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Occasionally, a vehicle will debut in the automotive industry and to the unenlightened, it hardly looks worthy of the fanfare it receives. If you are to politely suggest as much, however, you are immediately ostracized for your obvious lack of insight and become the subject of intense fanboy hate (you = me). So, it is understandable if you approach the reveal of the redesigned 2011 BMW 5-Series with great trepidation since although it is a BRAND NEW DESIGN (!) it doesn’t appear to be especially remarkable. That’s because it isn’t.

Under the hood is an impressive showing, including a twin-turbocharged High Precision direct injection V8 (550i) and twin-scroll turbocharged inline-6 (535i), both of which make up for the lackluster exterior aesthetic. As the model year progresses BMW will introduce a smaller, lightweight 240-hp I6 for the 528i, but in the interim potential Bimmer boys will have to make due with either 400-hp at 5500-6400 rpm and 450 lb-ft at 1800-4500 rpm (V8) or 300-hp at 5800 rpm and 300 lb-ft of torque at 1200 rpm-5000 rpm (I6).

Adding to the driving pleasure is also the debut of BMW’s 4th generation iDrive, which may seem unworthy of inclusion just a sentence away from the V8’s awe-inspiring specs but to a chick still rocking a tapedeck it’s pretty damn important. Like the systems that preceded it, the 4th gen iDrive seamlessly integrates driver controls into one convenient knob, ensuring the driver may pop his collar and crank the bass on his obligatory Lil’ Wayne CD in one fluid motion. To prevent the harsh glare of the sun from interrupting your white bread hooning, the infotainment display screen has been specifically designed to allow sunlight to enhance the picture rather than detract from it. Very classy.

Official editorial verdict: call me a Philistine (which I’m sure you will, albeit in more colorful ways), but I pine for the days of the E12, E28, and E34 and that blunt front fascia. You may now commence with the hate mail.

Sony is set to debut a new USB wireless LAN adapter during CES 2010, named UWA-BR100 in the USA, specifically designed for TV’s and Blu-ray disc units. We know its destined for a CES reveal because the accompanying FCC documents have listed that several items in the filing (related to the product – such as operation manual, photos, etc) remain secret until January 8th, 2010. We don’t have any pictures of the UWA-BR100, but through FCC filings we know that it will be 802.11a/b/g and 802.11n compatible.

It’s 802.11n wireless compatibility includes 20MHz and 40MHz channels, which means this wireless adapter will be able to handle up to (theoretically) 300mbps in a perfect networking scenario. Sony is also very firm that this wireless adapter will only be compatible with home entertainment products, by stating in one of the filing documents that “this device couldn’t work when it was used to connect the device to a standard laptop PC, and this equipment can only work with the TVs and Blu-ray disc players. This device will not be recognized by the Windows/Linux/other operating system of a standard PC, and that no drivers are available which would support a configuration.”

We’re not exactly sure if this device will be backwards compatible with all Sony BRAVIA televisions and Sony Blu-ray players, but using common sense (in understanding this technology) and deductive reasoning we believe it will. We also believe that the UWA-BR100 will enable every single BRAVIA television and Sony Blu-ray player with USB to have access to the upcoming Sony Online Service along with its current online offerings. Sony Insider covered the aforementioned Sony Online Service in a very extensive blog posting recently that sheds light on an amazing new digital ecosystem Sony is set to debut in 2010; it isn’t just an iTunes competitor, but much more.

One question remains, though – will the UWA-BR100 work with other non-Sony Televisions and Blu-ray players that have a USB port? Could Sony be aiming to bring the Sony Online Service to more than just its devices? It seems very unlikely, but not impossible.

This information is a Sony Insider exclusive, brought to you here first.

Earlier we mentioned how in his latest letter, David Rosenberg takes off the gloves, and throws some punches at Jim Paulsen of Wells Capital Management.

We knew Paulsen was bullish, based on his regular TV appearances, but FT Alphaville points us to a recent letter of his, and indeed, he sure seems excitable. The whole report is filled with exclamation marks, sunny-side interpretations of the news, and scribbled notes.

On the job market, for example:

Job creation will likely return by early next year. This chart provides another positive sign for the job market—business confidence has improved significantly relative to consumer confidence! The dotted line is a ratio of business confidence relative to consumer confidence, and it is pushed forward
or is “leading” annual job growth (solid line) by two years. Historically, this confidence ratio has provided a consistent two-year leading signal of a turn in the job market. Currently, it suggests better job news by year-end and a strengthening labor market during the next couple of years!?!?

As you can see below, the whole thing is like that:

EMP1109

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See Also:

• David Rosenberg Slams "Perma-Bull" Jim Paulsen
• Albert Edwards: Here Comes A Trade War, A Yuan Revaluation, And A Stunning Chinese Trade Deficit
• SocGen: Prepare Yourself For The Worst Case Scenario!

Filed under: Car Buying, SUV, Lexus, Luxury, Off-Road

Adding one last bit of important information to the release they issued Sunday, Lexus today announced pricing for its second-generation 2010 Lexus GX460 SUV. As we told you yesterday, the 2010 GX460 will (for the first time) be available in two trim levels. The base model will start at an MSRP of $51,970, and the Premium will start at $56,765. Neither figure includes the obligatory $875 delivery, processing and handling fee. The public will get its first glimpse of the newest midsize luxury SUV next week at the 2009 LA Auto Show.

No pricing was given for options, which include two packages and several standalone extras, but you can read about some of the standard features in the press release we’ve pasted after the jump. We’ll have our own first impression of this vehicle for you very soon and plenty more photos and thoughts when we see it next week in Los Angeles

[Source: Lexus]

Continue reading Lexus announces pricing for 2010 GX460 will begin at $51,970

Lexus announces pricing for 2010 GX460 will begin at $51,970 originally appeared on Autoblog on Mon, 23 Nov 2009 15:58:00 EST. Please see our terms for use of feeds.

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Good news for the Spanish-speaking gamer – the language barrier won’t get in they way of your Sony gaming news now that the European PlayStation blo…

What is the difference between a smartphone and a dumb phone? With more and more devices blurring the lines with support for any manner of things once thought to be the preserve of a few platforms like full web browsing, HTML email, it’s becoming harder and harder to distinguish the smart from the not so smart phones.

We would have traditionally classed a smartphone as a mobile device that had added features and allowed third party applications to be installed on it.  It would not have had a touch screen. 

I personally think smartphones are those devices on the cutting edge, like the HD2 with the massive screen and Snapdragon. They may not be the best selling devices, and are generally enthusiast aimed, but they are the best handsets out there. What do you think?

Head on over to PDA247 where they asked this question, or let us know in the comments!

Via Clove Technology’s Blog.

About 350 Latino underclassmen from 11 northwest suburban high schools explored the campus of Harper College, getting a sample of what their lives could be like if they pursue higher education.

Harper was the host Friday of the eighth annual Latino Summit, an event designed to inspire Latino teens to dream of professional careers and setting positive examples for their communities.

“It gives us courage,” said Mirna Rosales, a Barrington freshman, who met like-minded Latinos from other schools during the daylong event.

“I was like ‘Oh, wow, I didn’t know that these people existed,” said Diana Jasso, a Buffalo Grove freshman.

The audience watched as 11 seniors, who participated in the summit as freshmen and sophomores, received scholarships for the colleges to which they are now accepted.

The keynote address came from Lucy Flores, a member of the Nevada Commission on Minority Affairs, who is running for a state representative seat. Should she win next fall, she would be the first Latina elected to the Nevada assembly; she spoke about overcoming the numerous setbacks that almost stole her potential from her.

“Some of the things that I do now, I still don’t believe that I’m doing,” she told the students.

Especially, she said, since 15 years ago, she was in and out of jail for petty crimes she committed with her friends in a gang. She joked that she always knew she could be a lawyer, because every time she was arrested, she informed the officer that she knew her rights.

“I grew up four blocks from a community college, and I never knew what the building was,” she said; years later, she would take classes in that building, the College of Southern Nevada, despite having dropped out of high school.

Noely Alicea, a Barrington senior who received a $500 scholarship to the University of Illinois at Chicago during the summit, said she would not have received such aid if she had skipped the event in years past.

“They explain grants to us, and applying for scholarships,” she said. But, that knowledge did not make her expect that she would become a Latino Summit scholarship recipient herself.

“It’s kind of overwhelming,” she said. “I didn’t really think that I was going to get it,” until she got the congratulations call, two days before the summit.

During the opening session, speakers had the entire assembly stand up, then instructed certain sections to sit down — depicting the percentage of Latino students who graduate high school, go to college and finally receive a degree.

“It was kind of sad, to see how many people don’t go to college,” said Edgar Rodriguez, a Buffalo Grove freshman.

The demonstration made several of the participants say that they wanted to be in the percentage still standing at the end.

“It’s great to listen to the examples of the college students,” said Edith Tovar, a Barrington senior.

“It’s a great opportunity for Latino students,” added Giovanni Cruz, Barrington freshman.

 

 

 

 

 

 

 

 

 

 

 

 

In his latest letter, John Hussman (via PragCap) sounds the alarm about the big move down in positive economic surprises.

In the current situation, the assumption that the credit crisis is behind us is completely out of line with what possibly could result from the marriage of deep employment losses and an onerous reset schedule on mortgages that have extremely high loan-to-value ratios. A major second wave of mortgage losses isn’t a question of whether the economy will post a positive GDP print this quarter or next. Rather, it is a structural  feature of the debt market that is baked into the cake because of how the mortgages were designed and issued in the first place.

If one wishes to monitor the markets for emerging signs of risk, several areas are worth watching. First, the FDIC should release its most current Quarterly Banking Profile later this week. That report will be an interesting gauge of emerging credit stress. Yet even here, a lot of the pressure to properly account for losses on off-balance sheet entities and so forth won’t start until next year. In the meantime, credit spreads in general, and credit-default swaps on individual companies may bear closer attention in the weeks ahead. Finally, given the enormous pressure there may be to put a good face on increasingly bad assets, the departure of the chief financial officer of at least one major banking institution, which would not surprise me early next year, might be a sign that all hell could break loose.

The past decade has been largely the experience of watching tanks rolling over a hilltop to attack the villagers celebrating below. Repeatedly, one could observe these huge objects rolling over the horizon, with an ominous knowledge that things would not work out well. But repeatedly, nobody cared as long as it looked like there might be a little punch left in the bowl. As a result, long-term investors in the S&P 500 have achieved negative total returns over a full decade. These negative returns, of course, were also predictable at the time, based on our standard methodology of applying a range of terminal multiples to an S&P 500 earnings profile that has – aside from the recent collapse – maintained a well-behaved growth channel for the better part of a century.

From my perspective, we are again at the point where we should be alert for tanks. We already know that stocks are priced to deliver a 10-year total return in the area of 6.1% annually – among the lowest levels observed in history except for the period since the late-1990’s (which despite periodic advances has ultimately not worked out well for investors). We are already observing evidence of weak sponsorship from a volume perspective and growing non-confirmations of recent highs from the standpoint of market internals. The cumulative tally of surprises in economic reports (a metric we credit to Bridgewater, which Bill Hester adapted here), has also turned down decidedly. Though the historical correlation is not always as strong as it has been during the recent downturn, shifts in economic surprises have tended to lead market turns in recent years.

Read the whole thing >

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See Also:

• The Second Wave Of Mortgage Resets Begins
• John Hussman Is Increasing Market Exposure, Buying On Dips
• Albert Edwards: Here Comes A Trade War, A Yuan Revaluation, And A Stunning Chinese Trade Deficit

Glucosamine is beneficial to sufferers of osteoarthritis pain – both humans and pets. Glucosamine has been proven effective in easing osteoarthritis pain, rehabilitating cartilage, renewing synovial fluid, and repairing joints that have been damaged from osteoarthritis.Each person and animal produces a certain amount of glucosamine within their bodies. As you grow older, your body loses the capacity to make enough glucosamine, so the cartilage in your weight-bearing joints, such as the hips, knees, and hands is destroyed, then hardens and forms bone spurs, causing pain, deformed joints, limited joint movement and limping.

There have been many double blind placebo controlled trials and studies done on glucosamine. In many trials and studies, glucosamine has shown to be very effective.

• Glucosamine assists in osteoarthritis pain relief
• Glucosamine assists in articular joint pain relief
• Glucosamine assists in rehabilitating damaged cartilage
• Glucosamine assists in slowing deterioration of cartilage from osteoarthritis
• Glucosamine assists in improving mobility
• Glucosamine assists in stimulating the production of proteoglycans, glycosaminoglycans, and synovial fluid

With such great news spreading very quickly, the glucosamine industry became very large. Almost every major nutraceutical or vitamin company put out a glucosamine product, and today it can be bought in just about every food store, health food store, vitamin store, wellness clinic, and chiropractors office.

However, in the rush to gain market share with their glucosamine product, companies often put out products with little regard to the quality of the product being produced. They rushed to the market and did not take the time to do essential testing procedures like perform lab analysis on their products. They used medium or low grade glucosamine products to save money and they produced glucosamine in pill or capsule form.

All glucosamine products are not the same. There are six main factors that you need to analyze when selecting a glucosamine product. These are:

• Amount of glucosamine per daily dose
• Type of glucosamine
• Quality of Ingredients
• Delivery System
• Synergistic Ingredients
• Price Per Day

One of the most important of these factors is the system of delivery. In a rush to market these products in 1999, 2000, and 2001, the very large majority of companies simply put their glucosamine in pill or capsule form. However, with glucosamine and all other vitamins and supplements, it is well known that liquids are absorbed faster and more effectively than solids. Absorption is a very important to look at, simply because if you are not absorbing the glucosamine, you will not have any relief whatsoever no matter how much you take

Filed under: LA Auto Show, Spy Photos, Coupe, Sedan, SUV, Infiniti, Luxury

Although Nissan and Infiniti won’t have an official presence at next week’s LA Auto Show, the luxury marque will unveil its 2011 M sedan at an event the night before the show and plans to webcast the proceedings at 7:00 pm PST on December 1.

Joining the thoroughly redesigned M on stage will be the updated 2010 Infiniti G and the oft–spied the 2011 Infiniti QX. Although official details haven’t been released for either model, a set of promo shots have already leaked out, showing a slightly reworked fascia equipped with a few organic creases, new foglamp surrounds and a tweaked grille. The QX receives a similar, although much more elaborate redesign, with a bulging hood, acres of chrome and a canted D-pillar.

Powertrain and equipment details haven’t been released yet, but expect all the information to be revealed in one week’s time.

[Source: Infiniti, The Infiniti Source]

Redesigned 2010 Infiniti G and 2011 QX joining M in LA originally appeared on Autoblog on Mon, 23 Nov 2009 15:30:00 EST. Please see our terms for use of feeds.

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Peter Kafka has an odd story about an executive at Island Def Jam Recods, James Roppo, who was supposedly arrested for not using Twitter to get crowds to disperse at a Long Island mall, after they had gathered to see singer Justin Bieber:

Police arrested a senior vice president from Bieber’s label, Island Def Jam Records, James A. Roppo, 44, of Hoboken, N.J., saying he hindered their crowd-control efforts by not cooperating.

He was in custody Friday night, pending charges that could include criminal nuisance, endangering the welfare of a minor and obstructing government administration, Smith said.

“We asked for his help in getting the crowd to go away by sending out a Twitter message,” Smith said. “By not cooperating with us we feel he put lives in danger and the public at risk.”

Now, that’s quite a charge to make: that by not following police orders to send out Twitter messages you were “obstructing government administration” or involved in “criminal nuisance.” Of course, the case may be made even more difficult because, as Kafka notes, Bieber’s Twitter account actually did warn people to leave. Still, it makes you wonder how they get “not Twittering on command” to stick as a crime.

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Filed under: Etc., Videos, Toys/Games

We’ll tell you exactly why, because it’s a lot of fun. We know, because we had a similar experience in late adolescence, but we used GI Joe vehicles (even the awesome hovercraft) and firecrackers. But what we didn’t have back then was a 600 fps camera, but lucky for us, people do now… and they have YouTube to share it with the rest of us.

After the jump is video of diecast cars getting blown sky high with what appears to be some relatively large explosive. What makes this little experiment so much fun is that our mini pyrotechnician friend captured the carnage 20 times slower than conventional video, giving us a crystal clear picture of every blast. And to make the one minute video that much more entertaining, the creator cut his masterpiece to one of the best pieces of music any aspiring video editor can use in a disaster sequence; Ode To Joy. Hit the jump to watch the video for yourself, and keep in mind that blowing things up can lead to blowing off fingers and shrapnel in the eye, so don’t try this at home!

[Source: YouTube]

Continue reading VIDEO: Why? Dude blows up diecast cars in slow-mo

VIDEO: Why? Dude blows up diecast cars in slow-mo originally appeared on Autoblog on Mon, 23 Nov 2009 15:00:00 EST. Please see our terms for use of feeds.

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There are numerous sites and web-server side scripts which perform malicious attacks or simply unpleasant problems to their visitors.

The latest one that gained prominence, is the although not really causing much harm is the “Want 2 C Something Hot?”. It is an elegant CSRF (Cross-site request forgery) which just shares itself on the facebook profile of the visitor.

The careful visitor will simply steer away from such links. The careful but curious visitor would want to see what such code does, but in a safe environment. So, here is a sample environment for a safe preliminary analysis of a malicious web site:

1. The analysis computer – a Cleanly installed VMware Windows XP SP3 guest OS. The guest OS should be configured with a bridged networking. Configure your host OS firewall to block all communication from the guest OS IP address to the host OS IP address.
2. The protective shielding – The guest OS should have a latest updated antivirus software. We recommend AVIRA, with active heuristics scanning. Also, include an anti-malware software, like Spybot – Search and Destroy.
3. The analysis tools – Now is the time to fire up your arsenal:
• Wireshark/Ethereal – all traffic should be captured with a network sniffer, so if the application level tools miss something, you can always revert to the packet capture. Set the sniffer to automatic saving of packet capture to disk, and start the sniffer before you start surfing!
• Latest Firefox with Firebug Add-In – all request/reply communication will be tracked through the Firebug. This is the application tool that will help you start dissecting the communication to and from the browser, and what is actually received.

The results of a the “Want 2 C something hot?” through firebug is seen on the next image. From there you can start dissecting each request and reply to fully understand the sequence of events.

Please note that the results are not magical, and that by only using this toolset you won’t become an instant securuty analyst or a hacker. This is just a safe environment for analysis of web sites.

Talkback and comments are most welcome

Related posts
Google’s Ratproxy Web Security Tool for Windows
Tutorial – Using Ratproxy for Web Site Vulnerability Analysis
Web Site that is not that easy to hack – Part 1 HOWTO – the bare necessities
Checking web site security – the quick approach

Don’t be fooled by the surge in existing home sales in Ocotober.

The number was far larger than expected. But the only people helped out by the sales of existing homes at low prices are real estate agents and banks collecting fees on new mortgages.

For the rest of us, the surge in existing home sales is basically a non-event. If anything, the 10.1% surge might bad news for the broader economy.

The problem goes far beyond the usual griping you will hear today. Yes, low prices, low interest rates and the tax credit all boosted sales. But if these sales were really giving the economy a boost, that would be terrific news.

Home sales can be both an indicator of economic strength and a contributor to economic growth. That is, home sales can be both a signal that the economy is recovering and a path to recovery itself. This time around, however, the home sales numbers are neither a signal nor a contributior.

You see, the signalling from home sales is all screwed up due to the subsidies involves. And the economic boost from home sales really only arises from the sale of new homes. The sale of existing homes doesn’t give a boost to anyone.

“The only contribution from existing home sales to the economy are some commissions and fees. That is good news for real estate agents and mortgage brokers, but not for the overall economy,” Calculated Risk explains.

The only legitimately good news in today’s home sales numbers is the decline of overhanging housing inventory to seven months, which is elevated beyond the “healthy” 6 month supply but far below the horrific oversupply numbers from several months ago. Unfortunately, the oversupply of rental units is climbing, suggesting that our subsidies may just be convincing some renters to become owners. That’s not economically useful.

From Calculated Risk:

The key to reducing the overall inventory is new household formation (encouraging renters to become owners accomplishes nothing in reducing the overall housing inventory). And the key to new household formation is jobs. And usually the best leading indicator for jobs is residential investment. Somewhat of a circular trap.

And that suggests the recovery will be sluggish and unemployment will stay high for some time.

To sound an even more bearish note, there’s a real danger to great news that is actually economically irrelevant. You’ll get bulls like Jim Cramer screaming about how the economy is about to soar. Investors will take on more risk, businesses will overstock inventory. When it becomes clear the October home sales were a head fake, there will be a lot of pain.

Join the conversation about this story »

See Also:

• Existing Homes Sales Boosted By Homebuyer Credit Mad Rush
• Existing Home Sales Surge 10.1% In October

The growing European flu scare is causing government to restrict travel between countries.

Reuters: Uzbekistan has closed its border with central Asian neighbor Kazakhstan to all but citizens of each nation returning home, the Kazakh Foreign Ministry said on Monday, as swine flu spreads in both countries.

Kazakh media and residents of the Uzbek capital Tashkent have connected the move to fears about an outbreak of the H1N1 flu virus, but this has not been confirmed by the authorities there.

Read the whole thing >

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See Also:

• Ukraine Flu Death Toll Hits 400
• New Flu Strain Is Worse Than Swine Flu, And Affecting Millions Across Europe
• Ukrainian Black Lung Deaths Doubling Every Two Weeks Throughout Europe

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Just because district judges look intimidating, doesn’t mean they don’t have a lighter side to them. Underneath the toga and the hammer lies a simpl…

Dry bulk shipping’s Baltic Dry Index (BDI) has hit new highs for the year.

And once again the BDI’s use as an ‘economic indicator’ is coming out of the woodwork. Past head fakes forgotten.

Raymond James’ J Marshall Adkins asks in a report: ‘Can the Baltic Dry Index Serve as A Leading Indicator of Oil Prices?’

Raymond James: The reason the index is watched so closely by many economists and policymakers is that it is an excellent leading indicator for economic activity. The BDI tracks international carriers hauling raw materials (e.g., wood for Finnish paper mills) as opposed to container ships carrying finished goods (e.g., paper for the U.S. Treasury’s busy printing presses). Thus, the precursors to production, rather than the results of production, are accounted for in the index, giving it a predictive quality. Additionally, the market for these cargo ships tends to be tight and inelastic.

Let’s just first assume that by leading indicator one means ‘reliable leading indicator’ since if it’s not reliable then it’s useless.

Now, there are actually many reasons why the Baltic Dry isn’t a reliable forward indicator for the economy, which we’ve gone into some depth on many times before, yet for the sake of efficiency the following might suffice:

The BDI spiked in 2008 to all-time-highs right before the global economy collapsed. That alone proves it pretty unreliable without getting into the nitty gritty. It’s not an indicator of anything except the highly volatile supply and demand situation between dry bulk ships and commodities at any given moment of time (and with little forward sight). It can change by +/-80% within very tight time frames based on only moderate changes in supply vs. demand, thus turning on a dime even if the economy hasn’t done so.

The supply of ships at any moment has a large impact on the index value.  The BDI is a function of supply and demand, and a very sensitive schizophrenic one at that. It’s not just an indicator of demand alone. For example, if massive amounts of new ships flood the market, the BDI will collapse even if commodities demand and the world economy are still growing. This could actually end up being the case over the next two years.

Yet this research piece doesn’t stop at claiming the BDI forecasts the economy alone.

It takes the BDI’s predictive prowess a giant leap further by then suggesting that the BDI might serve as an indicator for oil prices.

Raymond James: It is intuitive that any indicator which gauges worldwide economic activity, such as the BDI, should also give an assessment of global energy prices, since the two are intrinsically tied together. If shipping activity is tied to economic activity, and economic activity is tied to energy prices, then shipping activity should be tied to energy prices. (For you math majors out there, this is what’s called “transitivity.”) In fact, we’ve found that over the past three years, the BDI and West Texas Intermediate (WTI) oil prices have been closely correlated, as shown in the chart below.

Oil tanker rates don’t even serve as a reliable indicator for oil prices. They can at times fall even while oil prices rise, due to changes in ship supply… so why should dry bulk rates be any better? The effect of ship supply has once again been left out of the above logic.

Yet apparently, this short two-year correlation proves the BDI will reliably forecast oil prices. Just realize how many different charts have had this same shape over the last two years:

(Raymond James, Energy: Stat of The Week, Can the Baltic Dry Index Serve as a Leading Indicator of Oil Prices, J Marshal Adkins, 23 November 2009)

Join the conversation about this story »

See Also:

• Freight Forwards Curve Warns Of Baltic Dry Index Collapse (EGLE, DRYS, GNK)
• The Baltic Dry Index Soars On Voracious Chinese Commodities Demand (DRYS, EGLE)
• Shipping Rates Are Lousy For Predicting The Economy (DRYS)

Iran state media loudly trumpeted, today, that the country made $5 billion by diversifying its reserved away from the dollar, and into euros.

AFP: “Iran has considerably reduced the total of US dollars in its currency basket,” Mahmoud Bahmani said at a bankers’ seminar in Tehran.

Since October 2007, Iran has received 85 percent of its oil revenues in currencies other than the US dollar, the channel reported, adding it is seeking a substitute for the dollar for the remaining 15 percent.

Read the whole thing >

Join the conversation about this story »

See Also:

• Petrobras Is Ditching Iran After Oil Discoveries Prove To Be A Total Flop
• Turkey Dumps US Dollar For Trade With Iran And China
• Iran Says It’s Ditching The Dollar Completely