Daily Digest

Daily Digest 5/12 - The Future Of Oil, A Fish Story, Fannie Mae Posts Profit

Saturday, May 12, 2012, 10:44 AM
  • The Future of Oil: Geology versus Technology
  • Data Signals Economic Trouble in China
  • In Spain, a Debt Crisis Built on Corporate Borrowing
  • Fannie Mae Posts Profit; Seeks No Aid
  • A Fish Story
  • Chinese Government to Close 1,200 Companies to Help Clear Beijing Smog

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Economy

The Future of Oil: Geology versus Technology (Ernest W.)

The International Monetary Fund (IMF) recently issued a new working paper called “The Future of Oil: Geology versus Technology” (free PDF), which should be of interest to people who are following “peak oil” issues. This is a research paper that is being published to elicit comments and debate; it does not necessarily represent IMF views or policy.

Data Signals Economic Trouble in China (jdargis)

Exports, a cornerstone of China’s economic growth over the last three decades, grew 4.9 percent last month — half as much as economists had expected. And a slump in new orders over the last month at the Canton Fair, China’s main marketplace for exporters and foreign buyers, suggests that overseas shipments by the world’s second-biggest economy, after that of the United States, may not recover quickly.

In Spain, a Debt Crisis Built on Corporate Borrowing (jdargis)

The Spanish government’s harsh budget cuts and their depressive effect on the economy have prompted foreign investors to sell Spanish stocks and bonds in droves. On Tuesday, Spanish stocks plunged 2.8 percent and the government’s 10-year bond yields spiked to 6 percent as Spain moved to bail out its ailing banks, and uncertainty over Greece loomed.

Fannie Mae Posts Profit; Seeks No Aid (jdargis)

"We expect our financial results for 2012 to be significantly better than 2011,” Susan R. McFarland, Fannie Mae’s chief financial officer, said in a statement. “As our serious delinquency rate declines and home prices stabilize, we expect to reduce our reserves, which combined with revenue from our high-quality new book of business will drive our future results.”

A Fish Story (jdargis)

Like any good mystery, this one has a prime suspect. Across the Chesapeake and about sixty miles to the south of where Price stands, a seaside factory hums and buzzes, filling the small town of Reedville, Virginia, with the putrid smell of menhaden chum. The looming smokestacks, warehouses, and pretty much everything else on Reedville’s Menhaden Road are owned by Omega Protein, a publicly traded company headquartered in Houston with a long and storied history of industrial fishing in Atlantic waters.

Chinese Government to Close 1,200 Companies to Help Clear Beijing Smog (James S.)

Many complain about the heavy smog often found within the city. Smog so thick that sometimes planes can be grounded and trains going to and from the city be delayed due to poor visibility. Obviously the local residents also complain of health concerns, with many being forced to wear face masks to prevent inhalation of the dirty air.

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