For a half-century, the U.S. Army Corps of Engineers has been in the beach business, dredging up new sand as shorelines wash away. Federal disaster aid for Superstorm Sandy could provide billions more for beach rebuilding, and that has revived an old debate: Is this an effective way to protect against storms, or a counterproductive waste of tax dollars?
On a recent blustery day at Virginia Beach, the latest beach nourishment project is in full swing. A bulldozer smooths out pyramids of sand, and on the horizon, a large, black hopper dredge appears with another load.
Hemp products for sale in Washington, D.C., in 2010. The U.S. is the world's largest consumer of hemp products, although growing hemp is illegal under federal law. Colorado recently passed a measure that legalizes growing hemp.
Credit Courtesy Michael Bowman
DEA Special Agent Paul Roach says federal law does not distinguish between hemp and marijuana.
With recreational marijuana now legal in Colorado, small-scale pot shops will open up soon in places like Denver and Boulder. But that's not the only business that could get a boost: Large-scale commercial farmers may also be in line to benefit.
Why? When Colorado voters legalized marijuana last November, they also legalized hemp.
Health insurance plans now have to cover the full cost of breast pumps for nursing mothers. This is the result of a provision in the Affordable Care Act (aka Obamacare), and the new rule took effect for many people at the start of this year.
It's led to a boom in the sale of the pumps, which can cost hundreds of dollars.
Standing near the Remington Arms factory, Beth Neale, deputy mayor of Ilion, N.Y., says she's watched a lot of large manufacturers leave the region. She's not sure Ilion would easily recover from losing Remington.
Credit Mike Groll / AP
Workers from Remington Arms Company in Ilion, N.Y., talk with Assemblyman Marc Butler and Assemblywoman Claudia Tenney about gun legislation at the Capitol on Jan. 14 in Albany, N.Y.
Originally published on Mon January 14, 2013 5:59 pm
We don't hear much about bank liquidity, partly because it sounds so dull. It's much more fun to talk about prop trading (fear the London Whale!) or structured finance (synthetic CDOs are crazy!).
But if you're trying to figure out how safe banks are — and how willing they'll be to make loans to ordinary people — liquidity is at least as important as other, more-dramatic-sounding corners of finance.
So the new liquidity rules global banking regulators released yesterday are a big deal for the real economy.
Google's Executive Chairman Eric Schmidt (left) arrives at Pyongyang International Airport on Monday. There is speculation that Schmidt's presence in North Korea could have an upside for Google by positioning Schmidt as the company's global ambassador.
Originally published on Mon January 7, 2013 6:39 pm
Eric Schmidt, executive chairman of Google, has landed in North Korea. His trip there is a bit of a mystery.
Schmidt, the former CEO of Google, has been a vocal proponent of providing people around the world with Internet access and technology. North Korea doesn't even let its citizens access the open Internet, and its population is overwhelmingly poor — so it's not exactly a coveted audience for advertisers.
Originally published on Mon January 7, 2013 5:52 pm
It's become an annual tradition: bidding up an outrageous price for a Pacific bluefin tuna during the first auction of the new year at Toyko's Tsukiji fish market.
And on Saturday, a bluefin tuna big enough to serve up about 10,000 pieces of sushi fetched a mind-boggling price: $1.76 million. That's about three times as much as last year's tuna and equates to about $3,600 per pound for the 489-pound fish.
Originally published on Mon January 7, 2013 6:26 pm
Ten of the nation's major mortgage servicing companies, including household names such as Bank of America and Citibank, have agreed to pay $8.5 billion to resolve claims that they abused some homeowners when they foreclosed on mortgages during the recent housing crisis, the Federal Reserve and the Comptroller of the Currency announced late Monday morning.
Originally published on Mon January 7, 2013 9:43 am
Bank of America announced this morning that it will pay the Federal National Mortgage Association (Fannie Mae) $3.6 billion in cash and will buy back $6.75 billion worth of mortgages to resolve claims related to mortgage-backed securities sold to Fannie Mae by the bank and Countrywide Financial Corp. (which BofA acquired in 2008.
Think about it and you'll start to realize how important the Jersey shore is to American culture. Sure there's the television show Jersey Shore, but there are more enduring signs. Consider the board game Monopoly; properties are named after Atlantic City locations. And during a television fundraiser for Superstorm Sandy victims in November, comedian Jimmy Fallon talked specifically about the Jersey Shore.
Ruben Fragoso checks out appliances at Best Buy in Miami in April 2010, when Florida residents were taking advantage of a federally funded discount for Energy Star-rated appliances. Legislation just passed by Congress as part of the fiscal-cliff deal includes tax breaks for energy-efficient appliances.
Whether you're a homeowner who bought an energy-saving refrigerator last year or a company hoping to build a wind farm, the tax package Congress just approved may give you a reason to cheer.
"It's got something in there, a Christmas gift if you will, for almost everyone — American homeowners, workers who commute via transit, and manufacturers of efficient equipment like clothes washers, dryers, refrigerators," says Kateri Callahan, president of the Alliance to Save Energy.
That's right in line with economists' expectations and is another sign of steady, though modest, growth in employment. In November, employers added an estimated 161,000 jobs. The average monthly gain in 2012 was 153,000 jobs, BLS says. That's the same average as in 2011.
Transocean, the owner of the Deepwater Horizon rig where 11 men died in April 2010, has agreed to pay $1.4 billion in criminal and civil penalties to resolve Justice Department allegations over its role in the Gulf of Mexico oil spill.