Archive for July 22nd, 2008An anonymous reader writes with an excerpt from the Victoria Times Colonist: “After a remarkable 37-year experiment, University of Alberta scientist David Schindler and his colleagues have finally nailed down the chemical triggers for a problem that plagues thousands of freshwater and coastal ecosystems around the world.” Punchline: “Phosphorus.” Read more of this story at Slashdot.
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07
2008
 
NASA Might Hire Japanese Spacecraft For ISS Service MissionPosted by: in Life and Scienceschliz writes “NASA is talking to Japan’s space bureau about using one of its spacecraft for servicing missions to the International Space Station, according to Japanese media reports. NASA has been considering various options to maintain its commitment to the Space Station after the Space Shuttle is retired from service in 2010. According to Japanese newspaper Yomiuri Shimbun, ‘unofficial negotiations’ between NASA and the Japan Aerospace Exploration Agency (Jaxa) began in February.” Read more of this story at Slashdot.
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07
2008
RBC Analyst: 300 Banks Could Fail [Housing Tracker] - Seekingalpha.comPosted by: admin in Today NewsRBC Analyst: 300 Banks Could Fail [Housing Tracker] - Seekingalpha.com Quarter of borrowers anticipate mortgage woes - News.com.au FEMA delivers incomplete disaster housing strategy - San Diego Union-Tribune Paulson to Congress: Pass rescue plan - CNN Money WRAPUP 1-Fannie, Freddie rescue estimate mounts, plan goes ahead - Reuters Subscribe to Inside Housing - InsideHousing Housing authority resident told to remove flag - Bangor Daily News WaMu Swings To 2Q Loss As Co Boosts Loan Loss Reserves - CNN Money Economists see growth remaining feeble - CNN Money Analyst: $25-billion tab possible in aiding Fannie and Freddie - Detroit Free Press Filed under: Products and services, Middle East, Politics, Presidential elections, Commodities, Oil
For one thing, as the Washington Post and other independent observers note, drilling for more oil will do tiny to alleviate the pain U.S. drivers are feeling at the pump. The available supplies are probably not going to make much of a dent in our never-ending thirst for the black gold. Remember, the oil might not be as simple to get or cheap to process. “Drilling off the coasts would increase U.S. oil production but have no short-term impact on gas prices,” the Post states. “While some analysts disagree, an Energy Department report last year said production would not start until 2017 and have no ’significant’ effect on prices or supplies until 2030.” An even more ridiculous idea floated by Republican John McCain is the so-called gas tax holiday, which has been roundly denounced by economists and Obama as a dangerous economic gimmick. Experts estimate that it would save the average consumer a whopping $30. There is plenty of blame to go around for high gas prices. Oil markets are spooked by the war in Iraq and a potential war with Iran. Remember how Iraq’s oil was supposed to pay the costs of our military? It has not happened yet. We also have not built a new refinery in the U.S. in decades. Speculators are bolstering prices though not to the extent some politicians recommend. Corporate Average Fuel Economy (CAFE) standards are also a joke. “It was only last December that Congress approved new mileage standards, the first in 32 years,” wrote Joseph Wheelan in the Atlanta Journal-Constitution. “If they stand, the present fleet standard of 27.5 mpg will rise to 35 mpg — but not until 2020.” The problem is that we want more gasoline than the oil companies can deliver. The problem is that easy and that complicated.
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07
2008
UAL shares soar after boosting liquidty and posting superior than expected resultsPosted by: in Products and ServicesFiled under: Earnings reports, Products and services, JPMorgan Chase (JPM), UAL Corp (UAUA)
The company will receive a payment of $600 million from JPMorgan Chase & Co. (NYSE: JPM) related to the advance buy of frequent flier miles. In addition, the level of reserves that United is required to maintain under its credit card processing agreement with Chase Paymentech has been reduced to $25 million, a move which will free up about $350 million in previously restricted cash. UAL anticipates the frequent flier payment to improve cash flow by about $200 million over the next two years. “Combined with the previously announced approximately $550 million raised from new transactions in the second and third quarters, the company will have increased its total cash balance by $1.7 billion and continues to have more than $3 billion in unencumbered hard assets,” UAL stated in a press release. Like all airlines, United is getting pounded by record-high oil prices. The company also announced plans today to cut 7,000 jobs as it posted a whopping $2.73 billion loss in the second quarter. The pain is expected to continue for some time to come. “The largest U.S. airlines will cut their fleets by at least 465 jets and eliminate about 26,000 jobs this year to stem losses,” Bloomberg News said. “More reductions are possible as the slowing U.S. economy damps travel demand, analysts have stated.” Airline stocks are like airline travel: ideal avoided unless completely necessary.
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