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Tuesday, October 13, 2009

Storm threatens California with flooding, mudslides

Heavy rain that began pounding California on Tuesday threatened to unleash dangerous floods and mudslides, especially in areas ravaged by wildfires.

"Very heavy rain is likely over the Sierra Nevada and foothills from later today through Wednesday morning as a strong and very moist Pacific storm moves into the region," the National Weather Service said. Up to 8 inches of rain could fall in areas above 4,000 feet, it said.

Forecasters described it as the first major storm of the season.

The Santa Cruz County Office of Emergency Services issued a mandatory evacuation order for 60 homes in a section of Davenport, an unincorporated community north of Santa Cruz along the state's central coast. The San Lorenzo Valley high school, middle school, and elementary schools are closed, the county said. [Read more]

American is first woman to win economics Nobel

WASHINGTON (AP) — Elinor Ostrom became the first woman to win a Nobel Prize in economics, honored along with fellow American Oliver Williamson on Monday for analyzing economic governance — the rules by which people exercise authority in companies and economic systems.

Ostrom was also the fifth woman to win a Nobel award this year — a record for the prestigious honors.

It was also an exceptionally strong year for the United States, with 11 American citizens — some of them with dual nationality — among the 13 Nobel winners, including President Barack Obama, who won the Nobel Peace Prize on Friday.

Ostrom, 76, and Williamson, 77, shared the 10 million kronor ($1.4 million) economics prize for work that "advanced economic governance research from the fringe to the forefront of scientific attention," the Royal Swedish Academy of Sciences said.

Ostrom, a political scientist at Indiana University, showed how common resources — forests, fisheries, oil fields or grazing lands — can be managed successfully by the people who use them, rather than by governments or private companies. [Read More]

U.S. looks at tourist tax to fund company to promote tourism

To entice more international travelers to visit, U.S. tourism officials and lawmakers may start charging some who do make the trip an extra $10 for the privilege.

The money collected will be used to create and fund a non-profit company that will market the USA as an attractive destination for tourists, business travelers and students.

But before any money can be spent on marketing, the company must find a dollar-for-dollar match from the private sector, up to $100 million. The enterprise will be a private-public partnership overseen by Congress and the secretary of Commerce.

Last week, the U.S. House voted overwhelmingly for the Travel Promotion Act, which includes the $10 charge. The measure now heads to the Senate, where passage is likely before year's end, predicts Geoff Freeman of the U.S. Travel Association (USTA).

Only visitors from countries not required to have entry visas for up to 90 days of travel in the U.S. — most European countries, Australia, Brunei, Japan, Korea, Singapore and New Zealand — will be required to pay the fee. Travelers only have to pay once in a two-year period, regardless of the number of trips.

The legislation attempts to create an agency similar to those found in other countries, where a cabinet-level government entity or a national tourism company promotes tourism. The Department of Commerce has trade and economic development units but doesn't directly promote tourism. [Read More]

Michael Jackson's 'This Is It': Consensus is 'it's not bad'

Initial reaction to Michael Jackson's new single has been fairly positive, but no one is declaring the song a classic.

This Is It, which began streaming early Monday at michaeljackson.com, is the first new music by the pop icon to be released since his death June 25 at age 50.

It's the title track of an upcoming documentary that chronicles his last days of preparation for a series of London comeback concerts that were to have started in July. The film, which opens Oct. 28 for a two-week run, is accompanied by a double-disc album with original masters and alternate versions of Jackson's biggest hits.

The sunny, orchestra-backed single is punctuated by finger snaps and background vocals by his brothers. It will be heard in the movie's closing sequences. Those familiar with Jackson's music say the song probably was recorded during sessions for 1991's Dangerous album. The song is markedly similar to I Never Heard, a 1991 Safire song that Jackson co-wrote with Paul Anka.

"It's a safe, midtempo pop ballad that features what his fans love: his trademark breathy vocals and confident delivery," says AOL music editor Jessica Robertson. "I don't think it will set the world on fire, because it's missing what fans and critics love most about his songs, which is a strong and powerful groove to carry it." [Read More]

Monday, October 12, 2009

Citigroup dumps Phibro, avoids showdown with U.S.

NEW YORK — Citigroup (C) is removing one of the irritants in its relationship with the government, its Phibro commodities trading division that is paying one trader an estimated $100 million this year.

The deal announced Friday carries a tradeoff for Citigroup: While the $250 million sale to Occidental Petroleum means a bit less government scrutiny, it also means the bank is losing hundreds of millions of dollars in annual income that could help repay $49 billion in bailout money.

Phibro, which makes most of its money through oil and natural gas trades, earned an average $371 million annually during the past five years. Citigroup sold it for about $250 million, which means Occidental could recoup its investment in less than a year.

A Citigroup official with knowledge of the deal said the bank wanted to dispose of Phibro by the end of the year.

The official, who spoke on condition of anonymity because she wasn't authorized to discuss the deal publicly, said Citigroup considered Phibro a "political hot potato" that would hurt the company despite its financial success. [Read More]

Monsanto a focus of U.S. antitrust investigation

ST. LOUIS — The Justice Department is investigating whether Monsanto violated antitrust rules in trying to expand its dominance of the market for genetically engineered crops, the company says.

Monsanto (MON) has provided interviews and documents to the Justice Department over the past two months, company spokesman Lee Quarles said. He said the department has questioned Monsanto about its marketing tactics in the biotech seed industry, which have become a target of criticism.

Quarles said Monsanto has done nothing illegal and is cooperating with the investigation.

"We definitely stand behind our business," he said.

The department's investigation of Monsanto is part of a previously announced inquiry into consolidation in the seed industry. The department is looking into Monsanto's licensing agreements with seed companies. [Read More]

Sunday, October 11, 2009

Study: Half of U.S. kids assaulted each year

More than 60% of youngsters had either direct or indirect exposure to violence within the past year, according to a U.S. government survey that looked at past-year and lifetime exposure to violence among children aged 17 and younger.

The survey also found that:

— Nearly half the children surveyed were assaulted at least once in the past year, and more than one in 10 were injured as a result.
— Nearly one-quarter of the children were the victim of a robbery, vandalism or theft.

— About 10% were victims of maltreatment (including physical and emotional abuse, neglect or a family abduction), and one in 16 were victimized sexually. (Read More)

Obama 'don't ask, don't tell' pledge questioned

WASHINGTON (AP) — President Barack Obama restated his campaign pledge to allow gay men and women to serve openly in the U.S. military, but left many in his audience of activists wondering when he would make good on the promise.

"I will end 'don't ask-don't tell,"' Obama said Saturday night to a standing ovation from the crowd of about 3,000 at the annual dinner of the Human Rights Campaign, a gay civil rights advocacy group. (Read More)

Should U.S. automakers just pack up and move to China?

Should U.S. automakers just pack up and move to China? The idea isn't so far fetched.

In the U.S. sales have perked up a bit, but remain deeply depressed. Even if they were better, competition is fierce, it's hard to make profits on the smaller cars and SUVs now in demand and no one feels any particular pressure to buy a new car. They can just keep patching up the old one.

In China, and for that matter, India, the picture is more akin to the U.S. at the turn of the 20th century. Families are buying their first or second cars. They won't wait to buy because they don't have an existing model to turn in. It's a gold rush. Sure, there are plenty of Chinese makers -- indeed, U.S. and European makers are required to partner with a Chinese firm -- but the domestic makers still haven't totally nailed the quality equation. Quality? That means a shiny new Buick. (Read More)

Thursday, October 8, 2009

US 'needs fresh Afghan strategy'

A top US general in Afghanistan has called for a revised military strategy, suggesting the current one is failing.

In a strategic assessment, Gen Stanley McChrystal said that, while the Afghan situation was serious, success was still achievable.

The report has not yet been published, but sources say Gen McChrystal sees protecting the Afghan people against the Taliban as the top priority.

The report does not carry a direct call for increasing troop numbers.

"The situation in Afghanistan is serious, but success is achievable and demands a revised implementation strategy, commitment and resolve, and increased unity of effort," Gen McChrystal said in the assessment.

Copies of the document have been sent to Nato Secretary General Anders Fogh Rasmussen and US Defence Secretary Robert Gates. (Read More)