Photo credit: International Center for Tropical Agriculture / Creative Commons Today there are three sources of growing demand for food: population growth ; rising affluence and the associated jump in meat, milk, and egg consumption; and the use of grain to produce fuel for cars. P… Read the full story on TreeHugger
Continue reading …The New York Yankees said on Thursday that veteran left-hander Andy Pettitte will announce his retirement Friday. Pettitte played for the Yankees 13 of his 16 major league seasons. (Feb. 3)
Continue reading …Tourism loses at least $1bn as one million visitors flee anti-Mubarak protests Egypt’s vice-president, Omar Suleiman has warned protesters that rioting is chasing away foreign tourists and investors who are vital for the country’s economy. He said Egypt had lost at least $1bn in tourism in the past nine days and that a million tourists had left during the turmoil. Tui Travel, Europe’s biggest travel company, warned that the unrest in Egypt and Tunisia would cost it up to £30m as customers cancelled or rescheduled holidays. Tui has cancelled all holiday bookings for Egypt from Germany, France, Belgium, the Netherlands and Scandinavia, but is still running holidays booked in the UK for Red Sea resorts such as Sharm el-Sheikh “in line with government advice”. This means that, at present, UK customers will not get a refund if they cancel their trip. “If we are not able to operate any further holidays to Egypt for the rest of the winter from any source market except for the UK, we estimate the second-quarter impact will be approximately £20m. If UK government advice changes and we can no longer operate from that source market we would expect the impact to increase by approximately £5m,” Tui said. Repatriating customers from Tunisia and cancellation of holidays to the country has cost Tui another £5m. Egypt’s revenues are driven by tourism, which are thought to bring in about £7bn a year. Taxes on ships using the Suez canal generated £6bn in the last financial year. But Egypt still ran a current account deficit of £505m in the third quarter of 2010 and had to borrow to cover the difference. Analysts at ratings agency Fitch, which downgraded Egypt today to BB, warned of further downgrades. Many western businesses have shut their operations and pulled out senior staff. The agency said a lack of trade and tourism, which accounts for 11% of GDP, would send tax revenues into a downward spiral, making the budget deficit worse. The stock market remained closed. The country’s ports have seen much of their business move to Malta, Israel and other Mediterranean destinations as Egypt’s docks remain largely shut down. The Suez canal, which carries about 8% of global sea trade, has stayed open despite the chaos, with armed guards protecting the waterway that links the Red Sea and the Mediterranean, but ships have avoided Port Said and Alexandria. Egypt Middle East Protest Travel & leisure Julia Kollewe Phillip Inman guardian.co.uk
Continue reading …It’s brief and a bit blurry, but in the midst of a 14-minute demonstration of the BlackBerry PlayBook the folks from Lotusphere Podcasts scored something of a first: a demo of the tablet finally using portrait mode. Unfortunately, we don’t get a look at much more than the home screen and the keyboard, and it appears that the functionality might not be perfected just yet — the PlayBook used for the first ten minutes of the video was the usual horizontal-only deal, and the portrait-enabled model was quickly put back on the table after the brief demo. Hit up the source link below for the complete video, and look for the portrait mode to make an appearance around the 10:55 mark. BlackBerry PlayBook gets demoed in portrait mode originally appeared on Engadget on Thu, 03 Feb 2011 17:06:00 EDT. Please see our terms for use of feeds . Permalink
Continue reading …Court records show that a 4-year-old Georgia girl who died of alcohol poisoning had a blood alcohol level of .272. That is more than three times the legal limit for an adult driver. (Feb. 3)
Continue reading …The American Heart Association says in a new scientific statement that a rare and often underreported form of stroke involving the veins and not the arteries is more common than previously thought.
Continue reading …And the day’s award for corporate insensitivity goes to: Kenneth Cole. The high-end fashion label used the #Cairo hashtag—which the rest of the world is using to follow the protests— to get some publicity for its spring collection. “Millions are in uproar in #Cairo,” read the now-deleted tweet. “Rumor…
Continue reading …Progressive economist Dean Baker says as predicted, the UK austerity program looks very much like a path to pain and stagnation , not healthy growth, and hopes our leadership wakes up in time before they end up in the same situation: The elite media and the politicians whom they promote would love to see the United States follow the austerity path of the UK’s new government. However, if this path takes the UK into dangerous economic waters, it could provide a powerful warning to the public in the United States before we make the same mistake. The British economy looks like it is doing its part. The fourth-quarter GDP report showing that the economy went into reverse and shrank at a 2.0% annual rate is exactly the sort of warning that many of us here were expecting. Weather-related factors may have slowed growth some, but you would have to do some serious violence to the data to paint a positive picture. Of course, the austerity in the UK is just beginning. There will likely be much worse pain to come, with a real possibility that the country will experience a double-dip recession, or at least a prolonged period of stagnation. While the UK seems to be doing its part, the key question is whether anyone in the United States is prepared to take the lesson. Prior to this episode, there was already a solid economic case that large public deficits were necessary to support the economy in the period following the collapse of an asset bubble. The point is simply that the private sector is not prepared to make up the demand gap, at least in the short term . Both short-term and long-term interest rates are pretty much as low as they can be. Furthermore, even if weaker demand did manage to push interest rates down from current levels, it is unlikely that they would have much effect on private spending. Businesses that didn’t want to invest when the 10-year treasury bond rate was 3.4% are unlikely to start expanding if the rate fell to 2.4%, especially if the lower rate is coupled with higher unemployment and weaker demand. The same story applies to consumers. This sort of drop in interest rates is not about to kick off a consumption binge. Consumers remain heavily indebted as a result of the collapse of the housing bubble. Lower interest rates will change this picture little. Furthermore, a consumption splurge is even less likely if government cutbacks mean that more workers are unemployed or worried about losing their jobs . There might be more hope from an increase in net exports following a turn to austerity, but this would depend on a decline in the value of the dollar and healthy growth in US trading partners. Neither of these seems like good bets at the moment. This means that the predictable result of austerity is slower growth and higher unemployment. The UK has volunteered to be our guinea pig and test this proposition. For now, it looks like things are going just as standard economic theory predicts: the economy is slowing and unemployment is likely to rise. Hopefully, citizens of the UK will tire of the rhetoric of austerity as a way to make politicians feel good about tightening other peoples’ belts. Maybe the Liberal Democrats will break away from the coalition and force new elections. From this side of the pond, though, the goal is simply to encourage people to pay attention. The UK might be home to 60 million people, but from the standpoint of US economic policy, it is simply exhibit A: it is the country that did what our deficit hawks want to do in the US.
Continue reading …Colorado has been plunged into a deep-freeze. Denver recorded a low of minus 17 degrees farenheit Wednesday morning. A video demonstration shows the power of such cold temperatures. (Feb. 3)
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