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Thursday, September 20, 2007

The U.S. economy and its currency as an instrument of world trade has suffered a series of major setbacks in recent months. Some analysts say that the Federal Reserve‘s September 18^th dramatic rate cut to 4.75% from 5.25% may be a case of “too little, too late”, or that it was excessive and dooms the dollar.

Today, Saudi officials declined to cut interest rates in lockstep with the US Federal Reserve for the first time in decades. According to Ambrose Evans-Pritchard, International Business Editor for The Daily Telegraph, “it’s a signal that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East.”

Hans Redeker, the Currency Chief at BNP Paribas, also stated today that Saudi Arabia’s move to not adjust their own interest rates in sync with the Fed’s cuts is a very dangerous situation for the US dollar. Redeker points out that “Saudi Arabia has $800bn (£400bn) in their future generation fund, and the entire region has $3,500bn under management. They face an inflationary threat and do not want to import an interest rate policy set for the recessionary conditions in the United States.”

Saudi central bank officials said that “appropriate measures” would be taken to stop the large capital inflows into the country. The Federal Reserve’s half-point rate cut has already caused a plunge in the world dollar index to a fifteen-year low, reaching the weakest level ever against the Euro at just under $1.40.

The Fed hopes that by making it cheaper to borrow, people will start spending and investing more. However, some analysts fear the cut will worsen inflation, making it harder to get personal loans, and further decrease confidence in the dollar around the world. There are already signs that global investors have started rejecting U.S. Treasury securities, and recent U.S. government data on foreign holdings show a decline in purchases of US securities from $97bn to just $19bn in July.

In response to Ben Bernanke‘s statements today about a potential mortgage and housing market crisis, CNN anchor Wolf Blitzer said, “If adjustable mortgage rates go up, people may not be able to afford their mortgage payments.” Former Federal Reserve chief Alan Greenspan said earlier this week that housing prices may fall by “double digits” as the subprime crisis bites harder, prompting households to cut back sharply on spending.

Jim Rogers, the economic commentator and former partner of George Soros, stated, “If Ben Bernanke starts running those printing presses even faster than he’s already doing, we are going to have a serious recession. The dollar’s going to collapse, the bond market’s going to collapse. There’s going to be a lot of problems.”

In recent months, the U.S. dollar has taken several other significant hits including Kuwait’s decision in May to also break its dollar peg, and threats by China to interfere with the U.S. economy, calling it their nation’s “nuclear option”. According to public sources, the Chinese government has begun a concerted campaign of economic threats against the United States, hinting that it may liquidate its vast holding of US treasuries if Washington imposes trade sanctions that seek to force a Yuan revaluation.

Wednesday, June 7, 2006

The Western Australian (WA) Environmental Protection Authority (EPA) has advised against the massive Greater Gorgon liquefied natural gas project off WA’s Pilbara coast. Proponents of the projects say Gorgon is one of Australia’s biggest export ventures, scheduled to provide up to 6,000 jobs and exports of up to $1.2 billion.

EPA chairman Dr Wally Cox said the Gorgon project operators (Chevron, ExxonMobil, and Shell), had made an effort on flora and fauna issues but in its present state, the Gorgon proposal was “unacceptable.” Gorgon LNG general manager Colin Beckett said that Gorgon was a world-class gas field and that the joint venture partners were confident that the decision would be reversed.

Environment Minister Mark McGowan said there was a definite process to be followed. The Minister says he will make a final decision on the Gorgon proposal after considering the EPA report – and any subsequent report from the Appeals Convenor. The EPA recommendations on the Gorgon proposal are subject to a two-week appeals period.

The EPA’s Dr Cox said that joint venture had “not been able to demonstrate that impacts from dredging, the introduction of non-indigenous species and the potential loss of fauna could be reduced to acceptable levels.”

In September 2003 the WA government provided “in-principle agreement” to the Gorgon joint venturers subject to a number of conditions. Dr Cox said that the Environmental Review and Management Programme had further highlighted the terrestrial and marine conservation values of Barrow Island and the adjacent waters.

“Flatback turtles in particular would be put at risk from the proposal with two of the most important nesting beaches located adjacent to the proposed LNG processing plant site and the materials off-loading facility,” Dr Cox said. “There is very little science available on the life-cycle, behaviour and feeding habits of Flatback turtles and as a consequence it is not possible at this time to identify management measures that would ensure ongoing survival of this Pilbara Flatback turtle population.”

Dr Cox also said that the Proponent had not been able to demonstrate that risk could be reduced to satisfactory levels in the areas of: Impacts on the marine ecosystem from dredging; The introduction of non-indigenous species; Potential loss of subterranean and short range endemic invertebrate fauna species. “As a result, the proposal in its present form cannot meet the EPA’s environmental objectives and is considered environmentally unacceptable,” Dr Cox said.

Thursday, December 7, 2006

The New Zealand Government has tabled the Therapeutic Products and Medicines Bill, despite unprecedented political opposition.

In 2003 the Hon Annette King signed a Treaty with Australia agreeing to hand control of the natural health products sector over to an Australian regulatory body, however she needs to pass enabling legislation in New Zealand. “This will be a world-class joint scheme designed to regulate the safety, quality, effectiveness and promotion of therapeutic products in both New Zealand and Australia. That includes the regulation of complementary and alternative medicines, over-the-counter and prescription medicines, medical devices, blood and blood products and tissues and cellular therapies,” Ms King said.

Twice the Bill has been thrown out by select committees, but the Government is determined to ram it through Parliament, according to the New Zealand Health Trust.

“Late tonight the Bill was finally tabled, with no announcement from the Minister,” said Amy Adams, spokesperson for the Trust, “Clearly the Minister is keen to sneak it into Parliament under cover of the silly season, in the hope that she can keep it under the public’s radar.”

“I welcome the support of a majority of the House who want to see the Bill go to Select Committee where New Zealanders can have their say,” Ms King said.

The NZ Health Trust conducted research earlier this year which showed 62% of New Zealanders used natural health products. “This Bill represents a massive and irreparable change to the way we make rules for New Zealand dietary supplements,” Mrs Adams said.

“Under the proposed regime, well over a million New Zealand consumers would find the choice of products adversely affected, and experience cost increases. So you can see why the Government is trying to sneak this into the House without any fuss – they don’t want the public to know.”

All the political parties except Labour have pledged their opposition the proposal, despite some intense lobbying by Australian and New Zealand officials.

“It is a very serious thing to hand sovereignty over your country over to another nation,” Mrs Adams said. “And all the other political parties see the sense in making sure the sector is regulated from New Zealand – not as a minor state of Australia.”

Ms King said: “The Bill… ensures that New Zealand will have an equal say in the setting up and running of the new Authority and joint scheme.” The new authority will be like a crown-owned entity and will have to provide an anuual report and a statement of intent to parliament each year.

Saturday, April 21, 2007

The contaminated pet food that was recalled after it was found to contain a harmful industrial chemical called melamine, has been used as pig feed at a hog farm in Ceres, California, located in the United States.

At least seven urine samples taken from pigs at the American Hog Farm, were tested and the results came back positive for the chemical melamine. At least three samples from the feed used to feed the pigs were tested and those results also came back positive for melamine.

Reports say that at least 100 pigs from the farm were slaughtered and sold from the “custom slaughterhouse” that is operated on the farms site. The meat is then sold to different places as “individual orders” and is not sold commercially for supermarkets. The affected meat goes as far back as April 3 and the company is asking anyone who bought it to return the product or throw it out.

Despite the sale, California State Veterinarian Dr. Richard Breitmeyer says that no evidence has turned up to suggest that the meat that was sold entered the human consumption chain.

“There is no evidence that any products from this farm have entered the food supply. The risk to people right now is minimal,” said Breitmeyer who also said that pet food from bags or boxes that have been torn or ripped, is sometimes reused as feed for small farms.

California’s Department of Food and Agriculture investigated the company and found that it had received the contaminated pet food from Diamond Pet Foods, which supplies retailers with the pet food Natural Balance, one of the over 100 recalled brands of pet food. Authorities then quarantined the farm to further investigate the situation.

At least 1,500 pigs are on the farm.

As of the moment, no other farms are being investigated, but officials say that other farms may also be affected.

“In the course of our investigation, we may find similar situations in other parts of the country,” said head of the Center for Veterinary Medicine at the U.S. Food and Drug Administration, Stephen Sundlof.

The FDA is continuing to investigate and Sundlof says that there is a possibility that the contamination of the pet food may be intentional.

“It would certainly lend credibility to the theory that it may be intentional. That will be one of the theories we will pursue when we get into the plants in China,” said Sundlof.

Last month, Menu Foods was the first to recall all of its 60 million products of dry and wet dog and cat food after pets began to fall ill and in some cases died of kidney failure. The FDA found melamine in samples of Menu Foods pet food and in samples of wheat gluten, imported from China, which was used as an ingredient.

Wednesday, January 26, 2022

On Tuesday, the day preceding Australia Day, the Australian government announced it had purchased the copyright to the Australian Aboriginal Flag for A$20.05 million.

The flag, created by Luritja man Harold Thomas in 1970, represents the connection Aboriginal people have to the land. It was adopted as a national flag in 1995, however copyright remained with Thomas. The flag could not be used without his approval or compensation.

Australian Prime Minister Scott Morrison promised the flag would be treated in a comparable way to the national flag, which can be used by anyone so long as it is displayed in a “respectful and dignified way.”

Morrison promised: “All Australians can now put the Aboriginal Flag on apparel such as sports jerseys and shirts, it can be painted on sports grounds, included on websites, in paintings and other artworks, used digitally and in any other medium without having to ask for permission or pay a fee,”

“We’ve freed the Aboriginal Flag for Australians.”

Indigenous Affairs Minister Ken Wyatt said: “Over the last 50 years we made Harold Thomas’ artwork our own — we marched under the Aboriginal Flag, stood behind it, and flew it high as a point of pride,”

“Now that the Commonwealth holds the copyright, it belongs to everyone, and no-one can take it away.”

The commercial arrangements surrounding the flag were highlighted in 2019 after one of the clothing companies holding a licence for the flag, WAM Clothing, gave notices to the National Rugby League and Australian Football League, alleging jerseys worn at their Indigenous round infringed upon their copyright. At the time, Wyatt urged football fans to show their objections to the claim by clothing themselves in the flag. It is understood several other organisations were given similar notices.

Under the agreed deal, the government paid A$20.05 million to Thomas and licence holders to secure copyright and buy back the rights of licence holders. They have pledged to:

• transfer future royalties from commercial flag sales into a fund to support NAIDOC Week;
• establish a A$100 thousand scholarship in Thomas’ honour for Indigenous students to develop leadership skills;
• accept and display a painting by Thomas celebrating the flag’s 50th anniversary and the transfer of copyright;
• create a web portal for flag history and education.

Bangarang woman Geraldine Atkinson told Nine News she was “absolutely pleased” about the flag passing to the government, saying the news gave Indigenous Australians something to celebrate on Australia Day. Atkinson said: “When I read it, it was the first I’d heard about it, and I punched the air, I was so excited […] We’re not going to be celebrating the day, but we’re going to be celebrating our flag. We’re going to be celebrating that we can fly our flag, and wear it on our shirts.”

While Greens Senator Lidia Thorpe welcomed the news, she was wary about the deal, saying: “I’m concerned that the Commonwealth owns the copyright over our flag and what that means for the unceded sovereignty and the self-determination of our people […] We need to have genuine conversations about what it means for the Commonwealth to own the copyright of our flag and if any other models of community ownership were seriously considered. For the moment, this is a win.”

Labor Party Senator Malarndirri McCarthy said she would be scrutinising the deal during the Senate’s forthcoming budget estimates: “I look forward to scrutinising this deal and examining the details through Senate Estimates next month, in particular the copyright and custodianship of the flag”. McCarthy went on to state, “Scott Morrison and the Indigenous Affairs Minister need to also clarify where the money for this deal is coming from.”

Sunday, February 14, 2010

Chicago’s Metra is currently considering the possibility of selling the naming rights to its train stations, rail lines, and even bridges to generate more revenue. 

The regional rail system for Chicago and its surrounding suburbs has been experiencing revenue shortfalls, along with other public transportation agencies such as the Chicago Transit Authority and Pace. They all rely on sales taxes and fares to fund their services, but the recent recession has reduced sales tax revenues, and unemployment has caused ridership to fall. Compared to 86.8 million trips in 2008, Metra reported that only 82.3 million trips were provided in 2009. As spokeswoman Judy Pardonnet said, “We’re looking at any opportunity to increase non-fare revenue.”

A law approved by former Illinois governor Rod Blagojevich in 2008 granted free rides to all seniors regardless of income, adding to the decreasing fare revenues as well. State lawmakers are trying to restrict the free rides to low-income seniors; Metra has not yet commented on the issue, however. 

New designs put on the agency’s website last September has attracted more traffic, and Metra is considering selling advertising space online. In addition, advertising space could be sold on the outside of train cars as well. As for the naming rights to stations and routes, Metra plans to hire a consultant that would figure out the details of such a proposal. Spokesperson Meg Reihle did not know how much money Metra could gain from the sale or which organizations would be interested in buying. 

According to Ms. Reihle, public transit agencies in other cities have sold naming rights as well, such as the Greater Cleveland Regional Transit Authority in Cleveland and Long Island Rail Road in Long Island. TECO Energy sponsors a rail line in Tampa’s Hillsborough Area Regional Transit for US$1 million over ten years. 

Throughout its 26-year history, Metra has named several of its locomotives and renamed two stations: Ogilvie Transportation Center, which was previously named North Western Station, and Millennium Terminal, which was previously called Randolph Street. No transactions were made in renaming those two stations, however. There is also a Station named after the candy maker Mars, but that station was named before Metra took it over, and the company doesn’t pay Metra for any naming rights. 

Execuive Director Phil Pagano sees the proposal as a way for businesses to advertise themselves. “I think the business community recognizes that transit is positive for their advertising benefit,” said Mr. Pagano at a board meeting. In addition to businesses, hospitals located near the train stations could purchase naming rights as well. However, Mr. Pagano has also stated that “the agency would be selective about the type of businesses it partners with.”

Metra has said that it will be sensitive to the wishes of the communities near the stops, and town names will not be removed from station names. Rather, both the municipality and the sponsoring organization would share the naming rights, such as in renaming Naperville Station to “Naperville Boeing Station”. “I’m not sure whether [the old name] is first or second, but definitely it’s going to have to be there,” said Mr. Pagano.