BUSINESS June 30, 2011 | 5:30 PM
Canada is a land rich in natural resources, and is known globally as a leading producer and exporter of energy. With total energy production increasing by 81%, but energy consumption increasing by only 40% from 1980 to present, Canada has exported much of its energy to the United States. The United States relies heavily on Canadian oil, natural gas and electricity imports.
Canada’s current ranking in natural gas production is 3rd in the world, and 7th globally for crude oil production. Its major source of oil production is oil sands (36%), followed by East Coast offshore operations (7%). There are still many untapped oil and gas energy resources in Alberta, the Yukon, the north and the Northwest Territories.Read more »
ECONOMY June 30, 2011 | 5:27 PM
French Finance Minister Christine Lagarde has been appointed Managing Director of the International Monetary Fund (IMF) by its 24-member Executive Board, representing the organization’s 187 member states. July 5 will mark the beginning of her five-year term.
Lagarde had lobbied for the support of Indonesia, Egypt and the United Arab Emirates to reinforce her candidacy. Lagarde, the IMF’s first female chief, was endorsed by the Obama administration just hours before the Board came to their decision and was equally backed by Europe, China and Russia.Read more »
BUSINESS June 30, 2011 | 10:32 AM
More than three in five Americans, or 62%, own at least one pet, according to The Harris Poll. No real surprise there. The most common pet is a dog, which is also not surprising - “man’s best friend", after all.
But consider this: Some 91% say they consider their pet to be an equal member of the family. Dogs have become such an important part of the family that a majority (54%) of Americans consider themselves to be “pet parents” instead of “pet owners.”Read more »
WORLD June 29, 2011 | 6:15 PM
The US Transportation Security Administration (TSA) is now seeking alternatives to stringent security methods in response to many complaints and a decline in flight travel.
After 9/11, the US government sought new ways to ensure the safety of travelers. As safety measures have become more tedious and personal, passenger frustration has risen. Now with the introduction of body scanners and aggressive pat-downs, both the airline industry and customers are saying enough is enough. Foreign travelers are avoiding flights to the US, which hurts airlines and injures an already damaged economy. Customers feel that they are considered guilty until proven innocent. Many others perceive the strict safety measures as an invasion of privacy.Read more »
WORLD June 29, 2011 | 6:12 PM
In the next 20 years food prices for staple foods will be more than double the current price, Oxfam reports.
The poor, who spend about 80% of their income on food, will be greatly impacted by the high cost of food. The world is predicted to enter a food crisis, which could cause political unrest and necessitate reformation of the global food system.Read more »
ECONOMY June 28, 2011 | 6:21 PM
The Canadian luxury home market is booming, despite the general downturn of the real estate sector. As the Canadian Real Estate Association (CREA) reported, national home sales were down 4.4% from March to April 2011, yet the average home price was up 8% from 2010.
Luxury home sales have risen nationwide, particularly in major metropolitan centers such as Ottawa, Calgary and Winnipeg. However, real estate broker firm, Re/Max, chiefly credited multi-million dollar transactions in Vancouver with boosting the average home price in Canada.Read more »
BUSINESS June 28, 2011 | 5:50 PM
The pet market in the United States is expected to recover and remain healthy. About 62% of United States households own a pet as of 2011, according to an American Pet Products Association National Pet Owners Survey.
Dogs and cats were the most popular pets owned by pet owners in the United States, according to a study by the American Pet Products Association. The association reports that in 2011 about $19 billion will be spent on pet food, followed by $11 billion to be spent on pet supplies.Read more »
BUSINESS June 28, 2011 | 12:13 PM
There may be a global economic slowdown but you would not know it in Latin America, particularly in the online travel marketplace (OTAs) where a new study from travel research authority PhoCusWright predicts OTAs will double their gross billings to $5 billion in the next two years.
As OTAs thrive, the area’s growing importance to business is also reflected in stepped-up investment from the travel industry. US-based airlines - such as American, Continental and Delta - are launching new routes to compete with local airlines. Some American airlines are merging with Latin American-based lines to compete even more effectively.Read more »
ECONOMY June 27, 2011 | 5:20 PM
On his trinational EU tour, Chinese Premier Wen Jiabao met German Chancellor Angela Merkel in Berlin, resulting in the signing of $15 billion (around €10.4 billion) worth of business deals.
Bilateral trade relations between China and Germany, the world’s second and fourth strongest economies respectively, call for a measure of cultural diplomacy especially in light of Germany’s criticism of its new partner’s repressive political policy.Read more »
BUSINESS June 26, 2011 | 4:13 PM
The US Department of Energy has announced that it will offer $2 billion in loans to two renowned California solar companies. The DOE is offering conditional commitment loan guarantees to the tune of $1.2 billion for the Mojave Solar Project and $681.2 million to the Genesis Solar Project.
At 250 megawatts each, the combined power of both projects will double the nation's current concentrated solar thermal power (CSP) capacity.Read more »
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