Despite all the talk about the “post-PC” era, one man who’s not buying into the notion that traditional computers are moving towards their death is Min-Liang Tan, CEO of Razer. While sales are obviously on the decline, Tan feels that it's not something that has to happen, and it can… … Read More
Millions of poverty-stricken Italians unable to afford heat, meat amid economic crisis
The data comes from national statistics institute ISTAT, which published an annual report demonstrating, among other issues, that Italy is witnessing youth unemployment of nearly 40 percent – the highest in Europe.A reported 23.9 percent of young Italians are neither in the job market nor receiving education, the report stressed. In southern Italy, one in three young people aged 15-29 fell into this category.Just over half (57.2 percent) of youths who graduated were currently employed, with the Europe-wide average standing at 77.2 per cent.Fourteen percent of Italy’s population – 8.6 million people – is living on food assistance, a number that has doubled over the past two years, according to the report.Nine poverty indicators were taken into account while carrying out the study; if a family meets more than four, it is considered to be seriously deprived. Some 15 million people – 25 percent of Italy’s population – are living in families that meet three or more of the poverty indicators, the research found.For instance, one poverty indicator is being unable to heat one’s home, something one in five Italians cannot afford. Also, 16.6 percent of the Italians cannot afford a protein-based meal such as meat every two days, from just 6.7 percent in 2010.Over half of the Italian population is unable to afford a one-week vacation, including a staggering 69 percent of southern Italians, according to ISTAT.The recession, which has now lasted almost two years, has taken a heavy toll on Italians, who are increasingly digging into their savings, ISTAT stressed. The savings rate, traditionally high in Italy, is currently far below that of France and Germany, Reuters reported.Italians’ purchasing power also fell by 4.8 percent last year, an “exceptionally steep” decline caused largely by aggressive tax hikes aimed at battling the economic crisis gripping the country. The study results come just a few days after thousands gathered in Rome to protest austerity measures and high unemployment. Demonstrators urged Prime Minister Enrico Letta to create jobs to pull the country out of recession. Protesters held banners reading, “We can’t wait anymore” and “We need money to live.”According to a Friday poll conducted by the SWG institute, the government’s approval rating has dropped to 34 percent, down from 43 percent at the start of May. … Read More
Financial bubbles creating conditions for new crash
It is a sure sign of the systemic breakdown of the global capitalist system that the very measures put in place to try to prevent a crisis are creating the conditions for a financial meltdown beyond even the scale of 2008. … Read More
Apple’s retail stores reach new record revene of $57.6 per visitor
Apple stock may be on the decline but you wouldn’t know it if you were to walk into an Apple Store. That’s because Cupertino’s retail outfits have reached new record revenue of $57.60 per visitor according to Horace Dediu from research firm Asymco. Around $12 of that is profit, we’re… … Read More
Apple’s retail stores reach new record revenue of $57.6 per visitor
Apple stock may be on the decline but you wouldn’t know it if you were to walk into an Apple Store. That’s because Cupertino’s retail outfits have reached new record revenue of $57.60 per visitor according to Horace Dediu from research firm Asymco. Around $12 of that is profit, we’re… … Read More
Mystery investor puts $1bn into new Russian gold mine
Russian Federation Deputy Minister for the Development of the Far East Dmitry Shelekhov confirmed the 32 million rouble investment, but would not disclose the source, ITAR-TASS reported.The Natalka mine is the newest development from Polyus, and is located 400 km from the seaport of Magadan, in the remote and barren northeast corner of Russia.The mining of precious metals is a lifeline for the local economy, Magadan Oblast Governor Vladimir Petcheny told ITAR-TASS.Polyus, which accounts for nearly a quarter of Russia’s gold mining, forecast the mine, which is slated to become Russia’s largest, will have the capacity of 15 tons (1.3 million ounces) by next year.In total, the company has 1,836 tons (40.8 million ounces) in gold reserves, and is the world’s third largest by this criterion.Since 2009 gold production in the Far East and Russia has increased sharply, aided by a state-sponsored effort to boost gold production after a steep decline from 2000-2009. Gold production in the first quarter of 2013 increased 6% year-on-year to 320,000 ounces. Sales were estimated at $524 million, according to a company trading update from April 2013.Also according to the report, gold production in 2013 has been reconfirmed between 1.59 and 1.68 million ounces, excluding assets in Kazakhstan.Billionaire oligarch Mikhail Prokhorov is the Chairman of the Board, and approved the $31.3 million Natalka capital expenditure in 2008. The company said it would spend $14 million throughout May to install a ‘pilot plant’ and another $8.7 million to complete a feasibility study. Refined Gold Production Refined gold production, 000 oz Q1 2013 Q1 2012 Change Olimpiada 156.6 156.6 – Blagodatnoye 86.5 83.6 3% Titimukhta 34.0 21.8 56% Verninskoye 11.0 6.4 71% Alluvials 0.7 1.0 -30% Kuranakh 31.8 33.1 -4% Total refined gold production from continuing operations 320.5 302.4 6% Chief Executive Yevgeny Ivanov told Reuters in January he expected the Natalka plant to be fully operational by 2012-2013, a launched which has been repeatedly postponed. In the second quarter of 2013, Polyus will review the option to start production at Natalka in winter 2013-2014.Presently the pilot plant is equipped with mining equipment, drilling rigs, trucks, loaders, and cranes.Two dormitories that sleep 275 were commissioned last year and were completed in the first quarter of 2013, and currently 1,400 personnel are employed, according to the company’s website. By 2014, the plant will staff 2,000, and by 2023 upwards to 3,500.On the New York Mercantile Exchange, June gold futures lost $13.3, down to $1,412 per troy ounce. Prices fell on the news of unemployment in Britain.In April, the price of gold fell by 7.8%.The company already operates many large-scale gold production operations near the Natalka mine (see map). … Read More
Text messaging down across the U.S.
NEW YORK (AP) — Americans are saying CUL8TR to text messaging, a wireless industry group says, as Internet-based applications such as Apple’s Messages are starting to take over from what was once a cash cow for phone companies.CTIA – The Wireless Association said Thursday that Americans sent 2.2 trillion text messages last year, down 5 percent from 2011. That’s still 19 text messages per person per day.Text messages vaulted into the U.S. mainstream in 2007, despite often costing 10 cents each. Costs came down quickly as phone companies started selling monthly “bundles” of texts. Now, many phone companies give text messaging away for free as part of a plan that mainly meters the amount of data used. That has helped stave off mass migration to Internet chat applications and Facebook messaging in the U.S., making the decline somewhat surprising, said Pamela Clark-Dickson, an analyst with Informa Telecoms & Media in Britain.In countries where phone companies have kept the cost of text messaging high, the use of chat applications that avoid those fees has exploded. Those apps include WhatsApp and allow people to text other users of the same service for free, using the Internet and bypassing the phone companies’ text systems. Informa estimates that the number of messages sent through such services worldwide exceeded those sent by text last year.Continue Reading… … Read More
