Category: News

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Now the OECD is raising its economic growth forecasts, despite being in Paris and in the midst of European woes. It’s no small hike either, the OECD’s new 2010 GDP growth forecast is 2.7%, up nearly 50% from their previous estimate of 1.9%.. 2011’s growth forecast has been increased to 2.8% from 2.5%.

OECD:

In the US, activity is projected to rise by 3.2% this year and by a further 3.2% in 2011. Euro area growth is forecast at 1.2% this year and 1.8% next while, in Japan, GDP is expected to expand by 3.0% in 2010 and by 2.0% in 2011.

They’ve become more bullish on economic growth around the world while fully cognizant of the current financial challenges for many developed world nations.

With a huge debt burden weighing on many OECD countries and the strengthening recovery, the emergency fiscal measures provided by governments to tackle the crisis must be removed by 2011 at the latest, the Outlook says. It adds that the pace of such action must be appropriate to particular conditions and the state of public finances in each country.

They warn though that if developed world budget deficits are confronted, the OECD could be in for an extended period of sub-par GDP growth, from 2011 out to as far as 2025. So it’s up to countries to start rolling back their massive crisis-driven government spending programs without completely derailing economic growth. One big reason why countries need to keep growth chugging is that unemployment remains high across the OECD.

We realize forecasts are in the end subject to error, but what’s key here is that waves of latest economic data, inclusive of European problems, have resulted in a net-increase in projected GDP growth. There’s a lot of bad news to focus on right now, but there’s a ton of good news as well.

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Eco Factor: New technology to generate fuel from carbon dioxide emissions.

Researchers at the University of Massachusetts Amherst are developing a new technology to convert carbon dioxide into transportation fuels using solar energy and special micro-organisms. The process, dubbed microbial electrosynthesis, is based on specialized micro-organisms feeding on electrons delivered with electrodes.

The process is similar to the natural process of photosynthesis, where water and carbon dioxide are combined to produce organic compounds and oxygen. The technology is designed to be used with solar panels. In addition to producing fuels, the technology can also be used to scrub carbon dioxide from smokestacks of coal-fired power plants.

Via: Energy Matters

I’m sure I’m not the only one who has to Google how many minutes a soft-boiled egg requires every time I attempt one. If you’ve got your iPad in the kitchen already, this app would prove very handy. More »










IPad – Google – Business – IPhone – Apple

Markets may be buoyed somewhat on news that the OECD has issued an upgrade of the global economy, as growth picks up faster than expected.

Here’s the full release:

—-

26/05/2010 – Economic activity in OECD countries is picking up faster than expected but volatile sovereign debt markets and overheating in emerging-market economies are presenting increasing risks to the recovery, according to the OECD’s latest Economic Outlook.

Gross domestic product (GDP) across OECD countries is projected to rise by 2.7% this year and by 2.8% in 2011. These are upward revisions from the previous, November 2009, forecasts of OECD-wide GDP growth of 1.9% in 2010 and 2.5% in 2011.

In the US, activity is projected to rise by 3.2% this year and by a further 3.2% in 2011. Euro area growth is forecast at 1.2% this year and 1.8% next while, in Japan, GDP is expected to expand by 3.0% in 2010 and by 2.0% in 2011.

Trade flows are rising again. Strong growth in China and other emerging markets is helping to pull other countries out of recession. But at the same time, the risk of overheating and inflation is growing in emerging markets. A boom-bust scenario cannot be ruled out, requiring a further tightening in countries such as China and India. The knock-on  effect would be slower growth in other regions. Exchange rate flexibility could ease some of the pressure on Chinese monetary policy and provide more scope for addressing domestic inflation, says the OECD. 

Instability in sovereign debt markets poses another serious risk. It has highlighted the need for the euro area to strengthen its institutional and operational architecture. Bolder measures need to be taken to ensure fiscal discipline, says the Outlook.Several countries are already taking early action to enhance the credibility of their fiscal consolidation plans and this is very welcome.

“This is a critical time for the world economy,”said OECD Secretary-General Angel Gurría. “Coordinated international efforts prevented the recession from becoming more severe but we continue to face huge  challenges. Many OECD countries need to reconcile support to a still fragile recovery with the need to move to a more sustainable fiscal path. We also need to take into account the international spill-overs of domestic policies. Now more than ever, we need to maintain co-operation at an international level.”

With a huge debt burden weighing on many OECD countries and the strengthening recovery, the emergency fiscal measures provided by governments to tackle the crisis must be removed by 2011 at the latest, the Outlook says. It adds that the pace of such action must be appropriate to particular conditions and the state of public finances in each country.

To support growth as budgets are being tightened, macroeconomic, financial and structural policies need to be linked. Spending cuts or tax rises should focus on areas that are the least harmful to growth. Fiscal rules could enhance the credibility of plans to strengthen public finances. Reforming  product and labour markets to enhance competitivity must also be part of the strategy.

Although economic activity is picking up, the growth in jobs is not keeping pace. The number of unemployed has risen by 16 million in OECD countries in the past two years. The Outlook says the unemployment rate may now be peaking at an average 8.5% across OECD economies and is likely to fall only slowly in the near term. It adds that governments must make room in their budgets for cost-effective labour market programmes that support workers at greatest risk of becoming long-term unemployed.

Unemployment rate (% of labour force)

The Outlook also contains some scenarios that go out as far as 2025, and which show that without strong policy decisions, growth will remain mediocre, unemployment and fiscal deficits high and imbalances persistent. On the other hand, a combined package of measures, implemented from 2011 onwards – involving fiscal consolidation in OECD countries, as well as exchange rate re-alignments and structural reforms in most regions of the world – could add as much as 2 – 3 % to the baseline scenario of OECD  global growth.

Selected analysis and data for individual countries, webcast of the OECD Economic Outlook news conference are available at www.oecd.org/oecdeconomicoutlook.  To obtain a pdf copy of the Outlook, journalists are invited to contact [email protected].

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As we’ve noted, Apple’s market capitalization is now one relatively good stock-market day away from surpassing Microsoft’s.

This may not be surprising to the folks who have fallen in love with Apple’s products in the past several years, but to those who were around in the late 1990s, when a collapsing Apple was kept alive by a cash injection from Microsoft, it’s remarkable.

And here are a couple of statistics that really put it in perspective:

• As of yesterday’s close, Apple had a market cap of $223 billion, versus Microsoft’s $228 billion.

• A decade ago, when Steve Ballmer took over as CEO of Microsoft and Steve Jobs had recently reclaimed the CEO slot at Apple, Apple had a market cap of $16 billion and Microsoft had a market cap of $556 billion [Nick Wingfield, WSJ]

In the past decade, in other words, Apple has gained about $210 billion of market value and Microsoft has lost about $225 billion. Put differently, a decade ago, Microsoft was worth $440 billion more than Apple.

Steve Jobs has certainly earned his $1 salary.  And it’s a good thing Steve Ballmer is paid $1.25 million a year–because the value of his stock in the company has been cut in half.

By one key measure, moreover, Apple has already surpassed Microsoft’s value.  As of yesterday’s close, once the companies’ stock market capitalizations are adjusted for the value of the cash and debt on each company’s balance sheet (“enterprise value”), Apple’s business was worth $200 billion and Microsoft’s was worth $197 billion.

Talk about a changing of the guard.

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See Also:

• CHART OF THE DAY: Microsoft Spends Eight Times As Much On R&D As Apple
• CHART OF THE DAY: Apple Market Cap Just $5 Billion Behind Microsoft
• "The Real Reason Microsoft’s Robbie Bach Was Fired"

Everyone reacts to conflict differently. Mike Myers’ approach? Run for your life!

The Austin Powers star found himself smack dap in the middle of a scuffle on the streets of New York City this week, when one of his friends allegedly attacked a photographer with a hockey stick.

The photographer was attempting to click pictures of Myers when the star’s pal Mark McAdam swooped in to the rescue, clocking the pesky photog over the head with a swift swing of his hockey stick. The photographer alleges McAdam, 40, turned on him and hit him on the head with his stick, while Myers fled the scene on foot.

The snapper needed five stitches to treat a wound above his right eye.

McAdam has been arrested on charges of felony assault.

Eco Factor: New catalyst helps fuel cells generate 12 times more current and last 10 times longer.

Chemists at Brown University have improved the credentials of fuel cells by replacing pure-platinum catalysts with a nanoparticle consisting of a five-nanometer palladium core and an iron-platinum shell. This new particle uses less platinum and is makes fuel cells more efficient and last longer as well.

At the fuel cell’s cathode of this new nanoparticle, oxygen reduction occurs, which creates water as waste instead of carbon dioxide produced by internal combustion systems. Tests show that the new catalyst enables the cell to generate 12 times more current and last 10,000 cycles, which is 10 times longer than commercially available models that begin to break down after 1000 cycles.

Via: DailyTech

Just a quick chart here for your. The Reuters/Jefferies CRB Index (commodities) index has hit death cross, by which we mean the 50-day moving average has fallen below the 200-day one. For some this is a huge negative sign, though at this point bearishness seems rampant across the space. We told you back on the 19th that this was about to happen.

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Aunque la revisión no es en nuestro país, sino en dos de los grandes países sudamericanos (Brasil y Argentina) parece que está de moda llamar a los coches a revisión. Es posible que no es que esté de moda, sino que ahora que se ha levantado la liebre con la persecución a Toyota las autoridades estén afinando cada vez más.

No es normal, hace unos años salía de cuando en cuando un modelo que tenía que pasar por el taller y resultaba doloroso para la compañía que lo sufría. Hoy son muchas las marcas que ya han tenido llamadas a revisión. Al respecto de este Ford Ka las unidades afectadas rondan las 20.000.

La llamada a revisión viene a causa de un problema en el encendido eléctrico, que podría causar principio de incendio en el vehículo. Las unidades afectadas son las fabricadas entre el 27 de noviembre de 2007 y el 31 de enero de 2010, tanto del motor 1.0 como del 1.6.

Según el fabricante hay que comprobar el cableado de los vehículos porque “podría rozar con la carrocería en algunos casos, pudiendo ocasionar así, fallos en el sistema, y en casos extremos, causar un principio de incendio en la zona del compartimiento del motor“.

Vía | MotorSpain

Competitive Coupe
Chris “Emmy” Jackson, Canadian Auto Press

As the “premium compact” market began to grow, it became clear that Volvo needed a product to capture the hearts and lead feet of young, hip drivers who are looking for the Next Cool Thing. To that end, slicing the back half off of an S40 sedan and replacing it with a breadbox-like hatchback seemed like just the right thing to do. Introduced in 2007, the Volvo C30 is the Swedish answer to premium compacts like the MINI Cooper S and Audi A3.

The last time Volvo did a slick two-door hatchback (in North America anyway) was in the 1960s, with the cool P1800ES. The styling makes it clear that the C30 hasn’t forgotten that groundbreaker, even if most Canadians are unaware that Volvo ever built a cool little sports car. For 2010, the C30′s been updated with new front end styling and a stronger emphasis on its sporting capabilities.

The C30′s got a much more aggressive face, with a bolder version of the Volvo family grille and strong split-bumper elements up front. Fog lights are housed in secondary grilles that emphasize headlight shape and carry into the familiar “shoulder” line down the side of the car. Out back, a wide, all-glass hatch and long rear greenhouse are styling cues taken directly from the P1800ES, and the arched taillamps seem to smile. The C30 has a wide, low stance and a roof silhouette that tapers toward the rear to give an impression of forward motion. The R-Design model adds monochromatic styling, a body kit and roof spoiler, and satin-finish silver mirrors. Big eighteen-inch five-spoke wheels are also part of the R-Design upgrade.

The driving position is sporty, reclined and comfortable. This compact car features room for four adults inside. The rear seats are scooped out slightly, like bucket seats, and are inset toward the centre of the car to improve elbowroom and allow for side-panel storage. Head and legroom are generous; if you’re expecting MINI Cooper-like interior dimensions you’ll be pleasantly surprised. The hot interior ticket is the Leksand T-Tec two-tone interior, which combines stain-resistant fabric with lighter colours to create an airy cabin. The C30 shares the S40’s flat-panel floating center console, and in fact many of its available amenities are shared with larger Volvos, including a 650-watt premium sound system, HD radio, navigation system and heated seats.

Power is provided by a 2.5-litre turbocharged five-cylinder that’s shared with other Volvo products and produces 227 horsepower. Turbo lag is minimal, and the five-cylinder’s generous torque means that mid-range acceleration is satisfying and freeway travel is relaxed. A choice of six-speed manual or five-speed automatic transmissions is offered, and all C30 models are front-wheel drive. Unlike many small cars, the C30 is a good road-tripper, at least for two. It’s not so bad pulling away from the stoplight, either: Volvo claims a 6.8-second zero to 100km/h time and a 250 km/h (149 mph) top speed.

MacPherson struts are used in the front, with a multi-link rear suspension and a wide stance for cornering stability, and a Dynamic Sport Suspension option has been improved for drivers who want to keep up with the Volkswagen GTI and other “hot hatches.” Stiffer monotube shocks are on hand to reduce body roll, and faster, more precise steering has been effected with improved bushings and a quicker steering rack. The ride is a great deal firmer with the sport suspension, though never punishing. The C30′s only vice is a tendency to produce audible tire noise over harsh pavement gaps. Safety equipment like Volvo’s Blind Spot Information System and Rear Parking Assist are available.

The C30 is small yet sophisticated, a car that says, “I’m young, but I’m not dumb.” It is a practical three-door hatchback enhanced by a serious dose of styling, and makes it an excellent choice for first-time buyers. With a starting price of $33,995, the C30′s priced to attract the attention of premium compact buyers as well. A fully loaded C30 T5 R-Design stickers for $39,995, which remains more affordable than any of its direct premium competitors when completely optioned out.

From The Biggest Loser to One Big Happy Family and Dance Your Ass Off – weight-loss reality series are finding a huge (No Pun Intended) network of fans on the small screen.

Now even the Style Network is getting in on the action. The E! sister station — that’s more focused on Manolos and Louboutins than calorie intake and portion control — has greenlighted a docuseries about childhood obesity, titled Too Fat for 15: Fighting Back.

Inspired by a groundbreaking British documentary that aired on the BBC last year, the series revolves around four food-addicted teen girls, whose parents ship them off to Wellspring Academy — a weight-loss boarding school in North Carolina — for a lifestyle makeover.

The series will premiere in August.

Eco Factor: Sustainable tower designed featuring public garden and a sky deck.

The Castle in the Sky is a concept tower proposal by Paris-based Atelier Ramdam Architects to be constructed in Latina, Italy. The slender architecture has been designed to create rain from vaporized water.

The infiltration system constitutes the water tower’s semi-buried base. Access to the reservoir opens up the first walkway from the street to the underground, which also includes a pond. The tower is clad in highly reflective stainless steel which makes the foot of the reservoir appear as if it’s not there.

Vaporization occurs on the rooftop of the tower, where visitors also discover a terrace for festivities with the spirit of a dance hall. A ramp has been designed which makes its way around the reservoir. This is the place where precipitation and hence rain occurs.

Via: GreenMuze/Designboom

Ecoseed has an article on Singaporean efforts to develop a cleantech industry in the country – Singapore ramps up clean energy R&D investment.

The Singapore Economic Development Board (E.D.B.) will spend about 680 million Singapore dollars ($483.3 million) to build a clean technology ecosystem over the next five years as part of the country’s plan to become a global research and development hub.

The fund is expected to establish a more conducive environment for innovations in research, test-bedding and commercialization that will advance Singapore’s solar industry.

The board allocated 350 million Singapore dollars of the total investment to develop the country’s clean energy sector, with a focus on solar energy. Having a tropical climate, Singapore is a prime location for companies that wish to enter the Asian solar market.

Suntech Power, for instance, intends to expand its operations in the country because of the strong government support and exceptional technology capabilities. Bosch Group also opened its new headquarters in Singapore to better manage its newly acquired companies in Southeast Asia.

In addition to its linkages to leading Asian solar markets, Singapore has the capabilities to manufacture solar wafers, cells and modules, which will give the country a head start in the solar industry, the board said.

It’s been interesting to watch the analysts change their positions over the course of the last few months.  Two of my favorite analysts Andrew Garthwaite at Credit Suisse and Teun Draaisma at Morgan Stanley came into the year with remarkably similar outlooks to my own: the economy would remain strong in H1, but would weaken as the year wore on.  Both were much more bearish on the full year outlook than most other analysts on Wall Street.  Interestingly, both of them folded on their bearish outlooks as the equity markets chugged higher into April.  At that time, I was revising my H1 outlook, building my first short positions in two years and becoming more bearish as the problems in Greece appeared like a true game changer.   A few months later Draaisma and Garthwaite are looking terribly wrong, but Garthwaite isn’t swaying from his bullish outlook.  In a recent note he provided 5 reasons to remain bullish.  Perhaps he will redeem himself:

1)   Market is too pessimistic on global macro outlook: the collapse in bonds yields, along with this week’s decline in the gold price and yesterday’s sell-off in the Australian dollar versus the Yen (7%), suggests that markets are discounting a big deflationary shock. Yet, we do not see this. All the best lead indicators are strong, though they will likely roll-over owing to stock market weakness. The global PMIs are consistent with 4% GDP growth (see page 5 for all charts) and the best two lead indicators of US growth – ISM new orders and consumer confidence expectations – are consistent with growth about 3%. Our economists forecast global GDP of 4.4% next year (2.4% in Europe and 2.9% in the US).

2)   Valuation: The US equity risk premium (ERP) is 6.1% if we just use two-year forward IBES numbers and then revert earnings to trend (see Figure 7 below). The long-run average ERP is 3.5%, while our target (or warranted) ERP is 4.5% (the warranted equity risk premium depends on ISM and credit spreads – and assumes a modest deteriorating in both: ISM falling to 55 from 60 and BAA spreads widening to 3% from 2.4%- clearly if we were assuming a recession then ISM would fall to 40 and the BAA spread widen to 5% and the target equity risk premium would rise to 6.2% but as stated already we are not assuming a recession). Even if we revert S&P 500 reported earnings back to their post-1920 trend of $64 (compared to 12-month forward operating earnings of $87.5), the ERP is now 4.5%, almost at our target level.

3) We note that the CDX HY spread at 670bps, is only 0.4 standard deviations above its average, the same level it was at when the S&P 500 was at 1,300. Furthermore, the 5 year / 5 year forward inflation rate is 2.2%, versus a crisis low of nearly zero.

4)   Global earnings revisions are at an all-time high (see Figure 23 below). Consensus revenues estimates are, we think, still too low. For Europe as a whole consensus revenue is 5% below nominal GDP in 2009 and 2010 when aggregated and more so for cyclical sectors. Additionally, the weakness of the Euro, if it hits €/$1.20, should directly and indirectly add nearly 14% to European EPS as well as 1% to GDP. To gauge how worried the markets are about earnings, we can look at dividend swaps market, which are discounting a 13% decline in DPS between end 2009 and 2013 in Continental Europe (and a 4% rise in the UK). This seems too pessimistic too us.

5)   Investors are still conservatively positioned we think. Mutual funds have 45% of their total assets in equities compared to a long-run average of 51%. Money market funds are still 20% of market cap (versus a long-run average of 18%). Since the low in the equity market, we have seen retail buy 99bn of bonds, while they sold $88bn of equities.

Source: Credit Suisse

This guest post previously appeared at The Pragmatic Capitalist >

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McLaren Automotive celebrated the 20th anniversary of the start of the F1 program by inviting F1 owners past and present to a celebration dinner at the McLaren Technology Centre in Woking, England. The owners were treated to a display of 21 McLaren F1 road and race cars, the largest number of F1 cars ever assembled in one place.

It all started in 1988, when McLaren made the decision to expand from Formula One and design and build what it called “the finest sports car the world had ever seen.” In March 1990, the team created to build that car came together for the first time.

Just two years later, the McLaren F1 road car was launched on May 28, 1992, in Monaco, with the first production car delivered to its owner in December 1993.

Now in its 20th-anniversary year, many still consider the McLaren F1 one of the greatest cars of all time. McLaren says its exclusivity, technical innovation, racing provenance, revolutionary packaging and extraordinary driving experience have made it an icon.

Hard to argue with that.

The F1 defined the McLaren road car DNA: low weight, efficient packaging, superb quality, innovative design and an outstanding driving experience. The car was launched at a price of about $750,000 in 1994, and over the course of the next four years 64 F1, five F1 LM and three F1 GT road cars were produced, together with 28 F1 GTR race cars. An additional six prototypes were produced.

In 1994, after pressure from owners, McLaren developed a racing version of the F1 road car to run in the FIA’s GT1 class. The F1 GTR won the 1995 GT1 Championship as well as Le Mans. In fact, McLaren not only won but dominated the rain-soaked endurance race, finishing in first, third, fourth, fifth and 13th.

The F1 GTR secured for McLaren a unique position in racing history, as the only manufacturer to win the Formula One world championship, the Indianapolis 500 and the Le Mans 24 Hours.

McLaren decided to celebrate the extraordinary Le Mans result by creating five F1 LM road cars, one for each F1 that finished. Launched in McLaren Orange, as used on Bruce McLaren’s race cars the 1960s and ’70s and with a derestricted race engine, the LM is not only the most powerful of all F1 variants, but also the most valuable. F1 fans will recognize this as the car which Lewis Hamilton has set his heart on owning.

By 1998, there were a total of 106 built, and its production run was complete.

McLaren’s celebration of the 20th anniversary of the F1 will continue throughout the year. McLaren enthusiasts will have the opportunity to see more F1s at this summer’s Goodwood Festival of Speed, which takes place at the famous English motorsport venue July 2-4.

For more

Source: Car news, reviews and auto show stories

The guys at Washington DC are sure striving hard to keep their city clean and green, and the streets sparkling. The SmartBike program, the first of its kind in the United States, a bike sharing program, is all set to expand and grow. To be based on Montreal’s Bixi, there will soon be ten times more stations and bikes in this program. Currently, the SmartBike program has just 120 bikes and 10 stations, though the new initiative will extend to 1,100 bikes and 114 stations, spreading around the district and into Arlington County too. The costs of memberships will double up too, increasing from the current $40 to $80 for a year.

A monthly membership will cost around $30 while a daily membership fee costs $5. The first 30 minutes of usage will be free, with fees charged after the 30 minute mark. Also, Clear Channel will no longer head the initiative. Bike sharing sure needs to spread across the United States and the world for greener and cleaner commute.

Source

“A big hit,” is how Nissan CEO Carlos Ghosn predicts its all-electric Nissan Leaf will be when it is offered in the US. The Leaf is the first affordable, mass-market all-electric vehicle that will be made available in the US.

Since last month, Nissan has recorded 13,000 reservations in the US. To reserve a vehicle, customers only have to deposit $99 (a refundable amount). In Japan, Nissan has received 6,000 reservations for the vehicle. Ghosn spoke with reporters after a speaking engagement at the Detroit Economic Club at the Cobo Center. He also shared that these reservations are from individuals and not for corporate fleets. Nissan is still taking orders for production in 2011. Pricing for the Leaf, which will arrive in the US in December, starts from $32,780, but after a federal tax credit of up to $7,500 is applied, it could cost $25,280. Electric vehicles figure prominently in Nissan’s strategy. Ghosn said that within a decade, electric vehicles are expected to comprise 10% of global vehicle sales. By 2013, Nissan and Renault expect to reach its goal of producing 500,000 electric vehicles, covering eight models.

[via freep]

Source: Car news, Car reviews, Spy shots

Making a little craft flower isn’t the only way to reuse and recycle pencil shavings now. You can make an eraser out of it too! Pull your jaw back on and get a hold of this. Designed by Hao Gin Weng, Siang Yin Ke, and Che Hao Li, this little machine uses the shavings from a pencil to make erasers. Now there are a few doubts as to how exactly would bits of wood combined with lead help erasing pencil marks off paper, but the designer has thought about that too while putting this baby together. So all you need to do is, draw out a picture, then somehow break the pencil point, stick it into the sharpener, turn the crank, have a sharp pencil, and an eraser too!. A great way to put to use all those bits off wood shopped out of your pencil by the sharpener. This indeed is the best way to recycle, at your study table.
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Made out of paper (yes, the stuff from dead trees—I wouldn’t lie to you), these WowWee Paperjamz guitars plug into speakers or headphones and let you play actual chords (accompanied by backing tracks). More »










Guitar – Music – Stringed – Arts – Electric