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Brits hang carbon out to dry
Sales of clotheslines and clothespins in Britain are at their highest level in 50 years. They've seen a big jump since February, when the government there called on individuals and businesses to reduce their carbon footprints. Double bonus: Air drying is good for your clothes too.
No change to spare
The Indian city of Calcutta is having a coin shortage. No one knows why but it's causing quite a stir. Shopkeepers are begging beggars to give them change, and entrepreneurial types are standing in long lines to turn in paper money for coins — then turning around and selling the coins for more than they're worth. India's reserve bank issued a million rupees yesterday, but not much has... changed.
06/15/07 07:38 AM PT Posted on June 15, 2007 7:38 AM PTYouTube in any language...
It's VousTube, VoiTubo or VoceTubo, depending on where you're from, but to this point, YouTube has been for Americans by Americans. Today, the website announced an expansion into nine countries, including France, Italy and Brazil. YouTube will be translated into the native language and will eventually feature local content. Of course, it better be careful with the local content or it'll be facing more... how do you say? Lawsuits.
06/19/07 04:56 AM PT Posted on June 19, 2007 4:56 AM PTWe're No. 2!
The United States is No. 1 in a lot of categories, but there's one less thing this morning. China is now the world's top emitter of carbon dioxide. That's according to a report from the Dutch government. And we can probably expect China to increase its lead heading forward. Recently the Chinese government said it's too early to talk of caps since economic development is its top priority.
06/20/07 07:00 AM PT Posted on June 20, 2007 7:00 AM PTChina's trouble on wheels
First, it was poisoned pet food, then lead-painted toys. Now, tires that won't stay together. About 450,000 Chinese-made tires sold through a U.S. distributor under the names Westlake, Telluride Compass and YKS are being recalled because there's a problem with the gum strip — a handy safety feature that helps keep the tread together.
A little something extra with your Kung Pao shrimp?
Do you know where that eel you're eating came from? Not from China... at least, not anymore. On Thursday, the U.S. Food and Drug Administration blocked the sale of five types of farm-raised seafood from China, including shrimp and catfish. The U.S. has been warning China for six years about fish imports contaminated with additives. China is the world's largest producer of farmed fish. Chinese officials responded by installing a new health minister.
06/29/07 03:53 AM PT Posted on June 29, 2007 3:53 AM PTChina's new take on drink-n-dial
Mobile phone company China Unicom is offering new customers a 12-pack of beer for signing up for service. Not to be outdone, its rival, China Mobile, has decided to give away a whole case of beer. The free ale giveaways were borne in lieu of a price war, so the companies can bypass government controls on phone tariffs.
07/05/07 04:42 AM PT Posted on July 5, 2007 4:42 AM PTReady, set... build a better city
The race is on to create the first fully-sustainable city.
China's planning to take a deserted island the size of Manhattan and turn it into an eco-city for about half a million people. No conventional cars will be allowed and the city will capture and purify water. It'll be just an hour ferry ride from Shanghai, so how they're going to stop mainland pollution from drifting over we're not sure...
Meanwhile in Abu Dhabi, they want to build a smaller, walled city that's being called the world's first zero-carbon, zero-waste city.
Any other takers?
07/06/07 04:47 AM PT Posted on July 6, 2007 4:47 AM PTLonger work days? Oui!
Full-time workers in France typically get five weeks of vacation from jobs with shorter workweeks than most of us are used to, just 35 hours a week. But now French legislators are saying it may not be a bad idea to encourage people to work more. They've approved a measure championed by President Nicolas Sarkozy that cuts taxes on overtime pay, part of a sweeping economic package he's pushing to open up the country's economy. The bill's almost certain to pass.
07/12/07 04:25 AM PT Posted on July 12, 2007 4:25 AM PTAnother subprime shoe drops
Fallout from the subprime mortgage mess has hit Europe. The biggest bank in France, BNP Paribas, won't let investors from take money out of three funds with holdings in U.S. subprime loans. The bank's having trouble determining what these funds are worth. At the end of last month, they were valued at nearly $3 billion. Just last week BNP Paribas said it would be virtually untouched by subprime problems. Now it's 'Katie bar the door.' Overnight bank lending rates in Europe have taken a big jump, and that's likely to spell trouble for Wall Street.
Milk's glass is half-full
The USDA reports milk prices hit a record last month with consumers paying an average of $3.80 a gallon. That's up about 50 cents from January. Greater demand for more dairy in Asia where chains like McDonald's and Starbucks are introducing cheeseburgers and lattes to new tastebuds is part of the reason for the price hike. Rising costs for animal feed, shrinking European production, and droughts in Australia and New Zealand are also factors.
08/13/07 06:49 AM PT Posted on August 13, 2007 6:49 AM PTIf the Fed can do it . . .
Big developing countries like China, Brazil and Mexico could be getting a break from the World Bank. The Wall Street Journal reports the bank is set to cut interest rates for those areas in a deal that would also boost aid for the world's poorest nations. The World Bank would contribute as much as $3.5 billion to provide grants and no-interest loans to 80 depressed countries around the globe. The bank's still working out the details, but a final package is expected to be ready by its annual meeting October 19.
09/25/07 06:06 AM PT Posted on September 25, 2007 6:06 AM PTBugs Bunny learning Arabic
Abu Dhabi has done a billion-dollar deal with Warner Brothers. The entertainment company is going to be a giant theme park and theater complex in the Persian Gulf emirate -- and it's created a fund to make Arabic language movies and video games there.
09/27/07 06:58 AM PT Posted on September 27, 2007 6:58 AM PTIMF names new . . . European
The International Monetary Fund is about to name a new leader, and it looks like a Euro-tradition will continue. The 24-member board of shareholder governments is expected to put former French finance minister Dominique Strauss-Kahn in the post. A European has led the global financial institution for six decades, since its post-World War II inception in 1945.
09/28/07 08:07 AM PT Posted on September 28, 2007 8:07 AM PTWhat's Radiohead worth to you?
Radiohead's known for creating innovative music. But this time, the band's drumming up buzz about what will be lacking when the album "In Rainbows" comes out on the 10th. There's no record label and there's no retail price. You'll only be able to buy "In Rainbows" as a digital download through the band's website. And when you start the on-line purchase process a question mark will pop up where you'd normally see a price. Instead, the words "it's up to you" will show up. Really: If you don't want to pay anything at all, "it's up to you."
10/01/07 04:27 AM PT Posted on October 1, 2007 4:27 AM PTHow do you say 'You're fired' in Malay?
The reality TV impresario Mark Burnett may soon be producing an Asian version of "The Apprentice." Burnett has formed a 50-50 joint venture with a gaming group in Singapore to produce game shows and reality TV in Asia. The partners plan to invest $20 million in the firm as part of a 10-year exclusive deal that covers all of Asia except Japan.
10/09/07 06:10 AM PT Posted on October 9, 2007 6:10 AM PTSingapore: Your Airbus has arrived
European planemaker Airbus turns over the keys of its long-awaited A380 jumbo jet today. Singapore Airlines is the first airliner to collect the jet -- 18 months behind schedule. Delays cost Airbus $8.5 billion. The company now says it is on track to to deliver 13 aircraft next year. Singapore Airlines says the plane will begin flights to Sydney later this month. The first A380 will have space for nearly 500 passengers and include 12 luxury suits for first class travelers.
10/15/07 05:11 AM PT Posted on October 15, 2007 5:11 AM PTWe don't recommend you try this
Ever tried to pull one of your own teeth? It hurts just to think about it. In Britain, a survey of more then 5,000 patients found that 6 percent of them have resorted at some point to self-treatment. One person took out 14 of his teeth with pliers. And others just decided to use a little super-glue on crowns after they popped off. Behind the scary tales -- there is a shortage of dentists in Britain's National Health Service. A good number of them have been leaving the system after the government introduced some reforms in 2006. And by now, 45 percent of dentists don't accept National Health Patients anymore.
10/17/07 06:14 AM PT Posted on October 17, 2007 6:14 AM PTGermany: Take down the auto wall
For nearly 50 years, Germany has shielded automaker Volkswagen from a takeover.
That protections may be over today. The European Union's highest court has ruled that Germany's shield law is illegal. This ruling has another German carmaker -- Porsche -- revving its engines. Porsche already owns about 31 percent of VW, but under Germany's law, its voting share had been limited to 20 percent. Porsche has been buying VW shares for at least two years and maintains a credit line as it looks to purchase the giant Volkswagen.
Sometimes, you just gotta go . . .
Looking for a new accessory for your car? How about a toilet? A Japanese company just unveiled one. I mean, a car toilet. "Very handy during major disasters such as earthquakes or when you are caught in a traffic jam." That's what the company says. Not sure about earthquakes but… I can see how someone might get desperate in a traffic jam. The product is basically a cardboard toilet bowl, with a water-absorbent sheet inside. And a curtain. You can also take it with you if you wish, the thing fits inside a suitcase.
10/24/07 05:32 AM PT Posted on October 24, 2007 5:32 AM PTA greener France by 2020
France has been accused of not being as green as its European neighbors. But French President Nicolas Sarkozy seems to want get rid of that reputation. Yesterday, he promised a green revolution -- with Al Gore by his side, Sarkozy said that by 2020, all new buildings would be required to produce more energy than they consume. He talked about taxing trucks carrying freight across France, and he even played with the idea of imposing higher taxes on products from countries that did not sign the Kyoto Protocol.
10/26/07 03:23 AM PT Posted on October 26, 2007 3:23 AM PTA phone tower that reaches the Gods
China state media reported Wednesday that the nation had successfully tested a mobile phone station atop Mt. Everest ahead of Olympics. It was "incredibly difficult" to build as oxygen levels at the site were only 38 percent of those at sea level, the carrier's general manager Wang Jianzhou was quoted by Xinhua as saying. State media says the station at 21,450 feet was built to help climbers as well as facilitate communications for the bearers of the Olympic torch, which Beijing 2008 Games organizers plan to carry to Everest's summit. The station, the world's highest cell phone base, is run by China Mobile, the country's largest mobile phone service provider. The station's key equipment was immediately packed away after the test for the harsh Tibetan winter and will be reassembled in time for the torch visit expected in May next year, Xinhua news agency reported.
11/14/07 04:39 AM PT Posted on November 14, 2007 4:39 AM PTThe Internet can be a royal pain
Apparently pop music start Prince doesn't like the Internet so much anymore. He was the first major artist to distribute an album exclusively online. But the piracy thing is getting to him.
Within the next few days, Prince is expected to start a legal campaign against the website The Pirate Bay. The site is based in Sweden and is best known for helping users find copies of music and movies -- illegal copies, of course. The funny thing is that Prince just gave away two million free copies of his latest album in the U.K. -- with the newspaper.
Subprime says hello from Japan
In case you had any doubts of how the subprime crisis in the U.S. is affecting other countries, here's what Japan's financial regulator said today: Japan's large banks had about $11 billion invested in products related to the U.S. subprime mortgage market as of the end of September.
11/22/07 07:11 AM PT Posted on November 22, 2007 7:11 AM PTAirbus 'threatened' by dollar's decline
If there is a worst-case scenario for a company in these days of a really weak dollar, that would be Airbus' scenario. The European plane maker sells its jets in dollars, so their making less money these days. But their expenses are not lowering a bit -- they are in euros. So bad is the situation that yesterday, Airbus' chief executive said that the dollar rapid decline is life-threatening for the company.
11/23/07 05:06 AM PT Posted on November 23, 2007 5:06 AM PTA more flexible Yuan
At a summit with European leaders today, China's Premier says the country will keep improving its exchange rate regime by letting market forces play a greater role. E.U. officials are dismayed by the yuan's steady slide against the euro, which they say is exacerbating global imbalances and fuelling protectionism in Europe.
11/28/07 04:16 AM PT Posted on November 28, 2007 4:16 AM PTDon't know how Jerry Lewis would handle this one
Chile's largest charity received an unexpected gesture during a televised fundraiser. A prostitute has become an overnight celebrity in the country after auctioning off 27 hours of sex to help raise money for a donation. Adult prostitution is legal in Chile. Maria Carolina says she's raised about $4,000 for the organization that provides money to poor, disabled children. Carolina says one client has already paid up. She says it seemed like a good deed to him
11/30/07 04:05 AM PT Posted on November 30, 2007 4:05 AM PTCan Jackie Chan's magnetism stop piracy?
Here's the latest message from movie makers to the people of China: If you buy legal DVD's instead of pirated ones, we'll give you a refrigerator magnet. The Motion Picture Association plans to distribute hundreds of thousands of magnets bearing a message from actor Jackie Chan.
It says, "Thank you for Purchasing Legitimate DVD's. Your action determines the future of the film industry." Chan says he hopes the magnets will encourage people to tell their children that piracy is wrong.
Shanghai Disneyland may come soon
Mickey, Minnie, and Goofy could soon have yet another home. Shanghai is hoping for mainland China's first Disneyland. Reports say the city is waiting for approval of the project by the central government. Walt Disney Company happens to have a sleek new Shanghai office complex.
But company reps have repeatedly said for now the focus has been developing its theme park in Hong Kong which opened a couple years ago. A Shanghai Disneyland could come in time for the city to host the World Expo in 2010.
Swiss bank on Singapore
This morning, the Swiss bank UBS announced $10 billion in write-downs. That's one of the biggest losses for a major bank so far. UBS also cancelled plans for a cash dividend to investors. Some good news for the bank: UBS will be getting some emergency funding from the Singapore government and an unnamed Middle East investor.
12/10/07 07:30 AM PT Posted on December 10, 2007 7:30 AM PTChina wants U.S. movies screened
Hollywood big-wigs and government officials think China is plotting against American movies. The New York Times reports there's suspicion that U.S. films aren't getting permission anymore to be shown in Chinese theaters. No formal ban has been announced by the Chinese government, but there's speculation the action could be in retaliation to an intellectual property rights case.
The U.S. filed with the World Trade Organization last year to put pressure on China when it comes to pirating U.S. movies, and to give U.S. companies more access to China's markets.
12/12/07 03:02 AM PT Posted on December 12, 2007 3:02 AM PTArt is making money
The financial markets might be struggling, but the art market is doing quite all right. The fall auction season in New York broke records: $71 million for an Andy Warhol, $33 million for a Matisse.
One November sale took in almost $400 million.
The weak dollar is partially responsible for this. In the last years, more wealthy buyers from Russia, China, India and the Middle East have decided to spend their millions in art.
One thing to be cautious about: Generally, the art market trails the financial markets by about six months. So the party might be over soon.
12/26/07 04:29 AM PT Posted on December 26, 2007 4:29 AM PTTo help food price inflation, China sells at home
Sell more at home. That's China's message to its food producers. The country's finance ministry says China will levy taxes next year on basic products like wheat, soybeans, corn, and rice. The tax, ranging from 5 percent to 25 percent, is the latest move by the government to help rein in food price inflation. It was at a rate of more than 18 percent last month.
12/31/07 04:32 AM PT Posted on December 31, 2007 4:32 AM PTiWon't-be-in-China
Plans to launch the iPhone in China have been disconnected. Apple and China Mobile have called off talks to launch the popular product. Some experts say the iPhone faced a lot of technical and fee issues unique to China, including a standard revenue-sharing agreement China Mobile didn't like too much. Chatter about getting the iPhone into China helped pushed Apple's stock up more than 10 percent in November.
It's OK to mix your beer
British brewer Scottish and Newcastle has a reason to pour a pint and make a toast today. The company's just accepted a more than $15 billion takeover offer. The new owners will be Heineken and Carlsberg. Scottish and Newcastle traces its roots to 1749, with a brewery that opened in Edinburgh.
01/25/08 04:04 AM PT Posted on January 25, 2008 4:04 AM PTSocGen's rogue trader dealing with large pool
French bank Societe Generale said Friday that the rogue trader who cost the bank $7.14 billion had been trading with a far bigger pool -- tens of billions of dollars. A bank official confirmed that the size of the trader's positions had reached "several tens of billions of euros," a staggering sum for a bank whose market capitalization is $52.6 billion. The official spoke on condition of anonymity in line with bank policy.
01/25/08 06:57 AM PT Posted on January 25, 2008 6:57 AM PTNew York stores accepting Euros
If you weren't convinced the dollar just isn't what it used to be, listen to this. Some stores in New York are putting up signs that read: "Euros accepted here." An owner of a wine shop in the East Village says, "money is money."European tourists are travelling to the city looking to take advantage of the exchange rates.
02/07/08 02:51 AM PT Posted on February 7, 2008 2:51 AM PTMcDonald's Japan profits are . . . meatier
Japan's having a Mega Mac attack. McDonald's Japan posted a five-fold increase in annual net profit today. Among the reasons for the surge: the popularity of Mega Macs, four meat patties layered between three slices of bun with cheese and lettuce. That and new breakfast menus helped McDonald's ride out its disclosure in November that it sold salads past their expiration dates at some Tokyo restaurants. And there's still hunger for more: The company predicted further growth as it plans to open 130 new stores and promote its coffee more.
02/07/08 04:23 AM PT Posted on February 7, 2008 4:23 AM PTNow your money can toast to you
How about a picture of a whiskey distillery instead of the Lincoln Memorial on the $5 bill?
The Bank of Ireland is going to celebrate the 400th anniversary of Bushmills whiskey this spring by doing something like that. It's going to print an image of the Bushmills distillery on a new series of five, 10, and 20-pound bank notes. London's Telegraph reports certain commercial lenders in Northern Ireland and Scotland can legally print their own currency.
Credit Suisse not bucking to subprime
The headline of yet another bank writing down billions of additional dollars has become all too familiar. This morning, one bank is bucking that trend. Credit Suisse reduced its full-year writedowns today to just under $2 billion. It's one of the few banks to avoid heavy subprime losses.
It's rival, UBS, has taken charges of more than $18 billion. Credit Suisse isn't perfect though -- the bank also reported a 49 percent fall in fourth-quarter net profit.