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  • Underground green economy employing millions

    by Glenn Hurowitz.

    There’s a new economy springing up around the country—but it’s operating almost entirely in secret. It’s called “the restoration economy” and it’s remaking America’s landscape while putting millions of people to work.

    This economy is devoted to restoring what’s been lost: degraded forests, watersheds, oceans, cities, communities, buildings, transit—and it’s the product of a major turning point in our history that’s been almost entirely missed by the press and politicians.

    I recently had the opportunity to learn about this stealth green economy when I participated in a panel at the Good Jobs, Green Jobs conference about land and water-based jobs. In a telling sign, this panel (organized by The Wilderness Society’s relentless JP Leous, one of the brightest rising stars in the environmental movement) was apparently the first in the history of the conference to focus on forest, land, and water based jobs (or as I like to think of them, the ultimate green jobs).

    One of my co-panelists was Storm Cunningham, who in his seminal book, The Restoration Economy, revealed this major shift for the first time:

    …But then, in the late 90’s, I began noticing a miraculous new trend: a number of places—both ecosystems and communities—were actually getting better, some spectacularly so. Rivers that had been devoid of fish were teeming with them. Blighted industrial waterfronts were becoming gorgeous, lively, economically thriving public areas. Devastated, clear-cut hills were becoming forests again—real forests, not just the typical tree farms that are devoid of wildlife. …

    During the last two decades of the twentieth century, we failed to notice a turning point of immense significance. New development—the development mode that has dominated the past three centuries—lost significant “market share” to another mode: restorative development.

    Despite the fact that restorative development will dominate the twenty-first century, its phenomenal rate of growth has gone largely undocumented. This is hardly an unimportant transition: economic growth based primarily on the exploitation of new resources and territories is giving way to economic growth based on expanding our resources and improving our existing assets..

    Why is it happening? Primarily, it’s because we’ve now developed most of the world that can be developed without destroying some other inherent value or vital function of that property. The major driver of economic growth in the the twenty-first century will thus be redeveloping our nations, revitalizing our cities, and rehabilitating and expanding our ecosystems. We’ll be adding health and wealth in a way that doesn’t cause a corresponding loss of wealth elsewhere.

    To put it in other words, today’s economic potential isn’t in the exploitation of untapped resources, but rather in the restoration of wealth (natural, infrastructural, community and otherwise).

    For that reason and others, the restoration economy is dollar-for-dollar by far the best job creator of any economic activity. As I discussed in this post at Grist, investments in forest, wetland, and other land and water restoration creates 74 percent more jobs than ANY other economic activity—more even that energy wind or solar, and more than five and a half times as much as investments in dirty energy sources like oil, coal, and nuclear. These are the ultimate shovel-ready jobs: for many of them, you really don’t need much more than a shovel to get to work. Mother Nature provides all the capital you need.

    You can see this restoration economy at work across America and around the world: in the
    Gifford Pinchot National Forest in Washington State, people are finding
    work tearing down dams and restoring streams, in the Chesapeake Bay, out-of-work watermen are restoring oyster beds to clean the water, and in Indonesia, people are returning destroyed rainforest to orangutan habitat.

    At the panel, we delved into the politics of the restoration economy—you can watch highlights from the discussion in this excellent brief video:

    In summary, politicians are making a huge electoral blunder when they perpetuate low jobs creating activities
    like oil drilling and coal mining. One of the most important determinants of an incumbent politician’s success is the health of the economy and
    the availability of jobs (others include whether a politician is
    perceived as being a strong leader and having integrity). Weakening a cap on carbon or diverting funds away from wildland restoration may please a few lobbyists, but as incumbents like Bob Bennett, Arlen Specter, and Blanche Lincoln learned recently, even establishment campaign donations will be far outweighed by voter anger fueled by a poor economy and a lack of jobs. 

    Of course the inverse is true too: because the restoration economy provides such a huge jobs bang for the buck, it’s a Godsend for politicians.  The more they invest in restoring forests, streams, and oceans, the better the economy will be and the more likely they are to get reelected.

    In other words, green is the new electoral gold. 

    Related Links:

    A chat with energy analyst Trevor Houser about how to assess climate legislation

    Should we prefer investing in renewable energy to cleaning up the dirty stuff?

    Big companies help do something right in Canadian forest deal






  • Video: 2011 Shelby GT500 is a loud red mist

    Filed under: , , ,

    The furious noises of the 2011 Shelby GT500 – Click above to watch video after the jump

    Recently you got to see the Virginia International Raceway lap where the 2011 Shelby GT500 bested the lap time of the 2010 GT500 by nine seconds – but you didn’t really get to hear it. That has been corrected with this video, which should have just enough growling, whining and screeching to tide you over until Ford raises the portcullis on more multimedia, which we’re hoping is very, very soon. Yes, they did this kind of testing before, but this time it’s sunny… and can you really get enough of that noise? Follow the jump to listen. Hat tip to Yaroukh

    [Source: Ford]

    Continue reading Video: 2011 Shelby GT500 is a loud red mist

    Video: 2011 Shelby GT500 is a loud red mist originally appeared on Autoblog on Sun, 23 May 2010 20:01:00 EST. Please see our terms for use of feeds.

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  • Watch Sarah Ferguson over Prince Andrew Bribery Scandal

    Sarah Margaret Ferguson or Duchess of York Sarah, is a charity patron, spokesperson, writer, film producer, television personality and a former member of the British Royal Family. She is popularly referred to as “Fergie”, which is a common nickname for people with the last name Ferguson.

    Greedy Sarah Ferguson, 50, was filmed on Tuesday night taking a $40,000 (£27,000) cash down-payment from an undercover News of the World reporter.



    The greedy 50-year-old Duchess, who believed she was dealing with a rich businessman, was then filmed at a secret meeting pocketing an extra $40,000 down-payment in cash.

    Her astonishing offer will give an impact on the Queen, the royal family and the Government, for the loose cannon Duchess’s ludicrous claims that Prince Andrew – unpaid UK Special Representative for Trade and Investment – could be party to such a scam jeopardise Britain’s global reputation for honesty and fair play.

    Click to Watch:

    Sarah Ferguson Caught Over Prince Andrew Bribery Scandal

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  • Liquidity in Europe Hesitates

    If you’re a glass half-full kind of guy, then Friday’s action in stock was encouraging. Here in Australia, the indexes opened up down by almost three per cent. Yet by the end of the day, they were able to claw their way back to much smaller losses. Yes, stocks are at nine-month lows. But it felt like a victory, didn’t it?

    Then, in Friday’s U.S. session stocks staged a huge final hour rally. The Dow Jones industrials had been down below 10,000 at one point. But in a flash (a flash dash!) the index suddenly reversed itself and finished 1.24% higher. So what does that tell us?

    Absolutely nothing, most likely. In a market like this, what you don’t know is a lot more important than what you do know. And what we do know turns out to be very little anyway. Just based on valuations, stocks are now a bit cheaper than they were a month ago. But price is not the same thing as value.

    And besides, there are so many known unknowns and unknown unknowns it’s hard to know where to begin! But let’s start on the other side of the world and tackle the question of whether there is a short-term funding crisis in Europe. Or, in plainer speech, is the Credit Crunch back and better than ever?

    The optimistic view is that the real economy in Europe is recovering, albeit slowly. A key purchasing manager’s index in Europe hit a three-month low, but it was still positive. And the line of argument in this camp is that the real economy will grow slowly, but is nowhere near as dysfunctional and systemically unstable as financial markets are.

    Financial markets, for their part, are trying to digest two political moves. The first move is the legislative efforts to curb credit growth (the U.S. reform bill). That might reduce bad bank lending. But it would almost certainly limit credit growth. And in a system that requires on a lot of short-term credit to finance activity, it means less activity, lower real growth, falling asset values, and economic contraction.

    The second issue is the growing weight of Europe’s dead hand on the market. This will feel familiar to Australian investors lately. What we mean is that one of the big results of the Greek crisis is a call for economic policy coordination. This is being euphemistically called “economic governance.” But it’s actually an attempt for more centralised and coordinated European regulation and policy making.

    Because the problem with the EU is that it’s not centralised enough.

    The credit markets are telling us they are not convinced that Europe’s policy makers can coordinate a response to huge sovereign debt levels in Spain, Greece, Portugal, and Italy. As the sense of anxiety by financial firms becomes more acute, they become a lot less trusting of each other. Banks who are unsure about what’s on another bank’s balance sheet don’t lend. These shows up as an increase in the London Interbank Offered Rate, the rate banks charge one another in overnight lending.

    Bloomberg reports that, “Traders in the forward market are betting the premium of the three-month dollar London interbank offered rate, or Libor, over what investors expect the overnight federal funds rate to average known as the Libor-OIS spread will climb to about 42 basis points next month and about 61 basis points by September, according to UBS AG data. The spot spread was about 27 basis points May 21.”

    “This is a quintessential liquidity crisis,” William Cunningham tells Bloomberg. He’s the head of credit strategies and fixed-income research at State Street Corporation in Boston. “It’s not inconceivable to imagine a situation where the markets behave so poorly, the liquidity behaves so badly, and risk-tolerance just evaporates that particularly in Europe consumers contract, businesses stop hiring and stop investing, and economic activity halts.”

    Granted, the current situation is nowhere near as bad as October of 2008. Libor soared by 364 basis points then and the whole inter-bank lending market was nearly frozen. But if the political climate continues to generate so much instability, the financial markets are going to get pretty cold.

    Does any of this have any effect on the real economy here in Australia? Well, last week the National Australia Bank sent retailer Clive Peeters into administration because the bank was unwilling to loan the electrical goods seller $38 million. That seems like chump change these days. So why cut them off?

    As Adele Ferguson reports in today’s Age, corporate Australia is sitting on $180 billion in short-term debt it must refinance in the next two years. Over the last 18 months or so, Aussie banks have been silently hoping the economy would improve enough that extending credit to small- and mid-size firms wouldn’t endanger the balance sheet.

    Mind you it’s not the big firms that are in trouble here. During the credit crisis, big Aussie blue chips tapped the equity markets for another $90 billion in capital. This did not always benefit shareholders if the company sold equity cheaply. But it did buttress the balance sheet.

    The trouble is that small- and mid-sized businesses can’t simply raise equity. They depend heavily on short-term bank financing. When the cost of that financing goes up because of tighter global liquidity, or when Aussie banks simply become more cautious to protect their own balance sheets, then you get the local consequence of the credit depression: the inability of smaller firms to borrow.

    Meanwhile, the government continues its public relations war against the mining industry. You have to wonder what the government hopes to win by trashing the industry in front of international investors like this. The obvious answer is: money!

    To be fair, whether production or profits should be taxed is an interesting question. And whether a tax or royalty should be levelled as the state or Federal level is also an interesting questions. By “interesting” we mean debateable if you accept at face value the government’s right to tax private enterprise. We’re not saying we like it.

    But this line of attack that, “the community has not received a fair return for its non-renewable resources during boom times” is a bit rich, isn’t it? This again presumes that it is the community which owns Australia’s mineral resources. Does it?
    If you accept that argument, then it follows that the community owns every kind of national resource, not just land and property but labour and intellectual capital too. If the government is entitled to tax the mining industry for what it believes to be unfair profits, why not the banks? Why not any kind of activity which policy makers determine is not providing its “fair share?”

    Dan Denning
    for The Daily Reckoning Australia

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  • White next-gen iPhone spotted in the wild

    Here we go again folks.  This isn’t the first “in the wild” spotting of the purported next-gen iPhone, and with just 15 days until WWDC – which will hopefully end the speculation once and for all – I’m willing to bet it won’t be the last.  The first sighting of this phone was here in the US, but lately it seems to be spending some quality time in Asia; first in Vietnam, as we’ve now seen a few times, and now in what appears to be either Hong Kong or China (or both?).

    There is, however, one thing about this sighting that sets it apart from the rest.  What’s that, you ask?  This sighting is not merely of a run-of-the-mill black next-gen iPhone, the leaked image contains a white iPhone as well – perhaps for those of us who like to mix it up a bit.  Personally, I’d like to see a nice gray colored iPhone, but I think we all know that some (ahem!) have a hard time seeing things outside of black and white.

    The images come from Chinese website Apple.pro who claim the photos in question are proof of not only one, but two variants of the highly-anticipated device.  Don’t get too excited just yet though, as word on the street suggests there’s a possibility these may not be the real deal.  If you examine the pictures more closely, there are a few things that set off that little “fake” alarm we know all too well.  First, there’s a larger than normal gap between the chrome mid-section of the phone and the faceplate, which could suggest that the phone is either not fully assembled or that it’s just not the real thing.  Second, at the bottom of the phone you can see the two screw holes that we saw the first time around, which could mean they come from an earlier prototype than what we’ve seen more recently.

    In any case, I’m willing to bet many of the answers to our questions will be laid out before us in the days to come.  If the white next-gen iPhone (fashioned from pure unicorn horn) does in fact exist, will you be putting it on your wish list?  Lets us know in the comments!

    Via Engadget, BGR


  • Play Google Pacman Game on the hidden Google page

    Play Google Pacman Game on the hidden Google page

    Is still not to late to play “Google Pacman” even after the end of the 30th anniversary of Pac-Man.

    On Google.com/PacMan is internationally available the great Google Doodle.

    After the big success of the on-line “Google Pacman” game, Google decided to put it back on-line after the removal from the front page. We can enjoy the game in the same format just on a “hidden” page.

    History

    The original idea of the game was born in 1979, when Toru Iwanati, 25, was eating. According to legend, Iwanati had just cut a pizza when, to take the first portion, looked what was left of it: a circle with a sort of mouth. At that time he got the idea of a new video game. In early 1980, with the help of programmer Shigeo Funaki and three company employees, Toru finished programming the videogame, which was dubbed “Puck Man”, the same name which was its main character.In Japanese, “Puck” comes from the onomatopoeic paku, which corresponds to the sound that occurs when opening and closing the mouth, which is very appropriate for a character who spent all his time eating “pills” white in a maze.

    Related posts:

    1. Pac-Man: Happy 30th Anniversary!
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    3. Pac-Man 30th Anniversary! Third Day With Playable Google Logo

  • New Pussycat Dolls Lineup Revealed

    Meet the new high-steppers of The Pussycat Dolls.

    The original Dolls lineup fell apart last year, amid allegations that group managers gave Nicole preferential treatement. In a bid to keep the PCD Train rolling, famed choreographer Robin Antin — who created the Pussycat Dolls as a Vegas burlesque dance troupe in 1995 — has added four new members to the girl group to back lead singer Nicole Scherzinger.

    The new lineup will join Scherzinger in recording a new album later this year.

    The five-piece performed together for the first time at a private party in Los Angeles on Friday.

    “Last Night was perfection! NicoleScherzy (Scherzinger) was so incredible, sang her heart out! & DOLLS, you KILLED IT! Congrats!!!!” Robin wrote in a post to her Twitter page on Saturday.

    From left to right:

    Fame star Kherrington Payne
    Ex-Laker Girl Vanessa Curry
    Girlicious singer Jamie Lee Ruiz
    Rino Nakasone-Razalan, a former Harajuku Girl


  • SEMA lists pro-auto hobby lawmakers in your state

    Filed under: , ,

    Look at any legislation related to cars, and it seems pretty obvious that lawmakers hate automobiles. While it seems odd that people who get driven around Washington D.C. gridlock in full-size SUVs are railing against the same kind of vehicles, there’s also a contingent of legislators on the state level who understand that “suck, squeeze, bang, blow” has nothing to do with Clinton-era interns.

    For the last five years, SEMA has partnered with state lawmakers interested in preserving and protecting the automotive hobby in the form of the State Automotive Enthusiast Leadership Caucus. If you’re a gearhead interested in knowing who your friends are at your state’s Capitol when it comes to the love of cars, SEMA’s list of state Senators, Reps and Assemblymen who are members of the Caucus is where to go.

    There are even photos of some members posing with their personal rides. It’s a .pdf-based e-document, but you can easily figure out where to send your greasy-fingerprinted, crayon-composed love letters.

    [Source: SEMA.org]

    SEMA lists pro-auto hobby lawmakers in your state originally appeared on Autoblog on Sun, 23 May 2010 19:07:00 EST. Please see our terms for use of feeds.

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  • Tila Tequila On “Celebrity Rehab”

    The celebrity trainwreck commonly referred to as Tila Tequila may be getting back on track after signing up to star on the next season of Celebrity Rehab, TMZ.com tattles.

    After a year of scantily-clad and bizarre meltdowns, the bisexual Internet pin-up has agreed to clean up her act on the small screen following the death of her fiancee — Johnson & Johnson heiress Casey Johnson — late last year.

    The reality series — which features addiction specialists/TV doc Drew Pinsky helping D-level celebrities cut ties with their destructive vices for VH1’s cameras — is dangerously close to be cancelled after failing to land any noteworthy celebs for the show’s upcoming fourth season.

    Ex-American Idol stars Jessica Sierra and Nikki McKibbon, actress Mackenzie Phillips, and country star Mindy McCready are among the minor stars who have appeared on previous seasons of Celebrity Rehab.


  • Resolved: Shareholders Reject PETA Agenda

    The Associated Press reports today (as though it were “news”) on an old tactic used by the animal rights extremists at People for the Ethical Treatment of Animals (PETA). In addition to sending half-nude performers to “shower” with an anti-meat message, PETA is trying a more fully clothed tactic: buying stock in meat and restaurant companies and introducing shareholder resolutions to drive their costs up.

    By simply holding $2,000 worth of stock for one year, PETA earns the right to introduce whatever resolutions it wants at a company’s Annual General Meeting. The obvious appeal of this tactic has led to its spread: The so-called “Humane Society” of the United States has recently co-opted the same PETA strategy — as well as PETA's chief strategist. HSUS’s corporate outreach director, Matthew Prescott, used to be in charge of these campaigns for PETA until he moved to the animal-rights mother ship last year.

    Prescott told The Boston Globe in 2008 how it all works: “When we come up with a shareholder resolution, the company has to print up our message and send it to every investor. So everybody reads what we've written — usually a statement about the graphic ways that the company is abusing animals.”

    So how has shareholder democracy been treating confrontational animal rights groups? Poorly. Not a single shareholder resolution introduced by PETA or HSUS has ever come close to passing. Not one that we can find has even attracted more than six-percent support. HSUS’s resolution at last week’s McDonald’s shareholder meeting got a 4.4 percent “yes” vote, for one typical example.

    The results speak for themselves. Shareholders of restaurants that serve meat, eggs, and milk don’t want to be told what to do by animal rights activists who really just want to veganize the whole menu. But we’re left to wonder what HSUS does with all its profits from these so-called “animal abusing” industries. Not that we’re about to stop buying cheeseburgers and chicken wings just to spite them.

  • Goodbye, ISS! Goodbye, Atlantis! Goodbye, Tinman! [Image Cache]

    Sadness. Atlantis is coming back home. Her last flight. Here is a video of her last goodbye to the International Space Station, where the STS-132 mission crew installed a module and changed six batteries. More »










    International Space StationSpace Shuttle AtlantisSpaceTechnologySpace Shuttle

  • Flagra novo Opel Astra GTC

    opel

    O modelo foi flagrado nesse final de semana fazendo testes. Ele está totalmente disfarçado por uma lona preta, mais dá pra ver que se trata de um modelo de apenas duas portas já equipado com rodas.

    Segundo fontes, o modelo será chamado de Astra GTC. Além disso, o modelo deverá ser apresentado oficialmente no Salão do Automóvel de Paris.

    A Opel também irá oferecer uma extensa lista de motorização, com opção a gasolina e a diesel, sendo que seu motor mais potente é de 2.0 litros turbo a gasolina que rende 240 cavalos de potencia.

    Mas o que irá marcar a nova geração do modelo é a sua dianteira e suas luzes traseiras que serão compostas por LEDs, dando uma nova cara para o Astra.

    Flagra novo Opel Astra GTC

    Fonte: Auto Blog . it


  • Victoria Beckham Celebrated Mother’s Day With $100,00 Neiman Marcus Gift Card

    Victoria Beckham celebrated Mother’s Day with a $100,000 shopping spree!

    According to tattling informants at Neiman Marcus Beverly Hills, soccer ace David Beckham and the couple’s three sons — Brooklyn, Romeo, and Cruz — presented the “spicy” fashionista with a Mother’s Day gift certificate worth $100,000.

    “They went to the store on May 8 to buy a gift, and decided a certificate was their best bet. David thought it would be fun for Victoria to pick out a lot of gifts,” In Touch writes.


  • Beatfly: The open source blimp

    Beatfly: The open source blimp

    On display at the Tokyo Make Meeting this past Saturday was Beatfly, a cleverly designed illuminated blimp created by Hideki Yoshimoto. Rather than just implement simple radio controls, he has playfully given Beatfly a number of control interfaces. You can drive it by iPhone, MIDI controller, Flash web interface, a standard keyboard, voice control, or even music. ..
    Continue Reading Beatfly: The open source blimp

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  • Lindsay Lohan Calls Cocaine Party Photos “A Set-Up”

    LiLo is back in Los Angeles to face the music over a missed probation hearing, but the ex-Mean Girl is crying foul over controversial images that debuted online last week. Lohan — whose addiction to alcohol and cocaine sent the starlet to rehab twice in 2007 — says a new photo of her lounging just arm’s length away from what appears to be the highly-addictive drug while partying in Cannes is a “set-up.” Lohan insists that photos of her handling a white substance that looks like cocaine is a set up to sabotage her.

    The phrase “Bitch please!” springs to mind!

    In the picture Lohan, along with her friends, is seen having the white powder during a yacht party during the Cannes Film Festival. Lohan has defended herself, stating that stories which came along with the images circulating on the Internet are not true.

    “That’s a set up, that’s so untrue,” the 23-year-old retorted Friday.

    However, Lohan doesn’t have to worry that the photo will be used against her at an upcoming hearing for breach of probation. A spokesperson for the Los Angeles County Attorney’s office says the D.A. will not address the issue because there is no way to prove what is the substance in the picture.

    Lohan star has to appear on court on Monday for the mandatory probation hearing she previously failed to attend after a “stolen/lost” passport left the actress stranded in the French Riviera.


  • “Slumdog” Lovers Dev Patel Freida Pinto Wedding Summer 2010

    Slumdog stars say “I Do!”

    Actor Dev Patel and bombshell Freida Pinto — who met on the set of their Oscar-winning 2008 film Slumdog Millionaire — are in the middle of making preparations for a summer wedding in their native India!

    Last week, a Hollywood insider spied the engaged couple inquiring about shipping a wedding cake from trendy Los Angeles bakery Sweet Lady Jane to India for the secret ceremony. The confectionery is a Tinseltown staple, and even provided the goodies for Jennifer Lopez and Marc Anthony’s wedding in 2004.

    A source spills in the May 31 issue of In Touch Weekly: “They had one of their first dates at the bakery, so it’s special to them. It’s more than a cake.”


  • ABC News Covers the New War on Climate Research (and on Michael Mann) | The Intersection

    Here’s the report that (I understand) airs tonight:
    Climate scientist Michael Mann has received hundreds of them — threatening e-mails and phone calls calling him a criminal, a communist or worse. “6 feet under, with the roots, is were you should be,” one e-mail reads. “How know 1 one has been the livin p*ss out of you yet, i was hopin i would see the news that you commited suicide, Do it.” “I’ve been called just about everything in the book,” Mann, who runs of the Earth System Science Center at Penn State University, told ABC News. “It’s an attempt to chill the discourse, and I think that’s what’s most disconcerting.” Mann is not the only one. The FBI says it’s seeing an uptick in threatening communications to climate scientists. Recently, a white supremacist website posted Mann’s picture alongside several of his colleagues with the word “Jew” next to each image. One climate scientist, who did not wish to be identified, told ABC News he’s had a dead animal left on his doorstep, and now sometimes travels with bodyguards. “Human-caused climate change is a reality,” Mann said. “There are clearly some who find that message inconvenient, and unfortunately they appear willing to turn to just about …


  • Hornet, Harcore [Science Tattoo] | The Loom

    wasp head440Nick writes, “A tattoo of Vespa crabro. I got it while I was working in the entomology department of Va Tech. I was the most hardcore nerd there.”

    Click here to go to the full Science Tattoo Emporium.


  • Froyo Feature: New security lock options

    Android 2.2 Froyo Security settings

    For those of you who worry about locking down your phone — just in case it gets lost or stolen or your wife likes to check up on your calling and browsing habits — you now have a couple of new options in Android 2.2 Froyo.

    The old pattern unlock is still there, and works as before. But new are the option for a numerical PIN unlock, or a password unlock. the PIN and password unlocks have to use at least four characters. Of course, using more than that will help keep your dirty secrets away from prying eyes for a little while longer. Check out the screen shots after the break.

    (Thanks, Preston! Find a cool new feature in Froyo and want to tell the world about it? E-mail us here and we’ll make you famous!)

    read more

  • Report: Italian gov’t siezes Flavio Briatore’s $22M yacht

    Filed under: , ,

    Briatore's yacht

    The Italians don’t play when it comes to tax evasion and financial crimes, with a special branch of the army called the Guardia di Finanza solely devoted to busting those who play with numbers. Flavio Briatore is one of the most recent big fish caught in the Guardia’s net; his $22-million yacht, Force Blue, was impounded over the weekend off the coast of the Italian Riviera.

    The perma-tanned Briatore keeps the yacht registered in the Cayman Islands and claims it’s hired out by the week, but Italian authorities contend that Briatore spends a hefty portion of the year on the vessel. In fact, when the dawn raid was carried out, Briatore’s wife and son were on board. If customs authorities can prove VAT evasion, Briatore could be on the hook for a fine of $5 million.

    Given that Briatore owns and operates a $22-million yacht, he probably won’t have a hard time paying the penalty. He shouldn’t feel bad either way, since he joins luminaries such as Bank of America, soccer club Juventus, and North Korean dictator Kim Jong-Il on the list of folks nabbed by the Guardia di Finanza.

    [Source: The Mirror]

    Report: Italian gov’t siezes Flavio Briatore’s $22M yacht originally appeared on Autoblog on Sun, 23 May 2010 18:04:00 EST. Please see our terms for use of feeds.

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