shares in state-run companies are under consideration.

The comments were part of a rare show-and-tell by Dubai’s financial braintrust to claim they have a handle on the debt crunch in the one-time Gulf boomtown.

The aim was to portray a sense of calm and optimism a year after the global economic slowdown slammed the brakes on Dubai’s white-hot growth, triggering fears of a broader default as details of the emirate’s huge debt load became apparent.

32 Qantas A380 returns to air after engine blowout

By ROHAN SULLIVAN, Associated Press

Sat Nov 27, 5:49 pm ET

SYDNEY – A Qantas A380 carrying more than 450 passengers, including the airline’s chief executive, took to the skies Saturday in the first flight by one of its superjumbos since a midair engine explosion three weeks ago triggered a global safety review.

Qantas CEO Alan Joyce said he was flying the first leg of the Sydney-Singapore-London flight as a sign of the airline’s conviction that it had completed all modifications and other checks on the Rolls-Royce engines, and the planes were safe to fly.

“We are 100 percent comfortable with it,” Joyce told reporters. “If we weren’t, we wouldn’t be restarting the operations today.”

33 Seafood sellers serve up celebs to swell sales

By CLARKE CANFIELD, Associated Press

Sat Nov 27, 2:13 pm ET

PORTLAND, Maine – Whether it’s East Coast swordfish, Alaska king crab or Louisiana shrimp, seafood sellers have their own hook to pump up sales: a celebrity.

For swordfish this fall, sellers didn’t turn to an actor, athlete or chef to push their product. Instead, it was the boat captain who caught the fish.

Swordfish sales soared at the Hannaford supermarket chain when the fish was promoted as being caught by Linda Greenlaw, a well-known Maine boat skipper featured on the Discovery Channel reality show “Swords: Life on the Line.”

34 Sweet success: Fannie May back after bankruptcy

By CARYN ROUSSEAU, Associated Press

Sat Nov 27, 4:18 pm ET

CHICAGO – A half-dozen years ago iconic chocolatier Fannie May, loved by Chicago candy devotees who passed down their affections for mint meltaways, caramels and vanilla buttercreams from generation to generation, was all but finished.

The candy company launched in 1920 was in bankruptcy. More than 200 of its retail stores were closed. Customers who worried they would never be able to buy the chocolates again stripped display cases and emptied shelves of the confections.

But six years after its 2004 near-meltdown, Fannie May has seen a turnaround and is thriving again thanks to what its executives say has been a mix of the old and the new: a strict adherence to decades-old chocolate recipes and growth and expansion in online and retail sales.

35 Higher gas prices won’t slow most holiday shoppers

By SANDY SHORE, AP Business Writer

Sat Nov 27, 1:17 pm ET

Many Americans are determined not to let higher gas be the Grinch that spoils their holiday spending plans.

Gas prices on average have risen about 17 cents since Labor Day, following a $12 increase in oil prices. By one analyst’s estimate, that means Americans are spending around $68 million more on gas each day than in early September.

While that sounds like a threat to sales of Barbie Video Girl dolls and even iPods, on an individual basis the increase amounts to $3 or $4 extra to fill up a car, a bit more for an SUV or a pick-up. Many motorists absorb the cost increases by skipping the gourmet coffee or passing on a movie. Or they drive less.

36 Progress made on protecting sharks, groups say

By ANGELA DOLAND, Associated Press

Sat Nov 27, 3:36 pm ET

PARIS – An international conservation conference in Paris made progress Saturday on protecting sharks but didn’t do anything to save the Atlantic bluefin tuna, which has been severely overfished to feed the market for sushi in Japan, environmental groups said.

Delegates from 48 nations spent 11 days in Paris haggling over fishing quotas for the Atlantic and Mediterranean, poring over scientific data and pitting the demands of environmentalists against those of the fishing industry.

Conservation groups said delegates took steps in the right direction with moves to protect oceanic whitetip sharks and many hammerheads in the Atlantic, though they had hoped for more. Sharks were once an accidental catch for fishermen but have been increasingly targeted because of the growing market in Asia for their fins, an expensive delicacy used in soup.

37 Big New York insider trading probe spawns another

By LARRY NEUMEISTER, Associated Press

Fri Nov 26, 10:46 pm ET

NEW YORK – An insider trading case last year that federal authorities said was the biggest ever is providing a recipe for another case that may be even bigger.

The current case is largely an extension of work that led to the arrest of Galleon Group founder Raj Rajaratnam in October 2009. The Galleon investigation marked the first time that federal authorities used wiretaps in an insider trading probe.

Similarly, wiretaps led to the first arrest in the latest case. Don Ching Trang Chu, a consulting firm executive, was arrested Wednesday for allegedly providing private information about a company’s corporate earnings to a hedge fund.

38 UN agency pushes new rules on air cargo security

By CHRIS HAWLEY, Associated Press

25 mins ago

NEW YORK – The U.N. agency that oversees aviation is pushing new guidelines for cargo security to counter al-Qaida’s new mail-bomb strategy, but is stopping short of calling for 100 percent screening of packages, as pilots and some U.S. lawmakers have urged.

The proposed changes by the International Civil Aviation Organization concentrate on “supply-chain security,” or checking outbound shipments before they even reach the airport. A draft of new guidelines will go out to all 190 member countries in the next few weeks, the agency says.

Governments are increasingly worried about cargo security as the holiday season swells the number of packages moving around the world.

39 Old plant begins to break spell over Salem, Mass.

By JAY LINDSAY, Associated Press

Sun Nov 28, 2:41 pm ET

SALEM, Mass. – “Not in my lifetime” is a retort the Salem Harbor Power Station’s opponents got used to hearing over years of warnings that the end was near for the hulking plant.

For six decades, the plant has stood over the historic port’s entrance like a smoking sentry, burning the coal and oil that made it a target for environmentalists while paying the millions in taxes that helped it win local loyalty.

But as tough pollution rules approach, the plant looks poised for that predicted exit. Early this month, plant owner Dominion’s chief financial officer, Mark McGettrick, told investors that within five years “we would expect Salem Harbor plant to shut down.”

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