The Cadillac was rockin bigtime tonight as Pushrod was the kickin out some good tunes, and beer was flowing freely!
Saturday, May 31, 2008
Friday, May 23, 2008
Thursday, May 22, 2008
This cute little Java applet will self-update...
Why is it here? Well its here to:
(1) Remind that gasoline is getting expensive, and the "why's" of that are immaterial, you should always do as many things as possible in one trip to keep money in Your pocketbook!
(2) To remind you that the economy of the United States is predicated on the assumption that gas will always be cheap! Which its not anymore ~
| Mc Kinney, TX Gas Prices | Toggle Grade: | ||
| 33 stations found for Regular grade. |  | Mid | Sup | Dsl | |
| Station | Address (click for map) | Price/Date | Update |
| MURPHY USA #7408 MURPHY USA | 9091 W UNIVERSITY DR MC KINNEY, TX 75071 | 3.759 2008-05-23 | Update Gas Prices |
| TRIPLE A OIL CO INC TEXACO | 1313 N CHURCH ST MC KINNEY, TX 75069 | 3.799 2008-05-23 | Update Gas Prices |
| QUIKTRIP 0913 QUIK TRIP | 4151 STACY RD MC KINNEY, TX 75070 | 3.799 2008-05-23 | Update Gas Prices |
| 7-ELEVEN 33688 7-ELEVEN | 7990 W ELDORADO PKWY MC KINNEY, TX 75070 | 3.799 2008-05-23 | Update Gas Prices |
| KWIK SHOP PHILLIPS 66 | 215 E UNIVERSITY DR MC KINNEY, TX 75069 | 3.799 2008-05-23 | Update Gas Prices |
| 7-ELEVEN 33118 7-ELEVEN | 5020 VIRGINIA PKWY MC KINNEY, TX 75071 | 3.799 2008-05-23 | Update Gas Prices |
| QUIKTRIP 0916 QUIK TRIP | 1700 S MCDONALD ST MC KINNEY, TX 75069 | 3.799 2008-05-23 | Update Gas Prices |
| CHEVRON #01060 CHEVRON | 1902 N CENTRAL EXPY MC KINNEY, TX 75070 | 3.799 2008-05-23 | Update Gas Prices |
| 7-ELEVEN 33276 7-ELEVEN | 421 STACY RD MC KINNEY, TX 75069 | 3.799 2008-05-23 | Update Gas Prices |
| FINA 4035 FINA | 1400 N CENTRAL EXPY MC KINNEY, TX 75070 | 3.799 2008-05-23 | Update Gas Prices |
Tuesday, May 13, 2008
Thursday, May 08, 2008
07:06 AM CDT on Wednesday, May 7, 2008
Bloomberg News
Bag'n Baggage Ltd., a Dallas-based luggage retailer with more than 30 stores in 10 states, has filed for bankruptcy protection from creditors, including Bank of America Corp.
The company listed debt and assets of $10 million to $50 million each in Chapter 11 documents filed Tuesday in U.S. Bankruptcy Court in Dallas.
Bag’n Baggage, which didn’t provide a reason for the filing, said it will submit an affidavit explaining events leading up to bankruptcy.
Bag’n Baggage has been selling travel and business gear for more than 35 years, according to the company’s Web site. An affiliate, 900 Corp., also sought bankruptcy protection.
The 20 largest creditors without collateral backing their claims are owed a total of $2.8 million, according to court filings. RIMOWA/HP Marketing Corp., owed $423,835, is listed as the largest unsecured creditor. The largest secured claimholder, owed $7.6 million, is Bank of America, the second largest U.S. Bank.
The luggage retailer has asked the court for permission to use its accounts receivable, on an interim basis, to continue operations. It also seeks permission to continue customer programs and pay employees. A court hearing has been scheduled for tomorrow.
Without the interim relief “lenders, landlords, vendors, employees and customers will suffer irreparable harm,” the company said in court documents.
Bloomberg News
Bag'n Baggage Ltd., a Dallas-based luggage retailer with more than 30 stores in 10 states, has filed for bankruptcy protection from creditors, including Bank of America Corp.
The company listed debt and assets of $10 million to $50 million each in Chapter 11 documents filed Tuesday in U.S. Bankruptcy Court in Dallas.
Bag’n Baggage, which didn’t provide a reason for the filing, said it will submit an affidavit explaining events leading up to bankruptcy.
Bag’n Baggage has been selling travel and business gear for more than 35 years, according to the company’s Web site. An affiliate, 900 Corp., also sought bankruptcy protection.
The 20 largest creditors without collateral backing their claims are owed a total of $2.8 million, according to court filings. RIMOWA/HP Marketing Corp., owed $423,835, is listed as the largest unsecured creditor. The largest secured claimholder, owed $7.6 million, is Bank of America, the second largest U.S. Bank.
The luggage retailer has asked the court for permission to use its accounts receivable, on an interim basis, to continue operations. It also seeks permission to continue customer programs and pay employees. A court hearing has been scheduled for tomorrow.
Without the interim relief “lenders, landlords, vendors, employees and customers will suffer irreparable harm,” the company said in court documents.
Tuesday, May 06, 2008
AP
Oil hits record above $121 on supply woes
Tuesday May 6, 9:58 am ET
By George Jahn, Associated Press Writer
Oil prices rise to record above $121 a barrel on supply worries
Oil hits record above $121 on supply woes
Tuesday May 6, 9:58 am ET
By George Jahn, Associated Press Writer
VIENNA, Austria (AP) -- Oil futures surpassed $121 a barrel for the first time Tuesday, the spike fueled by worries about threats to supply and a weakening of the U.S. dollar.
The surge in oil prices was also fueled by hopes that the U.S. economy will be spared a sharp downturn after the release of data Monday showing an unexpected expansion in the U.S. service sector in April, analysts said.
Light, sweet crude for June delivery rose to a record $121.49 a barrel in electronic trading on the New York Mercantile Exchange on Tuesday. The contract later retreated to $121.30 a barrel, up $1.33 from Monday's close.
Crude futures settled on Monday at $119.97 a barrel, up $3.65 from Friday's close.
"The bulls are in control of the market," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "The economic report out of the U.S. yesterday on the service sector seems to suggest the economic slowdown may not be as deep as initially thought."
"The sentiment is that the oil pricing is likely going to stay quite strong, with a lot of volatility," Shum said.
Meanwhile, a Goldman Sachs analyst on Tuesday predicted that oil prices could reach $150 to $200 a barrel over the next six months to two years, but said that how far prices could climb still "remains a major uncertainty."
"We believe the current energy crisis may be coming to a head, as the lack of adequate supply growth is becoming apparent," analyst Arjun N. Murti wrote in a client note.
He raised his 2008 prediction for benchmark West Texas Intermediate crude to $108 per barrel from $96, and his 2009 estimate to $110 from $105. He lifted his prediction for 2010 and 2011 to $120 from $110.
But he also said it was possible that oil could hit $125 this year and $200 in 2009 before coming down to $150 in 2010.
The dollar weakened against the euro on Monday, attracting investors to oil and other commodities viewed as hedges against inflation. Also, a falling dollar makes oil less expensive to investors overseas. A series of U.S. Federal Reserve rate cuts starting last year weakened the dollar considerably against foreign currencies, and analysts blame the dollar's protracted decline for oil's sharp rise this spring.
Supply outages or potential threats to supply emerged in Iran and Nigeria over the weekend and from Iraq on Monday; events in all three nations have caused prices to spike many times in recent months.
In Iraq, Kurdish rebels warned they could launch suicide attacks against American interests to punish the U.S. for sharing intelligence with Turkey after Turkey bombed rebel bases in Iraq on Friday. In Nigeria, a Royal Dutch Shell PLC spokesman said attackers hit an oil facility belonging to Shell's joint venture in southern Nigeria and that some oil production had been shut down. And Iran's Supreme Leader Ayatollah Ali Khamenei said his country will not bend to international pressure and give up its nuclear program.
Energy investors grow concerned any time conflict breaks out or is threatened in the oil-rich Middle East. Years of unrest in Nigeria have cut off nearly a quarter of the major U.S. supplier's oil output.
Amid the occasional threats to crude supplies, global demand for oil continues to grow. The Chinese and Indian economies are growing by double digits, boosting global demand for oil.
In the U.S., where demand has been dampened over economic concerns, the prince for "gasoline at the pump is averaging 29.4 percent above last year's pace," noted Stephen Schork of the Schork Report. "Meanwhile, average diesel prices are up by 41.1 percent or $1.079 a gallon."
In other Nymex trading, heating oil and gasoline futures were both down by over a penny at $3.29225 and $3.0400 a gallon. Natural gas futures slipped more than 6 cents to $11.145 per 1,000 cubic feet.
Brent crude futures rose 30 cents to $118.29 a barrel on the ICE Futures exchange in London.
Associated Press Writer Gillian Wong contributed to this report from Singapore.
The loss is triple what the analysts expected...
http://biz.yahoo.com/ap/080506/earns_fannie_mae.html
Fannie Mae loses $2.2B in 1Q; warns of "severe weakness"
Tuesday May 6, 8:14 am ET
By Marcy Gordon, AP Business Writer
Fannie Mae reports $2.2 billion loss in first quarter and warns of "severe weakness" in market
WASHINGTON (AP) -- Fannie Mae said Tuesday it lost $2.2 billion in the first quarter as home-loan delinquencies mounted and home prices declined more sharply than the mortgage finance company had expected.
The company said it expects "severe weakness" in the housing market to continue this year, bringing increased mortgage defaults and foreclosures.
Fannie Mae, the largest U.S. buyer and backer of home loans, said it would raise $6 billion by selling new stock. The company will cut its dividend, starting in the third quarter, to 25 cents a share, to generate around $390 million a year.
Fannie Mae's first-quarter loss contrasts with a profit of $961 million in the January-through-March period last year. Fannie Mae reported on Tuesday that the early 2008 loss was equivalent to $2.57 a share. It earned 85 cents a share a year earlier.
Thomson Financial said Wall Street analysts had expected the government-sponsored company to lose 81 cents a share in the latest period. Washington-based Fannie Mae was forced to set aside billions to account for bad loans.
Shares tumbled nearly 11 percent, or $3.04, to $25.25 in premarket trading.
http://biz.yahoo.com/ap/080506/earns_fannie_mae.html
Fannie Mae loses $2.2B in 1Q; warns of "severe weakness"
Tuesday May 6, 8:14 am ET
By Marcy Gordon, AP Business Writer
Fannie Mae reports $2.2 billion loss in first quarter and warns of "severe weakness" in market
WASHINGTON (AP) -- Fannie Mae said Tuesday it lost $2.2 billion in the first quarter as home-loan delinquencies mounted and home prices declined more sharply than the mortgage finance company had expected.
The company said it expects "severe weakness" in the housing market to continue this year, bringing increased mortgage defaults and foreclosures.
Fannie Mae, the largest U.S. buyer and backer of home loans, said it would raise $6 billion by selling new stock. The company will cut its dividend, starting in the third quarter, to 25 cents a share, to generate around $390 million a year.
Fannie Mae's first-quarter loss contrasts with a profit of $961 million in the January-through-March period last year. Fannie Mae reported on Tuesday that the early 2008 loss was equivalent to $2.57 a share. It earned 85 cents a share a year earlier.
Thomson Financial said Wall Street analysts had expected the government-sponsored company to lose 81 cents a share in the latest period. Washington-based Fannie Mae was forced to set aside billions to account for bad loans.
Shares tumbled nearly 11 percent, or $3.04, to $25.25 in premarket trading.
From the AP this AM:
Myanmar cyclone death toll soars past 22,000: state radio
24 minutes ago
The cyclone death toll soared above 22,000 on Tuesday and more than 41,000 others were missing as the international community prepared to rush in aid after the country's deadliest storm on record, state radio reported.
Up to 1 million people may be homeless after Cyclone Nargis, some villages have been almost totally eradicated and vast rice-growing areas are wiped out, the World Food Program said.
Some aid agencies reported their assessment teams had reached some areas of the largely isolated region but said getting in supplies and large numbers of aid workers would be difficult.
Images from state television showed large trees and electricity poles sprawled across roads and roofless houses ringed by large sheets of water in the Irrawaddy River delta region, which is regarded as Myanmar's rice bowl.
"From the reports we are getting, entire villages have been flattened and the final death toll may be huge," Mac Pieczowski, who heads the International Organization for Migration office in Yangon, said in a statement.
Shari Villarosa, the top American diplomat in Yangon, told NBC's "Today" show that the cyclone had knocked huge trees in the country's largest city.
"And it blew down a significant portion of them, some of these are 6, 8, 10 stories tall — huge trees, 6 feet, 5 feet in diameter. So they came down on roofs," she said.
State radio also said that Saturday's vote on a military-backed draft constitution would be delayed until May 24 in 40 of 45 townships in the Yangon area and seven in the Irrawaddy delta, which took the brunt of the weekend storm. It indicated that the balloting would proceed in other areas as scheduled.
The decision drew swift criticism from dissidents and human rights groups who question the credibility of the vote and urged the junta to focus on disaster victims.
Myanmar's generals have hailed the referendum as an important step forward in their "roadmap to democracy." It offers the first chance for voters to cast ballots since 1990, and the probability is high they will approve the constitution — a legal framework the country has lacked for two decades.
But critics, including the United Nations, the United States and human rights groups, question whether it will lead to democracy.
Myanmar has been under military rule since 1962. Its government has been widely criticized for suppression of pro-democracy parties such as the one led by Nobel Peace Prize laureate Aung San Suu Kyi, who has been under house arrest for almost 12 of the past 18 years.
At least 31 people were killed and thousands more were detained when the military cracked down on peaceful protests in September led by Buddhist monks and democracy advocates.
Saturday, May 03, 2008
Consumer bankruptcies jump 47.7 percent
Consumer bankruptcies jump 47.7 percent: group
Fri May 2, 2008 12:59pm EDT
WASHINGTON (Reuters) - Bankruptcy filings by U.S. consumers jumped 47.7 percent in April from one year ago as families cope with fallout from the subprime mortgage crisis, the American Bankruptcy Institute said on Friday.
The 92,291 bankruptcy filings in April also marked an increase of 7 percent from March, the non-partisan institute said.
"The sharp spike in consumer bankruptcies reflects the growing financial stress faced by American families, saddled with household debt and mortgage woes," said Samuel Gerdano, executive director of the institute. "We expect consumer bankruptcies to top 1 million new cases this year".
For all of 2007, there were 850,912 U.S. bankruptcy filings, up 38 percent from 2006.
The all-time high of more than 2 million consumer bankruptcy filings occurred in 2005, just before the federal bankruptcy law was reformed to make it more difficult for consumers to discharge their debt under Chapter 7 of the law. The reforms also increased debt payments required under Chapter 13 filings and eliminated some protections such as delaying housing evictions or delaying child support proceedings.
Some Democrats in Congress this year unsuccessfully sought another change in the federal bankruptcy law to let bankruptcy judges reduce mortgage amounts to reflect the current fair value of a home. That move was opposed by Republicans and the banking industry.
Under current Chapter 13 bankruptcy law, a judge may restructure most of a consumer's loans ranging from credit cards to car payments, but may not modify a secured debt such as a home mortgage.
Bankruptcy filings made under Chapter 7 allow a consumer or business to liquidate assets to pay off creditors. Chapter 11 filings are made by companies seeking to reorganize and pay debts while staying in business.
http://www.reuters.com/articlePrint?...17061320080502
Fri May 2, 2008 12:59pm EDT
WASHINGTON (Reuters) - Bankruptcy filings by U.S. consumers jumped 47.7 percent in April from one year ago as families cope with fallout from the subprime mortgage crisis, the American Bankruptcy Institute said on Friday.
The 92,291 bankruptcy filings in April also marked an increase of 7 percent from March, the non-partisan institute said.
"The sharp spike in consumer bankruptcies reflects the growing financial stress faced by American families, saddled with household debt and mortgage woes," said Samuel Gerdano, executive director of the institute. "We expect consumer bankruptcies to top 1 million new cases this year".
For all of 2007, there were 850,912 U.S. bankruptcy filings, up 38 percent from 2006.
The all-time high of more than 2 million consumer bankruptcy filings occurred in 2005, just before the federal bankruptcy law was reformed to make it more difficult for consumers to discharge their debt under Chapter 7 of the law. The reforms also increased debt payments required under Chapter 13 filings and eliminated some protections such as delaying housing evictions or delaying child support proceedings.
Some Democrats in Congress this year unsuccessfully sought another change in the federal bankruptcy law to let bankruptcy judges reduce mortgage amounts to reflect the current fair value of a home. That move was opposed by Republicans and the banking industry.
Under current Chapter 13 bankruptcy law, a judge may restructure most of a consumer's loans ranging from credit cards to car payments, but may not modify a secured debt such as a home mortgage.
Bankruptcy filings made under Chapter 7 allow a consumer or business to liquidate assets to pay off creditors. Chapter 11 filings are made by companies seeking to reorganize and pay debts while staying in business.
http://www.reuters.com/articlePrint?...17061320080502
Wednesday, April 30, 2008
Monday, April 28, 2008
The food crisis begins to bite
Published on Sunday, April 27, 2008.
Source: London Independent
Rioting in Haiti. Rationing in America. Queues in Egypt. Protests in Afghanistan. As the price of food continues to soar, the impact is being felt by people around the globe
CHINA
The roaring economy and an ever expanding middle class have had a particularly profound effect on food prices, particularly rice and wheat. Because of industrialisation, rice planting fell from 33 million hectares in 1983 to 29 million by 2006 and China now imports more than ever, placing a major strain on international supplies. Despite freezing prices, rampant inflation means the cost of food has risen by 21 per cent this year.
USA
In a land where supposedly the rich are thin and the poor are overweight, one of the largest cash and carry stores, Sam's Club, announced this week it would limit customers to take home a maximum of four bags of rice. The move came a day after Costco Wholesale Corp, the biggest US warehouse-club operator, limited bulk rice purchases in some stores and warned that customers had begun stockpiling certain goods.
NORTH KOREA
Even during times of relative stability, North Korea has shown itself to be inept at feeding its population. During the 1990s a famine caused by poor harvests killed an estimated two to three million people. On Wednesday the World Food Programme warned that the country could again be plunged into famine because of the spiralling cost of rice and there was an estimated shortfall of 1.6 million tons of rice and wheat.
EGYPT
Up to 50 million Egyptians rely on subsidised bread and this year Cairo has estimated it will cost $2.5bn. But with the price of wheat rocketing in the past year there are fears the country has plunged into a "bread crisis". Queues are now double the length they were a year ago. Inflation hit 12.1 per cent in February with prices for dairy goods up 20 per cent and cooking oils 40 per cent
VENEZUELA
Latin American countries were some of the first nations to voice their concern at rising wheat prices, particularly after thousands of people in Mexico took to the streets at the beginning of 2007 to take part in the so-called "Tortilla Protests". This week the presidents of Bolivia, Nicaragua and Cuba's vice-president flew to Caracas to announce a joint $100m scheme to combat the impact of rising food prices on the region's poor.
BRAZIL
On Wednesday Brazil became the latest major rice producer to temporarily suspend exports because of soaring costs and domestic shortages. In recent weeks Latin American countries and African nations have asked for up to 500,000 tons of rice from Brazil which will now not be delivered. Brazil's agricultural ministry has said it has to ensure that the country has at least enough rice reserves to last the next six to eight months.
IVORY COAST
Some of the worst instability resulting from high food prices has been felt in West Africa. One person was killed and dozens were injured last month as riots tore through Ivory Coast after the prices of meat and wheat increased by 50 per cent within a week. Ivorian President Laurent Gbagbo was forced to cut taxes to halt the disorder. Violent protests have also broken out in Cameroon, Burkina Faso and Senegal.
AFGHANISTAN
There have been street protests about the soaring cost of food in a country almost entirely reliant on imports of wheat. Already utterly impoverished, the plight of Afghans has worsened because Pakistan has cut its regular flour supply. The government has sought to assure citizens that there is sufficient food and has set aside $50m for additional imports. The price of wheat has risen by around 60 per cent in the last year.
THAILAND
The price of rice in the world's largest exporter rose to $1,000 a ton yesterday and experts warned that it will continue to rise. This is because of the massive demand from the Philippines which is struggling to secure supplies after India and several other producers halted exports. The government has said it can meet the export requests. Indonesia has said it is withholding purchases for a year because prices are so high.
EAST AFRICA
Hundreds of thousands of poor Africans in Uganda and Sudan are to lose out on a vital source of food after one of the world's largest humanitarian organisations said it was cutting aid to 1.5m people. Dave Toycen, president of World Vision Canada, blamed soaring costs and countries failing to live up to aid commitments for the fact that the number of people the charity can help will fall by almost a quarter.
INDIA
The country as added to the problems facing many countries in the region by halting its export of rice, except for its premium basmati product. This has left countries normally reliant on Indian exports, such as the Philippines, searching for alternative supplies. India has more than half of the world's hungriest people and its priority is to safeguard domestic supply. But it too has watched as the cost of food has soared, not just rice but cooking oil, pulses and even vegetables. India has this year forecast a record grain harvest but experts warned farm productivity will have to rise much faster if the nation is to feed its 1.1bn people and avoid a food security crisis. Around two-thirds of India's population are dependent on agriculture for their livelihoods but agriculture is growing much more slowly than the overall economy.
HAITI
The poorest country in the Western hemisphere has seen a three to four-fold increase in the number of so-called boat people trying to leave because of food shortages. Already gripped by wretched poverty, the food crisis triggered riots that led to the death of six people. Haiti's wretched food security situation is a result of "liberalisation measures" forced on the country after former president Jean-Bertrand Aristide was returned to power.
THE PHILIPPINES
The government has been desperately trying to secure alternative sources of rice to counteract the decision of a number of nations to halt rice exports. The country's National Food Authority, which handles rice imports for the government, has now said it plans to increase imports 42 per cent to 2.7m tons this year. This could cost $1.3bn if it does not increase the price of the subsidised rice it is selling to people. But the Philippines is responsible for producing 85 per cent of its own food and international experts believe the country will handle this crisis. The government has also been encouraging consumers and even fast food restaurants to be more frugal and be careful not to waste food. The government is confident it will be able to source sufficient supplies from Vietnam and Thailand.
EUROPE
Less vulnerable to food price fluctuations than emerging nations, but food prices across Europe have nonetheless increased. In Britain wholesale prices of food have increased by 7.4 per cent over the past 12 months, roughly three times the headline rate of inflation. According to the government's own statistics grocery bills have gone up by an average of £750 over the same period, the equivalent of a 12 per cent rise.
http://www.independent.co.uk/news/wo...te-815437.html
Published on Sunday, April 27, 2008.
Source: London Independent
Rioting in Haiti. Rationing in America. Queues in Egypt. Protests in Afghanistan. As the price of food continues to soar, the impact is being felt by people around the globe
CHINA
The roaring economy and an ever expanding middle class have had a particularly profound effect on food prices, particularly rice and wheat. Because of industrialisation, rice planting fell from 33 million hectares in 1983 to 29 million by 2006 and China now imports more than ever, placing a major strain on international supplies. Despite freezing prices, rampant inflation means the cost of food has risen by 21 per cent this year.
USA
In a land where supposedly the rich are thin and the poor are overweight, one of the largest cash and carry stores, Sam's Club, announced this week it would limit customers to take home a maximum of four bags of rice. The move came a day after Costco Wholesale Corp, the biggest US warehouse-club operator, limited bulk rice purchases in some stores and warned that customers had begun stockpiling certain goods.
NORTH KOREA
Even during times of relative stability, North Korea has shown itself to be inept at feeding its population. During the 1990s a famine caused by poor harvests killed an estimated two to three million people. On Wednesday the World Food Programme warned that the country could again be plunged into famine because of the spiralling cost of rice and there was an estimated shortfall of 1.6 million tons of rice and wheat.
EGYPT
Up to 50 million Egyptians rely on subsidised bread and this year Cairo has estimated it will cost $2.5bn. But with the price of wheat rocketing in the past year there are fears the country has plunged into a "bread crisis". Queues are now double the length they were a year ago. Inflation hit 12.1 per cent in February with prices for dairy goods up 20 per cent and cooking oils 40 per cent
VENEZUELA
Latin American countries were some of the first nations to voice their concern at rising wheat prices, particularly after thousands of people in Mexico took to the streets at the beginning of 2007 to take part in the so-called "Tortilla Protests". This week the presidents of Bolivia, Nicaragua and Cuba's vice-president flew to Caracas to announce a joint $100m scheme to combat the impact of rising food prices on the region's poor.
BRAZIL
On Wednesday Brazil became the latest major rice producer to temporarily suspend exports because of soaring costs and domestic shortages. In recent weeks Latin American countries and African nations have asked for up to 500,000 tons of rice from Brazil which will now not be delivered. Brazil's agricultural ministry has said it has to ensure that the country has at least enough rice reserves to last the next six to eight months.
IVORY COAST
Some of the worst instability resulting from high food prices has been felt in West Africa. One person was killed and dozens were injured last month as riots tore through Ivory Coast after the prices of meat and wheat increased by 50 per cent within a week. Ivorian President Laurent Gbagbo was forced to cut taxes to halt the disorder. Violent protests have also broken out in Cameroon, Burkina Faso and Senegal.
AFGHANISTAN
There have been street protests about the soaring cost of food in a country almost entirely reliant on imports of wheat. Already utterly impoverished, the plight of Afghans has worsened because Pakistan has cut its regular flour supply. The government has sought to assure citizens that there is sufficient food and has set aside $50m for additional imports. The price of wheat has risen by around 60 per cent in the last year.
THAILAND
The price of rice in the world's largest exporter rose to $1,000 a ton yesterday and experts warned that it will continue to rise. This is because of the massive demand from the Philippines which is struggling to secure supplies after India and several other producers halted exports. The government has said it can meet the export requests. Indonesia has said it is withholding purchases for a year because prices are so high.
EAST AFRICA
Hundreds of thousands of poor Africans in Uganda and Sudan are to lose out on a vital source of food after one of the world's largest humanitarian organisations said it was cutting aid to 1.5m people. Dave Toycen, president of World Vision Canada, blamed soaring costs and countries failing to live up to aid commitments for the fact that the number of people the charity can help will fall by almost a quarter.
INDIA
The country as added to the problems facing many countries in the region by halting its export of rice, except for its premium basmati product. This has left countries normally reliant on Indian exports, such as the Philippines, searching for alternative supplies. India has more than half of the world's hungriest people and its priority is to safeguard domestic supply. But it too has watched as the cost of food has soared, not just rice but cooking oil, pulses and even vegetables. India has this year forecast a record grain harvest but experts warned farm productivity will have to rise much faster if the nation is to feed its 1.1bn people and avoid a food security crisis. Around two-thirds of India's population are dependent on agriculture for their livelihoods but agriculture is growing much more slowly than the overall economy.
HAITI
The poorest country in the Western hemisphere has seen a three to four-fold increase in the number of so-called boat people trying to leave because of food shortages. Already gripped by wretched poverty, the food crisis triggered riots that led to the death of six people. Haiti's wretched food security situation is a result of "liberalisation measures" forced on the country after former president Jean-Bertrand Aristide was returned to power.
THE PHILIPPINES
The government has been desperately trying to secure alternative sources of rice to counteract the decision of a number of nations to halt rice exports. The country's National Food Authority, which handles rice imports for the government, has now said it plans to increase imports 42 per cent to 2.7m tons this year. This could cost $1.3bn if it does not increase the price of the subsidised rice it is selling to people. But the Philippines is responsible for producing 85 per cent of its own food and international experts believe the country will handle this crisis. The government has also been encouraging consumers and even fast food restaurants to be more frugal and be careful not to waste food. The government is confident it will be able to source sufficient supplies from Vietnam and Thailand.
EUROPE
Less vulnerable to food price fluctuations than emerging nations, but food prices across Europe have nonetheless increased. In Britain wholesale prices of food have increased by 7.4 per cent over the past 12 months, roughly three times the headline rate of inflation. According to the government's own statistics grocery bills have gone up by an average of £750 over the same period, the equivalent of a 12 per cent rise.
http://www.independent.co.uk/news/wo...te-815437.html
Saturday, April 26, 2008
Tuesday, April 22, 2008
Food Rationing Confronts Breadbasket of the World
By JOSH GERSTEIN
Staff Reporter of the Sun
April 21, 2008
MOUNTAIN VIEW, Calif. — Many parts of America, long considered the breadbasket of the world, are now confronting a once unthinkable phenomenon: food rationing. Major retailers in New York, in areas of New England, and on the West Coast are limiting purchases of flour, rice, and cooking oil as demand outstrips supply. There are also anecdotal reports that some consumers are hoarding grain stocks.
At a Costco Warehouse in Mountain View, Calif., yesterday, shoppers grew frustrated and occasionally uttered expletives as they searched in vain for the large sacks of rice they usually buy.
"Where's the rice?" an engineer from Palo Alto, Calif., Yajun Liu, said. "You should be able to buy something like rice. This is ridiculous."
The bustling store in the heart of Silicon Valley usually sells four or five varieties of rice to a clientele largely of Asian immigrants, but only about half a pallet of Indian-grown Basmati rice was left in stock. A 20-pound bag was selling for $15.99.
"You can't eat this every day. It's too heavy," a health care executive from Palo Alto, Sharad Patel, grumbled as his son loaded two sacks of the Basmati into a shopping cart. "We only need one bag but I'm getting two in case a neighbor or a friend needs it," the elder man said.
The Patels seemed headed for disappointment, as most Costco members were being allowed to buy only one bag. Moments earlier, a clerk dropped two sacks back on the stack after taking them from another customer who tried to exceed the one-bag cap.
"Due to the limited availability of rice, we are limiting rice purchases based on your prior purchasing history," a sign above the dwindling supply said.
Shoppers said the limits had been in place for a few days, and that rice supplies had been spotty for a few weeks. A store manager referred questions to officials at Costco headquarters near Seattle, who did not return calls or e-mail messages yesterday.
An employee at the Costco store in Queens said there were no restrictions on rice buying, but limits were being imposed on purchases of oil and flour. Internet postings attributed some of the shortage at the retail level to bakery owners who flocked to warehouse stores when the price of flour from commercial suppliers doubled.
The curbs and shortages are being tracked with concern by survivalists who view the phenomenon as a harbinger of more serious trouble to come.
"It's sporadic. It's not every store, but it's becoming more commonplace," the editor of SurvivalBlog.com, James Rawles, said. "The number of reports I've been getting from readers who have seen signs posted with limits has increased almost exponentially, I'd say in the last three to five weeks."
Spiking food prices have led to riots in recent weeks in Haiti, Indonesia, and several African nations. India recently banned export of all but the highest quality rice, and Vietnam blocked the signing of a new contract for foreign rice sales.
"I'm surprised the Bush administration hasn't slapped export controls on wheat," Mr. Rawles said. "The Asian countries are here buying every kind of wheat." Mr. Rawles said it is hard to know how much of the shortages are due to lagging supply and how much is caused by consumers hedging against future price hikes or a total lack of product.
"There have been so many stories about worldwide shortages that it encourages people to stock up. What most people don't realize is that supply chains have changed, so inventories are very short," Mr. Rawles, a former Army intelligence officer, said. "Even if people increased their purchasing by 20%, all the store shelves would be wiped out."
At the moment, large chain retailers seem more prone to shortages and limits than do smaller chains and mom-and-pop stores, perhaps because store managers at the larger companies have less discretion to increase prices locally. Mr. Rawles said the spot shortages seemed to be most frequent in the Northeast and all the way along the West Coast. He said he had heard reports of buying limits at Sam's Club warehouses, which are owned by Wal-Mart Stores, but a spokesman for the company, Kory Lundberg, said he was not aware of any shortages or limits.
An anonymous high-tech professional writing on an investment Web site, Seeking Alpha, said he recently bought 10 50-pound bags of rice at Costco. "I am concerned that when the news of rice shortage spreads, there will be panic buying and the shelves will be empty in no time. I do not intend to cause a panic, and I am not speculating on rice to make profit. I am just hoarding some for my own consumption," he wrote.
For now, rice is available at Asian markets in California, though consumers have fewer choices when buying the largest bags. "At our neighborhood store, it's very expensive, more than $30" for a 25-pound bag, a housewife from Mountain View, Theresa Esquerra, said. "I'm not going to pay $30. Maybe we'll just eat bread."
http://www2.nysun.com/article/74994?page_no=1
By JOSH GERSTEIN
Staff Reporter of the Sun
April 21, 2008
MOUNTAIN VIEW, Calif. — Many parts of America, long considered the breadbasket of the world, are now confronting a once unthinkable phenomenon: food rationing. Major retailers in New York, in areas of New England, and on the West Coast are limiting purchases of flour, rice, and cooking oil as demand outstrips supply. There are also anecdotal reports that some consumers are hoarding grain stocks.
At a Costco Warehouse in Mountain View, Calif., yesterday, shoppers grew frustrated and occasionally uttered expletives as they searched in vain for the large sacks of rice they usually buy.
"Where's the rice?" an engineer from Palo Alto, Calif., Yajun Liu, said. "You should be able to buy something like rice. This is ridiculous."
The bustling store in the heart of Silicon Valley usually sells four or five varieties of rice to a clientele largely of Asian immigrants, but only about half a pallet of Indian-grown Basmati rice was left in stock. A 20-pound bag was selling for $15.99.
"You can't eat this every day. It's too heavy," a health care executive from Palo Alto, Sharad Patel, grumbled as his son loaded two sacks of the Basmati into a shopping cart. "We only need one bag but I'm getting two in case a neighbor or a friend needs it," the elder man said.
The Patels seemed headed for disappointment, as most Costco members were being allowed to buy only one bag. Moments earlier, a clerk dropped two sacks back on the stack after taking them from another customer who tried to exceed the one-bag cap.
"Due to the limited availability of rice, we are limiting rice purchases based on your prior purchasing history," a sign above the dwindling supply said.
Shoppers said the limits had been in place for a few days, and that rice supplies had been spotty for a few weeks. A store manager referred questions to officials at Costco headquarters near Seattle, who did not return calls or e-mail messages yesterday.
An employee at the Costco store in Queens said there were no restrictions on rice buying, but limits were being imposed on purchases of oil and flour. Internet postings attributed some of the shortage at the retail level to bakery owners who flocked to warehouse stores when the price of flour from commercial suppliers doubled.
The curbs and shortages are being tracked with concern by survivalists who view the phenomenon as a harbinger of more serious trouble to come.
"It's sporadic. It's not every store, but it's becoming more commonplace," the editor of SurvivalBlog.com, James Rawles, said. "The number of reports I've been getting from readers who have seen signs posted with limits has increased almost exponentially, I'd say in the last three to five weeks."
Spiking food prices have led to riots in recent weeks in Haiti, Indonesia, and several African nations. India recently banned export of all but the highest quality rice, and Vietnam blocked the signing of a new contract for foreign rice sales.
"I'm surprised the Bush administration hasn't slapped export controls on wheat," Mr. Rawles said. "The Asian countries are here buying every kind of wheat." Mr. Rawles said it is hard to know how much of the shortages are due to lagging supply and how much is caused by consumers hedging against future price hikes or a total lack of product.
"There have been so many stories about worldwide shortages that it encourages people to stock up. What most people don't realize is that supply chains have changed, so inventories are very short," Mr. Rawles, a former Army intelligence officer, said. "Even if people increased their purchasing by 20%, all the store shelves would be wiped out."
At the moment, large chain retailers seem more prone to shortages and limits than do smaller chains and mom-and-pop stores, perhaps because store managers at the larger companies have less discretion to increase prices locally. Mr. Rawles said the spot shortages seemed to be most frequent in the Northeast and all the way along the West Coast. He said he had heard reports of buying limits at Sam's Club warehouses, which are owned by Wal-Mart Stores, but a spokesman for the company, Kory Lundberg, said he was not aware of any shortages or limits.
An anonymous high-tech professional writing on an investment Web site, Seeking Alpha, said he recently bought 10 50-pound bags of rice at Costco. "I am concerned that when the news of rice shortage spreads, there will be panic buying and the shelves will be empty in no time. I do not intend to cause a panic, and I am not speculating on rice to make profit. I am just hoarding some for my own consumption," he wrote.
For now, rice is available at Asian markets in California, though consumers have fewer choices when buying the largest bags. "At our neighborhood store, it's very expensive, more than $30" for a 25-pound bag, a housewife from Mountain View, Theresa Esquerra, said. "I'm not going to pay $30. Maybe we'll just eat bread."
http://www2.nysun.com/article/74994?page_no=1
Thursday, April 17, 2008
Merrill posts loss, plans to cut 4,000 jobs
NEW YORK - Merrill Lynch & Co., the world’s largest brokerage, on Thursday said it would cut 4,000 jobs after more than $6 billion fresh write-downs pushed it to a loss for the first quarter.
Chief Executive John Thain also cautioned that things were unlikely to improve much in the next couple of quarters.
The write-downs caused Merrill Lynch to lose $2.14 billion, or $2.19 per share, after paying preferred dividends, compared to a profit of $2.11 billion, or $2.26 per share, a year earlier.
Story continues below ↓advertisement
The New York-based firm posted negative revenue in its fixed-income trading business and a 40 percent slump in investment banking fees. This caused total revenue to slip 69 percent to $2.93 billion from $9.6 billion a year earlier.
Results missed Wall Street projections for a loss of $1.99 per share on $3.7 billion of revenue, according to analysts polled by Thomson Financial.
Merrill Lynch, the third-largest U.S. securities firm by market value, has been slammed by the global credit crisis that roiled markets since last summer. Risky bets in mortgage-backed securities have led to nearly $200 billion of write-downs — with Merrill Lynch contributing at least $24 billion to that amount.
Despite the turbulence, Thain said the company has $82 billion of excess liquidity to help protect against choppy market conditions.
“This was about as difficult a quarter as I’ve seen in my 30 years on Wall Street,” Thain told analysts during a conference call. “We are planning for a slower and more difficult next couple of months and probably next couple of quarters, but are also hopeful for our full year 2008 results.”
After joining Merrill four months ago, Thain pledged to clean up the brokerage’s balance sheet and take steps to make it more profitable. He already secured more than $12 billion worth of new capital, and now has unveiled a plan to trim the company’s ranks.
Merrill said it will record a restructuring charge of $350 million in the current quarter for the layoffs, which will reduce its headcount by 10 percent in areas outside of financial advisers and investment associates. The entire company has about 63,000 employees globally.
During the first quarter, Merrill Lynch said it suffered a $1.5 billion write-down linked to asset-backed securities, and a $3 billion write-down tied to the value of bond insurance contracts. The brokerage also lowered the value of leveraged loans by $925 million.
It reported that fixed-income trading revenue was $3.38 billion because of the tightening credit markets. Equity-trading revenue was $1.88 billion, down from $2.39 billion a year earlier.
Meanwhile, debt underwriting fell to $231 million from $586 million last year. Stock underwriting revenue fell to $199 million from $363 million a year ago.
http://www.msnbc.msn.com/id/24178870/
NEW YORK - Merrill Lynch & Co., the world’s largest brokerage, on Thursday said it would cut 4,000 jobs after more than $6 billion fresh write-downs pushed it to a loss for the first quarter.
Chief Executive John Thain also cautioned that things were unlikely to improve much in the next couple of quarters.
The write-downs caused Merrill Lynch to lose $2.14 billion, or $2.19 per share, after paying preferred dividends, compared to a profit of $2.11 billion, or $2.26 per share, a year earlier.
Story continues below ↓advertisement
The New York-based firm posted negative revenue in its fixed-income trading business and a 40 percent slump in investment banking fees. This caused total revenue to slip 69 percent to $2.93 billion from $9.6 billion a year earlier.
Results missed Wall Street projections for a loss of $1.99 per share on $3.7 billion of revenue, according to analysts polled by Thomson Financial.
Merrill Lynch, the third-largest U.S. securities firm by market value, has been slammed by the global credit crisis that roiled markets since last summer. Risky bets in mortgage-backed securities have led to nearly $200 billion of write-downs — with Merrill Lynch contributing at least $24 billion to that amount.
Despite the turbulence, Thain said the company has $82 billion of excess liquidity to help protect against choppy market conditions.
“This was about as difficult a quarter as I’ve seen in my 30 years on Wall Street,” Thain told analysts during a conference call. “We are planning for a slower and more difficult next couple of months and probably next couple of quarters, but are also hopeful for our full year 2008 results.”
After joining Merrill four months ago, Thain pledged to clean up the brokerage’s balance sheet and take steps to make it more profitable. He already secured more than $12 billion worth of new capital, and now has unveiled a plan to trim the company’s ranks.
Merrill said it will record a restructuring charge of $350 million in the current quarter for the layoffs, which will reduce its headcount by 10 percent in areas outside of financial advisers and investment associates. The entire company has about 63,000 employees globally.
During the first quarter, Merrill Lynch said it suffered a $1.5 billion write-down linked to asset-backed securities, and a $3 billion write-down tied to the value of bond insurance contracts. The brokerage also lowered the value of leveraged loans by $925 million.
It reported that fixed-income trading revenue was $3.38 billion because of the tightening credit markets. Equity-trading revenue was $1.88 billion, down from $2.39 billion a year earlier.
Meanwhile, debt underwriting fell to $231 million from $586 million last year. Stock underwriting revenue fell to $199 million from $363 million a year ago.
http://www.msnbc.msn.com/id/24178870/
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