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Canada looks to ban US coal shipments as retaliation for a new US 24% tariff on Canadian softwood lumber

(quote)

April 26, 2017
24% tariffs on Canadian softwood lumber British Columbian Premier Christy Clark pressed Trudeau on Wednesday to enforce a trade ban on shipments of thermal coal, also called steam coal, at its terminal in Vancouver in response to the Trump administration's 24 percent tariffs on Canadian softwood lumber imposed Tuesday.

"I told British Columbians that I would use every tool at our disposal to ensure we get a fair deal on softwood lumber," Clark said in an open letter to Trudeau. "Friends and trading partners cooperate," but "clearly, the United States is taking a different approach," she said.

Clark said U.S. coal producers rely on the terminal in Vancouver to ship coal to Asia, with a record of more than 6 million tons shipped last year. The U.S. lacks the capacity to move its own coal on the Pacific coast, making the ban an effective retaliatory response to the lumber tariff.

On Friday Washington state will release an environmental impact statement on a proposed coal terminal for Asian shipments.

Clark also said that steam coal is one of the most carbon-dioxide producing fuels, and banning its shipment would help Canada and the province meet its commitments to reduce greenhouse gas emissions. Most scientists blame the emissions for raising the Earth's temperature, resulting in more severe weather, floods and drought.

Clark pointed out that over the past five years most of the U.S. proposals to build its own coal terminals have been rejected for environmental and ecological reasons.  read more »

Yahoo, no more: sold. Mayer's gain: "$365 million, 5 years at Yahoo". Who said in 2012 "Fool's bargain"?

If someone's gain at anyone's loss: who is the fool if there's a fool's bargain?
July 07, 2012: "Mayer was making a fool's bargain
to choose Yahoo over Google as the ambitious executive
shocked the tech world by leaving Google to become Yahoo’s new CEO"
Dec 14, 2015: "If she stays on board for another year and a half,
Mayer will make $365 million for 5 years of work at Yahoo"
"The vast majority of her pay isn't tied to Yahoo's performance as a company"
Jan 10, 2017: Yahoo is sold to Verizon.
"Yahoo's board voted to alter its change-in-control provision
to include the sale of a major business unit as well; and with that,
Mayer's $123 million payday was created."
"Without that vote, Mayer would have walked away with "only" around $14 million."

(quote)

Dec 14, 2015
If she stays on board for another year and a half, Marissa Mayer will make $365 million for five years of work at Yahoo.
The vast majority of her pay isn't tied to Yahoo's performance as a company
- it's tied to Yahoo's stock price.

Jan 10, 2017  read more »

Crisis & solution: Japan cuts interest rates to zero; Italy & Greece receive stimulus package from China

Italian Premier Silvio Berlusconi, shakes the hand of Chinese Premier Wen Jiabao, right, as they arrive for a joint news conference at Villa Madama in Rome

after nearly two weeks of demonstrations, Greek farmers used their tractors to block border crossings and highways across the country for days, demanding financial help from the government. A farmer hits a riot police officer with his crook at the main port of Piraeus, near Athens, Feb. 2, 2009

Greek Prime Minister Papandreou spoke on Greece's economic plight at the World Economic Forum in Davos.

Low rates in Japan and US have yet to boost economies.

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Bank of Japan surprised the world by cutting it's already low-interest rates to effectively zero.

The Japanese central bank is trying to boost its weak economy by making it cheaper for its businesses and citizens to borrow. It also hopes that the low-interest rates will cause the value of its currency, the yen, which has been rising recently, up 12% in the past six months alone, to fall. A weaker yen could boost exports by making Japanese goods cheaper to foreigners.  read more »

Ted Turner:“I’ve never asked for a bailout. Where does it end?” Big Three ask for $25 bil. Market’s bailout doubts

Time - 10 Questions for Ted Turner”

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10 Questions for Ted Turner

Time: “What did you think of the $700 billion bailout plan?”

Turner: “When I was running CNN we never had any money and I never asked for a bailout. Where does it end? AIG, you know, they need $40 billion more and we only gave them a hundred billion last week, didn't we? It's just ridiculous. And now General Motors. They said we're going to give them $25 billion to retool. Retool what? They'll run through that money so fast they'll be back wanting more. We can't keep every loser alive.”

Lee Seong-tae, governor of the Bank of Korea, uses his laptop during a meeting to decide a benchmark call rate at its headquarters in Seoul, South Korea, Dec. 11, 2008. The central bank said it was slashing its benchmark seven-day repurchase rate to 3 percent from 4 percent during a regular policy meeting Thursday

Wall Street sputters on weak data, bailout doubts  read more »

Now it's official: US in recession since 2007, one of the longest downturns since the Great Depression of 1930's

Officially, the U. S. economy refuses to enter a full-scale recession. I’ve enjoyed all the euphemisms – ‘slowdown,’ ‘contraction,’ ’turndown,’ ‘softness,’ ‘pullback,’ and my personal favorite, ‘growth recession.’

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The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy.

The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes a long time after the start of a recession to declare its start because of the need to look at final readings of various economic measures. The NBER said that the deterioration in the labor market throughout 2008 was one key reason why it decided to state that the recession began last year.

the NBER did not give any reasons or causes of the recession. But it is widely accepted that the housing downturn, which started in 2006. The current recession is one of the longest downturns since the Great Depression of the 1930's.  read more »

Global financial summit from G7 to G20; new strong voice of BRIC nations: Brazil, Russia, India and China

Summit on Financial Markets and the World Economy

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Western nations began to cede some control as countries including Brazil, India and China – which with Russia form the so-called BRIC nations – managed to guarantee a greater presence on the international stage.

All three will now join the board of the Financial Stability Forum – the global economic policy powerhouse that to date has been the bastion of the G8.

an overall view of world leaders attending the first Plenary Session at the G20 Summit on Financial Markets and the World Economy at the National Building Museum in Washington, November 15, 2008

Each is likely to play a stronger role in the reform of major institutions such as the International Monetary Fund than might previously have been witnessed under the old economic order.

The final summit communiqué also gave particular reference to emerging and developing economies, urging them to undertake commitments consistent with their capacities and roles in the global economy – a clear admission of their increased importance.  read more »

The next Silicon Valley? A look at 6 technology launching pads across the US, from Pacific Northwest to Virginia

Bellevue, Washington

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Bellevue, Washington
With Microsoft's Redmond headquarters just five miles from downtown, Bellevue attracts a wealth of talented software engineers. (Hitachi and Sun Microsystems also have facilities in the area). The city hosts a number of successful startups, such as Expedia.com, dreamt up by former Microsoft employees, as well as a growing community of videogame developers. Other thriving local industries include telecommunications and wireless technology. For these industries, one of the city's main attractions is investment firm Trilogy Equity Partners, which was co-founded by John Stanton, Western Wireless founder and former CEO of T-Mobile USA, also based in Bellevue.

Portland, Oregon

Portland, Oregon
Some people call it Silicon Forest. That's because the Portland metropolitan area has done an impressive job of attracting entrepreneurial tech talent, thanks in part to the presence of Tektronix, IBM and Intel. In fact, many of the city's computer-technology companies were started by former employees of these tech giants, focusing on areas such as open-source and educational software. But Portland isn't just about computer technology. Over the years, the city has earned a reputation for progressive energy policies, attracting a large sustainable-technology community, as well as the U.S. headquarters of Vestas, the world's largest wind-turbine manufacturer. Support for the Portland tech scene comes from organizations such as Oregon InC, a state-funded venture dedicated to nurturing Oregon's innovation economy.  read more »

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