sound money

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 →

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Rich Chinese and Russians Flock to Germany to Spend

"Travelers from non-EU countries can receive a refund for the value-added tax they've paid on items they buy, generally 19% of the purchase price. There are days when the customs officers are barely able to cope with the flood of heavily laden tourists. Long lines often form at the customs counters shortly before flights leave for Moscow, Beijing or Dubai. The same is true for incoming flights, when arriving passengers must declare cash amounts over €10,000. A golden age has also begun for businesses that specialize in refunding value-added tax. The companies pay tourists the bulk of the refund, but the company retains a percentage as a 'service charge.'" Continue reading →

Continue ReadingRich Chinese and Russians Flock to Germany to Spend

India’s ultra rich: younger, richer and buying gold

"India’s community of high net worth individuals is growing fast and, for them, the most favoured form of investment is gold. The HNI population in India rose by around 20.86% in 2010, and their wealth is estimated to have grown by more than 11%, to $530 billion. India is one of the fastest growing HNI segments in the world, currently contributing approximately 1.2% to the global HNI wealth. And, importantly, while their assets are growing the members of this class are also getting younger. The average age of Indian high networth individuals (HNIs) has fallen to the mid-40s from the early 50s in just five years." Continue reading →

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In Gold’s Own Country

"With only 3% of India’s population, Kerala gobbles up 20% of the country’s gold every year, and the World Gold Council estimates that India, the largest consumer of gold in the world, consumes 30% of the global supply. 200,000 people are employed in the gold industry in this tiny state. Such is the love of gold in Kerala that there may be no household without some gold, tucked away as savings, either to be given away as wedding gifts for daughters or to raise cash by way of gold loans or outright sale. Muthoot, the largest lender, prides itself in completing a transaction within three minutes, and its branches can be seen on every corner in Kerala." Continue reading →

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Egypt fears run on its banks as it imposes limit on amount people can withdraw

"Egypt has imposed a limit on the amount of money people can take out of the country, amid fears of an impending run on the banks. The move to ban leaving with more than £6,000 came as thousands of Egyptians withdrew savings from banks to hoard cash at home. Anxiety about a deepening political and economic crisis has gripped the country in past weeks, with many people rushing to buy dollars and take out their savings from banks. The panic came as the country’s new president, Mohammed Morsi, called for ‘unity’ after a referendum approved a controversial constitution which gave him and islamist allies more powers." Continue reading →

Continue ReadingEgypt fears run on its banks as it imposes limit on amount people can withdraw

How a $5 gravity-powered LED could revolutionize cheap lighting

"An LED light that runs on rope pulls and gravity has been developed, which could be good news for developing countries without access to stable lighting. GravityLight, a crowdfunding campaign and product created by British designers Martin Riddiford and Jim Reeves, allows a cheap LED kit to run for up to thirty minutes — for free — through no more than a three-second pull on a rope. The energy source after this? Something free that everyone has access to — gravity." Continue reading →

Continue ReadingHow a $5 gravity-powered LED could revolutionize cheap lighting

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 →

Continue ReadingSanta Monica residents push city council to rein in outdoors fitness classes

Brain scans reveal fructose link to overeating

"People who consume fructose instead of sugar derived from cane or other natural sources feel less satisfied by their food and tend to consume more, according to research published Wednesday in The Journal of the American Medical Association. Stacked next to brain scans of individuals who consumed glucose, the results showed a clear divergence in areas of the brain regulating appetite and reward processing. It is the first scientific literature to directly link fructose consumption to obesity-causing behaviors. Similar research published in November found that use of high fructose corn syrup correlates to significantly higher rates of type 2 diabetes." Continue reading →

Continue ReadingBrain scans reveal fructose link to overeating

Poland bans genetically modified maize and potatoes

"Poland on Wednesday imposed new bans on the cultivation of certain genetically modified strains of maize and potatoes, a day after an EU required green light for GM crops took effect. The centre-right government of Prime Minister Donald Tusk imposed farming bans on German BASF’s Amflora strain of potato and US firm Monsanto’s MON 810 maize or corn, according to a government statement Wednesday. The ban on specific strains essentially uses a legal loophole to circumvent the EU’s acceptance of such products." Continue reading →

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