LA Times (August 15)
China’s use of disposable chopsticks is “an environmental disaster not to be taken lightly.” China’s disposes of 45 billion pairs of chopsticks every year. Every day 100 acres of trees are cut down to provide disposable chopsticks. The Chinese government is taking aim at this environmental problem by encouraging reuse and recycling, but no speedy solution is expected. It remains very cheap for restaurants to throw chopsticks away (about $.01 per pair).
Tags: China, Chopsticks, Environment
Time (August 13)
Was the sinking of the Cheonan staged by South Korea? Opposition politicians have speculated that the Cheonan simply ran ashore or hit an old mine. Then the government planted evidence to make the sinking look like a North Korean torpedo attack. This would have boosted the ruling party’s popularity in an upcoming election. Time, however, has seen the still secret government report and finds it convincing. The report addresses the likelihood of other scenarios (nil) and makes a conclusive case that nothing other than a torpedo could have been the cause. To silence the conspiracy claims, the government of President Lee Myung Bak now promises to release the full report to the public.
Tags: Cheonan, North Korea, South Korea
Guardian (August 12)
“2010 is becoming the year of the heatwave, with record temperatures set in 17 countries.” Among the record setters are Pakistan at 53.5° on May 26, Saudi Arabia at 52.0° on June 22, Russia at 44.0° on July 11, and Finland at 37.2° on July 29.
Tags: Global warming, Record heat, Summer
The Economist (August 12)
Suddenly Europe’s economy looks much stronger than the America’s. The Economist cautions, “it is only a matter of months ago that fortunes were reversed. Then America seemed to be pulling strongly and Europe was the laggard.” Europe’s economy is still fragile, dependent on exports (especially from the BRICS) and, excepting Germany, many European countries still wish they had America’s economy. Moreover, the Economist does not foresee a double-dip recession in the U.S. because of healthy corporate balance sheets and plenty of cash on hand.
Tags: BRICS, Double-dip, Economy, Europe, U.S.
New York Times (August 11)
Tuesday’s Federal Reserve statement “sparked a global sell-off in stocks on Wednesday.” Growth is now expected to be less than 2%. The Fed has indicated that it will do what it can, namely by keeping interest rates near zero and buying treasuries. This isn’t enough, but the government is unlikely to increase stimulus spending. The New York Times laments “the economy needs more and better help than it is getting.”
Financial Times (August 10)
Germany is staging a strong recovery, both in terms of exports and imports. Germany may well become Europe’s growth engine. There is still considerable uncertainty and much depends on China’s economy, but current predictions suggest “Germany will record its strongest growth since reunification in 1990” during the soon to be released Q2 results.
Wall Street Journal (August 8)
With 720 stores, Barnes & Nobel is the largest bricks and mortar book seller in the U.S., yet valued at less than $1 billion. In comparison, Amazon’s market cap exceeds $55 billion. Barnes & Noble is seeking suitors to help turn things around. This marks a tipping point. “Technology has made the physical scale of Barnes & Noble a liability.” EBooks offer enhanced features such as video, audio and interactivity while eBook sellers such as Amazon.com don’t need “retail outlets, inventory, returns, printing or shipping costs.” The age that began with Guttenberg is nearing an end. Today we are turning “new pages in the history of the book, whose final chapters are yet to be written.”
Tags: Amazon, Barnes & Noble, eBook
The Economist (August 5)
“Nine of the world’s 30 largest listed firms are emerging-market companies that count the state as their dominant shareholder.” Impressed by their success, governments from Japan to the U.S. and all across Europe are taking more active roles in their own nation’s companies. The Economist laments this trend, noting “governments seem to have forgotten that picking industrial winners nearly always fails.”
Forbes (August 4)
Warren Buffett has been making cold calls. He is trying to get the 400 wealthiest Americans to make a Giving Pledge to donate their fortunes to charities and other good causes. Buffet admitted there were quite a few people he didn’t know before he dialed. In total, about 75 people have been contacted, with 40 enlisting so far. This brings pledges to approximately $120 billion. Microsoft’s Bill Gates, New York’s Mayor Michael Bloomberg and hotelier Barron Hilton are among those who have taken the Giving Pledge.
Warren Buffett has been making cold calls. He is trying to get the 400 wealthiest Americans to make a Giving Pledge to donate their fortunes to charities and other good causes. Buffet admitted there were quite a few people he didn’t know before he dialed. In total, about 75 people have been contacted, with 40 enlisting so far. This brings pledges to approximately $120 billion. Microsoft’s Bill Gates, New York’s Mayor Michael Bloomberg and hotelier Barron Hilton are among those who have taken the Giving Pledge.
Washington Post (August 2)
The Senate gave up on climate change legislation. There aren’t enough votes. Ironically, the National Oceanic and Atmospheric Administration (NOAA) and the Environmental Protection Agency (EPA) just made separate releases underscoring “the risks humanity runs if it continues to pump carbon into the atmosphere.” The EPA reaffirmed the scientific consensus that global warming is occurring while NOAA found that each decade has gotten warmer during the last 50 years.
Tags: Climate change, EPA, NOAA, Senate
