Los Angeles Times (September 28)
“It was so hot Monday in downtown Los Angeles that the thermometer broke—literally.” Los Angeles hit 113 degrees at 12:15 p.m. on Monday. Then at 1:00, the official thermometer stopped working. (It has since been repaired). Los Angeles is just one of a string of cities and regions worldwide that have set record highs during 2010.
Tags: Heat, Los Angeles, Record, Temperature
Forbes (September 27)
Steve Forbes writes that the resignation of Robert Herz as chairman of the Financial Accounting Standards Board (FASB) is “good news for investors and the economy.” Forbes blames Herz for requiring banks and insurance companies to use mark-to-market accounting. The 2007 FASB decision “unnecessarily destroyed some $500 billion in regulatory capital of these institutions in 2008–09, thereby triggering the financial panic.”
Tags: FASB, Mark-to-market, Robert Herz
Washington Post (September 28)
“Why on earth are the Chinese playing military games with Japan, threatening Southeast Asia or entering politics at all?” Columnist Anne Applebaum notes that China has avoided international conflict during most of the last decade. Doing so, has brought great benefits. China has landed major concessions in both Afghanistan and Iraq, while American troops are caught up in fighting. China has cornered the market on rare-earth metals and boasts 3 of the top 10 producers of wind turbines. It’s not in China’s interest to provoke fights with its neighbors. China’s diplomats and military are scary, but Applebaum points out “the scariest thing is the power China has already accumulated.”
Boston Globe (September 28)
Harvard is still reeling from the recession. When its endowment plunged in value, the university doubled its debt load to fund operations. Harvard’s debt soared to $6 billion over the past 3 years. According to the Globe, “Harvard is maxed out on debt for the foreseeable future. In order for the university to keep its AAA bond rating, its usual way of financing buildings, borrowing from investors, is effectively off the table.” Projects, such as the $1.4 billion Allston science facility project, are now being halted as Harvard look for ways to cut costs.
Los Angeles Times (September 27)
The American dream —“if you work hard you’ll get ahead” — has inspired individuals around the globe, and in the U.S. “the dream is the glue that keeps us all together.” But the dream is fading. Only half of Americans responded to an ABC News poll by saying they still believe the dream holds true, while 43% said that it had once been true and 4% said it had always been a fiction. The fading of the dream may prove the biggest threat America faces.
Tags: American dream, U.S.
Economist (September 23)
There is hope for the world’s forests. Nations known for chopping down trees “have started to hug them.” For example, Brazil’s deforestation rate dropped from 2.8 million hectares in 2004 to 750,000 hectares in 2009. The “progress made in recent years shows that mankind is not doomed to strip the planet of its forest cover.” Yet the change “is not happening fast enough,” leading the Economist to call for quick action.
Tags: Brazil, Deforestation, Environment, Forests
Guardian (September 23)
The world’s biggest offshore windfarm opened, marking “an important milestone for the UK.” Grouped in 8 rows, the Thanet windfarm’s 100 turbines are spread over 35 square kilometers. The new windfarm generates 300MW, enough power for 200,000 homes. The opening means the UK now “generates more power from offshore wind than the rest of the world put together.”
Tags: UK, Wind power, World leading
New York Times (September 22)
In 2000, world leaders embraced 8 bold Millennium Development Goals to combat poverty by 2015. Since then, too little has been achieved. The goals remain distant. Funding is the major stumbling block. The U.S., Japan, Italy, Germany and other developed nations have fallen short of their pledges. Developed nations averaged only 0.31% of GDP as development assistance in 2009. Only Denmark, Sweden, Norway, Luxembourg and the Netherlands met the 0.7% of GDP goal. Without funding, there is little chance of achieving the worthy Millennium Development Goals by 2015. Developed nations “have to deliver.”
In 2000, world leaders embraced 8 bold Millennium Development Goals to combat antipoverty by 2015. Since then, too little has been achieved. The goals remain distant. Funding is the major stumbling block. The U.S., Japan, Italy, Germany and other developed nations have fallen short of their pledges. Developed nations averaged only 0.31% of GDP as development assistance in 2009. Only Denmark, Sweden, Norway, Luxembourg and the Netherlands met the 0.7% of GDP goal. Without funding, there is little chance of achieving the worthy Millennium Development Goals by 2015. Developed nations “have to deliver.”
Tags: Japan, Millennium Development Goals, U.S.
Wall Street Journal (September 18)
Japan is “flirting with irrelevance.” Americans are increasingly unaware of major events in Japan, including the recent election or the yen’s new highs. It would help if Japan’s political leaders were more aggressive in “showing their faces to the world.” Corporate leaders also need to do a better job. Some companies feel avoidance of the media is the safest strategy to avoid mistakes or being misunderstood. In reality, media avoidance only ensures that companies are not understood.
Tags: Japan, Media, Perception overseas
Economist (September 16)
Since the economic crisis began, “it is remarkable how little has changed” in banking. A new set of rules, Basel 3, aims to bring greater order to the banking sector. As one example, the tier 1 capital ratio will rise to 7%, providing banks with greater ability to survive the next crisis and recover from bad debts. The phase-in sets a final deadline of 2019. While critics say this is too slow, the Economist writes that all in all, “the new Basel rules make sense.”
Tags: Banking, Basel 3, Econoic crisis
