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White House: Health law requires coverage for workers’ children

“The Affordable Care Act will require employers to offer health insurance that covers their workers’ children too, the Obama administration announced on Monday. Though many companies offer family health insurance today, a narrow selection of them do not, meaning the rule will require significant changes for some in the private sector. Nevertheless, it only applies to full-time employees at companies with more than 50 workers, meaning most small businesses are exempt.” Continue reading →

Venezuela’s Inflation Rate Hit 19.9%

“Venezuelan inflation reached 19.9 percent in 2012, the central bank said in a preliminary estimate on Saturday, beating its official target thanks to strict price controls that business leaders say are unsustainable in the long term. The government of President Hugo Chavez has capped prices for a wide range of consumer goods, helping contain inflation that has traditionally been the highest in Latin America. The 2012 target had been between 22 and 25 percent. But inflation is seen accelerating in 2013 because Venezuela is expected to devalue the bolivar currency after heavy campaign spending this year that helped ensure Chavez’s re-election.” Continue reading →

Germany ‘exporting’ elderly to foreign retirement homes

“Growing numbers of elderly and sick Germans are being sent overseas for long-term care in retirement and rehabilitation centres because of rising costs and falling standards in Germany. The move, which has seen thousands of retired Germans rehoused in homes in eastern Europe and Asia, has been severely criticised by social welfare organisations who have called it ‘inhumane deportation’. But with increasing numbers of Germans unable to afford the growing costs of retirement homes, and an ageing and shrinking population, the number expected to be sent abroad in the next few years is only likely to rise. Experts describe it as a ‘time bomb’.” Continue reading →

Beijing spends a billion to get China’s music industry rocking

“From the top of a hillside in Pinggu village, an hour’s drive from central Beijing, the future of China’s music industry doesn’t look like much – just a vista of Mao-era farmhouses and parched cabbage fields. Yet Beijing officials have announced plans to spend more than 10 years and £1.4bn turning the area into the ‘China Music Valley’, a sprawling compound that will be home to recording studios, instrument makers, music schools, five-star hotels and an arena in the shape of a peach.” Continue reading →

World’s longest bullet train service launched in China

“The opening of the new 2,298-kilometre (1,425-mile) line between Beijing and Guangzhou means passengers will be whisked from the capital to the southern commercial hub in just eight hours, compared with the 22 hours previously required. Trains will travel at an average speed of 300 kilometres per hour over the line, which includes 35 stops in major cities such as Zhengzhou, Wuhan on the Yangtze River and Changsha. China’s high-speed rail network was established in 2007, but has fast become the world’s largest. Xinhua said that China now operates 9,300 kilometres of high-speed railways.” Continue reading →

Russia unveils $25 billion oil pipeline to the Pacific

“The East Siberia – Pacific Ocean (ESPO) link is also expected to expand sales to the United States and fulfil Putin’s dream of cementing Russia’s place as a dominant force on international crude markets. Moscow hopes to make ESPO into a benchmark in the Asia Pacific region that competes with WTI — the US oil standard whose price some traders believe is too heavily based on domestic political factors. The port — previously connected to East Siberian crude by rail — also provides Russia with quick access to Japan and South Korea. The head of the Transneft state oil pipeline operator said most of the crude from the final leg would in fact be destined for the U.S.” Continue reading →

New gold for a scary new world

“Divisible gold ‘Combibar’ can easily be broken into one gram pieces and used as payment in emergency.” Continue reading →

Santa Monica residents push city council to rein in outdoors fitness classes

“The city is considering a proposal that would require fitness trainers running their classes on city grounds pay a $100 fee and 15 percent of their gross revenues. Classes may also be limited to no more than two students per trainer, unless instructors working in larger venues provide proof of insurance on top of paying the fees. But some trainers have responded that while they don’t pay rent for teaching outdoors, they already pay the city for the proper permits and licensing to operate their businesses, on top of their own insurance and CPR certification fees.” Continue reading →