World’s Richest Man Invests in YPF -from Oil Price Daily Report

World’s Richest Man, Carlos Slim, Invests in YPF

By James Burgess | Wed, 20 June 2012 22:12 | 0

Back in April President Cristina Fernandez de Kirchner’s government seized 51 percent of YPF, the largest oil producer in Argentina, from Repsol in an attempt to halt declining oil output and stem fuel imports that doubled to $9.4 billion last year. The Argentines believed that Repsol had not invested enough to develop the potentially huge shale reserves.

Before the government took control of YPF it was controlled by the Eskenazi family, who regularly used YPF dividends to keep up with the payments of a $1 billion loan which used YPF shares as collateral. After the seizure the government banned YPF dividends which led to the Eskanzi’s defaulting on their loan, and transferring their YPF shares to the creditors.

One of these banks was Grupo Financiero Inbursa SAB, which is owned by the world’s richest man, according to the Bloomberg Billionaire Index, Carlos Slim.

Slim now controls 32.9 million of YPF’s shares, giving him an 8.4 percent stake of YPF, worth $345 million. Arturo Elias, a spokesman for Carlos Slim announced that they “view it (YPF) as a solid company with good growth potential,“ and that all that remains is for Slim to analyse whether or not he wants to retain the stake.

Miguel Galuccio, the CEO of YPF, said that “the The incorporation of the Mexican businessman in the shareholding ranks of the company is a clear signal to the international financial market. It’s a great show of confidence in Argentina and the company’s new initiative.”

Laurence Balter, who oversees $100 million for Fox Island, Washington-based Oracle Investment Research, believes that Slim has struck lucky with his new shares because “YPF is worth much more than it is priced today. “

By. James Burgess of Oilprice.com

Unbearable Record Heat in Hungary – From the Hungarian Times English Edition

Third Degree Code Red Heat Alert

Posted on 19 June 2012

Mrs Gyula Horvath has a leaf on her head to protect against the sun as she hoes in a sunflower field on the border of Balatonmagyaród on Monday. The country’s chief medical officer issued a level-2 heat alert from 18 to 21 June.

Unbearable heat will continue to grip the country over the next two days with daily temperatures of 34 to 36 Celsius and extreme high ultraviolet B (UV-B) radiation levels, the weather services said on Wednesday.
State news agency MTI reported that a third-degree code red heat alert, the highest, is in place for Budapest along with nine counties, mostly in the eastern and central regions: daily mean temperatures have exceeded 27 degrees Celsius for three consecutive days and daytime highs above 35 degrees were recorded.

Authorities are asking people to increase their liquid intake and not to expose their skin to direct sunlight as UV-B radiation levels will continue to be extreme high, at mark 8, in the next two days: there is a high risk of harm from unprotected sun exposure, 15 minutes could cause burns, MTI said. Commuters tried to cope by coming in early on Wednesday morning, with the bus from Budakeszi packed at rush-hour levels at 6am.

Thursday evening will bring some relief with a cold front pushing the mercury down to a more seasonal 25-30 degrees.

Remember the Alamo

A front view of the Alamo in San Antonio Texas.  The Alamo is one of the symbols of Texas’ independence from Mexico, where Davy Crockett (who famously said when he left Tennessee for Texas  “you can all go to hell, I will go to Texas”.  Nearly all of the defenders of the Alamo were slaughtered by General Santa Ana’s soldiers.

80 % Renewable Electricity by 2050! – From the Technology Review

The U.S. Could Run on 80-Percent Renewable Electricity by 2050

And it wouldn’t need super-advanced technology to do it.

KEVIN BULLIS

Wednesday, June 20, 2012

It won’t be cheap, or easy. But it’s technically feasible for the United States to get 80 percent of its electricity from renewable sources by 2050, according to a new report from the National Renewable Energy Laboratory. And no major breakthroughs are needed to do it—the report considered only currently commercially available technologies, says Ryan Wiser, one of the authors. (We consider how Germany might reach a similar goal in our feature, The Great German Energy Experiment.)

The massive, 850-page, four-volume, NREL report isn’t a prediction of how much renewable energy will actually be used—that depends on lots of variables. Instead, it looks at whether it’s technically feasible for the United States to run its economy on renewable sources, many of which—such as wind and solar—are intermittent and difficult to predict. Its answer is yes, the authors say. And the main reason is that the United States is a large country, with large and varied sources of renewable energy. (The report assumed that 50 percent of the country’s power would come from wind and solar. The rest would come from sources such as biomass and hydroelectric and conventional geothermal, which are not as variable. Here’s an interactive breakdown of how the mix of power sources could develop.)

NREL’s interactive shows how renewable power sources could develop.

The most straightforward way to accommodate variability is to store power for when it’s needed, but most types of energy storage are expensive or geographically limited, and building enough batteries to run a cities and factories at night on power generated during the day from solar panels—at the scale of 80 percent renewables—might be impossible, at least with the commercially available technology the study takes into account. The report posits that energy storage amounting to about 10 percent of generating capacity will be needed, still a large but possibly feasible amount.

But mostly variability would need to be handled in other ways. One is by taking advantage of geographically distributed resources. By building transmission lines, it’s possible to transport power from areas where it’s sunny and windy—as the areas vary from hour-to-hour or season-to-season—to areas where it’s needed. “The renewable resource is large and diverse enough and geographically distributed enough to do this,” Wiser says.

Demand-response programs could help, too. Using smart-grid communications, utilities could send signals to electricity consumers to reduce demand during cloudy, windless periods, in return for some sort of compensation. This could be done automatically with smart appliances—now starting to become available—that can change their operation depending on pricing signals from the utility. Utilities could also send signals to increase electricity consumption, such as by signaling electric cars to start charging.

Technical feasibility is one thing. But all sorts of practical problems could arise that could prevent renewables from producing 80 percent of U.S. electricity. Landowners often resist transmission lines; unforeseen environmental problems could arise; and the costs may deter politicians. The researchers estimate it could be done at a cost of between 2.5 to 5 cents per kilowatt hour on top of what electricity prices would have been using conventional power production. Electricity costs on average about 10 cents per kilowatt hour in the United States.

The best way to keep the costs to the low end is to invest in R&D, Wiser says. The researchers considered several variables that impact cost, including the cost and difficulty of transmission and of integrating intermittent resources. But they found that the biggest impact on cost came from different assumptions about how quickly renewable energy technology improves. Major breakthroughs aren’t needed to keep the additional cost to 2.5 cents per kilowatt hour, but if progress stagnates, the costs will be on the high end. If breakthroughs do happen, costs could be lower than 2.5 cents per kilowatt hour.

Tough Love – America and Israel Working through Issues

America and Israel

Tough love

A new book lowers the boom on some of Israel’s firmest friends

Jun 16th 2012 | from the print edition

 

Knowing Too Much: Why the American Jewish Romance With Israel is Coming to an End. By Norman Finkelstein. OR Books; 472 pages; $18 and £12. Buy from Amazon.com

IT HAS become increasingly common for prominent liberal Jewish Americans to voice anguished disquiet over Israel’s behaviour. The most visible signs of this trend are books, such as Peter Beinart’s “The Crisis of Zionism”, which came out three months ago, and the growing support for the (admittedly patchy) achievements of J Street, an advocacy group that lobbies for a two-state solution to the Israeli-Palestinian impasse. In his eighth book, “Knowing Too Much”, Norman Finkelstein, an American academic who became a critic of Israel long before it was fashionable, traces the underlying dynamics of the disquiet.

Mr Finkelstein’s central claim is that American Jews’ feelings about Israel were always guided more by self-interest and personal values than by Jewish solidarity. They cared little about the country before the war of 1967, fearing accusations of “dual loyalty”. Israeli concerns, to them, were not American concerns. They rallied round after the war, Mr Finkelstein argues, chiefly because that was when Israel’s fight against the Arabs became geopolitically tied to America’s fight against the Communists.

To the extent that the ardour of liberal American Jews has cooled, this is not because, as argued by Stephen Walt and John Mearsheimer, two leading foreign-policy scholars, the end of the cold war made Israeli and American interests diverge. In fact, on most Middle Eastern issues—Islamism, democratisation, the danger of Iranian nuclear weapons—the two countries still have similar goals, although expansion of settlements in the West Bank is an obvious exception. But Mr Finkelstein argues that American Jews are becoming disenchanted because they now “know too much”. Traditionally Democratic voters, they have grown increasingly disturbed by questioning new research that is being published about Israel’s history and outspoken commentary by former President Jimmy Carter and others, who have brought home to some American Jews that their Israeli cousins were never as liberal as they seemed, and are becoming less and less so.

Mr Finkelstein makes this argument crisply and convincingly. However, it is over by page 89. The remaining four-fifths of “Knowing Too Much” might as well be a different book, perhaps more aptly entitled “You Still Don’t Know the Half Of It”: an attempt to skewer every apologist, hypocrite, dissembler and charlatan who has ever sought to paint Israel in softer shades than Mr Finkelstein thinks it deserves.

His desire to combine the two arguments is perhaps understandable. Since 1988, when he received his doctorate from Princeton with a thesis that debunked the then-popular claim that many Palestinian Arabs were not in fact longtime natives but immigrants like the Zionists, he has been a scourge of pro-Israel scholarship. His book, “The Holocaust Industry” (2000), was especially controversial because it claimed that the Jewish tragedy was being exploited in Israel’s defence. A campaign by a Harvard academic, Alan Dershowitz, who is one of Israel’s staunchest supporters, contributed to Mr Finkelstein being denied tenure at DePaul University in 2007 and ultimately resigning. He has been jobless since. It must feel like a vindication, therefore, that more American Jews are now rejecting the arguments of people like Mr Dershowitz. And it must be tempting to turn the knife by trying to take those arguments to pieces.

But the result is an unwieldy hydra of a book that, having made its point early on, lashes out in all directions to no clear purpose. Mr Dershowitz in fact comes off relatively lightly. Benny Morris, an Israeli historian who turned from critic to defender of the state, earns the epithet “raging kook”. A whole chapter is devoted to dismantling “Foxbats Over Dimona”, a book claiming that the 1967 war was essentially triggered by the Soviet Union, which, some good reviews aside, has never been taken too seriously. Mr Finkelstein also spends many pages attacking both Human Rights Watch for, as he alleges, softening its conclusions about Israel for political reasons, and Israel’s Supreme Court, an imperfect but important mitigator of the state’s worst excesses against Palestinians, for tying itself in legal and ethical knots.

Mr Finkelstein’s research is certainly thorough. His characterisations, too, can be brilliant, and he spares nobody: Yasser Arafat, the longtime Palestinian leader, suited Israel as a negotiating partner because “he possessed the nationalist credentials of a Nelson Mandela but… appeared desperate enough to play the part of the Bantustan chief, Mangosuthu Buthelezi.” This orgy of debunking distracts from the book’s main point, which is an important one. Israel has done some unpleasant things. But it still needs friends it can trust. And when they speak out, it needs to believe they may have a point worth listening to. By making his historical scholarship the handmaiden of a vitriolic vengefulness, Mr Finkelstein overplays his hand and ultimately diminishes the impact of his case.

from the print edition | Books and arts

The Value of Privacy – From Technology Review

The Value of Privacy

More in this Business Report »

Admen Spot an Enemy: W3C

Advocates say a built-in “Do Not Track” setting could mean more privacy for Web surfers. Opponents say it would be a disaster for online revenues. Which should you believe?

 

Tracking panel: During a 2011 workshop convened by the W3C, participants discussed proposals for a Do Not Track mechanism for the Web.
Wendy Seltzer

The advertising industry is brawling with some of the biggest names in technology: Microsoft, Mozilla, and the World Wide Web Consortium, the standards body for the Web.

The fight is taking place because the consortium, known as W3C, is developing a new “Do Not Track” standard so Web users can signal that online ad targeting companies should leave them aloneAdvertising industry representatives say the standards-setting process has turned into an existential threat that could mean the end of free online content.

“The ad industry is being asked to honor something that could make the majority of Web users nonmonetizable and put it out of business,” says Mike Zaneis, head of the Office of the Interactive Advertising Bureau in Washington, D.C., which represents over 500 companies that together sell close to 90 percent of online ads in the United States.

Although few Web surfers have heard of it, the W3C has considerable power to shape online life. Founded by the Web’s inventor, Tim Berners-Lee, the international body sets the technology standards and protocols that companies adhere to so that the Web functions smoothly.

The W3C began looking at the idea of Do Not Track last year after two prominent members, Mozilla and Microsoft, implemented versions of the feature in their own Web browsers. In September, the W3C convened an 80-person Tracking Protection Working Group of industry, government, and academic experts to study the question, with the aim of thrashing out a single standard by mid-2012.

That goal now appears unlikely to be met, because the working group has run into major disagreements over how the technical standard could affect the $70-billion-a-year global online advertising market.

The technology of Do Not Track is relatively simple. When a browser accesses a Web page, it could send a signal—a 1 or a 0—to indicate whether the setting is enabled. What the working group hasn’t been able to agree on is precisely how the signal should change the behavior of a page and its advertising technology.

One of the biggest sticking points: what even counts as “tracking.” There’s general agreement that users should be able to block third-party ad companies that record browsing behavior, using that information to serve up so-called targeted ads. However, advertisers insist they must still gather data on how many people—and in some cases which people—have viewed a particular ad on a website.

Some privacy activists in the working group say that allowing such data collection could eviscerate the standard, turning it into a “Do Not Target” technology rather than a means of protection for consumers who don’t want their browsing monitored at all.

The result is a conflict that is pushing the standards body well beyond the nuts and bolts of the Web into hot-button economic and policy issues. “With Do Not Track, the technology issues are the least [of the] concerns,” says Lorrie Cranor, a professor at Carnegie Mellon University who studies privacy technology. “It’s about policy.”

No one seems very happy with the W3C’s progress so far, but the ad industry feels the most aggrieved. Zaneis describes the group’s weekly conference calls and occasional face-to-face meetings as having “a bit of a circus atmosphere.” He and others also say deliberations have been unduly influenced by Mozilla, the nonprofit foundation that markets the Firefox browser.

“Mozilla really runs the working group,” says Zaneis. “They probably see [Do Not Track] as a product differentiator.” Not only did a Mozilla privacy engineer help develop the first prototype for Do Not Track technology, but a foundation executive co-chairs the W3C committee, and its CEO has been a vocal critic of online tracking. (The foundation makes money from search engines such as Google who pay to be featured in Firefox and doesn’t rely directly on targeted ads for revenue.)

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George Hincapie at the 2011 USA Pro Cycling Challenge

Pictured here is George Hincapie on his way to the BMC Racing Team’s Bus at the end of Stage 5 of last year’s race.  George will be riding in the Tour de France this year for what will probably be his last time.  Hincapie rode with Lance Armstrong in all of Armstrong’s Tour de France wins.  I am really looking forward to seeing this year’s Tour and USA Pro Cycling Challenge.

Turkish Oil Imports

Turkey, Once a Major Importer of Iranian Oil, Turns Towards Libya

By John Daly | Tue, 19 June 2012 00:23 | 1

What a difference international sanctions and intense U.S. pressure make.

Turkey in March imported more than 270,000 barrels per day of oil from Iran, nearly triple the previous month’s 100,000 bpd, or 401,349 tons, according to the Turkish Statistical Institute.

And now? Turkey sought a waiver from U.S. sanctions against Iran and received a temporary one, along with India, Malaysia, South Africa, South Korea, Sri Lanka and Taiwan. Notably China, which buys as much as a fifth of Iran’s crude exports and Singapore did not receive exemptions.

Scrambling to make up the looming energy deficit, Turkey has begun talks with Saudi Arabia to make up any shortfalls caused by obeying the sanctions and on 16 June Turkish Energy Minister Taner Yildiz announced that his government had signed a one million ton oil supply deal with Libya.

But in trading out Iran for Libya and Saudi Arabia, Turkey has swapped relative political stability for uncertainty. Whatever one thinks of the mullahcracy ruling Iran, it has been in power since 1979. Post-Gaddafi Libya is hardly a stable state as yet, with tensions between the eastern part of the country, which controls much of the nation’s oil output, rising with the authorities in Tripoli.

And the recent death of Saudi Crown Prince Naif bin Abdul Aziz at 78 years old may herald a period of instability for the nation. Saudi Arabia’s King Abdullah bin Abdul Aziz is 88 years old, and has now outlived two appointed successors from among the elderly group of sons of Saudi’s founding monarch, King Abdul-Aziz, in a country where more than half the current population is under 25 years old.

And in the meantime, Turkey, which for the past decade has imported 93 percent of the oil and 98 percent of the natural gas it consumes, is beating the regional bushes to secure imports wherever it can.

On 7 June State Oil Company of Azerbaijan (SOCAR) Vice President Suleyman Gasimov stated that his nation would proceed with the Trans-Anatolian Gas Pipeline (TANAP) construction project, which could boost Azeri investments in Turkey to more than $17 billion, building upon last year’s momentum, when Turkey and Azerbaijan signed a memorandum of understanding to establish the consortium that will build the 1,240-mile long TANAP, estimated to cost $5-$7 billion to supply gas from Azerbaijan’s offshore Caspian Shah Deniz natural gas fields westwards through Turkey to Europe.

Another possible regional option is Iraq, where Turkey is exploring possible oil export deals with the Kurdish Regional Government, despite the fact that the outlawed separatist Marxist Partiya Karkeren Kurdistan (Kurdistan Workers’ Party, PKK) has been battling the Turkish government from bases there since 1984.

But, not to worry. Turkey’s troubling energy deficits in the future are to be met by – nuclear energy. Addressing a “New Energy Corridor” panel discussion as part of the World Economic Forum on 14 June in Istanbul, Yildiz told his audience, “We are a country without a nuclear power plant. However, we are determined to have nuclear power plants. We want to meet our increasing energy needs by erecting at least 23 nuclear units by the year 2023. This implies building nuclear power plants in three regions of Turkey.”

And the crown piece of Turkey’s investment in nuclear power is to be its first nuclear power plant in Akkuyu, which Yildiz has proclaimed is moving forward despite public opposition.

Russia’s Atomenergoproekt has announced that engineering surveys at the Akkuyu NPP site on Turkey’s southern Mediterranean coast are due to be completed later this year. Four 1,200 MWe VVER-1200 reactors are planned for Akkuyu under a 2010 agreement between the governments of Russia and Turkey. Akkuyu’s four units are to come online in 2019–22.

The Akkuyu NPP would be situated in a region subject to earthquakes. On 27 June 1998, a major earthquake measuring 6.3 on the Richter scale occurred in nearby Adana, which damaged 74,300 buildings, killed 150, injured 1,000 and caused damage estimated at $1 billion. Research has determined that an active fault line, the Ecemis fault, runs close to the Akkuyu site.

In the wake of the 11 March 2011 Fukushima Daiichi disaster, Turkey’s governmental decision seems at the very least rash.

But we still leave the last word to the International Medical Corps, which dispatches personnel to disaster zones around the world. Speaking of Turkey the IMC observed, “Turkey frequently experiences seismic activity and authorities have significant capacity to manage disasters.” As regards Fukushima, “An International Medical Corps emergency response team was on-the-ground within 48 hours of the disaster, assessing needs and coordinating with the Japanese government.”

Fifteen months later, they’re still there.

Captain of Crunch – From Scientific American Magazine


Observations

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Captain of Crunch: U.S. Nuclear Stockpile Watchdog Boasts Fastest Supercomputer in the West–or Anywhere Else, for That Matter

By Larry Greenemeier | June 18, 2012 |  Comments1
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IBM Blue Gene/Q supercomputerThe U.S. Department of Energy supercomputer standing watch over the nation’s nuclear arsenal was crowned the world’s fastest supercomputer Monday at the 2012 International Supercomputing Conference in Hamburg, Germany. The ascension of Sequoia—run by the National Nuclear Security Administration (NNSA)—on the TOP500 list of the supercomputersmarks the first time since November 2009 that a U.S. system has reached the global performance pinnacle.

In the two decades since the U.S. first declared a moratorium on nuclear weapons testing, it has relied on computers to track the integrity, effectiveness and safety of its stockpile. Sequoia—an IBM BlueGene/Q system with more than 1.5 million processing cores installed at the Energy Department’s Lawrence Livermore National Laboratory in California—bested the competition by operating at 16.3 petaflops per second, or more than 16 quadrillion floating-point operations per second. The supercomputer enables NNSA’s Advanced Simulation and Computing program to study weapons performance, in particular hydrodynamics and properties of materials at extreme pressures and temperatures.

Sequoia’s performance knocked Fujitsu’s “K Computer” at the RIKEN Advanced Institute for Computational Science in Kobe, Japan, to second place after the latter had held the pole position for the past two lists, which have been compiled twice annually since June 1993. K Computer registered 10.5 petaflops per second using 705,024 processing cores. RIKEN conducts research in a number of areas, including physics, chemistry, biology, medical science, engineering and computational science. In addition to being 55 percent faster than K Computer, Sequoia is also 150 percent more energy efficient.

Argonne National Laboratory’s Mira supercomputer, also an IBM BlueGene/Q system, debuted in the TOP500′s third spot with about 8.2 petaflops per second using more than 786,000 cores. The other top 10 U.S. system is the upgraded Jaguar at Oak Ridge National Laboratory in Tennessee, which was the top U.S. system on the previous list and now sits in the number-six slot on the current tally. In all, four of the top 10 supercomputers are IBM Blue Gene/Q systems.

The TOP500—compiled by Hans Meuer of the University of Mannheim, Germany, Erich Strohmaier and Horst Simon of Lawrence Berkeley National Laboratory, and Jack Dongarra of the University of Tennessee Knoxville—lists the 500 most powerful commercially available computer systemsSupercomputing technology, often used by scientists to crunch massively large numbers and run complex simulations, has advanced markedly in recent months. Whereas the total performance of all the systems on the list was 74.2 petaflops per second in November 2011, the most recent list boasted a combined performance of 123.4 petaflops per second.

BlueGene/Q image courtesy of IBM

Lady of Sorrows

I saw this picture in the window of a house in East Austin.  I wonder what the story is behind this picture.  The house is vacant so I could not ask anyone.  Someone loved this picture and took the time and care to put it in the window so it could be shared with passers-by.  Is he or she still living.  But the message they were trying to share remains undiminished by the ravages of time.