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Energy Costs to Rise 'Viciously' Without Atomic Power, IEA Says

Wed, 09 Nov 2011 15:55:55 -0800

Bloomberg - By Lananh Nguyen - Nov. 09 (Special Report) - Energy will become "viciously more expensive" and polluting if governments don't promote renewable and nuclear power in the next two decades instead of burning coal, the International Energy Agency said. Global demand for energy is set to increase 40 percent by 2035, the Paris-based agency said today in its annual World Energy Outlook report. Consumption will rise 1.3 percent a year to 16.96 billion metric tons of oil equivalent in 2035, spurred by China and other emerging economies, the IEA said. The worst atomic accident in 25 years at the Fukushima plant in Japan on March 11 led Germany, Europe's biggest economy, to close eight of its 17 reactors permanently. Nuclear plants generate power continuously while emitting virtually no greenhouse gases. Without nuclear, keeping world temperature gains at 2 degrees Celsius (3.6 Fahrenheit) will cost an extra $1.5 trillion through 2035, the IEA said. "If we do not have an international legally binding agreement soon, and if it doesn't give a boost to a major investment wave of clean energy technologies by 2017, the door to 2 degrees will be closed forever," Fatih Birol, the IEA's chief economist in Paris, said in an interview yesterday. A shift away from nuclear power "would definitely be bad news for energy security, for climate change and also for the economics of the electricity price."

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U.S. Stock Futures Drop as Europe Woos China for Bailout Fund

Mon, 31 Oct 2011 00:00:00 -0700

Bloomberg - By Adria Cimino - Oct. 31 (News) - U.S. stock futures fell, indicating the Standard & Poor's 500 Index may pare its biggest monthly rally since 1974, as investors awaited China's response to the European request for money to boost the bailout fund. Alcoa Inc., the largest U.S. aluminum producer, and General Electric Co. led declining shares in European trading. Futures on the S&P 500 expiring in December fell 0.9 percent to 1,269.4 at 8:50 a.m. in London. The S&P 500 advanced in the last four weeks and has climbed 14 percent this month. Futures on the Dow Jones Industrial Average retreated 89, or 0.7 percent, to 12,079

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Obama Jobs Plan Prevents 2012 Recession in Survey of Economists

Wed, 28 Sep 2011 00:00:00 -0700

Bloomberg - By Timothy R. Homan - Sep. 28 (News Report) - President Barack Obama’s $447 billion jobs plan would help avoid a return to recession by maintaining growth and pushing down the unemployment rate next year, according to economists surveyed by Bloomberg News. The legislation, submitted to Congress this month, would increase gross domestic product by 0.6 percent next year and add or keep 275,000 workers on payrolls, the median estimates in the survey of 34 economists showed. The program would also lower the jobless rate by 0.2 percentage point in 2012, economists said.

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Wall Street Aristocracy Secretly Got $1.2 Trillion From Fed

Mon, 22 Aug 2011 00:00:00 -0700

Bloomberg - By Bradley Keoun, Phil Kuntz - Aug. 22 (Special Report) - Citigroup Inc. and Bank of America Corp. were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest US banks and brokerage firms to their best year ever with $104 billion of profits. By 2008, the housing market's collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the US Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the US Treasury, yet until now the full amounts have remained secret

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Obama Needs to Get ’Caught Trying’ on Job Creation

Tue, 28 Jun 2011 00:00:00 -0700

Bloomberg - By Ron Klain - Jun. 28 (Opinion) - The president should put forward a half-dozen job-creation ideas in July, and call on Congress to come back early from its August recess to give these proposals up-or-down votes before Labor Day. Then, he could propose a half-dozen more, and demand votes on those before Congress finishes its session this year. The administration may lose some of these votes; and ideas that win approval by Congress in fall or winter of 2011 may have limited impact on the employment rolls before Election Day 2012, but the American people will be grateful for the president’s determination.

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Rajaratnam Guilty on All Counts in U.S. Insider-Trading Case

Wed, 11 May 2011 00:00:00 -0700

Bloomberg - By David Glovin, Patricia Hurtado, Bob Van Voris - May. 11 (News) - Raj Rajaratnam , the hedge-fund tycoon and Galleon Group LLC co-founder at the center of a U.S. insider-trading crackdown, was found guilty of all 14 counts against him in the largest illegal stock-tipping case in a generation.

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Economy adds 244K jobs; unemployment rises to 9%

Fri, 06 May 2011 00:00:00 -0700

Washington Post - By Neil Irwin - May. 06 (News Report) - Employers ramped up their hiring in April, the Labor Department said Friday, giving hope that recent signs of weakening growth have not undermined job creation. But the unemployment rate also rose, showing that American workers are still having trouble finding jobs.

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Obama Tour to Promote Debt Plan Without Dwelling on S&P Report, Aides Say

Tue, 19 Apr 2011 00:00:00 -0700

Bloomberg - By Mike Dorning, Julie Hirschfield Davis - Apr. 19 (News) - President Barack Obama begins a tour promoting his proposal to cut long-term budget deficits with a new urgency after Standard & Poor’s warned that the nation’s AAA credit rating is in peril.

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S&P Tells Biggest Debtor Don’t Blow Final Act

Tue, 19 Apr 2011 00:00:00 -0700

Bloomberg - By Caroline Baum - Apr. 19 (Opinion) - Rarely has a credit rating company made such an astute observation of the human condition. “We believe there is a material risk that U.S. policy makers might not reach an agreement on how to address medium- and long-term budgetary challenges by 2013,” Standard & Poor’s said on assigning a negative outlook to the U.S. AAA-credit rating Monday.

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Obama Reached Breaking Point in Budget Talks After Tense Hour With Boehner

Mon, 11 Apr 2011 00:00:00 -0700

Bloomberg - By Lisa Lerer - Apr. 11 (News) - The tense negotiations culminating in a last-minute deal the next night to avert a government shutdown underscored the challenges facing both Boehner and Obama as they tackle the fiscal issues that will dominate the debate during the next two years in Washington.

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Commodities Heading for a Third Quarterly Advance on Recovery, Oil's Surge

Sun, 03 Apr 2011 00:00:00 -0700

Bloomberg - By Glenys Sim - Apr. 03 (News) - Commodities headed for a third quarterly advance as the global economy extended its recovery, and as crude oil climbed on concern that conflict in Libya and unrest in the Middle East would curb supplies.

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U.S. Jobless Claims Fall, Consumer Confidence Improves

Thu, 31 Mar 2011 00:00:00 -0700

Bloomberg - By Timothy R. Homan, Alex Kowalski - Mar. 31 (News) - Fewer Americans filed claims for jobless benefits last week and consumer confidence stabilized, a sign the world’s largest economy is weathering the jump in commodity prices heading into the second quarter.

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Japan Considers Entombing Nuclear Plant as Workers Fight to Stop Radiation

Wed, 30 Mar 2011 00:00:00 -0700

Bloomberg - By Go Onomitsu, Sachiko Sakamaki - Mar. 30 (News Report) - Record-high readings of contaminated sea water were found yesterday near the crippled Dai-Ichi nuclear plant, Japan’s nuclear safety agency said, while workers grappled with ways to reduce toxic radiation at the site of the world’s worst nuclear disaster in 25 years.

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Japan Churns Through ‘Heroic’ Workers Hitting Radiation Limits

Thu, 17 Mar 2011 00:00:00 -0700

Bloomberg - By Simeon Bennett - Mar. 17 (News Report) - More workers were drafted for the frontline of Japan’s biggest nuclear disaster as radiation limits forced Tokyo Electric Power Co. to replace members of its original team trying to avert a nuclear meltdown.

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Corn May Be More Vulnerable to Warming, Stanford Study Shows

Mon, 14 Mar 2011 00:00:00 -0700

Bloomberg - By Rudy Ruitenberg - Mar. 14 (News) - Corn, the world’s second-most- widely grown grain, may be more vulnerable to global warming than previously thought, based on a study led by Stanford University that examined data from field trials.

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Companies' Jobs Outlook Rises to Decade High, U.S. Business Economists Say

Mon, 24 Jan 2011 21:27:02 -0800

Bloomberg - By Alex Kowalski - Jan. 24 (News) - U.S. companies’ employment outlook improved to a 12-year high this quarter after sales strengthened and economic growth picked up, a survey showed.

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Glock Pistol Sales Surge in Aftermath of Arizona Shootings

Wed, 12 Jan 2011 00:00:00 -0800

Bloomberg - By Michael Riley - Jan. 12 (News) - Instead of hurting sales, the massacre had the $499 semi-automatic pistols -- popular with police, sport shooters and gangsters -- flying out the doors of his Glockmeister stores in Mesa and Phoenix.

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U.S. Adds 103,000 Jobs in December, Unemployment at 9.4%

Fri, 07 Jan 2011 00:00:00 -0800

Bloomberg - By Bob Willis - Jan. 07 (News Report) - Employers added fewer jobs than forecast in December and the unemployment rate dropped to 9.4 percent, a sign a labor-market recovery will take time to develop.

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Southern Sudan Likely to Vote to Secede from North, Presidential Aide Says

Fri, 17 Dec 2010 00:00:00 -0800

Bloomberg - By Karl Maier - Dec. 17 (News) - Southern Sudan is likely to vote to secede from Sudan in a referendum next month, said Nafie Ali Nafie, an aide to President Umar al-Bashir. Efforts to maintain the unity of Sudan have failed, Nafie said yesterday, according to state news agency SUNA.

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Aid to U.S. Unemployed Begins to Expire as Congress Deadlocks Over Cost

Wed, 01 Dec 2010 00:00:00 -0800

Bloomberg - By Brian Feler - Dec. 01 (News Report) - “I find it difficult to understand how some of my colleagues on the other side would object to an extension of unemployment benefits for a year that are not offset, but at the same time insist that we provide tax cuts for the very richest Americans without paying for them,” Senator Jack Reed, a Democrat from Rhode Island, said yesterday. He was referring to the impasse over extending tax cuts scheduled to expire at the end of this year.

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Health Insurers Paid U.S. Chamber $86.2 Million to Oppose Health-Care Law

Wed, 17 Nov 2010 00:00:00 -0800

Bloomberg - By Drew Armstrong - Nov. 17 (News) - Health insurers last year gave the U.S. Chamber of Commerce $86.2 million that was used to oppose the health-care overhaul law, according to tax records and people familiar with the donation.

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Prudential Veteran Accounts `Dishonest,' American Legion Says

Tue, 02 Nov 2010 00:00:00 -0700

Bloomberg - By David Glovin, David Evans - Nov. 02 (News Report) - Prudential Financial Inc.’s practice of collecting interest on unpaid veterans’ life-insurance benefits is “unlawful and dishonest,” the American Legion told a judge yesterday. The American Legion, the largest U.S. veterans’ service organization with 2.5 million members in almost 14,000 posts worldwide, asked permission to file a legal brief supporting a pending case in Springfield, Massachusetts, against Prudential Insurance Co. of America, a unit of Newark, New Jersey-based Prudential Financial.

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Poll: Americans Don't Know Economy Expanded With Tax Cuts

Fri, 29 Oct 2010 00:00:00 -0700

Bloomberg - By Heidi Przybyla, John McCormick - Oct. 29 (Poll) - The Obama administration cut taxes for middle-class Americans, expects to make a profit on the hundreds of billions of dollars spent to rescue Wall Street banks and has overseen an economy that has grown for the past five quarters. Most voters don’t believe it.

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Unemployment in US Probably Rose as Recovery Can't Generate Enough Jobs

Sat, 02 Oct 2010 00:00:00 -0700

Bloomberg - Oct. 02 (News Report) - The jobless rate probably rose in September for a second month as the year-old U.S. recovery failed to generate enough jobs to keep up with a growing labor force, economists said before a report this week.

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Tea Party Doesn't Need Votes to Win US Elections

Sun, 26 Sep 2010 00:00:00 -0700

New York Times - By Albert R. Hunt - Sep. 26 (Opinion) - With the U.S. midterm elections five weeks away, the Tea Party movement is already the big winner of 2010. This anti-government, grass-roots Republican offshoot has rattled the party establishment — making the former governor of Alaska, Sarah Palin, the party’s most prominent 2012 presidential possibility — and has dominated the debate this campaign season.

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