Global Development News: July 2009

July 31, 2009

Corruption Arrests Shock American Jewish Community

The arrests of more than 40 prominent politicians and Jewish leaders in New Jersey and New York on corruption and money laundering charges have sent shockwaves through the close-knit Syrian Jewish community there.

Federal investigators in New Jersey announced Thursday they had arrested more than 40 people, including public officials charged with corruption. Charges against others included international money laundering, selling counterfeit goods, and the black-market sale of human organs. In addition to three mayors, officials arrested five influential rabbis from New Jersey and the New York borough of Brooklyn.

"They used purported charities, entities supposedly set up to do good works, as vehicles for laundering millions of dollars in illicit funds. The rings were international in scope, connected to the city of Deal, New Jersey, Brooklyn, New York, Israel and Switzerland," said Acting U.S. Attorney Ralph J. Marra about the money-laundering scheme.

The rabbis are accused of using their congregations' charitable organizations to launder about $3 million by passing money from alleged illicit activity through their charities' bank accounts. The FBI said the rabbis then kept about 10 percent for themselves. All of the rabbis come from the close-knit and wealthy Sephardic Jewish communities of southern New Jersey and Brooklyn - and the arrests have put the spotlight on a usually quiet community.

One of the rabbis arrested, Saul Kassin, is considered the leading cleric of the U.S. Sephardic community, comprised of families that emigrated mostly from the Middle East, Syria in particular, following the formation of the state of Israel in 1948. Rabbi Kassin leads the largest Sephardic synagogue in the United States, Shaare Zion in Brooklyn, and has written books on Jewish law. Members of the community have expressed shock and disbelief over the allegations against Rabbi Kassin. Many have been reluctant to speak publicly. One member of Shaare Zion, Ezra Kassin, told reporters he did not believe the charges.

He's just a very honorable person. I can't believe it, I don't believe it. Whatever they want to say, it's hogwash," he said. Authorities said an FBI "cooperating witness" helped federal investigators gather evidence in the case. Media reports said he was arrested in 2006 for bank fraud. FBI agent Weysan Dun said the probe seeks to root out corruption in New Jersey, wherever it is found.

"This case is not about politics. It is certainly not about religion. It is about crime, corruption, arrogance. It is about a shocking betrayal of the public trust," he said. The FBI said the two-year probe is part of a wider investigation into political corruption and money laundering that started 10 years ago.

http://globalblognetwork.blogspot.com/2009/07/pervasive-nature-of-corruption.html

http://globalblognetwork.blogspot.com/2009/06/first-twitter-arrest.html

http://globalblognetwork.blogspot.com/2009/06/bush-is-gone-but-halliburton-keeps.html

http://globalblognetwork.blogspot.com/2009/06/mexican-state-bans-cops-from-carrying.html

http://globalblognetwork.blogspot.com/2009/05/former-south-korean-president-roh-dead.html

Source:

http://www.voanews.com/english/2009-07-24-voa36.cfm

Tags:

Syrian Jews, American jews, FBI, Rabbi Kassin, Shaare Zion, Ezra Kassin, political corruption, money laundering, Global Development News, U.S. Attorney Ralph J. Marra, 40 prominent politicians, Jewish leaders in New Jersey, New York, Sephardic synagogue,

Posted via email from Global Business News

July 30, 2009

Bill Gates' Name Surfaces On Patent Applications

Microsoft co-founder Bill Gates was one of several names that surfaced last week on five patents filed by Searete, which is associated with a Bellevue, Wash. company called Intellectual Ventures formed by former Microsoft executives as a factory for new inventions.

Critics have complained that Intellectual Ventures will raise patent litigation costs, but the company claims to be working with more than 500 scientists and technicians in addition to universities, research labs and Fortune 500 companies.

Intellectual Ventures co-founder Nathan Myhrvold advised Gates for years as Microsoft's chief technology officer and in 1991 founded Microsoft Research. The idea behind some of these patents is to create equipment that would lower the force of hurricanes by cooling the water, altering its surface tension, and shifting it away from recreational areas.

They're not the only Searete patents attached to Gates. Since he stepped down last year as Microsoft's CEO, he has been freer to focus on the Bill and Melinda Gates Foundation, which aims to improve global health and education and reduce poverty, and pursue a variety of other interests.

Some of these interests are reflected in Searete's patents. Gates' name has been on patents for an electromagnetic engine and a method of delivering medication.

Gates and Myhrvold have also filed a series of patents for a temperature-controlled keg to store medicine -- and, separately, beer and wine -- at optimal temperatures. The keg would come with sensors and an electronic display that would allow people to monitor the liquids without having to open the container.

http://globalblognetwork.blogspot.com/2009/05/web-that-speaks-your-language.html

http://globalitandbusinessnews.blogspot.com/2009/06/us-inquiry-into-hiring-at-high-tech.html

http://globalitandbusinessnews.blogspot.com/2009/07/ballmer-all-traditional-content-will-be.html

http://globalitandbusinessnews.blogspot.com/2009/07/google-attacks-heart-of-microsoft.html

http://globalitandbusinessnews.blogspot.com/2009/05/bing-meaning-but-it-not-google.html

http://globalitandbusinessnews.blogspot.com/2009/06/googles-schmidt-rips-microsofts-bing.html

http://globalblognetwork.blogspot.com/2009/06/microsoft-to-eliminate-need-for-game.html

Source:

http://www.informationweek.com/news/global-cio/legal/showArticle.jhtml?articleID=218500495&cid=RSSfeed_IWK_News

Tags:

Intellectual Ventures co-founder, Nathan Myhrvold, Microsoft's chief technology officer, Microsoft Research, Bill and Melinda Gates Foundation, Searete, Fortune 500 companies, electromagnetic engine, a method of delivering medication, temperature-controlled keg to store medicine,

Posted via email from Global Business News

July 29, 2009

Abu Dhabi Firm Buys Stake in Tesla Motors

Tesla Motors has yet to turn a profit, but that isn't stopping an Abu Dhabi investment firm from buying a stake in the electric car maker from Daimler, the latest sign of interest in the San Carlos startup.

Daimler sold part of its 10 percent stake in the electric-car manufacturer to Aabar Investments, bringing its largest shareholder into a venture to develop alternative powering systems.

Aabar, which will own almost 4 percent Tesla, bought the stake under an agreement to increase cooperation with Daimler after the investment company acquired stock in the German carmaker in March, the companies said today in a joint statement. They didn't disclose a price.

Daimler, the world's second-largest maker of luxury cars, bought just under 10 percent of Tesla for a "double-digit million-euro" sum in May. The Stuttgart, Germany,-based manufacturer reiterated today that it plans to install Tesla's lithium-ion battery packs and charging equipment in 1,000 electric-powered versions of its Smart car.

http://globaleconomicnews.blogspot.com/2009/06/mitsubishi-rolls-out-zero-emission.html

http://globaleconomicnews.blogspot.com/2009/07/world-most-expensive-car.html

http://globalblognetwork.blogspot.com/2009/06/teslas-founder-sues-teslas-ceo.html

Tags:

Tesla motors, Aabar Investments, Daimler-Benz, Smart car, Stuttgart Germany, Auto industry, Electric cars, electric car makers, Global Development News, Global Best Practice,

Source: http://www.mercurynews.com/businessupdate/ci_12827600?source=email&nclick_check=1

Posted via email from Global Business News

July 28, 2009

China Launches Arabic TV Channel

China has launched a 24-hour Arabic-language television channel aimed at addressing "distorted" views of China in the Middle East and North Africa.

The satellite channel, launched on Saturday, is expected to reach about 300 million people in 22 countries. China Central Television (CCT already broadcasts foreign language channels in English, Spanish and French. Zhang Changming, deputy president of CCTV, said that through the Arabic channel "the world can know China and China can know the rest of the world even better". "Our principle is to be real, to be objective, to be accurate and transparent. CCTV will present the world with the real China," he said at the launch. The channel will mainly broadcast news, but Zhang promised it would also feature entertainment and educational programmes.

'Good journalism'

Ying Chan, the director of Hong Kong University's journalism and media studies centre, told Al Jazeera that China saw the channel as a way to counter "unfair" portrayls of China in the international media. "There's no question that the Middle East is a very strategic area and China wants its voice heard there," she said.

"They want to announce their policies more to the world, and they also felt that the international media, led by the Western media, has not been fair to China." China exerts a great deal of control over its media and often censors the reporting of sensitive topics. "It [CCTV] will face challenges in how much it will allow its own reporters to report news as it is, as it happened," Ying said. "I think CCTV, in order to gain influence, has to deliver good journalism."

Investment plans

CCTV has also said it plans to open more foreign bureaus. The Hong Kong-based South China Morning Post newspaper reported that Beijing was prepared to put 45 billion yuan ($6.6bn) into the development of its media, an amount which could not be confirmed by Chinese sources. China's Arabic language channel joins other foreign government media networks broadcasting in Arabic. The UK's BBC launched its Arabic channel last year and the US set up al-Hurra, an Arabic-language channel based in Virginia, in 2004.

http://globaldevelopmentnews.blogspot.com/2009/07/sarkozy-to-go-all-way-against-internet.html

http://globaldevelopmentnews.blogspot.com/2009/06/american-muslims-and-jews-consider.html

http://globaldevelopmentnews.blogspot.com/2009/06/scramble-for-iraq-sweet-oil.html

http://globalblognetwork.blogspot.com/2009/07/high-tech-plan-to-seal-saudi-border.html

http://globalblognetwork.blogspot.com/2009/07/jakarta-hotels-rocked-by-explosions.html

http://globalblognetwork.blogspot.com/2009/06/bin-laden-attacks-obama-policies.html

http://globalblognetwork.blogspot.com/2009/06/obama-offers-change-to-muslim-world.html

http://globalblognetwork.blogspot.com/2009/06/mideast-hanging-on-every-text-and-tweet.html

http://globalblognetwork.blogspot.com/2009/06/obama-wins-election-in-middle-east.html

http://globalblognetwork.blogspot.com/2009/05/misreading-map.html

http://globalblognetwork.blogspot.com/2009/05/opec-set-to-leave-output-unchanged.html

http://globalblognetwork.blogspot.com/2009/05/dangers-of.html

Source:

http://english.aljazeera.net/news/asia-pacific/2009/07/200972563026919452.html

Tags:

Chinese State, CCTV, China's Arabic language channel, BBC launched its Arabic channel, US set up al-Hurra, Global Development News, South China Morning Post , Hong Kong University, journalism and media studies centre, Al Jazeera,

Posted via email from Global Business News

July 27, 2009

CIA's Secret Al Qaeda Program

The secret CIA program halted last month by Director Leon E. Panetta involved establishing elite paramilitary teams that could be inserted into Pakistan or other locations to capture or kill top leaders of the Al Qaeda terrorist network, according to former U.S. intelligence officials.

The program -- launched in the immediate aftermath of the Sept. 11, 2001, terrorist attacks -- was never operational. But officials said that as recently as a year ago CIA executives discussed plans to deploy teams to test basic capabilities, including whether they could enter hostile territory and maneuver undetected, as well as gather intelligence and track high-value targets.

The initiative evolved through multiple iterations, and was close to being scrapped several times as CIA officials struggled to find solutions to daunting logistical challenges. But even as the Predator drone emerged as a potent new weapon against Al Qaeda, CIA officials continued to pursue the secret program as an additional lethal option.

"You always want to have capacity because you cannot predict opportunities," said a former senior U.S. intelligence official with extensive knowledge of the program. With the emergence of the Predator, the official said, "we still wanted to explore having that capacity, but there wasn't the same sense of urgency that may have existed before." That official and others spoke on condition of anonymity given the acute sensitivity of the issue. CIA spokesman Paul Gimigliano declined to comment on the nature of the program.

The existence of the program, and the fact that it was kept secret from lawmakers for nearly eight years at the direction of former Vice President Dick Cheney, has fanned an already heated atmosphere in Washington over the Bush administration's intelligence programs. Current and former U.S. intelligence officials have said that in terminating the program, Panetta may have been more concerned about the fact that the initiative had been kept secret from Congress than he was about the merits of the program.

A U.S. intelligence official said Panetta has not ruled out reviving an effort to develop a similar close-range capability in closer collaboration with lawmakers. "If the United States ever needs something like this in the future, we'll find better ways to build it," the U.S. intelligence official said. "That includes briefing Congress earlier on. Panetta understands all that. He's an aggressive proponent of counter-terrorism, pushing tools and tactics that work and have the support to be sustainable. This one didn't."

Leading Democratic lawmakers have said it was illegal for the CIA not to disclose the program to intelligence committees, and called for an investigation. "Individuals who ordered that Congress be kept in the dark should be held accountable," Sen. Russell D. Feingold (D-Wis.), a member of the Senate Intelligence Committee, said Monday. Feingold also said he had expressed "deep concerns about the program itself" in a classified letter to President Obama.

Sen. Dianne Feinstein (D-Calif.), the chairwoman of the Senate Intelligence Committee, said the former vice president may have broken the law by instructing the CIA to keep the program secret. But current and former U.S. intelligence officials said that Cheney's role has been mischaracterized, and that the agency was not obligated to disclose the program because it was never close to being operational.

The former officials said that Cheney was never involved in managing the program, and that his instruction not to brief Congress came shortly after the initiative was first proposed. "It was more like, before you go around and start talking about this, see if it is something you can make happen," said one of the former officials.

Legal authorities for the program were grounded in a comprehensive memorandum that President Bush signed just days after the Sept. 11 attacks, a 10-page document giving the agency powers to pursue Al Qaeda targets with lethal force.

A 1976 order signed by President Ford banned the CIA from carrying out assassinations. But that prohibition does not apply to killing enemies in war. Panetta ordered the program terminated immediately after learning of it last month, and called emergency meetings with the House and Senate intelligence committees the next day to brief them.

The U.S. intelligence official defended Panetta's decision to dismantle the program, saying that it "never fully took shape" and "was derailed repeatedly over the years by concerns about its feasibility. So killing it cost virtually nothing in operational terms."

The program was launched at a time when then-CIA Director George Tenet and other top agency officials were scrambling to sort out what the agency would do if it could determine the location of Osama bin Laden or other high-level Al Qaeda figures.

CIA officials quickly endorsed the idea of developing small paramilitary teams that could carry out "surgical" strikes on high-value targets. But the program repeatedly bogged down on basic operational and logistical questions. "Do you put them in Waziristan and sit there and wait?" said a second former U.S. intelligence official with knowledge of the program. "It's one of these things that makes a lot of sense until you start trying to make it work."

The official described internal debates over whether the teams should come out of the CIA's Special Activities Division -- its longtime paramilitary wing -- or whether they should be developed in partnership with U.S. military special operations forces.

The military was faulted after Sept. 11 for its tendency to require elaborate plans and large backup forces even for small-scale operations, a factor that had played into failures to capitalize on opportunities to catch or kill Bin Laden before 2001.

The former U.S. intelligence official said the program was designed to provide an option beyond guided bombs or Hellfire strikes from Predator aircraft. The initiative was also focused exclusively on the top figures in the Al Qaeda chain of command, the former official said, dismissing suggestions that the effort was aimed at assembling teams of assassins that would roam the world looking for lesser terrorist targets.

http://globaldevelopmentnews.blogspot.com/2009/06/cia-adopting-web-20-tools-despite.html

Source:

http://www.latimes.com/news/la-na-cia-cheney14-2009jul14,0,5131198.story?track=rss

Tags:

Waziristan, U.S. intelligence, Hellfire strikes, Predator aircraft, Bin Laden, CIA's Special Activities Division, surgical strikes on high-value targets, George Tenet, Director Leon E. Panetta, President Ford,

Posted via email from Global Business News

July 26, 2009

United Future World Currency

Russian President Dmitry Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a “united future world currency.”

“Here it is,” Medvedev told reporters today in L’Aquila, Italy, after a summit of the Group of Eight nations. “You can see it and touch it.” The coin, which bears the words “unity in diversity,” was minted in Belgium and presented to the heads of G-8 delegations, Medvedev said.

The question of a supranational currency “concerns everyone now, even the mints,” Medvedev said. The test coin “means they’re getting ready. I think it’s a good sign that we understand how interdependent we are.”

Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the U.S. dollar’s future as a global reserve currency. Russia’s proposals for the G-20 meeting in London in April included the creation of a supranational currency.

http://globaleconomicnews.blogspot.com/2009/07/china-to-deploy-foreign-reserves.html

http://globaleconomicpulse.blogspot.com/2009/07/g8-final-report-card.html

http://globaleconomicpulse.blogspot.com/2009/06/america-snubbed-as-china-india-and.html

http://globaleconomicpulse.blogspot.com/2009/06/us-treasury-secretary-assures-china-its.html

http://globaleconomicpulse.blogspot.com/2009/05/geithner-goes-to-china-hat-in-hand.html

http://globaleconomicpulse.blogspot.com/2009/05/china-stuck-in-dollar-trap.html

http://globaleconomicpulse.blogspot.com/2009/05/china-answers-global-crisis-with-new.html

http://globaleconomicpulse.blogspot.com/2009/07/g8-reaches-seminal-climate-change.html

http://globaleconomicnews.blogspot.com/2009/05/kremlin-crisis.html

http://globaleconomicnews.blogspot.com/2009/05/time-to-cash-out-why-paper-money-hurts.html

http://globaleconomicnews.blogspot.com/2009/05/future-of-us-capitalism.html

Source:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aeFVNYQpByU4

http://www.futureworldcurrency.com/

Tags:

United Future World Currency, Dmitry Medvedev, G8, Russian President, Unity in Diversity, Laquila Italy, Supranational currency, G20, Global Economic News, coin, hard currency, Belgian mints, SDR’s,

Posted via email from Global Business News

July 25, 2009

Blogger Sentenced For Leaking G N'R Album

A blogger who admitted to leaking part of the Guns N' Roses album "Chinese Democracy" was sentenced to a year of probation.

U.S. District Magistrate Judge Paul L. Abrams also ordered Kevin Cogill to serve two months of home confinement, subject his computers to government scrutiny and record a public service announcement for the RIAA.

Cogill pleaded guilty earlier this year to one misdemeanor count of copyright infringement for posting nine tracks from the long-awaited Guns 'N Roses album last year. Cogill apologized for his actions in court Tuesday and said he didn't mean any harm by posting the tracks online.

"I never intended to hurt the artist," Cogill told Abrams. "I intended to promote the artist because I'm a fan." Abrams noted that Cogill is an artist, and should have known better.

A federal prosecutor pushed for a short prison term to act as a deterrent to others. "This is the type of case where I believe the court needs to send a strong message," said Assistant U.S. Attorney Craig Missakian. Too many people think of posting copyrighted work online as a "victimless crime," he said.

Cogill's attorney argued against a prison term, saying his client realized his wrongdoing and had suffered serious repercussions already. "He did lose his job as a result of this case," defense attorney David Kaloyanides said.

Missakian said after the hearing that while prosecutors hoped Cogill would be incarcerated, the case should serve as a warning to others that the government takes copyright infringement violations seriously. Abrams said he thought Cogill had learned his lesson, and did not think he would repeat his mistake.

As part of his plea deal, Cogill will have to allow authorities to search or seize his computers. He will not have to pay any fines or restitution, although authorities at one point calculated the losses from his actions at more than $371,000.

Kaloyanides said after the hearing that arriving at any damage amount was difficult and that sending Cogill to prison could have created a backlash. "It doesn't help to educate the public of the importance of respecting copyright law when you become too heavy-handed with punishment," Kaloyanides said.

Cogill will have some input into the public service announcement he records for the RIAA, which has used lawsuits to pursue people it suspects of illegally downloading music. Kaloyanides said he hoped the ads would target fans who upload and download copyrighted works by explaining to them that they're really hurting their favorite bands.

"You need to reach the fans," he said. "He (Cogill) speaks their language."

http://globalblognetwork.blogspot.com/2009/07/big-media-seek-21st-century-business.html

http://globalblognetwork.blogspot.com/2009/07/internet-service-providers-not-keeping.html

http://globalblognetwork.blogspot.com/2009/07/ballmer-all-traditional-content-will-be.html

http://globalblognetwork.blogspot.com/2009/07/drug-war-on-another-border-canada.html

http://globalblognetwork.blogspot.com/2009/06/microsoft-and-publicis-strike-deal.html

http://globalblognetwork.blogspot.com/2009/06/virgin-universal-launch-music-download.html

http://globalblognetwork.blogspot.com/2009/06/medium-is-still-message.html

Source:

http://news.yahoo.com/s/ap/20090714/ap_on_re_us/us_blogger_arrested

Tags:

RIAA, Guns N' Roses album "Chinese Democracy", Kevin Cogill, Assistant U.S. Attorney Craig Missakian, Global Best Practice, David Kaloyanides, blogs, blogger, blogging, copyright, intellectual property,

Posted via email from Global Business News

July 24, 2009

Merger of Middle East Real Estate Giants

The deal is so big and so unprecedented; none of the parties involved knows the estimated value of the transaction at this date. One thing they do know is that the debt load of the combined entities will be huge - about $3.65 billion, U.S. (13.4 billion dirhams)

Emaar Properties, one of the world's largest commercial real estate companies, wants to merge with three real estate units of Dubai Holdings -- Sama, Tatweer and Dubai Properties. Dubai Holdings is a 100 percent state-controlled entity, while the government of Dubai owns a 32 percent stake in Emaar.

The parties expect to complete the deal valuation by August 2009. The Economic Times of Dubai reports the merger is expected to take about four months and could be completed in October 2009, pending the approval of shareholders and regulators.

The entities' total assets will be 194 billion dirhams, Emaar said in a statement to the Dubai Financial Market. The total debt is about 7 cent of the company's total assets. As of March 2009, Emaar's own external debt obligation was 10 billion dirhams, the newspaper reports. The real estate major had about 68 billion dirhams in book value of assets.

"As for Dubai Holdings, we believe the 126 billion dirhams in assets quoted in the press release consists mostly of land, which could be potentially valued much lower given the current market conditions," according to an Emaar spokesperson.

"We currently have no idea as to what Dubai Holdings' cash position is and what is owed to its contractors and suppliers," the Emaar spokesperson told the Dubai Financial Market.

http://globaldevelopmentnews.blogspot.com/2009/07/bloody-china-crackdown-on-muslim.html

http://globaldevelopmentnews.blogspot.com/2009/07/sarkozy-to-go-all-way-against-internet.html

http://globaldevelopmentnews.blogspot.com/2009/06/american-muslims-and-jews-consider.html

http://globaldevelopmentnews.blogspot.com/2009/06/scramble-for-iraq-sweet-oil.html

http://globalblognetwork.blogspot.com/2009/07/high-tech-plan-to-seal-saudi-border.html

http://globalblognetwork.blogspot.com/2009/07/jakarta-hotels-rocked-by-explosions.html

http://globalblognetwork.blogspot.com/2009/06/bin-laden-attacks-obama-policies.html

http://globalblognetwork.blogspot.com/2009/06/obama-offers-change-to-muslim-world.html

http://globalblognetwork.blogspot.com/2009/06/mideast-hanging-on-every-text-and-tweet.html

http://globalblognetwork.blogspot.com/2009/06/obama-wins-election-in-middle-east.html

http://globalblognetwork.blogspot.com/2009/05/misreading-map.html

http://globalblognetwork.blogspot.com/2009/05/opec-set-to-leave-output-unchanged.html

http://globalblognetwork.blogspot.com/2009/05/dangers-of.html

Tags:

Dubai Holdings, Emaar Properties, world's largest commercial real estate companies, dirhams, Sama, Tatweer, Dubai Financial Market, Global Best Practice,

Source:

http://www.realestatechannel.com/international-markets/residential-real-estate/emaar-properties-dubai-holdings-sama-tatweer-dubai-properties-middle-east-commercial-real-estate-giants-alex-finkelstein-1012.php

July 23, 2009

Budget Deficit Tops $1Trillion For First Time

Nine months into the fiscal year, the federal deficit has topped $1 trillion for the first time.

The imbalance is intensifying fears about higher interest rates and inflation, and already pressuring the value of the dollar. There's also concern about trying to reverse the deficit — by reducing government spending or raising taxes — in the midst of a harsh recession.

The Treasury Department said Monday that the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to nearly $1.1 trillion. The deficit has been propelled by the huge sum the government has spent to combat the recession and financial crisis, combined with a sharp decline in tax revenues. Paying for wars in Iraq and Afghanistan also is a major factor.

The country's soaring deficits are making Chinese and other foreign buyers of U.S. debt nervous, which could make them reluctant lenders down the road. It could force the Treasury Department to pay higher interest rates to make U.S. debt attractive longer-term.

"These are mind boggling numbers," said Sung Won Sohn, an economist at the Smith School of Business at California State University. "Our foreign investors from China and elsewhere are starting to have concerns about not only the value of the dollar but how safe their investments will be in the long run."

Government spending is on the rise to address the worst financial crisis since the Great Depression and an unemployment rate that has climbed to 9.5 percent. Congress already approved a $700 billion financial bailout and a $787 billion economic stimulus package to try and jump-start a recovery, and there is growing talk among some Obama administration officials that a second round of stimulus may be necessary.

This has many Republicans and deficit hawks worried that the U.S. could be setting itself up for more financial pain down the road if interest rates and inflation surge. They also are raising alarms about additional spending the administration is proposing, including its plan to reform health care.

President Barack Obama and other administration officials, including Treasury Secretary Timothy Geithner, have said the U.S. is committed to bringing down the deficits once the country has emerged from the current recession and financial crisis.

http://globaleconomicpulse.blogspot.com/2009/06/us-treasury-secretary-assures-china-its.html

http://globaleconomicpulse.blogspot.com/2009/05/geithner-goes-to-china-hat-in-hand.html

http://globaleconomicpulse.blogspot.com/2009/05/china-stuck-in-dollar-trap.html

http://globaleconomicpulse.blogspot.com/2009/05/china-answers-global-crisis-with-new.html

http://globaleconomicpulse.blogspot.com/2009/05/hu-obama-discuss-positive-stable-us.html

http://globaleconomicnews.blogspot.com/2009/07/china-to-deploy-foreign-reserves.html

Source:

http://www.mercurynews.com/business/ci_12827891?source=email

Tags:

Treasury Department, Great Depression, Barack Obama, Timothy Geithner, Treasury Secretary, Government spending, Smith School of Business, wars in Iraq and Afghanistan, Global Economic News,

Posted via email from Global Business News

July 22, 2009

Schwarzenegger For Open Source Digital Textbooks

The Calif. Gov. Wants to Save Money by Dumping Printed Books for Online Texts; Is it Feasible?

http://globalitnews.blogspot.com/2009/07/schwarzenegger-for-open-source-digital.html

http://globalblognetwork.blogspot.com/2009/07/california-ills-give-us-headache.html

http://globalblognetwork.blogspot.com/2009/07/california-paying-bills-with-ious.html

http://globalblognetwork.blogspot.com/2009/06/in-hot-pursuit-of-fusion-or-folly.html

http://globalblognetwork.blogspot.com/2009/06/san-francisco-links-311-call-center-to.html

http://globalblognetwork.blogspot.com/2009/06/microlending-taking-off-in-us.html

http://globalblognetwork.blogspot.com/2009/05/future-of-us-capitalism.html

http://globalblognetwork.blogspot.com/2009/05/will-economy-change-buying-habits.html

Tags: open source, open source textbooks, California budget crisis, governor Schwarzenegger, McGraw-Hill Education, Global Best Practice, OpenContent.org, education, k-12, David Wiley, Brigham Young University, Neeru Khosla,

Posted via email from Global Business News

Big Pharma: Big Lobby, Big Money

The pharmaceutical and health products industry has long been the top dog on K Street. Since 1998, the industry has spent more than $1.6 billion on federal lobbying. Last year alone, it spent more than $234 million — a sum that translates into roughly $125,000 every hour that Congress was actually in session.

http://globalbestpractice.blogspot.com/2009/07/big-pharma-big-lobby-big-money.html

Tags: Obama, K Street, PHRMA, Medicare, Medicaid, the State Children's Health Insurance Program, SCHIP, Medicare Part D, FDA, Vioxx, Hatch-Waxman Act, Greater Access to Affordable Pharmaceuticals Act, Global Best Practice,

Posted via email from Global Business News

July 21, 2009

Asia To Witness 21st Century’s Longest Eclipse

The longest solar eclipse of the 21st century created near darkness in daytime, along a swath that stretched from India to China and the South Pacific.

Corporate Profits a Boost for US Industry

Corporate America took another step along its long road to recovery on Tuesday as companies from the industrial heartland of Peoria to the technology hubs of Silicon Valley reported stronger-than-expected profits and bullish outlooks.

China to Deploy Foreign Reserves

Beijing will use its foreign exchange reserves, the largest in the world, to support and accelerate overseas expansion and acquisitions by Chinese companies, Wen Jiabao, the country’s premier, said in comments published on Tuesday.

July 20, 2009

Dispute Finder: Intel Program Finds Dubious Online Claims

Intel has launched software that sniffs out questionable claims at websites.

A "Dispute Finder" crafted by Intel researchers in Berkeley, California, for Firefox web browsers alerts Internet surfers to contentions that are contradicted by information elsewhere online.

"The reason this is important is that very often you'll read a website and not realize this is only one side of the story," Intel research scientist Robert Ennals said in an online video.

Dispute Finder automatically highlights text containing contested claims and then links to boxes summarizing points and counter-points. The data base is designed to grow and evolve with user input.

Votes regarding the reliability of information are used to filter dubious data. Researchers reportedly envision a version of the software that will scan caption information in television programs for specious claims and a mobile device capable of "listening" for questionable comments in conversations.

The mini-program, which works with Firefox web browsers, became available Thursday online at disputefinder.cs.berkeley.edu.

http://globalitnews.blogspot.com/2009/07/glimpse-of-intel-futuristic-gadgets.html

http://globalitandbusinessnews.blogspot.com/2009/06/intel-and-nokia-announce-long-term.html

http://globalitandbusinessnews.blogspot.com/2009/06/us-inquiry-into-hiring-at-high-tech.html

http://globalitandbusinessnews.blogspot.com/2009/06/intel-to-buy-wind-river-systems-for-884.html

http://globalitandbusinessnews.blogspot.com/2009/06/homebrewed-cpu-is-beautiful-mess-of.html

http://globalitandbusinessnews.blogspot.com/2009/06/cell-phone-that-never-needs-charging.html

http://globalitandbusinessnews.blogspot.com/2009/06/history-and-future-of-computer-memory.html

Source: http://tech.yahoo.com/news/afp/20090619/tc_afp/usitinternetsoftware

Tags: Intel Labs, DisputeFinder, Firefox, Berkeley, Dubious data, Rober ennals, Global IT News, Global Best Practice, contested claims, competing claims, opinion comparison,

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Dispute Finder: Intel Program Finds Dubious Online Claims

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