McCain ad blames Obama for rising gas prices
July 21, 2008
WASHINGTON (AP) — Republican presidential candidate John McCain is launching a new television ad that blames Democratic rival Barack Obama for rising gasoline prices.
The ad, airing on national cable and in 11 battleground states, argues that the cost of fuel is rising because of opposition to oil drilling in the United States.
The announcer in the ad says, “Gas prices – $4, $5, no end in sight, because some in Washington are still saying no to drilling in America. No to independence from foreign oil. Who can you thank for rising prices at the pump?”
A photograph of Obama appears on the stage as a voiceover of a crowd chants: “Obama, Obama, Obama!”
McCain ad blames Obama for rising gas prices – Jul. 21, 2008.
You gotta be effing kidding me?!
Roche makes $43.7bn Genentech bid
July 20, 2008
Swiss drugs firm Roche has offered to buy all outstanding shares in its US partner Genentech for $43.7bn(£22bn).
Roche – which makes the antiviral drug Tamiflu – acquired a majority stake in Genentech in 1990 and currently owns 55.9% of all outstanding shares.
It has offered $89 per share to buy up the remaining stake, a 8.8% premium to Genentech’s Friday closing share price.
BBC NEWS | Business | Roche makes $43.7bn Genentech bid.
I wish I had held onto my Genentech stocks from January!
For eight years, Arnold Kim has been trading gossip, rumor and facts about Apple, the notoriously secretive computer company, on his Web site, MacRumors.com.
Arnold Kim, founder and senior editor of MacRumors.com.
It had been a hobby — albeit a time-consuming one — while Dr. Kim earned his medical degree. He kept at it as he completed his medical training and began diagnosing patients’ kidney problems. Dr. Kim’s Web site now attracts more than 4.4 million people and 40 million page views a month, according to Quantcast, making it one of the most popular technology Web sites.
It is enough to make Dr. Kim hang up his stethoscope. This month he stopped practicing medicine and started blogging full time.
My Son, the Blogger – An M.D. Trades Medicine for Apple Rumors – NYTimes.com.
Hey, it’s arn from MacRumors! I had no idea he was an MD. I just assumed it was his full time job. How the heck did he manage med school and the blog at the same time?! It seems like he’s constantly updating the front page (and he’s always in the forums).
Oil tumbles below $130 a barrel
July 17, 2008
NEW YORK — Oil prices fell below $130 (U.S.) a barrel for the first time in more than a month Thursday, as a dramatic slide entered a third day along with a sharp selloff in natural gas.
The declines accelerated amid growing concerns about the weakening U.S. economy.
“The entire buillish scenario … is starting to crack,” said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.
Light, sweet crude for August delivery dropped $5.31 to settle at $129.29 a barrel on the New York Mercantile Exchange. Prices have fallen more than $15 in just the past three days.
The consumer price index, used to gauge inflation, has jumped 5% since June 2007. Figuring it out means the Bureau of Labor Statistics staff must collect prices for items such as pizza, laptops and ca
Kim Gomory treks more than 850 miles each month, stopping by more than 120 grocers, gas stations, restaurants, stores, health clubs and other businesses.
But Gomory, a Honda Civic hybrid owner in her 40s, isn’t a soccer mom drawing a bead on bargains. Trace a line from her calculating consumerism in Claremont, Walnut and other communities and you’ll see how national economic policy gets made.
Shielding a tablet computer with skill worthy of a CIA operative, Gomory is among 400 Bureau of Labor Statistics staffers, including about 13 in the Los Angeles area, who compile data used to calculate the consumer price index, the best-known gauge of U.S. inflation.
The latest survey, released Wednesday, calculated that the consumer price indexrose 1.1% in June — the second-largest increase since 1982 — and jumped 5% compared with June 2007. Prices in Los Angeles, Orange and Riverside counties rose 1.1% in June and 5.4% compared with a year earlier.
To the consternation of critics who say the index fails to reflect Americans’ struggles to make ends meet, the CPI is holy writ for bankers, economists, policymakers and politicians as they set mortgage and credit card interest rates, wages and government benefits programs such as food stamps and Social Security.
It costs what?! Calculating the CPI requires a lot of shopping around – Los Angeles Times
I’ve always wondered how they calculate the CPI. I didn’t realize that they actually send out individuals to shop around for these things. It’s absurdly time consuming and very subjective.
Zimbabwe inflation at 2,200,000%
July 16, 2008
Zimbabwe’s annual rate of inflation has surged to 2,200,000%, official figures have shown.
The figure is the first official assessment of prices in the troubled African nation since February, when the rate of inflation stood at 165,000%.
Zimbabwe, once one of the richest countries in Africa, has descended into economic chaos largely blamed on the policies of President Robert Mugabe.
London parking fees top global price list
July 15, 2008
London is the most expensive place in the world to park a car, according to a report analysing costs across every large city.
Monthly parking rates in the City topped the list at $1,167 (€733, £586), with the West End of London second at $1,136. This is about twice that of New York’s midtown area, where it costs $585 a month, and Tokyo, where it costs $552.
Daily parking costs follow a similar pattern. The most expensive place is again the City, where it costs $68, followed by Amsterdam, London’s West End, Moscow and The Hague. The cheapest city to park is Delhi, where it costs $1.75 a day.
Scared yet? Sure, but don’t panic
July 15, 2008
NEW YORK (CNNMoney.com) — This is one of those days you probably wished you stayed in bed.
Scared yet? Sure, but don’t panic – Jul. 15, 2008
I wish that was an option. It was such a roller coaster morning.
6:30am (west coast!) – Yikes. *sets buy order* Can’t get much worse right?
6:45am – Oh yes it can. *panics*
7:45am – Go for a run to take mind off this mess.
8:30am – Checks again. Why me?!
9:45am – Leaves for class. *avoids checking on the way there*
11am – Things are turning around. *feels smart for buying*
12am – I’m seeing green!
1pm (market close) – Wait, what?!
NEW YORK (Reuters) – Oil dropped more than $6 on Tuesday, the largest drop in dollar terms in 17 years, as growing concern about the economic health of top energy consumer the United States stirred demand worries.
U.S. Federal Reserve Chairman Ben Bernanke said financial markets were under “considerable stress,” adding to concerns about the strain of the weak housing market and high energy and food prices on the U.S. economy.
U.S. crude settled down $6.44 at $138.74 a barrel, the biggest one-day drop since 1991, when prices retreated at the start of Operation Desert Storm. The session low was notched at $135.92 earlier.
Oil plunges $6 on mounting economic concern – Yahoo! News
Nothing was safe today.
Bank shares sink to 1996 levels on loss fears
July 15, 2008
NEW YORK (Reuters) – U.S. bank shares fell to their lowest level since 1996 on fears of greater credit losses for an already battered sector.
The 24-member KBW Bank Index (.BKX), consisting mainly of the biggest U.S. banks, fell as much as 7 percent on Tuesday.
They closed down 3.1 percent, recovering some losses after Federal Reserve Chairman Ben Bernanke affirmed that helping financial markets return to normal functioning was a top priority for the central bank.
Can’t Find a Parking Spot? Check Smartphone
July 12, 2008
Can’t Find a Parking Spot? Check Smartphone – NYTimes.com
SAN FRANCISCO — The secret to finding the perfect parking spot in congested cities is usually just a matter of luck. But drivers here will get some help from an innocuous tab of plastic that will soon be glued to the streets.
This fall, San Francisco will test 6,000 of its 24,000 metered parking spaces in the nation’s most ambitious trial of a wireless sensor network that will announce which of the spaces are free at any moment.
Drivers will be alerted to empty parking places either by displays on street signs, or by looking at maps on screens of their smartphones. They may even be able to pay for parking by cellphone, and add to the parking meter from their phones without returning to the car.
Solar Energy ETFs: Don’t Get Burned
June 24, 2008
Solar Energy ETFs: Don’t Get Burned
With sky-high oil prices hitting new records seemingly every week, interest in solar energy burns bright. But investors have found shares of companies that provide solar-power gear to be among the most volatile in the entire stock market.
Shares of leading players like First Solar (FSLR) and SolarWorld (SRWRF.PK) routinely trade up or down by more than 10% in a day. On June 19, shares of Evergreen Solar (ESLR) surged 20% on news that the solar wafer maker had signed two long-term contract deals. But the next day, they dropped 8% when there was no significant news to drive the stock.
All that volatility had many investors welcoming the April introduction of two exchange-traded funds focusing on solar energy indexes, the Claymore MAC Global Solar Energy Index ETF (TAN) and Van Eck’s Market Vectors Solar Energy ETF (KWT). The Claymore fund is already up to $163 million in assets, while the Market Vectors offering is yet to hit $25 million.
If you’re interested in solar, I would suggest you check out First Solar (FSLR) and Canadian Solar (CSIQ), the latter was not mentioned in the article. However, both are extremely volatile.
The worst may be behind for Wall Street – or not
June 15, 2008
The Associated Press: The worst may be behind for Wall Street – or not
NEW YORK (AP) — Not long ago, it seemed like the worst was over. As the first quarter wound down, the credit crisis appeared to be easing, the housing market seemed like it might get some footing and Wall Street was growing confident that it had finally found a bottom after months of volatility.
No one expected oil would shoot up 30 percent in just three months.
With new record crude prices almost daily and more negative news for the financial sector combining to generate a new round of volatility, Wall Street is left in disagreement over whether there will be any kind of market recovery soon.
The AP makes great headlines – or not.
Wal-Mart challenges Craigslist
June 7, 2008
Wal-Mart challenges Craigslist – MSN Money
The discount retailer, which clobbered toy stores and consumer-electronics chains after encroaching on their turf, is offering free classified ads online.
No, thanks.
Bernanke signals end to interest rate cuts
June 3, 2008
reportonbusiness.com: Bernanke signals end to interest rate cuts
WASHINGTON — Federal Reserve Chairman Ben Bernanke signaled Tuesday that further interest rate cuts are unlikely because of concerns about inflation. High oil prices are a double-edged sword that can both put a damper on already weak growth and spread inflation, he said.
Mr. Bernanke, in remarks delivered via satellite to an international monetary conference in Spain, said the Fed’s powerful doses of rate reductions that started last September along with the government’s $168-billion (U.S.) stimulus package, including rebates for people and tax breaks for businesses, should bring about “somewhat better economic conditions” in the second half of this year.
