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Friday, 26 February 2010

Head of IMF proposes new global reserve currency that would serve as an alternative to the U.S. dollar -

Reading - Head of IMF proposes new global reserve currency that would serve as an alternative to the U.S. dollar -

Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday the organization might one day be called on to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.

"That day has not yet come, but I think it is intellectually healthy to explore these kinds of ideas now," he said in a speech on the future mandate of the 186-nation Washington-based lending organization.

Strauss-Kahn said such an asset could be similar to but distinctly different from the IMF's special drawing rights, or SDRs, the accounting unit that countries use to hold funds within the IMF. It is based on a basket of major currencies.

He said having other alternatives to the dollar "would limit the extent to which the international monetary system as a whole depends on the policies and conditions of a single, albeit dominant, country."

Strauss-Kahn, a former finance minister of France, said that during the recent global financial crisis, the dollar "played its role as a safe haven" asset, and the current international monetary system demonstrated resilience.

"The challenge ahead is to find ways to limit the tension arising from the high demand for precautionary reserves on the one hand and the narrow supply of reserves on the other," he said.

Several countries, including China and Russia, have called for an alternative to the dollar as a reserve currency and have suggested using the IMF's internal accounting unit.

Strauss-Kahn said the IMF also needs to do a better job of tracing how risk percolates through the global economy.

"Here it will be essential to improve our ability to monitor several dozen large complex financial institutions that make up the `plumbing' through which global capital flows," he said, while leaving national regulators the job of monitoring the solvency of individual institutions.

Thursday, 25 February 2010

Wednesday, 24 February 2010

Government Motors / FBI Raids the offices of three Michigan auto suppliers who do work for Toyota -

Reading - Government Motors / FBI Raids the offices of three Michigan auto suppliers who do work for Toyota -

The FBI is confirming raids at the offices of three Michigan auto suppliers who do work for Toyota.

Search warrants were served Tuesday evening at Yazaki North America, DENSO International and Tokai Rika. Yazaki sells electronic components and DENSO makes accelerator pedals.

Law enforcement sources say the raids are part of an ongoing anti-trust investigation of the companies. They say this is not a criminal investigation and not related to the current acceleration problems. Department of Justice spokesperson Gina Talamona said "The Antitrust Division is investigating the possibility of anti-competitive cartel conduct of automotive electronic components suppliers. We are coordinating with the European Commission and other foreign competition authorities."

DENSO has released the following statement:

"DENSO International America, Inc. (DIAM), U.S. subsidiary of DENSO Corporation, was inspected on February 23, 2010 by the U.S. Federal Bureau of Investigation and the U.S. Department of Justice in regard to U.S. antitrust laws. DIAM is cooperating with this investigation."

Yazaki also issued a statement:

Federal authorities issued search warrants to Yazaki Corp., including Yazaki North America, on February 23. As part of the investigation, government officials visited Yazaki North America’s Canton, Michigan headquarters and Lexington, KY and Columbus, OH facilities.

Yazaki is fully cooperating with authorities. At this point, we are not in a position to disclose any additional information as we have not been informed of the details of the investigation.

Yazaki is committed to servicing their customers and this investigation will not impact the level of service that we continue to supply to our customers.

GM to End Hummer - after its bid to sell the brand to a Chinese company collapsed -

Reading - GM to End Hummer - after its bid to sell the brand to a Chinese company collapsed -

General Motors said Wednesday it will shut down Hummer after its bid to sell the brand to a Chinese company collapsed.

Heavy equipment maker Sichuan Tengzhong Heavy Industrial Machines pulled out of the deal for Hummer, known for its hulking, military-like SUVs, because it was unable to get clearance from Chinese regulators within the proposed deal timeframe, the manufacturer said in a separate statement.

GM said it will continue to honor existing Hummer warranties.

"We are disappointed that the deal with Tengzhong could not be completed," said John Smith, GM vice president of corporate planning and alliances. "GM will now work closely with Hummer employees, dealers and suppliers to wind down the business in an orderly and responsible manner."

GM has been trying to sell the loss-making brand for the last year and found a suitor in Tengzhong, but resistance from Chinese regulators created difficulties from the start. As recently as Tuesday private investors were trying to set up an offshore entity in a last-minute effort to complete the acquisition head of a Feb. 28 deadline.

Hummer is the second brand after Saturn that GM has failed to sell aspart of its restructuring. GM sold Swedish brand Saab to Dutch carmaker Spyker Cars NV earlier this year. Pontiac is being discontinued.

GM is focusing its efforts on its four remaining brands: Chevrolet, GMC, Cadillac and Buick.

Tuesday, 23 February 2010

10-year-old miniature dachshund named Spork has been declared vicious by the city of Lafayette in Colorado -

Reading - 10-year-old miniature dachshund named Spork has been declared vicious by the city of Lafayette in Colorado -

A trip to the vet has sparked a legal drama that has a Colorado couple afraid they will lose their dog.

A 10-year-old miniature dachshund named Spork has been declared vicious by the city of Lafayette in Colorado, CBS station KCNC-TV reports.

The Walker family has spent $6,000 to save their dog and they plan to go to trial. There's a lot at stake: Spork could be euthanized, the family could be forced to move or Spork could be kenneled.

"He's our baby," said Spork's owner Kelly Walker. "We've had him for 10 years."

In August 2009 Spork was at the Jasper Animal Hospital for what's described as routine dental surgery. Spork was in Kelly Walker's arms and nervous.

"He was defecating on my arm and the floor," Walker explained.

At some point while in the animal hospital lobby Spork bit the vet tech in the face. Walker didn't actually see it happen.

"I knew about it when she turned around with her back towards me and I said what's the matter and she said he bit me," said Walker.

At the animal hospital Walker was told Animal Control would be contacted.

"I was crying. The dog was shaking," said Walker. "It was a horrible experience."

For the Walkers, the situation would only get worse. A few weeks later the city of Lafayette served them with a vicious dog citation.

"We found a Daily Camera article from 2007 that said of 33 tickets like this have been issued, 26 resulted in euthanasia or relocation," said Tim Walker, Kelly's husband.

State law regarding vicious dogs actually exempts veterinary professionals from dog bites. The Walkers hired an attorney.

"When we filed a motion to dismiss these charges under state law the municipality of Lafayette said 'we can assert home rule. We can govern our own people,'" said Jennifer Reba Edwards, the attorney for the Walkers.

The case goes forward in April. The Walkers say they will fight with all they've got to save Spork's life.

"You can't take your dog to the vet and end up a criminal," Tim Walker said.

On Tuesday Dr. Donald Dodge, chief veterinarian and founder of the Jasper Animal Hospital, released a statement.

"Jasper Animal Hospital has not advocated for, or participated in any way in subsequent decisions by the City of Lafayette to prosecute Spork's guardians. We remain very worried about everyone concerned -- the dog, his guardians, and the injured technician. We consider this incident a tragedy, and we sincerely wish the very best for everyone concerned, Spork in particular," Dodge said in the statement.

FDIC reports 27 percent jump in problem banks during the 4th Q of 2009 to 702, the highest level since 1993 -

Reading - FDIC reports 27 percent jump in problem banks during the 4th Q of 2009 to 702, the highest level since 1993 -

The number of "problem" U.S. banks jumped 27 percent during the fourth quarter of 2009 to 702, the highest level since 1993 and a sign the industry's recovery is still shaky, regulators reported on Tuesday.

The Federal Deposit Insurance Corp said the industry overall eked out a profit of $914 million for the quarter, benefiting from a healing economy, but said the improvement was concentrated in the largest banks.

FDIC Chairman Sheila Bair said the profit was a huge improvement over the $37.8 billion loss the industry reported in the fourth quarter of 2008. "It's not that this was a strong quarter. It's simply that everything was so bad a year ago," Bair said in a statement.

Smaller institutions are still struggling with deteriorating loan portfolios, especially with loans tied to commercial real estate. The FDIC set aside an additional $17.8 billion during the fourth quarter for expected bank failures.

Regulators have closed 20 U.S. banks so far this year and 185 since January 2008, as banks continue to struggle with loan portfolios stocked with souring loans.

Sunday, 21 February 2010

Dodgeball Guinness World Record set by University of Alberta - 1,200 students, staff and faculty -

Watching - Dodgeball Guinness World Record set by University of Alberta - 1,200 students, staff and faculty -

1,200 students, staff and faculty at the University of Alberta unofficially smash the Guinness World Record for most players in a single dodgeball game at the Universiade Pavilion better known as "The Butterdome" in Edmonton, Alta. on February 5, 2010. The former record was 450. The event was organized by the U of A students' union. Video by Ryan Jackson / Edmonton Journal

Saturday, 20 February 2010

Dr. Ron Paul's Addresses CPAC - END THE FED! - Ron Paul for President in 2012! -

Watching - Dr. Ron Paul's Addresses CPAC - END THE FED! - Ron Paul for President in 2012! -

Shock! - Libertarian darling Ron Paul won the CPAC straw poll tonight - Beat Romney AND Palin -

Reading - Shock! - Libertarian darling Ron Paul won the CPAC straw poll tonight - Beat Romney AND Palin -

Libertarian darling Ron Paul won the CPAC straw poll tonight, taking 31% of the vote in the multi-candidate field. Mitt Romney came in a distant second place. Sarah Palin came in third, drawing single-digits.

Only 2,395 straw poll votes were cast by what organizers said was 10,000 attendees at this year's CPAC.

Results from the full field, and a link to the complete poll after the jump.

Haley Barbour: 1%

Mitch Daniels: 2%

Newt Gingrich: 4%

Mike Huckabee: 4%

Sarah Palin: 7%

Ron Paul: 31%

Tim Pawlenty: 6%

Mike Pence: 5%

Mitt Romney: 22%

Rick Santorum: 2%

Michelle Obama on Friday announces $400 million+ in Fed $ to help bring more grocery stores nationwide? HUH? -

Reading - Michelle Obama on Friday announces $400 million+ in Fed $ to help bring more grocery stores nationwide? HUH? -

First lady Michelle Obama on Friday took her campaign against childhood obesity to a city once dubbed America's fattest, announcing more than $400 million in federal assistance to help bring more grocery stores to underserved communities nationwide.

Obama, Treasury Secretary Timothy Geithner and Agriculture Secretary Tom Vilsack visited the Fairhill Elementary School in North Philadelphia to discuss access to healthy, affordable food.

Improving access to stores that serve fresh foods is a key part of helping to solve the problem of childhood obesity, Obama said. About 23.5 million Americans live in "food deserts," where they don't have supermarkets and end up buying less healthy foods from places like convenience stores, she said.

Six years ago, she said, Pennsylvania invested about $30 million in fresh food financing, investments that have helped create 83 supermarket projects across the state.

"If you can do it here, we can do it around the country," said Obama, who visited a grocery store in North Philadelphia earlier in the day.

Speaking to an auditorium of several hundred students, Obama announced plans for tax credits, loans and other funding aimed at helping to bring healthy food retailers to underserved rural and urban communities. Funding would go toward construction and expansion of grocery stores and other projects.

"We know it won't be easy to solve this obesity crisis," she said. "But if there's anyone out

there who doubts that it can be done, I would urge them to come to Philadelphia and see what you have done here."

In 1999, Men's Fitness magazine named Philadelphia the fattest city in the nation. But Obama praised the city and its school district for their efforts to reduce the number of obese children.

Earlier this month, the first lady announced the public awareness campaign against childhood obesity, an effort she dubbed "Let's Move."

The campaign is geared toward helping parents make better food choices, serving healthier food in schools, making healthy food more available and affordable, and encouraging children to get more exercise.

Some have criticized her for using her own daughters—Malia, 11, and Sasha, 8—as an example.

The girls were starting to get off-track before the family's pediatrician gave her a warning, she said. That prompted her to make changes—no more weekday TV, more attention to portion sizes, low-fat milk and more fruits and vegetables.

On Friday, both Obama and Geithner both praised the recent weight loss of food-loving Gov. Ed Rendell, a former Philadelphia mayor, who joined them on the school's stage.

Calling him "Mr. Svelte," Obama said, "Every time I see him, he gets smaller and smaller."

"It's good to see the governor looking like an athlete again," Geithner said.

Earlier Friday, Obama visited a $15 million Fresh Grocer store that opened in North Philadelphia in December though a public-private partnership created to increase the number of supermarkets in underserved communities.

She walked through the aisles, ordered a strawberry-banana smoothie and shook hands with shoppers

Read more -http://www.ldnews.com/news/ci_14432751