China threatens 'nuclear option' of dollar sales

By Ambrose Evans-Pritchard

Last Updated: 9:54am BST 08/08/2007

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 to force a yuan revaluation.

Two officials at leading Communist Party bodies have given interviews in recent days warning - for the first time - that Beijing may use its $1.33 trillion (£658bn) of foreign reserves as a political weapon to counter pressure from the US Congress.

Shifts in Chinese policy are often announced through key think tanks and academies.

Described as China's "nuclear option" in the state media, such action could trigger a dollar crash at a time when the US currency is already breaking down through historic support levels.

It would also cause a spike in US bond yields, hammering the US housing market and perhaps tipping the economy into recession. It is estimated that China holds over $900bn in a mix of US bonds.

Xia Bin, finance chief at the Development Research Centre (which has cabinet rank), kicked off what now appears to be government policy with a comment last week that Beijing's foreign reserves should be used as a "bargaining chip" in talks with the US.

"Of course, China doesn't want any undesirable phenomenon in the global financial order," he added.

He Fan, an official at the Chinese Academy of Social Sciences, went even further today, letting it be known that Beijing had the power to set off a dollar collapse if it choose to do so.

"China has accumulated a large sum of US dollars. Such a big sum, of which a considerable portion is in US treasury bonds, contributes a great deal to maintaining the position of the dollar as a reserve currency. Russia, Switzerland, and several other countries have reduced the their dollar holdings.

"China is unlikely to follow suit as long as the yuan's exchange rate is stable against the dollar. The Chinese central bank will be forced to sell dollars once the yuan appreciated dramatically, which might lead to a mass depreciation of the dollar," he told China Daily.

The threats play into the presidential electoral campaign of Hillary Clinton, who has called for restrictive legislation to prevent America being "held hostage to economic decicions being made in Beijing, Shanghai, or Tokyo".

She said foreign control over 44pc of the US national debt had left America acutely vulnerable.

Simon Derrick, a currency strategist at the Bank of New York Mellon, said the comments were a message to the US Senate as Capitol Hill prepares legislation for the Autumn session.

"The words are alarming and unambiguous. This carries a clear political threat and could have very serious consequences at a time when the credit markets are already afraid of contagion from the subprime troubles," he said.

A bill drafted by a group of US senators, and backed by the Senate Finance Committee, calls for trade tariffs against Chinese goods as retaliation for alleged currency manipulation.

The yuan has appreciated 9pc against the dollar over the last two years under a crawling peg but it has failed to halt the rise of China's trade surplus, which reached $26.9bn in June.

Henry Paulson, the US Tresury Secretary, said any such sanctions would undermine American authority and "could trigger a global cycle of protectionist legislation".

Mr Paulson is a China expert from his days as head of Goldman Sachs. He has opted for a softer form of diplomacy, but appeared to win few concession from Beijing on a unscheduled trip to China last week aimed at calming the waters.

(http://www.telegraph.co.uk)

New Mexico Governor's Health Care Plan

By MIKE GLOVER, Associated Press Writer Tue Aug 7, 8:59 PM ET

The New Mexico governor said he could provide coverage to the 45 million uninsured without raising taxes. Instead, Richardson said preventive care would save the nation billions of dollars and additional money could be diverted from spending on the Iraq war.

Richardson estimated that his health care plan would cost between $104 billion to $110 billion a year.

Features of Richardson's health care plan include:

• Lowering the eligibility age for Medicare, which provides health coverage for the elderly, to 55. He would also expand government health programs for the poor and for children. Young people could stay on their parent's insurance plan until they turn 25, under his proposal.

• Giving veterans a card allowing them to get health benefits at the facility of their choice.

• Requiring that insurance companies not deny coverage due to pre-existing conditions, and mandating that they spend at least 85 percent of their premiums on health services.

• Increasing the use of technology to increase the efficiency of the health care system.

• Enacting new incentives for preventative health care programs.

• Allowing government health programs to negotiate with pharmaceutical companies to get the best price on prescription drugs. His plan also would expand the use of generic drugs.

• Approving new tax breaks for individuals and businesses that pay for their own coverage.

(AP / http://news.yahoo.com )

Your Bad Credit Could Cost You $1 Million

by Jeffrey Strain
Thursday, August 2, 2009 provided by
TheStreet.Com

You probably are well aware that a poor credit score costs you money, but you probably are not aware how much that can add up to over time -- sometimes well over $1 million.

For people with poor credit, the additional money they'll pay for things like mortgages, car loans and insurance, compared with what those with solid credit pay, can be in the mid-six figures over a 30-year period. Invest it wisely, and that number could soar to more than $1 million.

Here is how poor credit costs you in more ways than you imagined:

Mortgage: One obvious place that poor credit hurts you is the interest rate you must pay when you purchase a house. The average price for a home in June 2007 was $316,200.

According to MyFico, a 30-year, $300,000 loan for someone with a credit score of between 760 and 850 carried a 6.346% APR. Someone with a credit score of between 500 and 579 would have a 10.152% APR. That would mean that a person with a good score would have a monthly payment of $1,866, while the person with the poor credit score would pay $2,666 -- or $800 a month more for the same house. That adds up to $288,000 over the 30 years of the loan.

Auto loan: Edmunds.com says that the average car loan is $24,864. According to MyFico, an auto loan for a person with good credit (defined as a score of between 720 and 850) would carry a 7.221% APR, while someone with poor credit (a score between 500 and 589) would have to pay a 14.909% APR. That works out to a difference of $88 a month, which comes to $3,168 over the three years of the loan. The average person keeps their car for 4.5 years.

That means if each person financed a new car every five years, it would cost the person with bad credit $19,008 more in car financing over 30 years than someone with good credit.

Credit cards: Let's assume, for our exercise, that both the people with good and bad credit both carry the median credit card debt of $2,200 over 30 years. If the person with good credit had an interest rate of 9% and the person with bad credit had an interest rate of 20%, the person with poor credit will pay an extra $7,260 over a 30-year period.

Lost interest: If the person with good credit took the difference and invested that money in an account that earned 8% compounded annually for 30 years, he or she would have well over $1 million saved. In fact, investing the $800 difference in the cost of the mortgage alone would be worth $1.2 million.

Insurance: All types of insurance (auto, health, homeowners) will likely cost more for a person with poor credit than one with good credit. Insurance companies know that people with poor credit make more claims than those with good credit -- and therefore are more of a risk to insure.

If your credit score is taken into account on any of your insurance rates, an individual with poor credit will pay more than a comparable individual with good credit.

Job: You may lose out on a better job due to poor credit. More and more employers pull your credit report when you apply for a job, because many see a risk in employing a person with poor credit. The same can be true with promotions. For example, people in the armed forces may not be able to get clearance for classified documents and areas due to poor credit, therefore blocking potential advancement.

Housing: Many apartment managers will run a credit check on prospective tenants. If your credit is poor, you may be denied a unit due to the risk that you may not be able to pay.

Deposits: If you have poor credit, you may need to leave a deposit -- or a larger deposit -- with certain companies than you would if you had good credit. Utility and cellular phone companies sometimes ask for deposits with people that have less-than-stellar credit.

Health: In addition to all the financial aspects where poor credit will hurt you, it could also adversely affect your health. It's not difficult to imagine that a person who has to pay a couple of hundred thousand dollars more for the same house as a neighbor down the street could have some financial stress in their life. This stress can affect a person both mentally and physically, if the poor credit is constantly a source of fighting in the house.

Poor credit is no longer a situation that can be isolated from other areas of your life. The trend is only growing stronger. Take the time to make the effort to keep your credit in good standing. It will pay off with more money in your pocket and less stress in your life.

Copyrighted, TheStreet.Com. All rights reserved.

Grocer Publix to Hand Out 7 Prescription Antibiotics for Free

Tuesday , August 07, 2007

Publix has decided to start giving away seven commonly prescribed antibiotics for free.

The oral antibiotics will be available at no cost to any customers with a prescription as often as they need it.

Publix will offer 14-day supplies of the seven drugs at all of the company's pharmacies. The supermarket chain operates 684 pharmacies in five states.

Publix CEO Charlie Jenkins, Jr says he hopes the decision to offer the free prescriptions will build the company's pharmacy business and help people too.

Today Governor Charlie Crist appeared at a Public store in Cape Coral to praise Publix for, what he called, its generosity and great corporate ethic.

Other retailers that offer discounted drug programs include K-Mart and Wal-Mart (WMT). But Publix says it's the first large regional chain to offer certain drugs at no cost.

(AP / www.foxnews.com)

Is He the Best (Relationship) Candidate for You

Posted by David Zinczenko
on Tue, Jul 31, 2007, 7:05 pm PDT

We all know how politics can work: Sometimes we vote for candidates based on their actual positions on important issues like war, environment, and health care.

But more often than not - for an awfully big part of the population - we vote for candidates based on their personalities. We analyze the way candidates talk, dress, wear their hair, treat their families, treat their office staff, you name it. And we project: Do we want this kind of person as president? Do we like this person?

So when we come to our decisions about our political preferences, it's no surprise that the candidates we like are the ones we see a bit of ourselves in. While political talk may be off-limits on first dates and on-the-couch canoodling sessions, there can be an advantage for a woman to know which way he's leaning. All politics aside for the time being, here's what his taste in candidates might suggest about his relationship style.

If he likes.... John McCain
He likes to see himself as a maverick, somebody who's always bucking authority. An advantage if he's making a deal on a new car, not so much if he's been pulled over for speeding. He can be hard to tame, but he'll be dedicated and trustworthy if you win him over to your cause.

If he likes... Bill Richardson
He's signing on with a decided underdog, which means he a) isn't about making the trendy choice, and b) may see himself as a kind of underdog, as well. But that's the very reason he's going to work so hard for your affection. Don't count him out, because he values substance over herd mentality. Give him a chance and hear him out.

If he likes.... Rudy Giuliani
He's a bull-in-a-china-shop type of guy. He'll make a mess out of your house, but the flip side is that he can also do the same with a potential mugger's face. The steely exterior may be tough to crack, but that rock of a shoulder can be a good one to lean on when times are tough.

If he likes.... Barack Obama
He's a relater - somebody who respects the views of others and is willing to work with that. That might make him a crowd favorite from the moment you introduce him to your circle of friends and family. Knowing that so many people like him makes him a popular choice, but it'll be your job to crack his exterior to see if he's worth the hype.

If he likes... Mitt Romney
No polygamy jokes here, I promise. Romney's got the résumé, the bankbook, and the look, which gives him a surface flash and appeal. But who is he, exactly? You might ask the same question of somebody who has signed on for that campaign. Are they looking for somebody plausible, or drilling down to the deeper issues in their lives? Do your opposition research, so you won't get caught with surprises further on down the line.

If he likes.... John Edwards
Edwards is a persistent bugger, you have to give him that. Anybody who rides the presidential roller coaster twice has to have a big agenda, and he'll appeal to guys who would lay it on the line for others, and never give up. Not bad qualities in a running mate, or a life mate, either. Dump him? He'll be back. And he'll be willing, ready, and eager to give the relationship a second chance, and try hard to win your vote.

If he likes... Hillary Clinton
Besides the fact that he's a forgiving soul, it also means that he appreciates the power structure of the two-headed household. He'll want some time in the spotlight, but he won't deny you your time either. That's perfect for careers, and not that bad of a deal for the bedroom, either.

If he likes.... Al Gore or Fred Thompson
He likes to keep you guessing. Will he call or won't he? Will he remember your birthday or won't he? Though you've seen him around before, the mystery surrounding this guy - and whether or not he'll provide the perfect, long-term relationship material - is the thing that makes him so attractive.

(health.yahoo.com)

A car that gets testy with drunkards

TOKYO: Motorists tempted to get behind the wheel after one alcoholic drink too many could soon get a ticking off from an unlikely source — their car.

Nissan Motor Co on Friday announced a new concept car packed with technologies to deter driving while under the influence of alcohol. Inside the gear stick knob is a highly sensitive odor sensor.

If alcohol is detected in the perspiration on a driver's palm the vehicle is immobilised and a voice warns against drink driving along with a message on the navigation system monitor.

Odour sensors are also incorporated into the driver and passenger seats and if alcohol is detected in the air inside the cabin a warning is given. A camera also detects drowsiness and issues alerts as well as tugging the seatbelt.

Nissan is also testing a new on-board breathalyser that will prevent inebriated motorists from starting up their cars as part of industry wide research into ways to reduce drink driving.

Rivals Toyota Motor Corp and Honda Motor Co are also researching anti-drink driving systems, said Credit Suisse auto analyst Koji Endo.

Other carmakers with detection systems include Sweden's Volvo, which has developed technology in which drivers blow into a measuring unit in the seat belt before an engine can start. "Everybody's concern nowadays is with safety and environmental issues," Endo said.

But the technology still seems unlikely to become widely used as it was doubtful that the government would make it compulsory, Endo added.

Japan has been cracking down on drink driving since a high-profile incident last year in which a drunk public official smashed into another car, killing three children.

The Asian economic giant has strict anti-drink driving laws and the legal limit for drivers is 0.15 milligrammes of alcohol per litre of blood.

Nissan's technology is still in development, but general manager Kazuhiro Doi says the combination of detection systems will ultimately keep an eye on who's behind the wheel.

(http://www.timesofindia.com)

Indian bids possible for Land Rover, Jaguar

July 19, 2007

New Dehli, India - Indian automakers Tata and Mahindra are each reportedly considering a bid to buy Jaguar and Land Rover from struggling US auto giant Ford.

Media reports have pegged the deal as worth about $1.4-billion.

The Indian Business Standard daily quoted unnamed sources as saying Tata had appointed advisers to evaluate a bid and signed a confidentiality agreement with Ford to access financial details of the two brands, which have a combined British workforce of 19 000 people

Tata Steel bought Anglo-Dutch steelmaker Corus for $13.7-billion.

The move would be in keeping with Tata's growing appetite for overseas acquisitions; earlier in 2007 Tata Steel bought Anglo-Dutch steelmaker Corus for $13.7-billion (R94-billion), India's biggest foreign takeover yet.

The Economic Times reported that although Mahindra had formed a joint venture in 2007 with Renault and Nissan it had also signed a confidentiality agreement with Ford.

It said Mahindra's real interest was in Land Rover but, since the two brands were being offered as a package, it was looking at a combined bid. - AFP

(http://www.motoring.co.za)

Study: Cheap Cervical Cancer Test Could Save Millions of Lives

A cheap method to detect cervical cancer using vinegar, cotton gauze and a bright light could save millions of women in the developing world, experts reported Friday.

The study, published in The Lancet medical journal, found a simple visual screening test to look for the early signs of cervical cancer reduced the numbers of cases by a quarter.

"This is a landmark study," said Dr. Harshad Sanghvi, medical director at JHPIEGO, an international health organization affiliated with Johns Hopkins University that has worked on preventing cervical cancer in poor countries. Sanghvi was unconnected to the Lancet study.

Previous research has shown visual screening is almost as effective in catching cancer as Pap smears, a more expensive technique used in the West, which involves scraping cells from the cervix to be examined under a microscope in a laboratory.

But other tests, like Pap smears or those to detect the human papillomavirus, or HPV, which can cause cervical cancer, are too expensive for poor countries to adopt. "The visual screening approach is within our grasp," Sanghvi said. "Visual inspection won't have as dramatic an impact as the sophisticated tests, but will have 70 percent of the impact for a minuscule cost."

Officials are already working on a cheaper version of the cervical cancer vaccine, which currently costs about $360 per dose, for the developing world. Together with stepped-up screening, doctors think that cervical cancer might one day be wiped out as a major health problem.

(http://www.foxnews.com / AP)

Current female heads of government

Verónica Michelle Bachelet Jeria (born September 29, 1951) is a center-left politician and the current President of Chile She was inaugurated on March 11, 2006.

Helen Elizabeth Clark (born February 26, 1950) became Prime Minister of New Zealand in December 1999 and entered her third successive term in that office in 2005.

Luísa Dias Diogo (born April 11, 1958) has been prime minister of Mozambique since February 2004.

Ellen Johnson-Sirleaf (born October 29, 1938) is the current president of Liberia and Africa's first elected female head of state.

Gloria Macapagal-Arroyo (born April 5, 1947), also known by her initials "G.M.A.", is the 14th and current president of the Philippines.

Angela Dorothea Merkel (b. Angela Dorothea Kasner, 17 July 1954, in Hamburg, Germany), is the Chancellor of Germany.

Pratibha Patil (born December 19, 1934) is the 13th and current President of India.

Portia Lucretia Simpson-Miller (born 12 December 1945 in Wood Hall, St. Catherine Parish) is, since 30 March 2006, the Prime Minister of Jamaica.

(http://www.wikipedia.org/)

Australian granny, 94, becomes world's oldest master

A 94-year-old Australian great-great-grandmother who quit school at 12 is said to have become the world's oldest person to earn a university masters degree.

Medical Science Masters Degree graduate Phyllis Turner, from Australia's Adelaide University, began studying for her postgraduate degree at age 90 and received her award this week.

"I feel very very happy after five years of study, but sorry that I am just a little bit immobilized," Mrs Turner, who uses a walking stick, told Australian papers.

Degree supervisor Professor Maciej Henneberg said he had been amazed by Turner's energy and dedication to study.

"Mentally she was like any other student. You couldn't tell her thinking, her enthusiasm and her interests apart from somebody who was 25. She has a lively mind," he told Reuters.

(Reuters)